Tag: apps

Getting Your Finances Back on Track Post-COVID

A young man writes in his notebook in front of an open laptop.

It’s safe to say 2020 was a pretty hard year for everyone financially.

Even if your wallet hasn’t taken a hit in the last few months it’s likely either your employer or someone in your family has found themselves stretched financially by the effects of COVID.

No point dwelling on the past, though. We may not be able to go back in time and stop COVID happening and ruining our 2020, but we can ensure we’re at least in a better position financially in 2021, avoiding bad credit scores and getting our savings back on track.

There’s no better time than now to start planning for post-COVID life, so here are our essential financial tips.

Tips for Getting Your Finances Back on Track

  • Draw Up a Budget That Fits Your Lifestyle
  • Secure All the Incomings You Can
  • Have a Plan for Deferred Payments
  • Start Saving Now
  • Tips for Businessowners

Draw Up a Budget That Fits Your Lifestyle

Throughout the pandemic, your monthly budget probably changed quite dramatically.

You probably saved on fuel, travel, and evenings out with so many offices and restaurants closed—but no doubt spent a whole lot more on your utility bills.

As the economy reopens and some sense of normality resumes, you need to restructure your budget to a post-COVID world.

Now, this doesn’t mean penny-pinching. COVID may have been kind to you, and reassessing your budget is simply a matter of moving funds that you would have spent on your home into your socializing budget. However, if you’re one of the many people no longer getting some kind of financial support on top of your diminished wage, you need to figure out how you’re going to pay rent, buy food, and cover all the other essentials.

The end of remote working, catching up on vacations, covering childcare—these are all real-world requirements your budget will need to be able to answer for.

Secure All the Incomings You Can

A huge part of getting your finances back on track properly is about making sure you’re making the most of every incoming payment available to you.

With so many people across the world struggling with a lack of work caused by the pandemic, it’s important to be aware of any possible financial aid available to you.

Most importantly, you should check if there are systems unique to your personal circumstances or line of work. There are businesses and charities with systems in place to provide or acquire support for everyone from professional actors unable to perform throughout the pandemic (such as Actors Fund) to retired veterans who have returned from tours with physical or invisible injuries and conditions (such as Vet Comp & Pen). Whatever line of work you are or were in, there will likely be some level of support available for you.

Likewise, you should start to consider how your talents could be put to good use to make that budget stretch a little further.

Side hustles such as running an Etsy store or becoming an online tutor become massively popular alternative revenue streams for out of work professionals during the height of lockdown. This is still a highly viable way of rebuilding your finances post-COVID. If you have a little bit of cash to invest, it can go a long way.

Have a Plan for Deferred Payments

Pandemic solutions have seen governments, banks, and landlords offering mortgage, loan, and rent deferrals to people who cannot pay them.

As things return to normal, people are going to need a plan to pay off these debts.

First, start by referring to the deferment terms so you know exactly what payment will be expected and if it can be broken up into installments. This will massively affect the overall structure of your budget.

These are perhaps the most important payments you’ll be making, as they concern your home, so make sure they’re priority number one post-COVID.

Start Saving Now

After all, any savings are good savings.

No one can be sure where we’ll be in six months or even a year. If we see another major spike across the world it could mean your finances take another hit and you need to dip into those rainy day funds to stay ahead.

Find the right savings account for you

Start working out a savings plan that works for you now. Don’t plan to give up everything you love for a year to get some extra cash, but, much like a budget, notice where you can cut back.

 Online banks and apps like Monzo and Chime are a great way to save within even realizing it. These apps allow you to set a monthly budget on different types of purchases, sending you alerts when you’re about to break them. So much of budgeting is about self-control and being across your financial situation, so why not take responsibility out of your hands?

Tips for Businessowners

Before we go, here are a few tips for small businessowners who may be worried about how they can secure their enterprise’s financial security as well as their personal one.

  • Find alternative revenue streams for your business. Is there a second service your business could offer to bring in some extra cash, such as gift wrapping for a small online store during the holiday period?
  • Make sure you’re not overspending on digital tools. They may have stepped up and helped us host meetings, manage teams, and schedule inspirational social content remotely, but are you paying a subscription fee for an app that doesn’t actually boost your business all that much?
  • Use freelancers rather than employing new staff. The freelance sector could really use a hand up right now, and freelancers present a cheaper, less permanent way for you to pick up lucrative contracts and projects without investing in hiring and training staff on permanent contracts.

It’s important to be realistic when financially planning for the end of COVID. We don’t know when that will be, and you can’t expect yourself to come out of this in better financial shape than you’ve ever been. That’s an unrealistic pressure.

Follow these tips and make sure you’re making the most of this period of reflection to ensure a healthy financial future for you and your loved ones.

Rodney Laws is an ecommerce consultant with EcommercePlatform.io. He has more than a decade of experience providing marketing advice to online entrepreneurs and businesses. He’s set up and marketed his own businesses and consulted on crafting campaigns for established companies.

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The post Getting Your Finances Back on Track Post-COVID appeared first on Credit.com.

Source: credit.com

6 Signs Your Personal Finance Software Makes Life Easier

6 Signs Your personal finance software makes life easier

6 Signs Your Personal Finance Software Makes Life Easier

Finding personal finance software is easy, because there are countless choices in mobile apps, online programs, and finance software you can run on your home computer. But they’re certainly not equal. Personal finance software should make your life simpler, not more complicated, and it should be customizable for your particular life, goals, and needs. You know you’ve found great software when your financial life becomes easier over time. Here are 6 signs your personal finance software makes life easier.

1. You Haven’t Paid a Late Fee in Months

Does your personal finance software let you know in advance of when bills are due? It should be easy to set up automated alerts that tell you a few days before monthly, quarterly, or yearly bills are due, so you can take care of them and avoid annoying and guilt-inducing late fees. Ideally your software should notify you by text, so you’ll be sure and get the message whatever you’re doing and wherever you are.

2. Spending Categories Correspond to Your Actual Life

When personal finance software requires you to shoehorn your actual spending patterns into pre-set spending categories, the result can be confusion and frustration. Look for software that lets you create an unlimited number of spending categories you can customize. Do you buy your employees breakfast once a month? You can make a spending category for it. Are you a coffee or microbrew aficionado? You can make a spending category for it. Your budget should conform to your life, not the other way around.

3. You See How Trimming Budget Fat Affects Financial Goals

Sometimes it just doesn’t feel worth it to hold back at the grocery store after a long day or when buying Christmas presents. But when your personal finance software shows you exactly how disciplined spending helps you achieve your financial goals, like a vacation or paying off a loan, it’s easy to avoid giving in to those little temptations you face every day. When you can see how your discipline pays off, you’re more likely to stick with your good habits.

Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.

4. You May Have Faced One or Two Painful Truths

Powerful personal finance software can tell you things like how much you spent on fast food last week, or how much you’ve paid in non-network ATM fees this month. Sometimes, getting control of your personal finances means facing some harsh truths, like how much those little extras add up to. Your software should also be able to tell you how much more quickly you can reach financial goals if you cut a certain dollar amount from various spending categories. It’s a great way to stay on track to your goals.

Meeting finance goals with personal finance software5. You Know Exactly How Close You Are to Meeting Financial Goals

Maybe you want to save for retirement, or build up a down payment on a home. Your personal finance software should show you exactly how close you are to your goal at any time. You should also be able to receive monthly emails that track your progress and see how your everyday spending decisions affect how much you’ll have left over at the end of the month. Don’t settle for software that doesn’t let you track your progress easily.

6. Your Personal Finance Software Goes With You Everywhere

Personal finance software that links your computer and your mobile devices empowers you to make smart spending choices anytime, anywhere. Thinking about buying an item you unexpectedly find on sale? You can check your account balances right on your phone and know instantly if you can afford it. You can also set up convenient alerts that can tell you right away such things as whether you’re approaching your credit limits on your credit cards.

Personal finance software has come a long way since the days you had to manually enter checkbook balances and draft amounts. Today’s software offers an astonishing array of features that not only help you achieve financial goals, but actually make your everyday life easier. And when it links your accounts to your computer and your mobile devices, like Mint does, you have all the budget tools you need, wherever you go.

Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.

The post 6 Signs Your Personal Finance Software Makes Life Easier appeared first on MintLife Blog.

Source: mint.intuit.com

Parking Options When Your Community Doesn’t Have a Parking Lot

Parking is an amenity that some people don’t even think about when looking to rent an apartment. But if you want the convenience of a covered garage or a guaranteed spot for your vehicle, it has to be part of your must-haves.

When a space is not included, then it becomes a much bigger deal. Do you live in an apartment complex that doesn’t have a parking lot? No worries, we’ve got a few options for you to consider.

1. Street parking

street parking

Depending on where you live, street parking may be an available option at no cost to you. While it may be free, it’s often on a first-come, first-serve basis. This means you’ll have to try your luck and find an open parking spot.

Know ahead of time that some street parking will cost you. Think metered spaces or a permit for a block or specific neighborhood. More often than not, time restrictions on parking will be part of the deal.

Keep an eye out for signs posted with instructions. Pay attention to avoid getting a ticket, having your car booted or towed.

2. Garage or lot parking

garage parking

If your complex or apartment building doesn’t have its own garage, then paid parking in a nearby garage is an option. Or, a parking lot within walking distance of your home. Parking lots are most common near shops, bars and restaurants, according to the Parking Network.

There are parking lots that are open throughout the year, but some are also improvised. Think of when you’ve gone to an event. Where do people park for a music festival that only happens once a year? There might be an open nearby meadow for parking, for example.

Paid parking lots and garages sometimes include a parking attendant. Gated entries require a ticket to enter and leave, or a machine to pay the parking fee. For this type of parking, you’re usually charged for the amount of time that you park. If your car is there for more than a few hours, you may incur a flat fee for daily parking.

When parking in an area that requires you to take a ticket, be sure to hold onto the ticket to leave. If you lose the ticket, you may pay a flat fee, which could be more than the cost of the time you actually parked in the space.

It’s a good idea to shop around for the best rate since costs vary from garage to lot. While comparing rates, look at whether it is cheaper to pay for daily vs. hourly parking.

3. Parking apps

parking app

Source: Parknay

Parking apps are one answer, especially in a lot of urban locales. Searching for and paying for parking has become easier because of parking apps. Some apps even let you make a reservation and will provide instructions on how to redeem parking at the garage.

Parknav is an app that offers real-time predictive street parking in more than 200 cities. Search the app for an address. Parknav displays a map with nearby streets. These streets are color-coded according to the likelihood of finding parking there.

That’s only one app out of many that help you find parking. Some apps are city-specific and there are even a few that help you save money. A quick search on your phone’s app store will give you a list of useful parking apps.

4. Ditch the car for public transportation

public transportation

Although it may not be ideal for everyone, public transportation is an option. Do you live in a transit-rich city? If you live in an area that’s easily accessible by mass transit or has everything you need within a short distance, you can always sell your car and use the bus, subway, train, bike or walk.

This option may save you money and will remove the stress of having to find parking. There’s a huge variation among different cities in the price of parking.

Park wisely

Parking is a problem when you live in an apartment without dedicated spaces. It’s also an issue when you’re a two-car family and you’ve only got one reserved space. Street parking could be lacking where you live. Especially in urban areas.

Some cities want to require the unbundling of parking space rentals from housing lease agreements, reports the Seattle Transit blog, which could lead to lower rents! Whatever the case, try to avoid parking in areas that are not well lit at night, block driveways or are in prohibited areas.

If you find that parking is important to you, keep this in mind for future apartment searches. But even if your apartment complex doesn’t have a parking lot, don’t stress. Just look around and know that you have options.

The post Parking Options When Your Community Doesn’t Have a Parking Lot appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Acorns Vs. Stash: Which Is The Better Investing App To Keep In Your Pocket?

Stash and Acorns are both popular investing apps that help people start investing without a lot of money. Which is better for you? Find out.Stash and Acorns are both popular investing apps that help people start investing without a lot of money. Which is better for you? Find out.

The post Acorns Vs. Stash: Which Is The Better Investing App To Keep In Your Pocket? appeared first on Money Under 30.

Source: moneyunder30.com

8 Ways to Save Money on Date Night

Whether you’re cozying up on the couch together with a bottle of wine or headed out to the trendy restaurant everyone’s talking about, date night is an essential part of most relationships.

“Date nights are important because they give new couples a chance to get to know each other and established couples a chance to have fun or blow off some steam after a rough week,” says Holly Shaftel, a relationship expert and certified dating coach. “Penciling in a regular date can ensure that you make time for each other when your jobs and other aspects of your life might keep you busy.”

Finding ways to spend less on date night can be easy if you're willing to be creative.

There’s just one small snag. Or, maybe it’s a big one. Date nights can get expensive. According to financial news website 24/7 Wall St., the cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.

When you’re focused on improving your finances as a couple, finding ways to spend less on date night is a no-brainer. But you may be wondering: How can we save money on date night and still get that much-needed break from the daily grind?

There are plenty of ways to save money on date night by bringing just a little creativity into the mix. Here are eight suggestions to try:

1. Share common interests on the cheap

When Shaftel and her boyfriend were in the early stages of their relationship, they learned they were both active in sports. They were able to plan their date nights around low-cost (and sometimes free) sports activities, like hitting the driving range or playing tennis at their local park.

One way to save money on date night is to explore outdoor activities.

If you’re trying to find ways to spend less on date night, you can plan your own free or low-cost date nights around your and your partner’s shared interests. If you’re both avid readers, for example, even a simple afternoon browsing your local library’s shelves or a cool independent bookstore can make for a memorable time. If you’re both adventurous, check into your local sporting goods stores for organized hikes, stargazing outings or mountaineering workshops. They often post a schedule of events that are free, low-cost or discounted for members.

2. Create a low-budget date night bucket list

Dustyn Ferguson, a personal finance blogger at Dime Will Tell, suggests using the “bucket list” approach to find the best ways to save money on date night. To gather ideas, make it a game. At your next group gathering, ask guests to write down a fun, low-budget date night idea. The host then gets to read and keep all of the suggestions. When Ferguson and his girlfriend did this at a friend’s party, they submitted camping on the beach, which didn’t cost a dime.

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The cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.

– Financial news website 24/7 Wall St.

To make your own date night bucket list with the best ways to save money on date night, sit down with your partner and come up with free or cheap activities that you normally wouldn’t think to do. Spur ideas by making it a challenge—for instance, who can come up with the most ideas of dates you can do from the couch? According to the blog Marriage Laboratory, these “couch dates” are no-cost, low-energy things you can do together after a busy week (besides watching TV). A few good ones to get your list started: utilize fun apps (apps for lip sync battles are a real thing), grab a pencil or watercolors for an artistic endeavor or work on a puzzle. If you’re looking for even more ways to spend less on date night, take the question to social media and see what turns up.

3. Alternate paid date nights with free ones

If you’re looking for ways to spend less on date night, don’t focus on cutting costs on every single date. Instead, make half of your dates spending-free. “Go out for a nice dinner one week, and the next, go for a drive and bring a picnic,” says Bethany Palmer, a financial advisor who authors the finance blog The Money Couple, along with her husband Scott.

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4. Have a date—and get stuff done

Getting stuff done around the house or yard may not sound all that romantic, but it can be one of the best ways to save money on date night when you’re trying to be budget-conscious. And, tackling your to-do list—like cleaning out the garage or raking leaves—can be much more enjoyable when you and your partner take it on together.

5. Search for off-the-wall spots

If dinner and a movie is your status quo, mix it up with some new ideas for low-cost ways to save money on date night. That might include fun things to do without spending money, like heading to your local farmer’s market, checking out free festivals or concerts in your area, geocaching—outdoor treasure hunting—around your hometown, heading to a free wine tasting or taking a free DIY class at your neighborhood arts and crafts store.

“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over,” Ferguson says.

6. Leverage coupons and deals

When researching the best ways to save money on date night, don’t overlook coupon and discount sites, where you can get deals on everything from food, retail and travel. These can be a great resource for finding deep discounts on activities you may not try otherwise. That’s how Palmer and her husband ended up on a date night where they played a game that combined lacrosse and bumper cars.

Turn to coupons and money-saving apps for fun ways to save money on date night.

There are also a ton of apps on the market that can help you find ways to save money on date night. For instance, you can find apps that offer discounts at restaurants, apps that let you purchase movie theater gift cards at a reduced price and apps that help you earn cash rewards when shopping for wine or groceries if you’re planning a date night at home.

7. Join restaurant loyalty programs

If you’re a frugal foodie and have a favorite bar or restaurant where you like to spend date nights, sign up for its rewards program and newsletter as a way to spend less on date night. You could earn points toward free drinks and food through the rewards program and get access to coupons or other discounts through your inbox. Have new restaurants on your bucket list? Sign up for their rewards programs and newsletters, too. If you’re able to score a deal, it might be time to move that date up. Pronto.

8. Make a date night out of budgeting for date night

When the well runs dry, one of the best ways to save money on date night may not be the most exciting—but it is the easiest: Devote one of your dates to a budgeting session and brainstorm ideas. Make sure to set an overall budget for what you want to spend on your dates, either weekly or monthly. Having a number and concrete plan will help you stick to your date night budget.

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“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over.”

– Dustyn Ferguson, personal finance blogger at Dime Will Tell

Ferguson says he and his girlfriend use two different numbers to create their date night budget: how much disposable income they have left after paying their monthly expenses and the number of date nights they want to have each month.

“You can decide how much money you can spend per date by dividing the total amount you can allocate to dates by the amount of dates you plan to go on,” Ferguson says. You may also decide you want to allot more to special occasions and less to regular get-togethers.

Put your date night savings toward shared goals

Once you’ve put these creative ways to save money on date night into practice, think about what you want to do with the cash you’re saving. Consider putting the money in a special savings account for a joint purpose you both agree on, such as planning a dream vacation, paying down debt or buying a home. Working as a team toward a common objective can get you excited about the future and make these budget-friendly date nights feel even more rewarding.

The post 8 Ways to Save Money on Date Night appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Guide to Managing Finances for Deploying Service Members

Life in the military offers some distinct experiences compared to civilian life, and that includes your budget and finances. The pre-deployment process can feel overwhelming, especially when you’re organizing your money and bills. 

It’s important you provide your family with everything they need to keep you and any dependents comfortable and stable. This means gathering paperwork, making phone calls to service providers, creating new budgets, and organizing your estate. The more you prepare ahead of time, the less you have to worry about the state of your investments and finances when you return home. 

To help make the process easier, we’ve gathered everything you need to know for deployment finances. Read on or jump to a specific category below:

Pre-Deployment Needs

  • Review Your Estate
  • Reassign Financial Responsibilities
  • Update Your Services
  • Build a Budget
  • Prepare a Deployment Binder

Deployment Needs

  • Protect Yourself From Fraud
  • Adjust Your Savings
  • Financial Assistance

Post-Deployment Needs

  • Update Your Budget
  • Pay Off Debt
  • Review Legal Documents

Before Your Deployment

There’s a lot of paperwork and emotions involved in preparing for deployment. Make sure you take plenty of time for yourself and your loved ones, then schedule time to organize your finances for some peace of mind. 
investments, and dependents. It’s an important conversation to have with your partner and establishes:

  • Power of attorney
  • Living will
  • Last will and testament
  • Long-term care
  • Life insurance
  • Survivor benefits
  • Funeral arrangements

Anyone with property, wealth, or dependents should have some estate planning basics secured. These documents will protect your wishes and your family in the event you suffer serious injury. There are several military resources to help you prepare your estate:

  • Defense Finance And Accounting Services’ Survivor Benefit Plan and Reserve Component Survivor Benefit Plan
  • Department Of Defense’s Military Funeral Honors Pre-arrangement 
  • Service Member’s Group Life Insurance
  • Veterans Affairs Survivor’s Benefits
  • The Importance Of Estate Planning In The Military
  • Survivor Benefits Calculator

Servicemembers Civil Relief Act (SCRA) allows you to cancel a housing or auto lease, cancel your phone service, and avoid foreclosure on a home you own without penalties. Additionally, you can reduce your debt interest rates while you’re deployed, giving you a leg up on debt repayment or savings goals. Learn more about the SCRA benefits below:

  • Terminating Your Lease For Deployment
  • SCRA Interest Rate Limits
  • SCRA Benefits And Legal Guidance

 

Build a Deployment Budget

Your pay may change during and after deployment, which means it’s time to update your budget. Use a deployment calculator to estimate how your pay will change to get a foundation for your budget. 

Typically, we recommend you put 50 percent of your pay towards needs, like rent and groceries. If you don’t have anyone relying on your income, then you should consider splitting this chunk of change between your savings accounts and debt. 

Make sure you continue to deposit at least 20 percent of your pay into savings, too. Send some of this towards an emergency fund, while the rest can go towards your larger savings goals, like buying a house and retirement. 

Use these resources to help calculate your goals and budgets, as well as planning for your taxes:

  • My Army Benefits Deployment Calculator
  • My Army Benefits Retirement Calculator
  • Mint Budget Calculator
  • IRS Deployed Veteran Tax Extension
  • IRS Military Tax Resources
  • Combat Zone Tax Exclusions

 

Prepare a Deployment Binder

Mockup of someone completing the deployment checklist.

Illustrated button to download our printable depployment binder checklist.

It’s best to organize and arrange all of your documents, information, and needs into a deployment binder for your family. This will hold copies of your estate planning documents, budget information, and additional contacts and documents. 

Make copies of your personal documents, like birth certificates, contracts, bank information, and more. You also want to list important contacts like family doctors, your pet’s veterinarian, household contacts, and your power of attorney. 

Once you have your book ready, give it to your most trusted friend or family member. Again, this point of contact will have a lot of information about you that needs to stay secure. Finish it off with any instructions or to-dos for while you’re gone, and your finances should be secure for your leave. 

While You’re Deployed

Though most of your needs are taken care of before you deploy, there are a few things to settle while you’re away from home. 
Romance and identity scams are especially popular and can cost you thousands. 

  • Social Media Scams To Watch For
  • Romance Scam Red Flags
  • Military Scam Warning Signs

 

Adjust Your Savings 

Since you won’t be responsible for as many bills, and you may have reduced debt interest rates, deployment is the perfect time to build your savings.

While you’re deployed, you may be eligible for the Department of Defense’s Savings Deposit Program (SDP), which offers up to 10 percent interest. This is available to service members deployed to designated combat zones and those receiving hostile fire pay.

Military and federal government employees are also eligible for the Thrift Savings Plan. This is a supplementary retirement savings to your Civil Service Retirement System plan.

  • Savings Deposit Program
  • Thrift Savings Plan Calculator
  • Civil Service Retirement System
  • Military Saves Resources

 

Additional Resources for Financial Assistance

Deployment can be a financially and emotionally difficult time for families of service members. Make sure you and your family have easy access to financial aid in case they find themselves in need. 

Each individual branch of the military offers its own family and financial resources. You can find additional care through local support systems and national organizations, like Military OneSource and the American Legion. 

  • Family Readiness System
  • Navy-marine Corps Relief Society
  • Air Force Aid Society
  • Army Emergency Relief
  • Coast Guard Mutual Assistance
  • Military Onesource’s Financial Live Chat
  • Find Your Military And Family Support Center
  • Emergency Loans Through Military Heroes Fund Foundation Programs
  • The American Legion Family Support Network

After You Return Home

Coming home after deployment may be a rush of emotions. Relief, exhaustion, excitement, and lots of celebration are sure to come with it. There’s a lot to consider with reintegration after deployment, and that includes taking another look at your finances. 

 

Update Your Budget

Just like before deployment, you should update your budget to account for your new spending needs and pay. It’s time to reinstate your car insurance, find housing, and plan your monthly grocery budget. 

After a boost in savings while deployed, you may want to treat yourself to something nice — which is totally okay! The key is to decide what you want for yourself or your family, figure if it’s reasonable while maintaining other savings goals, like your rainy day fund, and limit other frivolous purchases. Now is not the time to go on a spending spree — it’s best to invest this money into education savings, retirement, and other long-term plans.

In addition to your savings goals, make sure you’re prepared to take care of yours and your family’s health. Prioritize your mental health after deployment and speak with a counselor, join support groups, and prepare for reintegration. Your family and children may also have a hard time adjusting, so consider their needs and seek out resources as well. 
FTC | NFCC 

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