August 10, 2020Posted By: growth-rapidly Tag: Banking
Bank of America, like most banks, offer several bonuses, either from their credit cards, checking or savings accounts. These deals can be either cash rewards, bonus points, etc. For example, open this credit card then you get a $200 cash rewards bonus. In the past, if you refer a friend, Bank of America would pay you $50 referral bonus. But Bank of America has discontinued the referral bonus when you refer a friend.
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Bank of America “refer a friend & cash rewards” bonus program
While Bank of America does not have a cash reward bonus when you refer a friend, there are cash rewards when you yourself get approved for a particular credit card.
Cash Rewards Credit Card:
Receive $200 cash rewards bonus after you make $1,000 in purchases in the first 90 days. Also, you get to choose how to collect your rewards.
Plus, earn 3% cash back when you shop for: gas, online shopping, drug stores, home improvements, dining or travel.
Get 2% cash back at grocery stores and wholesale clubs.
Earn unlimited 1% cash back on all other purchases.
No annual fee. Go to Bank of America’s homepage to take advantage of this credit card referral bonus.
Travel Rewards Credit Card
Earn 25,000 online bonus points when you make at least $1,000 in purchases in the first 90 days. You can redeem it for a $250 credit toward your travel purchases.
Earn unlimited 1.5 bonus points for every $1 spent on all purchases.
Bank of America Premium Rewards Credit Card.
Again Bank of America offers no referral bonus when you refer a friend, but this credit card has great deals and promotions.
50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening.
Earn 2 points for every 1$ spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
Get $200 in travel statement credit.
Make sure you take a look at other Bank of America Promotions.
In conclusion, if you’re looking for a cash reward deal when you refer a friend to Bank of America, you will not find any at this time. But there are several credit cards with great cash rewards. For more cash back deals, rewards or future referral bonus programs and promotions, check Bank of America’s deals here. The site guarantees no coupons or promo codes. You just activate your deals and go.
Here are other popular Bank promotions deals!
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Even the most amicable of divorces generally involve some kind of expense. The average cost of a divorce varies greatly based on how complicated the case is and on the kind of divorce you seek. At the very least you’ll have to pay court costs and filing fees for divorce paperwork. But if lawyers are involved, costs can balloon from a few hundred dollars to several thousand or even tens of thousands of dollars. The cost of getting a divorce can exceed the average cost of a wedding.
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The Average Cost of a Pro Se Divorce
A pro se litigant is someone who represents himself or herself. While you can do this in a divorce case, legal professionals advise against it. However, in the case of a collaborative, uncontested divorce both parties may work together for a pro se divorce. This could mean using a “divorce kit” and working together to get the divorce filed and granted. In this scenario, the average cost of a pro se divorce could be as low as $300.
Working through the divorce paperwork on your own and filing the papers with the courts yourself (as opposed to hiring a lawyer to help you with both steps) can save you thousands. However, this simplest form of divorce only works in simple cases. If there are children involved or complicated assets to split, cheap and easy is probably not an option.
Related Article: 4 Things to Know About Splitting Up a 401(k) in a Divorce
The Average Cost of Divorce Mediation
Another way to save on the costs of a divorce is to turn to a mediator instead of enlisting the services of lawyers. Particularly if you’re embarking on an uncontested divorce, a mediated divorce can be a much less costly option that a litigated divorce. Again, this option works best when matters are relatively uncomplicated and both parties are willing to cooperate.
You can employ a mediator who works with each party one-on-one and aids in communication between the two parties. Alternatively, both parties can sit down with the mediator and hammer out the details collaboratively. Private mediation can be billed using a flat fee or an hourly rate. Mediators generally charge lower hourly rates than lawyers, but the cost can still add up if the process drags on. The hourly rate for private divorce mediators is generally between $100 and $200.
Even if a divorce goes to trial the judge may order both parties to go to mediation. Court-ordered mediation is free to both parties and is non-binding. However, if you retain the services of a lawyer in a contested divorce and are then ordered to go to mediation, you will still run up legal bills for the work your attorney does to advise you and monitor the mediation process. Your lawyer will also bill you for the time spent revising the settlement reached in mediation.
Related Article: 5 Ways Getting Married Affects Your Tax Bill
The Average Cost of a Contested Divorce
A contested, litigated divorce is the most expensive route. Costs can go as high as $50,000, or higher if wealthy parties and expensive lawyers are involved. Typically, divorce lawyers will charge an hourly rate of $250, but this can vary based on the firm and the city (rates are higher in expensive cities).
Parties in a divorce can decide whether they want full representation, or if they want a more limited service such as an initial consultation or an attorney review of a settlement reached in mediation. The average cost of a litigated divorce is around $15,000. Attorney fees (which are generally not tax-deductible) aren’t the only costs. You may need to hire an accountant to assess the assets that are being divided, or hire an appraiser to value the family home. Counseling for both parties (and any children involved) may also be necessary. There are court fees to pay as well.
Many divorces settle, curtailing the costly trial process. Naturally, cases that settle out of court tend to carry a lower average price tag than divorces with a protracted trial. Regardless, you’ll have some up-front costs. Clients pay a retainer when they first find a lawyer to help them through the divorce process.
Bottom Line
For many who divorce, the process carries high emotional and financial costs. The emotional stakes and the amount of money on the line – both in assets and attorney fees – are good reasons to seek skilled help, whether from a mediator or a lawyer. Do your research before committing to either.
Amelia Josephson Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia’s work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.
cutting expenses to the bone so you can save 50% of your income, 70% of your income and sometimes more. For the most devoted FIRE followers, that can sometimes mean living in a tiny home or a mobile home, never dining out, only buying used, or even buying nothing at all.
They also use apps like Trim to cut subscriptions, and I swear every single FIRE person I know tracks their spending on Personal Capital to stay on course.
Invest in income-producing assets. To retire early, many FIRE enthusiasts invest in businesses that produce income. You’ll also find a subset of the FIRE movement that invest entirely in rental properties to fund their retirement, although some might buy REITs or invest with a platform like Realty Mogul instead.
Build passive income streams. Most who pursue FIRE also invest in stocks and bonds, but normally into low-cost index funds. Index funds let them grow wealth based on average market returns with some of the lowest expense ratios possible, and without worrying about buying or selling stocks at the right time.
Some who pursue FIRE also swear by robo-advisors like Betterment and Robinhood, which help them grow wealth with some investment help and low account management fees.
Once you’ve cut expenses, invested heavily, and reached your “retirement number,” the rest of your FIRE journey is all about the “RE” side of the equation. With plenty of passive income, you get the chance to spend your time pursuing hobbies and passions you never could before.
This final piece is a critical component of FIRE. The entire point of the movement is buying time to spend your life doing what you want instead of being beholden to an employer. With FIRE, you work hard for a decade or so, save all of that money, then spend the rest of your years on hobbies and relaxation. At least, that’s what the goal is supposed to be.
Caveats of the FIRE movement
The thing is, I’ve found that FIRE enthusiasts don’t always practice what they preach. And even when they do, they don’t always recognize the fact that not everyone is set up to achieve the same results.
The pandemic has also created even more holes in the FIRE story that anyone can achieve early retirement if they try hard enough. After all, it’s a lot easier to invest for retirement in a year when the S&P surges by 29%, vs. pretty much any other year on record.
Here are some of the lesser known caveats of FIRE that hardly anyone mentions.
#1: Most need to continue working
Most FIRE bloggers, podcast hosts and media personalities are less than transparent when it comes to making their numbers work. They insist on saying their family spends just $25,000 per year or some other arbitrary number, but they don’t break down their expenses or explain how that’s possible when the average family is spending a third of that on healthcare alone.
The not-so-hidden secret of the FIRE movement is the fact that most people who talk or write about FIRE are still working and earning an income. A lot of them earn plenty due to sponsorships and affiliate partnerships, and this is income the average family pursuing FIRE won’t have access to.
Ask yourself: Do you want to continue working, or do you really want to retire early? If you plan on working part-time in a more enjoyable job, that can help you reach your FIRE number faster.
#2: FIRE is NOT attainable by everyone
The FIRE movement is largely made up of white men who work as engineers, and that isn’t an exaggeration! Of course you can retire early if you’re earning a median annual wage of $94,500 according to the Bureau of Labor Statistics. Obviously, some families have two high-earners in the household as well, which gets them there a whole lot faster.
The reality is that, according to plenty of research, white men are still earning more when compared to women and anyone (male or female) who isn’t white. Not only that, but an unexpected injury or disability might halt a high-paying career. Further, not everyone comes from a home with supportive parents who give them any sort of leg up.
Ask yourself: Could you retire early if something happened with your health or you were unable to work? If you’re worried about supporting yourself, or a sudden hardship making it more difficult to achieve FIRE, then rethink this option. It might be a good idea to also look into disability insurance.
#3: Achieving FIRE on a short timeline only works in good times
Remember how I said the S&P 500 grew by 29% in 2019? That normally doesn’t happen. The reality is, the FIRE movement was born during a decade of enormous growth and prosperity. It’s possible that has given many of its proponents a skewed idea of what long-term investing returns are like.
Ask yourself: It’s easier to reach FIRE during a bull market, but will you reach your retirement number if you average 5% or 6% returns? If not, then you’ll likely need to save significantly more to reach your early retirement goals.
#4: FIRE enthusiasts have to give up a lot, and it may not be worth it
The FIRE movement has a cult-like element to it, and it’s one that is very off-putting if you don’t want to tow the line. FIRE enthusiasts frown upon spending money on anything that isn’t entirely necessary, whether that’s dining out on weekends or buying a new car.
A lot of them live on a small percentage of their incomes, sacrificing vacations and hobbies for years or even decades on end. Although the payoff might be worth it when you finally retire, we all know that nothing in life is guaranteed.
What happens if you give up everything to reach FIRE but you never get to enjoy it? Like it or not, people die young all the time. It seems like there should be a balance between enjoying life now and saving so you can enjoy life later, too.
Ask yourself: Do you want to give up most of life’s pleasures for an early retirement you may never see? There’s nothing wrong with sacrificing in the short-term so you can live how you want later in life, but don’t forget to enjoy the little things along the way.
#5: Leaving a good job is significantly riskier in a down economy
Finally, the FIRE movement makes the most sense in an economy where the unemployment rate is still at 3.5%. You could leave your job and try early retirement without putting everything on the line. If it didn’t work out, you could just get another J-O-B, right?
But the pandemic taught us that the good times don’t always last. Unemployment rates are going back down, but they were surging in March and April when COVID-19 had businesses shut down from coast to coast.
It might take years or decades to get unemployment back down to 3.5%, or it may never happen again. Either way, it’s not always easy to just get another job — especially right now.
Ask yourself: Can you really walk away from a profitable and stable career? If you’re worried about completely stepping away, it can make sense to work on skills that could lead to some type of part-time work during early retirement. Options could include 1099 work in your old field, consulting, or even one or two side hustles you can do in your spare time.
The Bottom Line
The FIRE movement might be less relevant in the midst of a pandemic, but there are plenty of good lessons to be found within its tenets. Spending less and living within your means is always smart, and you will reach your financial goals faster if you can save and invest the difference.
Just don’t get so caught up in it that you forget to enjoy your life. Experiences that cost money can make life worth living, and splurging for some creature comforts is not the end of the world.
Here’s my advice: Save like your future depends on it (because it does), but treat each day like it’s your last. Do something you enjoy, hug and love on your family, and stop and smell the roses while you still can.
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Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
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Buying discounted gift cards is one of my favorite ways to save money and stay on budget. You can hack your way into saving hundreds of dollars a year by buying cheap gift cards.
Discounted gift cards are gift cards that are sold for less than whatever the value on the card is.
Most people have gift cards they’ll never use sitting around their house just collecting dust. I mean, we all have that grandparent who thinks we love Applebees or an out of state friend who assumes every city has a Publix, right?
This means billions of dollars worth of gift cards go unused every single year!
Their loss can be your gain. Instead of collecting dust, these people choose to sell their unwanted and unused gift cards for cash online.
They sell you their $50 Applebees card for $30. They get cash for a gift card that would go to waste otherwise and you get a gift card to your favorite restaurant at a great discount. It’s a win-win for everyone.
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How to Use Discounted Gift Cards
Discounted gift cards can be used just like a regular gift card you purchase at the store.
Ways to use discounted gift cards:
Birthday gifts
Date nights
Shopping at your favorite stores
Baby shower gifts
Wedding gifts
Big-ticket items
Groceries
Gas
How to Buy Discounted Gift Cards
The best place to buy discounted gift cards is online through a gift card deal site. These sites are 3rd party sites like Raise.com that connect the buyer and seller. You purchase the gift card through the gift card deal site and the buyer will send you the gift card.
Physical cards are mailed directly to you.
E-gift cards are emailed to you.
5 of the Best Sites to Purchase Cheap Gift Cards
You can buy discounted gift cards on a number of reselling sites but you run the risk of buying an empty card or getting scammed in some other way. When you go through reputable gift card resellers you may pay a little more but you’ll have the piece of mind that your card will work. And if for some reason it doesn’t, you’re protected.
Raise
Raise has a great selection of gift cards on their site. You can save an average of 12-15% on gift cards purchased through their site. You can even set up alerts to your favorite stores and restaurants. They will email you when a gift card you requested becomes available.
Raise offers a 1-year money-back guarantee to protect you from buying a gift card for less than the value stated at the time of the purchase.
Click here to get $5 when you make a purchase within 30 days of signing up. After you sign up, you can earn $5 for every friend you refer when they make a purchase within 30 days too. This is great savings hack to save even more money on gift cards.
Cardpool
While it doesn’t always have the biggest discounts, Cardpool does have the largest selection. I find cards here that I can’t always find on Raise. They have a wishlist feature that will email you when the card you want becomes available.
Cardpool also has a 100-day purchase guarantee if your gift card is less than the stated value at the time of purchase.
Giftcards.com
Giftcards.com is the most well-known gift card deal site and also has a huge selection. Be sure to navigate to the discount portion of its site because they mostly sell regular gift cards now (meaning at full face value without a discount).
Giftcards.com also has a rewards program known as G-Money Rewards. You can earn 8 points per dollar and redeem the points on future gift card purchases. Every 100 points are equivalent to $1 off your purchase. This is a great hack to save even more at your favorite restaurants and stores.
CardCash
CardCash has the most sales and discount codes to use on its site. If you sign up for their email list you’ll get notified of deals every week. They also have a 45-day purchase guarantee if the gift card you purchase doesn’t add up to the value.
Gift Card Granny
Gift Card Granny is a website that allows you to buy gift cards for varying amounts. So some of the current value of the gift cards are less than face value.
Ex: $25 gift card with $19.29 left on the card.
They have a unique feature on their website that allows you to test the value of the gift card which limits the risks to you. Gift Card Granny offers you a referral credit of $5 for every friend who signs-up using your referral link.
Make Sure It’s Worth It
Using discounted gift cards isn’t for everyone. It’s a saving method that’s nice when you can use it but it shouldn’t be a primary part of your money saving strategy.
Before purchasing the gift card, make sure it’s worth your time and money. It may not be worth your time to get a gift card that’s only a 10% discount on a $20 card. You’re only saving $2.
Calculate the amount you’re saving before purchasing the gift card to make sure it’s a good deal for you.
Ex: You want to buy a laptop from Best Buy. You buy a $200 gift card from a gift card deal site. The savings is 25%. You will save $50 by purchasing the $200 gift card. So it’s worth the time and money to save $50.
You can expect to save an average of 10-35% on gift cards from these deal sites.
7 Ways to Maximize Your Savings
There are a 7 ways to maximize your savings without spending a ton of time. This isn’t a magic bullet for savings. I never spend more than 15 minutes a month looking for discounted gift cards, they’re just a nice “cherry on top” for savings.
You can still save a ton of money using discount gift cards as a savings hack to save even more money – especially on big-ticket items.
<img data-attachment-id="5089" data-permalink="https://www.modernfrugality.com/how-to-get-discounted-gift-cards/1-25/" data-orig-file="https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?fit=1080%2C1080&ssl=1" data-orig-size="1080,1080" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="How to get Cheap Gift Cards" data-image-description="
Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping
” data-medium-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?fit=300%2C300&ssl=1″ data-large-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?fit=600%2C600&ssl=1″ loading=”lazy” width=”600″ height=”600″ data-pin-title=”How to get Cheap Gift Cards” data-pin-description=”Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping” src=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money.png” alt class=”wp-image-5089″ srcset=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money.png 600w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?resize=300%2C300&ssl=1 300w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?resize=150%2C150&ssl=1 150w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?resize=768%2C768&ssl=1 768w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/1.png?w=1080&ssl=1 1080w” sizes=”(max-width: 600px) 100vw, 600px” data-recalc-dims=”1″>
1. Look at the top discounts first
Always sort your view by the largest discount. This will help you not get distracted by the smaller discounts and save you a ton of time. After you figure out which gift cards you want to purchase, then plan out your date nights, grocery runs, etc. based on the best deals.
2. Look up coupons
See if they have any coupons you can stack to save even more money. Honey is a free Chrome browser extension that will figure out the applicable coupons for you. No more searching high and low to find a coupon that “might” work.
It automatically cycles through the coupons and figures out which one will save you the most money. Since it’s free, it’s definitely a no brainer!
3. Sign up for email alerts on gift cards
Most discount gift card sites have alerts set up for your account. You can go in and choose the parameters for your gift cards, like the dollar amount and store/restaurant names, and they will email you when a gift card with those parameters becomes available.
This can also save you a ton of time. For example, if you always grocery shop at Target, you can just have an alert set for Target. When you get the email, you can just go in and buy it without going in and searching for minutes on end for your gift card.
You just click the link in the email and it sends you right to the card you’re looking for.
4. Buy the gift cards through a cashback site called Rakuten
You can also get cashback from Rakuten so if you haven’t gotten your $10 bonus for spending $25, here’s your chance! Rakuten is simple and easy to use.
You just sign-up for your free account. When you’re ready to shop, you log into your Rakuten account and search for Raise (or the other gift card site you’re using), and click on the shop button.
Rakuten does the rest for you. They will calculate your rebate automatically and add it to your account. You will get paid when they do their next payout cycle. It doesn’t cost you any additional money and the best part, it’s totally free to use.
<img data-attachment-id="5096" data-permalink="https://www.modernfrugality.com/how-to-get-discounted-gift-cards/8-4/" data-orig-file="https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?fit=1080%2C1080&ssl=1" data-orig-size="1080,1080" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="How to get Cheap Gift Cards" data-image-description="
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” data-medium-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?fit=300%2C300&ssl=1″ data-large-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?fit=600%2C600&ssl=1″ loading=”lazy” width=”600″ height=”600″ data-pin-title=”How to get Cheap Gift Cards” data-pin-description=”Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping” src=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-1.png” alt class=”wp-image-5096″ srcset=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-1.png 600w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?resize=300%2C300&ssl=1 300w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?resize=150%2C150&ssl=1 150w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?resize=768%2C768&ssl=1 768w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/8.png?w=1080&ssl=1 1080w” sizes=”(max-width: 600px) 100vw, 600px” data-recalc-dims=”1″>
5. Stack the gift cards with in-store savings
Some stores have in-store coupons and customer loyalty programs. You can stack the savings from the in-store coupons, customer loyalty programs, in-store sales, and gift cards to really rack up on the savings.
Examples:
You can use your Old Navy Cash and a gift card at the same time.
You can use your Target My Circle coupons with a Target gift card at the same time.
Use your phone number at Ulta (to get points), an in-store coupon, and a discounted gift card for maximum savings.
6. Search for your favorites on each website
All of the deal sites all have different cards at any given time and it doesn’t take long to search for your favorite stores/restaurants on the site. These are stores/restaurants you visit frequently and know you’ll visit to use the gift card.
7. Buy gift cards each month to save
You can buy gift cards each month to save for a big-ticket item. If you want to buy a $500 TV from Best Buy, you can buy a gift card every month to use towards the TV purchase.
This will also help you save a little bit of money too because you’re buying the gift cards for less than the value. You could buy a $100 gift card to Best Buy for 5 months and then pay with the gift card for your TV.
NOTE: Just make sure to verify the amount of your gift card as soon as you get it because you only have a window of time with each deal site to file a claim if for some reason the card doesn’t equal the value that the buyer stated in the description at the time of purchase.
What Not to Do When Buying Discounted Gift Cards
There are also a few things you shouldn’t do, or at least be aware of, before using discounted gift cards.
Make sure the store doesn’t have any exclusions on the maximum number of gift cards per single transaction
One time when I was purchasing airfare to Bali I bought ten $100 gift cards to save a little extra. I get to the website to buy my tickets and there’s a max of THREE slots for gift cards.
I was mortified.
I had to call the airline and thankfully I was able to use all the gift cards but I spent over an hour on the phone reading every 16 and 10 digit code for every card.
The moral of the story is, check gift card policies before you buy the gift cards. All the companies I mentioned offer guarantees on their cards for a period of time but it’s still your responsibility to check policies.
<img data-attachment-id="5095" data-permalink="https://www.modernfrugality.com/how-to-get-discounted-gift-cards/7-5/" data-orig-file="https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?fit=1080%2C1080&ssl=1" data-orig-size="1080,1080" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="How to get Cheap Gift Cards" data-image-description="
Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping
” data-medium-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?fit=300%2C300&ssl=1″ data-large-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?fit=600%2C600&ssl=1″ loading=”lazy” data-pin-title=”How to get Cheap Gift Cards” data-pin-description=”Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping” src=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-2.png” alt class=”wp-image-5095″ width=”413″ height=”413″ srcset=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-4.png 600w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?resize=300%2C300&ssl=1 300w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?resize=150%2C150&ssl=1 150w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?resize=768%2C768&ssl=1 768w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/7.png?w=1080&ssl=1 1080w” sizes=”(max-width: 413px) 100vw, 413px” data-recalc-dims=”1″>
Don’t search discounted gift card sites on Google without doing your research
The gift card sites in this post are tried and trusted by me. I can’t speak for the other sites on Google. There are other sites I haven’t mentioned here that have tons of complaints against them from anything from customer service issues to not receiving their cards.
Don’t use these sites. Use the ones I’m telling you that I’ve tried. I have had great luck with them and will continue to use them month after month.
Buying cheap and discounted gift cards are a great money savings hack to save even more money each month. You can save hundreds over the course of a year using discounted gift cards.
Just buy the ones you know you’ll use. You won’t be saving any money if you buy a gift card that just sits around and collects dust.
If you want to save even more money, check out my free spending detox challenge. You can learn to save a ton of money and break bad money habits for good.
The spending challenge can also help you break the paycheck to paycheck cycle and gain control of your money. It’s a free 7-day money saving challenge. Go on and sign-up here.
Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping
” data-medium-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/Discounted-Gift-Cards.png?fit=200%2C300&ssl=1″ data-large-file=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-3.png” loading=”lazy” data-pin-description=”Do you want to get gift cards at less than the value? You can get discounted gift cards to help save you money on your favorite things!! #moneysavingshacks #moneysavingstips #discountedgiftcards #moneyhacks #howtosavemoremoney #shoppinghacks #frugalshopping” data-pin-title=”How to get Cheap Gift Cards” src=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-3.png” alt class=”wp-image-4221″ width=”301″ height=”452″ srcset=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-5.png 1000w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/Discounted-Gift-Cards.png?resize=200%2C300&ssl=1 200w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/Discounted-Gift-Cards.png?resize=400%2C600&ssl=1 400w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/Discounted-Gift-Cards.png?resize=768%2C1152&ssl=1 768w” sizes=”(max-width: 301px) 100vw, 301px”>
<img data-attachment-id="4398" data-permalink="https://www.modernfrugality.com/how-to-get-discounted-gift-cards/mf-how-to-save-money-on-christmas-shopping-with-cheap-gift-cards-1/" data-orig-file="https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/MF-How-to-Save-Money-on-Christmas-Shopping-with-Cheap-Gift-Cards-1.jpg?fit=700%2C1350&ssl=1" data-orig-size="700,1350" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"}" data-image-title="How to Save Money on Christmas Shopping with Gift Cards" data-image-description="
Do you want to save money on Christmas shopping? You can buy your Christmas gifts with discounted gift cards to save even more money on Christmas. #moneysavingtipsforchristmas #christmasshopping #christmashacks #moneysavingshacks #howtosavemoneyonchristmaspresents #christmasgiftsonabudget
” data-medium-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/MF-How-to-Save-Money-on-Christmas-Shopping-with-Cheap-Gift-Cards-1.jpg?fit=156%2C300&ssl=1″ data-large-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/MF-How-to-Save-Money-on-Christmas-Shopping-with-Cheap-Gift-Cards-1.jpg?fit=311%2C600&ssl=1″ loading=”lazy” width=”311″ height=”600″ data-pin-title=”How to Save Money on Christmas Shopping with Gift Cards” data-pin-description=”Do you want to save money on Christmas shopping? You can buy your Christmas gifts with discounted gift cards to save even more money on Christmas. #moneysavingtipsforchristmas #christmasshopping #christmashacks #moneysavingshacks #howtosavemoneyonchristmaspresents #christmasgiftsonabudget” src=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-5.jpg” alt class=”wp-image-4398″ srcset=”https://nortonheath.com/wp-content/uploads/2021/01/everything-you-need-to-know-to-buy-discounted-gift-cards-save-money-5.jpg 311w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/MF-How-to-Save-Money-on-Christmas-Shopping-with-Cheap-Gift-Cards-1.jpg?resize=156%2C300&ssl=1 156w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2020/08/MF-How-to-Save-Money-on-Christmas-Shopping-with-Cheap-Gift-Cards-1.jpg?w=700&ssl=1 700w” sizes=”(max-width: 311px) 100vw, 311px” data-recalc-dims=”1″>
Jen Smith is a personal finance expert, founder of Modern Frugality and co-host of the Frugal Friends Podcast. Her work has been featured in the Wall Street Journal, Lifehacker, Money Magazine, U.S. News and World Report, Business Insider, and more. She’s passionate about helping people gain control of their spending.
The top 5 budgeting methods turned into simple and easy printable budget planners. Just print & go!
I find that so many times, I read about a good idea, something I want to try, and I end up making it a lot harder than it needs to be! I see a recipe for the best bread to make with kiddos, and I go out and try to figure out how to get the grain to grind into flour to make the bread!
Drastic? Yes! Just plain silly? Yes! I make things a lot harder than I need to. Just buy the dang flour! We will get great results from using regular flour.
Do you ever make things harder than they need to be?
The same example could be used for budgeting, and specifically the actual budget planner. People grab spiral notebooks, scratch paper, napkins, or whatever to write it all down. They think it’s great and tell themselves budgeting is easy. Then they realize through the month that their budget is missing a bunch of things, and the layout doesn’t make sense, and before you know it…
“I hate budgeting! It doesn’t work for me!”
When in all actuality, you just had to go a bit deeper and find a printable budget planner (aka just buy the flour). These are already tried and tested forms from money nerds who might be slight perfectionists when it comes to their nerdom. Now that you found the budget templates, you need to find the best budget planner to get started on today!
This post may contain affiliate links. Please read my full disclosure for more info
Why are there different budgeting methods?
Just as someone likes to read a book, others like to read magazines or in their kindle app. Some people like strict guidelines, and others like some wiggle room. It’s all personal preference and what works for your personal situation.
As a budgeting beginner, you may want to try a few different budgeting methods and see what you find to be the best.
The information you put on the form will be the same dollar amounts. Yet, it will be in a different layout with different budget planners, with importance placed on different elements.
For example, some budgets place saving money as a priority, and some don’t. With some, you spend your money in cash, and with others, you can use whatever you want.
Having options ensures that you will find the best fit for you!
What makes a monthly budgeting planner the “best”?
Some key things make a method the “best” for you. But remember, it may not be the best for your friend. So don’t try to force something that isn’t working for you!
Your budget planner should…
Be on one page so you can see everything at once (don’t overcomplicate it).
Have you come out to $0 at the end of the month or a positive number. Constantly overspending your budget isn’t good.
Be tweaked! Nothing is a perfect fit on the first try. It may take you a few months to get all the kinks smoothed out.
Not confuse you or be too complicated. If it takes you half a day to plan your budget, then something isn’t right.
Reflect your financial goals! If your goal is to save to buy a house, then why is your clothing budget $200 a month?
When should you switch budgeting methods?
It’s time to try a different method when…
You are hating your money life
You have no idea what’s going on with your money
You are constantly overspending
That will be the key with all of the budgets! That you come out at the end of the month with a $0 or a positive number! If you are continually overspending, it may not be a “budget problem,” but an “I want everything” issue that you’d need to dig in to.
Heck, it would be great to afford everything that we wanted, but that’s probably not possible for 99.9999998% of us! (dang it!)
Remember, almost every budget will need to be tweaked and adjusted. Nothing comes out perfect the first time! By month 3, you should have it down (if it’s a good method for you).
Sometimes you don’t need to switch budgeting methods, you just need to switch out your tools. A great tool can be a physical budget planner, like the mini books, or folios. These planners help guide down a path, and can be a great resource to help broaden your financial perspective!
Simple monthly printable budget planner
The simple monthly budget planner is as simple & easy as it gets in regards to a printable budget planner. You take income minus savings, minus debt repayments, minus the items you must spend, and then you have your discretionary spending.
There aren’t any preset spending categories to confuse you or add fluff. The main point being you lead the way with specific expenditures and savings buckets!
All you need to do is make sure that the bottom left-hand section, the Monthly Budget Snapshop, has a positive number (or $0) as the last number in the actual column.
Cash envelope printable budget planner
Earlier, I mentioned financial goals, and if you those, you most likely will need to be saving money. My very favorite way to save money is through sinking funds! One of the easiest ways to do this is through cash envelopes!
In a nutshell, you say, “I want to go on vacation.” So each payday, you portion out a set amount of money directly into your vacation fund (a separate bank account ideally). Then in a few months or a year, depending on where you want to go, you will have the money saved! Sinking Funds use a Pay Yourself First model, as you pay your sinking funds before paying any discretionary bills. Here, your goals are your most important financial obligation!
The cash envelope printable budget planner for sinking funds considers this. The very first section, after your income, are your SF’s! This is important, as you want your must spends at the top of the list (while there’s money left), and then the least important expenses are down at the bottom of the list.
I know this goes against traditional budgeting methods, where you pay your bills first. But honestly, if that were working so well, then 37% of Americans wouldn’t be in credit card debt (source).
If you want a different result, you need to try a new way of doing things!
The zero-based budget planner
The zero-based budget method is the method that I personally use for my family. I have combined a bunch of different practices into this one method, and it absolutely works! I have detailed the process out more in Part 4 of your Ultimate Guide on How to Budget – it’s a Better Budget.
**If you want the full step by step guide, the Better Budget is what you’ll want. But if you’re looking for just a zero-based budget form (with no step by step guide) then this works great!
With a zero-based budget, as the money guru, Dave Ramsey says, “You give every dollar a job!” Because each and every dollar could be earning you money or putting you closer to your goals! No sense in leaving money out there to do nothing!
This printable budget planner lays out the most common spending categories, which is great as then you don’t forget any of your bills (either regular or one-off bills, like an Amazon subscription or your gym annual fee).
You start with income and then work your way down the line until you have everything filled out. This form has the spending categories and line items set up in a very specific order. The items at the top are things you must spend money on. As you go down the list and get to the bottom, the items are more non-necessity expenses (aka things to cut if you don’t have enough money).
Then at the very bottom of the sheet, your total should be $0. If it’s negative, then check your math; if it’s not positive or zero a second time, then it’s time to trim the budget! If it’s a positive number, then putting extra in your savings is always a good idea! Especially if you don’t have a fully-funded emergency account.
Again, if you’re looking for the full meal deal of budgets (with all the bells & whistles) then go here to check out the Better Budget!
The 50/30/20 printable budget planner
The 50/30/20 Budget Planner is a great method to start with, especially if you’re just getting started with budgeting and want a general picture of where your money “should” be going. I say should because this is a framework that multiple experts agree upon.
Yes, it’s your money, you earned it, so you should be able to do what you want with it. Yet, you came here for guidance, so I’m going to give you the generally accepted norms for budgeting percentages.
With the 50/30/20 budget, you like a framework but still want flexibility.
You input your monthly take-home income at the top (not gross) and then dole out…
50% for needs
housing
utilities
insurance
debt minimum payments
food
30% for wants
subscriptions
gym
eating out
clothes
20% for savings
401(k)
IRA
emergency fund
The budget by paycheck printable budget planner
The budget by paycheck planner method is simply dividing your month (the income, bills & expenses) in two. Instead of a full one month budget, you have two mini month budgets (approx 2 weeks).
Unlike the others, this method may mean that you call some of your credit cards and bill companies and ask them to move your bill “due by date.” Which is totally common! Don’t think that you are stuck with the exact date they gave you!
With this method, you would ideally take your total bill amount for the entire month and have 1/2 of them (by dollar amount, not by the number of bills) due at the beginning of the month and then half at the end of the month. This way, you always have money left over from paying bills, and you never have too much month left and not enough money.
I know it can sound confusing, but having a monthly calendar and writing in your bills can make it much easier to understand. Remember, we all learn in different ways! Be it auditory (reading this blog out loud so you can hear it), simply reading it, by watching someone else do it, or by actively doing it (kinesthetic learning).
Sometimes, if a concept is confusing at first, I will read it a few times. Then do something else for a few hours (or a few days) and let it marinate in my brain a bit. In the background of doing other things, my brain continues to process this info, and eventually (hopefully), when I come back to it, it makes more sense. OR, I think of a different way to ask my question, which pops up a new and different answer!
My best advice on which is the best budget planner
If you’re brand new to budgeting and don’t have an immediate need (aka bank collectors are at your door), then try the 50/30/20. It’s a great place to start because it gives good common-sense guidelines on spending amounts by a percentage of your income.
Yet, if you’ve tried budgeting before, and ended up frustrated and annoyed, then maybe it wasn’t a “you” problem. Maybe it was just the budgeting method you tried. Remember, even those that find the “right” way for them have to do it still do a decent amount of tweaking in the first three months, and then they find a rhythm and pattern.
An easy way to find the best budget planner is to try them all! Seriously, just grab the printable Budget Planner Sampler Pack, grab your financial numbers, fill out the printable budget planners, and see which form…
Makes the most sense to you
One that you will be likely to stick to in the long run
Isn’t too complicated for your lifestyle
Keeps your financial goals up in front
The printable Beginning Budgeter’s Planner Sampler Pack has each of these budget templates in there so you can try them out. I’ve made this pack so it would be super easy for you to experiment with budgeting and finally find the right fit. I fully believe in the corny saying…
“If at first, you don’t succeed, try, try again.” (ya, super corny, but it fits!)
For the DIY budgeters
I get it, I totally do. Sometimes you just need to put pen to paper and scratch it out on your own. Yet, you can still grab my free budgeting templates, which has 13 pages of free printable worksheets for you to get started!
At the end of the day
Budgeting can be hard initially, especially when you feel like you don’t “get it.” But I am living proof that anyone can learn about and master their money! (I used to buy shoes like they were tic tacs!) I found some ways that worked for me, Googled a bunch of stuff, I used available resources, and I practiced and practiced some more!
Again, there’s no need to make things harder than they need to be. Be smart and use things that others have already worked the kinks out of! Using a printable budget planner could mean that you get the hang of things 6 months sooner, and you reach your financial goals that much sooner! So do it! Buy the dang flour!
Posts related to Printable Budget Planner:
It doesn’t matter which printable monthly budget planner you try, just start! Start right now!
Kari is a total Money Nerd Mama, helping other Mamas to learn about all things money & personal finance, so they can execute money management strategies to make a secure future for their family!
Guide to Small Business Loans for Women – SmartAsset
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Women-owned businesses have more difficulty getting loans than companies that are majority-owned by men. Female-led firms applying for loans are more likely to get turned down and less likely to get all they requested. While there are no lending programs that are exclusively for women-owned companies, some sources of financing are more likely to approve a loan application from a woman-led business than others. A financial advisor can help you with any loan or other questions you have.
The annual Small Business Credit Survey by the Federal Reserve quantifies the problems female business owners face when applying for a business loan. The 2019 edition found that loans were the main method of financing for all firms. But while 50% of men-owned firms had their funding needs met, only 43% of women business owners had the same experience.
The Fed survey said women-owned businesses were denied credit more often because they had a low credit score or too much existing debt as reasons compared to other businesses. However, women applicants were less likely to be denied for reasons such as insufficient credit history, insufficient collateral and weak business performance.
Despite the apparent need for more credit for women-led companies, lenders cannot have business loan programs that are restricted to women applicants. The federal Equal Credit Opportunity Act bars creditors from discriminating when granting loans or on any other aspect of credit on the basis of sex, as well as gender, among other borrower characteristics.
Loan Sources for Women-Owned Businesses
However, women-owned businesses obtain loans every day. And there are some sources that have better records of lending to female-led companies than others. Among such sources are government agencies, for-profit organizations and nonprofit entities.
Federal government – Small Business Administration-backed loans are made through a network of participating financial institutions in amounts ranging from $500 to $5 million. Programs such as the main 7(a) loans and streamlined Express Loans are open to all businesses, including women-owned ones subject to size limits and other requirements like having been denied loans from other sources. The 8(a) program specifically targets disadvantaged businesses. SBA-backed loans generally have costs comparable to other loans but offer lower down payments and easier qualification.
Banksand credit unions – These are the primary source of business loans, used by 55% of companies the Fed surveyed. Banks and credit unions offer a variety of repayment terms and loan amounts as well as competitive interest rates and fees. But when it comes to women-owned businesses, not all banks are created equal. Based on the Fed credit survey, about 58% of women applications to large banks are approved, while that number rises to 64% when small banks are looking at the applications.
Online lenders – Women-owned businesses have more success with online lenders, such as peer-to-peer groups, than with banks. About 85% of loan requests by women-led companies were approved by online lenders. That’s a higher approval rate than for any other type of business, including those led by non-Hispanic white, African-American and Hispanic businesspeople. Online lenders tend to have higher interest rates and fees than banks, but may use different criteria to qualify borrowers, resulting in higher approval rates for borrowers such as women business owners.
Microloans – Small loans for amounts from $500 to $50,000 are also available to women-led companies. The SBA has a guaranteed microloan program but these loans are also available without guarantees from a number of nonprofit credit organizations. Although they aren’t suitable for borrowers seeking large amounts, microloans can work for service businesses and others with modest capital needs.
Angel investors and venture capitalists – Angels and venture capitalists primarily make equity investments, purchasing ownership in exchange for cash. However, they may also provide loans, especially in young, fast-growing companies.
Crowdfunding – These kinds of orgnizations connect business owners with individuals, each of whom is willing to put up a small portion of the required financing. Credit scores and other traditional credit qualifications are generally not relevant with crowdfunding. What matters more is making a convincing presentation and having a product that connects with potential crowdfunders.
Family and friends – As is the case with crowdfunding, loans from family and friends are not likely to turn on credit history or the existence of collateral. However, this source of funding requires having family and friends with adequate financial resources. Also, if a business funded this way fails, it could strain important personal relationships.
Credit cards – A Fed survey found 52% of small businesses used credit cards, second only to 55% that used bank loans. Credit cards charge high interest rates compared to other funding sources, but the convenience makes up for it for many business borrowers.
The Bottom Line
While women-owned businesses have a harder time accessing credit than male-led companies, business loans are available. Some sources of financing seem more open to women-led companies than others, and female entrepreneurs can increase their chances of getting a loan by applying to the right lender. Finally, keep in mind that grants for women-owned businesses are also an option.
Tips for Business Borrowers
If you are a female business owner looking for business financing, consider working with an experienced financial advisor to guide you through selecting and applying for a loan. Finding the right financial advisor who fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors who will help you achieve your financial goals, get started now.
While there are no women-exclusive lenders, many sources of assistance tailored for female entrepreneurs can help women solve the funding puzzle. They include the SBA’s national network of Women’s Business Centers and the National Association of Women Business Owners. No matter where you choose to seek a loan, be sure to follow basic loan application guidelines.
Mark Henricks Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
The Best Cities for Working Students in 2017 – SmartAsset
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Not all students can cover the cost of their college education with the grants or scholarships in their financial aid packages. Some begin their college careers by taking out student loans, while others look for part-time jobs and work-study positions. Students who are trying to avoid taking on too much debt may wonder what their job prospects look like outside of their college campuses. To help them out, we ranked the best cities in the country for working students.
This is the second annual study of the best cities for working students. Read the 2016 study here.
Study Specifics
For the second year, SmartAsset took a look at the best cities for working students. Our analysis focuses on the employment opportunities for college students attending the top-ranking four-year university in 232 different cities.
To complete our study, we created two different scores: a college value score (based on findings from our study of the best value colleges in America) and a jobs score (based on three factors, including the local minimum wage, the median rent and the unemployment rate for adults with some college education). It is important to note that we changed our methodology slightly this year, so this year’s study is not directly comparable to last year’s. For a full explanation of how we conducted our analysis, read the methodology and data sections below.
See how long it’ll take to pay off your student loans.
Key Findings
Minimum wages are rising. Nineteen states and dozens of cities saw their minimum wages increase at the start of 2017. Any boost in pay is sure to benefit working students and other low-wage workers around the country.
Check out the Midwest. Four of the best cities for working students are located in this region, thanks in part to their low unemployment rates. In places like Lincoln, Nebraska and Fargo, North Dakota, the unemployment rate among adults with some college education is below 2%.
New England ranks well. Four other cities in the top 10 are part of this region, where minimum wages are relatively high. In Portland, Maine and New Britain, Connecticut, for example, the minimum wage is above $10.
1. Springfield, Massachusetts
Springfield is about 91 miles from Boston by car. One reason why it’s on our list of the best cities for working college students is its high minimum wage. On Jan. 1, Massachusetts’ minimum wage rose from $10 to $11. Massachusetts, Washington state and Washington, D.C. currently have the highest minimum wages in the nation. That’ll change eventually since cities and states like California are planning for their minimum wages to hit $15.
2. Lincoln, Nebraska
Thanks to its strong job market conditions, Lincoln ranks as the second-best city for working students in 2017. The unemployment rate for workers with either an associate’s degree or some college education is just 1.5%, according to one-year estimates from the 2015 American Community Survey. Among all workers ages 16 and over, the city’s unemployment rate is about 3.1%
In addition to having access to a lot of job opportunities, students who attend the University of Nebraska-Lincoln can get plenty of bang for their buck. Our analysis of the best value colleges found that UNL was the top-ranking university in the Cornhusker State in 2015 and 2016.
3. New Britain, Connecticut
New Britain has a few different colleges. Central Connecticut State University is the oldest public university in the state of Connecticut. Finding a job in New Britain shouldn’t be too difficult for students trying to pay their way through school. The unemployment rate for workers with some college education is just 3%.
4. Omaha, Nebraska
This is the second time that Omaha has appeared on our list of the best cities for working students. Last year, the “Gateway to the West” took the 10th spot on our list. Since we published the 2016 edition of our study, the city’s unemployment rate for workers with some college education has fallen to 2.7%.
Working students in Omaha face a diverse economy. Key industries include health services, education, transportation and utilities, meaning that there are a variety of options for students looking for part-time gigs and internships.
5. Portland, Maine
Finding part-time work may not be difficult for students in Portland, Maine. In this city, the unemployment rate among adults with an associate’s degree or some college education is just 3%.
Students who live off campus may have to pay a pretty penny for rent. The median rent in Portland is $923. Fortunately, the city’s minimum wage is relatively high at $10.68.
Related Article: The Best College Towns to Live In – 2016 Edition
6. Tempe, Arizona
Arizona is another state that saw its minimum wage increase on New Year’s Day. In fact, it went up by almost $2. Thanks to the approval of Proposition 206, part-time and full-time workers will now earn $10 per hour. By 2020, the minimum wage will be $12. That’s good news for working students attending one of the many colleges and universities in Tempe, such as Arizona State University.
7. Tacoma, Washington
Tacoma is a mid-sized city in southwest Washington. The unemployment rate for workers in the city with some college education is 5.6%. According to the Census Bureau, that’s lower than the unemployment rate among all adults in Tacoma ages 16 and over (6.5%).
The state of Washington has one of the highest minimum wages in the country and Tacoma’s minimum wage is a bit higher. In 2017, working students in Tacoma will get paid $11.15 per hour.
8. Fargo, North Dakota
Fargo has the lowest unemployment rate in our study among workers with some college education: 0.6%. And thanks to the state’s low income tax rates, working students don’t have to worry about taxes taking a big bite out of their paychecks. Best of all, many students attending colleges in Fargo have access to a quality, yet affordable education. For the 2016-2017 school year, base tuition at the North Dakota State University – the top-ranking college in the state according to our best value colleges list – will be less than $7,000.
9.Lowell, Massachusetts
Since we released the 2016 edition of our analysis, the median rent in Lowell has increased by about 9%. But the state’s minimum wage has risen as well. College students who need to find part-time jobs can expect to be paid at least $11 per hour in 2017.
10. Sioux Falls, South Dakota
Sioux Falls is the largest city in South Dakota and has a population of roughly 171,530. The unemployment rate for workers with some college education is only 2.4%. So students have a good chance of finding a job, particularly if they’re looking for positions in one of the city’s top industries, such as the banking, food processing or bio-medical fields.
Methodology
To find the best cities for working students in 2017, SmartAsset found the unemployment rate (for workers with some college education or an associate’s degree) and the median rent for 232 U.S. cities with at least one four-year college or university. We also pulled the minimum wage for each of these places.
We took each of our three factors (the median rent, unemployment rate and the local minimum wage) and found the number of standard deviations each city rated above or below the mean. Then we totaled those values and created a single job score reflecting the strength of the job markets in all 232 major cities.
We also developed a score using the index from our study of the U.S. colleges offering the best bang for your buck (based on several factors including average starting salaries and the cost of college tuition). Whenever we had a city with multiple schools on our list of best value colleges, we looked at data for the local top-ranking school (based on our analysis).
Finally, we combined our job score with our college value score, giving the job score triple weight and the college value score full weight. We created our ranking by assigning each city a score between 0 and 100. The highest-ranking city for working students received a 100 while the lowest-ranking city for working students received a 0.
Note that in the 2016 edition of our analysis, we created our ranking by averaging our two scores. This year, we changed our methodology slightly to give more weight to our job-related factors.
Data Sources
Rent and unemployment data are based on one-year estimates from the U.S. Census Bureau’s 2015 American Community Survey. Minimum wage data is based on the appropriate city, state or federal minimum wage.
In some states, the minimum wage for large companies is higher. In these instances, we used the state’s lowest minimum wage (i.e. the minimum wage for small businesses). In states with a different minimum wage for small business employees with benefits, we used the minimum wage for employees without benefits. In the states with a minimum wage that’s below the federal threshold, we used the federal minimum wage.
The data analysis for this study was completed by Nick Wallace.
Questions about our study? Contact us at press@smartasset.com.
Amanda Dixon Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking. She studied journalism and sociology at the University of Georgia. Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News. Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.
What Does ARV Mean in Real Estate? | SmartAsset.com
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Real estate investors often consider the after-repair value, or ARV, of a piece of real estate when deciding whether a deal is worth pursuing. The ARV is an estimate of what the property will be worth after all the needed repairs, renovations and upgrades have been done. It is the sum of the cost of the property and the value of the repairs. Knowing this key real estate metric is especially helpful to investors and lenders.
The margin between the ARV and the cost of the property, including the cost of the repairs and other work, represents the potential profit on the investment. Therefore, ARV can help investors select an appropriate method of financing the property purchase as well as the best exit strategy. For instance, it can direct investors toward a fix-and-flip approach, which normally means selling within a year, or a buy-and-hold approach that may involve owning a property indefinitely. Lenders can use ARV to decide whether to fund a project, and the ARV can also suggest the ultimate selling price of a renovated property.
Figuring ARV
ARV is an estimate based on the investor’s assessment of the repairs and upgrades that will be necessary, the likely cost of those improvements and the effect on the value of the property. Making this estimate requires significant knowledge about local market conditions as well as the availability and pricing of local contractors.
The formula for ARV is:
ARV = Purchase price + Value of renovations
To calculate ARV requires placing a value on the property as is. This can be done by hiring a professional appraiser, or by examining comparable properties listed for sale. When looking at comparable properties, it’s important to look for properties that have similar locations, sizes, ages, condition and other characteristics. If an investor finds that similar properties in similar condition are listing and selling for $150,000 on average, that is the likely estimate for this property’s as-is value.
After estimating the as-is value, the investor estimates the cost to perform the needed repairs and renovations. For example, if the property needs a new roof, new carpet and kitchen updates, the estimated cost for these repairs may be $30,000.
Next the investor looks for listings and sales of comparable properties that have already been upgraded. If the average value of these comparable properties is $225,000, that is the ARV for this property as well. In this case, the value of the repairs is $75,000. That is the $225,000 value of comparable already-repaired homes, minus the as-is property value of $150,000. Since the cost of the repairs is $30,000 and the value of the repairs is $75,000 that indicates a $45,000 potential profit margin and suggests this is a deal worth considering.
Using ARV
After calculating the ARV, an investor can use it to help suggest a price to offer to acquire a property. In order to this well requires considering much more than the value of the repairs. A successful real estate investment decision also takes into account carrying costs such as interest, insurance and taxes, as well as repair costs.
One approach uses what is called the 70% rule to perform initial screening on investment opportunities. The 70% rule calls for an investor to put no more than 70% of the ARV into a property. This includes the purchase price as well as the cost of repairs. According to this rule, if a property’s ARV will be $225,000 after $30,000 in repairs, the investor should not pay more than $127,500 to acquire it. That amount is equal to 70% of $225,000, or $157,500, minus $30,000 for repairs.
The Bottom Line
ARV, or after repair value, is a real estate investing term used to describe an estimate of what a property will be worth after needed repairs, upgrades and renovations are done. Knowing the ARV of a potential investment property helps an investor decided whether the deal if of interest how much to offer to acquire the property, what type of financing to secure and which exit strategy makes the most sense.
Real Estate Buying Tips
Consider working with an experienced financial advisor if you are calculating operating cash flow or evaluating a company for potential investment. Finding the right financial advisor who fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors who will help you achieve your financial goals, get started now.
When considering a real estate purchase it’s important to know whether you can truly afford a property. Using a free calculator can give you a quick estimate of whether a residence fits into your financial plan.
Another real estate investing term — annual rental value — has the same initials but a different meaning. Annual rental value is the amount that it would cost to occupy a property or a space for a year. It might not be the same as the amount of rent that a tenant would pay to rent the property. Instead, annual rental value is based on comparable properties and includes other costs of occupancy. Investors may use annual rental value when estimating the cost to occupy a space or a property.
Mark Henricks Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
I’m going to take you on a roundabout today. The premise is simple: if you’ve got no free time, then you should optimize the time you do have. And I promise I’ll end up with some useful personal finance ideas at the end.
Table of Contents show
A Newt, a lion, and mouse walk into a bar…
Newt Gingerich—even if I find his ideology questionable—tells an interesting parable about the field mouse and the gazelle. Why do lions hunt gazelles, when they could just hunt field mice? A field mouse would certainly be easier to catch.
The answer is simple: caloriesvs. effort. Let’s compare a gazelle to a field mouse. A lion might need to spend 100x more energy to chase and kill a gazelle compared to a mouse. But the gazelle will offer the lion 1000x the caloric intake over a mouse. Over the long run, a lion will starve on mice—too much energy spent on too little reward.
Newt Gingerich used this idea when deciding how to best use his time in Congress. Go after the big political fish.
I implore you to use this idea in your life, be it in personal finance or otherwise. And we’ll get to some of those personal finance ideas.
But first, I have to tell you about my friend, Shel.
Meet Shel
Shel is full of creative ideas. Always thinking, always searching, the epitome of curiosity. It’s a great way to think.
But only a few of Shel’s ideas are good ideas. That’s normal. Many of history’s most influential creatives (Beethoven, Shakespeare, Edison) were chock full of terrible ideas. But among all the terrible ideas were small nuggets of gold. These icons produced a sufficient quantity of ideas such that quality ideas eventually appeared.
I have not failed. I’ve just found 10,000 ways that won’t work.
-Thomas Edison
While creating bad ideas is perfectly normal, there is a problem in Shel’s life worth discussing.
Shel tends to chase his ideas—including all the bad ones—down to the bottom of rabbit holes. He spends precious mental energy and time on the never-to-be-realized minutiae of bad ideas. What do I mean?
Shel’s (Too) Deep Thoughts
Here’s an example:
I want to start a business that sells sea shells to people in a midwest city. They don’t have ocean shores there, you see? Shel Sells Sea Shells, LLC. So Midwesterners who want sea shells would order sea shells from me.
But then I began to read and study. Iowa has a tax that will affect the shipping fee, for customers returning the sea shells to me. If I had a deal…buy a dozen, get the 13th shell free… then this tax law could ruin the company. So I need to figure out how to solve that difficulty.
-Shel
Deep breath.
Shel spent time researching the mollusk-FedEx industrial complex in Des Moines. It applies only to returns, and only if there was a “free” deal in the original purchase.
This is the kind of analysis that doesn’t work for someone with no free time.
Shel has too much time…
What do you think about Shel’s analysis? I hope you’re screaming to yourself…BUT SHEL, IS THIS BUSINESS IDEA ANY GOOD!?!?!
IS THERE DEMAND? DOES ETHEL FROM SIOUX CITY ACTUALLY WANT SEA SHELLS?
WHAT ARE THE SIMPLEST ASPECTS OF THIS BUSINESS MODEL?
Answering questions is a good thing. But the key, you see, is identifying the best questions to answer. That’s where Shel hits a wall.
If you’re not careful, you can waste a lot of time answering bad questions. Here are some good (bad?) examples.
Why is course almost the same word as source?
How many hairs are on Tom Cruise’s feet?
What would the prize be for a limbo contest on the Moon?
These are peculiar questions. They’re also pretty pointless. If we’re to maximize the time that we have, then we should focus on answering good questions.
Focus on the best ideas
Answering bad questions makes your brain feel productive, but it’s not a worthwhile pursuit. And that’s the end of the article. Or, it could be. I think this point is important enough that it can stand on its own merits. If you’ve got no free time, then don’t waste time on bad questions. But!…there’s a parallel in personal finance.
Spending energy on improving your personal finance is a good thing. But the key is identifying the best improvements to chase.
Some people pick up every coin they see. Over the course of a year, they’ll pick up $5 or $10 or $20 in change. Not bad! But I think these people are hunting field mice.
Some people only shop at thrift stores. They save 80% or more on clothes, home goods, and little knick-knacks. Each year, they save a few hundred bucks. That’s better! But again—is this a field mouse, or a gazelle?
Other people focus only on the big three: transportation, housing, and food. These people spend time and energy trying to minimize these three biggest expenses in their budget.
They only buy economically efficient vehicles but prefer public transit or bicycles. They look for roommates, or for minimalist living arrangements. No McMansions. And then they reduce their grocery bills and dining out costs, looking for deals and prepping weeks’ worth of meals at once. By chasing these big three, one can easily save thousands of dollars every year. That’s great!
The Pareto Principle: no free time might be ok
The Pareto principle states, for a given event, that 80% of the outcomes are often created by 20% of the causes. If you have an hour to spend optimizing your budget, you can probably complete the most important 80% of the work in the first 12 minutes (20% of 60 minutes = 12 minutes).
Ignore the pennies on the ground; you can do better! Field mice, I say! If you focus on identifying the best opportunities to affect your personal finance, you can profoundly improve your life without wasting time. The problem of “no free time” is minimized, because you’re focused on the biggest ideas.
Not sure where to start? Think about the “big three” that I call out above: housing, transportation, and food. For me, these three take up over 50% of my monthly spending (and that’s after the fact that I’ve owned my car for 8 years and no longer have monthly payments on it).
If you’re interested, here’s my full monthly spending breakdown.
A Fun Exercise
Answer these three questions. I’ll give you some of my answers as I ask them.
What do I love and spend a lot of time on? (i.e. gazelles)
Relationships (though I ought to spend more time with family—hi family! More on this below)
Squash—my best workout, a game I love, and even a source of side income
This blog—I love writing! And I hope you enjoy reading it.
What do I spend too much time on that isn’t worth it? (i.e. field mice)
My phone. Nobody, to my knowledge, has hoarsely whispered on their death bed, “I just wish I had seen more Instagram stories…”
Work—at least kinda. In one way, work is the biggest gazelle for me, since it funds every other aspect of my life. But what I mean here is that I spend too much time on my work, and I feel like my long-term work prognosis is that of a mouse-hunting lion. It gives me the calories I need, but saps a lot of my energy in the process.
Bad moods. This is a tough one for me. Brain chemistry is a cruel mistress. Similar to my comment for “work”—I can’t recall too many moody days that I feel nostalgic about. Improving my mood has been a decade-plus effort of two steps forward, one grumpy step back.
What do I love that I want to spend more time on? (i.e. gazelles that escape your grasp). My list is loooooong. I hope yours is long too. These are all the things that you find amazing about this world, but that our 24-hour existence makes challenging to fit in. Here are just a few of mine:
Family. This semi-famous article “The Tail End” illustrates my thoughts extremely well. If you’re over 18, you’ve probably already lived through 95% of the days that you’ll ever get with your parents. The percentage is not quite as high for siblings, but still significant. Make the most of those remaining days. I’d like to move this entry up into the first section.
Making music. I really like playing the guitar and singing
Playing games—chess, cards, nerdy role-playing games.
Traveling. I’m 40% of the way through life, and feel like I’ve seen approximately 0.004% of this planet. Not a good ratio.
Getting outdoors. I get outside a lot, but not enough for how badly my itch itches.
Parting Advice
At life, at work, in personal finance, wherever…identify the field mice and identify the gazelles. And don’t be a Shel, if you can help it.
And, as always, thanks for reading the Best Interest. If you enjoyed this article and want to read more, I’d suggest checking out my Archive or Subscribing to get future articles emailed to your inbox.
On Saturday evening, I had a chance to chat with my friends Wally and Jodie. You might remember them from a reader case study from last August. They’re the couple that wants to get their finances in order but they’re worried because they’re starting with less than zero.
When we chatted in August, Wally and Jodie had over $35,000 in debt. They had variable incomes, but somehow seemed to spend exactly what they earned — about $3000 per month after taxes. Worst of all, they were behind on some payments.
Now, eight months later, their situation has improved.
Over smoked German sausage and beer, Wally and Jodie told me about their progress. (My dog, Tahlequah, was eager to take part in the conversation. Or maybe it was the sausage she wanted?)
Taking Baby Steps
“Based on your advice, we’ve worked hard to increase our incomes,” Jodie told me. “We’ve both been picking up extra shifts whenever possible. And I started a second job that pays pretty well.”
“So, you’ve been able to get a gap between your income and your spending?” I asked.
“You bet,” said Wally. “By working more, we don’t have time to spend much money. In August, we didn’t have any gap between our earning and spending. Our gap was zero. Now our gap is almost $2000! And we’ve been using the debt snowball method to get out of debt. We’ve already paid off a bunch of smaller stuff and now have $438 extra per month for debt payoffs. Plus, we have an emergency fund.”
“This all sounds amazing,” I said. “Great work!”
“It is amazing,” Wally said. “This is the best shape I’ve ever been in financially. But we’re struggling to figure out what to do next.”
“What do you mean?” I asked.
“Well,” said Jodie. “We’re getting married in September. We don’t know how much to budget for that. Meanwhile, we still have a lot of debt. We owe about $10,000 on Wally’s car. We had to replace my Mini Cooper last winter, and that brought us another $10,000 of debt. Plus, I still owe on my school loans.”
I did some mental math. While the couple’s cash flow has improved, I was a little nervous that they hadn’t actually decreased their debt since the last time we talked about money. That said, I know Jodie’s old car had been a thorn in their side. And they have paid down nearly $10,000 in miscellaneous debts.
“The real issue is that we can’t seem to find balance,” Wally said. “We’re burned out. We’ve been working so much that we never have time for ourselves. Or each other. It’s affecting our moods and our attitudes.”
“Yeah,” I said. “That’s tough.”
Wally nodded. “Now I have a friend who wants us to fly out to his wedding,” he said. “We’ve done the math, and we can’t afford it. He’s offered to pay for the trip, but we don’t know how we feel about that. We want to go, but even if we do accept his help, it’ll cost us a few hundred bucks — plus whatever income we lose while we’re gone.”
“What should we do?” Jodie asked. “We thought saving more would reduce the stress, but we’re just as anxious as ever. Well, maybe not anxious in the same way, I guess, but still. We’re worried about money — even with a $2000 gap each month.”
“Trust me,” I said. “The money worry never goes away. Everybody has money anxiety, no matter how much they earn, no matter how much they have saved.”
[embedded content]
Worrying About Money
“Do you worry about money?” Wally asked.
“Yes, of course,” I said. “I’m basically financially independent, but I still have money anxiety. In fact, I’m so worried about it that this year I’m tracking every penny I earn and spend. And, just like you, there always seems to be something that comes up for me to spend on. There’s my heart-attack scare, which now looks like it’ll cost me $7500. I just paid a huge tax bill. And there’s all of this travel I’ve committed to this year. It’s always something.”
“Should we fly to my friend’s wedding?” Wally asked. “I haven’t seen him in a long time. I can tell it’s important to him for us to be there.”
“That’s a tough call,” I said. “And it’s an example of how personal finance isn’t just about the numbers. There are relationships and emotions to consider too.”
“From a financial perspective, I don’t think you should go. But it’d be hypocritical of me to tell you that. My cousin Duane is still fighting cancer, but he wants to make another trip to Europe next month. At first, I was reluctant to join him. Like I said, I’m trying to cut expenses this year because I feel like I’m spending too much. But you know what? I’m going. So, you see, my advice and my actions are at odds here.”
I didn’t know how to tell Wally and Jodie, but my biggest concern with their situation is that it seems like they’re getting ready to stop the race when they’ve barely begun. They’re not out of debt yet. They’ve made some excellent progress, but there’s still a long way to go.
They’ve spent eight months on this project. From the looks of it, they have another eighteen months to go — but that’s if they use the gap they’ve created to accelerate their debt payments. If they don’t choose this route, it’s going to take them even longer.
At the same time, I get where they’re coming from about feeling cramped. Sure, there’s a finite amount of time until they get the debt paid off, then they can loosen up. But when you’re in the thick of it, eighteen months can feel like eighteen years.
Finding Balance
The key, of course, is to find balance. And I think that’s what Wally and Jodie are trying to do.
They’re not trying to quit the race early. They don’t want to get behind on payments like they used to be. They don’t want to spend their emergency fund or to stop their debt snowball. What they want is to find a balance between today and tomorrow.
I didn’t mention it to them at the time, but I think they should look at the balanced money formula from Elizabeth Warren and Amelia Tyagi’s excellent All Your Worth.
Warren and Tyagi argue that in order to achieve financial balance, your after-tax spending should be allocated like this:
At least 20% should go to Saving (which includes debt reduction).
No more than 50% should be allocated to Needs (which includes housing, utilities, healthcare, basic food, and basic clothing).
The rest — around 30% — should go to Wants (which is everything else).
Warren and Tyagi are adamant that less than half your budget should go to Needs. If you pour too much toward necessities, you don’t have room in your budget for fun or the future.
The authors are just as insistent that you should build room into your budget for Wants. “You should ask yourself,” they write, “are you making enough room for fun?”
Wally and Jodie aren’t spending much on Needs at the moment, but they’re not spending much on Wants either. They’ve been pumping most of their money into Saving (in the form of debt reduction). This is a Good Thing. But maybe it’s too much of a good thing?
Making a Plan
On Sunday morning, Wally sent me an email. After meeting with me, he and Jodie formulated a plan:
Until their wedding in September, they’ll keep their debt snowball where it is today: minimum payments plus the $438 they’ve freed from satisfied debts.
They’ll use an envelope-like budget for entertainment, travel, gifts, dates, and personal items.
With the rest of their monthly gap, they’ll create a dedicated savings account for their wedding. After the wedding, they’ll throw this money at debt.
This seems like a good, purposeful plan to me. It balances today and tomorrow. And you can be sure that I’ll follow up with them in the fall to make sure they’ve stuck to the plan — that they’ve remembered to prioritize their debt snowball again.
In the meantime, I sent Wally this Reddit post in which a young guy realized that by pushing for a 65% saving rate, he was miserable. He writes:
I’m currently shooting for a 55% saving rate and I cannot tell you how much more I enjoy life. I went from feeling like I couldn’t spend a dollar that wasn’t strictly budgeted, to travelling with friends, going to concerts, and enjoying the pleasures of life. That 10% made all the difference in the world
As for me, I still feel anxious. I’ve done a good job of controlling my small, everyday expenses this year, but the big stuff is still stressing me out. I need to heed my own advice and find better balance. That will come, I think, as I consciously make better decisions about future large expenses — and as I work to increase my own income.
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