Best Checking Accounts 2020

February 13, 2021 by James Flores Posted in Financial Planning, Home Buying Tagged ATM, Banking, bills, Cash Back, chase, Checking Account, Debit Card, Direct Deposit, Fees, Financial IQ, Financial Planning, Financial Wize, FinancialWize, Interest Rates, investment, money, Money Management, paycheck, rate, Retirement, Rewards, savings, Savings Account

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.

What makes a good checking account

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.

Discover Cashback Debit

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.

CapitalOne 360 Checking

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.

Fidelity Cash Management Account

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.

Wealthfront Cash 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

HSBC Premier Checking

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

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:

Have direct deposits totaling $500 or more
Have a balance at the beginning of each day of $1,500 or more
Have an average beginning day balance of $5,000 or more in any combination of all of your Chase accounts

The post Best Checking Accounts 2020 appeared first on MintLife Blog.

Source: mint.intuit.com

By: Tonya Cox

February 13, 2021 by James Flores Posted in Debt Tagged Checking Account, credit, Debt, Financial Wize, FinancialWize, home, money, will

I am not sure what to do…I went thru a debt consolidation company and completed in back in 2009..now 8 years later this collection agency is coming after me saying I owe 27,000 on an old debt. Mind you that I have not heard anything nothing notta from this company since 2009 now they are threatening to have a lien on our home..they drained my checking account and have tried 3 other banks to get money which were NOT my accounts they are grasping at straws and I don’t know if there is anything I can do this company will NOT work with me they want full 27,000 now..please help with any advice you may have thanks

Source: credit.com

Best Cities for Womenâs Pay â 2021 Edition

February 13, 2021 by James Flores Posted in Breaking News, Checking Account Tagged 401(k), best cities for women's pay, california, Checking Account, Cities, Colorado, covid-19, credit, earnings, financial advisor, Financial Goals, Financial Wize, FinancialWize, Florida, front, Make, money, new york, pay gap, paycheck, rate, Retirement, Salary, savings, unemployment, will, women's pay

Image shows a woman who is wearing glasses sitting at a desk in front of a laptop and removing a paycheck from an envelope in her hands. SmartAsset analyzed data to find the best cities for women's pay.

Womenâs earnings in the U.S. make up about 81% of menâs, according to Census Bureau data from the past several years. Though this figure has steadily grown over the course of decades, researchers predict the economic effects of the COVID-19 pandemic could set back pay for women. Bureau of Labor Statistics data unequivocally shows that the COVID-19 crisis has had a disproportionate impact on womenâs participation in the labor force and unemployment, and many analysts theorize this will carry over to womenâs earnings.

In this study, SmartAsset uncovered the best cities for womenâs pay leading up to the COVID-19 pandemic. We compared the 150 largest U.S. across four metrics: median earnings for women, growth in womenâs earnings, womenâs earnings as a percentage of menâs earnings and the change in womenâs earnings as a percentage of menâs earnings. Both metrics that examine changes over time consider the years 2017 and 2019. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs third annual study on the best cities for womenâs pay. Check out the 2020 version here.

Key Findings

Midwestern cities lag. Among the top 10 cities for womenâs pay, the Northeast, South and West are all represented. There are two cities in the Northeast, three in the South and five in the West. The first Midwest city in our ranking, however, is Overland Park, Kansas, coming in at 19^th. Though both Chicago, Illinois and Cleveland, Ohio squeeze into our top 25, womenâs earnings fall significantly short of menâs. The pay gap in all three Midwest cities in our top 25 is greater than 10%.
Median earnings for women do not equal or surpass menâs earnings in any city in our study. Last year, we found that median earnings for women were equal to or exceed median earnings for men in four cities: Yonkers, New York; Spring Valley, Nevada; Tempe, Arizona and Aurora, Colorado. Though Sacramento, California has the highest womenâs earnings as a percentage of menâs earnings this year, it is still at 99.05%.

1. Raleigh, NC

Raleigh, North Carolina ranks in the top quartile of cities for all four metrics in our study. It has the 32^nd-highest median earnings for women (about $50,300), and womenâs earnings make up the 10^th-highest percentage of menâs earnings (almost 96%). Between 2017 and 2019, Raleigh had the sixth-greatest increase in earnings for women (18.62%) and fourth-highest increase in womenâs earnings as a percentage of menâs earnings (13.05%).

2. Tacoma, WA

Women in Tacoma, Washington earn roughly $49,700 on average. Though this figure does not fall in the top fifth of the study, Tacoma ranks within the top 15 cities for our other three metrics: Womenâs earnings increased by more than 17% between 2017 and 2019 and womenâs earnings make up about 93% of menâs earnings â almost 10% higher than in 2017.

3. Huntington Beach, CA

Womenâs earnings as a percentage of menâs earnings increased the most in Huntington Beach, California compared to any other city in our study. Census Bureau data shows that the gender pay gap closed by almost 16% between 2017 and 2019. Huntington Beach also has the 12^th-highest median earnings for women, at $61,148.

4. Sacramento, CA

Sacramento, California has the smallest pay gap of all 150 cities in our study. In 2019, womenâs earnings made up 99.05% of menâs earnings. This figure is 7.27% higher than it was 2017. As a gross figure, median earnings for women in Sacramento are about $50,400, 31^st-highest of the cities we considered.

5. Jersey City, NJ

Earnings for women in Jersey City, New Jersey grew by the second-highest rate of any city in the study. Between 2017 and 2019, median womenâs earnings increased by 22.82%. As a result of that growth, 2019 median earnings for women in Jersey City are the seventh-highest overall, at $62,530.

6. St. Petersburg, FL

Womenâs earnings in St. Petersburg, Florida have grown substantially over the past couple years. In 2017, median earnings for women were less than $40,400, and in 2019, they were greater than $45,700 â marking a two-year growth of 13.39%, 19^th-highest in our study. Relative to men, women in St. Petersburg earn about 8% less on average.

7. Honolulu, HI

Honolulu, Hawaii ranks in the top third of our study for all four metrics we considered. It has the 38^th-highest median earnings for women (about $47,700) and ranks 45^th-best for womenâs earnings as a percentage of menâs earnings (88.51%). Between 2017 and 2019, the capital of Hawaii had the 20^th-greatest increase in womenâs earnings (13.24%) and 19^th-largest change in womenâs earnings as a percentage of menâs earnings (almost 7%).

8. Portland, OR

From 2017 to 2019, median earnings for women in Portland, Oregon increased by 18.40% â the third-highest increase of any city in our top 10 and seventh-largest overall. With that increase, Portland has the 17^th-highest 2019 median earnings for women, at more than $55,200.

9. Baltimore, MD

Baltimore, Maryland ranks in the top 20 cities of the study for two metrics: womenâs earnings as a percentage of menâs earnings (92.31%) and growth in womenâs earnings as a percentage of menâs earnings (6.47%). Census Bureau data from 2019 shows that median earnings for women in Baltimore are about $47,500, 39^th-highest across all 150 cities in our study.

10. Boston, MA

Boston, Massachusetts rounds out our list of the top cities for womenâs pay. Womenâs earnings in Boston are the 11^th-highest in our study, at roughly $61,700. Boston additionally ranks in the top 25 for womenâs earnings as a percentage of menâs earnings (91.88%) and the two-year growth in womenâs earnings (12.23%).

Data and Methodology

To find the best cities for womenâs pay, SmartAsset looked at the 150 largest cities in the U.S. We compared those cities across four metrics:

Median earnings for women. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Womenâs earnings as a percentage of menâs earnings. This is median earnings for women divided by median earnings for men. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Growth in womenâs earnings. This is the change in median earnings for women from 2017 to 2019. Data comes from the Census Bureauâs 2017 and 2019 1-year American Community Surveys.
Growth in womenâs earnings as a percentage of menâs earnings. This is the difference between womenâs earnings as a percentage of menâs earnings in 2017 and 2019. Data comes from the Census Bureauâs 2017 and 2019 1-year American Community Surveys.

In all cases, earnings figures are for full-time workers 16 years and older.

To determine our final list, we ranked each city in every metric, giving a full weighting to all metrics. We then found each cityâs average ranking and used the average to determine a final score. The city with the best average ranking received a score of 100. The city with the lowest average ranking received a score of 0.

Tips for Maximizing Your Paycheck

Contribute to a 401(k). A 401(k) is an employer-sponsored defined contribution plan in which you divert pre-tax portions of your monthly paycheck into a retirement account. Some employers will also match your 401(k) contributions up to a certain percentage of your salary, meaning that if you chose not to contribute, you are essentially leaving money on the table. Take a look at our 401(k) calculator to see how you and your employerâs contributions can add up.
Consider professional help. A financial advisor can help you make smarter financial decisions to be in better control of your money. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

Photo credit: Â©iStock.com/AndreyPopov

The post Best Cities for Womenâs Pay â 2021 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

Zero-Based Budgeting 101

February 12, 2021 by James Flores Posted in Budgeting, Credit Card Guide Tagged Budget, Budgeting, Checking Account, credit, Credit Card, credit cards, Debt, Financial Wize, FinancialWize, home, Insurance, investment, Loans, Make, money, savings, Spending, Student Loans, will, Zero-Based Budgeting

Putting your money to work is one of the best ways to maximize your financial potential. Whether you make six figures a year or minimum wage, every dollar you bring in is an opportunity to make more.

But strategically allocating your finances is about more than just funneling money into your investment accounts. It’s also the best way to plan and save for the things that are most important to you, like a vacation to Bali or a down payment on a new home.

Zero-based budgeting is one of the most popular ways to do this. Read on to find out if this strategy is right for you.

What is Zero-Based Budgeting?

Zero-based budgeting, also known as zero-sum budgeting, centers around the principle that every dollar in your budget should be categorized. At the end of the month, a zero-based budgeting system lets you know where 100% of your income went.

The difference between a regular budget and a zero-based budget is that a traditional budget allows leftover money to sit in your checking account. A zero-based budget would require that you move those extra funds to savings, debt payoff, or some other goal. If productivity, efficiency, and structure are important to you, then this system might be just what you’re looking for.

Money coach Nick True of Mapped Out Money and his wife Hanna have been using a zero-based budget for seven years. Using this budget has forced them to spend their money in a way that more closely reflects their goals.

âA zero-based budget has helped us be efficient with our money and consciously spend it in a way that aligns with our values,â he said.

How to Create a Zero-Based Budget

Start by making a list of all the categories where you spend money every month. These may include:

Housing
Transportation
Debt including student loans, credit cards, and personal loans
Savings
Groceries
Utilities and internet
Health insurance and medical expenses
Childcare
Entertainment
Subscriptions and memberships
Personal care
Pets
Gifts and charity

Then, decide how much you want to allocate for each specific category. Use your monthly credit card and bank statements to estimate a realistic figure.

One feature of zero-based budgeting is that you use last monthâs income to determine how much you can spend. This way, you’re only using money that’s already in your bank account and not relying on a future paycheck. Thatâs why zero-based budgeting is particularly helpful for consumers with a variable income.

Once you’ve written everything out, subtract the expenses from the income. On conditions that your expenses exceed your income, you’ll have to revise the budget to cut costs.

If you have money left over, you need to assign it to a category. If you donât, youâre more likely to spend it on something non-essential instead of putting it toward a long-term goal. This is the essence of zero-based budgeting.

How to Implement a Zero-Based Budget

After youâve created a budget, you have to start tracking and categorizing your expenses. Itâs best to do this every day, or at least once a week because it can get overwhelming if you wait any longer. Find a routine and schedule thatâs easy for you to stick to.

If you keep overspending in a certain category, stop and consider if you need to increase the amount in that category – or find ways to remove the temptation.

You should also remember that a zero-based budget is not static and that you should change the budget when necessary. If Christmas is coming up, for instance, you may want to allocate more money in the gifts category.

How Does it Compare to Other Budgeting Methods?

A zero-based budgeting system may require more maintenance and diligence than other types of budgets. Because you have to give each dollar a job, that means you also have to track each dollar that you spend. This can be time-consuming and frustrating.

If you have an unexpected expense in a zero-based budget, youâll have to revise your budget or use your savings.

âFor example, I recently had to take my cat to the vet, and the bill was more than I currently had sitting in my pets category,â True said. âSo I moved money from clothing and dining out over to the pets category to cover it for the month.â

Because you have to classify each transaction, zero-based budgeting forces you to confront how much you actually spend. If you keep overspending on take-out or random Amazon purchases, your budget will tell you. You canât hide your spending habits from a zero-based budgeting system.

Other Budgeting Systems

If a zero-based budget sounds too confusing or difficult to set up, here are some simpler alternatives:

50/30/20 Budget

The 50/30/20 budgeting method, developed by Senator Elizabeth Warren, is a simple budgeting system that works well for beginners.

The method involves dividing your monthly income into three categories: 50% toward needs, 30% toward wants, and 20% toward saving/debt payoff. When you make a transaction, youâll classify the item as a need, want or saving/debt payoff.

The 50/30/20 system is easy to use because there are so few categories, leaving room for personalization and improvisation. Itâs a good choice for someone who wants to budget regularly but finds zero-based budgeting too involved or too restrictive.

Cash Envelope

The cash envelope system involves using physical cash to pay for all eligible expenses. You decide how much to spend and withdraw the cash from your bank account, then you divide it into envelopes labeled with the category name.

For example, if you’ve allotted $500 to groceries, you would withdraw $500 in cash and put it in an envelope marked âgroceries.â That $500 is supposed to last you the rest of the month. If you spend it before the month is over and still need groceries, you’ll have to take money from other categories, dip into your savings or find a way to earn more money.

This system is great for people who prefer a more analog approach, or for anyone who needs a little extra help to avoid overspending on certain categories.

The post Zero-Based Budgeting 101 appeared first on MintLife Blog.

Source: mint.intuit.com

Getting Back to the Basics

February 12, 2021 by James Flores Posted in Budgeting, Debt, Financial Planning, Home Buying, Personal Finance Tagged bills, books, Budget, Budgeting, Checking Account, credit, Credit Card, Credit Card Debt, Debit Card, Debt, Family, Finance, financial advisor, Financial Planning, Financial Wize, FinancialWize, food, Life, Make, money, Personal Finance, Saving, savings, Savings Account, will

If this past holiday season looked and felt a lot different than previous years â understand that you are not alone. The unexpected rollercoaster ride that 2020 forced us to take part in was one for the books that created more than enough opportunity to truly prioritize what served as important factors in our lives. While there are still a lot of unknowns on the horizon, one key area we absolutely know must be in order is our finances. Whether youâre recouping from job loss, illness, or unexpected expenses, letâs dedicate some much-needed time to refocus our attention to ensure our money works in our favor â with the right execution plan.

Refinement is the name of the game

Typically, every year many people attempt to create a strict budget. In theory, thereâs absolutely nothing wrong with this â as long as youâre able to adhere to it and follow through. Where this can get tricky is many people create a budget thatâs unrealistic and emotions of defeat swiftly knock. We all know how this ends up â youâve abandoned the pre-work and merely fall back into old habits. In order to set something thatâs reasonable and restrictive where necessary, refine your current budget. This approach shifts your perspective and doesnât create such harsh goals that will make you feel theyâre unattainable.

Identify at least two areas you would like to work on within your current budget. For example, letâs say eating out is a problem area and you want to dedicate more income to savings. First, review at least 2-3 previous bank statements to obtain real information about how much you spent over the course of time. Now, choose your ânewâ number that will now become your maximum for ordering food. By evaluating what youâve previously spent on eating out and identifying the new number youâd like to establish, you have now created a pathway to crush your new goal. If swiping your debit card serves as a daily temptation, adopt a cash system. Once that money dedicated has been depleted for the month (or pay period), that is your cut off. For remaining funds left over, throw the extra into your savings account. Developing new habits with very old tactics has serious benefits. Your goals arenât impossible, but there has to be a fresh approach adopted to see them through.

Tackle newly acquired debt

Letâs admit it, last year was rough. A lot of things ended up happening that should or should not have. If you fell into some new credit card debt or still handing remnants from previous years â take a breather and remember life happens. Review all credit card statements, potential medical bills, or anything from creditors and list them all cohesively. While this can be done on pen and paper, for easier tracking be sure to also create some sort of online document. You’ll be able to see them compiled with due dates, amounts, and creditors. Itâs recommended to handle high-interest accounts first, but personally take inventory of what works best for you. Starting with the lowest amount owed also has benefits, as this builds up personal momentum. We all love to celebrate wins along the way and our finances are no exception to this. Each of us has different motivators and the common denominator for both scenarios is that debt is actively being paid off!Â

Save, save and save some more

As clichÃ© as this sounds it holds very true â every penny truly counts. No amount too small that you or your family will not benefit from by saving. One of the easiest ways to guarantee money regularly flows into your savings account is by setting up an automatic draft every pay period. This can be established by setting a percentage or a set amount. Remember, that isnât the only method that can be used. If you have remaining money in your checking account, this money can also be deposited into your savings. Any unexpected money can be dedicated to beefing up your savings account. Last year showed us the importance of having an emergency account that can be leveraged and this year (and every year) it still rings very true. Start where you are with what you have. If youâre unable to dedicate a set percentage at this time, itâs okay â itâs only temporary. Planning ahead and saving for recurring bills also alleviate the burden of having a shortage later. Expenses that may not be due on a monthly system can be broken down and saved over a course of time. While none of us could have predicted the damage that last year brought onto so many, we owe it to ourselves to do our part in making sure we make conscious financial decisions.Â

Remain positive

We donât know what the future holds but we have the choice to operate from a place of gratitude. Will we make all of the best and most sound financial decisions? No. Will everything go perfectly and according to our plan? Not a chance. However, we can make the daily decision to keep our hearts and minds on the positive things. Every year brings new challenges and itâs our responsibility to stay the course and see our personal finance goals through.

Accountability partners can be essential in providing us thoughtful words even when our minds donât. Set up a recurring, virtual monthly finance chat with close ones to help keep you on track. Solicit the assistance of a financial advisor that can serve as a sounding board to help provide guardrails or a listening ear. Donât dwell on what wasnât accomplished last year (or the previous years), every day is a new day to implement new things.Â

The post Getting Back to the Basics appeared first on MintLife Blog.

Source: mint.intuit.com

Money Market Account or Checking Account: Which Is Best For You?

February 12, 2021 by James Flores Posted in Auto Tagged ATM, Automatic Transfer, Banking, Banking 101, Cash Back, Checking Account, Convenience, Debit Card, Direct Deposit, Emergency Fund, Fees, Financial Goals, Financial Wize, FinancialWize, gas, Grow, High-yield Accounts, home, Interest Rates, investing, Make, Managing Your Money, money, Money Market, Money Market Account, Online Bill Pay, Online Checking Account, Opening an Account, rate, Rent, Rewards, Rewards Checking Account, Saving, savings, Savings Account, Spending, Vs., will

If you’re looking for a new bank account that allows you to easily store as well as access your cash, you might be thinking about opening a money market account or checking account. But how do you know which to choose? Decisions, decisions. Both types of accounts have unique advantages, depending on your savings and spending goals.

âThink about how you will be using the money within the account,” says Jill Emanuel, lead financial coach at Fiscal Fitness. “Is this money for daily, weekly or monthly use? Or is it money that will not be needed regularly?”

When comparing a money market account vs. a checking account, consider how often you'll need to access the funds in the account.

You’ll probably need a little more to go on before answering the question, “How do I decide between a money market account or checking account?” No worries. Our roundup delves into the features of both types of accounts to help you determine which one could be right for your financial plans, or if there’s room for both in your money mix.

Get easy access to your funds with a checking account

In simple terms, a checking account allows you to write checks and make purchases with a debit card from the money you deposit into the account. That debit card can also be used to withdraw cash from the account via an ATM.

When deciding between a money market account or checking account, Emanuel says most people use a checking account for the primary management of their monthly income (i.e., where a portion of your paycheck is deposited) and daily expenses (often small and frequent transactions). âA checking account makes the most sense as the account where the majority of your transactions occur,” she adds. This is because a checking account typically comes with an unlimited number of transactionsâwhether you’re withdrawing cash from an ATM, transferring money to a savings account or swiping your debit card.

While a checking account is a good home base for your finances and a go-to if you need to easily and quickly access your funds, this account type typically earns little to no interest. Spoiler: This is one key difference when you compare a money market account vs. a checking account.

âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use.â

– Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance

Grow your balance with a money market account

When you’re comparing a money market account vs. a checking account, think of a money market account as a savings vehicle that allows you to earn interest on the balance you keep in the account.

“A money market account is an interest-bearing bank account that typically has a higher interest rate than a checking account,” says Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance.

With some money market accounts, you can even earn more interest with a higher balance. Thanks to its interest-earning potential, a money market account can be the way to go if you’re looking for an account to help you reach your savings goals and priorities.

If you’re deciding between a money market account or checking account, you may think that a money market account seems like a typical savings account with your ability to earn, but it also has some features similar to a checking account. With a money market account, for example, you can withdraw cash from an ATM and use a debit card or checks to access money from the account. There are no limits on ATM withdrawals or official checks mailed to you.

You can withdraw cash from ATMs and write checks with a money market account or checking account.

Before you decide to use this account for your regular bills and your morning caffeine habit, know that federal law limits certain types of withdrawals and transfers from money market accounts to a combined total of six per calendar month per account. If you go over these limitations on more than an occasional basis, your financial institution may choose to close the account.

Don’t need regular access to your funds and want your money to grow until you do need it? Then the benefits of a money market account could be for you.

Deciding between a money market account or checking account

Still debating money market account or checking account? Here are some financial scenarios to help you determine which account may best suit your current needs and goals:

Go with a checking account if…

You want to keep your funds liquid. If you’re thinking money market account or checking account, know that a checking account is built for very regular access to your funds. âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use,” Sokunbi says. Think rent, cable, utilities, groceries, gas, maybe that morning caffeine craving. You get the idea.
You want to earn rewards for your spending. When you’re comparing money market account vs. checking account, consider that with some checking accountsâlike Discover Cashback Debitâyou can earn cash back for your debit card purchases. The best part is you are earning cash back as you keep up with your regular expensesâno hoops to jump through or extra account activity needed. Then put that cashback toward fun things like date night, lunch at your favorite spot or a savings fund dedicated to something special.

Learn More

You want to deposit and withdraw without the stress of a balance requirement. If you do your research when comparing money market accounts vs. checking accounts, you’ll find that some checking accounts don’t require a minimum balance (or much of one). However, you may be required to maintain a minimum balance (and potentially a higher one) with a money market account in order to avoid a fee. If you’re accessing your money frequently and need to make large withdrawals, a checking account with no minimum balance requirement is a convenient option.

Go with a money market account if…

You want to earn interest. âIf your money is just sitting there, it should be earning money,” Emanuel says of the money market account or checking account question. âI spoke with a woman recently who told me she’d had around $50,000 sitting in her checking account for at least the last 10 years, if not longer. If that money had been in a money market account for the same period of time, she would have earned thousands of dollars on it. Instead she earned nothing,” Emanuel says.
You want to put short-term savings in a different account. If you have some short-term savings goals in mind (way to go!), you may benefit from keeping your savings separate from your more transactional checking account so you don’t dip into them for a different purpose. That whole out of sight, out of mind thing. âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home,” Emanuel says.
You need an account to fund your overdraft protection. If you’re comparing money market account vs. checking account, consider that a money market account could also cross over to support spending goals. One way is in the form of overdraft protection. If you enroll in overdraft protection for your checking account, for example, you could designate that funds be pulled from your money market account to cover a balance shortfall.

âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritanceÂ or proceeds from selling a home.â

– Jill Emanuel, lead financial coach at Fiscal Fitness

Using both accounts to achieve your financial goals

Speaking of crossover. Both spending and saving are vying for your attention, right? Consider leveraging both types of accounts if you have needs from the checking and money market account lists above.

“Personally, I use my checking account for bill payments, my day-to-day spending, writing checks and for any automatic debits I have each month,” Sokunbi says. She’s added a money market account to the mix “because of the higher interest rateâto store my savings for short-term goals, for investing or for money I’ll be needing soon,” she explains. Maybe it’s not about deciding between a money market account or a checking account, but getting the best of both worlds.

Before opening a money market account or checking account, do your research and compare your options to see which bank offers the best package of low or no fees and customer service, in addition to what you need from an interest and access to cash perspective.

The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

BlueVine Business Checking Account Review – The Simple Dollar

February 12, 2021 by James Flores Posted in Auto Tagged Checking Account, Fees, Financial Wize, FinancialWize

BlueVineâs free business checking account comes with no fees, no minimum deposits and even earns interest on account balances over $1,000.

Source: thesimpledollar.com

5 Ways Gig Economy Workers Can Save for Retirement

January 30, 2021 by James Flores Posted in Budgeting, Home Decor, Retirement Tagged 401(k), Auto, Auto Insurance, Automatic Transfer, Budgeting, Career, Career and Income, Checking Account, Fees, Finance, Financial Wize, FinancialWize, freelance, gig economy, Insurance, invest, investing, investment, investments, IRA, Life, Lifestyle, lyft, Make, money, part-time job, Personal Finance, Retirement, retirement fund, Retirement Planning, retirement tips, Salary, Saving, Saving for Retirement, savings, Savings Account, side job, tax, Taxes, Uber, will

Man saving for retirement in the gig economy

We are in the midst of a major economic shift. While workers in the past could expect to keep a stable job with a traditional employer for decades, workers of today have found they must either cobble together a career from a variety of gigs, or supplement a lackluster salary from a traditional job by doing freelance work in their spare time.

Though you can make a living (and possibly even a good one) in the gig economy, this kind of work does leave gig workers vulnerable in one very important way: retirement planning.

Without the backing of an employer-sponsored retirement account, many gig workers are not saving enough for their golden years. According to a recent report by Betterment, seven out of 10 full-time gig workers say they are unprepared to maintain their current lifestyle during retirement, while three out of 10 say they don’t regularly set aside any money for retirement.

So what’s a gig worker to do if they don’t want to be driving for Uber and taking TaskRabbit jobs into their 70s and 80s? Here are five things you can do to save for retirement as a member of the gig economy. (See also: 15 Lucrative Side Hustles for City Dwellers)

1. Take stock of what you have

Many people don’t have a clear idea of how much money they have. And it’s impossible to plan your retirement if you don’t know where you are today. So any retirement savings should start with a look at what you already have in the accounts in your name.

Add up how much is in your checking and savings accounts, any neglected retirement accounts you may have picked up from previous traditional jobs, cash on hand if your gig work relies on cash tips, or any other financial accounts. The sum total could add up to more than you realize if you haven’t recently taken stock of where you are.

Even if you truly have nothing more than pocket lint and a couple quarters to your name, it’s better to know where you are than proceed without a clear picture of your financial reality. (See also: These 13 Numbers Are Crucial to Understanding Your Finances)

2. Open an IRA

If you don’t already have a retirement account that you can contribute to, then you need to set one up ASAP. You can’t save for retirement if you don’t have an account to put money in.

IRAs are specifically created for individual investors and you can easily get started with one online. If you have money from a 401(k) to roll over, you have more options available to you, as some IRAs have a minimum investment amount (typically $1,000). If you have less than that to open your account, you may want to choose a Roth IRA, since those often have no minimums.

The difference between the traditional IRA and the Roth IRA is how taxes are levied. With a traditional IRA, you can fund the account with pre-tax income. In other words, every dollar you put in an IRA is a dollar you do not have to claim as income. However, you will have to pay ordinary income tax on your IRA distributions once you reach retirement. Roth IRAs are funded with money that has already been taxed, so you can take distributions tax-free in retirement.

Many gig workers choose a Roth IRA because their current tax burden is low. If you anticipate earning more over the course of your career, using a Roth IRA for retirement investments can protect you from the taxman in retirement.

Whether you choose a Roth or a traditional IRA, the contribution limit per year, as of 2018, is $5,500 for workers under 50, and $6,500 for anyone who is 50+.

3. Avoid the bite of investment fees

While no investor wants to lose portfolio growth to fees, it’s especially important for gig workers to choose asset allocations that will minimize investment fees. That’s because gig workers are likely to have less money to invest, so every dollar needs to be working hard for them.

Investing in index funds is one good way to make sure investment fees don’t suck the life out of your retirement account. Index funds are mutual funds that are constructed to mimic a specific market index, like the S&P 500. Since there is no portfolio manager who is choosing investments, there is no management fee for index funds. (See also: How to Start Investing With Just $100)

4. Embrace automation

One of the toughest challenges of being a gig worker is the fact that your income is variable — which makes it very difficult to plan on contributing the same amount each month. This is where technology comes in.

To start, set up an automatic transfer of an amount of money you will not miss. Whether you can spare $50 per week or $5 per month, having a small amount of money quietly moving into your IRA gives you a little cushion that you don’t have to think about.

From there, consider using a savings app to handle retirement savings for you. For instance, Digit will analyze your checking account’s inflow and outflow, and will determine an amount that is safe to save without triggering an overdraft, and automatically move that amount into a savings account. You can then transfer your Digit savings into your retirement account.

5. Invest found money

An excellent way to make sure you’re maxing out your contributions each year is to change your view of "found money." For instance, if you receive a birthday check from your grandmother, only spend half of it and put the rest in your retirement account. Similarly, if you receive a tax refund (which is a little less likely if you’re a gig worker paying quarterly estimated taxes), send at least half of the refund toward your retirement.

Any gig workers who often receive cash can also make their own rules about the cash they receive. For instance, you could decide that every $5 bill you get has to go into retirement savings. That will help you change your view of the money and give you a way to boost your retirement savings.

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Though you can make a living (and possibly even a good one) in the gig economy, what's a gig worker to do if they don't want to be driving for Uber and taking TaskRabbit jobs into their 70s and 80s? Here are five things you can do to save for retirement as a member of the gig economy. | #careerandincome #careertips #retirement #budgeting

This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Get a High Rating and Make More Money as an Uber Driver
Can You Really Make a Living in the Gig Economy?
How the Sandwich Generation Can Protect Their Retirement
What Kind of Auto Insurance Do Uber Drivers Need?
How You Can Earn $18 to $25 an Hour With Amazon Flex

Source: feeds.killeraces.com

Can you Pay a Credit Card with a Credit Card?

January 30, 2021 by James Flores Posted in Uncategorized Tagged big, chase, Checking Account, Convenience, credit, Credit Card, Credit Card Debt, credit cards, credit report, credit score, Debt, Financial Wize, FinancialWize, Make, money, rate, Rewards, single, will

AÂ credit cardÂ is designed to help you in an emergency, to give you options when there are none. But what happens if you have a maxed-outÂ credit cardÂ in one hand and an empty card in the other, can you use oneÂ credit cardÂ to pay off the other and, more importantly, should you?

TheÂ short answerÂ is yes and… probably not. However, there is a better option available and it’s actually one of the best ways to clear aÂ credit cardÂ balance.

Options for PayingÂ Credit CardÂ BillÂ with Another Card

There are three ways you can clear aÂ credit cardÂ billÂ using anotherÂ credit card. The first two options are nothing short of terrible and are likely to cause more issues than they fix. The third is really the only one you should consider, but before we get to that option, let’s get the bad ones out of the way.

Cash AdvanceÂ andÂ Convenience Checks

Credit cardÂ companiesÂ won’t let you pay off oneÂ credit cardÂ with another, at least not in that way. However, you can get around this by usingÂ convenience checksÂ or aÂ cash advance. The former is sent by your creditor for you to make a deposit into yourÂ checking account; the latter is used to withdraw cash.Â

Technically, you can get cash from yourÂ credit card, put this into yourÂ checkingÂ account, and then use that money to clear yourÂ credit cardÂ debt.

âBut, as mentioned above, this is aÂ bad idea.Â Cash advanceÂ feesÂ can be enormous and if you’re moving large sums of money and being charged a high fee for doing so, you could be seriously out of pocket. Luckily, there is aÂ better alternative.

Using aÂ Balance Transfer

AÂ balance transferÂ is the act of moving aÂ credit cardÂ balanceÂ from one or more cards to another. There are specificÂ balance transferÂ credit cardsÂ designed to help you with this process and all come with anÂ introductory periodÂ where youâre offered 0% APR for the first 6, 12 or 18 months.Â

Once this period ends, you may be charged aÂ higherÂ interestÂ rate, but if you can clear your balance during that intro period those extraÂ interest chargesÂ won’t matter.

HowÂ Balance TransfersÂ Work

Balance transferÂ credit cardsÂ are used byÂ credit cardÂ companiesÂ to attract new users. These introductory offers convince you to move your balance to aÂ newÂ credit cardÂ company, after which they hope you will continue to make purchases, accumulate debt, and remain with them for years to come.

MostÂ balance transferÂ credit cardsÂ charge a fee for moving the money across. This fee is often levied as 3% or 5% of the total balance, which equates to $300 or $500 for a balance of $10,000.Â

That sounds like a lot, but it also comes with a 0% APR, which means yourÂ monthly paymentsÂ will go exclusively towards the principal, paying it off quickly.

Usually, the majority of yourÂ minimum paymentÂ goes towards interest, which means your balance will decrease slightly with each passing month. By removing this interest obligation from the equation, all your payment will go towards the balance, thus clearing it quickly and cheaply.Â

These cards can save you thousands of dollars if used properly, but it’s important not to swap an older problem for a new one; not to create the same issues on yourÂ new cardÂ that you had on your old card.

Use aÂ balance transferÂ offerÂ to remove the balance entirely. Meet theÂ minimum payment, pay more where possible, and ensure that when theÂ introductory periodÂ ends, there is no balance on which interest can build. Once you reach this point, you’ve wiped the slate clean and can start afresh, makingÂ credit cardÂ paymentsÂ on time and clearing your balance in full every month.

ManyÂ balance transferÂ credit cardÂ offersÂ come with a $0Â annual feeÂ and don’t charge you for foreign transactions. However, they typically won’t provide you with the sort ofÂ cashbackÂ rewards you can get from otherÂ credit cards.

Paying Off aÂ Credit CardÂ with Bad Credit

If you haveÂ bad credit, you may struggle to find aÂ balance transferÂ cardÂ with a high enoughÂ credit limit. These cards, like all goodÂ credit cards, require a relatively cleanÂ credit report, preferably with aÂ credit scoreÂ above 670.

As long as yourÂ credit scoreÂ is above 580, you’ll still options, but those options may be limited toÂ high-interest ratesÂ and unfavorable terms. In such cases, there are a few things you can to clear your credit debt:

1. Improve YourÂ Credit Score

AÂ balance transferÂ feeÂ is the only real downside to aÂ balance transferÂ credit card, so it’s worth putting the time and effort in to get one of these cards. It may only take a few months to improve yourÂ credit scoreÂ to a point where you can apply for one of these cards.

Take a look at theÂ bestÂ balance transferÂ credit cardsÂ (Discover, Visa, Chase) to give you an idea of the sort of card that can help you and the type ofÂ credit scoreÂ you need. Once you have that target in mind, you can work towards achieving it.

2.Â Credit Counseling

A credit counselor can look at your current financial situation and determine the best course of action going forward. These services are offered by manyÂ credit counselingÂ agencies and you typically only need to pay a token amount for a short 30- or 60-minute session.

3. Debt Consolidation

Debt consolidation is very similar to aÂ balance transfer, as it swaps one or more smaller debts for a big one. The difference is that it pays theÂ credit cardÂ balancesÂ off with a single loan, and you then focus on repaying that loan.

Typically, debt consolidation extends the length of your loan with a view to reducing theÂ monthly paymentsÂ but increasing the total balance. This can help to make yourÂ credit cardÂ debtÂ more manageable and it will also improve your debt-to-income ratio.

4. Debt Settlement

Debt settlement is one of the cheapest ways to clearÂ credit cardÂ debt. It begins when a debt specialist requests that you stop meeting all monthly payments and then move your money to a separateÂ bank account.Â

The debt specialist will then use thisÂ bank accountÂ to negotiate with your creditors, waiting until they desperate to settle and then offering them a greatly reduced settlement sum.

Just bear in mind that when you miss aÂ minimumÂ monthly payment, you run the risk of your account defaulting, which will hurt yourÂ credit score.

Can you Pay a Credit Card with a Credit Card? is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Most In-Demand Jobs for Bachelorâs Degree Holders â 2021 Edition

January 29, 2021 by James Flores Posted in Breaking News, Checking Account Tagged 401(k), best jobs for bachelors degree holders, best jobs for BAs, Checking Account, covid-19, credit, employment, fastest growing jobs, financial advisor, Financial Goals, Financial Wize, FinancialWize, Grow, health, Insurance, investing, investment, Make, money, most in demand jobs for bachelors degree holders, most popular jobs, popular jobs for recent grads, projects, rate, Retirement, Salary, savings, Savings Account, unemployment, will

Image shows a person wearing business casual clothing and standing against an office wall with her arms crossed. In this study, SmartAsset analyzed data to identify the most in-demand jobs for bachelor's degree holders.

Jobs requiring a bachelorâs degree or higher level of education for entry are often more insulated from unemployment than others. During the COVID-19 pandemic, total unemployment for individuals 25 years and older spiked to 13.1% in April 2020. However, the highest unemployment rate over the past year for bachelorâs degree holders 25 and older was 8.4% in April 2020. As of November 2020, the national unemployment rate was 6.7% â 2.5 percentage points higher than the unemployment rate for bachelorâs degree holders.

Some jobs for bachelorâs degree holders may be even more insulated from economic changes as demand is high. In this study, we investigated the most in-demand jobs for bachelorâs degree holders. We compared a total of 131 occupations across four metrics: percentage change in average earnings from 2018 to 2019, percentage change in employment from 2018 to 2019, projected employment change from 2019 to 2029 and projected percentage change in employment from 2019 to 2029. For details on our data sources or how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs third annual study on the most in-demand jobs for bachelorâs degree holders. Check out the 2020 rankings here.

Key Findings

A list similar to last year. Almost half of the 10 most in-demand jobs for bachelorâs degree holders in 2021 were in our top 10 last year. They are computer and information systems managers, information security analysts, interpreters & translators and medical & health service managers. Of those four occupations, interpreters & translators saw the biggest jump between the two years, moving down five spots from first to sixth.
More than 30% growth expected in two occupations. On average across the 131 occupations in our study, employment is expected to grow by 5.0% between 2019 and 2029. But the expected growth is more than six times higher for two occupations â information security analysts and medical & health service managers. The Bureau of Labor Statistics (BLS) predicts employment increases of 31.2% and 31.5% for those two occupations, respectively, between 2019 and 2029.

1. Producers and Directors

The producer and director occupation ranks in the top quartile of our study for all four metrics we considered. Between 2018 and 2019, employment of producers and directors grew by almost 9%, while average earnings rose by about 5%. Moreover, the BLS projects the occupation will continue to grow. According to their estimates, the number of producers and directors will increase by 16,000, or 10.0%, from 2019 to 2029.

2. Computer and Information Systems Managers (tie)

The computer and information systems manager occupation ranks in the top 15% of occupations for three of the four metrics in our study. The occupation saw the ninth-largest percentage increase in employment from 2018 to 2019, growing by 10.87%. Between 2019 and 2029, the BLS expects it will grow by another 10.4%, adding 48,100 workers. Across all 131 occupations, that is the 19^th-highest percentage increase and ninth-largest gross increase in workers.

2. Agents and Business Managers of Artists, Performers and Athletes (tie)

The occupation of agent and business manager for artists, performers and athletes ties with computer and information systems manager as the No. 2 in-demand job for bachelorâs degree holders. Between 2018 and 2019, average pay for agents and business managers for artists, performers and athletes grew by almost 7%, the seventh-highest rate across all 131 occupations. Over the same time period, employment grew by 15%, second-highest in our study for this metric.

4. Information Security Analysts

Information security analyst is the fourth most in-demand job for bachelorâs degree holders, moving up from fifth place last year. Though average earnings grew at a comparable pace year-over-year, employment increased sharply in this profession. BLS estimates show that information security analyst employment increased by 16.20%. There were about 108,100 information security analysts in 2018 and almost 125,600 in 2019.

5. Actuaries

Most actuaries work for insurance companies, assessing the financial costs of risk and uncertainty. Between 2018 and 2019, average earnings for actuaries grew by 4.06% â the 15^th-highest one-year earnings increase in our study. Additionally, between 2019 and 2029, employment for this occupation is expected to grow by another 17.6%, the seventh-largest percentage change in employment in the study.

6. Interpreters and Translators

According to BLS employment projections, the number of interpreters and translators in the U.S. is expected to increase by 20.0% between 2019 and 2029, a top-five rate in our study. With that projected percentage change, employment will grow by roughly 15,500 workers, a top-30 rate. Most recently, from 2018 to 2019, average earnings for interpreters and translators grew by 3.20%, the 25^th-highest rate for this metric in the study.

7. Fundraisers

The occupation of fundraiser ranks in the top third of all 131 occupations for three of the four metrics we considered. Between 2018 and 2019, employment grew by 7.87%, the 19^th-highest rate. Looking forward, total employment of fundraisers is expected to grow by 14,400, or 14.3%, over the next 10 years â the 30^th-largest gross increase and 11^th-highest percentage increase.

8. Medical and Health Service Managers

Medical and health service managers plan and coordinate the business activities of healthcare providers. Average earnings for medical and health service managers are high and growing. In 2018 and 2019, average earnings for workers in the occupation stood at $113,730 and $115,160, respectively. Additionally, across the 131 occupations in our study, BLS expects the profession to have the third-largest gross employment increase (133,200 workers) and highest percentage employment increase (31.5%) over approximately the next decade.

9. Athletic Trainers

Between 2019 and 2029, the occupation of athletic trainer is expected to grow by 16.2%, the ninth-highest rate for this metric in our study. Athletic trainers may also see their earnings continue to grow over time. Between 2018 and 2019, average earnings for athletic trainers increased by 2.56% from about $49,300 to more than $50,500.

10. Compensation, Benefits and Job Analysis Specialists

Compensation, benefits and job analysis specialist rounds out our list of the top 10 most in-demand jobs for bachelorâs degree holders. Average earnings for compensation, benefits and job analysis specialists grew by 2.84% between 2018 and 2019, 33^rd-highest in our study. The occupation ranks within the top third of the study for the other three metrics as well. It had the 26^th-highest percentage change in employment from 2018 to 2019 (6.88%), the 43^rd-greatest projected gross employment change from 2019 to 2029 (7,500) and the 28^th-highest projected percentage employment change from 2019 to 2029 (7.9%).

Data and Methodology

To find the most in-demand jobs for bachelorâs degree holders, we looked at data for 131 occupations that the BLS classifies as typically requiring a bachelorâs degree for entry. We compared the 131 occupations across four metrics:

Percentage change in average earnings from 2018 to 2019. Data comes from BLS Occupational Employment Statistics and is for May 2018 and May 2019.
Percentage change in employment from 2018 to 2019. Data comes from BLS Occupational Employment Statistics and is for May 2018 and May 2019.
Projected employment change from 2019 to 2029 (gross figure). This is the projected change in the total number of people employed in an occupation from 2019 to 2029. Data comes from the BLS 2019 Employment Projections.
Projected employment change from 2019 to 2029 (percentage change). This is the projected percentage change in the number of people employed in an occupation from 2019 to 2029. Data comes from the BLS 2019 Employment Projections.

We ranked each occupation in every metric, giving a full weighting to all metrics. We then found each occupationâs average ranking and used that to determine a final score. The occupation with the best average ranking received a score of 100 while the occupation with the worst average ranking received a score of 0.

Tips for Making Educated Choices With Your Earnings

Invest early. With relatively high income and earnings, many bachelorâs degree workers may be able to have an early retirement. To do this, it is important to take advantage of compound interest by investing early. Take a look at our investment calculator to see how your investment in a savings account can grow over time.
Contribute to a 401(k). A 401(k) is an employer-sponsored defined contribution plan in which you divert pre-tax portions of your monthly paycheck into a retirement account. Some employers will also match your 401(k) contributions up to a certain percentage of your salary, meaning that if you chose not to contribute, you are essentially leaving money on the table. Our 401(k) calculator can help you determine what you saved for retirement so far and how much more you may need.
Consider professional help. A financial advisor can help you make smarter financial decisions to be in better control of your money. Finding the right financial advisor that doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

The post Most In-Demand Jobs for Bachelorâs Degree Holders â 2021 Edition appeared first on SmartAsset Blog.

Source: smartasset.com