Tag Archive: budgeting

13 DC Apartments under $1500 Available to Rent Today

DC-APARTMENTS-UNDER-1500

 You may have read recently that apartments in DC aren’t affordable.  If you’re new to DC, understanding the affordable housing options in the district can be a challenge, so we made you this handy guide. We also went on the hunt for you and found 13 apartments for under $1500 available to rent now in Washington, DC!

Apartment hunting on a budget in Washington, DC is all about what trades you are willing to make.  A less trendy neighborhood will likely result in a larger apartment or a lower rent. Is a state of the art gym a must-have amenity for you? That’s okay, just know that you’re going to be squeezing into a smaller apartment.  The good news is, there are plenty of options!  This week we bring you 13 studio or one-bedroom and even a two-bedroom apartment for under $1500 available to rent now!

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The Foreland

Studio $1295 | Available Now
23 2nd  Street, NE
Washington, DC 20002

 

Everyday living is made comfortable and effortless at The Foreland. You can look forward to a convenient location, shopping, and a multitude of dining options. The units are equipped with hardwood floors and ample closet space. Multiple windows in each apartment provide ample amounts of natural lighting. The community is located directly across the street from the Supreme Court building and within walking distance of Capitol South Metro, the National Mall, Capitol Hill, and Union Station. Convenience and comfort are guaranteed at The Foreland.WC Smith embraces the belief that great customer service is our best amenity. Living at the Foreland means experiencing a higher level of service. Our service team is available 24 hours a day and you can access your resident account online any time; day or night. Discover classic charms and modern conveniences of the Foreland, located in the Capitol Hill neighborhood of Washington, DC.

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The Kenmore

1 Bedroom  $1495 | Available Now

5415 Connecticut Avenue, NW
Washington, DC 20015

Experience a lifestyle that is as rich in history as it is in local activities. The Kenmore’s Connecticut Avenue location is distinct and convenient. This residence offers a 24-hour concierge beautifully renovated, classic style interiors. Spacious studios, one and two bedroom apartments are equipped with expansive windows that offer exceptional views.

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Hilltop House

Studio $1450 | Available 11/29

1475 Euclid St NW
Washington, DC 20009

Hilltop House is a hidden jewel of the Adams Morgan neighborhood. This community offers studio and one-bedroom apartments for rent. Each apartment has large windows and breakfast bars; creating a cheerful, open, and bright atmosphere. To keep apartment living and budgeting easy, all utilities are included with your rent. Hilltop House faces Meridian Hill Park, where residents may take in a variety of social and cultural events. Every Sunday the park is activate with kickball leagues, yoga classes, Frisbee sessions, and drum circles. Just a couple of blocks from the Hilltop House apartment community is the Columbia Heights Metro station with access to both the green and yellow like. Hilltop House Apartments have the perfect location to take in all that Washington, DC has to offer.

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1400 Van Buren

One Bedroom $1395  | Available 11/14

1400 Van Buren NW
Washington, DC 20012

1400 Van Buren is an apartment community with one and two-bedroom apartments for rent in the Brightwood neighborhood. You will feel comfortable and at home in these apartments with their beautiful hardwood flooring, ceiling fans, central A/C, and spacious floor plans. The apartments are located in a charming brick building with controlled access, on-site maintenance, on-site management, on-site laundry facilities, and more. 1400 Van Buren’s convenient location gives residents access to everything they need on a daily basis.

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Baystate Apartments

Studio  $1495  | Available 12/4

1701 Massachusetts Ave NW
Washington, DC 20036

Looking for features that look and feel like they came from a book and tell a story? The Baystate offers beautiful studio apartments for rent in a variety of floor plans. All utilities are included! No need to worry about extra bills. With the Dupont Circle neighborhood of Washington, DC only two blocks from your front door, be fascinated with local culture and flavor. Having the Red Line Metro within walking distance means all of Washington, DC is yours to explore. Find touches of extraordinary in the every day.

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The Shawmut

Studio $1500 | Available 11/14

2200 19th Street NW
Washington, DC 20009

Classic style and modern amenities are the perfect combinations to make you feel right at home. This pet-friendly building in the heart of Adams Morgan, just across the street from Kalorama Park, creates a comfortable living space for all. The Shawmut’s elegant, New York-style exterior gives way to beautiful one and two-bedroom apartments featuring hardwood floors, 9′ ceilings, and updated kitchens.Step outside and you are in the heart of a vibrant, thriving community. From the bustling 18th St Corridor down to Dupont Circle, you are never far from the energy of Downtown DC. Want to get away? The L2, 42, 43, and H1 bus lines are right outside your front door with direct connections to the Green, Red, and Yellow metro lines.

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Frontenac

Studio  $1450 | Available Now

4550 Connecticut Ave NW
Washington, DC 20008

The Frontenac is nestled in the heart of elegant upper-Northwest. The Frontenac boasts spacious apartments with updated kitchens and bathrooms. Its classic architectural style, evident in our grand lobby’s high ceiling and in our apartment units’, arched doorways and traditional wainscoting, attracts tours of local art history students.You can meet your neighbors or take advantage of WiFi on the Frontenac’s peaceful roof deck or in its spacious laundry room. Take a stroll to the Van Ness metro station, Giant, Whole Foods, pharmacies, dry cleaners, restaurants, shopping, and great schools for students of all ages. Our neighborhood is full of hidden gems..

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Hampton Courts

Studio  $1460  | Available 12/1

2013 New Hampshire Ave NW
Washington, DC 20009

Constructed in 1926, Hampton Courts has the elegant appeal of the early 20th-century architecture. The building is equipped with two elevators, a controlled intercom entrance, and a laundry room with a card payment system. The studio, one, and two bedroom apartments at Hampton Courts has updated appliances and spacious floor plans. All utilities are included in your rent, so no need to worry yourself about additional bills. The U Street Metro Station is three blocks away and provides access to the yellow and green lines. Zipcar and car2go vehicles, as well as Capital Bikeshare bicycles, are just a block from the building giving you endless means of transportation. The Saturday Farmer’s Market, Yes Organic Market, Trader Joes, Vida Fitness and several yoga studios are all a few blocks away from your front door. Come and explore the city living in Hampton Courts.

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6100 14th Street

1 Bedroom  $1395  | Available Now

6100 14th Street NW
Washington, DC 20011

Located in the Brightwood neighborhood of Washington, DC. There are no limitations set when living at 6100 14th street; tons of shopping and dining options nearby, a Metro bus stop right at your doorstep and only a mile to the nearest metro station. Offering spacious and affordable one and two bedroom apartment homes.

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Penn View Apartments

2 Bedroom  $1315  | Available Now

2515 R Street, SE 
Washington, DC 20020

Design cannot be defined by one component but rather the artful intersection of style and function. Located just minutes away from Capitol Hill, Penn View apartments offer affordable efficiencies, one, and two-bedroom apartment homes for rent. Penn View’s luxurious kitchens and functional floor plans are just a few of the features you’ll find at this community. Quality is always on trend.

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1401 Sheridan

Studio $1250 | Available Now

1401 Sheridan Street NW
Washington, DC 20011

1401 Sheridan boasts spacious floorplans which include separate dining rooms in each apartment. Beautiful hardwood floors, expertly landscaped grounds, and abundant closet space add to the charm and convenience of these studio and one-bedroom apartments. 1401 Sheridan is located between 14th and 16th Streets near Georgia Avenue providing easy access to Rock Creek Park, Carter Barron, and much more.

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Jetu Apartments

2 Bedroom $ 1125 | Available Now

2100 Maryland Ave NE
Washington, DC 20002

Discover our beautifully landscaped community located in the heart of Northeast, near Langston Golf Course and National Arboretum. Jetu Apartments offers affordable one and two bedroom apartment homes for rent. Featuring gas range stoves, upgraded kitchens, frost-free refrigerators, mini-blinds, and wall to wall carpet. Each apartment offers a separate dining area with chandelier lighting. The grounds include two new playgrounds, a community room, and a community garden.

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Skyland Apartments

One-Bedroom $1029 | Available 11/16

2333 Skyland Place SE 
Washington, DC 20020

Moving to the Skyland means you have a choice of a townhouse or apartment home. Our beautifully landscaped community is impeccably maintained. Enjoy the features of your new updated kitchen including; gas ranges, frost-free refrigerators, and garbage disposals. Dishwashers are available in 3 bedroom apartments. There is also an on-site dry cleaner and a tot lot. Skyland Apartments is located near Anacostia Metro and the new Safeway. Uncovered parking is available.

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Read 13 DC Apartments under $1500 Available to Rent Today on Apartminty.

Source: blog.apartminty.com

The Ultimate List of More Than 50 Budget Categories You Must Use

The post The Ultimate List of More Than 50 Budget Categories You Must Use appeared first on Penny Pinchin' Mom.

It is no secret that you need a budget.  But, it is imperative that it includes everything.  Take the time to review your spending and don’t leave anything off of it.  Below you will find a list of household budget categories you need to include. Forgetting even one off might be a big mistake.

It is no secret that the number one thing you must do to take control of your finances is to create a budget.  Without one, you really can’t see where your money goes.  Or, more importantly, you don’t get to direct your money to be spent as you would like for it to be!

While there are posts on how to create a budget, one question I get frequently is, “What categories should I include in a budget?”   When you are new to making a budget, something such as a personal budget categories list can help.  I agree.

As you create yours for the first time, it is important you don’t leave off anything important. A successful budget is one that includes a line item for every way you spend your money.

If you are just learning about budgeting, you will want to check out our page — How to Budget.

There, you will learn everything you want to know about budgets and budgeting.

 

To help you get a jump start on with your budget, and to make sure you don’t leave off any categories, download our free budget template.  This form has helped thousands get started with creating a budget.

SIMPLE BUDGET CATEGORIES 

Once you have your form, you are ready to figure out your budget categories!  While you may not have each of these as individual line items on your form, just make sure you include them all somewhere in your budget!

 

DONATIONS OR CHARITY CATEGORIES

These are all of the monthly donations you make to various charities.  Don’t forget about those you may make only once or twice a year as well!

Church
Medical Research
Youth Groups

 

SAVINGS CATEGORIES

While not needed to live, it is crucial that you always pay yourself before you pay anyone else.  Once you meet your necessary expenses, ensure you are saving enough each month.

If you are in your employer’s retirement plan, you pay those before you get your paycheck, so you would not include them.  However, make sure you account for the different types of savings accounts you may have.

Emergency Fund Savings
Annual Fees, such as taxes, insurance, and dues
College Savings
Investments
Christmas/Birthdays/Anniversaries
Additional Retirement (outside of your employer’s plan)

Read More:  Yearly Savings Challenge

 

CATEGORIES FOR HOUSING

No one will forget to add housing to their budget.  But, make sure you include the amount you may save for repairs and other expenses. To figure out how much to budget, look over your prior year spending and divide that total by 12.  You will add this to your savings, but you can track it under your housing budget category.

First Mortgage
Second Mortgage (if applicable)
Property Taxes
Insurance
Home Owner’s Association Dues
Maintenance
Housekeeper/Cleaning
Lawn Care

 

PERSONAL BUDGET UTILITIES CATEGORIES

You can’t live without your water and electricity.  It is essential that you don’t leave any of these off of your budget either!  These are some of the basic budget categories most people will not intend to forget, but just might.

Electricity
Water
Gas/Oil
Sewer
Trash
Cable/Satellite/Streaming Services
Internet (if not part of your cable bill)
Phone

Read more:  How to Lower Your Utility Bills

 

FOOD

You have to eat. There are only two ways that happens  — you cook or you eat out. Make sure you include both of these categories in your budget.

Groceries
Dining Out

 

TRANSPORTATION CATEGORIES

You have to be able to get around.  That doesn’t always mean a vehicle as it could mean using other means of transportation.  Whatever method you use, make sure you include all of those expenses in your budget.

Remember that you may not have to pay for some of these items each month, but it is essential you budget for them monthly so that the funds are available when needed.

Vehicle payment (make sure you include all payments for all vehicles)
Fuel
Insurance
Taxes
Tags/Licensing
Maintenance
Parking Fees
Taxi/Bus Fares

 

CLOTHING

A line item many people leave off of their budget is clothing.  They forget that it is a necessary expense.  While this doesn’t mean you should go and buy new clothes all of the time, it does allow you to replace items which are worn out.

It is also essential that parents include this item as kids need clothes a bit more frequently.

Adult Clothing
Kids Clothing

 

CATEGORIES FOR HEALTH

Don’t forget your health expenses when determining a budget.  Make sure you include the money you pay towards your co-pays during the year.

Health Insurance
Dental Insurance
Eye Insurance
Doctor Visits
Dental Visits
Optometrist
Medications
Deductible Savings

 

PERSONAL ITEMS CATEGORIES

Personal is a “catch-all” category which may contain much of your discretionary spending!  Some of the most common types you need to include:

Haircuts/Manicures/Pedicures
Life Insurance
Child Care/Babysitting
Toiletries (if not included in your grocery budget above)
Household Items (if you did not already include in your groceries budget above)
Education/Tuition
Dry Cleaning/Laundry
School Dues/Supplies
Magazines
Gym Memberships
Organization Dues
Postage
Pet Care (food, grooming, shots, boarding)
Photos (school and family photos)
Random Spending (always useful as a way to pay for the things you may not have broken out in your budget)

 

RECREATION

We all love to spend some time doing things we love.  Don’t forget to include your entertainment category when determining your budget.

Entertainment (movies/concerts)
Crafts
Hobbies
Parties
Vacations

 

DEBTS

Once you pay off your debt, these will go away entirely and will no longer be needed.  You can learn how to get out of debt and get started with that (once you have your budget).

Credit Cards (all debt)
Unsecured loans
Home equity loans
Student loans
Medical loans

 

Now you have the categories you need for your budget!  Take the first step in getting control of your finances by putting this to work for you.

caclulator on desk to figure budget categories

The post The Ultimate List of More Than 50 Budget Categories You Must Use appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

5 Neglected Expenses That Can Ruin Your Vacation Budget

Vacation Budget

5 Neglected Expenses That Can Ruin Your Vacation Budget

With the weather warming up, summer vacation isn’t too far away. If you haven’t already, it’s time to start a vacation budget and account for everything you’ll be paying for that week.

After all, you don’t want to have to cut your relaxation time short because you forgot that you actually have to pay for gas.

But there are other financial surprises too, ones that perhaps you don’t think very much about when sitting down to create your budget. Here are a few that maybe you have not taken into account just yet, but absolutely need to.

Let Mint.com help you create the perfect vacation budget. Click here to get started!

Parking

Despite free public parking not being a popular idea among money-hungry companies for a while now, a lot of us still forget that we have to pay for the damn thing. This may be a few bucks or a few dozen bucks, but either way you can’t forget it when budgeting for your vacation.

Do the research to find out the charges for each place you’re staying or going to. Going to see a ball game? How much does the park charge to park? Going to take the train into the city? How much do they charge and, if need be, how much does valet parking cost?

Add those up, and you might be surprised how much not actively driving your car can run you.

Wi-Fi

These days, Wi-Fi is just about everywhere, and just about everydiv uses it. While the airport Wi-Fi might be free, the hotel you stay in might want a few bucks extra for use of their signal. This is especially true in nice, upscale hotels, where Wi-Fi access could run you $10-$20 a day.

So either annoy your family by checking into some rinky-dink motel, where Wi-Fi is free but everything is roach-ridden and moth-eaten, or factor in the money necessary for Junior to use his iPad on the coziest bed he’s ever slept on.

The Food Bill

Even though it’s part of our daily lives, many people don’t think about food when punching out their budget. And if they do, they vastly underestimate how much stomach fuel actually costs.

This goes for vacations as well. You should find out what restaurants in the area typically charge, so you don’t get blindsided by the high cost of steak. If you’ve rented out a house with a kitchen and fridge, take some time to deduce how much you and your family spend on food at home.

Then, take that total and add a bit more to the food budget. It’s vacation time, after all, and for many, relaxing and unwinding means more burgers and s’mores than during a regular workweek.

Checked Bag Fees

If there’s one thing all travelers can agree is pure evil, airlines charging people to check in their bags has be it. Some airlines, such as Southwest, will let customers get away with some checked bags for free, but expect to fork over $25 or more for each additional one.

Checked bag fees need to be part of your budget every time, because it’s never, ever going away. Airlines make too much money off of it to abandon it simply because we don’t like it.

Either pack minimally, ensuring that you can get away with nothing but carry-ons and maybe one or two checked bags, or put a couple hundred bucks aside in the budget for the over packers in your family.

Vacation Budget Plan

Spontaneous Activities

There was an episode of Full House where Danny Tanner attempted to script the family’s Hawaiian vacation to the letter — every activity planned ahead of time, strict time limits on said activities, and naturally every penny accounted for.

This almost never happens. Vacations aren’t nearly that organized, and you will have some unpredictable moments, not to mention costs that you didn’t see coming. Maybe your children see an ad for horse riding trails and immediately start begging you to let them ride the horsies.

Sadly, horsies aren’t cheap, but this is a vacation, so why not let them indulge?

The trick is to not indulge too much. Don’t do everything that sounds fun, because the inevitable overdraft charges on your bank account won’t be very fun. Leave enough room in your budget for unplanned, spontaneous activities, and stick to that window as closely as you can.

This way, you and your family will have a great, fun vacation, and you won’t still be paying for it months and months later.

Mint.com can help create a complete vacation budget just for you and your family. Click here to sign up and start!

The post 5 Neglected Expenses That Can Ruin Your Vacation Budget appeared first on MintLife Blog.

Source: mint.intuit.com

Everything You Need to Know About Budgeting As a Freelancer

Could logging in to your computer from a deluxe treehouse off the coast of Belize be the future of work? Maybe. For many, the word freelance means flexibility, meaningful tasks and better work-life balance. Who doesn’t want to create their own hours, love what they do and work from wherever they want? Freelancing can provide all of that—but that freedom can vanish quickly if you don’t handle your expenses correctly.

“A lot of the time, you don’t know about these expenses until you are in the trenches,” says freelance copywriter Alyssa Goulet, “and that can wreak havoc on your financial situation.”

Nearly 57 million people in the U.S. freelanced, or were self-employed, in 2019, according to Upwork, a global freelancing platform. Freelancing is also increasingly becoming a long-term career choice, with the percentage of freelancers who freelance full-time increasing from 17 percent in 2014 to 28 percent in 2019, according to Upwork. But for all its virtues, the cost of being freelance can carry some serious sticker shock.

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“There are many hats you have to wear and expenses you have to take on, but for that you’re gaining a lot of opportunity and flexibility in your life.”

– Alyssa Goulet, freelance copywriter

Most people who freelance for the first time don’t realize that everything—from taxes to office supplies to setting up retirement plans—is on them. So, before you can sustain yourself through self-employment, you need to answer a very important question: “Are you financially ready to freelance?”

What you’ll find is that budgeting as a freelancer can be entirely manageable if you plan for the following key costs. Let’s start with one of the most perplexing—taxes:

1. Taxes: New rules when working on your own

First things first: Don’t try to be a hero. When determining how to budget as a freelancer and how to manage your taxes as a freelancer, you’ll want to consult with a financial adviser or tax professional for guidance. A tax expert can help you figure out what makes sense for your personal and business situation.

For instance, just like a regular employee, you will owe federal income taxes, as well as Social Security and Medicare taxes. When you’re employed at a regular job, you and your employer each pay half of these taxes from your income, according to the IRS. But when you’re self-employed (earning more than $400 a year in net income), you’re expected to file and pay these expenses yourself, the IRS says. And if you think you will owe more than $1,000 in taxes for a given year, you may need to file estimated quarterly taxes, the IRS also says.

That can feel like a heavy hit when you’re not used to planning for these costs. “If you’ve been on a salary, you don’t think about taxes really. You think about the take-home pay. With freelance, everything is take-home pay,” says Susan Lee, CFP®, tax preparer and founder of FreelanceTaxation.com.

When learning how to budget as a freelancer it’s necessary to estimate your income and expenses before setting aside savings for tax payments.

When you’re starting to budget as a freelancer and determining how often you will need to file, Lee recommends doing a “dummy return,” which is an estimation of your self-employment income and expenses for the year. You can come up with this number by looking at past assignments, industry standards and future projections for your work, which freelancer Goulet finds valuable.

“Since I don’t have a salary or a fixed number of hours worked per month, I determine the tax bracket I’m most likely to fall into by taking my projected monthly income and multiplying it by 12,” Goulet says. “If I experience a big income jump because of a new contract, I redo that calculation.”

After you estimate your income, learning how to budget as a freelancer means working to determine how much to set aside for your tax payments. Lee, for example, recommends saving about 25 percent of your income for paying your income tax and self-employment tax (which funds your Medicare and Social Security). But once you subtract your business expenses from your freelance income, you may not have to pay that entire amount, according to Lee. Deductible expenses can include the mileage you use to get from one appointment to another, office supplies and maintenance and fees for a coworking space, according to Lee. The income left over will be your taxable income.

Pro Tip:

To set aside the taxes you will need to pay, adjust your estimates often and always round up. “Let’s say in one month a freelancer determines she would owe $1,400 in tax. I’d put away $1,500,” Goulet says.

2. Business expenses: Get a handle on two big areas

The truth is, the cost of being freelance varies from person to person. Some freelancers are happy to work from their kitchen tables, while others need a dedicated workspace. Your freelance costs also change as you add new tools to your business arsenal. Here are two categories you’ll always need to account for when budgeting as a freelancer:

Your workspace

Joining a coworking space gets you out of the house and allows you to establish the camaraderie you may miss when you work alone. When you’re calculating the cost of being freelance, note that coworking spaces may charge membership dues ranging from $20 for a day pass to hundreds of dollars a month for a dedicated desk or private office. While coworking spaces are all the rage, you can still rent a traditional office for several hundred dollars a month or more, but this fee usually doesn’t include community aspects or other membership perks.

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If you want to avoid office rent or dues as costs of being freelance but don’t want the kitchen table to pull double-duty as your workspace, you might convert another room in your home into an office. But you’ll still need to outfit the space with all of your work essentials. Freelance copywriter and content strategist Amy Hardison retrofitted part of her house into a simple office. “I got a standing desk, a keyboard, one of those adjustable stands for my computer and a squishy mat to stand on so my feet don’t hurt,” Hardison says.

Pro Tip:

Start with the absolute necessities. When Hardison first launched her freelance career, she purchased a laptop for $299. She worked out of a coworking space and used its office supplies before creating her own workspace at home.

Digital tools

There are a range of digital tools, including business and accounting software, that can help with the majority of your business functions. A big benefit is the time they can save you that is better spent marketing to clients or producing great work.

The software can also help you avoid financial lapses as you’re managing the costs of being freelance. Hardison’s freelance business had ramped up to a point where a manual process was costing her money, so using an invoicing software became a no-brainer. “I was sending people attached document invoices for a while and keeping track of them in a spreadsheet,” Hardison says. “And then I lost a few of them and I just thought, ‘Oh, my God, I can’t be losing things. This is my income!’”

As you manage the cost of being freelance, consider digital tools and accounting services to keep track of invoices, payments and income.

Digital business and software tools can help manage scheduling, web hosting, accounting, audio/video conference and other functions. When you’re determining how to budget as a freelancer, note that the costs for these services depend largely on your needs. For instance, several invoicing platforms offer options for as low as $9 per month, though the cost increases the more clients you add to your account. Accounting services also scale up based on the features you want and how many clients you’re tracking, but you can find reputable platforms for as little as $5 a month.

Pro Tip:

When you sign up for a service, start with the “freemium” version, in which the first tier of service is always free, Hardison says. Once you have enough clients to warrant the expense, upgrade to the paid level with the lowest cost. Gradually adding services will keep your expenses proportionate to your income.

3. Health insurance: Harnessing an inevitable cost

Budgeting for healthcare costs can be one of the biggest hurdles to self-employment and successfully learning how to budget as a freelancer. In the first half of the 2020 open enrollment period, the average monthly premium under the Affordable Care Act (ACA) for those who do not receive federal subsidies—or a reduced premium based on income—was $456 for individuals and $1,134 for families, according to eHealth, a private online marketplace for health insurance.

“Buying insurance is really protecting against that catastrophic event that is not likely to happen. But if it does, it could throw everything else in your plan into a complete tailspin,” says Stephen Gunter, CFP®, at Bridgeworth Financial.

Budgeting as a freelancer allows you to select a healthcare plan that best suits your employment status, income and relationship status.

A good place to start when budgeting as a freelancer is knowing what healthcare costs you should budget for. Your premium—which is how much you pay each month to have your insurance—is a key cost. Note that the plans with the lowest premiums aren’t always the most affordable. For instance, if you choose a high-deductible policy you may pay less in premiums, but if you have a claim, you may pay more at the time you or your covered family member’s health situation arises.

When you are budgeting as a freelancer, the ACA healthcare marketplace is one place to look for a plan. Here are a few other options:

  • Spouse or domestic partner’s plan: If your spouse or domestic partner has health insurance through his/her employer, you may be able to get coverage under their plan.
  • COBRA: If you recently left your full-time job for self-employment, you may be able to convert your employer’s group plan into an individual COBRA plan. Note that this type of plan comes with a high expense and coverage limit of 18 months.
  • Organizations for freelancers: Search online for organizations that promote the interests of independent workers. Depending on your specific situation, you may find options for health insurance plans that fit your needs.

Pro Tip:

Speak with an insurance adviser who can help you figure out which plans are best for your health needs and your budget. An adviser may be willing to do a free consultation, allowing you to gather important information before making a financial commitment.

4. Retirement savings: Learn to “set it and forget it”

Part of learning how to budget as a freelancer is thinking long term, which includes saving for retirement. That may seem daunting when you’re wrangling new business expenses, but Gunter says saving for the future is a big part of budgeting as a freelancer.

“It’s kind of the miracle of compound interest. The sooner we can get it invested, the sooner we can get it saving,” Gunter says.

He suggests going into autopilot and setting aside whatever you would have contributed to an employer’s 401(k) plan. One way to do this might be setting up an automatic transfer to your savings or retirement account. “So, if you would have put in 3 percent [of your income] each month, commit to saving that 3 percent on your own,” Gunter says. The Discover IRA Certificate of Deposit (IRA CD) could be a good fit for helping you enjoy guaranteed returns in retirement by contributing after-tax (Roth IRA CD) or pre-tax (traditional IRA CD) dollars from your income now.

Pro Tip:

Prioritize retirement savings every month, not just when you feel flush. “Saying, ‘I’ll save whatever is left over’ isn’t a savings plan, because whatever is left over at the end of the month is usually zero,” Gunter says.

5. Continually update your rates

One of the best things you can do for yourself in learning how to budget as a freelancer is build your costs into what you charge. “As I’ve discovered more business expenses, I definitely take those into account as I’m determining what my rates are,” Goulet says. She notes that freelancers sometimes feel guilty for building business costs into their rates, especially when they’re worried about the fees they charge to begin with. But working the costs of being freelance into your rates is essential to building a thriving freelance career. You should annually evaluate the rates you charge.

Because your expenses will change over time, it’s wise to do quarterly and yearly check-ins to assess your income and costs and see if there are processes you can automate to save time and money.

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“A lot of the time, you don’t know about these expenses until you are in the trenches, and that can wreak havoc on your financial situation.”

– Alyssa Goulet, freelance copywriter

Have confidence in your freelance career

Accounting for the various costs of being freelance makes for a more successful and sustainable freelance career. It also helps ensure that those who are self-employed achieve financial stability in their personal lives and their businesses.

“There are many hats you have to wear and expenses you have to take on,” Goulet says. “But for that, you’re gaining a lot of opportunity and flexibility in your life.”

The post Everything You Need to Know About Budgeting As a Freelancer appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Prepare for Holiday Shopping with These Timely Credit Tips

According to a YouGov Parent Survey in 2019, a quarter of parents entered the 2019 holiday shopping seasonstill paying down debt related to 2018 holiday spending. Deloitte numbers put holidayretail salesgrowth in 2019 at 4.1% year-over-year. In 2020, Deloitte predicts growth of between 1% and 1.5% year-over-year for the holiday season.

It might be that some people no longer want to pay for holiday gifts, decorations and food a year down the road. But it’s also true that the COVID-19 pandemic has hit consumerwallets and some people might be cutting back this year.

That doesn’t mean that people aren’t shopping. Google and other thought leaders note that changes to shopping habits and the need for social distancing and other measures will likely spread the holiday shopping season out longer. Shoppers are also likely to turn to online shopping.

With a ton of shopping opportunities, a longer holiday shopping season and pent-up pandemic energy, it might be easy to overspend and create debt you’ll deal with into the future. Follow these tips to prepare for holiday shopping so you can protect your financial standing, save money and make the most of the resources you have this season.

1. Check your credit scores

Begin by checking your credit scores and reports. They tell you where you stand if you want to apply for credit. They also give you a baseline of where you are so you know if your score goes up or down later with no explanation.

An unexplained drop in your credit score can be a sign your financial information is compromised. Unfortunately, the holidays are prime time for many scammers. Using a service, such as ExtraCredit’s Track It feature to keep tabs on 28 of your FICO scores, helps you know when you need to act to protect your credit.

2. Ask for a credit limit increase

If you have existing credit cards and you’re a cardholder in good standing, the months prior to the holidays can be a good time to ask for a credit limit increase. You’re not asking so you can spend more-it’s typically advisable to keep spending in line with your budget no matter how much credit you have.

You’re asking for a higher limit so you can spend what you already planned to without hurting your credit utilization. Credit utilization is the second-most important factor in determining your credit score-second only to payment history. It’s the ratio between your credit limit and how much of that credit you have used.

If you have a card with a limit of $1,000 and you spend $300, that’s a utilization rate of 30%. But if you get approved for a credit limit of $2,000 and you spend $300, that’s a utilization rate of only 15%, which is better for your score.

3. Apply for a credit cardwith a 0% APR introductory offer

Those with good or excellent credit might want to consider applying for a card with a 0% APR introductory offer. If you qualify for such a card, you typically have one or two years to pay off purchases made during the introductory period without accruing any interest.

This can be a way to finance your entire holiday without paying anything more for the privilege of doing so. However, it’s still important to maintain your budget and not overspend just because you won’t be paying the balance off until later. Otherwise, you make this season’s holiday festivities next season’s problem.

4. Pay down debt before-and after-the holidays

Speaking of last season’s debt: If you can pay it down before you start spending this season, that’s a great accomplishment. It also frees up your credit and your budget so you can better enjoy the current holiday season. If you’re paying $100 a month on your debt, that’s $100 a month that might go toward gifts or celebrations that you don’t have to put on a card this year.

If you do use credit to pay for the 2020 holidays, have a plan for paying it down as soon as possible. That’s especially true with 0% interest cards. The longer you wait, the greater the chance you’ll miss the introductory period and potentially be on the hook for a lot of interest expense.

5. Create a holiday spending budget

Whether you’re using cash or credit-or a mix of both-enter the 2020 holiday shopping season with a plan. Take an honest look at your personal budget. If you don’t have a budget, create one before you move forward. Then decide how much you can realistically spend during the holidays.

Consider which gifts you want to buy and which events you want to host or attend. You might not be able to do everything, and that’s OK. Be honest with yourself, your family and your friends about what you can afford to do with your time and money this year.

Then make a list and assign each item a monetary budget. That can include:

  • Gifts as a total
  • Gift extras, such as wrapping and tags
  • Shipping, both for receiving items you buy and for shipping gifts to others
  • Food and drinks
  • Travel
  • Decor
  • General festivities, such as tickets to holiday events

Once you assign a dollar amount to a category, stick to it. That’s a good idea even if you’re spending with credit.

6. Align budgeted spendingwith credit cardrewards

Once you know how much you want to spend, decide how best to spend it. If you’re using credit cards for the holidays, check your accounts to see if any offer cash back or rewards points. If they do, double-check which categories or stores you can shop in to earn the most points with each card.

For example, some travel rewards cards offer 6x points when you shop at supermarkets. You could use such a card to cover the food-and-drink portion of your holiday budget and reap the biggest rewards possible from that spending. You might also be able to maximize rewards when purchasing gift cards.

7. Guard your financial information and identity

As you enjoy holiday shopping, be on guard. Don’t use debit card PIN numbers unless you have to, and shield the keypad when you enter your information. Keep a close eye on your wallet or purse, and check your credit card statements regularly to ensure all charges are yours. You can also use ExtraCredit’s Guard It feature to help keep your identity and account information safe during and beyond the season.

Sign up for ExtraCredit today!

The post Prepare for Holiday Shopping with These Timely Credit Tips appeared first on Credit.com.

Source: credit.com

How to Protect Your Credit Score During COVID-19

A young Black woman sits outside on her laptop, drinking a coffee and looking up how to protect her credit score from COVID.

The COVID-19 coronavirus pandemic has affected everyone all around the world. Extended isolation and sudden job losses have everyone thinking about their futures. Lots of people are concerned about losing a reliable income source during this time of crisis. Some have even been forced to shut their businesses. The global pandemic has turned many people’s financial lives upside down.

As you work on keeping your bills in good standing and your finances going strong, you should also pay attention to your credit score. Even if you’re delaying some major purchases like buying a car or a home or going on a trip, you still need to maintain good credit. You’ll eventually start spending again, and you’ll need a good credit score.

But how can you protect your credit score during COVID-19? Keep in mind that your credit scores and reports play a crucial role in your future financial opportunities. The following steps will be your handy guide in managing and protecting your credit score during this global pandemic.

Stay on Top of Your Credit
Reports

Even on good days, make sure you regularly review your credit reports from the three credit bureaus. You can get free annual credit reports at AnnualCreditReport.com. Through April 2021, Experian, Equifax, and TransUnion are allowing consumers to access their credit reports for free weekly. Take advantage of this offer to make sure that any accommodations you request from lenders are appropriately reported and that your identity is safe and secure.

You can also sign up for the free Credit Report Card from Credit.com. With our report card, you’ll see your VantageScore 3.0 from Experian, as well as personalized information on what is affecting your credit score and how you can improve. If you want to dive deeper, sign up for ExtraCredit to see 28 of your FICO scores from all three credit bureaus.

Get ExtraCredit

Keep Up with Your Payments

Late payments can affect your credit history and credit reports for up to seven years. Prioritize paying your bills on time when you can, even during financially difficult times. You can do this by setting up reminders to alert you of payment deadlines. Also, you should make it a habit to make at least the minimum payment each month. Doing so will help you in keeping a good payment history record and prevents you from paying late fees.

Contact your lender whenever you can’t
make payments on time. Lots of lenders have announced proactive measures to aid
their borrowers affected by the global pandemic. Some are willing to provide
loan extensions, interest rates reduction, forbearance, or repayment
flexibilities. The best thing to do is to get in touch with your lender and
explain your current situation. Don’t forget to ask for written confirmation if
any agreements were made. 

Be Aware of Your Protections

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has protections to help your credit score remain unaffected during the pandemic. This Act puts special requirements on some agencies and companies reporting your payment information to the credit reporting companies. The requirements are applicable if you’re affected by the COVID-19 pandemic and specifically covered by the Act.

If you request an accommodation under the CARES Act, your creditors will report your account to the credit reporting agencies based on the current standing of your credit when the agreement is made. The requirements set by the CARES Act are only applicable to agreements made between 31st of January 2020 and 120 days after the COVID-19 national emergency officially ends.

Get to Know What Impacts Your
Score

If you’re currently unemployed and wondering if it will affect your credit score, the answer is no. Unemployment itself will not impact your score. Making late payments and missing payments are the things that most significantly affect your credit score. This is why we recommend getting in touch with your lender as soon as you suspect you may not be able to make a payment in full on time. Inform them of your current situation. This can also help you cope with your anxiety.

Hard inquiries, account mix, and credit age also impact your credit score, but to a lesser degree. Your major concern should be keeping your credit utilization low and paying bills on time.

Keep Yourself and Your
identity Protected

Securing your personal information and identity is also crucial in protecting your credit score. Identity theft and scams are rampant during this coronavirus pandemic. Your personal information can unlock different financial resources. Hackers and cybercriminals can utilize all your personal information to impersonate you and open credit card accounts, make purchases, transfer funds, and borrow money. If left undetected, this activity can significantly damage your credit score.

Though the damage is reversible, the entire process will be costly. That’s precisely why prevention is always the best option. ExtraCredit from Credit.com, for example, offers $1 million in identity theft protection and dark web monitoring, among other features.

Make Budgeting and Planning a Habit

During this crisis, budgeting is essential for keeping your credit card debt low and your credit score high. Pay attention to how much money you make and the amount of money you spend. Identify expenses where you can cut the usual costs, at least temporarily.

Reworking your budget is necessary, especially if you’re currently unemployed or earning less money. You can consider the following money-saving ideas to maximize your savings:

  • Put nonessential purchases such as online shopping and clothes on hold
  • Temporarily suspend nonessential services such as cleaning and lawn care
  • Cancel subscriptions on cable, music streaming, video streaming, etc.
  • Search for affordable meal planning solutions
  • Cancel fitness and gym memberships
  • Cut back child-related extracurriculars such as tutoring, lessons, and sports
  • Spend less on takeout

Although reducing costs is not fun, the
result will reduce your financial stress and will allow you to better protect
your credit.

You Can Protect Your Credit Score from COVID-19

All the things mentioned above have one thing in common: All require taking a proactive approach to your finances and credit. Follow the six credit-protection strategies mentioned above to maintain and protect your good credit even if you are facing a financial crisis.

About the Author

Lidia S. Hovhan is a part of Content and Marketing team at OmnicoreAgency. She contributes articles about how to integrate digital marketing strategy with traditional marketing to help business owners to meet their online goals. You can find really professional insights in her writings.


The post How to Protect Your Credit Score During COVID-19 appeared first on Credit.com.

Source: credit.com

9 Ways to Support Small Businesses Without Breaking the Bank

We all have our favorite small businesses, including our go-to date night restaurant and favorite thrift store. These places serve more than great food and looks — they build jobs in the community, put children through school, and are the realization of your neighbor’s dream. 

These stores are built on hard work and love, and supply some of the best quality products you can find. Small businesses are a great sign of a thriving economy, but they’re also the first to suffer from economic downturns, like 2020’s COVID-19 recession. This is why it’s more important than ever to find ways to support your community’s businesses.

There are many reasons why small business success is vital. Not just for the economy but for our communities. That’s why Small Business Saturday (November 28) is one of our favorite times of the year, and why we collected these ways you can support small businesses without breaking the bank (or leaving the house!).

Shop Small Businesses

Shopping small is the easiest way to support community businesses and clear your holiday list. Shopping locally doesn’t have to drain your wallet, either.

Small businesses generate 44% of U.S. economic activity.

1. Skip the Hallmark Card and Support a Local Artist

Cards are a classic gift for any and all celebrations. They’re small, affordable, and easy to personalize. This year skip the grocery store and see what artists you can support while still getting beautiful and unique gifts for your family and friends. 

Most cities will have galleries, boutiques, and even tourist shops that display locally printed and designed cards to choose from. If you don’t have a shop near you, you can browse thousands of creators on Etsy to find the perfect design for each of your loved ones. 

2. Send Gift Cards

Gift cards are perfect for acquaintances, long-distance giving, and little acts of kindness every now and then. Instead of collecting Amazon and Starbucks cards, see what your local spots have to offer. 

Most restaurants and stores offer a gift card option, and you don’t have to waste the plastic! Send your gift via email to anyone, anywhere. So go ahead and thank your first mentor for their glowing reference with a gift card to their favorite coffee shop. 

3. Shop Throughout the Year

It’s true that handmade products can get pricey, but you’re ultimately paying for quality. If you’re already pinching pennies for the holiday season, start thinking about next year. Buying gifts for loved ones as you find them throughout the year is the best way to collect beautiful gifts without using credit. Plus, small businesses can use the boost year-round. 

Show Support From Home

Mockup showing someone fill in an instagram story template with favorite shops.

Download button for instagram story template.

Most of us have a budget that prevents us from buying a new wardrobe every month and eating out every weekday, so it just isn’t feasible to buy from all of our favorite local artisans all of the time. That doesn’t mean you don’t love them, you’ll just have to get creative to show your support from home. 

4. Share Your Favorite Products

When you do buy something new, take a photo! Sharing your favorite finds online and tagging the store is a great way to promote their products and quality to your friends and family. Even if you’re not buying, sharing a wishlist or their newest product could earn them another sale or new followers. 

“I think people forget that their voice has influence, whether they are a huge celebrity or a humble stay at home mom. It’s amazing just what one post can do for small business.” — Autumn Grant, The Kind Poppy

5. Write a Review

You should let the world know when you find a shop you love. From Google and Yelp to a company Facebook page, leave a review to let others know they’re in good hands. Positive reviews are some of the best tools businesses have to convert sales. 

“These types [local] of businesses live and die by word of mouth. Their reviews are everything to them. Now that everyone can look up the average rating of a business or service, it’s vital for businesses to collect positive, honest reviews.” — Dan Bailey, WikiLawn Lawn Care

If you do leave reviews, detailed thoughts and photos perform the best. These give the consumer plenty of information and help your review seem authentic. Plus, reviews can help platforms like Etsy and Google know the business is valued. 

6. Refer a Friend

Tell your friends when you find a new shop or service and share the love. Your friends trust you and likely have a lot of shared interests, so this word of mouth is a great way for businesses to earn customers. 

“A referral is the single best compliment to a business owner. Trust me.” — Brian Robben, Robben Media

If you have friends and family from out of town you may also want to keep your favorite businesses in mind for when they visit. Keep a list of local restaurants, cafes, services, and shops that they can’t get anywhere else and take your friends on a local tour. 

Keep in Touch

Businesses have more ways than ever to keep you in the know, so make sure you’re subscribed to keep in touch! Newsletters and social media are a good way to keep your local faves and their promotional offers top of mind. 

Mockup showing someone filling in their wishlist on instagram.

Download button for holiday wishlist instagram template.

7. Sign-up For Newsletters

Most businesses send regular emails to notify you and other customers of their store details and deals. Newsletters are great ways to find coupons, sales, and new items you’ll adore. Just subscribing isn’t enough, though. Make sure you actually read their news and whitelist the email so you never miss a thing. 

8. Follow and Interact With Their Social Channels

Social media is another easy way to stay in the know; it can also organically promote a business. When you follow a business, platforms learn more about who else may be interested in their offers. Stay active and like and comment on their posts, too, to increase their visibility and trust with other shoppers. 

9. Swing By the Shop

Ultimately, the best way to support a business is to stop by and visit. You never know when something will catch your eye, and it’s a great way to share your find with friends. You may also get the chance to talk with the owner and learn more about the business while sharing your support. 

“Drop a note to them of encouragement. Tell them why you love them and what they mean to you and the community…We’ve been absolutely floored when people have taken time out of their day to write us a note, telling us how much they like us/our product.” — Meaghan Tomas, Pinch Spice Market

No matter the product or service, small business owners will appreciate hearing that you love their shop and can benefit from your support. Tag a friend, buy a gift card, or write a review to help your favorite stores without busting your budget. 
Small Business Administration | G1ve 

The post 9 Ways to Support Small Businesses Without Breaking the Bank appeared first on MintLife Blog.

Source: mint.intuit.com