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05/23/2022

10 Budgeting Apps for Couples That Make It Easy to Share Finances
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.

Breaking Down the Best Budgeting Apps for Couples

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

But 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 Ramsey Plus, you get automatic syncing to your bank account — which the free version does not provide — and access to Ramsey’s Financial Peace University.

Goodbudget

Goodbudget is 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. 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.

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.

Honeydue

Honeydue helps you and your partner stay on the same page by letting you track spending and saving together, 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.

Firstly
Firstly is a budgeting app that’s ideal for couples who are carrying the financial responsibilities of raising children plus assisting their aging parents. The app is created as a one-stop shop for managing family finances.

In addition to tracking spending and wealth building, Firstly helps to encourage money convos by letting users send in-app communication to their partner or another family member. You can also set family savings goals, like putting aside money for a big vacation or to purchase a larger house. You set your savings rules and authorize Firstly to pull a certain percentage or a set amount from your checking accounts each month.

Firstly was previously known as Honeyfi until Strategic Financial Solutions acquired the app in March 2021 and rebranded it.

So now go ahead and explore more apps for the list!

05/20/2022

What are the nine states that do not pay income tax and why?

n the US, each state has the power to determine how it will generate revenue through taxation. Some states opt to forgo the collection of income or sales tax. There are a total of nine states that do not tax income at the state level,

Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming.
When states pass a budget each year, they look at the income they have generated and the funds that will be allocated to them by the federal government. While residents in these nine states do not pay income taxes to the state, they do still have to pay the federal government.

According to the US Census Bureau, the percent of revenue coming from the federal government in 2019 was three percent larger on average in states with no income tax. For states with no income tax, the average was 29 percent while for those with income tax the average stood at 26 percent.

Why do these states have no income tax?
As income tax is organised at the state level, it is as simple as states deciding that they do not want to impose it.

What this means is the state hikes taxes on products and other things people can buy to make up the shortfall. This can make these items more expensive and in some cases have unseen consequences. For example, Washington state has a tax of 49.4 cents per gallon on gasoline, one of the highest rates in the nation.

Having no income tax comes with its problems. In 2015, Alaska saw one of its largest budget deficits in years. In 1980 the state had eliminated state income tax, as it was able to generate enough revenue through the extraction and commercialization of oil.

However, as many countries that depend on natural resources can attest, problems started when the price of oil began to fall. At the time of the crisis, the state saw a $4 billion budget deficit with the Commissionaire of the Alaska Department of Revenue saying that “for every $5 drop in oil prices, the state loses $120 million.”

On the other side, the recent surge in oil price as a result of the war in Ukraine means Alaska can get a lot more money from the taxing of one commodity.

While efforts have been made to stabilize the state’s budget and revenue, in 2019, 35 percent of the state’s revenue came from the federal government; almost 10 percentage points higher than the national average.

11/28/2021

72% of Americans saw their credit scores drop after missing a ‘buy now, pay later’ payment, survey finds.

In a Nutshell
A little over 40% of Americans have used a “buy now, pay later” service like Afterpay or Klarna. While 62% say they have never missed a payment, 38% report they have fallen behind on payments at least once. And, almost three-quarters of people with a late payment say they have seen their credit scores drop.

You may have heard of “buy now, pay later” services – a way to split purchases into multiple payments – but you may not be aware of the possible damage to your credit scores that comes from missing a payment.
A joint Credit Karma/Qualtrics survey has found that 42% of Americans have used some sort of “buy now, pay later” service, sometimes referred to as a BNPL.

Of survey respondents who’ve used “buy now, pay later” options, 38% reported they’ve missed at least one payment. And 72% of respondents who said they missed a payment also reported seeing a decrease in their credit scores afterward.

How does ‘buy now, pay later’ work?
“Buy now, pay later” isn’t a new concept — that’s how credit cards, mortgages and anything else that runs on credit works. However, over the past few years, fintech companies have sprung up offering “buy now, pay later” all over virtual checkouts or in apps in a fresh way. Companies offering this option include Affirm, Afterpay, Klarna and Sezzle.

Typically, BNPLs offer shoppers the option to split what they owe into smaller, equal payments spread out over the course of a few weeks or months, often without interest. If you decide to use the service, the company will generally run a soft credit inquiry on you before deciding whether to loan you the money. Unlike a hard credit pull, a soft credit check doesn’t affect your credit scores.

Although soft pulls don’t hurt your credit, missing a payment to a “buy now, pay later” company might. These companies can report late payments to consumer credit bureaus, which can affect an individual’s credit scores. Additionally, some BNPL services also charge late fees.

Tips for managing ‘buy now, pay later’ purchases
Think about whether you can afford the full price of the item
You know your budget better than anyone. The absolute last thing you want is to buy something and then miss a payment. You could end up with late fees and a ding to your credit scores.

Ask yourself if you’ll really be able to afford whatever it is you’re trying to buy, especially in light of any other obligations you might already have.

Another question to consider: Is this item a necessity? If it is, then a BNPL might give you the flexibility to buy something you need sooner than you’d otherwise be able to. If it’s something you want instead of need, consider waiting to buy until you’ve saved up for it.

Make sure you make your payments on time
Two good ways to help ensure on-time payments: reminders or autopay.

Set an alarm or a create a recurring calendar event for every payment you owe as soon as you hit the “buy” button. Having a reminder can help keep you from missing a payment by accident.

If you’re in the mood to automate, you could try autopay instead. Many banks allow you to set up an automatic bill payment, which means you don’t have to remember to pay the BNPL company. Just set it and forget it.

One caveat: If you use autopay, make sure that you always have enough money in your account to cover the payment. If you don’t, you could accidentally overdraft your account and end up owing overdraft fees.

11/26/2021

Tips for Eliminating Pandemic Credit Card Debt

1. Stop Using the Cards
This obviously is a common-sense solution. If you stop adding to your debt, you should be able to pay it down much faster. The bonus would be if your card company reduced the interest rate it charges while you reduce debt every month.

2. Assess Your Budget
If you are spending more than you make, you have what is called negative cash flow. Look at your spending and see what expenses are necessary (food, housing, utilities) and what can be cut (new clothing, eating out every day, the extra streaming channels). At the end of every month, commit any leftover money to paying down credit card debt.

3. Stick to the Budget
There’s a reason it’s called “working” your way out of debt. It takes commitment and perseverance. Ordering up food processors while watching The Home Shopping Network is counterproductive to eliminating debt. Going a month where every meal is prepared at home, is a productive step for eliminating debt. Make good choices and stick to your budget.

4. Talk to a Credit Counselor
A nonprofit credit counseling agency can connect you with someone who may be able to consolidate your credit card debt at a lower interest rate. It’s called a debt management program. You pay less interest on your credit card debt – the goal is 8% or lower – and make affordable monthly payments based on your income. This step typically leads to the debt being paid off in 3-5 years. This not only gets you out of debt but could improve your credit score.

5. Nonprofit Debt Settlement
Nonprofit debt settlement is a new program offered at a few nonprofit credit counseling agencies, including InCharge Debt Solutions. Lenders agree upfront to forgive the remaining balance after you have paid 50%-60% of the debt. You make fixed payments for 36 months and the debt is eliminated. This could have a negative impact on your credit score, but you pay less than what you owed and the debt is eliminated in 36 months.

6. Consider the Island Approach
A quirky term for using the credit card system to your advantage. If you qualify for a 0% balance transfer card, take it! Use the introductory period – usually 12-18 months – to pay off your debt at 0% interest. Be sure to meet the terms of the new card, otherwise you’ll just be rearranging the deck chairs.

7. Repay the Most Expensive Debt First
Called the “avalanche method,” this means putting the majority of your money toward the balance with the highest interest cost. When you pay off that card, move on to the card with the next-highest balance and pay it down.

8. Evaluate Your Work Status
If it’s possible to increase your income by adding a second job? That “new money” could be used to pay down the credit card debt.

9. File for Bankruptcy
This is a last resort given its impact on your borrowing and credit score. But if the debt is overwhelming – and you don’t see a way to pay it off in five years – bankruptcy could be the second chance you need to get back on your feet financially.

10/05/2021

Best Bad Credit Loans Of October 2021
If you have bad or poor credit as defined by FICO (a score of 350 to 579), you won’t be able to qualify for a personal loan unless you apply with a co-signer. However, while some personal loans require credit scores of at least 670, there are several lenders, like those in this list, that are willing to loan funds to those with credit scores between 580 and 600.

Personal loan interest rates vary depending on your score and the qualification requirements you meet, so you shouldn’t expect to get the lowest rates or the most favorable terms with damaged credit.

But if you have bad credit, you likely shouldn’t be looking for the best rates; the provider that offers a loan your score qualifies for is typically the best one for you. And if there are multiple options open to you, then compare loan limits and interest rates to find the one that best suits your needs.

Tips for Comparing Personal Loans for Bad Credit
Consider these tips when comparing personal loans for bad credit:

Compare the top-end range of interest rates. Because interest rates largely depend on your qualifying credit score, you’re likely to land a rate at the top end of the range with bad credit. So, when comparing personal loans for people with bad credit, be sure to compare the maximum rate.
If possible, prequalify with a provider. Several providers offer the opportunity to prequalify you for a personal loan. This means you can submit details like your income information, desired loan use and housing situation to learn about potential loan limits, rates and repayment options. Prequalifying also only requires a soft credit check, which doesn’t hurt your credit score, so you can safely find the best rates.
Check for additional fees. Some personal loan providers charge no origination fees, late payment fees or prepayment penalties. However, there are some that may charge all or some of these fees. When comparing bad credit personal loans, be sure to look at the fee structure beyond the potential interest rate you can receive.
Evaluate the lender’s customer support options. If you’ve found a lender, there’s one more thing to consider before signing the loan agreement. While customer support may not seem like a big deal, it can make a huge difference if you encounter issues with payments or face a financial hardship during your repayment period. Review the lender’s customer service resources and read reviews to make sure it’s a good fit.

Methodology
We reviewed 18 popular lenders based on 14 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose lenders that have a minimum credit score requirement of 600 or lower and ranked them based on the weighting assigned to each category:

Loan details: 20%
Loan cost: 25%
Eligibility and accessibility: 30%
Customer experience: 15%
Application process: 10%
Within each category, we also considered several characteristics, including loan amounts, repayment terms, APR ranges and applicable fees. We also looked at whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification and mobile apps.

Frankly speaking, the best way to get max chances for loan approval is to apply through websites that are connected to portfolios of lenders. Means that you apply on one website but bunch of lenders see your request. The more lenders will see the application the more chances to be approved it has.

09/09/2021

How can I get a loan with bad credit?
Finding a bad credit loan can be a challenge. Stick to it. Diligence will be rewarded. The loan could come from your regular bank, but more affordable interest rates and flexible qualifying requirements probably can be found with these options:

Credit unions – Typically have more flexible lending standards than banks and may be willing to offer a small personal loan. Membership is easy to obtain, in most cases.
Family or friends – It’s easier to qualify and hopefully has lower interest rates. Credit history also may not count as much.
Find a co-signer – Use someone else’s high credit score to lower your interest rate.
Borrow from the equity in your home – Credit score is not a factor. If you have equity in the house, this is an attractive debt relief option.
Peer-to-Peer Loans – These are loans from an individual or group of individuals rather than a lending institution.
Online Loans – This is a significant market of lenders, who can be flexible with terms.
Negotiate an Agreement with Your Bank – Use a long-term relationship with your bank to obtain a short-term loan at reasonable rates.
Cash advances – Not advised because this is an expensive option, but in an emergency, it’s available.
Other options like borrowing from a retirement fund (must be paid back or face a penalty); borrowing against life insurance (more penalties); and payday loans (exorbitant interest charges) exist but are risky. A better alternative would be to consolidate debt.

What Is Considered a Bad Credit Score?
Credit scores range from 300-850 and though there is no official start to the “bad credit score” category, it’s safe to say if you’re under 650 you are considered a high risk, which means you will pay the highest interest rates.

People in this category are prime candidates for bad credit loans.

The definition of a “good” and “bad” credit score does vary from lender to lender. Some won’t touch anyone with a credit score under 650; some actually market to consumers with a sub-650 score.

So it’s hard to say what makes you “good” or “bad” on the credit scoreboard, but the accepted range looks something like this:
760-850 – Excellent
700-759 – Very good
660-699 – Fair
620-659 – Poor
Scores under 620 – Extremely poor
If this is not an emergency, the first step would be to improve your credit score so you are able to afford the loan you need.

Pay bills on-time, especially on credit cards; reduce the balance on cards to less than 30% of the credit limit allowed. Finally, don’t apply for any new credit.

The combination of those three factors – on-time payment; low credit utilization; no new credit applications – account for 75% of your credit score. It’s not unrealistic to think that making an effort on those three fronts could raise your score by 100 points in as little as 3-to-6 months.

If, however, this is an emergency and your application for a loan has been turned down repeatedly due to poor credit or no credit, it might help to ask a bank or credit union loan officer for an in-person interview to convince them you are creditworthy.

If you get that interview, be sure you are prepared with documents that prove you’re a better risk than the credit score suggests. Lending institutions love stability. It definitely helps your case if you can show them that you’ve lived in the same house (or city) and worked the same job (preferably for the same employer) for several years.

Common things to bring that prove your credit worthiness include:
Tax returns, W-2s and 1099 forms from at least the last two years
Details of your job history, including salary and pay stubs
List of assets such as home, car, property and where you stand on paying them off
List of unsecured debts such as credit cards, student loans and medical bills
Whether you pay or receive alimony or child support
Bank statements for checking, savings and CDs
Not all of these documents are required, but if you have a poor credit history, anything you can produce that demonstrates you have become responsible with your money will be considered a plus. You should also expect the lender to ask questions about your credit history that may reflect negatively on you. Things like:

Have you been involved in any lawsuits?
Do you have any court judgments against you or items in collection?
Have you declared bankruptcy or had a foreclosure judgment against you?
What is your ethnic background?
The last question would seem to violate anti-discrimination laws, but it is required by the government so that it can keep data on lending to minorities and make sure they aren’t routinely turned down or charged excessive fees.

The purpose of an in-person interview is to convince the lender that if you receive a loan, you can comfortably make payments. Any evidence you have that can support that fact – especially proof that you paid off loans on assets like a car, motorcycle or boat in the past – are going to work in your favor.

09/08/2021

13 Tips to Increase Your Credit Score
If you are like many consumers and don’t know your credit score, there are several free places you can find it. The Discover Card is one of several credit card sources that offer free credit scores. Discover provides your FICO score, the one used by 90% of businesses that do lending. Most other credit cards like Capital One and Chase give you a Vantage Score, which is similar, but not identical. Same goes for online sites like Credit Karma, Credit Sesame and Quizzle.

The Vantage Score comes from the same place that FICO gets its information – the three major credit reporting bureaus, Experian, TransUnion and Equifax – but it weighs elements differently and there could be a slight difference in the two scores.

Once you get your score, as Homonoff suggested, you might be surprised if it’s not as high as you expected. These are ways to improve the score.

1. Review Your Credit Report
You are entitled to one free credit report a year from each of the three reporting agencies and requesting one has no impact on your credit score. Review each report closely. Dispute any errors that you find. This is the closest you can get to a quick credit fix.

A government study found that 26% of consumers have at least one potentially material error. Some are simple mistakes like a misspelled name, address, or accounts belonging to someone else with the same name. Other errors are costlier, such as accounts that incorrectly are reported late or delinquent; debts listed twice; closed accounts that are reported as still open; accounts with an incorrect balance or credit limit.

Notifying the credit reporting agency of wrong or outdated information will improve your score as soon as the false information is removed. About 20% of consumers who identified mistakes saw their credit score increase.
2. Set Up Payment Reminders
Write down payment deadlines for each bill in a planner or calendar and set up reminders online. Consistently paying your bills on time can raise your score within a few months.

3. Pay More Than Once in a Billing Cycle
If you can afford it, pay down your bills every two weeks rather than once a month. This lowers your credit utilization and improves your score.

4. Contact Your Creditors
Do this immediately to set up a payment plan if you miss payment deadlines and can’t afford your monthly bills. Quickly addressing your problem can ease the negative effect of late payments and high outstanding balances.
5. Apply for New Credit Sparingly
Although it increases your total credit limit, it hurts your score if you apply for or open several new accounts in a short time.

6. Don’t Close Unused Credit Card Accounts
The age of your credit history matters and a longer history is better. If you must close credit accounts, close newer ones.

7. Be Careful Paying Off Old Debts
If a debt is “charged off” by the creditor, it means they do not expect further payments. If you make a payment on a charged off account, it reactivates the debt and lowers your credit score. This often happens when collection agencies are involved.

8. Pay Down “Maxed Out” Cards First
If you use multiple credit cards and the amount owed on one or more is close to the credit limit, pay that one off first to bring down your credit utilization rate.

9. Diversify Your Accounts
Your credit mix — mortgage, auto loans, student loans and credit cards — counts for 10% of your credit score. Adding another element to the current mix helps your score, as long as you make on-time payments.

10. Quick Loan Shopping
If you have bad credit and can’t find any other way to improve your score, you could consider taking a “quick loan.” These are typically loans for small amounts — $250 to $1,000 — that get repayment history reported to credit agencies, and can become a positive on your credit report. This is a last resort.

11. See If You Qualify for a 0% Interest Card
Several companies offer cards with 0% interest on balances, but there are caveats to this. There can be a fee for transferring the balance and the 0%offer is only good for an introductory period, typically 12-18 months. It usually takes a very good credit score to qualify for one of these.

12. Consider a Debt Consolidation Plan
There could be a temporary drop in your credit score if you enroll in a debt consolidation program, but as long as you make on-time payments, your score quickly improves and you are eliminating the debt that got you in trouble to start with.

13. Pay Attention to Credit Utilization
Your credit utilization rate is the amount of revolving credit you’re using divided by the amount of revolving credit you have available. It makes up 30% of your credit score and is often the most overlooked method of improving your score. For most people, revolving credit just means credit cards, but it includes personal and home equity lines of credit as well. A good credit utilization rate never exceeds 30%. So, if you have a credit limit of $5,000, you should never use more than $1,500.

08/23/2021

Is Cash Or Credit Better? How To Reverse A Bad Credit Score Part 1

A good budget begins with a list of monthly expenses.
However, should you pay for these using cash or a credit card? Cash is a great method if you need to increase your financial discipline while credit cards offer convenience and flexibility.
Take a closer look at both methods to help decide which one suits you the best.

Why Credit Card Expenses Quickly Accumulate And Get Out of Hand
Having access to cash that you can spend without having to earn it first sounds like a dream come true for many consumers.
Unfortunately, there are many people who find themselves unable to control their credit card purchases.
Before long the dream has become a nightmare and they are trapped under a mountain of debt.
- Credit cards offer convenience, large credit limits, and interest-free introductory offers.
- A well-managed credit card can be a useful financial tool, but many customers can’t resist swiping their cards to make impulse purchases.
- Having a credit card gives some people a feeling of having money to spend - and they end up doing just that.
- Credit cards are marketed to customers as status symbols. Regular cardholders are keen to upgrade to gold, platinum and black cards, with their limits increasing each time.
- Special offers from travel, sports equipment, and dining companies encourage cardholders to spend.
- All of these factors can result in large credit balances that pile up interest at high APRs.

How Spending In Cash Can Help With Budgeting
Cash is the exact opposite of a credit card when it comes to budgeting.
You need to earn it before you can spend it - and once you’ve spent it, it’s gone.
This makes cash an excellent alternative if you need to practice hard budgeting and instill some financial discipline into your everyday habits.
- Withdrawing cash and spending it as you go is a great way to see where your monthly income goes each day, week, and month.
- Setting a weekly cash budget and never withdrawing extra amounts (except in an emergency) will force you to adjust your spending to suit your budget and not the other way around.
- A cash budget lets you allocate your income to different categories of expenses including rent, gas, groceries, entertainment costs, and utility bills. You’ll be able to track your expenses easily.
- Cash budgeting is a good way to keep the whole family accountable because everyone can see the amount of cash you place in your “grocery jar” or envelope. This makes it difficult to make secret purchases.

08/17/2021

The Best Dental Financing Plans for Bad Credit
Dental loans are usually short-term. The exact repayment length depends on the period you wish to settle your debts within. If you’re in a rush, your application can get approved in as much as several minutes. The money gets transferred the following day, while borrowed amounts mostly vary from $100 to $5,000.

The only thing you’ll have to do is visit the suggested websites and complete their forms. The required paperwork consists of proof of income, SSN, a bank account in your name, and valid contact details. Making the loan secured will decrease the costs and the interest rate. This is because payment is guaranteed and looks safe to the lender.

The best dental financing companies will get your loan wired to your bank account or may deposit a check. If you meet the payment deadline, the loan won’t even hurt your credit rating except for the minimal hard inquiry impact.

08/17/2021

Hey everyone and welcome to PLO page.
Here we`ll be sharing some insights about the responsible money borrowing and also some tips on how you can save the funds and decrease your budgets.

PLO

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