Forbes Advisor has compiled a list of the best budgeting apps of 2023. This list includes 15 different apps that have been compared based on their features, ease of use, and user reviews. From these apps, users can find the best mobile app to manage their budgets, savings, and expenses. Additionally, Finder UK has also published a list of the best budgeting apps of 2023, which provides a detailed review of each app’s features, fees, and benefits.

Whether users are looking for hands-on budgeting or simple zero-based budgeting, there is an app that can meet their needs. With the help of budgeting apps, users can take control of their finances and achieve their financial goals. This article will explore the top budgeting apps of 2023 and provide a comprehensive review of their features, benefits, and drawbacks.

Top 6 Budgeting Apps

Managing personal finances can be a daunting task, but with the right budgeting app, it can become much easier. Here are the top 6 budgeting apps for 2023:

1. Mint

Mint is a free budgeting app that allows users to track their spending, set budgets, and view their credit score. With its user-friendly interface and automatic categorization of transactions, Mint makes it easy for users to stay on top of their finances. Mint also offers personalized financial advice and alerts to help users save money and avoid fees.

2. PocketGuard

PocketGuard is another free budgeting app that provides users with a snapshot of their finances. It tracks spending, bills, and income and alerts users when they are in danger of overspending. PocketGuard also offers a feature that helps users find better deals on their bills and subscriptions.

3. YNAB

You Need a Budget, or YNAB, is a popular budgeting app that uses a zero-based budgeting system. This means that every dollar is assigned a job, whether it’s for bills, savings, or spending. YNAB also offers personalized coaching and support to help users achieve their financial goals.

4. Empower

Empower (previously Personal Capital is a budgeting app that offers a comprehensive view of a user’s finances. It tracks investments, retirement accounts, and net worth in addition to spending and bills. Empower also offers financial planning services and investment advice.

5. EveryDollar

EveryDollar is a budgeting app created by financial expert Dave Ramsey. It uses a zero-based budgeting system and allows users to track their spending and savings goals. EveryDollar also offers a paid version that provides additional features and personalized coaching.

6. Simplifi Money

Simplifi Money is a budgeting app created by Quicken, a popular personal finance software. It offers a comprehensive view of a user’s finances, including spending, bills, and investments. Simplifi Money also offers personalized insights and alerts to help users save money and avoid fees.

Other Budgeting Apps Worth Mentioning

1. Goodbudget

Goodbudget is a great app for those who prefer the envelope budgeting method. With Goodbudget, users can create virtual envelopes for different spending categories and allocate funds accordingly. The app syncs across multiple devices, making it easy to track spending on-the-go. Goodbudget also offers a free version with limited features, as well as a paid version with more advanced features.

2. Honeydue

Honeydue is a budgeting app designed specifically for couples. It allows couples to link their accounts and track their spending and budgeting goals together. Honeydue also offers features such as bill reminders, shared savings goals, and the ability to split expenses. The app is free to use, but offers a premium version with additional features.

3. Wally

Wally is a budgeting app that offers a simple, user-friendly interface. It allows users to track their expenses and income, set savings goals, and monitor their spending habits. Wally also offers features such as receipt scanning and bill reminders. The app is free to use, but offers a premium version with additional features.

4. Marcus Insights

Marcus Insights is a budgeting app that offers a variety of features to help users manage their finances. It allows users to track their spending, set savings goals, and monitor their credit score. The app is free to use.

5. Albert

Albert is a budgeting app that offers a variety of features to help users save money and manage their finances. It allows users to track their spending, set savings goals, and monitor their credit score. Albert also offers features such as bill negotiation, savings account management, and the ability to invest spare change. The app is free to use, but offers a premium version with additional features.

Factors to Consider When Choosing a Budgeting App

Choosing the right budgeting app can be a daunting task, especially with so many options available in the market. However, there are certain factors that one should consider before making a final decision. Here are some of the most important factors to consider when choosing a budgeting app:

1. User Interface and Experience

The user interface and experience of a budgeting app play a crucial role in its usability. A good budgeting app should have a clean and intuitive interface that is easy to navigate. It should also have a well-designed user experience that makes it easy to input and track expenses.

Some budgeting apps offer customizable dashboards that allow users to view their financial data in a way that makes sense to them. This can be especially helpful for users who have specific financial goals or who want to track their spending in a particular way.

2. Features and Functionality

The features and functionality of a budgeting app are also important factors to consider. A good budgeting app should offer a range of features that help users track their expenses, set and achieve financial goals, and manage their finances effectively.

Some of the most important features to look for in a budgeting app include expense tracking, budget creation and management, bill reminders, and goal setting and tracking. Some apps also offer additional features such as investment tracking, credit score monitoring, and financial education resources.

3. Security and Privacy

When it comes to financial data, security and privacy are of utmost importance. A good budgeting app should have strong security measures in place to protect users’ personal and financial information.

Look for budgeting apps that use encryption to protect data in transit and at rest. Additionally, make sure the app has a clear privacy policy that outlines how user data is collected, stored, and shared.

4. Cost and Value

The cost and value of a budgeting app is another important factor to consider. While some budgeting apps are free, others require a monthly or annual subscription fee.

Consider the features and functionality offered by the app and whether they justify the cost. Additionally, look for apps that offer a free trial period or a money-back guarantee so you can try the app before committing to a subscription.

5. Customer Support

Finally, customer support is an important factor to consider when choosing a budgeting app. Look for apps that offer multiple channels of support, such as email, phone, and chat support.

Additionally, consider the quality of the app’s customer support. Are support representatives knowledgeable and responsive? Do they provide helpful and timely solutions to user issues?

The post Top 6 Best Budgeting Apps for 2023: Time to Get Your Finances In Check! appeared first on Wealth Bytes, the content owner.

One of the most frequently asked questions by investors is what is the average return of the S&P 500? According to a number of sources, the average annual return of the S&P 500 since its inception in 1926 is around 10%. However, it is important to note that this figure is an average and there have been years where the return has been much higher or lower than this figure.

Understanding the S&P 500

The S&P 500 is one of the most widely used benchmarks for the U.S. stock market. It is a market-capitalization-weighted index of 500 large publicly traded companies in the United States. The S&P 500 index is often used as a proxy for the overall performance of the U.S. stock market.

What is the S&P 500 Index?

The S&P 500 is an index of 500 large-cap companies listed on major U.S. stock exchanges. The index is weighted by market capitalization, which means that companies with higher market values have a greater impact on the index’s performance.

The S&P 500 index is often used as a benchmark for the U.S. stock market because it provides a broad representation of the performance of large-cap U.S. stocks. The index includes companies from a variety of sectors, including technology, healthcare, and financials.

How is the S&P 500 Index Calculated?

The S&P 500 index is calculated using a market capitalization-weighted formula. This means that the value of each company in the index is multiplied by the number of outstanding shares, and the resulting values are added together to determine the total market capitalization of the companies in the index.

The index is then calculated by dividing the total market capitalization of the companies in the index by a divisor. The divisor is adjusted periodically to account for changes in the number of shares outstanding, stock splits, and other factors that could affect the value of the index.

The S&P 500 index is updated regularly to ensure that it accurately reflects the performance of the U.S. stock market. Companies are added or removed from the index based on changes in their market capitalization and other factors.

Investors often use the S&P 500 index as a benchmark for their own investment portfolios. By comparing the performance of their portfolios to the performance of the S&P 500 index, investors can get a sense of how well their investments are performing relative to the broader U.S. stock market.

Historical Performance of the S&P 500

Average Annual Return of the S&P 500

The S&P 500 is widely regarded as one of the best indicators of the overall health of the U.S. stock market. Over the years, it has provided investors with a reliable source of long-term investment returns. According to MacroTrends, the average annual return of the S&P 500 from 1928 to 2022 was approximately 10%, including reinvested dividends. However, it is important to note that the S&P 500’s average annual return can vary widely from year to year. For example, in 2020, the S&P 500 had a total return of approximately 16.3%, while in 2018, it had a total return of -4.4%. Therefore, it is crucial for investors to have a long-term investment horizon and not get caught up in short-term market volatility.

Long-term Performance of the S&P 500

Over the long term, the S&P 500 has provided investors with significant returns. From 1928 to 2022, the S&P 500 had an average annual return of approximately 10%, including reinvested dividends. However, there have been periods of significant market downturns, such as the Great Depression of the 1930s and the Global Financial Crisis of 2008. Despite these downturns, the S&P 500 has always rebounded and continued to provide investors with long-term returns. For example, after the Global Financial Crisis of 2008, the S&P 500 had a total return of approximately 32% in 2009 and continued to provide positive returns in the following years. Investors who have a long-term investment horizon and can tolerate market volatility may find the S&P 500 to be a reliable source of long-term investment returns. However, it is important to note that past performance is not indicative of future results, and investors should always conduct their own research and consult with a financial advisor before making investment decisions.

Factors Affecting the S&P 500 Return

Market Conditions

The S&P 500 return is influenced by various market conditions, including supply and demand, investor sentiment, and geopolitical events. The supply and demand for stocks can affect the prices of the companies in the index, which in turn affect the overall performance of the S&P 500. For example, if there is a high demand for stocks, the prices will increase, resulting in a higher return for the S&P 500. Conversely, if there is a low demand for stocks, the prices will decrease, resulting in a lower return for the S&P 500.

Investor sentiment can also affect the S&P 500 return. If investors are optimistic about the future of the economy and the stock market, they are more likely to invest in stocks, which can lead to higher returns for the S&P 500. Conversely, if investors are pessimistic about the future of the economy and the stock market, they are less likely to invest in stocks, which can lead to lower returns for the S&P 500.

Geopolitical events can also impact the S&P 500 return. For example, if there is a trade war between two countries, it can affect the prices of the companies in the S&P 500 that do business with those countries, which can impact the overall performance of the index.

Economic Factors

Economic factors can also affect the S&P 500 return. These factors include interest rates, inflation, and corporate earnings. Interest rates can impact the borrowing costs for companies, which can affect their profits and ultimately their stock prices. Inflation can also impact the S&P 500 return, as it can erode the value of the dollar, which can lead to higher prices for goods and services and ultimately lower profits for companies.

Corporate earnings are a key driver of the S&P 500 return. If companies in the index are making higher profits, their stock prices are likely to increase, resulting in a higher return for the S&P 500. Conversely, if companies in the index are making lower profits, their stock prices are likely to decrease, resulting in a lower return for the S&P 500.

Investing in the S&P 500

Investing in the S&P 500 is a popular way to gain exposure to a diversified portfolio of large-cap U.S. stocks. The S&P 500 is a market capitalization-weighted index that includes 500 of the largest publicly traded companies in the U.S. across a range of industries.

How to Invest in the S&P 500

There are several ways to invest in the S&P 500:

• Buy individual stocks of the companies in the index
• Invest in mutual funds or exchange-traded funds (ETFs) that track the index
• Invest in index funds or ETFs that track the S&P 500

Investing in individual stocks can be risky and time-consuming, as it requires researching and analyzing each company. Mutual funds and ETFs that track the S&P 500 offer a more diversified approach to investing in the index. These funds typically have lower fees and are easier to manage than investing in individual stocks.

Benefits of Investing in the S&P 500

Investing in the S&P 500 can offer several benefits, including:

• Diversification: The S&P 500 includes a variety of companies across different industries, which can help reduce risk and volatility in a portfolio.
• Historical Returns: The S&P 500 has historically provided strong long-term returns, averaging around 10% per year over the past century.
• Low Fees: Investing in index funds or ETFs that track the S&P 500 typically have lower fees than actively managed funds, which can help increase overall returns.

Risks of Investing in the S&P 500

While investing in the S&P 500 can offer several benefits, there are also risks to consider:

• Market Volatility: The stock market can be volatile, and the value of investments in the S&P 500 can fluctuate significantly in the short term.
• Concentration Risk: Because the S&P 500 is market capitalization-weighted, larger companies have a greater impact on the index’s performance. This can lead to concentration risk if a few companies make up a significant portion of the index.
• No Guarantees: There are no guarantees in investing, and past performance does not necessarily predict future results.

Conclusion

The average return of the S&P 500 is an important metric for investors to consider when making investment decisions. While the average return of the S&P 500 is 10% over the long term, it is important to remember that not every period in the market is average and not every investor’s portfolio is average.

Investors should consider their own investment goals, risk tolerance, and time horizon when deciding whether to invest in the S&P 500 or other investments. It is important to remember that past performance is not indicative of future results and that investing always involves risk.

While the average return of the S&P 500 is an important metric, it is not the only metric that investors should consider. Other factors that investors should consider include the current market conditions, the performance of individual companies within the index, and global economic trends.

The post What Is the Average Return of the S&P 500? Understanding the Long-Term Performance of America’s Most Popular Stock Index. appeared first on Wealth Bytes, the content owner.

The secret to becoming wealthy is spending less than you earn, but what do you with that extra money? You can keep it under your mattress or a free checking account. However, you might not earn passive income with either of these two options so you can make money while sleep. Instead, you should consider parking your cash in an online savings account. There are so many great options for online savings accounts in 2023.

The best online savings accounts currently offer an annual interest rate of around 4.00% APY so you can expect to earn $40 in annual interest for every $1,000 you deposit. As savings account interest rates continue to increase, you will earn more each month.

You won’t be able to live off the savings account interest exclusively but keeping your extra cash in the bank is one of the necessary steps to become a millionaire.

Why You Need an Online Savings Account

Let’s be honest, savings accounts aren’t the most exciting things in life. Especially when interest rates are often very low for most savings accounts at big banks. But that doesn’t mean there aren’t other options. If you follow our rules to help you save more every month, then you should be focusing on stashing your cash in an online savings account. But really, you just need a savings account.

You need a savings account for the following reasons:

• Build an emergency fund
• Earn interest to grow your nest egg quicker
• Keep money outside your spending (checking) account

Earning a higher interest rate is one reason to keep a portion of your cash in a savings account, but you should also have a separate account so you don’t accidentally spend the money you need to save for the future. If it’s not in your checking account, you’re less likely to make as many purchases and this mental trick can help you get out of debt quicker.

How to Choose the Best Online Savings Account

There are dozens of online banks to choose from, but you should limit your search process to these two factors:

• Current annual percentage yield (APY)
• Minimum initial deposit requirement

You want to choose the bank that offers the highest interest rate on the lowest balance requirement possible. In many cases, you only need to keep $1 in your account to qualify for the highest interest rate.

After you find your banks of choice, you should see if they offer any additional benefits like mobile deposit or a high-quality checking account or money market account so you can keep all your cash at one bank.

If you keep your checking account at a different bank, that’s ok too.

When comparing the various online banks, remember that federal law only allows up to six savings account withdrawals each month. You might be able to make additional withdrawals, but you’ll have to pay a fee that’s almost always $10 to $15.

Image	Bank	Rates	Website
	CIT Bank	4.05%	Open Account
	Ally Bank	3.30%	Open Account
	Live Oak Bank	3.50%	Open Account
	Synchrony Bank	3.75%	Open Account
	Discover Bank	3.30%	Open Account
	Barclays Savings	3.40%	Open Account
	Marcus by Goldman Sachs	3.30%	Open Account
	Capital One 360	3.30%	Open Account

The Best Online Savings Accounts

Below are some of the best online savings accounts. All of them are FDIC-insured for your first $250,000 in deposits. If you currently bank with a local credit union or bank, your deposits are FDIC-insured there too, but you might only earn 0.10% on your deposit.

As you will quickly see, switching to an online-only bank can instantly help you earn 15 times more interest!

Live Oak Bank

Do you want to earn 3.50% APY on your cash? It’s possible with Live Oak Bank as long as you maintain at least $10.01 in your account.

Live Oak Bank has received a 5-star Safe & Sound rating from Bankrate.com, one of the most well-respected financial websites for researching and rating banks and credit unions.

There are no monthly maintenance fees to worry about. As long as you show some account activity at least once every two years by making a deposit, withdrawing cash, or logging into your account, you’ll never be charged an inactivity fee.

While some banks might “freeze” your withdrawals after you reach the six monthly withdrawals limit, you can make additional withdrawals from a Live Oak Bank savings account if you’re willing to pay a $10 transaction fee. Hey, it can still be cheaper than a late fee.

CIT Bank

CIT Bank is probably the best all-around option as you can earn 4.05% APY with a minimum $100 opening deposit; the $100 account minimum is still very reasonable!

If you prefer to earn a slightly lower yield, CIT’s money market account is also FDIC-insured and you can use People Pay—think PayPal or Venmo for your bank account—to send money directly to your friends and family without having to transfer the cash to your checking account first. Money market accounts also have the six monthly transactions cap but with a few extra benefits.

Bonus Tip: Find out six ways to save $100 a month to watch your nest egg grow!

Synchrony Bank

A Synchrony Bank high-yield savings account currently pays 3.75% APY with a $1 minimum account balance requirement. Synchrony will also issue an ATM card so you can make ATM withdrawals directly from your savings account, or you can always schedule a withdrawal online or over the phone.

If you accidentally make more than six withdrawals in a month, Synchrony won’t charge a fee for the additional transactions but they might close your account if it becomes a regular occurrence.

Discover Bank

Discover Bank pays 3.30% APY on all deposits and there is no minimum balance requirement.  You can also deposit a check using Discover’s mobile check deposit app.

If you have another Discover Bank account, like a checking account, you can link your accounts together for free overdraft protection. While you’ll hopefully never have to withdraw every penny from your savings account, this free protection benefit can prevent a $30 insufficient funds charge if you accidentally withdraw cash from the wrong bank account. Trust me, it happens ☹

Marcus by Goldman Sachs

You might associate Goldman Sachs with investing, but they now offer an online savings account called Marcus. Your Marcus savings account can earn 3.30% APY and you only need to deposit $1 within the first 60 days to begin earning the high-yield interest.

Although Marcus doesn’t offer checking accounts, you can also invest money you don’t need for the next 12 months into a certificate of deposit (CD) account to earn a slightly higher yield. A 12-month CD currently yields 2.10% APY, for example.

Barclays Savings

Barclays Savings offers 3.40% APY on all deposits and you only need to keep at least $0.01—that’s a single penny!—in your savings account to earn the highest APY possible. You might also appreciate the Barclays savings tool that can motivate you to save more for your money goals so you don’t have to borrow in the future.

Ally Bank

Ally Bank pays 3.30% APY on all deposits and it’s also a good option if you want an interest-bearing checking account too. If you invest with Ally Invest, you can truly have all of your nest egg with one bank. There are zero monthly maintenance or account fees and zero account minimums.

Ally Bank also provides 24/7 customer service and mobile check deposit via the Ally Bank app.

Capital One 360

Capital One 360 pays 3.30% APY which is comparable to others mentioned on this list, and you might like to open an online savings account if you have a Capital One credit card or checking account already.

Another reason to consider Capital One 360 is that you can have 25 sub-accounts inside your savings account. If you like the envelope budget system, Capital One probably does the best job of all the banks to help you categorize and save for your various savings goals including the next exciting vacation or the more mundane such as paying your property taxes.

Should You Switch To An Online Bank?

Do you still bank at your local brick-and-mortar branch? It’s still a good idea to maintain a no-fee account at your local bank or credit union when you need money in a pinch or have to make a cash deposit.

Since physical banks barely pay a fraction of the interest as the online banks mentioned above, keep the cash you don’t need to pay this month’s bills in your online savings account to earn the most interest possible.

By choosing one of the online banks listed above, you won’t have to worry about any hidden fees and they all have very lenient minimum account balances that can be very helpful if you’re fighting hard to get out of debt and don’t have a lot of spare cash at the end of the month.

Some Important Facts About Online Savings Accounts

The thought of earning 4.00% on every penny you have in your bank account sounds very appealing, but you’re still going to need a checking account to pay your monthly bills like rent, utilities, and anything you charge to your credit or debit card.

Online savings accounts are able to offer a significantly higher yield than brick-and-mortar banks and checking accounts is because you’re limited to six withdrawals per month from an online savings account; this is federal law that every online savings bank must adhere to. Even transferring money from your savings account to your checking account counts as one of the six monthly transactions.

On the flipside, you can make unlimited deposits and earn the highest savings account interest rate possible! Making a deposit is easier than ever as many banks now support mobile check deposit, direct deposit, and the ability to mail-in deposits. If you go with a bank with local branches, you can also make in-person deposits too!

What are you waiting for? Are you going to open an online savings account today?

Image	Bank	Rates	Website
	CIT Bank	4.05%	Open Account
	Ally Bank	3.30%	Open Account
	Live Oak Bank	3.50%	Open Account
	Synchrony Bank	3.75%	Open Account
	Discover Bank	3.30%	Open Account
	Barclays Savings	3.40%	Open Account
	Marcus by Goldman Sachs	3.30%	Open Account
	Capital One 360	3.30%	Open Account

The post The Best Online Savings Accounts in 2023 – Where to Stash Your Cash appeared first on Wealth Bytes, the content owner.

There are some alternatives to using a coin-counting machine like Coinstar, but it takes some detective work or physical work. So let’s quickly discuss the alternatives to Coinstar and how you can use them to deposit your coins for cash!

Check Your Local Bank or Credit Union

If you have an account at a local bank, there are times when they will have a coin counting machine. Not all do, but some have them in their lobby. For members of the bank, this service is often free. If you are a non-member, they might charge you a service fee, but it’s often much less than Coinstar.

Credit unions most commonly have coin counting machines for their members and non-members. Unlike big banks, credit unions require you to be a member based on certain rules. If you can become a member in your local area, you often get really great service and much better interest rates than you would at a big bank.

You can use this button below to open a Google search looking for a credit union near you.

Roll Your Coins for Deposit or Cash

While we have seen banks not accept coins in the past, it seems with the coin shortage, they are happy to accept them now. Most banks will give you free coin rollers so you can roll your coins. If you ask nicely, they often will let you borrow their coin sorting machine to help.

Banks will allow you to deposit coins into your account if you are a member at the bank, but some will also let you exchange wrapped coins for cash. Chase bank allows this with a $200 limit. If you have more than $200 in rolled coins, you need to visit different Chase branches.

If you have rolled your coins, then call around to some banks in your area to see if they will exchange them for cash for free. If you have a bank account that isn’t online only, then go to a branch near you, ask for coin rollers, and deposit or exchange those coins for cash.

QuikTrip Gas Stations

There is a company called QuikTrip that has over 800 locations in 11 states that is providing free coin exchanges due to the national coin shortage. You can use their site to find a store/station near you and all you have to do is bring your coins into the store/gas station to get them exchanged. They are not currently charging a fee for this service. So if you are in one of the 11 states this company resides, this could be a good way to get your coins exchanged for cash for free.

The post Coinstar Alternatives to Cash Out Your Coins appeared first on Wealth Bytes, the content owner.

TLDR Version – It costs me $880 per month to be a Type 1 Diabetic in the United States…

You see, I was diagnosed 22 years ago when I was in high school. It’s not as normal to be be diagnosed that old, but it does happen (just not as common). It was hard learning how to “be a diabetic” when I was just learning how to be me. But when you become a diabetic, there is little time to mess around. You learn, you adapt, or you fail. And failure isn’t much of an option in my mind because it can kill you in this instance.

Today, I wanted to share what it costs me just to be a diabetic. I don’t have much of an option. Type 1 diabetes is not like Type 2. My pancreas just no longer works and the drugs available to me is just insulin injections. That is it. I get a choice of just a few insulin brands based on my control and how I manage my diabetes.

Diabetic Supplies List

Let’s first show you what I use on a regular basis to manage my diabetes. This will differ from person to person and really comes down to how much money you have available and what kind of insurance you have.

It’s really sad that to have really good control, you often need to have really good insurance, access to quality foods, and money. If you don’t have these, you rarely can do well as a diabetic and I know that first hand from many that I know. Too many people I have met and talked to have had to forgo insulin just to pay their bills or eat. That is disgusting and unacceptable, no matter what you think.

In a study, 14% of diabetics can’t afford insulin because it costs too much. When the insulin I use debuted back in 1996, it was only $21 per vial. Now it’s around $250 per vial. Let that sink in.

My diabetic supply list includes:

Now, that’s a lot of stuff. One of the worst parts is the amount of plastic waste all of this comes with. Just with every infusion set change which is every 3-5 days, I throw away just so much plastic waste. It’s irritating.

How Much Does Being a Type 1 Diabetic Cost Me?

Let’s break down how much this costs me per month. I’m going to include my insurance because I need this just to keep all the costs down and that’s the sad thing. Even with insurance, I’m still spending so much. My wife and kids are on a different plan for insurance because it ended up being cheaper overall.

Total cost per month is $880!

Yes, you read that right, it costs me $880 per month just to stay healthy and alive. To me, this is non-negotiable. Without these, I wouldn’t have the control I have and be in the health I am. I take care of myself and my body, but I’m always in a battle with diabetes.

I find it completely ridiculous that I have to pay this much just to manage my diabetes. Now, if I didn’t have insurance, the supplies would cost me around $1,200 per month, so I do save with it, but not a huge amount. I’ve done the math before and keep it. It doesn’t benefit me to not have prescription coverage on insurance.

The post How Much It Costs to be Type 1 Diabetic in the US (with Insurance!) appeared first on Wealth Bytes, the content owner.

Either way, we refinanced out from Wells Fargo to Rocket Mortgage. They made the process extremely simple and fast. Since I’m self-employed, I had all the documents they needed and could upload it right into their portal. It took less than 3 hours of total work on my end for the entire process. Smooth!

Loving Our Low Mortgage Rate

I do love our low 2.7% rate for our 30-year mortgage. I earn more than that in our high-interest savings account (if you don’t have one, get one), so I’m sticking with just paying the mortgage bi-weekly every month and earning more in my savings to hold some cash. This is how I like it and some might not agree.

It’s been over a year with this low rate and with the lower monthly payment, our mortgage is now our second largest bill, instead of our largest. Healthcare is our largest (boo).

But this low rate h as enticed Rocket Mortgage to call us ever so much to try to get us to do a cash-out refinance, but I just won’t do it.

What is a Cash-Out Refinance?

For those who don’t know, cash-out refinances are simple really. They take the equity in your home (how much your home is worth vs. how much you owe) and will loan you up to 80% of the value of your home. So for instance, if our home was worth $500,000 and we owed $200,000, then we have $300,000 in equity.

For these numbers, you could, in theory, get a cash-out refinance for $240,000 and the bank would cut you a check for that amount. But all you are doing is adding the $240,000 back onto the mortgage for 30 years or the length of time you pick for the refinance.

These refinances do come with fees and closing costs typically, but if you wanted to do a remodel or use this method to buy some real estate rentals (this is a good method for those who have discipline), then you could walk away with cash to use for those purposes. Some even use the lower interest cash out money to pay off higher interest debt like credit card balances or auto loans.

But your monthly payment will be higher due to the higher mortgage balance, so you have to pay attention to your numbers.

Rocket Mortgage Wants My Money

With a sub-3% rate, I don’t have any plans on doing a cash-out refinance and the main reason is due to the massive increase in mortgage rates (as the time of this writing). They are hovering around 7% currently.

If I were to do a cash-out refinance right now, I would be basically more than doubling our monthly costs to get the cash and paying a 7% rate for 30-years unless the rates drop substantially and I do another refinance (this just adds more costs and another 30-years).

Rocket mortgage now calls me every month to do an “account” checkup to see if we wanted to use the equity in our home to do any renovations. I don’t currently have any plans for this, but I also do not want to go crazy and jack up my rates and monthly payments.

If I was going to cash out refinance, I would have done it already Rocket Mortgage. You don’t have to call me asking. I like saving money, I don’t like giving the bank more than I need to.

But with the news of them struggling due to the effective “dry up” of refinances, I can see we will be getting a lot more calls in the future.

I will just keep telling them “no” and see if they get it.

The post Rocket Mortgage Is Trying to Get Us to Do a Cash-Out Refinance, But I Refuse appeared first on Wealth Bytes, the content owner.

You will often read about so many different ways to save money each month. I find X ways here, Y ways there, and everything else in between. Who knew there are 50+ ways to save more money. Heck, we have written about these simple ways before as well.

But over the years, I have found the only one solution that works each and every month with out fail, so are you ready to know what it is?

Pay Your Savings Like a Bill

Oh yes, it’s that simple, yet the most effective tools I have found to keep funding savings in some way. Now, when I say savings, this could be an emergency fund, housing fund, college fund, or even investment fund.

No matter what you are saving for, if you force yourself to pay into your savings every month just like you pay a bill, it will change your mindset on the process.

Many push savings aside when they have some extra money, but if you believe you have to pay it just like a bill, it never gets forgotten.

Setup Automatic “Payments” into Savings

One simple trick to automate this is by just setting up an automatic payment into your savings account or whatever account you use for savings goals. Just like an automatic withdrawal from your checking account to pay your water bill or mortgage, you can do the same thing with your savings account.

This will feel weird for the few few times you do it, but it’s very effective and in my experience the only solution that works to save money every month. You can scrounge around for coupons, dig up old coins and push them through the Coinstar machine, find deals when online shopping, etc, but it will never match treating your savings like a bill.

When you “pay your savings bill” it forces your mindset to change to make sure you are paying it. Just like we never want to be late on our normal bills, this is a method I used to force my mind to basically pay myself first.

What do you think about treating your savings like a bill? Would it help you automate your savings more when you don’t want to miss the payment?

The post The One Solution to Save More Money Each Month that Actually Works appeared first on Wealth Bytes, the content owner.

While it’s no match for the 8%+ inflation rate we are dealing with, I’d rather earn 3% on my cash than be losing 25%+ on my investments.

For a long time, especially during the Covid pandemic, it was dumb to save money. You earned next to nothing and the stock market was booming. Outside of your emergency fund, savings was viewed as silly.

Well, I was dumb!

Yep, while I did invest, I didn’t feel right about pushing so much into the market. It just didn’t give me the warm and fuzzies. So I stocked up on cash like a squirrel rounding up acorns for the winter. I had no idea what I was going to do with the cash, but it made me feel protected.

And let’s be honest, I sleep better at night when I feel protected. Earning crazy returns on the stock market is excellent, but now that we are in a bear market, my investments are taking a damn beating.

Saver’s Rejoice

Ever since I got out of my credit card debt debacle, I’ve become a saver. I liked the cushion it provided me and I didn’t want to walk back into thousands of debt again.

So I saved, and saved…and saved some more.

While I realize as I’ve grown older (it’s been 10 years since paying off that last credit card) that I should have been investing more, I’m correcting that now and have been for the last few years. While I know time and compounding interest wins the same, I knew I couldn’t even play that game until I got my money head right. And that is what saving my cash did for me.

Savings Rates Increase

As the Fed continues to push their rates higher and higher, this is kicking back to us savers who have high interest online savings accounts. If you are the crazy people who still save in a traditional bank, you need to wake up and move your money. Traditional banks still pay around 0.10% while online banks are paying around 3% (as of October 2022).

Image	Bank	Rates	Website
	CIT Bank	4.05%	Open Account
	Ally Bank	3.30%	Open Account
	Live Oak Bank	3.50%	Open Account
	Synchrony Bank	3.75%	Open Account
	Discover Bank	3.30%	Open Account
	Barclays Savings	3.40%	Open Account
	Marcus by Goldman Sachs	3.30%	Open Account
	Capital One 360	3.30%	Open Account

Over the past few months, I’ve been getting email after email from my savings accounts telling me their are increasing their rate. I don’t even have to do anything to earn more.

My accounts went from earning 0.50% back in March of this year to now 3% as of this post (October 2022). That is a massive increase all considering.

But I know there will be several people saying you are still losing out to inflation and they are correct. I am, but this is at least cutting my loss down to 6% or less instead of 20%+ with my investments in the stock market.

Am I stopping my automatic investments into the market though? Hell no! I will keep those going to keep up with my dollar cost averaging that tends to do so well over time. Plus, I have no desire to try to time the market. That’s a game I just won’t even play.

My plan for the end of 2022 and at least into 2023 is to continue stacking cash away in my various online savings accounts and still dollar cost averaging my stock market investments and hoping the latter finally pops back up.

What are you doing with your cash?

The post Cash is King Again and I’m Glad I Saved appeared first on Wealth Bytes, the content owner.

TLDR – My Mint Mobile experience only lasted for 10 days and here is why…

What is Mint Mobile?

Mint mobile has been around for some time. I’m going to refer to it as just “Mint” going forward, but it’s a MVNO of T-Mobile. Basically they use T-Mobile’s cell towers and allow people to pre-pay for service per month. That’s what makes it much cheaper than normal T-Mobile plans.

Mint was made popular after Ryan Reynolds bought into it and is part owner now. You have probably seen several of their TV commercials such as one below.

It wasn’t until he got into the business that it really took off (this is my opinion at least).

They pride themselves on low costs, but one thing they don’t tell you in these commercials is you get the deals because you pay upfront for month blocks. 3, 6, or 12 month blocks. You get the cheapest rate when you are paying for 12 months upfront.

Here are their current rates (as of September 2022).

Why I Switched from Cricket

I really had no issues with Cricket at all. My wife and I both have plans and paid $80/month for unlimited data. We are usually around WiFi so having unlimited data was really unnecessary. In fact, even when we travel, we only use about 4-5GB of data. So I would have been able to drop my monthly payment in half if we both got on the $20/month plan with Mint for 10GB of data. I wouldn’t complain with saving 50%.

Since I like to test things out before I push my wife over to them, I bought the $20/month plan for 3 months. I paid $60 and got the Sim card for free. They have to ship it, so you will wait a few days.

Switching from Cricket to Mint was a pure money saving play. There was no other reason.

In order to save the most, I would have to commit to paying 12 months at a time. If it worked for the test, then I would be OK doing that. Here is how they break it down.

How Well Did Mint Mobile Perform?

This is going to be pretty subjective for anyone reading this and the main reason is coverage.

I checked how well the coverage would be where we live and I do have a 5G phone (Samsung A52 5G), so I knew I would get that. Where I live, the coverage looked to be excellent, so I was happy.

Make sure to check Mint’s coverage map here.

Getting the SIM card and then setting it up was pretty painless until I had to add all the carrier data in to get data service. That was a huge pain because Mint has outdated guidelines for Android phones.

My phone knew exactly what the correct settings where, but I was following the Mint setup and it just wouldn’t work. I finally jumped on Reddit and found that everyone was complaining about this. In about 5 minutes, I removed the original carrier settings and let my phone pick it. Then I was getting data!

But that’s where the fun stopped to be honest.

The Data Coverage Sucked!

Yep, the 5G data coverage in my area with T-Mobile was just plain horrible. It wouldn’t work in my house, so if I got off WiFi, I would be out of luck.

I do a lot of walking around my area and when I would be away from the house, it would take 10 minutes to connect to the cell network. So when I’m streaming Pandora on my phone, once I got away from my WiFi, it just couldn’t connect. I often had to restart my phone to kick it in.

That is not something I wanted to do.

Since the main reason I wanted to switch was cost savings, I wanted this to work. I stuck it out and tested different settings on my phone for 10 days, but even customer service at Mint couldn’t help.

So my Mint Mobile experience only lasted for 10 days. I ported my number back to Cricket Wireless and the 5G works so well on it and AT&T (who owns Cricket). The 5G is strong with Cricket where I live and did really well as I traveled down in Florida for a conference.

My Overall Mint Mobile Impression

They have a great pricing strategy, but remember you are paying upfront for at least 3 months. You get the best pricing when you pay for 12 months upfront. I did the shortest since it was a test.

Due to me trying the service for 10 days, I lost out on the opportunity to get a refund. They only refund your money if you leave or ask for a refund within 7 days. I didn’t have that choice because I was waiting for a new Cricket Wireless SIM to ship to me.

When I did contact customer service, they were extremely nice and their live chat feature is great. Their mobile app is pretty basic that just shows your data usage and you can pay for more months if you need to, but that’s about it.

The mobile app can be used to setup the service as well if you go that route.

All in all, I would give Mint Mobile a 2 out of 5 just because the 5G service was just so bad where I live. I can’t really blame Mint too much for that since they use T-Mobile towers, but that is their only option so that is what they get.

I downgraded them because of the refund decline I got (I asked anyway) and the poor connection to 5G.

Can they save you money though? That is a big yes. They certainly can and will save you money over most carriers when you pay for 12 months up front. They won’t save you much compared to Cricket when you just do 3 months at a time. Cricket gives bigger discounts when you have more than one phone on the plan.

The post My Mint Mobile Review – Does It Save You Money? appeared first on Wealth Bytes, the content owner.

With the government raising rates, inflation at an all-time high, and consumer prices going out of control, it’s really hard to even think about investing and saving for retirement. I mean grocery prices are up about 12% since the start of this year and continue to rise every month it seems.

It’s hard to make ends meet for some, especially those who rent and are seeing massive rent increases.

So, when it comes to investing, should you sell now or wait it out?

This information is purely informational. I am not a financial advisor and do not give out personal investment advice.

The Best Time to Invest is Now

I’m sure you’ve heard this before, right?

The best time to invest is now and I used to laugh about that. I also used to time the market to “buy the dips”, but then realized you never can properly time the dips.

But I do believe that if you are not investing, you have little chance in reaching retirement with the money needed to live comfortably. How much you invest is completely up to you though. You need to weigh your risks and diversify your money.

Important – if you are near retirement, then you should consult with your financial advisor as investing now might cause you to lose more of your upcoming nest egg.

Make sure you have a good emergency fund, can pay all your bills, and then take some of that leftover money per month and invest in the markets.

Should Your Keep Investing In a Down Market?

In my opinion, I would definitely keep investing when the stock market is down. History has shown us over all the decades that the market does return a positive percentage, but we have several big down years. Not everything is up and up like the past few years before this year (2022).

Here is a good graph for you of the S&P 500 and you can see the ups and downs of the market, but historically, it’s returned close to 10% annually.

Even with all the ups and downs, I do think it’s smart to keep investing when the market is down. You can’t win buying high and selling low and it’s extremely important to disconnect your emotions from investing. You invest based on math and keeping your emotions out of it. It’s hard to see your portfolio lose $30,000 in one day like mine did last week, but I keep the course and keep investing. I have faith the market will turn around in a few years and hopefully the money I invest now will grow exponentially.

To keep my life simple, I invest in index funds that track the markets. I rarely do single stocks as I like the diversification the index funds and ETFs give me.

So, in short, I think you should keep investing when the market is down as this is your chance to “buy low” and hopefully when the time is right, you can “sell high” and enjoy the profits.

But personal finance is personal, so you have to do what is within your risk tolerance.

The post Should I Keep Investing When the Stock Market is Down? appeared first on Wealth Bytes, the content owner.