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Times are tough. When you find yourself struggling to scrape together enough money to pay rent, what are your options? Will you face eviction if you canât pay all of your rent on time? While rules vary from state to state, learn what commonly happens and what landlords can and canât do when you can […]
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Source: blog.apartmentsearch.com
Sound money management is an important part of a solid financial strategy. Youâll want to have some of your money set for retirement in a traditional or Roth IRA. Still, other money might be saved for your kidsâ college, a down payment on a house or other longer-term goals. And then you might have an emergency fund as well as a checking account that you use to pay your monthly bills and expenses. Each of these buckets of money can be in a different kind of account. In this article, weâll look at some of the best checking accounts.
Before we look at some of the best checking accounts, itâs a good idea to talk about what makes for a good checking account. A checking account is an account that you would typically use to pay your ongoing monthly expenses. It is more and more rare to actually write paper checks, and instead, you would typically use a debit card or cashless payment account linked to your checking account.Â
With a checking account, some features to look for include no monthly or maintenance fees, a low minimum amount to open an account, the rate at which they pay interest, and any account opening bonus they might offer. The interest rate that checking and savings accounts pay is tied to the federal funds rate and usually varies over time. As of 2020, the interest rates are quite low, and many checking and savings accounts do not pay any interest at all. Also keep in mind that even if your account pays you 1% interest, youâre still losing money to inflation. So you wouldnât want to keep any long-term investment money in a checking or savings account.
With all that being said, letâs take a look at some of the top checking accounts available.
Discoverâs checking account offers 1% cash back on up to $3,000 in debit card purchases each month, which is one of the few debit cards that offer a reward on ongoing purchases. The Discover Cashback Debit account also comes with no monthly maintenance or other fees, no fees to withdraw at over 60,000 ATMs worldwide and no fees for insufficient funds.
The CapitalOne 360 Checking account has no account minimums or fees. It currently offers a 0.10% APY on balances, though you can also open a no-fee CapitalOne 360 Performance Savings account which offers 0.65% APY as of the time of this writing. CapitalOne also has thousands of branch offices nationwide, so you can do your banking online or in-person. The CapitalOne 360 Checking account offers three different options if you happen to overdraft your account – Auto-Decline, Next Day Grace and Free Savings Transfer.
Fidelityâs Cash Management Account also offers no account fees or minimum balances. It also reimburses ATM fees nationwide, though only offers 0.01% APY on account balances. Fidelity makes it easy to transfer money between your checking account, savings accounts and any retirement accounts you have with Fidelity. Plus, the Fidelity Rewards Visa offers 2% cash back on all purchases, which you can redeem into your Fidelity Cash Management Account or any other Fidelity account.
Wealthfrontâs Cash Account offers a high-interest checking account (0.35% APY as of this writing) with no fees. And Wealthfrontâs convenient account dashboard lets you easily move money between your checking account and any investment or retirement accounts that you have with them. They also offer a service where you can get access to your paycheck up to two days early if you direct deposit into your Wealthfront Cash Account
HSBCâs Premier Checking account also offers no fee on ATMs nationwide or for everyday banking transactions, but does charge a monthly maintenance fee if you donât have at least $75,000 in combined accounts or direct deposits of at least $5,000 monthly. They are currently offering a promotion where you can earn 3% as a welcome bonus, up to $600. Youâll get 3% on qualifying direct deposits, up to $100 per month, for the first six months of having your account.
Chase Total Checking is currently offering a welcome bonus of $200 when you open a new account and have a direct deposit made to your account in the first 90 days. Also, there is a $12 monthly maintenance fee which can be avoided if you either:
The post Best Checking Accounts 2020 appeared first on MintLife Blog.
Source: mint.intuit.com
This weekâs Mint audit helps out a couple, Pasquale, 46, and Jillian, 39, who are starting a new life together after each experiencing divorce. Both work in software sales earning roughly the same income. When combined, their earnings average $450,000 a year.
The New Jersey couple shares a new mortgage and a savings account. They recently purchased a home together and pool a fraction of their incomes together into a joint account to pay for shared expenses such as the home loan, property taxes and utilities.
Pasquale and Jillian also arrived at the relationship owning their own properties. Pasquale has held onto his townhome in a nearby town that he bought after his divorce. He rents it out, earning a nice $500 monthly profit. Jillian also has a home in Florida, which she rents out. She more or less breaks even every month.
They would like advice related to managing their rental properties (should they sell them?), possibly buying a vacation home in the $250,000 to $350,000 range and, for Pasquale, saving up to help send his two daughters (ages 13 and 17) to college. Theyâre also wondering if theyâre saving âenoughâ for retirement.
They had lots of good questions, and after an hour on the phone and a review of their finances, I was able to fit together some of their puzzle pieces.
First, hereâs a break down of some their finances:
The couple is doing fairly well with their retirement savings, but I think they are too exposed to their ESPPs. They contribute more to their ESPPs than their 401(k)s, which is very risky, considering an ESPP puts all your money in a single stock. A 401(k) is far more diversified.
They may benefit from reallocating some of those dollars back into their company 401(k). In doing so, I recommend they both aim to max out their 401(k)s, which also means a bigger tax deduction. This yearâs maximum contribution is $18,500.
Every six months, each receives the chance to cash out some or all of the money in their ESPP. I recommend striking at the next opportunity to reduce their exposure to a market downfall and help pay for future college expenses. Taking 20 or 30 percent off the table and placing the dollars into a safer haven like a CD creates less risk.
For Pasquale, specifically, Iâd look into selling some of his shares at the next opportunity and placing it into a plain vanilla savings account to cover at least the first two years of his daughterâs education. His daughter will choose a school soon and expects to receive some grants and scholarships to reduce the cost. At that point Pasquale can better estimate how much to withdraw from the stock plan.
For his youngest daughter, itâs not too late for Pasquale to open a 529-college savings account. That money can later be used for higher education costs without being subject to taxes. Investing $500 a month in a 529 starting today could help to afford at least the first year or two of school, depending on where she lands. Pasquale may even consider using some of the ESPP gains to fund the new 529 for daughter #2, if his eldest doesnât need it.
How emotionally tied are they to their individual properties? Pasquale said he could take it or leave it. The $500 cash flow is nice, but heâs open to selling it. Jillian, however, would be sad to part ways with the Florida home. While its rental income is just enough to cover the carrying costs, she likes the idea of keeping it. Sheâs always wanted to have a house by the water.
But I propose a scenario: What if they sold both rental properties and pooled the equity ($160,000) to afford a new second home that theyâd both own? Theyâre eyeing a cabin near the Poconos in Pennsylvania. The estimated cost for a home that suits them is between $250,000 and $300,000. A 50% down payment on a $300,000 home would mean that their monthly mortgage would be roughly $700 per month, given todayâs average interest rate of about 4.50% (or possibly higher for second homes.)
From selling the two properties they achieve their goal of affording a second home. Located in a popular resort area, they can also rent it out from time to time for more than $700 a week. Renting the place for just 8 or 10 weeks out of the year would probably cover the annual mortgage.
From there, any extra cash flow could be used to save more for retirement, travel, college, or whatever they wish.
Farnoosh Torabi is Americaâs leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, sheâs become our favorite go-to money expert and friend.
The post Money Audit: Should We Hold on to Our Rental Properties? appeared first on MintLife Blog.
Source: mint.intuit.com
Although many people start New Yearâs resolutions in January, thereâs nothing magical about January with regards to self-improvement. Still, the best time to make a change or set a goal is today, so if youâre ready to level up in your life, thereâs no time like the present. Here are five financial habits that you might consider starting this year.Â
The very first thing that youâll want to do is commit to a budget. Having a budget is the cornerstone and foundation for financial success. Knowing where your money is going (and not going) can help you understand where youâre at. If youâve had trouble making or keeping a budget, resolve to start a budget this year. A tool like Mint can be a great way to put your budget on autopilot.
Remember that a budget is just a tool to help you to not spend money on the things you donât find important so that you have money to spend on the things that you do find important. If you already have a budget, make it a habit to review your budget, at least monthly. That can help you identify where you might be able to make improvements.
As you start or recommit to your budget, make sure that it is written down. Budgets that are not written down, like goals, tend to fall by the wayside easily.
Another great habit to get into in 2021 is starting an emergency fund. An emergency fund should be one of the very first things you do with any extra money you have in your budget. Even before working on eliminating your debt or saving for retirement, it makes a lot of sense to set aside money for emergencies.
A good rule of thumb is to start with a $1,000 emergency fund. It may not cover catastrophic emergencies, but it can help you to avoid having to spend on your credit cards when the unexpected happens. After youâve started that basic emergency fund, then you can continue to build it up while also starting to pay off debt or invest for the future. If you can, itâs a good idea to have a couple of months of expenses in your emergency fund. That way youâre covered for a while in case you lose an income source or have a major emergency.
The next habit to start or continue this year is to eliminate your debt. Depending on how much debt you currently have, it may not be realistic to pay off all of your debt in 2021. But no matter what, you should have a plan in place. There are a variety of different debt repayment strategies – the debt snowball and the debt avalanche among many. Itâs important to pick a debt payoff approach that works for you, and that you can stick to. Make it a habit to spend less than you earn and work towards becoming debt-free.
Another great habit that can help you live within your means is to spend with a purpose. Spending with a purpose means that you are conscious with your spending. If you ever find yourself wondering where all your money has gone, you may benefit from being more deliberate with your spending.
Many people find success by setting a rule about any non-essential spending. For example, before you make any purchases besides essentials like rent, utilities, and debt payments, you must write it down. Just the act of writing it down (or taking a picture of it) is enough for many people to be more deliberate and conscious about what they choose to spend their money on.
If youâre like many people, you may have good intentions of saving money each month, but at the end of the month, you find thereâs nothing left over after all the bills are paid. One habit that people who are successful financially have is to pay themselves first. Put your savings money aside at the BEGINNING of the month. Itâs a bit of a mental trick, but many people find that having that money out of sight helps them to save more.
Another financial habit to start is to always give yourself a raise. Whenever you get a raise at work or come across any âextraâ money, IMMEDIATELY put it either in your emergency fund or use it to pay down your debt. Putting any raise or extra money towards your savings (instead of increasing your standard of living) is a great habit to start.Â
This is a great habit to start, especially if you are young or just starting out in your professional life. Of course, paying yourself first and giving yourself a raise, doesnât mean that you have to only eat ramen or canât have nice things. But thanks to the magic of compound interest, the sooner you start to save and invest, the better off youâll be.
The post 5 Financial Goals to Start in 2021 appeared first on MintLife Blog.
Source: mint.intuit.com