By Holly Reisem Hanna Dear Work at Home Woman, I came across your site when searching for mommy-friendly jobs and just love your content. I am a new mommy to a 2-month-old, and I’m having a hard time prepping to go back to my 9-5 job with an hour and a half commute each way. I […]
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Bet you didn’t know: October is National Cookie Month!
It’s become a bit of a joke — and lamentation — at TPH headquarters that, although this sacred month is more than halfway over, we’ve seen absolutely zero deals on cookies.
Talk about disappointment. What kind of national celebration is that?
So when we (finally!) heard about this free cookie offer from Mrs. Fields, we were duly delighted.
That’s when we discovered the free cookie isn’t even the best part.
Our long-awaited free cookie deal comes as part of Mrs. Fields #ShareYourHero contest, an amazing chance to honor that insurmountable someone you know whose valiant efforts, although impactful, may not be recognized.
It’s simple: Tell your hometown hero’s tale and you’ll score a free cookie, a coupon and the chance to have your hero publicly recognized — to the tune of a $5,000 donation to their charity of choice, plus a $1,000 check in their name and a community event in their honor.
Maybe it’s a local police officer or firefighter who puts their life on the line every day to keep the community safe.
Maybe it’s a neighbor who finds time to volunteer at the local homeless shelter, even though they’re also raising a family on their own and working full time — and holding down a side gig.
Or maybe it’s your mom. (That’s who I entered… and she totally deserves it. Hi, Mom!)
No matter who your hometown hero is, their story will be judged on the criteria of “selflessness, humility, impact and courageousness” — so feel free to wax poetic about their awesomeness!
And do it quickly: The contest closes at 11:59 p.m. ET, Oct. 31.
On Nov. 1, judges will select 10 finalists and post their stories here for a weeklong public vote. Then, the final winner will be chosen, notified and deservedly celebrated.
Meanwhile, you’ll be chowing down on the free cookie you’ll receive in the mail when you enter or the 8-ounce box of ‘em you’ll score for a buck off with the resultant coupon.
Unfortunately, the deal is open only to the lower 48 U.S. states, meaning of Penny Hoarders in Hawaii and Alaska cannot get the freebies.
But no matter where you live, you can (and should!) take the opportunity to let your local hero know you appreciate them.
Heck, maybe even bring them a tray of fresh, warm cookies — although with the dearth of National Cookie Month deals, you’ll probably have to bake them yourself.
Your Turn: Who’s your hometown hero? Why?
Jamie Cattanach is a staff writer at The Penny Hoarder. Her writing has also been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.
The post Here’s a Heartwarming Way to Score a Free Cookie (and Maybe $1,000) appeared first on The Penny Hoarder.
This is a universal narrative, in my opinion.
You’re headed out to a concert, sporting event or festival. You’re scrambling to get ready and are about to run out the door. Wait, the tickets!
You open your laptop. Dead. Once it charges up, click “print.” Printer out of ink. Paper jams.
OK, maybe this is worst case scenario, but I swear it always happens to me.
That’s why Brad Griffith created Gametime, a nifty mobile tool that keeps all of that buying, selling and printing mess behind a screen. The tool has launched in 35 cities and continues to grow.
Which means, the company’s hiring! Gametime needs full-time, work-from-home fan happiness associates.
The company needs associates in Florida, Hawaii, Arizona, New Mexico, Tennessee, Utah and North Carolina.
“Deliver WOW Through Service,” the job listing states.
But what’s that mean?
Well, you’ll help Gametime customers by answering any phone calls, emails or texts with questions relating to the app. You might discuss new orders, returns or the event’s logistics.
You also might need to make a call or two — but only to follow up on customer questions.
The Gametime team needs someone who loves sports and music events.
“It’s OK if you aren’t a big sports buff but you gotta know how the experience works,” the listing states.
You should have some experience in customer support, with solid communication skills and “ninja-like” internet abilities.
You also should be self-motivated and flexible — “the flexibility of a professional athlete… well when it comes to your availability to work that is…”
Right now, Gametime is looking at its busiest time of year, so gear up.
A college degree is also required, as is a familiarity with Windows and Zendesk (or other ticketing systems).
The team is 100% remote, so you’ll work from home.
However, Gametime won’t leave you all alone. You’ll have weekly meetings with your manager to ask any questions and go over your performance.
The gig begins Jan. 23, 2017. You’ll work eight-hour shifts — lunch break included — so about 40 hours a week.
During the application process, you’ll select which shift you prefer (Pacific times): 5 a.m. to 1:30 p.m., 11:30 a.m. to 8 p.m. or 1:30 p.m. to 10 p.m. .
You’ll work weekends and holidays (but this begins after the bustle of Thanksgiving and Christmas!).
You’ll also have two weeks of paid training from 8 a.m. to 4:30 p.m.
Oh, yeah — and the pay. It’s $15 an hour, or $18 an hour if you can speak English and Spanish. You’ll also be eligible for benefits.
Interested in joining the team? Apply online.
If you want to find more work-from-home jobs, visit our Facebook jobs page.
Your Turn: Are you applying to this work-from-home job?
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. After recently completing graduate school, she focuses on saving money — and surviving the move back in with her parents.
The post Gametime’s Hiring Work-From-Home Reps at Up to $18/Hr in 7 States appeared first on The Penny Hoarder.
Ever wonder if you’re getting paid enough?
Or maybe you feel like you’re cheating the system. Do you feel like there’s no way you deserve to get paid for what you are (or aren’t) doing?
As a workforce newbie, I’ve always pondered my worth. I especially wanted to know when I finished grad school: What the heck do I ask for when I’m negotiating a salary?
Sure enough, my hiring manager (hi, Lexi!) asked. It’s a tricky question — one you never know exactly how to answer, especially without much experience.
But of course there’s an app for that (now).
On Wednesday, Glassdoor released a tool called “Know Your Worth,” and sure enough, it’ll tell you.
Kind of.
You can download the app or simply use the online tool — the easier, less data-guzzling option.
Seriously, it’s so easy. Here’s how to use it:
I opted for email versus having my profile picture possibly floating around.
The information tidbits required are simple and not too invasive.
It includes employer name, location, job title, years of relevant experience, company size, company type, company sector, company industry and the company’s URL.
Then: Your base salary, pay period, currency and other compensation (think: bonuses).
More personal information follows, including your highest level of education, university name, major/concentration. Gender and birth year are optional.
I know… a pain.
Awkward. At first, Glassdoor told me it couldn’t generate my salary.
It suggested I choose an alternate job title. I chose “writer” versus “junior writer.”
Voilà.
It says I’m not paid enough. Awkward.
First, Glassdoor compares my salary to the writing market in St. Petersburg, Florida — my location. It says writers in my area make up to $74,000. Wowza.
However, Glassdoor then gives me more details. My market value was determined by 10 salaries submitted by people “similar to me” in the St. Petersburg area.
It also told me there are 70 similar jobs open for me in the area in case I’m super dissatisfied, apparently. No thanks.
So before going to my — or your — manager up in arms, consider who or what you’re being compared to and the other “similar” companies in your area. Perhaps if you’re in an industry or an area not as niche as mine, it’ll be more accurate.
Frankly, I’m stoked with my pay, but it’s still a fun tool to play with and worth the five minutes it takes to pop in the info.
Your Turn: Are you paid more or less than what you’re worth, according to Know Your Worth?
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. After recently completing graduate school, she focuses on saving money — and surviving the move back in with her parents.
The post This New Tool Helps You Find Out What You Should Actually Be Getting Paid appeared first on The Penny Hoarder.
Some 750,000 people who have fallen behind on their mortgage repayments could be due redress, after the Financial Conduct Authority (FCA) found they may have had their outstanding debts unfairly processed by mortgage lenders.
Have you ever been excited about something only to realize it’s not what you think?
Time and time again, this kind of scenario happens in our lives. A recent trip I took with my wife is the perfect example of how a dream can fall short of reality.
I was traveling to New York City to work on a long-term project, but decided to switch things up. To transform this trip from work-only into something fun, I chose to bring my wife along.
Since this trip was booked by a client, I didn’t have a lot of choice in where we stayed. Still, I was pumped about the trip and optimistic about how it would pan out. My wife and I looked at the brochures for our hotel before we left, and were extremely excited by what we saw. Not only was our hotel in the middle of Times Square, but it looked fairly swanky and definitely on the higher end.
When we arrived though, our hopes for a blissful and upscale stay were quickly dashed. Outside of the fancy hotel lobby, the hotel wasn’t what it seemed. Our room was tiny and not nice at all; my wife and I couldn’t even fit in the bathroom at the same time. And although we were right in Times Square, our view overlooked a roof,a chain link fence, and some pigeons.
I distinctly remember my wife’s disappointed glance. “What is this?” she asked. “Where are we?”
It wasn’t the worst thing in the world. I mean, we’ve stayed in all kinds of lower end hotels and motels before.
The big difference is, we were sold an entirely different experience. We were sold luxury, opulence, and big time New York City living, when what we actually received was quite the opposite.
You’re probably wondering what this has to do with investments, and you’re right to wonder. Remember how some things aren’t even close to how they seem?
Unfortunately, a lot of investing scenarios turn out similarly, especially when we talk about annuities. When you sit down with a financial advisor to talk about buying an annuity, you’re often sold a scenario that isn’t exactly what it seems.
I have experienced this situation far too many times when working with a new client. In each case, a client was being sold an annuity based on wild assumptions, only to end up on my doorstep shortly after.
It usually starts like this. A new client has been looking for principal protection and guaranteed income. Once they began talking with their old financial advisors, they were presented with the idea of an annuity and given an annuity illustration that highlighted what was probably the best case scenario. In case you’re unaware, an “annuity illustration” is a packet of information that shows what kind of return an annuity could potentially bring.
The key word here is “could.” With an annuity illustration, you’re basically looking at projections for the underlying investments in an annuity. Projections – not guarantees.
Understanding how annuities work is another important piece of this puzzle. Basically, an annuity is a contract between you and an insurance company that says they’ll provide you with a certain amount of steady income at some point in the future. Annuities come in three main varieties – fixed, indexed and variable. While a fixed annuity offers a fixed rate of return, indexed annuities offer a guaranteed minimum return and a fluctuating benefit based on the performance of underlying investments.
It’s the variable annuities that catch people off guard the most and create the “Annuity Illustration Option Illusion” we’re getting ready to talk about. With a variable annuity specifically, your entire return is based on the performance of the underlying investments in your subaccount. This means more risk, but it also means you have more potential for return.
This is where optical illusions come into play. When a financial advisor is trying to sell a variable annuity, they’ll create an illustration that shows potential return. Whenever you get these illustrations, they are at least twelve or fourteen pages long. I mean, there are so many disclosures and disclaimers along with so much fine print that nobody reads.
A lot of times, the mutual funds offered in the subaccount of variable annuities aren’t that great. There are always exceptions to that, but the ones we’ve stumbled upon during the past few years haven’t been stellar. And we haven’t even gotten into the costs of variable annuities. Most of the time, variable annuities cost anywhere from 2 – 3.5% and sometimes higher.
It’s these illustrations that are worrisome, mostly because we tend to focus on the numbers presented and not on reality. An annuity illustration might project you’ll earn 8 percent return on your money and a specific return for the rest of your life. A lot of times, this projection is based on everything under the sun going right, and nothing going wrong. In other words, they offer the best case scenario only.
Regrettably, most annuity illustrations don’t outline ongoing fees properly, either. So you might fixate on your supposed return without even knowing how much you’ll pay along the way.
Annuity clients may also not understand the word “potential.” With an annuity illustration, you’re shown your potential earnings based on a projection. In reality, your return may not end up being anywhere close to that – especially after you deduct the outrageous fees we talked about.
The “Annuity Illustration Optical Illusion” can be costly if you fall for it. So, how can you avoid becoming a victim? And what should you watch out for as you search for investments that provide both guaranteed income and principal protection?
I reached out to several other financial advisors to get their take on annuities. Based on their advice, these are some of the common mistakes people make when looking at annuities:
A lot of times, annuity illustrations use past performance to project future results. Since past performance isn’t a good indicator of what the future holds when it comes to investments, this is a mistake.
As an example, “don’t fall for an annuity illustration that uses historic bond performance,” says Jose V. Sanchez, financial contributor for LifeInsuranceToolkit.com.
“This is misleading as it is nearly mathematically impossible today. There is little hope that interest rates could decrease in the way the illustration suggests. We are no longer in the decreasing interest rate environment where these bond-based portfolio illustrations achieved their attractive returns.”
“Some of the biggest mistakes investors make when purchasing a Variable Annuity is not truly understanding the product,” says Joseph A Carbone, Founder and Wealth Advisor of Focus Planning Group in Bayport, New York.
“More often than not, when I speak with a client or prospect that purchased an annuity from another institution, they do not really understand the product and they are sold on the features of the contract.”
As an example, the guaranteed income riders referred to as GMIB or GMWB sound amazing. They will guarantee a specific growth on the benefit base each year and then guarantee an income stream for the reminder of their life.
“But most clients do not understand if they want to take out more than the income benefit schedule those guarantees go away,” says Carbone. “Or that they are paying almost 4% in fees per year to have this guarantee.”
“Watch out for variable annuity illustrations that show above average market performance without clearly disclosed fees,” says Minnesota Financial Advisor Jamie Pomeroy.
Brokers who sell variable annuities with an “account value” and a separate “benefit base” are notorious for illustrating and emphasizing the success of the contract based on high average market performance, he notes.
“They illustrate your benefit base, or your future income amount, increasing dramatically based on market performance, not worst-case, or even an average-case scenario” he says. To find all of the fees involved, however, you’ll have to dig or ask specifically.
While annuity fees are often hidden deep in the fine print, one fee in particular is an especially important consideration, says Russ Thornton, founder of Wealthcare for Women.
“One fee that is pretty clear if you look for it is that your money will likely be tied up in this annuity for 6-8 years (or more) unless you’re willing to pay hefty fees to get your money back out,” says Thornton. “The companies that manufacture these products do this so they can earn back the money they paid in commissions to the insurance agent that sold you this product to begin with.”
According to North Dakota Financial Advisor and host at Retirement Starts Today Radio Benjamin Brandt, many variable annuity brochures paint a picture that doesn’t even make logical sense.
“Let’s take a 5% guaranteed income payout for example; the contract will send you 5% of your accumulated benefit each year as retirement income. Seems simple enough, but once we add the 2-3% per year in hidden fees, things seem less clear. M&E expense, rider fees, sub-account expense ratios, administrative fees, all start to add up. Add the hidden fees to your guaranteed payout, your contract could start the year 8% in the red!”
This is where the ‘smell test’ is helpful. What is the likelihood that a 60% stock 40% bond portfolio (generally the mandatory investment mix) will consistently produce an 8% return? Possible, but not probable.
“Toss in an economic downturn and you will be left with level payments for life, not the ever-increasing income illustrated in the glossy sales brochure your agent showed you,” says Brandt.
None of this is to say that all annuities are bad. In the real world, there are plenty of scenarios where buying some type of annuity is the smartest move.
“If you have contributed the maximum amount to your tax-advantaged retirement accounts and still have money you would like to earmark for retirement, you might consider taking advantage of a low-cost deferred variable annuity,” says San Diego Financial Planner and founder of Define Financial Taylor Schulte. “It can serve as another tax-deferred savings vehicle for your long-term goals.”
Of course, there may be additional instances where an annuity is a smart buy as well. As with any other type of investment, an array of factors and individual client details come into play when it comes to figuring out the best way to invest.
Still, it’s crucial to investigate annuities before you buy. Most importantly, you should understand the array of fees you’re paying to secure a guaranteed income stream for life. Second, you should take a closer look at any illustrations you’re presented to see if they pass that ‘smell test’ we’ve talked about.
Also remember this often repeated rule of the universe when it comes to annuities and illustrations:
If something sounds too good to be true, it probably is.
Up to four million TalkTalk customers will be hit with inflation-busting price hikes from 4 November, but you can cancel penalty free as a result.
The provider is increasing the cost of a number of packages, including line rental, from 4 November, while certain call costs will rise from 1 December. The cost of cancelling your contract early is also rising from 4 November.
Daniel writes in with one of those reader mailbag questions that had an answer that kept growing and growing and growing until it became clear that it deserved an article of its own. Here’s the question:
Hi! Struggling a bit with changing around my food budget and thought you might help. I have a “side gig” as a mixed martial artist. I’m pretty much constantly training and eat 5-6K calories a day and try like crazy to eat a high protein diet. I drink protein shakes and such but I try to eat a lot of protein dense foods like steak.
Realized recently that I need to get my financial life in order so I started budgeting and realized I was spending $1,500 a month on food and barely eating out. I eat almost everything at home or else make it and take it with me.
I need some advice on how to keep up a high calorie and protein diet without spending so much money. I asked for some dietary suggestions at the gym and no one offered any useful ideas for really cutting costs.
That’s a lot of calories! I’m assuming that you have a good understanding of how to count calories and protein on your own without my help by using other tools and that you’re mostly just looking for high-protein foods with at least decent calorie density that are also inexpensive. I’m also assuming you understand your protein powder needs and know how to shop around for those.
Here are my suggestions for what foods to include in your diet.
Chicken A single cup of chopped cooked chicken meat contains 38 grams of protein. You can also often find a whole chicken on sale at the grocery store for less than $2 per pound. Put those two things together and you have yourself a spectacular bargain, probably the best food bargain on this list.
There are many, many ways to prepare a whole chicken. You can roast the whole thing. You can cut it into individual pieces and fry it or cook it in a slow cooker. You can de-bone the whole chicken and use the de-boned meat in countless other recipes. You can mix and match these things – remove the breasts and legs and cook them one way, then cook the rest of the meat for a soup or stew, for example.
You can, of course, get your chicken in other ways. You can buy specific parts at the grocery store at a bit of a premium price. It’s also quite easy to get whole rotisserie chickens at a pretty solid price – you can just take them home and eat them immediately. Still, you’re going to be hard-pressed to find a high-protein food bargain that beats a whole uncooked chicken.
Lentils and other beans A single cup of boiled lentils contains 18 grams of protein. You can get a one pound bag of dried lentils (which is about 2 1/3 cups) for less than a dollar at many grocery stores. Lentils double in size when cooked, so you’ll end up with just shy of five cups of cooked lentils for $1 and they’ll provide 90 grams of all-natural protein. That’s a very good bargain.
Lentils are incredibly flexible. They take on the flavor of almost anything you mix with them, so try things like chicken broth (you can actually make chicken broth really easy by just putting the chicken bones and scraps from your whole chicken in a slow cooker with several cups of water and letting it cook all day) and onions to add a ton of flavor to the lentils.
While lentils are probably the best bean bargain, almost any type of dried bean packs a protein punch at a nice price. I’m personally a huge fan of black beans; I love to cook them up with some onions and serve them as a side with almost anything, and I can get a pound of dried black beans for less than $2. Black beans roughly triple in size when you cook them, so you can get quite full on just a small portion of a bag of dried black beans.
Canned tuna and other fishes (like sardines, smelt, and salmon) A single 3 ounce can of tuna contains 25 grams of protein and, at my local grocer, you can buy a three pack of them for $1. That’s 75 grams of protein right there for just $1, served up naturally in your food.
Tuna is another very flexible food item. You can eat it straight from the can, serve it with crackers, mix it with mayonnaise to make a sandwich, put it on a salad – the possibilities are endless. It’s also incredibly convenient, since all you have to do is pop open the can.
The primary concern about tuna is that it does contain some amount of mercury in it. The EDF recommends eating canned light tuna once a week and canned white tuna a bit less frequently. They also encourage eating other canned fish, particularly salmon and sardines, as a replacement. While they do tend to be a bit more expensive, they’re still not pricy and they do add some variety to the mix.
Eggs Eggs are easily my favorite food on this list. You can get a dozen eggs at the store for $0.99 and each one contains 6 grams of protein, adding up to 72 grams across a full dozen. Again, that’s a cheap source of protein!
The thing I love about eggs is that there are nearly infinite ways to prepare them. You can hard boil them. You can poach them. You can scramble them. You can fry them with a bit of butter, a dash of salt, and some pepper. You can make them into an omelet. You can make a pretty mean egg salad. All of those things have vastly different flavor profiles and mix wonderfully with different foods to create a huge variety of meals.
I regularly eat a couple of poached eggs on an open-faced English muffin for breakfast, as it takes only a few minutes to prep and provides a very good protein boost in the morning for just a quarter or two. Put a little bit of salt and pepper on that (or a bit of cheese) and you’re talking a delicious hit of protein for breakfast.
Cottage cheese Cottage cheese is probably my second favorite item on this list. An ounce of cottage cheese has 3 grams of protein and you can get a 16 ounce container for about $1.50 to $2 depending on the local price, which provides 48 grams of protein.
Cottage cheese works as a simple side dish for many meals, with just a dusting of black pepper on top to flavor it. You can use it as an ingredient in lasagna, add fruit to it for a sweet treat, or use it instead of mayo in a tuna salad to make that tuna salad have enormous protein content.
A similar bargain in the dairy section comes from yogurt, which varies significantly in protein content but comes in a variety of flavors at a very low price for a good protein-rich snack. Yogurt containers are a very regular snack around our house, plus you can make pretty good homemade yogurt in the slow cooker overnight.
Peanut butter Peanut butter can be a little more expensive per gram of protein than other items on this list, but it’s still very inexpensive for the protein you get. An ounce of peanut butter contains 7 grams of protein and thus a 28 ounce jar – which can be had at my local grocer for $3.88 – contains 196 grams of protein. If you look at protein per dollar, that’s not much more than the other options on this list.
Peanut butter is another very flexible protein-rich item. You can use it on sandwiches, in stir fry, as an ice cream topping, as an additive to pancake batter, as a smoothie ingredient… the list goes on and on and on.
Other nut butters provide a similar protein boost, so if you can find them at a similar price as peanut butter, don’t be afraid to enjoy some almond butter or hazelnut butter as well.
These ingredients come together to form the backbone of a pretty inexpensive and pretty protein-rich diet. Many items on this list can be combined in various ways as well, creating distinct flavor combinations and the backbone of full meals. Try them all and see what works best for you. Good luck!
peanut butter – 28 oz jar for $3.88
The post High Protein, Low Budget appeared first on The Simple Dollar.
If you have an unsecured credit card of any kind, you’ve probably received those nifty balance transfer checks in the mail. From a distance, these checks appear harmless, and even helpful. Just write a check to yourself and deposit it in your own bank account. From there, you can use this money to pay off bills, make a purchase, or save up for an emergency.
Sounds good, right?
Unfortunately, the devil is in the details when it comes to balance transfer or “convenience” checks. While having the ability to write yourself a check for any amount might sound ideal, doing so means taking on more debt. Worse, balance transfer checks tend to tack on fees that make borrowing this money especially expensive.
Keep reading to learn more about balance transfer checks, how they work, and the pitfalls to avoid.
While credit card checks tend to look the same, they can come with very different offers. Certain credit card checks you get in the mail come in the form of a true balance transfer offer, for example. When that’s the case, writing yourself one of these checks means scoring 0% APR on those funds for anywhere from 12 to 21 months.
If you read all the details, however, you might find a nasty surprise. Where some balance transfers may be fee-free, others charge a balance transfer fee of up to 5% of your transferred balance upfront. If you write yourself a check for $5,000, for example, you’ll owe up to an additional $250 on top of the money you borrowed.
In certain cases, the checks you’ll receive in the mail don’t come with a 0% APR offer at all. Disguised as helpful balance transfer or convenience checks, they may actually just represent a cash advance. If you read the fine print on the offer, you may find you’re required to pay a cash advance fee of up to 5% to use your checks, then pay a higher interest rate to boot. Worse, credit card checks meant for a cash advance don’t offer a grace period at all. If that’s the case, interest will begin accruing on your balance the moment you deposit the check in your account.
The Consumer Financial Protection Bureau (CFPB) has warned of deceptive marketing practices with both balance transfer checks and cash advance checks in the past. These warnings are the result of concerns around “the marketing of credit card interest-rate offers such as balance transfers, deferred-interest offers, and convenience checks,” the CFPB says.
“Under these promotions, consumers are often charged a fee to transfer a balance or make a purchase with their credit card in order to receive a promotional interest rate on that amount for a set period of time,” writes the CFPB. “While consumers pay no interest or a low interest rate for balances subject to the promotion, any additional purchases consumers make with the credit card may incur interest charges right away.”
This is why it’s crucial to read the fine print on any offer you’re considering. No matter what, you should remember that 0% APR offers won’t last forever, and that every dollar you borrow must be repaid. In the case of cash advance checks, you’ll want to figure out exactly how much this loan will cost you. A lot of times, cash advances are incredibly expensive when you factor in upfront fees and ongoing interest charges.
If you truly need access to cash, a balance transfer check might not be the worst idea out there. Still, it’s important to read the fine print to figure out your interest rate and new loan’s terms before you sign on the dotted line. You should also determine whether you’ll pay an upfront fee to use a convenience check in the first place.
Also consider other loan alternatives that might leave you in a better spot once you factor in all interest charges and fees. In some cases, a personal loan from a bank or credit union might offer a better interest rate and terms.
If it’s a 0% balance transfer offer you’re after, you might do better signing up for a new balance transfer credit card with minimal fees and zero interest for the first year or more — it’s at least worth checking whether the offer you received in the mail is as good as other options out there. As always, you should compare offers, fees, and interest rates to find the best option for your needs.
A blank check in the mail might seem like a dream come true, but the charges you’ll pay can easily become a nightmare. Before you fill out a convenience check and cash it, ask yourself if it’s possible to avoid borrowing money altogether. Do you really need this cash, or could you make your finances work some other way?
If it’s possible to get by without taking on more debt, you should steer clear of convenience checks altogether. Remember, there’s nothing convenient about taking on more debt.
Have you ever used a convenience check? Why or why not?
Related Articles:
The post How Do Credit Card Balance Transfer Checks Work? appeared first on The Simple Dollar.
I’ve been trying to grow up.
So it only felt right to pair my first “real” job and sparkly new 401(k) (thanks, The Penny Hoarder!) with a savings account — especially after those extra nudges from my dad.
But I’ve had a savings account before, and it just didn’t work for me.
Keeping a minimum balance to avoid extra fees was tough — and the “interest” I was supposedly collecting was nearly nonexistent.
When my checking account dwindled and my savings remained stagnant, I decided to shut it down. How could I build any savings when I couldn’t even afford groceries?
Now equipped with a steady income, but wary of savings accounts, I was ready to search for another option.
Pronounced “capital,” Qapital describes itself as an “everyday banking app that helps you save for the things you want.”
I describe it as a money-saving game.
When I trigger certain “rules,” such as meeting my daily step goal or making a purchase from a particular retailer, Qapital moves a designated amount of money from my bank account into my FDIC-insured (yes, my funds are protected) Qapital account.
Although I’m not earning interest on that money, I’ve stashed away almost $700 in five months — easily.
This is one free app I didn’t give up on after five minutes due to complications or spontaneous combustion. It’s easy to use, even without reading the instructions (guilty!).
Even so, I’ve outlined some steps to help you get started.
First, download the app, and sign up. You can either use Facebook or set up an account with your email address. Either way, you have to be at least 18 years old.
Next, link your checking account, which Qapital will verify before you can begin saving. This can take up to three days, and you must have $100 in your account to qualify.
To prevent overdrafting, Qapital only transfers money when you have at least $100 in your account; once you hit that threshold, it automatically stops all withdrawals.
Then, connect any other accounts you want to monitor, like PayPal, bank-affiliated or American Express credit cards, or prepaid cards.
When you make a purchase with one of these accounts that triggers one of your rules, the app will pull money from your checking account and move it to your Qapital account (more on that below).
At first, I only used my checking account and debit card, but I just signed up for a Chase Sapphire credit card and linked it to my Qapital account as well.
Qapital is a goal-oriented app, hence its game-like nature. You can choose to “Do something,” “Go somewhere,” “Get something,” “Pay off debts,” “Just start saving” or even “Something else.”
Because I love traveling but rarely have the guts (or cash) to splurge on a plane ticket or other means of transportation, I decided to start with “Go somewhere” and named my goal “Train Trip.”
My boyfriend and I have been talking about traveling by train from Tampa, Florida, to Washington, D.C., in the spring. We estimate the trip will cost $1,100, which includes the train tickets, three nights in an Airbnb, return flights (though we’ll hopefully have earned some points on our rewards credit cards) and some fluff money.
We connected our Qapital accounts so we could save together, which makes the goal a little less daunting — $550 each.
Our money always stays separated. Plus, it can easily be transferred back into our separate bank accounts at any time, which takes about two days.
Qapital automatically moves money out of your checking account and into your Qapital account based on “rules” — mostly based on whether you take a particular action.
The app offers its own preset rules, but you can also get fancy by making your own with the “IFTTT” (“if this, then that”) feature.
Basically, you can choose to do stuff or not do stuff.
Because you’re making the rules, you’ll control how quickly money moves into your Qapital account. You can always tweak the rules as you go — and even add or delete rules as you see your habits change.
Here are the rules I’ve set:
Set & Forget means a fixed amount is moved from my checking account into my Qapital account each day, week or month.
The Penny Hoarder currently gives me an $80 monthly stipend for using my own laptop and cell phone. I treat it like a bonus and set my app to dump half of it into my Qapital savings each month.
Round-up automatically rounds up all my purchases to the nearest dollar amount. After I spent $35.35 on groceries at Publix, Qapital moved 65 cents into my account.
It’s painless and adds up faster than you might think.
The Steps option gets me to be more active. Each time my iPhone’s built-in Health app registers 10,000 steps, Qapital transfers $2 toward my goal. In case I’m feeling super active that day, I have another rule set for 15,000 steps — if I hit it, another $2 gets deposited.
Before Qapital, I rarely hit the recommended 10,000-step count for each day. Since I’ve started using this app, I’ve been meeting it a few times a week.
Some of my more argumentative friends say this rule would make them lazier because they don’t want money coming out of their bank accounts. But because I’m stoked for this trip, the goal actually motivates me to get my booty in gear. (You can also use a Fitbit or Nike+ to track your steps.)
These are just the rules I’ve added — but there are tons of other options.
I’m not sure why I haven’t activated the Spend Less Rule. It’s fill-in-the-blank easy.
For example, set it to save when you spend “Less than $50,” “At Publix” “During a week.” You can also select “During a month.” So if you were to spend only $45 at Publix next week, $5 would go toward your goal.
You can set your own amount for any location, and Qapital recognizes where you spend the most money, so you can see where you might need to cut back.
The Guilty Pleasure Rule appeases my argumentative friend. If you’re not excited to take money from your account, pick a guilty pleasure, and choose the amount that gets sucked from your account each time you swipe your card there.
Say you happen to visit Chick-fil-a more than you’d like anyone to know. If you were to hit the drive-thru today, $2 would into your Qapital account. It’s like you’re being punished and rewarded at the same time.
The IFTTT Rule lets you specify anything you want: if you do this, then that happens. Explore the endless pairing options.
Get 40 favorites on that photo you posted to Insta? Move some cash toward your goal. It’s raining? Cheer up, and dispense money into your Qapital account for a beachside vacation.
The Freelancer Rule registers each time you get paid and moves 30% (or your chosen percentage) of each deposit into Qapital. This helps you self-employed folks remember to pay that little bill you get from the IRS each year.
The 52-Week Rule seems terrifying to me, but it goes like this: Save $1 during week 1, $2 week in 2, $3 in week 3… until the end of the year-long period. (Hint: You’ll save $1,378.)
Every time you trigger one of your rules, money is automatically transferred into your Qapital account.
It took a few days for my rules to kick in, but once they got started, they were golden. I didn’t get push notifications, but I found myself checking my account as often as I check Instagram and Twitter.
It’s addictive — and not just because I want to see whether I’m beating my boyfriend! Like I said, it’s a game.
Here’s one final tip to kick-start your savings: If you convince a friend to sign up for Qapital using your referral link, you’ll both get $5 once your friend makes a deposit. That’s free money toward your goal!
At first, the savings seemed to trickle in slowly. Hitting that $100 mark seemed like a huge accomplishment, though $1,100 still seemed so far away.
However, because of how I set my rules, the trickle of money quickly added up. Now, five months later, we’re rounding the corner to $700 and getting closer and closer to our goal each day — that awesome train trip.
Your Turn: Do you use Qapital? What are you saving for?
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. After recently completing graduate school, she focuses on saving money — and surviving the move back in with her parents.
The post This Free App Has Helped Me Save Over $700 in 5 Months Without Noticing appeared first on The Penny Hoarder.
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