Archives March 2021

Homie Highlight: Janet Espinoza

Title: Listing Agent

As a listing agent, Janet helps homeowners with the sale of their home with Homie. She’s available to answer any questions our clients have during the process and assists them on the entire journey along the way. From getting their home listed with Homie and on the MLS, to marketing the listing online to attract buyers, and negotiating the terms of the sale.

Janet’s Background

Janet joined the real estate industry in 2008 and has 12 years of experience as a full time professional real estate agent. Janet is inspired by the stories of those that have overcome adversity. When she first joined the real estate market on the heels of a recession, she met many homeowners and new buyers with adversity stories to share.

Janet’s parents came to the US from Mexico, making lots of sacrifices to give Janet and her siblings access to better opportunities. “When they bought their first home, it was accomplishing the American dream,” Janet shared, inspired to help other families achieve the same dream. Janet is fluent in Spanish and available to help families achieve that American dream while saving thousands with Homie.

She’s passionately about helping families, recognizing the trust her clients place her in, and striving to exceed their expectations.

Why Homie?

As Janet watched the real estate industry grow and change over the last decade, she knew there was a better way of doing real estate.

“Technology is advancing, and people – especially millennials and generation Z are adapting to the new tech simplification process available.” When she heard of Homie, she knew she had to be a part of the real estate movement that’s empowering buyers and sellers in the process.

Janet’s favorite part of being a Homie agent is getting to know her clients and teammates on a personal level. “It’s the most gratifying part of the job to meet people from all walks of life and help them with such a personal process like selling or buying their home.”

Join the Disruption

Check out the open positions at Homie!

Want to learn more about what Homie real estate agents do for their clients? Click here.

Read more Homie Highlights.

Homie Highlight: Adrienne Allen
Homie Highlight: Sam Lindros
Homie Highlight: Michael Herrera
Homie Highlight: Wayne Graham
Homie Highlight: Krysten Giordano
Homie Highlight: Dorrie Sauerzopf

Source: homie.com

Watch For These 4 Danger Signs When Touring an Apartment

Landlord pointing at floor plan of apartment and giving apartment tourThe search for a new apartment can feel overwhelming. Time is often against you, and you may even begin your search from another state or country. You start by finding apartment options that fit within your desired area and price range. (Tools like ApartmentSearch are great to help you save time on this first part.) But usually, once you have the list narrowed down to a handful of options, you will want to visit the apartments in person. After a long day touring apartments, they often all begin to look the same.

However, there are some important differences you should look out for. Not all apartments are the same and sometimes the challenges can be hard to spot. This list will help you discover the wolf in sheep’s clothing.

Communication – or lack thereof – is key. When the community that you toured is slow about following up with you after the tour, that is a red flag. If they fail to provide adequate, prompt follow-up, then what will happen when you have a maintenance need or other question as a resident? On the other hand, if you left the community only two minutes ago and are receiving a non-personalized follow-up form letter, then they may care less about your visit and more about adhering to a set policy. If they truly care about you becoming a resident, they will follow-up in a proper amount of time and in a sincere way.

There’s more focus on regulations than apartment amenities. As a renter, you must accept certain guidelines and sign a lease in order to live there. However, when you tour a community, overuse of phrases related to your lease contract should be cause for alarm. Watch out for communities that value talking about what they hold residents accountable for rather than how they can help you feel like this apartment will be a home you are comfortable in.

There seem to be a lot of little inconveniences. For many apartment dwellers, it’s the small things that have the most impact. One or two tiny inconveniences are not a big deal, but little things can add up to become big daily nuisances. Look up and down during your apartment tour. Mold lines on exteriors of buildings and dirty breezeways/hallways can signal neglect. Test the water in the apartment. How long does it take for it to get hot? Do you get great cell service in the apartment? Does the light coming through the windows throughout the day (or even at night) meet your needs? Remember: this is going to be your home. Make sure it has all the comforts you want.

You have concerns outside of the tour. Some items can only be learned when you are not on the actual apartment tour and these can stand out like night and day. Visit the community at odd times, such as when your commute would begin/end and at night. Is it crowded getting in or out of the community grounds? At night, is the lighting adequate, allowing you to feel safe walking about? Is nighttime noise a factor? These lessons are best discovered on your own and can make all the difference during your life in your new apartment home.

Of course, there are many more factors to consider, but everything starts with finding the right place to live. Start your apartment-finding process by visiting www.apartmentsearch.com. It is fast… it is easy… and it is free. Make finding your next apartment easy when you visit ApartmentSearch today!

Source: blog.apartmentsearch.com

What Is a Perfect Credit Score? A Comprehensive Guide

A perfect credit score of 850 is a bit of an elusive target, always challenging you to figure out the formula for impeccable financial health. But is the maximum number really necessary? And if so, how frequently do people achieve it? Even though lenders generally assure that anything over 700 is a good score, many people strive for the ultimate goal: 850.

After all, credit this impressive has countless benefits — it’s a sure sign that you both understand your relationship to money and have a clear plan for borrowing and spending with confidence. Benefits of a perfect credit score may include lower interest rates, easier approval for home loans or rental applications, and even a greater chance of getting hired by your dream company. Is it essential to have a perfect credit score for these opportunities? Not necessarily. Anything from 720-780 is considered “good,” while above 750 is an excellent score.

Reaching that brag-worthy 850 takes more than just financial wellness, but also a complete understanding of how credit works and the math behind what affects your score from day to day.

How to Get a Perfect Credit Score

The path to reaching that rarely seen 850 score can seem a bit confusing. Even if you pay your bills on time, have a diverse collection of credit accounts, and maintain a clean financial record, many people plateau around the 750-800 mark. So how does one build enough credit to reach the ultimate score? Let’s go through some of the most common contributors to getting that perfect credit score:

Make Timely Payments

There’s no question that making your credit payments on time each and every month is one of the most important factors for your credit score. This doesn’t necessarily mean that you can’t carry a balance on revolving credit accounts, but late minimum payments both incur a fee and remain on your credit report. In the end, it all comes down to long-term trust from lenders, which is one of the factors your credit score represents.

Have a Long Credit History

It’s a little confusing to learn that you do not begin your credit life with a perfect score. Without any errors to speak of, why would your score start off any lower? Credit scores, however, are about building a credit reputation over time. It’s simply impossible to prove how you’ll respond to paying down debt until you do so over several years. If you’re early in your credit history or have minimal accounts, your score will improve as you continue to follow your set payment schedule.

Cultivate Account Variety

Whenever you hear about someone achieving the perfect credit score, they often boast a wide range of credit accounts.

Each line of credit variety speaks to a different type of spending. Things like student and car loans prove that you can pay off large sums over time and revolving accounts — like credit cards — prove that you manage your monthly budget with confidence.

Even different credit cards can offer a variety of angles and perks. Some people keep one card for emergencies and another for earning travel points or store credit. When you see each line of credit as a unique tool, you’re more likely to approach credit spending with a healthy mindset. This, in turn, shows up in your long-term credit report and score.

Keep Your Utilization Rates Low

Some financial experts believe that carrying a balance above 30 percent of your credit limit can damage your credit score. Though this frequently quoted 30 percent is seen as the hard and fast rule for credit utilization, experts say it is actually a cap. Carrying balance below this amount — preferably below 20% — is ideal for raising your credit score.

On the other hand, this is also a reminder that carrying a balance does not negate your chances for hitting that magical 850.

Only Open Necessary Accounts

Though account diversity can help perfect your credit score, opening unused accounts or cards with burdensome fees and stipulations can hurt your credit. Only open lines of credit when you need them — if you’re tempted to take your favorite retail store up on their credit card offer, for example, be sure you can pay off each purchase in a timely manner.

At the same time, be mindful of closing accounts once they’re opened. Cutting up that credit card simply because you have a new account means lowering your overall credit limit, and therefore possibly increasing your utilization rate. A card with a long life also shows your dedication to maintaining the account. If you’re ever unsure of the best approach, it’s best to chat with a financial advisor to determine what’s best for you.

Achieving the perfect credit score is all about balance. It’s possible to get in your own way without realizing it. Check in with your finances if you’re falling into any of the common traps that can keep your credit score stagnant.

Factors That Can Keep You From Achieving a Perfect Score

Achieving the perfect credit score is all about balance. It’s possible to get in your own way without realizing it. Check in with your finances if you’re falling into any of the common traps that can keep your credit score stagnant.

Multiple Hard Inquiries

Each time you apply for a new line of credit — for a car, credit car, or home, for example — lenders perform what is known as a hard inquiry into your history. These are not to be confused with soft inquiries, made by prospective employers or lenders checking out your report for preapprovals. Multiple hard inquiries tell a story that may worry lenders, like that you may be in financial trouble.

If you do choose to apply for a credit card, shop around to find the best one for you before hard inquiry takes place.

Frequent Late Payments

As mentioned earlier, timeliness is incredibly important to your credit score. You agreed upon a specific arrangement when you borrowed the money, and lenders would like to see that you can stick to it. Though some banks allow a pass for missing a payment by a few days once every one to two years, it’s important to stay on top of due dates the best you can.

History of Defaulting or Charge-Offs

When late or non-existent payments extend past six months, lenders may charge-off your credit account. This means that the bank no longer trusts you’re able to pay the owed amount. These unfortunate notes can last between six and seven years on your credit report and may lead to lenders denying you new lines of credit.

Closing Old Accounts

Remember that the length of your credit history accounts for a significant portion of your score. Just because you’ve paid off a tricky balance doesn’t mean you should close the card. If this was one of your earliest cards, your history’s length will shrink with the canceled account.

Keeping it Simple

Even if you pay all your balances off each month, sometimes you may just get stuck at a mediocre credit score. Reaching that highest score will likely require you to show off your credit skills. As you diversify your credit lines, you prove your financial know-how. By only focusing on one line of credit — such as student loans or minimal credit cards — your credit score could plateau. Not sure how to get your credit score for free? Turbo makes it easy!

The perfect credit score is achievable with a little strategy and plenty of patience. The ultimate number — a credit score of 850 — is possible over time and as you build your financial knowledge. Most importantly, understand that credit scores can fluctuate as life changes. Focus on your financial balance and wellbeing and the perfect credit score may be within your reach.

Sources: USA Today | Credit Cards

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Source: mint.intuit.com

Tax Refund Scam Targets College Students and Staff

Here’s a new warning from the IRS: Watch out for an IRS-impersonation scam targeting people associated with colleges, universities, and other educational institutions – including students and staff – who have an “.edu” email addresses. The phishing emails appear to target university and college students from both public and private, profit and non-profit institutions.

The fraudulent emails display the IRS logo and use various subject lines such as “Tax Refund Payment” or “Recalculation of your tax refund payment.” If you receive one of these emails, you’ll be asked to click a link and submit a form to claim your refund. The fake website you’ll be taken to will have you provide your:

  • Social Security Number
  • First Name
  • Last Name
  • Date of Birth
  • Prior Year Annual Gross Income (AGI)
  • Driver’s License Number
  • Current Address
  • City
  • State/U.S. Territory
  • ZIP Code/Postal Code
  • Electronic Filing PIN

Do NOT fall for this trick! If you receive this scam email, do not click on the link. Instead, immediately report it to the IRS by (1) saving the email using “save as” and (2) send that attachment to phishing@irs.gov or forward the email as an attachment to phishing@irs.gov.

If you already received the email and provided the requested information, you should go to the IRS’s website and get an Identity Protection PIN right away. This six-digit number will help prevent identity thieves from filing fraudulent tax returns in your name.

Anyone who tries to e-file their tax return and has it rejected because a return with their Social Security number has already been filed should file a Form 14039 to report the possible identity theft. See the IRS’s Identity Theft Central website for more information about the signs of identity theft and actions to take.

Source: kiplinger.com

What Happens If You Just Stop Paying Your Student Loans

If your student loan payments seem overwhelming, you should know that you’re not alone. Americans are shouldering a growing student debt burden; In fact, US borrowers owe a combined $1.7 trillion in student loan debt, according to the Federal Reserve .

For federal student loans, if a borrower fails to make payments on a loan for more than 270 days, the loan will go into default. Having trouble paying off student debt is not uncommon. According to the latest figures as of the publication date of this article, 9.7% of the borrowers who started repaying federal student loans in 2017 defaulted within the next three years.

Public Service Loan Forgiveness Program . Unlike other forms of debt, such as home and auto loans, student loans generally cannot be discharged during bankruptcy. Borrowers are still required to repay student loans even if they don’t graduate or are struggling to find a job in your field.

Ignoring your student loans will likely result in an increasing balance. In addition to interest that accrues over time, failing to repay a student loan on time can result in additional fees if your debt gets moved into collections. Because on-time payments account for a portion of a borrower’s credit score, failing to make payments can negatively impact a person’s credit score. Having a credit score on the low end of the spectrum can impact your ability to get a mortgage, car loan, credit card, or apartment lease.

If you default on federal student loans, the government can take your tax refund or up to 15% of your wages. You can also be sued, though this is more common with private loans.

Is there a student loan statute of limitations?

There is no statute of limitations for federal student loans. That means you can be sued at any point for not paying your loans, as long as you’re alive.

There is a statute of limitations for private student loans, which is set by individual states and generally ranges from three to 10 years. But even this limit just means the lender can’t sue you anymore—it doesn’t mean the loan goes away or they stop trying to collect what is owed.

Is Getting out Paying Student Loans Possible?

Are there ways to get out of paying student loans? There are some temporary solutions that allow borrowers to temporarily stop making payments on their student loans.

Relief for Federal Student Loans

For federal student loans, you can temporarily pause payments by requesting a deferment or forbearance. You might qualify if you’re still in school at least part-time, unable to find a full-time job, facing high medical expenses, or dealing with another financial hardship. The type of loan held by the borrower will determine whether they can apply for a deferment or forbearance.

Federal student loans can only be deferred for up to three years. There are two types of forbearance; general and mandatory. Borrowers facing financial difficulties can request a general forbearance, and their loan servicer determines whether or not they qualify. General forbearance is awarded in 12 month increments, and can be extended for a total of three years.

Loan servicers are required to award qualifying borrowers a mandatory forbearance. Qualifications include participating in AmeriCorps, National Guard duty, or medical or dental residency. The Federal Student Aid website has a full list of criteria for mandatory forbearance. Mandatory forbearances are also granted in 12 month increments, but can be extended so long as the borrower still meets the criteria to qualify for mandatory forbearance.

cancelled or discharged , if your school closes while you’re enrolled or you are permanently disabled. For obvious reasons, these aren’t options to count on, so you can assume your loans will be sticking with you.

Temporary Relief for Private Student Loans

Private lenders sometimes offer relief like forbearance when you’re dealing with financial hardship, but they aren’t required to. If you have a private student loan, check with your lender directly to see what temporary relief programs or policies they may have.

The Takeaway

Because student loans don’t disappear, it’s important to make them manageable. Borrowers with federal student loans may be able to qualify for deferment, forbearance, or income-based repayment options which can provide some temporary relief or help make monthly payments more manageable. Options available for borrowers facing financial hardships with private student loans vary by lender.

For some borrowers, student loan refinancing can be a one way to lower interest rates, reduce monthly payments, and combine all your loans into a single monthly payment. Reducing monthly payments by extending the life of the loan may result in more interest over the life of the loan.

It’s also possible to refinance both federal or private loans, or a combination of the two. Note that refinancing federal loans eliminates them from federal protections, including relief options like deferment and forbearance, so this won’t be a suitable option for everyone.

Looking to make your student loan debt more manageable? Refinancing with SoFi can lower your monthly payments so you can get back in control of your finances.



SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

SLR18127

Source: sofi.com

Budgeting 101: How to Make a Budget in 5 Actionable Steps

Creating a budget can offer you peace of mind and give you more confidence in managing your finances. A basic budget is all you need to take charge of your money—and help achieve more of your financial dreams.

Intro to Budgeting: What is a Budget? 

A budget is a financial outline designed to measure and guide your income and expenditures for a certain period of time, such as one month, a quarter, or a year. With an understanding of the budget basics, you can track the amount you’re making compared to what you’re spending and saving.

Why do I want a budget? Consumer.gov says making a budget can help you determine your spending plan and in turn, show you where you should limit your spending and what you can afford to spend more money on.  

There are many ways you can maintain a budget — with a spreadsheet, paper and pen, or through a budgeting app.

Whether you’re new to managing your own finances, never learned how to budget, or are tired of living paycheck to paycheck, this post is for you. In our Budgeting 101 guide, we’ll go over some budgeting basics, show you how to create a budget, teach you how to avoid common budget-related mishaps, and ultimately, give you a budget calculator and some budgeting tips to create a budget that’s efficient and functional for your lifestyle. 

Need to know how to create a budget ASAP? Read end-to-end for a comprehensive course in Budgeting 101.

How to Create a Budget: 5 Actionable Steps

To plan your budget, you’ll need a few key pieces of information. With these basic components, you’ll have a foundation for your budget that you can tweak as the months go by and as your financial circumstances change. To get you a step closer to your financial goals, let’s go over how to create a budget step-by-step.

1. Calculate your monthly income after taxes

An accurate monthly income is the cornerstone of a successful budget. Without figuring out how much money you actually have in your wallet, it’s pretty hard to allocate funds towards saving, spending, and settling outstanding debts. But calculating your monthly income takes a little bit more effort than glazing over your monthly paychecks.

To find out how much you’re actually earning, you’ll need to do a little bit of simple math—don’t worry, we’ll walk you through the entire way.

Calculating your monthly income as a salaried employee

One of the benefits of being a salaried employee is knowing exactly what to expect on your paycheck—month in and month out—and this pay structure will serve as an added perk when you’re building a monthly budget. To calculate your pre-tax monthly income as a salaried employee, all you need to do is divide your annual salary by 12.

Now that you have your gross monthly income figured out, you’ll need to deduct taxes and other expenses that may dock your pay—such as medical benefits and contributions to an employer-sponsored retirement plan. We’ll show you how to estimate this number in just a moment, but first we’ll go over how hourly employees can calculate monthly income.

Calculating your monthly income as an hourly employee

 If you’re an hourly employee, your monthly income isn’t always as consistent as you might like it to be, but with the proper budgeting technique you can definitely nail down a budget that maximizes your monthly income and gets you closer to meeting your greater financial goals. Here’s how to figure your monthly income as an hourly employee:

Let’s take a look at an example:

Keith is an hourly employee who makes $15 an hour working 40 hours per week, making his gross weekly income $600. Keith multiplies this number by 50 to reflect the weeks he plans to work throughout the year (minus his two-week vacation). Then, he divides by 12 and estimates that his gross monthly pay is $2,500.

Remember, this number does not factor in the deductions that may impact his take-home pay, so now he’ll have to subtract these from his gross monthly income to get an accurate picture to build his monthly budget.

Subtract taxes and other deductions from your gross monthly income

To get the most accurate picture of your monthly take-home pay, you’ll need to subtract taxes and other deductions from your income.

  • Federal Taxes: To find out your federal tax liability each month, refer back to your annual gross income that you calculated before. Then, compare your income to the federal income tax rates to find out what percentage of your income will go toward your federal income taxes. Once you’ve found this number, divide by twelve to estimate your monthly tax liabilities.
  • State Taxes: Calculating your state income taxes is essentially the same as finding your federal tax liability, but this time, you’ll need to refer to your state’s income tax rates. Multiply your annual income by your tax rate, then divide by twelve to see how much you’ll owe in taxes each month.
  • Social Security and Medicare Taxes: According to the IRS, the federal withholding rates for FICA are:
          -6.2% for Social Security
    -1.45% for Medicare
  • Misc: Depending on your financial situation, you may have other deductions to consider when calculating your monthly take-home pay. Use previous paychecks to help you determine how much money will be withheld to account for 401k contributions, benefits, etc.

2. Identify fixed and variable expenses

Once you have a clear picture of how much money you’re actually working with each month, it’s time to figure out how you’re spending it…or how you should be spending it. There are two main types of expenditures you need to account for as you build your budget: fixed and variable expenses. The difference between the two is that fixed expenses tend to cost you the same amount each month while variable expenses…vary. 

Fixed expenses

Your fixed expenses like rent payment, groceries, transportation, and health care costs are likely to absorb a large chunk of your budget, which makes them all the more important to track as the months go by. 

To determine how much of your budget is going towards fixed expenses, start by creating a list of your regular expenditures. Here’s a list of common fixed expenses to help you get started:

  • Rent
  • Mortgage
  • Car payments
  • Student loans

Once you’ve built a complete list, calculate a monthly estimate for each one, so you know how much of your income should be dedicated to it. If you’re not sure how much something costs, review previous bills and credit card statements to see what you’ve spent in the past.

Variable expenses

Whether you belong to a gym, go on a weekly date, or make a purchase on a shopping app, make sure you account for these costs in your budget. As opposed to fixed expenses that stick to relatively the same cost each month, these miscellaneous items may change month over month. 

Some examples of variable budget expenses include:

  • Entertainment
  • Groceries
  • Dining out
  • Gas
  • Clothing
  • Dating
  • Ride-sharing
  • Utilities

Determining how much you spend on variable living expenses each month can be tricky since it may be rarely  consistent, but it’s important to get a close estimate so that you can determine whether you can maintain the same spending habits or if you need to cut back in certain areas. Use your monthly bank statements to help you estimate your variable expenses, and in turn, set limits for each category.

How to factor expenses into your budget

If you’re using one of our free budgeting templates, simply input the values of these fixed expenses into your budgeting spreadsheet to help plan out your financial strategy each month. In the Mint app, you can connect your bank account to easily identify recurring expenses, or enter in your own budget for fixed expenditures. 

3. Set savings and debt payoff goals

As you saw in step two, if you have student loans and credit card balances, you’ll want to attribute part of your monthly budget to paying them off. Each month, allocate a certain amount to these monthly payments. The sooner you pay off debts, the less interest you’ll pay overall, and the closer you are to meeting your greater financial goals.

When creating a personal budget, include these types of debts into your planning:

If you’re all caught up on your bills and want to want to stow away funds for retirement or save up for a new car, it’s helpful to establish concrete goals, then break them down into achievable bite-size chunks. Having trouble coming up with realistic, meaningful financial goals? Take a look at these short-term and long-term examples:

Short-term financial goals

Long-term financial goals

  • Establish a retirement budget to build a retirement account
  • Pay off your mortgage or student loans
  • Start your own business

If you’re using the Mint app, you can set up custom goals for your savings in the budgeting section. Simply add a budget, define a dollar amount, and monitor your progress.

4. Record your spending

You know that feeling when you’re checking out at the grocery store, the cashier announces your total, you swipe your card, and by the time you’re loading your grocery bags into your car, you realize you didn’t even register the total amount you paid. It’s a concerning, out of body experience—but we’ve all been there.

This is why tracking your spending is so important. It’s easy to become complacent about the amount of money you’re spending and end up with revolving debt ruling your finances.  Depending on the budgeting method you choose—budgeting app, pen and paper, or online budgeting tool—you can pick a way to record your spending that best suits your lifestyle.

Here are a few tips to make expense tracking easier and more efficient:

  • Ditch the Cash: Stick to card payments if you have trouble keeping tabs on how much money you spend each month. This way, you can refer to your online bank statements to easily monitor your spending.
  • Check Yourself Before You Wreck Yourself: Make it a point to analyze your spending habits on a weekly basis. Collect any receipts or statements you have and check to see if you’re on budget or if you need to reel in your spending for the rest of your budgeting cycle. Budgeting will help monitor your spending so you are able to keep living within your means.
  • Go Old-School: If you’d rather skip the technology and take a more tactile approach to budgeting, a pen and a checking book will do just fine. Just be sure to make a habit of recording your expenses as soon as you’ve swiped your card.
  • Try the New-School Way: If you can’t be bothered to whip out a pen and paper each time you check out at the register, automated expense tracking might be a better alternative. Using the Mint app, you can connect your bank account to effortlessly record your spending and monitor transaction trends.  

5. Track your budgeting progress, review, and revise

Creating a basic budget is a huge financial victory. It helps you ensure you can cover your expenses and reach for exciting milestones, like buying a house or paying off your student loans. As you continue to budget, make adjustments as you see fit. Your income, expenses or lifestyle might change, and it’s important to ensure your budget keeps working for you and your future.

Set up a budget schedule and make it a point to review your budget on a regular basis—each week, every month, or at least every quarter to see if any major changes, or milestones have taken place. Not only will this help you recognize and celebrate your successes, but it will also encourage you to reevaluate and tailor your strategy as needed. 

Budgeting Breakdown for Beginners

Now that you know how to make a budget, it’s time to discuss best practices and budgeting basics to ensure your budget works for your money and your lifestyle. 

How to Choose the Budgeting Style That Works for You

Here’s the thing about budgeting. There’s not really a one-size-fits-all approach that works for every individual. Depending on your spending habits, financial goals, lifestyle, and your relationship with money in general, one budgeting tactic might make more sense for you than another. Let’s take a look at a few budgeting methods you can try.

Keep tabs on transactions with the envelope method

The envelope system is a simple budgeting approach that involves spending with cash instead of plastic.

If you budget $100 for eating at restaurants, put that amount into an envelope. When the money’s gone, you have to wait until next month to eat out again.

If you budget $200 for groceries, put $200 in a “grocery” envelope. If you’re at the checkout line and the total comes to $203, you’ll need to put something back.

The envelope method helps you be more strict with your budget. The pockets of cash are a visual and tangible reminder of how much money you’re dedicating to each area of your life.

Follow the 50/30/20 rule

Financial experts recommend the 50/30/20 guideline as a basic financial strategy, especially for young professionals. You can also use the new 50 30 20 budget calculator to help create your new budget.

The rule says that you should allocate a 50%, 30%, and 20% of your income to the following categories:

  • Essentials: 50%
         -Rent/Mortgage
         -Utilities
         -Debt payments
         -Bills
         -Groceries
  • Personal Expenses: 30%
         -Entertainment
         -Dining out
         -Date night
         -Shopping for non-essential items
  • Savings: 20%
         Emergency savings
         -Retirement account
         -Travel fund
         Rainy day fund

50/30/20 Calculator

50/30/20 Budget Calculator
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Consider a zero-based budget

With the zero-based budget technique, each month begins and ends with zero dollars. When you build out your zero-based budget, every dollar has a purpose. Let’s take a look at a sample budget using the zero-based method. If you make $3,500 every month, attribute each dollar to an expense. You might put $1,750 toward living expenses, $700 toward paying off debt, and $1,050 toward personal expenses like going to the movies or saving for vacation. At the end of the month, your balance is zero, because every dollar is accounted for.

Keep in mind, the zero-base doesn’t mean you’re spending every dollar that you earn, but rather, that each one is allocated to a different category—savings account included!

Selecting a Budgeting Tool That Suits Your Lifestyle

As we mentioned before, the one-size-fits-all methodology is a no-go when it comes to personal budgeting. Your financial situation is completely unique to you whether we’re talking about your income, expenses, or your financial goals, so it only makes sense to tailor your budgeting strategy to your individual preferences.

Here are a few tips to help you find a budgeting tool that makes sense for you:

  • Read reviews, or ask around: Although money can be considered a taboo topic, that doesn’t mean you need to tip-toe around budgeting techniques in your relationship or with your friends. You probably trust their opinions more than anyone else, after all. See which tools they use and ask what they like and don’t like about their current budgeting method. 
  • Test it out: Before buying into any paid budgeting subscriptions, give the free trial a go. This way, you’ll be able to familiarize yourself with the features and decide if it’s a tool you’d continue using.
  • Consider compatibility: If you’d like to automate your expense tracking, make sure that the budgeting tool you want to use can be integrated with your bank and credit card issuers.
  • Use a template or tool tailored to your needs: Depending on your financial circumstances, you may need a simple budget, or one that’s specific to your income and expenses. Or perhaps you’ll need additional functionality like investment capability or the ability to make peer-to-peer transactions. According to a recent survey, 55% of Americans use a full-service banking app. As you select a budgeting tool, consider how you’ll use it and how the tool fits into your lifestyle and financial goals. Our budget templates include the following categories:

Common Budgeting Obstacles and Mistakes

Before you set sail on your journey towards better budgeting, it’s time to talk about some of the obstacles you may encounter on your way. Like most things in life (or the sea in this case), budgeting isn’t always clear-cut—there can be aspects that are difficult or ambiguous. Factoring in random, one-time expenses or calculating a part-time gig can complicate your budget, but trust us, your voyage can (and must) continue! Here are a few tips to ensure you have the most accurate budget—no matter the circumstance.

1. Estimating irregular income

If you’re a freelancer or work a side hustle, you likely have an irregular income that can be hard to predict. In these cases, it’s best to estimate a conservative (low) amount, so you don’t overspend. Review the past 3-6 months of income and watch for any patterns. Can you find an approximate hourly rate or weekly rate for what you bring in? If you’re new to a job, like being a waitress, ask a coworker how much they typically make in tips to help you forecast your monthly tip outs. Above all, do your best to create an income estimate—knowing you can tweak it along the way.

2. Paying for emergency expenses

Unfortunately, accidents and unexpected bills happen to everyone. From car troubles to job loss and medical expenses, emergencies can be expensive and having a backup emergency budget can help cut down expenses. An unexpected bill can throw off our budget, and set you back. If an incident does occur, try to factor the expense into your budget while paying your other bills. For instance, you may want to cut back on dining out for the month, or pick up an extra shift to help you cover a bill. If you can, build an emergency fund into your budget to safeguard your finances against future unexpected situations. 

3. Forgetting one-time expenses

Items like annual memberships, vacations, and gifts for family and friends are often forgotten when creating budgets. If you can, set aside a small amount of cash every month for these extra expenses. You can estimate the expected cost for the year and account for them in your monthly budget. For example, if you typically spend $300 on Christmas gifts, set aside an extra $25 every month to account for these added expenditures. By the time December comes, you’ll have the cash available to spend on gifts.

Key Takeaways: Budgeting 101

  • Creating a budget is really as simple as following these five steps:
    • Calculating your take-home pay
    • Estimating your expenses
    • Setting savings and debt payoff goals
    • Recording your spending
    • Tracking your progress
  • To find the right budgeting method and tools for you, consider compatibility, ask around, and try out different options
  • Avoid budgeting pitfalls by preparing for unexpected circumstances and tailoring your budgeting strategy as needed

Sign up for Mint to help you stick to your budget and goals

Let the Mint app do the heavy lifting for you. It can calculate your income, total your spending by category, and help you conquer your savings goals. Tracking expenses with the app is simple and accessible—no matter where you are. 

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Source: mint.intuit.com

Alternative Credit Data – Lexington Law

Many people assume that you automatically receive a credit report when you’re born or turn 18, but this is far from the truth. The three major credit bureaus (Experian, TransUnion and Equifax) don’t open a credit file on you until you apply for and start using a form of credit. Some people may live several years into their adult lives without ever getting to this point. There is a financial term for people who have little or no credit—they’re known as credit invisibles.

As of 2019, there was an estimated 26 million adults in the United States with a thin or stale credit score. Unfortunately, these people can find themselves facing denials on credit applications or approvals with incredibly high interest rates. In fact, a low or nonexistent credit score can stop a person from getting credit cards or loans, being approved for a mortgage or even getting hired for a job.

In response to this gap that’s leaving millions of Americans in a tough predicament, alternative credit data is becoming more popular.

What is alternative credit data?

Alternative credit data is information that allows lenders to have more insight into a person with a limited credit profile. Traditional credit data looks at factors such as:

  • Credit card history
  • Loan and loan repayment history
  • Mortgage history
  • Credit inquiries
  • Public records, such as bankruptcy files

In comparison, alternative credit data looks at:

  • Rent payments
  • Utility payments
  • Cell phone payments
  • Payments for cable television
  • Payments for subscription services, such as Netflix
  • Money management markers (the amount of money in your savings, frequency of withdrawals and deposits and how long your accounts have been open)
  • The value of owned assets, such as cars or property
  • Payments on alternative lending methods such as payday loans, rent-to-own payments, installment loans, auto title loans and buy-here-pay-here auto loans
  • Demand deposit account (DDA) information (recurring payment deposits and payments, average account balance, etc.)

This alternative credit data is valuable information that can provide a clear picture of how risky a consumer is. For example, if a person has never missed a payment or made a late payment on their rent, has a decent amount of savings in their account and has steady recurring income, then you know they’re responsible with their money. Alternatively, a person who frequently makes late rent and cell phone payments will likely behave the same with credit payments.

How can alternative credit data be helpful?

Alternative credit data can give you a score if you don’t have one or boost your current score. Many people have ended up—either intentionally or unintentionally—as credit invisible. This means FICO doesn’t have enough information on them to determine a credit score.

After opening your first credit account, you’ll have to wait another six months before FICO issues a credit score on your profile. This is because the system needs at least six months’ worth of data to establish a pattern of behavior.

People can become credit invisible for various reasons. They could have spent years in a mostly cash job, such as serving or bartending, and never bothered to open credit. Or maybe they were scared of debt and avoided credit to avoid temptation.

Whatever the reason, credit invisible people can’t get very far without traditional credit data to back them up. Having no credit data is like a vicious cycle—it’s challenging to get approved for credit products without having credit information. So these people struggle to improve their thin profiles even when they want to.

However, in recent years, alternative data has grown in popularity because lenders have started to see this market segment’s value. It was previously assumed that those with thin credit were risky individuals. Now, it’s become more and more apparent that many of these people are potentially safe individuals who would be responsible with credit.

Does alternative credit data really work?

Yes, alternative credit data really works and is used by major credit bureaus and lenders. Additionally, alternative credit data is recognized by the Equal Credit Opportunity Act (ECOA). The ECOA requires that all credit scores:

  • Prove the scoring model can accurately predict risk
  • Don’t discriminate against any protected class based on marital status, gender, race, religion, sexual orientation, etc.

Alternative credit data can help both consumers and businesses. It gives more credit opportunities to the credit invisible who have a track record of being financially responsible. Of course, some people with thin credit profiles are high risk. But a report titled “Research Consensus Confirms Benefits of Alternative Data” found that a significant portion of credit invisible people are low to moderate risk.

Options for alternative credit data

There are a few options when it comes to alternative credit data.

UltraFICO

In 2018, FICO introduced its UltraFICO score to help those with a thin or nonexistent credit profile. Consumers simply need to link their bank accounts with their FICO score to provide additional indicators of sound financial behavior. If a consumer is financially responsible, they might see an increase in their FICO score. This is a free service and only requires a voluntary opt-in.

Experian Boost

In response to UltraFICO, Experian quickly followed and introduced its Experian Boost service. This free service allows consumers to link their bank accounts to their Experian profile to provide the credit bureau with more financial information. Experian says that, on average, consumers saw a 13-point increase in their credit score with Experian Boost.

Note that to benefit from this service, the lender you’re using will need to pull FICO Score 8 or higher and use Experian as the credit bureau of choice.

Level Credit

Level Credit is a company that promises to help “consumers build the credit they deserve.” Through Level Credit, consumers can link their bank accounts and have their rent payments reported in their credit profile. Level Credit verifies the payments and reports it to the credit bureaus on your behalf.

It’s important to note that to benefit from alternative credit data, you’ll have to use a lender that is willing to or already does use this type of information when evaluating potential borrowers. While many lenders are slowly starting to adopt these alternative scores, it’s not completely widespread across all credit lenders yet. Consider asking your lender up front if they consider alternative credit data before you apply with them.

How does your credit look?

Now that you know what alternative credit data is, it’s time to decide if you need it. First, know where your credit stands. Get a copy of your credit report and credit score. If you have a thin profile or a low credit score, you may need alternative credit data. Remember that alternative credit data will only benefit you if you’ve been responsible with payments.

Even if you’re relying on alternative credit data right now, it’s never too early to start building up your traditional credit data. You can improve your credit score by making payments on time, reducing your debt and keeping your credit utilization ratio low. Starting these behaviors early will also set you up for success so you’re always making financially sound decisions.


Reviewed by Vince R. Mayr, Supervising Attorney of Bankruptcies at Lexington Law Firm. Written by Lexington Law.

Vince has considerable expertise in the field of bankruptcy law. He has represented clients in more than 3,000 bankruptcy matters under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Vince earned his Bachelor of Science Degree in Government from the University of Maryland. His Masters of Public Administration degree was earned from Golden Gate University School of Public Administration. His Juris Doctor was earned at Golden Gate University School of Law, San Francisco, California. Vince is licensed to practice law in Arizona, Nevada, and Colorado. He is located in the Phoenix office.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

Alternative Credit Data

Many people assume that you automatically receive a credit report when you’re born or turn 18, but this is far from the truth. The three major credit bureaus (Experian, TransUnion and Equifax) don’t open a credit file on you until you apply for and start using a form of credit. Some people may live several years into their adult lives without ever getting to this point. There is a financial term for people who have little or no credit—they’re known as credit invisibles.

As of 2019, there was an estimated 26 million adults in the United States with a thin or stale credit score. Unfortunately, these people can find themselves facing denials on credit applications or approvals with incredibly high interest rates. In fact, a low or nonexistent credit score can stop a person from getting credit cards or loans, being approved for a mortgage or even getting hired for a job.

In response to this gap that’s leaving millions of Americans in a tough predicament, alternative credit data is becoming more popular.

What is alternative credit data?

Alternative credit data is information that allows lenders to have more insight into a person with a limited credit profile. Traditional credit data looks at factors such as:

  • Credit card history
  • Loan and loan repayment history
  • Mortgage history
  • Credit inquiries
  • Public records, such as bankruptcy files

In comparison, alternative credit data looks at:

  • Rent payments
  • Utility payments
  • Cell phone payments
  • Payments for cable television
  • Payments for subscription services, such as Netflix
  • Money management markers (the amount of money in your savings, frequency of withdrawals and deposits and how long your accounts have been open)
  • The value of owned assets, such as cars or property
  • Payments on alternative lending methods such as payday loans, rent-to-own payments, installment loans, auto title loans and buy-here-pay-here auto loans
  • Demand deposit account (DDA) information (recurring payment deposits and payments, average account balance, etc.)

This alternative credit data is valuable information that can provide a clear picture of how risky a consumer is. For example, if a person has never missed a payment or made a late payment on their rent, has a decent amount of savings in their account and has steady recurring income, then you know they’re responsible with their money. Alternatively, a person who frequently makes late rent and cell phone payments will likely behave the same with credit payments.

How can alternative credit data be helpful?

Alternative credit data can give you a score if you don’t have one or boost your current score. Many people have ended up—either intentionally or unintentionally—as credit invisible. This means FICO doesn’t have enough information on them to determine a credit score.

After opening your first credit account, you’ll have to wait another six months before FICO issues a credit score on your profile. This is because the system needs at least six months’ worth of data to establish a pattern of behavior.

People can become credit invisible for various reasons. They could have spent years in a mostly cash job, such as serving or bartending, and never bothered to open credit. Or maybe they were scared of debt and avoided credit to avoid temptation.

Whatever the reason, credit invisible people can’t get very far without traditional credit data to back them up. Having no credit data is like a vicious cycle—it’s challenging to get approved for credit products without having credit information. So these people struggle to improve their thin profiles even when they want to.

However, in recent years, alternative data has grown in popularity because lenders have started to see this market segment’s value. It was previously assumed that those with thin credit were risky individuals. Now, it’s become more and more apparent that many of these people are potentially safe individuals who would be responsible with credit.

Does alternative credit data really work?

Yes, alternative credit data really works and is used by major credit bureaus and lenders. Additionally, alternative credit data is recognized by the Equal Credit Opportunity Act (ECOA). The ECOA requires that all credit scores:

  • Prove the scoring model can accurately predict risk
  • Don’t discriminate against any protected class based on marital status, gender, race, religion, sexual orientation, etc.

Alternative credit data can help both consumers and businesses. It gives more credit opportunities to the credit invisible who have a track record of being financially responsible. Of course, some people with thin credit profiles are high risk. But a report titled “Research Consensus Confirms Benefits of Alternative Data” found that a significant portion of credit invisible people are low to moderate risk.

Options for alternative credit data

There are a few options when it comes to alternative credit data.

UltraFICO

In 2018, FICO introduced its UltraFICO score to help those with a thin or nonexistent credit profile. Consumers simply need to link their bank accounts with their FICO score to provide additional indicators of sound financial behavior. If a consumer is financially responsible, they might see an increase in their FICO score. This is a free service and only requires a voluntary opt-in.

Experian Boost

In response to UltraFICO, Experian quickly followed and introduced its Experian Boost service. This free service allows consumers to link their bank accounts to their Experian profile to provide the credit bureau with more financial information. Experian says that, on average, consumers saw a 13-point increase in their credit score with Experian Boost.

Note that to benefit from this service, the lender you’re using will need to pull FICO Score 8 or higher and use Experian as the credit bureau of choice.

Level Credit

Level Credit is a company that promises to help “consumers build the credit they deserve.” Through Level Credit, consumers can link their bank accounts and have their rent payments reported in their credit profile. Level Credit verifies the payments and reports it to the credit bureaus on your behalf.

It’s important to note that to benefit from alternative credit data, you’ll have to use a lender that is willing to or already does use this type of information when evaluating potential borrowers. While many lenders are slowly starting to adopt these alternative scores, it’s not completely widespread across all credit lenders yet. Consider asking your lender up front if they consider alternative credit data before you apply with them.

How does your credit look?

Now that you know what alternative credit data is, it’s time to decide if you need it. First, know where your credit stands. Get a copy of your credit report and credit score. If you have a thin profile or a low credit score, you may need alternative credit data. Remember that alternative credit data will only benefit you if you’ve been responsible with payments.

Even if you’re relying on alternative credit data right now, it’s never too early to start building up your traditional credit data. You can improve your credit score by making payments on time, reducing your debt and keeping your credit utilization ratio low. Starting these behaviors early will also set you up for success so you’re always making financially sound decisions.


Reviewed by Vince R. Mayr, Supervising Attorney of Bankruptcies at Lexington Law Firm. Written by Lexington Law.

Vince has considerable expertise in the field of bankruptcy law. He has represented clients in more than 3,000 bankruptcy matters under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Vince earned his Bachelor of Science Degree in Government from the University of Maryland. His Masters of Public Administration degree was earned from Golden Gate University School of Public Administration. His Juris Doctor was earned at Golden Gate University School of Law, San Francisco, California. Vince is licensed to practice law in Arizona, Nevada, and Colorado. He is located in the Phoenix office.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

Spring Wedding? Tips on Saving Money on Your Destination Wedding

Are you planning for a spring wedding? You are not alone; many love birds like planning their destination wedding for this time of the year. Spring is that unique season of the year where love is in the air, flowers are blooming as plants are blossoming.

Unfortunately, a wedding budget can kill your dream of a spring wedding before it sees the light of day. The question is; can you still enjoy an awesome wedding on a tight budget? Indeed you can. Our tips on saving money on your destination wedding have got you covered.

Spring Destination WeddingSpring Destination Wedding

Choose a Resort Offering an All-Inclusive Bundle

All-inclusive wedding bundles will enable you to get a flat rate on your whole wedding package. In fact, they can save you hundreds and even thousands on your wedding if done right.

These bundles may include food, sporting activities, drinks, makeup services, spa services as well as other guest events. As for drinks, you can have any of the three below:

  • Cash bar
  • Open bar
  • Consumption bar

A consumption bar can help you strike a balance between your guests getting some free drinks and paying for extra ones. You can make the bar open to your guests but set a spending threshold or a time limit with the owner. If the guests hit the limit or reach the set time, it can then be converted to a cash bar. This will save you money.

Another advantage of wedding bundles is that costs involving decoration, parking, photo sessions, and transport are reduced since your location is the same.

Combine Your Wedding and Honeymoon

Some resorts will offer you incentives and discounts if you combine your wedding with your honeymoon. Having your destination wedding and your honeymoon in the same location will help you save on traveling and other costs

You should, however, visit the place prior to the wedding to make sure it is diverse and interesting enough for both occasions. Another way to save would be to pack travel-sized items that you will need for your honeymoon to avoid buying from vendors.

Slash your Guests List

Naturally, a destination wedding doesn’t attract hundreds of guests; this ultimately reduces the financial pressure that comes with your wedding. Still, if there is a way you can further slash the guest list, do it by all means. 

Select an Offseason Date For Your Wedding.

Offseason wedding dates attract low rates and costs charged on weddings by resorts. Find out places which offer discounts for weddings on certain dates. As good as it sounds to your pocket, it is important to make sure that the dates you choose for your wedding won’t lead to a low turnout.

Additionally, for wedding festivities, you can choose a weekday to ensure even as guests come they won’t be overstaying as they also need to get back to their commitments.

You can also save your wedding costs by scheduling your wedding for a less traditional time of day. If for example the ceremony is planned for a weekday afternoon, the venues will charge less as compared to a Saturday afternoon event. Your guests might even drink less.

Consider Local Lenders for Your Wedding Supplies

Not everything you need for your destination wedding can be found where you are going to wed. You may need additional items and services. Consider local vendors who can offer reasonable prices from the wedding location rather than bringing vendors from home.

If you come with your vendors you have to cater for their travel and accommodation costs. Furthermore, if they are bringing items with them to a different country, you will have to cover the shipping cost directly or they will be indirectly included when you get priced.

Make sure you get recommendations from family and friends about the best vendors from where you are going to wed. You can also use Google and social media to find good vendors in advance.

The Take-Away

Destination weddings are the trend nowadays; this doesn’t mean you need to break the bank to have one. With proper planning, flexibility, and any of the above tips that suit you, you can whisk your love away to say ‘I Do’ in a destination of your dreams.

Source: creditabsolute.com

The Power of Compounding: Time Is on Your Side

There’s no time like the present to start saving for retirement. We’re going to show you why you are a more powerful saver today than you will ever be again.

It’s about time and the power of compounding.

Compounding: Your money works for you

Compounding refers to how you can make money on an investment and then make more money on your profits. Let’s say you have an Individual Retirement Account (IRA) and begin by investing $5,500, the annual maximum that people younger than 50 can contribute to a Traditional or Roth IRA in 2017 and 2018. If that account hypothetically returns 5% year after year, your account balance would grow by $275 during the first year. Each year after that, you’d start with a larger balance, so the 5% hypothetical return would generate more dollars. In the second year you’d collect almost $289 and in the third year, over $300. At an annual return of 5%, $5,500 would compound into $8,959 in 10 years, $14,593 in 20 years and $38,720 in 40 years.

You will hopefully keep adding to your retirement account year after year. This illustrative chart shows how an annual contribution of $5,500 that returns a steady 5% a year could produce a nest egg of nearly $700,000 after 40 years.

Future-Value-Calculation

Embrace your long horizon

Pat yourself on the back if you can contribute to a retirement account now, regardless of how much you are able to contribute. 10 or 20 years from now, you may have a lot more money to set aside, but you will also have 10 or 20 fewer years for it to potentially grow. The dollars you put in an IRA now can have the potential to grow for more years than dollars you will set aside later on.

Honest Dollar by Goldman Sachs

Honest Dollar is a digital retirement savings provider. Since 2015, we’ve worked to deliver an easy way for individuals to set money aside for the future. Honest Dollar offers easy-to-use and low-cost retirement savings options, so you can save whatever amount is right for you. Honest Dollar benefits from Goldman Sachs’ 148-year history of financial experience, risk management and customer service.

Get started now

Goldman Sachs & Co. LLC (“GS&Co.”) does not provide accounting, tax or legal advice. Nothing communicated to you on this website should be considered tax advice. You should consult an independent tax professional regarding your personal circumstances. This material is provided solely on the basis that it is educational only and will not constitute investment advice. GS&Co. is not a fiduciary with respect to any person or plan by reason of providing the material or content herein.
Advertiser Disclosure: The IRA offers that appear on this site are from IRA companies from which Intuit receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear. Intuit does not include all IRA companies or all available IRA offers.
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Source: mint.intuit.com