How to File Your Taxes for Uber, Lyft and Other Popular Gig Apps

Tax Day is closing in, and the burden for gig workers is a little heavier because you’re considered independent contractors — not employees — of the popular app-based companies you work for.

By Jan. 31, you should have received the necessary tax information, on paper, digitally or both, to start on your self-employed tax return. (If you haven’t received anything yet, contact the companies). 

Depending on whom you work for, you may not receive any physical documents at all. 

Luke Richardson, a certified public accountant and tax instructor at the University of South Florida says that it’s possible — “even probable” — for gig workers to mistakenly think they don’t have to file if they don’t receive any tax documents. 

Don’t be fooled: You’re still responsible for reporting your gig work income.

“You must file a tax return if you have net earnings from self-employment of $400 or more from gig work, even if it’s a side job, part-time or temporary,” according to the IRS’s new gig economy tax center.

Here’s a rundown of the tax forms you’ll need to use as a gig worker – plus a look at the tax policies of five of the most popular gig app companies: DoorDash, Grubhub, Postmates, Lyft and Uber.

Common Tax Forms for Gig Workers

In the eyes of the IRS, you’re a self-employed worker. That means it’s up to you to compile the appropriate tax forms and accurately report your income.

Common Income Forms Sent to You 

Companies that paid you more than $600 in a calendar year should physically mail you a 1099, as required by law. If you work across multiple apps, it’s possible you will receive a 1099 from each company. And if you work for Uber or Lyft, you may receive two different types of 1099.

“This does not mean that payments under $600 are not taxable,” Richardson said.

The 1099-MISC, short for miscellaneous income, is a fairly straightforward document that includes your basic identifying information plus 19 boxes for various types of income. 

As a rideshare or delivery driver, the box you need is No. 7, “nonemployee compensation.” For most gig apps, that box will include your gross earnings for the past calendar year. The other income boxes will likely be empty.

There are exceptions, mainly for Uber and Lyft drivers. Both companies use the 1099-MISC form, but the amount they list in box No. 7 is not your total income. Uber and Lyft put earnings only from bonuses, promotions, referrals and any other non-driver services in this box. The bulk of your income is reported on a separate form.

The 1099-K form is favored by Uber and Lyft. However, you will receive this form only if you completed more than 200 transactions (read: rides) and earned more than $20,000 during the previous calendar year.

If you receive the 1099-K, the primary box you’re looking for is No. 1a, “gross amount of payment card/third-party network transactions.” That’s jargon for “net income from Uber or Lyft.” Boxes No. 5a through 5l are also useful. They will break down your net income month-by-month.

Let’s say you’re an Uber or Lyft driver who earned $19,000 last year. You probably qualify for the 1099-MISC, not the 1099-K. Your MISC may show only $750 but your bank account says you earned $19,000 from driving. What do you do? Report the full amount. Both companies compile an unofficial tax summaries (more on them later). Refer to those numbers – not just the small figure on the 1099-MISC – to file your return. 

Pro Tip

Most Uber and Lyft drivers don’t meet the 1099-K threshold and won’t receive this form. Again, even if they don’t send you the form, you are still responsible for reporting your earnings.

Tax Return Forms You Send to the IRS

After you’ve tracked down all your 1099s and tallied up your net income, your next step is to get that number as low as possible by subtracting any and all applicable business expenses and deductions.

Review our freelance and side hustle tax guide for more details on what deductions you may qualify for as a self-employed worker – and what to do if you need to file quarterly.

As a gig worker, may need to file the following tax forms with the IRS:

• Form 1040: This is now the main form used by all U.S. taxpayers to file an annual income tax return. (Forms 1040S and 1040EZ are no longer available.)
• Schedule C: is a sub-form of the 1040 used to tally up your profit and loss as an independent contractor. Line No. 1 is where you report gross income from all 1099s or from the income summary provided in your gig app. The subsequent boxes are examples of business expenses you may use to lower your taxable income. Line No. 31 is your net profit, a number you’ll need for the Schedule SE.
• Schedule SE: This is another 1040 sub-form for self-employed (gig) workers. Use it to calculate your 15.3% self-employment tax obligation.
• Schedule 2: is an “additional tax form,” i.e. where you provide the amount you owe in self-employment taxes from the SE form above. Put that figure on line No. 4 and the grand total on line No. 10.
• Form 1040-ES: Use this form, instead of the standard 1040 if you need to file quarterly taxes.

You must file a tax return if you have net earnings from self-employment of $400 or more from gig work, even if it’s a side job, part-time or temporary.

Tax Policies and Resources of 5 Popular Apps

What forms you receive and what tax service you choose to file with depends on the company you’re working for. Each company has slightly different tax policies and may offer discounts for different tax-filing software services. Here’s how they stack up.

Pro Tip

Before you shell out money to file, check to see if your gig app partners with a tax software company. Review the IRS’s new resources for gig workers, and don’t forget about IRS Free File.

DoorDash

DoorDash partners with Payable.com to keep track of your tax information electronically and should send you an invite via email to set up your Payable account before the end of January.

If you don’t set up a Payable account, you can’t access your tax information online. By default, DoorDash will mail your tax form to the address associated with your Dasher account, unless you specify otherwise.

Review DoorDash’s tax FAQ or the company email for more information about Payable. If you do not receive your 1099, contact DoorDash customer support.

Primary tax form: 1099-MISC.

Who: Dashers who earned more than $600 the previous calendar year.

How: Electronic and paper form.

Grubhub

If you’re a Grubhub driver, you can access your 1099-MISC online, as long as you’ve met the income threshold of $600. The company doesn’t compile an annual tax summary for you.

Instead, your last eight monthly summaries are listed on the driver’s app. If you haven’t saved copies of them throughout the year, you may miss out on company-provided tax information from the early months of the last year.

According to the Grubhub’s tax FAQs, it mails your 1099-MISC on Jan. 31, meaning you likely won’t receive it until mid February. If you can’t access your 1099 online, or if it doesn’t arrive by Feb. 15, Grubhub recommends contacting support at 1099@grubhub.com or at 888-831-5729.

Primary tax form: 1099-MISC.

Who: Grubhub drivers who earned more than $600 the previous calendar year.

How: Paper form only.

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Lyft

According to Lyft’s tax site for drivers, the company partners with TurboTax to provide free self-employed tax-filing services. Live help from TurboTax’s CPAs is discounted 50%.

Lyft is one of the two main gig apps that uses the 1099-K form, which means the majority of your earnings from fares will be reported on that form – not the 1099-MISC. It’s more likely that you will receive a 1099-MISC, and the income on that form will be much lower than your total gross earnings. You still need to report the remainder of your income not included on the MISC.

To access your tax documents online, log in to your driver dashboard and click the “Tax Information” tab. There, you’ll be able to view your 1099-MISC, 1099-K and an unofficial tax summary document compiled by Lyft. The tax summary displays your net earnings and is especially useful if you don’t meet the thresholds for either 1099 form.

Primary tax forms: 1099-MISC and 1099-K.

Who: Lyft drivers who earned more than $600 from bonuses and referrals (1099-MISC); those who completed more than 200 fares and earned more than $20,000 (1099-K). Everyone else should report net income from the app’s tax summary.

How: Electronic and paper form.

Postmates

Postmates partners with Stride to help manage your taxes through Stride’s tax app. You won’t be able to file through Stride, but the app does help track mileage and expenses.

If you’ve met the $600 annual income threshold, Postmates should send you a 1099-MISC either online, electronically or both. The company doesn’t compile an annual tax summary for you, rather it recommends you refer back to your emailed weekly tax reports.

If you’re having issues accessing your 1099 or haven’t received it on time, report your tax issue to Postmates.

Primary tax form: 1099-MISC.

Who: Postmates who earned more than $600 the previous calendar year.

How: Electronic and physical form.

Uber

Like Lyft, Uber partners with TurboTax to provide free self-employed tax-filing services – plus a 50% discount for live chats with TurboTax’s CPAs. 

Uber – also like Lyft – prefers the 1099-K form. As an Uber rideshare or delivery driver, you’re more likely to meet the $600 threshold for the 1099-MISC form. Remember, the gross earnings reported on the MISC are only for things like promotions and referrals. The rest of your gross income is reported on the 1099-K, if you qualify, or in Uber’s online tax summary document.

You can view your tax summary on or after Jan. 31, via the tax information tab of your partner dashboard. You should have access to Uber’s tax summary even if you haven’t met the income thresholds for either 1099 forms.

Primary tax forms: 1099-MISC and 1099-K.

Who: Uber drivers who earned more than $600 from bonuses and referrals (1099-MISC); those who completed more than 200 fares and earned more than $20,000 (1099-K). Everyone else should report net income from the app’s tax summary.

How: Electronic and paper form.

Adam Hardy is a staff writer at The Penny Hoarder. He covers the gig economy, entrepreneurship and unique ways to make money. Read his ​latest articles here, or say hi on Twitter @hardyjournalism.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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This Site is Having a Massive Android Phone Sale

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We’ve all been there.

Your phone screen is so cracked that shards of glass get lodged into your thumb. You tote a phone charger with you 24/7 because your battery lasts no more than a few hours. You can’t actually make a phone call because the sound has just, well, disappeared.

But you don’t want to fork over hundreds — even thousands — of dollars for a new phone, so you just settle.

Not anymore. You can get a new Android phone from Boost Mobile starting at $71.99. Total.

The discount wireless carrier that operates on the Sprint network has marked all its Android devices 20% off. Plus, it’s running a solid Valentine’s Day deal where you get an extra 20% off specific models.

Replace Your Old Phone With a New Android Starting at $71.99

A 20% savings is nothing to scoff about when it comes to buying a new phone. That can save you a serious chunk of change.

If you want to save even more, check out the Samsung Galaxy A10e or the Samsung Galaxy A20. They’re each marked down $50; plus, you’ll unlock an additional 20% off when you use the promo code VDAY2020.

That means you can get a Galaxy A10e for $71.99 (excluding taxes and fees), regularly $139.99. Or, if you want the Galaxy A20, you can get it for $143.99 (excluding taxes and fees), regularly $229.99.

Here’s a recap of what you need to know about this Boost Mobile deal:

• It runs from Feb. 4 to Feb. 17.
• All new Androids are 20% off.
• Use the promo code VDAY2020 at checkout to snag that extra 20% off the Galaxy A10e or A20.
• This deal is online only, so you won’t find it in stores.

Oh, and Go Ahead and Pick up a Family Plan For $25/Line

Getting a new phone through Boost Mobile doesn’t require you sign up with one of its phone plans, but, honestly, it’s a smart move.

It offers a family bundle (four lines) for $100 a month. That’s just $25 a line — three times cheaper than the average. (For reference, the average monthly cell phone bill these days is about $80 for a single line.)

And it includes unlimited everything: unlimited data, minutes and texting.

So are you ready to finally stop getting glass stuck in your thumb and save a ton of money on your cell phone bill? Pick out your new Android, and use code VDAY2020.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He’s got little kids who want their own cell phones.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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This 4-Day Financial Cleanse Could Save You $3K

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Sometimes we just need a fresh start. A hard reset. A cleanse.

No, we’re not talking about expensive, room-temperature green juice. This cleanse is much more palatable — and arguably more beneficial. It’s a financial cleanse.

Whether you’re struggling to keep up with your monthly bills, pay off your student loans or simply want to take inventory of your money, this is the perfect four-day cleanse for you. You’ll finish feeling more confident about hitting your financial goals.

Plus, if you add up all the savings we listed in this post, you could put away an extra $3,172 this year. 

Ready? Here’s your four-day financial cleanse:

Day 1: Take Stock of What You’re Working With

When’s the last time you took inventory of your checking, savings and investing accounts? If your money is scattered all about, it can be difficult (and stressful) to look at the big picture.

That’s why we like keeping all our accounts in one easy-to-manage place, like Aspiration.

Aspiration is an all-in-one cash management account that gives you what you need. With the Aspiration Spend account, you can earn up to 5% cash back on your debit card purchases. With the Aspiration Save account, you can earn up to 11 times the average interest on your savings balance. (The FDIC reports that the average account earns just .09%.)

Plus, with five free ATM reimbursements each month and no overdraft fees, you’ll never have to worry about sneaky monthly charges again. Avoiding those fees alone could save you up to $400 a year, according to Bank Fee Finder.

It takes five minutes to sign up for the account. Move your money over, and you’ll already be able to breathe a little easier when you go to bed tonight.

Day 2: Start Tracking Your Progress

When’s the last time you really combed through your transactions? Do you know much you spent eating out last month? Or how much of your budget goes toward groceries?

For this part of the cleanse, set up a simple budget to help you track your spending and hit your financial goals. Before you run away because budgets are scary, hear us out!

We recommend using the 50/20/30 method — in large part because of how simple it is. Open up a simple Excel sheet (nothing complicated!) or break out a blank piece of paper and create spending categories. They’ll look like this:

• 50% of your monthly income goes toward living expenses. These include rent, mortgage, utilities, groceries, car payments, gas and loan payments.
• 20% of your monthly income goes toward money goals, which can include investments, savings and debt-reduction payments above the minimum amount.
• 30% of your monthly income goes toward personal spending. That’s everything else.

Now that you’ve got the groundwork set, start divvying up your transactions from this month. See how things look.

The great thing about this budgeting method is that it’s super flexible, so if you need to put a little more money toward your living expenses and take some away from personal spending, that’s totally fine. Do what works best for you.

You’ll already start feeling more in control of your money when you see everything laid out.

Day 3: Cut The Extra Fat

This one’s really rewarding. It’s time to cut out any unnecessary monthly expenses and find ways to save on your existing bills. Comb through those transactions you charted yesterday, and challenge yourself to get your bills even lower. Here are some tips to get you started:

• Take a look at your car insurance. Experts suggest you shop for car insurance every six months. Get a free quote online, and see if you can shave hundreds from your bill this year. We talked to one mom who did this and was able to save $960 a year.
• Take inventory of your streaming services. With so many options, it’s easy to stack up bills for Hulu, Netflix, Spotify, HBO, Showtime, Amazon Prime… you name it. Seriously consider what you spend the most time using and cut the rest. Just cutting Showtime could save you $132 this year.
• For many of us, our cell phone bills have become unwieldy. It’s time to look into a discount carrier. There are plenty of legit options out there these days, and switching could save you hundreds — even thousands — of dollars this year. We chatted with Zak Wilson, who switched from Verizon to Twigby. He was paying $180 a month for two lines. With Twigby, his bill dropped to $60 a month, saving him $1,440 a year.

Day 4: Visualize the Future

The cleanse is almost over! So far, you’ve gotten organized and purged all unnecessary expenses. How’s it feel?

Now it’s time to start looking toward the future. Think about your financial goals. Do you want to save for an emergency fund? A down payment on a home? Vacation? Retirement? Whatever it is, set your goal.

Then, determine how much you want to put away each month. Consult your budget and make sure you’re being realistic.

Now, get to work!

With the Aspiration Spend and Save account, you can easily funnel, say, $20 into your connected savings account each month. Even that adds an extra $240 to your savings. Plus, you’ll start earning interest on your balance.

Then, when you need to tap into your savings, it’s super easy to move back over to your Spend account. No fees, no long waiting periods, no hassle.

Congratulations! You’ve completed your four-day financial cleanse. You should be feeling lighter, more confident and, well, cleansed! Now go out and conquer your goals. You’ve got this.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder. She’s thankful this cleanse didn’t require any weird juiced vegetables.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Get Cheap Valentine’s Day Flowers Using These Sweet Tips

Heads-up, fellow males. Valentine’s Day is rushing up on us. It’ll be here before you know it.

Can we agree not to screw it up this time? Can we agree not to wait until the very last minute? Can we agree not to grab a random box of chocolates at the local Food World or order an overpriced fistful of generic flowers online?

Yeah, guys, I know that procrastination is our natural instinct. We are guys, after all. Why do something now if you can do it later?

For the sake of your sweetheart, though, please read these tips on how to order flowers for Valentine’s Day. We’re hooking you up with sage advice from experienced florists.

Collectively, lovestruck human beings are about to drop about $2.3 billion on flowers, so you’ll want to know how to get a good deal. 

How to Get the Best Deal on Flowers This Valentine’s Day

Here are nine steps you can take to get your money’s worth.

1. Order Your Valentine’s Day Flowers Early

Order as soon as possible. Flower prices peak in February — especially for red roses, that Valentine’s Day staple. The longer you wait, the more expensive it gets.

Not only that, but consider having your flowers delivered a day early. Valentine’s Day, Feb. 14, falls on a Friday this year. Florists will be scrambling to deliver nearly all their Valentine orders on that one day.

“A lot of florists offer incentives if you have it delivered early. And if you do it a day earlier, she’ll have the bouquet all day Valentine’s Day to enjoy,” says Dirk Lorenz, the owner of Fremont Flowers in the San Francisco area.

2. Buy Local

Go with a local florist, not one of the big florist networks. Sure, those big conglomerates are convenient. But if you go through them, you’re just paying a middleman, and you won’t get the best value.

Look for a reputable florist near you who delivers. You’ll pay less for more, and you’re more likely to get the best quality flowers.

“When you order through a call center, they are not the people doing the work. They’re taking a large service charge and farming the work out to someone who’s agreed to take the order for a lesser amount of money,” says Robin Heller, president of the Retail Florists Alliance and co-owner of Flowers by David in the Philadelphia area.

3. Find a Good Florist

Normally we’d say let Google be your guide, but be careful in this case.

If you type (your city) and “flowers” into the search bar, the top results will sometimes be remotely located outfits that buy up local florist domain names. They’re not really local. Local florists complain that these fake local websites can be less than reputable. You should pick an actual brick-and-mortar establishment located near you.

“Make sure it has a Google listing with a map so you can actually see where it is and you’re not falling into a trap,” said Katie Hendrick, editor of the website Florist 2.0 and an industry observer who has interviewed hundreds of florists. “The internet can be kind of treacherous on Valentine’s Day.”

4. Choose Your Florist

Yelp is a good place to check out customers’ reviews of florists in your immediate area.

Most florists have websites where you can browse through bouquets based on category and price range. That’s a good place to start, but these sites can look alike because so many florists have web pages built from the same templates.

“If you’re looking for a florist that matches your girlfriend’s style, look them up on social media,” Hendrick said. “Florists are very active on Facebook. Facebook and Instagram are where they’re updating their photos all the time.”

5. Talk to Your Florist

Sure, you can order online. It’s 2020, man. Just point, click and you’re done, right?

Or you could do something super crazy and out of the box and pick up the phone and speak to a human being. This is an especially useful strategy if you’re on a tight budget.

“Florists work with all budgets. You can just tell them, ‘This is how much I have to spend. I’d like it to look as good as possible.’ They can be very creative with smaller arrangements,” Hendrick said.

You can also brainstorm about what style or color of flower arrangement your wife/girlfriend/significant other/snuggle bunny might like. Is she funny, serious, bold, shy, delicate, romantic, outdoorsy, outgoing?

“If this is a new relationship — somebody you’ve been dating for four weeks — what the florist recommends will be a lot different than for a husband getting flowers for his wife of 20 years,” Hendrick said.

6. Skip the Red Roses

You can’t really go wrong with a dozen long-stemmed red roses. But if you’re on a budget, you should know that red roses are way overpriced this time of year. Due to supply and demand, florists are paying twice as much as usual for them.

Instead, you might consider tulips, calla lilies, hydrangeas, gardenias, hyacinths or alstroemerias — whatever looks good to your eye.

The price of roses goes up $2 per bloom around Valentine’s Day, said Alan Rulifson, head floral designer for Green Bench Flowers in the Tampa Bay area. For an alternative, he suggests tulips, which are in season in February. 

7. Have Them Delivered to Her Workplace

Now, your mileage may vary here. You’ll save money on delivery fees if you’re willing to pick up the flowers yourself. You could present them to your sweetheart when you pick her up for a Valentine’s Day dinner date. 

But florists generally recommend sending them to her workplace. 

“Women like the attention. They like the wow factor,” Hendrick said. Also: “At the office, you know where she’s going to be. You don’t have to worry about tracking her down.”

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8. What About the Supermarket?

Yes, your local grocery store will probably have flowers in stock. Yes, they can be cheaper than the floral arrangements at a florist’s shop. But this strategy can be a bit hit-or-miss for Valentine’s Day.

If you’re planning to rely on a grocery store, call ahead and ask what time its flowers usually get delivered. That way, you’re more likely to get first pick and not come up empty-handed.

You’ll have a tough time making those flowers look as good as a florist would. At least take them out of the ugly plastic wrapper, and wrap them in colored tissue paper and ribbon or something.

9. Just Do It

Finally: Don’t be intimidated by any of this. There’s really no way to do the wrong thing here, because it really is the thought that counts. You’ll get extra credit for the simple act of buying her flowers.

“There’s nothing like talking to one of our delivery drivers as they walk into a business and see the reaction of every employee there — standing up and saying, ‘Are they for me?’” said Lorenz. “Getting flowers is still one of the best feelings anyone could get.”

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. His wife likes flowers.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Dear Penny: I’m Wasting Money on Food Because I’m an Awful Cook

Dear S.,

You attribute all that wasted food to poor planning and kitchen skills. But I suspect that ambition — as in, having too much of it — is the bigger culprit.

And I share your pain: I’m a single woman who works long hours and doesn’t like to cook. In my 36 years, I’ve thrown out more groceries than I care to think about. Please don’t ask me about how much I used to spend on UberEats.

I can’t say I’ve completely reformed these bad habits, but I’ve made pretty good progress over the past year or so. 

But I haven’t gotten more disciplined. I’ve just gotten more realistic. I know that I’m way too ambitious when I peruse Pinterest for recipes and meal-planning systems when I wake up refreshed on Saturday morning.

I know that when the weekend is ticking away on Sunday afternoon, I’ll be willing to commit an hour or two at most to meal prepping. Some weekends I’ll fail altogether at planning.

What keeps me realistic is that I’m a bicycle commuter. I do most of my weekday grocery runs on my ride home. That means I’m limited to what I can fit into my bike’s basket, which is a medium bag of groceries. 

I have to be selective. I’m forced to think about how much effort I’m willing to put into that night’s dinner. Occasionally, the answer is “none,” so I’ll pick up takeout instead. Is that the most frugal solution? No. But at least I’m not shelling out for a restaurant meal and ingredients for a meal I’ll never cook. 

The key is to decide how much time you’re willing to commit to meal prepping each week and hold yourself to it. You want to spend less on food, but you also need to account for the value of your limited time off.

If you can set aside even an hour or two of prep time each week, I think you’ll make significant headway. Try chopping up some vegetables and cooking a couple of protein staples using olive oil and a few spices. (Just invest in some good storage containers.) 

Then, you’ll have some basic ingredients you can throw over rice or a bed of greens. Or you can use them as taco fillings or toppings for a healthy pizza. Start with meals that are so basic, you don’t even need a recipe. As your culinary skills improve, you can aim a little higher.

Just be honest with yourself: When you’re working 50 to 60 hours a week, you’re probably not going to cook 21 meals a week from scratch. That’s OK. 

Breakfast and lunch don’t require much prep work — you can easily toss together the ingredients for a smoothie, omelette, sandwich or salad in a few minutes. Dinner tends to be a little more of a production, or at least we treat it that way. 

So maybe start with the goal of making all seven breakfasts and lunches, plus four dinners. Enlist your daughter to be responsible for dinner at least one night a week. Then give yourself permission to get takeout for the remaining three dinners.

Just keep your priorities in mind here: You want to save money. You want to eat healthy. Neither of these goals requires you to be the next Wolfgang Puck. You don’t even have to be Pinterest-worthy. 

Focus on making small strides in the kitchen, give yourself a little room to fail, and I’m confident you can whittle away at the amount of food you waste.

Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny. Send your questions about saving money to AskPenny@thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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How Splash Financial Can Help You Get Out of Student Debt

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If you still owe more than $25,000 on your student loans, you’re not alone.

Millions of Americans watch as student loan providers funnel hundreds of dollars from their checking accounts month after month.

You probably feel hopeless, like there’s nothing you can do about it. But the truth is, you might be able to escape faster than you think.

With a company called Splash Financial, you can take steps to refinance your student loans with a lower interest loan in just three minutes. This could help you pay off your debt faster and even save you thousands of dollars in interest.

This 3-Minute Move Could Help You Pay Off Student Loans Years Faster

If you’re not totally sure how refinancing your student loans works, here’s what happens: Splash Financial pays off your current student loans, and you get a single new loan with a lower interest rate. Now you’ll be left with one new monthly payment. And there are no fees — no application fees, origination fees or even prepayment penalties.

At first, it might sound like you’re just moving your debt around, but the key is to find a loan with better interest rates (Splash offers fixed-rate loans starting as low as 3.48%) and/or lower monthly payments.  

Plus, if you have multiple loans, this will consolidate them into one easy-to-manage monthly bill.

We talked to Ashley Williams, a financial analyst who graduated with $46,000 in debt. Refinancing saved her more than $18,000 in interest over the life of her loan, and she’ll be debt-free at least five years sooner.

Curious to see how much sooner you could become debt free? If you have a credit score of 670 or higher and a monthly debt-to-income ratio below 45%, you should have a good chance to qualify.

It takes three minutes to get a free quote through Splash Financial. And don’t worry. Simply checking your options won’t hurt your credit score.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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The Best Budgeting Apps for Couples to Manage Money Together

Get a joint bank account, they say. 

It’ll be fine, they say.

So you do it. 

But then you discover your significant other doesn’t prioritize saving as much as you do. Your partner, on the other hand, can’t fathom why you consider a new outfit to be “a need” when you have a closet full of clothes.

Before the tense money discussions become full-on arguments, you and your partner need to get on the same page about your shared finances… or better yet, the same app.

Here are 10 of the best budgeting apps for couples to manage their money together.

[Listed in alphabetical order, not ranked]

1. EveryDollar

Cost: Free, or premium version for $129.99 annually

EveryDollar was created by financial guru Dave Ramsey. If you and your partner are fans of Ramsey’s favorite money management method, the zero-based budget, this app will be right up your alley.

That doesn’t mean you’d have to abandon your 50/30/20 budget if that’s what you prefer. You can customize the budget template to fit what works for you.

This budgeting app is known for providing great user experience without a bunch of distracting ads. If you opt into the premium version (EveryDollar Plus), you get automatic syncing to your bank account — which the free version does not provide — and access to Ramsey’s Financial Peace University.

2. Goodbudget

Cost: Free, or premium version for $50 annually or $6 monthly

Goodbudget is a money management app for couples who like the cash envelope system but are ready to stop carrying cash everywhere.

This app uses virtual envelopes for your various spending categories. If you’re using the free version, you get a total of 20 envelopes to control your spending. The paid version allows you unlimited envelopes.

Another difference between the two versions: You can only use the app on two devices with the free version; whereas with the paid version, you can use up to five devices.

Both versions include a debt-tracking feature so you and your other half can see your collective progress on paying off credit cards and student loans.

With Goodbudget, you’ll need to be comfortable manually updating your envelopes when you make purchases or uploading your transaction history from your bank. The app does not sync to bank accounts to track spending in real time.

3. Honeydue

Cost: Free

Honeydue helps you and your partner stay on the same page when it comes to money. Not only can you track spending and saving through bank account transactions, but you can link accounts for loans and investments to collectively manage debt and save for the future.

Like its name implies, Honeydue has a feature that reminds you and your honey when bills are due. You can also chat with your partner directly in the app about all things financial.

4. Honeyfi

Cost: $59.99 annually or $9.99 monthly

Honeyfi syncs your bank accounts and creates a budget for you based on your past spending. But if you’re trying to up your savings and cut down on your Uber eats, you can customize your budget to reflect how you want it to be.

To encourage money convos, Honeyfi lets you send in-app communication to your partner. You can nag them about overspending at happy hour or ask if they picked up laundry detergent during their Target run. If you want to keep some spending incognito though, Honeyfi allows you to limit what your other half can see.

This couples’ budgeting app can help with your savings goals, like putting aside money for a wedding. You can set savings rules and authorize Honeyfi to pull a certain percentage or a set amount from your checking accounts each month.

5. Mint by Intuit

Cost: Free

Mint has been around for over a decade and is a very popular app. You and your other half can get on budget together by syncing your bank accounts and creating as many spending categories as you’d like.

Mint sends you reminders about upcoming bills so you and your partner stay on top of paying everything on time. It’ll also alert you when you’re low on funds.

One downside of this app, however, is that it can feel a bit cluttered with ads and offers — a common criticism of free apps.

FROM THE BUDGETING FORUM

Pay all bills on one day or spread throughout the month??
2/6/20 @ 12:59 AM

Changing my eating habits is changing my finances
1/8/20 @ 9:56 AM

Lowered my gym membership price
1/28/20 @ 4:32 PM

A reminder NOT to spend.
1/6/20 @ 7:55 PM

See more in Budgeting or ask a money question

6. Mvelopes 

Cost: Tiered plans priced at $6 a month, $19 a month and $59 a month

Mvelopes is another budgeting app that brings the cash envelope system to the digital world. You link your bank account and create virtual envelopes based on how much you want to spend in different categories.

If you and your loved one need to stick to a strict grocery budget or curb what you spend on entertainment, you can easily tell how much you have left to spend for the month in each budget category.

With the Mvelopes app, there are three different plans you can sign up for. The cheapest, Mvelopes Basic, allows you to set up your envelope budget, monitor account balances, get interactive reports and access live chat support. 

Mvelopes Plus adds perks like a quarterly checkup with a personal finance trainer, debt reduction tools and access to the Mvelopes Learning Center. The premium Mvelopes Complete includes more financial education and monthly sessions with a money pro.

7. Personal Capital

Cost: Free

Personal Capital is for the couple that’s serious about their future together — particularly their financial future. 

In addition to keeping tabs on your day-to-day spending, the app links to your 401(k)s and IRAs so you can see how you’re tracking toward retirement. It even offers a free retirement planner tool. 

Personal Capital also factors in financial information like your mortgage and other loans to give you a complete picture of your net worth.

Though the app is free, Personal Capital makes its money by offering wealth management services, like sessions with their financial advisors where you’ll be charged a percentage of your portfolio.

8. PocketGuard

Cost: Free, or premium version for $34.99 annually, $10.99 quarterly or $4.99 monthly

PocketGuard syncs your bank accounts, credit cards, loans and investments so you and your partner get an overall view of your shared finances. It automatically builds your budget based on your income, recurring bills and financial goals you’ve set.

The app has an “in my pocket” feature, which lets you know how much is available to spend on date night after covering household bills and other obligations. PocketGuard also digs through your expenses to identify savings and ways to improve your finances.

The premium version — PocketGuard Plus — includes additional features like customized spending categories and ways to track cash purchases.

9. You Need a Budget

Cost: $84 annually or $11.99 monthly

You Need a Budget, or YNAB, is for couples who want to stay on top of every dollar they make and make sure that money is going to good use.

This app is set up around the zero-based budgeting method and is designed to help you and your significant other save money and get out of debt. YNAB identifies areas of overspending and gives you suggestions on how to adjust. It also makes recommendations for your budget based on your goals.

You can access this budgeting tool from almost any device — including your Apple watch or Amazon Echo. With YNAB, you’ll never have an excuse not to pull up your budget.

10. Zeta

Cost: Free

Zeta is touted as a budgeting app specifically for couples. It’s set up so you can manage shared and individual accounts together, but you’re in control of what information you want your partner to see.

You can sync your bank accounts or choose to manually update your budget. If you want to leave a note for your significant other about a questionable transaction, you can do that within the app. Zeta also has a split transactions feature so you can get your other half to pay you back for household bills.

When it comes to planning a vacation or saving for a house, Zeta has a section for money goals so you can stay on track.

What to Consider When Selecting a Couples’ Budgeting App

We’ve given you a bunch of options to choose from. Now it’s time to nail down what will work best for you and your significant other.

Think about how you’ll be using your budgeting app. Do you want something that syncs to your bank account to capture spending in real time? Or do you and your partner have a regular household budget meeting where you’ll manually record transactions in the app over a couple drinks?

Are you okay with ads or do you prefer a platform that limits those distractions?

Cost is another factor. Free is a great price, but some people feel more motivated to actually use what they’ve downloaded when they’re forking over money for it.

If you do go with a budgeting app that charges a monthly fee, test it out with a free trial first. If it isn’t something you’d give a 5-star rating, cancel the trial and try something else.

And if you’re Team Apple and your honey is Team Android, don’t sweat. All the options above are compatible with both operating systems.

Reporting from former staff writer Jen Smith was included in this article.

Nicole Dow is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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If You Can Afford $1,200 in Rent, Make These Money Moves

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If you’re paying more than $1,200 a month in rent by yourself, that means two things:

1. It stinks to pay that much rent, and 
2. You’ve clearly got some income. Not everyone can afford that kind of rent.

So you’re making money and living in a decent place. You’ve finally got a little cushion in your bank account. You’ve achieved a certain level of financial stability.

What should you do next? Well, we have seven suggestions for you:

1. Buy a Home — Without a Huge Down Payment

Dream of owning a home? For many of us, this feels like a faraway fantasy.

But before you settle into the idea of renting for the rest of your life, consider this alternative: Buy a home through Divvy Homes.

Divvy’s program combines the best of both renting and homeownership. You get to choose a home you love, and Divvy buys it on your behalf. As soon as the closing process is complete, you can move in.

You’ll make monthly payments until you’re ready to buy the home from Divvy (or move out). Your payments include a portion that goes to your future home savings. At any time during the three-year lease, you can buy the home from Divvy with the money you’ve saved each month.

Even though you don’t truly own the home — yet — you can still make your home yours. You can paint, replace carpet, decorate or landscape. Oh, and Divvy takes care of any major maintenance needs. Need a new roof? Air conditioning go out? Divvy’s got it covered.

It’s free to see if you qualify, and it doesn’t take more than about four minutes in most cases. No visits to the bank, no lengthy phone calls, no impact on your credit score.

2. Protect Everything in Your Apartment for $5

What if you lost everything? All your possessions — your clothes, your furniture, your laptop. Any jewelry you have. Even your microwave oven.

A kitchen fire could torch it all. A burglar could steal your valuables. And where would you be then?

You could be out of luck — unless you have renters insurance. And here’s the thing: It can be surprisingly cheap, especially if you get it through a company like Lemonade.

With Lemonade, you could get a policy for as little as $5 a month — less than half the average rate. 

Even better? No phone calls. No lengthy sign-up process. The whole process takes just 10 minutes. And $5-a-month renters insurance policy could be a lifesaver in the event of a fire or theft or vandalism.

If you think you don’t own enough stuff that’s worth insuring, just take a look around you. How else would you be able to replace your possessions if you lost them all? Check to see how much it would cost to insure it all. You might be surprised.

3. Leave Your Family up to $1 Million

Have you thought about how your family would pay the rent without your income after you’re gone? Chances are your checking account balance won’t last forever.

Now’s a good time to start planning for the future by securing a life insurance policy. 

You’re probably thinking: I don’t have the time or money for that. But your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million in life insurance (for as little as $5/month) with a company called Bestow.

You can change or cancel your plan at any time. Plus, the security of knowing your family is taken care of is priceless.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam, pushy sales calls or even getting up from the couch, get a free quote from Bestow.

4. Add up to 300 Points to Your Credit Score

You’re doing pretty good. You’ve got a decent place to live, you make your rent payments — you’re not overly concerned with your credit score. In fact, you might not think much about it at all.

But what happens when you want to buy a house? Or a car? Even a five-point difference in your credit score could make a huge difference. That’s why it’s important to keep tabs on your credit score, which you can do for free through Credit Sesame.

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.

If you want to make sure your credit score is in tip-top shape, Credit Sesame will help. Just sign up for an account — it takes 90 seconds — and Credit Sesame will outline exactly what you need to do to give your credit a boost

5. If You Can’t Lower Your Rent, Cut Your Credit Card Bill

If you’re like most of us, two of your biggest financial burdens are rent and credit card debt. High credit card bills make it that much harder to pay the rent every month.

One problem: Your credit card companies are getting rich by ripping you off with insane rates. However, a company called AmOne could lower your monthly payment.

Here’s how it works: AmOne will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster.

If you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

6. Download This App to Get Up to $500 in Free Stock

If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth up to $500!) if you know where to look.

Whether you’re got $5, $100 or $800 to spare, you can start investing with Robinhood.

Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.

What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.

7. See if You Can Get Extra Cash From This Company 

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra money. And who doesn’t want free money? 

Yep. Aspiration gives you up to a 5% cash back¹ every time you swipe.

Need to buy groceries? Extra Cash.

Need to fill up the tank? Bam. Extra cash.

You were going to buy these things anyway — why not get extra money in the process and put it towards your retirement?

It takes just five minutes to sign up for a new debit card and see how much extra money you could earn with the Aspiration Spend and Save account.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Get Extra Money With the Aspiration Cash-Back Debit Card

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Cash-back credit cards are fantastic. You can get paid just to buy groceries or fill up your gas tank.

This is basically extra money, as long as you only buy what you would normally and you pay off your balance each month.

Unfortunately, it can be hard to qualify for these cards. Credit card companies don’t just hand them out. To get your hands on that cash-back earning plastic, you might need a near-flawless credit history. Let’s face it: That’s something many of us don’t have.

We found another option, though.

It’s a debit card called Aspiration.

This online account comes with a debit card that lets you earn up to 5% cash back on your debit card spending and up to 11 times the average interest (the FDIC reports that the average account earns just .09%) on the money you set aside to save. 

That means you can start earning cash every time you swipe your card.

Get Paid Every Time You Swipe Your Debit Card

This is actually an account that does a bunch of different things. You can pay your bills, build your savings, invest and earn interest — all in one place.

Here’s what Aspiration offers:

• You get your cash back, obviously. (Bonus!)
• The debit card comes with no monthly account-maintenance fee and low minimums.
• It pays up to 11 times the national average APY of .09% on your savings.

It takes just a few minutes to sign up now to start getting that cash back — on groceries, gas, at the home-improvement store. Wherever you spend your hard-earned money.

Tell the credit card companies to take a hike. You don’t need them or their approval anymore.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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