Everyone knows that raising kids can put a serious squeeze on your budget. Beyond covering day-to-day living expenses, there are all of those extras to considerâsports, after-school activities, braces, a first car. Oh, and don’t forget about college.
Add caring for elderly parents to the mix, and balancing your financial and family obligations could become even more difficult.
“It can be an emotional and financial roller coaster, being pushed and pulled in multiple directions at the same time,” says financial life planner and author Michael F. Kay.
The “sandwich generation”âwhich describes people that are raising children and taking care of aging parentsâis growing as Baby Boomers continue to age.
According to the Center for Retirement Research at Boston College, 17 percent of adult children serve as caregivers for their parents at some point in their lives. Aside from a time commitment, you may also be committing part of your budget to caregiving expenses like food, medications and doctor’s appointments.
When you’re caught in the caregiving crunch, you might be wondering: How do I take care of my parents and kids without going broke?
The answer lies in how you approach budgeting and saving. These money strategies for the sandwich generation and budgeting tips for the sandwich generation can help you balance your financial and family priorities:
Communicate with parents
Quentara Costa, a certified financial planner and founder of investment advisory service POWWOW, LLC, served as caregiver for her father, who was diagnosed with Alzheimer’s disease, while also managing a career and starting a family. That experience taught her two very important budgeting tips for the sandwich generation.
First, communication is key, and a money strategy for the sandwich generation is to talk with your parents about what they need in terms of care. “It should all start with a frank discussion and plan, preferably prior to any significant health crisis,” Costa says.
Second, run the numbers so you have a realistic understanding of caregiving costs, including how much parents will cover financially and what you can afford to contribute.
17 percent of adult children serve as caregivers for their parents at some point in their lives.
Involve kids in financial discussions
While you’re talking over expectations with your parents, take time to do the same with your kids. Caregiving for your parents may be part of the discussion, but these talks can also be an opportunity for you and your children to talk about your family’s bigger financial picture.
With younger kids, for example, that might involve talking about how an allowance can be earned and used. You could teach kids about money using a savings account and discuss the difference between needs and wants. These lessons can help lay a solid money foundation as they as move into their tween and teen years when discussions might become more complex.
If your teen is on the verge of getting their driver’s license, for example, their expectation might be that you’ll help them buy a car or help with insurance and registration costs. Communicating about who will be contributing to these types of large expenses is a good money strategy for the sandwich generation.
The same goes for college, which can easily be one of the biggest expenses for parents and important when learning how to budget for the sandwich generation. If your budget as a caregiver can’t also accommodate full college tuition, your kids need to know that early on to help with their educational choices.
Talking over expectationsâyours and theirsâcan help you determine which schools are within reach financially, what scholarship or grant options may be available and whether your student is able to contribute to their education costs through work-study or a part-time job.
Consider the impact of caregiving on your income
When thinking about how to budget for the sandwich generation, consider that caring for aging parents can directly affect your earning potential if you have to cut back on the number of hours you work. The impact to your income will be more significant if you are the primary caregiver and not leveraging other care options, such as an in-home nurse, senior care facility or help from another adult child.
Costa says taking time away from work can be difficult if you’re the primary breadwinner or if your family is dual-income dependent. Losing some or all of your income, even temporarily, could make it challenging to meet your everyday expenses.
“Very rarely do I recommend putting caregiving ahead of the client’s own cash reserve and retirement.”
When you’re facing a reduced income, how to budget for the sandwich generation is really about getting clear on needs versus wants. Start with a thorough spending review.
Are there expenses you might be able to reduce or eliminate while you’re providing care? How much do you need to earn each month to maintain your family’s standard of living? Keeping your family’s needs in focus and shaping your budget around them is a money strategy for the sandwich generation that can keep you from overextending yourself financially.
“Protect your capital from poor decisions made from emotions,” financial life planner Kay says. “It’s too easy when you’re stretched beyond reason to make in-the-heat-of-the-moment decisions that ultimately are not in anyone’s best interest.”
Keep saving in sight
One of the most important money strategies for the sandwich generation is continuing to save for short- and long-term financial goals.
“Very rarely do I recommend putting caregiving ahead of the client’s own cash reserve and retirement,” financial planner Costa says. “While the intention to put others before ourselves is noble, you may actually be pulling the next generation backwards due to your lack of self-planning.”
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Making regular contributions to your 401(k), an individual retirement account or an IRA CD should still be a priority. Adding to your emergency savings each monthâeven if you have to reduce the amount you normally save to fit new caregiving expenses into your budgetâcan help prepare you for unexpected expenses or the occasional cash flow shortfall. Contributing to a 529 college savings plan or a Coverdell ESA is a budgeting tip for the sandwich generation that can help you build a cushion for your children once they’re ready for college life.
When you are learning how to budget for the sandwich generation, don’t forget about your children’s savings goals. If there’s something specific they want to save for, help them figure out how much they need to save and a timeline for reaching their goal.
Ask for help if you need it
A big part of learning how to budget for the sandwich generation is finding resources you can leverage to help balance your family commitments. In the case of aging parents, there may be state or federal programs that can help with the cost of care.
Remember to also loop in your siblings or other family members when researching budgeting tips for the sandwich generation. If you have siblings or relatives, engage them in an open discussion about what they can contribute, financially or in terms of caregiving assistance, to your parents. Getting them involved and asking them to share some of the load can help you balance caregiving for parents while still making sure that you and your family’s financial outlook remains bright.
The post Budgeting Tips for the Sandwich Generation: How to Care for Kids and Parents appeared first on Discover Bank – Banking Topics Blog.
It amazes us how quickly our girls are growing up. Next month when school starts up again, weâll have a fourth-grader and a kindergartener.
Even though we have some time before they are ready to move out of the house, we want to spend time now prepare them for the big transition. As a parent, you probably feel the same way too.Â
One crucial piece of a financial foundation kids and in particular, teens, need to master is learning to budget (and sticking with it),
While theyâre home now, you have a fantastic opportunity to get them comfortable with handling their money.
If youâre not sure where to start, here are some tips from fellow parents and experts in the personal finance space to make teaching this life skill a bit easier less stressful for you and your teen!
Teach Your Teen to Budget for Real Life
Teens or not, whenever most people hear the word budget, they also hear the word ânoâ. To them, budgets feel like a strict diet. Just as fad diets fail, an unrealistic or extreme budget will more than likely discourage your teen and they will quit.
The first step before you even talk about the numbers is to discuss exactly what a successful and sustainable budget should be. When done right, a budget is something that helps you move your money towards your goals. Explain to them that at its root, budget is simply a plan about what theyâd like to do.
You want a budget that can cover:
Â Â Essential bills
Â Â Future goals
Â Â Discretionary expenses
When your teenâs budget covers those goals, theyâre not only putting their finances in a good spot, but theyâre moving closer to their specific long term dreams.
Creating a Doable Budget (Theyâll Actually Enjoy!)
Once your teen(s) understands how a budget works, itâs important for them to create a budget that they can use in the real world. You can honestly budget however you want, but an easy budget to get your teen started is the 50/20/30.
Quite simplify, the 50/20/30 budget puts money into those three main buckets:
Â Â 50%Â goes towards essentials
Â Â 20% towards savings (or investing)
Â Â 30% for fun and discretionary expenses
I appreciate how easy and flexible this budget can be. You can adjust the percentages for your teenâs needs, but it gives them some ballpark idea of how to portion their finances when they are out on their own.
How do you start them out on this budget?
With teens, you may have expenses like clothing or their cellphone bill count as essentials, or you may want to give your child the experience of being responsible for a small, shared family bill while they are still at home.
For older teens, you could even charge them a nominal ârentâ to offset their portion of the bills. In some cases, parents give that money back to their child as a gift to help with moving expenses (like for their security deposit) or use as additional savings.Â
However you decide, talk it over so your teen understands why youâre doing it this way.
Share Your Family Budget
Creating a budget isnât complicated, but it can difficult if your teen has no idea what to expect. Knowledge can be empowering.
While we may take it for granted since have to deal with the numbers, but your teen may not be aware of how much it takes to keep the lights on and roof over their heads. If you havenât already shared your own budget already, now is the time.
Not knowing also puts them at a disadvantage when they start searching for a place or are comparing prices on expenses. Being armed with the numbers makes your teenager a more informed consumer.
When Your Teen Breaks Their Budget
Will there be times where your teenager will mess up with their budget? Probably so. However, thatâs not necessarily a bad thing. As parents, we tend to want to protect our kids, but we also have to prepare them for the real world. As Ron Lieber, author of The Opposite of Spoiled, pointed out we should let our kids make financial mistakes.Â
Wouldnât it be better for your child to break the clothing budget while theyâre still at home allowing you to help guide them through rather than having break their monthly budget while they are on their own and have bills to pay?
Mistakes will happen, theyâre a part of life so giving your teen time to work those them and adjust their budget is a blessing for their future selves.
Essential Accounts for Your TeenÂ to Have
Since weâre talking about budgets, we should also mention some essential accounts youâd want your kid to have so they can practice managing their money.
Opening up student checking and savings accounts (usually free low on fees as well as not having minimum balance requirements) are good foundational accounts for your teen. They can deal with real-world situations pending charges, automatic transfers, and direct deposits.
As Family Balance Sheet founder Kristia Ludwick pointed out, teens should have the skill of balancing a checkbook even if they decide to go all-digital with their banking.
If they work, talk it over together and see if they can open up an IRA and start contributing. It doesnât have to be much. The idea is to get them familiar and comfortable with the basics of investing.
Even if they put in $25 a paycheck, having them practice setting aside money in their budget for both long and short term goals is an invaluable lesson. You can also encourage them to contribute by offering a match for what they put in.
How Teens Can Easily Stay on Top of Their Money
With several accounts to keep tabs on, your teen is going to need an easy system to track their budget and goals.
With Mint, they can link up their accounts in one secure spot. They can also add their budget along with any savings goals they want to hit and make sure they stick with them.
Hopefully, these ideas and tips will make it easier to help your teen transition into a self-sufficient adult.
The post How to Teach Your Teen to Budget Like a Pro appeared first on MintLife Blog.
Do you want to learn how to make money on TikTok? Here’s how Tori grew from 0 to 350,000 TikTok followers and made $60,000 in just 6 weeks.
Unless you’ve been living under a rock, you have probably heard something about TikTok. TikTok is one of the most popular social media networks currently, and it is growing like crazy.
There are already over 500 million active monthly users on TikTok around the world.
So, you may be wondering if you can learn how to make money on TikTok, and any TikTok tips so that you can see success too.
That completely makes sense!
Today, I want to introduce you to Tori Dunlap.
Tori Dunlap is a nationally-recognized millennial money and career expert. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K. She has helped over 200,000 women negotiate salary, pay off debt, build savings, and invest.
I met her a couple of years ago in person, and she has built an amazingly successful business. I’m in awe of what she has done, and I enjoy her creative ways of helping people improve their money situation.
I asked Tori to take part in an interview on Making Sense of Cents about her explosive TikTok growth. She went from 0 to over 350,000 TikTok followers, and made $60,000 in just 6 weeks on TikTok.
In this interview, you’ll learn:
About Tori’s background and why she decided to start on TikTok
How she grew her TikTok to over 350,000 followers in 6 weeks
How she has made $60,000 just from TikTok in 6 weeks and how to earn money from TikTok
The tools needed to create TikTok videos
The length of time it takes to make each TikTok video
Whether there is room for new TikTok accounts
Her top TikTok tips for a newbie
And more! This interview is packed full of valuable information on how to earn money on TikTok.
I know so many people have questions about TikTok, such as how to grow on TikTok, how to make money from TikTok (including, how much money do TikTokers make?), and more, so hopefully you will find this interview both interesting and informative!
You can find Tori on TikTok here.
Related content that you may be interested in:
How Sailing SV Delos Makes Money on Youtube
How This 34 Year Old Owns 7 Rental Homes
How Amanda Paid Off $133,763 In Debt in 43 Months
How One Blogger Grew His Blog to Over 2 Million Visitors In A Year
Here’s how to make money on TikTok.
1. Tell me your story. Who are you and what do you do?
I’m nationally-recognized millennial money and career expert. After saving $100,000 at age 25, I quit my corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money.
I’ve helped over 350,000 women negotiate salary, pay off debt, build savings, and invest — and I firmly believe that a financial education is a woman’s best form of protest.
A Plutus award winner, my work has been featured on Good Morning America, the Today Show, the New York Times, PEOPLE, TIME, New York Magazine, Forbes, CNBC, and more.
Before becoming a full-time entrepreneur, I led organic marketing strategy for Fortune 500 companies—with clients like Amazon, Apple, Facebook, Nike, the NFL, and the Academy Awards—and global financial technology start-ups. For almost five years, I specialized in social media, SEO, content, and influencer marketing to grow community and increase awareness.
I now travel the world writing, speaking, and coaching about personal finance, online businesses, side hustles, and confidence for millennial women.
2. How long have you been on TikTok? Why did you decide to start a TikTok account?
I only really started doing TikTok for my business in the last 6 weeks (and gained almost 350,000 followers in the process, which is wild.)
I knew that you could see accelerated growth on the platform — it’s the only main social platform that currently has more people consuming content than creating it — and it fit well with my brand.
I’m passionate about financial education as a form of protest, and making money conversations inclusive — meeting people where they are on TikTok seemed like a perfect way to do that.
To me, going viral and gaining 350,000 followers in such a short amount of time is proof that Gen Z is craving personal finance advice.
3. How did you get your TikTok account to explode?
I was shocked by the growth, and I’ve never seen a platform that is so creator-friendly (Facebook, for example, has become more and more business-focused.)
In terms of followers, it took me 3 days to do on TikTok what it took me 3 years to do on Instagram. But I was ready for it — I have an established, global business, credibility, and products to sell. As a former social media manager, it’s a reminder that consistency, credibility, and serving before selling are what grows your account — not paid ads or manufactured authenticity.
The big shift was a video that went viral (as of this writing, it has 3.5 million views and over 730K likes.) Having gone viral multiple times before, this was next level — I was getting 100 followers every 5 minutes.
It’s more than doubled my website traffic, increased my sales, and grown my credibility.
4. How do you make money on TikTok?
I make money through promoting my own products (like my resume template and side hustle courses) and my affiliate partners.
For example, I might talk about high yield savings accounts and send folks to the link to my affiliate bank partner.
In the last 6 weeks, I’ve made over $60,000 just from TikTok.
Now that I have a substantial following, I’m also monetizing my platform with brand partnerships, and showcasing products I believe in.
Related: 10 Easy Tips To Increase Your Affiliate Income Free Guide
5. How do you decide on your TikTok video ideas?
Just like the rest of my content, I focus on creating actionable resources for my followers.
Most of the questions I answer in my videos or advice I give comes from someone asking me about it, which guarantees I’ll have consumers of that content because I know it’s valuable for them.
Your audience will tell you what they want to see!
One of the smart things I did was waiting to become a creator. I was a consumer on TikTok first, sharing and enjoying videos before I started creating my own. Doing so helped me understand trends, what content well, the way the videos were shot. I got to know the landscape and followed creators doing good work.
So much of TikTok is collaborative creation, so I’ll often duet with another creator and offer my two-sense, or will be inspired by a trend or sound I see elsewhere.
6. What tools do you need for your videos? Is it simply your phone?
Your phone is the biggest thing you need. I also invested in a ring light/tripod to make it easier to shoot content, and to make sure the lightning was decent.
If you want to do more advanced videos, you might need editing software, a more professional camera, or props.
There is a learning curve with understanding how to shoot videos, and I was too intimidated to start for a while.
Don’t let that scare you: just like anything, it’s easy once you get the hang of it.
Some of Tori’s TikTok videos.
7. How long does it take you to make each TikTok video?
Batching content has helped me save time, so I make about 5-7 videos in one session.
Because we’re still in quarantine, I often shoot without camera-ready makeup, which I think adds to the spontaneity and authenticity of the video.
I’ve also made the decision to not change clothes for every single video, it just seems like overkill.
My 15-second, talk-to-camera videos take about 10 minutes — 3 to shoot, 7 to add text and a caption.
More in-depth videos — with green screen effects or lots of text that moves — can take about a half hour.
I try to intersperse content — not only for variety’s sake, but also to keep myself sane.
8. What do you like about making TikTok videos? What do you not like?
Instagram has started to feel more and more like work, while TikTok allows me to be more creative.
As a theatre major, it’s a perfect platform for me to make weird faces, perform, and showcase my personality in addition to my advice.
I’ve also found TikTok a more welcoming environment. You’ll always have trolls and hateful comments, but I’ve found there’s more support and encouragement from people who aren’t following you on TikTok than on other platforms.
I really love and engage with Instagram Stories, and TikTok doesn’t have a feature like that (yet.) Stories are a good way for your audience to learn more about you and your business in a less polished way, so I think it’s harder for someone to get to know you on TikTok.
Captions are also WAY shorter, and you cannot post your hashtags in the first comment, so any explaining you need to do through text needs to be in the actual video.
9. Do you think there is room for new TikTokers?
More than any other social platform.
Instagram, for example, is very saturated. It’s almost impossible to discover a new account within the platform, unless a friend directly shares it with you. You’re really only seeing posts from people you already follow.
TikTok has a following tab, and also a “For You Page” tab, where they show videos they think you’ll like.
I’ve never seen an algorithm as responsive as TikTok’s, so you’ll find content that actually connects with you and your interests.
10. What tips do you have for someone wanting to start on TikTok?
Content that does well is at least one of the following: aspirational, educational, or entertaining.
You have travel vloggers showcasing their Airbnbs in Paris (aspirational), vegan chefs walking you through a recipe (educational), or a thrill-seeker trying a new stunt (entertaining.)
I found my niche between aspirational (talking about how I left my 9-5 job and built my business) and educational (how to pay off debt, invest, etc.)
Like any social platform, consistency is key. TikTok is like Twitter — you have the option of posting 7-10 times per day (and not being punished by the algorithm.) I usually try to put out 2-3 videos per day, some more complicated than others.
11. Are there any other TikTok tips you would like to share?
Don’t invest in TikTok unless you know your audience is there.
For example, if your potential customers are men in their 50s, they’re probably not on TikTok.
When I worked in marketing, it was easy to chase platforms or trends. It’s easy to feel like you need to be everywhere in order to make sure you’re relevant.
But if the audience you’re looking to target is largely not on a platform, don’t invest time and money in it.
Do you want to learn how to make money on TikTok and how to grow on TikTok?
The post How I Make Money On TikTok – How I Grew To 350,000 Followers and Made $60,000 In 6 Weeks appeared first on Making Sense Of Cents.
The world of finance is full of lawful rule-breaking and gamified hacking â more evident these past few weeks than ever before. In Anastasia Nesvetailova and Ronen Palanâs book Sabotage: The Hidden Nature of Finance we learn about the ways big Wall Street players and some corporations work the system to avoid regulation. Their book […]
The post Thereâs Still Time to Fix Capitalism appeared first on The Simple Dollar.
With cold weather approaching, it’s time to take a couple days and get your home ready for the winter weather. To help you get started, here is a checklist with some of the most important tasks to get your house ready for the snow and cold.
Check for Leaks
In the winter, you want to make sure your home is a fortress. You don’t want any of your precious heat escaping, and you don’t want any of the winter weather getting in. To help you figure out your home’s leaky spots, you can hire a professional to do an energy audit on your home. This is a great option if you don’t have the time, or the desire to climb on your roof.
Windows: Swap out your screen windows for storm windows. During that process, check around your windows to make sure they are well sealed. To help identify small gaps, carefully hold a lit match or lighter a couple inches from the frame of the window. Move the flame around, always making sure it’s a safe distance from surfaces and fabrics, and watch for the flame to “dance.” If the flame moves, there is air movement in that spot. Use caulk to seal around the frame, or use a plastic window insulation kit to cover an entire window.
Heavy curtains will help keep more heat from escaping through your windows.
Doors: Replace your screen doors with storm doors. Again, check the seals during that process. If you can see any light around your doors, you have a significant gap for warm air to escape. Even if you can’t see any light, you still want to check the rubbery weather stripping around the door. If it’s brittle or cracking, it’s not doing its job. Installing a new weather stripping kit from a hardware store is a quick fix to make sure your doors are sealed.
Ducts: As time goes by, seals on duct work can come loose. Check your duct work to make sure your ducts aren’t letting any heat out into your attic, which can cause snow to melt and refreeze as ice dams on your roof.
Roof: Before winter arrives is a great time to check your roof for the season. Climb up (or at least get on a high ladder) and examine the shingles. Replace any that are missing or broken.
SEE ALSO: Who Knew's How to Prepare Your House for Winter
Make Sure Your Heating Systems Work
Furnace: Before it gets too cold, have your heating system checked out by a professional. The first really chilly day of winter is not the time to figure out your heater isn’t working. Have a heating and air company come out, check the systems, and change the filters, and you’ll be ready for Old Man Winter when he arrives.
Water Heater: The end of fall is a great time to drain your water heater. This should get done once a year, so if you haven’t done it recently, make sure you do before you find you only have really cold water in your house.
Chimney: If you have a chimney, make sure you sweep it (or have it professionally swept) before lighting any fires for the season. Removing the excess soot, as well as the birds and animals that made their homes in chimneys throughout the year, will help prevent fires and smoke damage. Also, examine the damper to make sure it’s still looking good. If it’s bent or warped, warm air will be able to escape through the chimney.
Reverse Ceiling Fans: If you have ceiling fans, now is the time to reverse them. Putting them in reverse will help blow down warm air that would otherwise be stuck near the ceiling, which will likely mean you can turn your heat down a degree or two.
If your fan runs on a remote, there is likely a button on the remote to switch the direction. If your fan runs on a switch, look for a small toggle or switch on the fan motor to make the change.
Be Ready Outdoors
Gutters: Make sure your gutters are ready to handle the winter precipitation. Empty the fallen leaves and anything else that has gathered in the gutters. Make sure they are secure to the roof, and repair them as needed. Also, make sure the drain pipe from your gutters is long enough and directing winter rains and melting snow away from your home’s foundation.
Water Lines: Prevent burst pipes by turning off all exterior water lines or insulating the pipes. If you have a sprinkler or irrigation system, drain the lines to make sure no water is left to damage the underground lines.
RELATED: Domestic CEO's Fall and Winter Home Maintenance Checklist
Tools: Be ready to get yourself out of the house by making sure all your winter tools are in good working condition. Turn on the snow blower, visually check the shovels, and stock up on salt or deicers. Having everything in its place and ready to go will give you a good start on digging out from a big blizzard.
Prepare Your Safety Kits
Pantry: During the winter, it’s always a good idea to keep extra food supplies in your pantry in case a big storm prevents you from getting to the store. Boxed and canned foods are the best because they take no electricity to store (in case that goes out), and have a long shelf life. Stock your pantry with a week’s worth of pastas, canned fruits and vegetables, soups, rice, beans, and bottled water, and you’ll be ready if the big one hits your town.
Boxed and canned foods are the best food to keep in stock because they take no electricity to store (in case that goes out), and have a long shelf life.
Lights: If a winter storm takes out your electricity, make sure you are ready with flashlights and candles to light your home. Keep flashlights in every room, and teach your kids where they are in case they need to find them in the dark.
Heat: If you have a wood burning fireplace, keep a solid stash of wood ready in case your power goes out. If you are in an area prone to losing power, you may also want to invest in a generator to run your furnace a couple hours a day during power outages. A good stash of blankets and comforters will help you get through chilly days and cold nights.
Detectors: Winter means an increase of home fires and carbon monoxide leaks. Make sure you and your family are protected by replacing the batteries in your smoke and carbon monoxide detectors and testing them before winter hits.
All the tasks on this list are important to get done before the snow starts falling. If you don’t have the time to do them all, hire a trusted professional to help you knock a few off tasks off your list. You’ll be thankful that you have everything done and ready as soon as the first big storm hits.
The average couple has a number of topics to discuss on their to-do list before heading to the altar. The least romantic topics, if they even make the list at all, are probably concerning debt and the possibility of divorce. If you foresee a divorce in your future or are currently going through one, itâs safe to say that you have some burning questions about your finances. Perhaps you and your spouse acquired some debt during the course of your marriage and youâre now wondering who is going to be responsible for what. While itâs important to note that each situation is unique, there are some ground rules in the Divorced with Debt arena. In the below sections, weâll address the usual ways in which debt is divided up between each spouse.
Community Property vs. Common Law Property Rules
If youâre trying to figure out what debts you will be responsible post-divorce, you will first need to know if you live in an equitable distribution state that follows common law or if you live in a community property state. When it comes to debt and the divorce process, most states follow common law for property, meaning that following a divorce, each ex-spouse will be held responsible for the debt that they took on. In a community property state, both spouses, considered to be the âcommunity,â may both end up equally responsible for debt that incurred throughout the marriage, known as âcommunity debt.â The following states are Community Property States:
Most of the time, the banks arenât interested in how the courts decide to split up your debt. Even after a divorce, the original contract or credit card agreement will typically overrule a divorce decree. This means that if the original agreement was set up under your spouseâs name, the banks are going to expect the payments to be as such. As you can imagine, this could potentially cause problems with an ex-spouse who is being asked to pay off debt that is not under their name, or at least under a joint account.
To put it into perspective, letâs imagine that the court orders your ex-spouse to make payments on credit card debt under your name. If your ex neglects to make the payments on time, itâs going to have an effect on your credit report. The good news is that if this happens, you have a right to pursue legal action against your former spouse for not following court orders. However, itâs possible that by the time legal action is taken, your credit score may already be damaged.
Prenuptial agreements will affect these outcomes as well. Depending on yours and your spouseâs marital assets, the debt in question will vary. Here are the typical categories of debt that are affected during divorce proceedings:
Credit Card Debt
Auto Loan Debt
Credit Card Debt
Itâs possible that you could be responsible for your former spouseâs credit card debt, but itâs not likely. If you have a joint account, then the outcomes may vary. Usually, marital debt is considered to be any debt that was created during the time of the marriage. So if you racked up credit card debt under a joint account, expect that both of you will be equally responsible for paying it off.
If both spouses have their names on the mortgage, the easiest way of solving the mortgage debt is to sell the house and divide the earnings between both parties. It might be tempting to keep the home for a multitude of reasons, but at the end of the day, selling the property and splitting the money is usually the least complicated solution for everyone involved.
Once the house is on the market, itâs time to start communicating with your former spouse about who is going to be responsible for what amount. Come up with an agreement on who will pay which portion of the mortgage, so that neither partiesâ credit score is negatively affected.
If selling the home and dividing the earnings isnât a viable option for you and your ex, then one of you will end up fully responsible for the debt. In most cases, mortgage debt following a divorce is assigned to:
The spouse with the higher annual income.
The spouse who gains full custody of the children.
When this happens, one spouse will have to buy out the other spouseâs equity in the property.
Car Loan Debt
When it comes to car loans, things become more complicated. If the car loan has both names on it, here are the two best options:
Refinance the car without your ex.
Propose automatic payments to come directly from your former spouseâs account.
Letâs say one person ends up with the car loan debt, but the other person was also on the loan as a cosigner. Unfortunately, if one spouse is held responsible for picking up the tab on a debt, and they neglect their payments, both parties can suffer those consequences.
Each state has different laws surrounding medical debt and divorce agreements. If you live in a Community Property state, you might have to pay for your former spouseâs medical debt. However, if you live in a state that follows common law, the court will ultimately make the decision about who is responsible for what debt.
Pay off your debt before the divorce is finalized
Â If you and your spouse can find a way to work out the kinks of your debt issues before the divorce is finalized, itâll make things a lot easier in the long run. Work together to figure out who should be responsible for which debt, so that you can lower your chances of having to pay off a debt that isnât yours.
If youâre working with credit card debt, one of you may need to transfer your credit card balance to a separate card. Consolidating your credit card balances is another common option when dividing debts.
Generally, credit card debt is going to be easier to deal with than the big things, like home loans and car loans. In many cases, couples who are going through a divorce will have to consider refinancing their loans under one partyâs name.
Keep in mind that the original loan agreement supercedes the divorce agreement, so if you wait until your divorce is finalized, you might have a harder time moving things around. You can ask your lender to take your name off of an account and have it replaced with your former spouseâs name, but be prepared to provide the divorce decree as evidence. If it doesnât work out this way, then seek legal advice from your divorce attorney about your options. Another common solution is to sell the asset in question and use the earnings to pay off the debt.
How your former spouseâs bankruptcy can affect you
If your ex-spouse isnât able to keep up with the payments on their share of the debt, they might decide to file bankruptcy. This could cause problems for you if you didnât choose to file as well.
Filing for bankruptcy does not erase the debts, instead it erases your ex-spouseâs liability for the debt. In this instance, you could find yourself in a situation where the creditor is now pursuing you for the debt. Itâs also important that you check your credit report. Even if you werenât the one who filed bankruptcy, it could still end up on your credit report.
Be cautious about any joint accounts you may still have open post-divorce. If you leave joint accounts open and your former spouse has access to them, he or she could potentially transfer balances from other accounts onto those ones. Safeguard your credit by paying off any debts you can manage to pay off ahead of time, so that you donât have to worry about it later.
Marital Debt After Divorce: Who is Responsible? is a post from Pocket Your Dollars.
If you have bad credit and need a car loan, there are some challenges when compared to obtaining a standard car loan. However, pick your head up because there are a handful of great lenders that specifically tailor their programs to people with bad credit. We researched the landscape of lenders that can help you get a car loan even if you have a below-average credit score.
Based on our study, OneMain Financial and LightStream are two of the top lenders offering bad credit card loans. This is due to factors including loan options, requirements to qualify, and interest rates offered. Of course, we offer in-depth reviews of all the top lenders who offer bad credit car loans further down in this piece.
Apply now with our top pick: OneMain Financial
In this guide we also help you understand the factors that go into selecting the right auto lender, and how to get the best rate you can.
Most Important Factors for Bad Credit Car Loans
If youâre in the market for a bad credit car loan, there are a plethora of factors to consider and compare. Here are the main loan details we looked at in our study, and the ones you should prioritize as you select the best car loan for your needs.
Check your credit score. And understand what is in your credit report.
FICO scores under 579 is considered ‘poor’. But you may need a bad credit loan with a score as high as 669.
Interest rates and fees matter. These can make a huge difference in how much you pay for an auto loan each month.
Compare loan terms. Consider your repayment timeline and compare lenders with this in mind.
Getting prequalified online can help. Some lenders, including ones that made our ranking, let you get prequalified for a loan online without a hard inquiry on your credit report.
Watch out for loan restrictions. Some lenders impose restrictions on what car you can purchase. Keep this in mind to avoid unpleasant surprises later.
The Best Bad Credit Car Loans of 2021
The best bad credit car loans make it easy for consumers to qualify for the financing they need. The following lenders made our list due to their superior loan offerings, excellent customer service, and reputation in this industry.
Car Loan Company
Best for Flexibility
Best Personal Loan Option
Best Loan for Bad Credit and No Credit
Best Loan Comparison Site
Best Big Bank Loan for Bad Credit
Best for Fast Funding
Why Some Lenders Didn’t Make the Cut
While the lenders we are profiling are the best of the best, there are plenty of bad credit car loans that didnât quite make the cut. We didnât include any lenders that only offer auto loan refinancing, for example, since we know many people need a car loan in order to purchase a new or used car or truck. We also stayed away from bad credit car loans that charge outrageous fees for consumers with the lowest credit scores.
Bad Credit Auto Loan Reviews
We listed the top companies we selected in our study above, but we also aim to provide readers with more insights and details on each. The reviews below highlight the highlights of each lender that made our list, plus our take on who they might be best for.
OneMain Financial: Best for Flexibility
OneMain Financial offers personal loans and auto loans with interest rates that range from 18.00% to 35.99%. You can repay your auto loan in 24, 36, 48, or 60 months, and you can use this lender to borrow up to $20,000 for a new or used car. You can apply for your auto loan online and from the comfort of your own home, and itâs possible to get approved within a matter of minutes.
While OneMain Financial doesnât list a minimum credit score requirement, itâs believed they will approve consumers with scores as low as 600. You should also note that auto loans from OneMain Financial come with an origination fee of up to 5% of your loan amount.
Sign Up With OneMain Financial Today
Why This Lender Made Our List: OneMain Financial offers a lot of flexibility in terms of your loan terms, including the option to repay your auto loan over five years. OneMain Financial also has pretty decent reviews from users for a bad credit lender, and they have an A+ rating with the Better Business Bureau.
Potential Downsides to Be Aware Of: OneMain Financial charges some pretty high rates for its bad credit loans, and donât forget that you may need to pay an origination fee that is up to 5% of your loan amount. Their loans are also capped at $20,000, which means this lender wonât work for everyone.
Who Itâs Best For: This lender is best for consumers with really poor credit who need auto financing but canât get approved for a better loan.
Upgrade: Best Personal Loan Option
Upgrade is an online lender that offers personal loans with fixed interest rates, fixed monthly payments, and a fixed repayment timeline. You can borrow up to $50,000 in an unsecured loan, which means you wonât actually use the car you purchase as collateral for the loan.
You can repay the money you borrow over 36 to 60 months, which makes it possible for you to tweak your loan offer to secure a monthly payment you can afford. Upgrade has a minimum credit score requirement of 620 to qualify, although theyâll consider additional factors such as your income and employment history.
Sign Up With Upgrade Today
Why This Lender Made Our List: Upgrade lets you âcheck your rateâ online without a hard inquiry on your credit report. This makes it easy to shop around and compare this loan offer to others without having to fill out a full loan application. Also note that Upgrade has an A+ rating with the BBB.
Potential Downsides to Be Aware Of: Upgrade charges APRs as high as 35.89% for consumers with the worst credit, and an origination fee of up to 6% of your loan amount might also apply.
Who Itâs Best For: Upgrade is best for consumers with decent credit who need to borrow a larger loan amount. This loan is also best for anyone who wants an auto loan that isnât secured by their vehicle.
AutoCreditExpress.com: Best Loan for Bad Credit and No Credit
AutoCreditExpress.com is an online platform that lets consumers with bad credit and even no credit get the financing they need. Once you fill out some basic loan information, youâll be connected with a lender who can offer you financing as well as a dealership in your area. From there, youâll head to the local dealership and pull the pieces of your auto loan together, including the purchase price of the car you want.
Sign Up With Autocreditexpress.com Today
Why This Lender Made Our List: AutoCreditExpress.com has an A+ rating with the Better Business Bureau. This platform also makes it possible for consumers with no credit at all to finance a car, which is a welcome relief for people who are building credit for the first time.
Potential Downsides to Be Aware Of: This website is a loan platform but they donât offer loans directly to consumers. This means you wonât have any idea on rates and terms until you fill out an application and get connected with a lender.
Who Itâs Best For: This loan is best for consumers with no credit or minimal credit history who cannot get approved for a loan elsewhere.
MyAutoLoan.com: Best Loan Comparison Site
MyAutoLoan.com is a loan comparison site that makes it easy to compare up to four auto loan offers in a matter of minutes. You can use this website to apply for a new auto loan, but you can also utilize it to consider refinancing offers for an auto loan you already have. You can also use funds from this platform to purchase a car from a dealer or from a private seller.
Sign Up With MyAutoLoan.com Today
Why This Lender Made Our List: Comparing auto loans in terms of their terms, rates, and fees is the best way to save money and wind up with the best deal. Since MyAutoLoan.com is a loan comparison site, they make it easy to shop around and compare competing offers.
Potential Downsides to Be Aware Of: Loan comparison sites connect you with other lenders who have their own loan terms and minimum requirements for approval. Make sure you know and understand all the details of loans youâre considering before you sign on the dotted line.
Who Itâs Best For: MyAutoLoan.com is best for consumers who want to do all their auto loan shopping with a single website.
Capital One: Best Big Bank Loan for Bad Credit
Capital One offers online auto loan financing in conjunction with a program called Auto NavigatorÂ®. This program lets you get prequalified for an auto loan online, then work with a participating dealer to coordinate a loan for the car you want. Capital One also lets you search available vehicles at participating dealerships before you apply for financing, making it easy to figure out how much you might need to borrow ahead of time.
Sign Up With Capital One Today
Why This Lender Made Our List: Capital One offers the huge benefit of letting you get prequalified online without a hard inquiry to your credit report. Capital One is also a reputable bank with a long history, which should give borrowers some comfort. They have an A+ rating with the BBB and plenty of decent reviews from consumers.
Potential Downsides to Be Aware Of: You should be aware that Capital One auto loans only work at participating dealers, so you may be limited in terms of available cars to choose from.
Who Itâs Best For: Capital One auto loans are best for consumers who find a car they want to buy at one of the participating lenders that works with this program.
LightStream: Best for Fast Funding
LightStream offers online loans for a variety of purposes, including auto financing. Their auto loans for consumers with excellent credit start at just 3.99% with autopay, and even their loans for consumers with lower credit scores only run as high as 16.79% with autopay.
You can apply for your LightStream loan online and get approved in a matter of minutes. This lender can also send your funds as soon as the same business day you apply.
A minimum credit score of 660 is required for loan approval, although other factors like your work history and income are considered.
Sign Up With LightStream Today
Why This Lender Made Our List: LightStream offers auto loans with exceptional terms, and thatâs even true for consumers with less than perfect credit. You can also get your loan funded as soon as the same business day you apply, which is crucial if you need auto financing so you can get back on the road.
Potential Downsides to Be Aware Of: With a minimum credit score requirement of 660, these loans wonât work for consumers with the lowest credit scores.
Who Itâs Best For: LightStream is best for people with decent credit who need to get auto loan financing as quickly as possible.
What You Need To Know When Applying For A Car Loan With Bad Credit
Interest rates and fees matter.
If you think your interest rate and loan fees wonât make a big difference in your monthly payment, think again. The reality is that rates and fees can make a huge difference in how much you pay for an auto loan each month. Consider this: A $10,000 loan with an APR of 35.89% will require you to pay $361 per month for five years. The same loan amount at 21.99% APR will only set you back $276 per month. At 9.99%, you would pay only $212 per month for five years. The bottom line: Make sure to compare auto loans for bad credit so you wind up with the lowest possible APR you can qualify for.
Take steps to improve your credit score before you apply.
Itâs not always possible to wait to apply for a car loan, but you may be able to secure a lower interest rate and better loan terms if you can improve your credit score before you borrow money. The most important steps you can take to improve your score include paying all your bills early or on time, as well as paying down debt in order to decrease your credit utilization. You should also refrain from opening or closing too many credit card accounts in order to avoid new inquiries on your credit report and maintain the longest average length of your credit history possible.
Compare loan terms.
Some lenders let you borrow money for up to 84 months, while others let you repay your loan over 36 or 60 months at most. If you need to repay your loan over a longer timeline in order to secure an affordable monthly payment, make sure to compare lenders based on this factor. If youâre having trouble figuring out how much can you can afford, gauging affordability based on the monthly payments you can handle can also help in that effort.
Getting prequalified online can help.
Some lenders, including ones that made our ranking, let you get prequalified for a loan online without a hard inquiry on your credit report. This makes it considerably easier to compare rates and shop around without formally applying for an auto loan. Getting prequalified with more than one lender can also help you determine which one might offer the lowest rate without having to fill out a full loan application.
Watch out for loan restrictions.
As you compare the lenders on this list, keep in mind that not all lenders extend loans for any car you want. Some only let you finance cars with participating lenders in their network, which can drastically limit your options and make it impossible to purchase a car from a private seller. If you hope to purchase a car from someone you know or a website like craigslist.org, you may want to consider reaching out to your personal bank or a credit union you have a relationship with.
Bad credit car loans donât have to be forever.
Finally, you should know that a car loan for bad credit doesnât have to last forever. You may need to borrow money for a car right now regardless of the interest rate and terms you can qualify for, but it may be possible to refinance your loan into a better loan product later on. This is especially true if you focus on improving your credit score right away, and if you use your auto loan as an opportunity to prove your creditworthiness.
How to Get the Best Rate
1. Check your credit score.
Your credit score is one of the most important defining factors that dictate loan costs. Before you apply for an auto loan, it can help you check your credit score to see where you stand. Your score may not be as bad as you realize, but it could also be worse than you ever imagined. Either way, it helps to know this important information before you start shopping for an auto loan.
2. Improve your credit over time.
If your credit score needs work, youâll want to take steps to start improving it right away. The most important steps you can take to boost your credit score include paying all your bills early or on time and paying down debt to decrease your credit utilization. Also, make sure youâre not opening or closing too many credit accounts within a short amount of time.
3. Check your credit reports.
Use the website AnnualCreditReport.com to get a free copy of your credit reports from all three credit bureaus. Once you have this information, check over your credit reports for errors. If you find false information that might be hurting your score, take the steps to have the incorrect information removed.
4. Compare loan offers from at least three lenders.
A crucial step to get the best rate involves shopping around and comparing loan offers from at least three different lenders. This is important since lenders with different criteria might offer a lower APR or better terms than others.
5. Be flexible with repayment terms.
Also consider a few different loan terms provided you can afford the monthly payment with each. Some auto lenders offer better rates for shorter terms, which can help you save money if you can afford to repay your loan over 24 or 36 months instead of 60+.
How We Chose the Best Auto Loans
The lenders on our list werenât plucked out of thin air. In fact, the team behind this guide spent hours comparing auto lenders based on a wide range of criteria. Hereâs everything we considered when comparing the best bad credit car loans of 2021:
Interest Rates and Loan Terms: Our team looked for loans that offer reasonable rates and terms for consumers with poor credit. While higher APRs are typically charged to consumers with a low credit score, we only considered lenders that offer sensible rates that donât seem out of line for the auto loan market.
Ratings and Reviews: We gave preference to lenders who have decent reviews online, either through Consumer Affairs, Trustpilot, or another third party website. We also gave higher marks to lenders who have a positive rating with the Better Business Bureau (BBB).
Online Availability: Lenders who offer full loan details online were definitely given top priority in our ranking, and lenders who let you get prequalified online without a hard inquiry on your credit report were given the most points in this category. But since not everyone wants to apply for a loan online, we also included some lenders that let you apply over the phone.
Approval Requirements: Finally, we looked for lenders that extend credit to consumers with low credit scores in the first place. Not all lenders offer specific information on approval requirements, but we did our best to sort out lenders that only accept borrowers with good or excellent credit.
Summary: Best Bad Credit Card Loans of 2021
Best for Flexibility: OneMain Financial
Best Personal Loan Option: Upgrade
Best Loan for Bad Credit and No credit: AutoCreditExpress.com
Best Loan Comparison Site: MyAutoLoan.com
Best Big Bank Loan for Bad Credit: CapitalOne
Best for Fast Funding: LightStream
The post What Are the Best Car Loans When You Have Bad Credit? appeared first on Good Financial CentsÂ®.
Credit cardÂ billsÂ can be confusing. If everything was straightforward and clear,Â credit cardÂ debtÂ wouldn’t be such a big issue. But it’s not clear, and debt is a massive issue for millions of consumers.Â
One of the most confusing aspects is theÂ minimum payment, with few consumers understanding how this works, how much damage (if any) it does to theirÂ credit score, and why it’s important to pay more than the minimum.
We’ll address all of those things and more in this guide, looking at howÂ minimumÂ credit cardÂ paymentsÂ can impact yourÂ FICOÂ scoreÂ and yourÂ credit report.
What is aÂ Credit CardÂ Minimum Payment?
TheÂ minimum paymentÂ is the lowest amount you need to pay during any given month. It’s often fixed as a fraction of yourÂ total balanceÂ and includes fees and interest. Â
If you fail to make thisÂ minimum payment, you may be hit withÂ late feesÂ and if you still haven’t paid after 30 days, your creditor will report your activity to the majorÂ credit bureausÂ and yourÂ credit scoreÂ will take a hit.
When this happens, you could lose up to 100 points and gain a derogatory mark that remains on yourÂ credit reportÂ for up to 7 years.Â MakingÂ minimum paymentsÂ will not result in a derogatory mark, but it can indirectly affect yourÂ credit scoreÂ and we’ll discuss that a little later.
Firstly, it’s important to understand why you’re being asked to pay aÂ minimum amountÂ and how you can avoid it.
How Much is aÂ MinimumÂ Credit CardÂ Payment?
Prior to 2004,Â monthly paymentsÂ could be as low as 2% of the balance. This caused all kinds of problems as most of yourÂ monthly paymentÂ is interest and will, therefore, inflate every month so that every time you reduce the balance it grows back.Â
Regulators forced a change when they realized that some users were being locked into a cycle ofÂ credit cardÂ debt, one that could see them repaying thousands more than the balance and taking many years to repay in full.
These days, a minimum payment must be at least 1% of the balance plus all interest and fees that have accumulated during that month, ensuring the balance decreases by at least 1% if only theÂ minimum paymentÂ is met.
Do I Need to Make theÂ Minimum Payment?
If you have a rolling balance, you need to make the minimumÂ monthly paymentÂ to avoid derogatory marks. If you fail to do so and keep missing those payments, your account will eventually default and cause all kinds of issues.
However, you can avoid theÂ minimum paymentÂ by clearing your balance in full.
Let’s assume that you have a brand-newÂ creditÂ cardÂ and you spend $2,000 in the first billing cycle. In the next cycle, you will be required to pay this balance in full. However, you will also be offered aÂ minimum payment, which will likely be anywhere from $30 to $100. If this is all that you pay, the issuer will start charging you interest on your balance and your problems will begin.
If you spend $2,000 in the next billing cycle, you have just doubled your debt (minus whatever principal theÂ minimum paymentÂ cleared) and your problems.
This is a cycle that many consumers get locked into. They do what they can to pay off their balance in full, but then they have a difficult month and thatÂ minimum paymentÂ begins to look very tempting. They convince themselves that one month won’t hurt and they’ll repay the balance in full next month, but by that point they’ve spent more, it has grown more, and they just don’t have the funds.
To avoid falling into this trap, try the following tips:
Only Spend What You Have:Â AÂ credit cardÂ should be used to spend money you have now or will have in the future. Don’t spend in the hope you’ll somehow come into some money before the billing period ends and theÂ credit cardÂ balanceÂ rolls over.
Get an IntroductoryÂ Interest Rate:Â ManyÂ credit cardÂ issuersÂ offer a 0% intro APR for a fixed period of time, allowing you to accumulate debt without interest. This can help if you need to make some essential purchases, but it’s important not to abuse this as you’ll still need to clear theÂ full balanceÂ before the intro period ends.
Use aÂ Balance Transfer:Â If you’re in too deep and the intro rate is coming to an end, consider aÂ balance transfer credit card. These cards allow you to move yourÂ full balanceÂ from one card (or cards) to another, taking advantage of yet another 0% APR and essentially extending the one you have.
Pay the Minimum:Â If you can’t pay the balance in full, make sure you at least pay the minimum. AÂ missed paymentÂ orÂ late paymentÂ can incur fees and may hurt yourÂ credit score.Â
Why Pay More Than the Minimum?
You may have heard experts recommending that you pay more than the minimum every month, but why? If you’re locked into a cycle ofÂ credit cardÂ debt, it can seem counterproductive. After all, if you have a debt of $10,000 that’s costing you $400 a month, what’s the point of taking an extra $100 out of your budget?
Your interest and fees are covered by yourÂ minimum paymentÂ and account for a sizeable percentage of thatÂ minimum payment. By adding just 50% more, you could be doubling and even tripling the amount of the principal that you repay every month.
What’s more, your interest accumulates every single day and this interest compounds. Imagine, for instance, that you have a balance of $10,000 today and with interest, this grows to $10,040. The next day, the interest will be calculated based on that $10,040 figure, which means it could grow to $10,081, which will then become the new balance for the next day.Â
This continues every single day, and the larger your balance is, the more interest will compound and the greater theÂ amount will be dueÂ over the term. By paying more than yourÂ minimum paymentÂ when you can, you’re reducing the balance and slowing things down.
Does Paying the Minimum Hurt MyÂ Credit Score?
Paying theÂ minimum amountÂ every month ensures you are doing the bare minimum to avoid hurting yourÂ credit historyÂ or accumulating fees. However, it can indirectly reduce your score via yourÂ credit utilizationÂ ratio.
YourÂ creditÂ utilizationÂ ratioÂ is a score that compares theÂ credit limitÂ of allÂ availableÂ creditÂ cardsÂ to the total debt on those cards. It accounts for 30% of yourÂ credit scoreÂ and is, therefore, a very important aspect of theÂ credit scoringÂ process.
The moreÂ credit cardÂ debtÂ you accumulate, the lower yourÂ credit utilizationÂ rateÂ will be and the more your score will be impacted. If you only pay the minimum, this rate will become stagnant and may take years to improve. By increasing theÂ payment amount, however, you can bring that ratio down and improve yourÂ credit score.
You can calculate yourÂ credit utilizationÂ score by adding together theÂ totalÂ amountÂ ofÂ creditÂ limitsÂ and debts and then comparing the latter to the former. A combinedÂ credit limitÂ of $10,000 and a balance of $5,000, for instance, would equate to a 50% ratio, which is on the high side.
CanÂ Credit CardÂ Fees Hurt MyÂ Credit Score?
As withÂ interest charges,Â credit cardÂ fees will not directly reduce your score but may have an indirect effect. Cash advance fees, for instance, can be substantial, with manyÂ credit cardÂ companiesÂ (includingÂ Capital One) charging 3% with a $10 minimum charge. This means that every time you withdraw cash, you’re paying at least $10, even if you’re only withdrawing $10.
What many consumers don’t realize is that these fees are also charged every time you buy casino chips or pay for some other form of gambling, and every time you purchase money orders and other cash products.Â
Along with foreign transaction fees and penalty fees, these can increase your balance and yourÂ minimum payment, making it harder to make onÂ time paymentsÂ and thus increasing the risk of aÂ late payment.
Does Paying the Minimum Hurt Your Credit Score is a post from Pocket Your Dollars.
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A well-designed bingo app really hits the sweet spot. Itâs a great way to pass the time and have some fun.
Itâs even better when you can win real money.
An app called Blackout Bingo lets you do just that. This free app lets you play a game you already know and love, plus it matches you with players in your skill level, so you can go head-to-head in tournaments where you can win real money. Plus, the games are quick â about two minutes each, and you can play them on the go.
How to Win Real Money Just for Playing Bingo on Your Phone
You might be thinking this sounds too good to be true. But hereâs the thing: Itâs really not.
Hereâs how it works: Download the free app and create an account, then you can play some practice games to get the hang of it. If you donât already know how to play, this is an easy way to learn. Then, when youâre ready, Blackout Bingo will pair you with one of thousands of other online players at your same skill level. Beginners play beginners; experts play other experts. You and your opponent will both get the same board, so winning is totally skills-based.
The app is free to download, but if you want to play for money, youâll need to deposit at least $10. Then you can play head-to-head in large pools and live tournaments â some tournaments have even paid out prizes as big as $350,000. You can make deposits and get paid via PayPal, credit card or Apple Pay â cashing out is just a matter of seconds.
Blackout Bingo has a 4.5-out-of-5-star rating from more than 40,000 users in Appleâs App Store. As for Skillz, the platform that hosts the game, it operates hundreds of games and has paid out more than $2 billion in prizes so far. Take Shay, from Georgia, for example, who won $10,000 playing Skillz games. The company has invested years into its player-matching technology, ensuring you only compete with players of the same skill level.
Win or lose, you always receive âticketzâ that you can redeem in Skillzâ Ticketz store for cash or prizes, like Amazon gift cards, a 65-inch TV â even a BMW or a Porsche. Seriously. The higher stakes you play for, the more ticketz you receive.
For bingo players, hereâs the most important part: The game is well designed, a classic bingo experience. To get started, just download the free app and start playing your first game immediately. What could you win in a two-minute bingo game?
Mike Brassfield (firstname.lastname@example.org) is a senior writer at The Penny Hoarder. He is familiar with the lure of bingo.
Unfortunately, you canât play for money in the following states: Arkansas, Arizona, Connecticut, Delaware, Indiana, Louisiana, Maine, Montana, South Carolina, South Dakota or Tennessee. However, in those states, you can still play for fun with the gameâs virtual currency.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
If you run a business, regardless of how big or small, you should have a business bank account. Learn how to open an account for your business in this guide.If you run a business, regardless of how big or small, you should have a business bank account. Learn how to open an account for your business in this guide.
The post How To Open A Business Bank Account appeared first on Money Under 30.