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  • Your Guide to Budgeting for Summer Camp
February 4, 2021

Your Guide to Budgeting for Summer Camp

By Renee Powell in Budgeting, Careers, Family Finance, Frugal Living Tag ATM, Auto, Automatic Transfer, Banking, Budget, Budgeting, Budgeting Basics, budgeting tips, Cash Back, Checking Account, Debit Card, debt, experience, Extra Money, Family, Family Finance, Fees, Financial Goals, Financial Plan, Financial Wize, FinancialWize, Frugal Living, Goals & Milestones, Grow, Home, How To, Kids & Money, money, Money-saving Tips, Online Savings Account, planning, Purchase, Quick Tips, Raising a Family, Rewards, Rewards Checking Account, Save Money, Saving, savings, Savings Account, School, Spending, Travel Tips, will

Summer camp is a rite of passage. A place where traditions begin and memories are made. A unique venue with a structured opportunity for kids to grow and learn new skills. As enriching as it may seem, embarking on the process each year can be intense: How do I choose a camp? Should it have a philosophy? How do I know my child will have fun? But often the question at the top of the list is, “How do I budget for summer camp?”

Whether you’re scrambling for camp arrangements for this year or getting a jump-start on next summer, you’re in need of a working budget for summer camp. “As a parent who sent several kids to summer camp for many years, I know how expensive it can be,” says Leslie H. Tayne, author and founder of debt solutions law firm Tayne Law Group.

Read on for expert budgeting tips for summer camp and how to save money on summer camp so you can make the best decisions concerning your wallet and your child’s wish list:

1. Get a handle on camp tuition

According to the American Camp Association, sleep-away camp tuition can range from $630 to more than $2,000 per camper per week. Day camp tuition isn’t too far behind, ranging from $199 to more than $800 per week.

One of the best ways to budget for summer camp is to understand your needs for the summer as well as your child's interests.

One of the best ways to budget for summer camp and prepare for tuition costs is to understand your needs for the summer as well as your child’s interests. This will help you determine ‘how much’ and ‘what type’ of camp you want: Is day-camp coverage important all summer because of work? Does your child want to experience sleep-away camp for a portion of the time? Is a camp with a specific focus (say a sport or hobby) on the list?

Depending on your circumstances and child’s expectations, it’s not unusual to be looking at a combination of camps—and tuition costs—in one season. If you have multiple kids at different ages, with different interests, creating a budget for summer camp and understanding how much you’ll need to dish out in tuition becomes especially important.

Once your camp plan is in place, assess how much you’ll need to pay in tuition for the summer months with school out of session. The sooner you’ve arrived at this figure, the easier it will be to work the expense into your household budget, says Heather Schisler, money-saving expert and founder of deal site Passion for Savings. “It’s much easier to set aside $30 a month than it is to come up with $300 to $400 at one time,” Schisler says.

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Sleep-away camp tuition can range from $630 to more than $2,000 per camper per week. Day camp tuition ranges from $199 to more than $800 per week.

– American Camp Association

2. Plan for expenses beyond tuition

One of the biggest budgeting tips for summer camp is planning for the many costs outside of tuition. Tayne points out that sleep-away camp usually comes with a longer supply list than day camp—such as specific clothing or gear and toiletries to cover the length of stay. If your child is heading to a sleep-away camp far from home, your budget for summer camp may also need to factor in the cost of transportation or the cost to ship luggage. Day camps can also have fees for extended hours or transportation if your child rides a camp bus each day.

Once you’ve selected a camp—day camp or sleep-away—check its website for camper packing lists and guidelines. Most camps offer checklists that you can print out, which can be good for tracking supplies and costs as you go. After you enroll, your camp may provide access to an online portal that can help you manage tuition and track additional expenses, like canteen money, which is cash your child can use for snacks and additional supplies while away.

One of the best budgeting tips for summer camp is making sure you understand how much everything will cost—that's tuition plus any extra camp costs.

3. Create a year-round savings strategy

By calculating the necessary expenses ahead of time for the camps you and your campers have chosen, you’ll be able to determine an overall budget for summer camp. A budgeting tip for summer camp is to save money monthly throughout the year. To determine a monthly savings goal, divide your total summer camp costs by the amount of months you have until camp starts. If camp is quickly approaching and you’re feeling the budget crunch, you may want to start saving for next year’s costs once it’s back-to-school time so you can spread out your costs over a longer period of time.

Once you start saving, you’ll need a place to put it, right? When it comes to budgeting tips for summer camp, consider placing your cash in a dedicated account, which will keep it separate from your regular expenses and help you avoid tapping it for other reasons. “Then you can have your bank set up an auto draft [for the summer camp money] so it automatically goes into your account each month and you will have the money you need when summer rolls around,” Schisler says. If you use a Discover Online Savings Account for this purpose, you’ll also earn interest that can be put toward camp expenses.

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“It’s much easier to set aside $30 a month than it is to come up with $300 to $400 at one time.”

– Heather Schisler, money-saving expert and founder of Passion for Savings

4. Find ways to fund your summer camp account

To boost cash in your summer camp savings account, consider asking relatives and family friends to gift your children cash for camp in lieu of birthday and holiday gifts, says Tracie Fobes of budget blog Penny Pinchin’ Mom. “If your child has his or her heart set on sleep-away camp, they may be willing to forgo a gift or two,” Fobes says.

Another budgeting tip for summer camp is to put your cashback rewards toward your budget for summer camp. For example, if you open a checking account with Discover—called Cashback Debit—you’ll earn 1% cash back on up to $3,000 in debit card purchases each month.1 You can enroll to have that cashback bonus automatically deposited into your Discover Online Savings Account so it remains designated for camp costs (and can grow with interest).

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Lastly, if you don’t have your tax refund earmarked for another financial goal, you could use the windfall to kick-start your summer camp savings fund. Depending on the refund amount and your total camp costs, it could reduce your monthly summer camp savings goal significantly.

5. Reduce camp-related costs

Despite having your budget for summer camp in full view and planning in advance, camp can still be expensive. Here are some ways to save money on summer camp by cutting down on camp costs:

  • Ask about scholarships and grants: “Some camps offer scholarships or discounts for children and families,” Fobes says. Research your camp to see if they have anything similar to help offset—or even pay for—the cost of tuition.
  • Use a Dependent Care Flexible Spending Account (DCFSA): A Dependent Care Flexible Spending Account is a pre-tax benefit account that can be used to pay for eligible dependent care services. You can use this type of account to “cover dependent care [costs], and camp may qualify,” Fobes says.
  • Negotiate price: “Many people don’t think about negotiating the cost of summer camp, but it is possible,” Tayne says, and more and more camps are open to it.
  • See if there’s an “honor system”: Some camps have what’s known as an honor system, where the camp offers a range of costs, or tiered pricing, and parents can pay what they can comfortably afford. Every child enjoys the same camp experience, regardless of which price point, and billing is kept private.
  • Take advantage of discounts: Attention early birds and web surfers: “There are sometimes discounts offered when you sign up early or register online,” Fobes says.
  • Volunteer: If your summer schedule allows, “offer to work at the camp,” Fobes says. If you lend your services—perhaps for the camp blog or cleaning the camp house before the season starts—your child may be able to attend camp for free or a reduced rate.

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Focus on the experience—not the extras

Don’t let summer camp costs become a family budget-buster. Plan ahead and look for money-saving opportunities and work your budget for summer camp into your annual financial plan.

To save money on summer camp, remember that you only need to focus on camp necessities. “Don’t spend a lot of extra money on new clothing, bedding, trunks or suitcases,” Schisler says. “Remember, summer camp is all about the experience, not the things.”

1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

The post Your Guide to Budgeting for Summer Camp appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

February 3, 2021

A Step-by-Step Guide to Prepare Your Budget for a Layoff

By Renee Powell in Budgeting, Photography Guides Tag Automatic Transfer, Back To School, Banking, Budget, Budgeting, Budgeting Basics, car, Career, Career & Education, Career Tips, debt, Debt Repayment, Direct Deposit, earnings, Emergency Fund, Enhancing Your Budget, experience, Extra Money, Financial Plan, Financial Wize, FinancialWize, financing, government, health, Health Insurance, Home, How To, Insurance, Life, Lifestyle, money, Online Savings Account, paycheck, planning, Retirement, Salary, Saving, savings, Savings Account, Savings Strategies, School, Security, Side Hustle, Spending, unemployment, Work Life

What would you do if you were laid off from your job today? This question isn’t meant to make you want to hide under your desk, but to encourage you to evaluate your circumstances. What would happen to your financial situation if you suddenly didn’t have an income to rely on?

While it’s not exactly fun to plan ahead for life’s hardships—say, your car breaking down or losing a job—doing so can help you stay afloat financially and avoid taking on debt to remedy an already tense situation.

What can you do to prepare your budget for a layoff? These four steps will help you prepare your budget for a layoff and survive a layoff financially:

1. Put some of your paycheck into savings

In order to prepare your budget for a layoff, one of the best things you can do is learn to live on less when you have your typical paychecks coming in. Living paycheck to paycheck is a reality for many, and a habit many promise to break once they earn more. If you can afford it, consider trying to live off only a portion of your paycheck. That way, you can always depend on having extra money to fall back on in the event of a hardship, like a layoff.

One way to save for an unexpected job loss is to put some of every paycheck into your savings account.

Jill Caponera, a consumer savings expert at coupon platform Promocodes.com, suggests paying yourself first—putting some of each paycheck into savings before you spend any of it—in order to save for an unexpected job loss.

“Put money directly into your savings account the moment you get paid so that you’re never in a position where you’re strapped during a true financial emergency,” Caponera says. Try scheduling an automatic recurring transfer from checking to savings that hits after each payday, or create a direct deposit to savings from each paycheck through your employer.

If living on less isn’t feasible for you right now, start small and focus on taking baby steps to prepare your budget for a layoff. You could start with a money savings challenge and a more attainable goal, like living off of 97 percent of your paycheck and saving the remaining 3 percent. This means that if your take-home pay is $4,000 a month, your goal is to put 3 percent, or $120, into savings monthly and then limit your bills and spending to $3,880. As you get accustomed to that amount, gradually increase the percentage of your paycheck you save each period. Some budgeting experts suggest saving at least 20 percent of your income and living off of the other 80 percent.

If you devote even a small percentage of your paycheck to savings before the bills and discretionary expenses roll in, saving will eventually become habit. You’ll get used to budgeting only with your post-savings take-home pay, and you won’t miss the savings portion of your paycheck.

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“Put money directly into your savings account the moment you get paid so that you’re never in a position where you’re strapped during a true financial emergency.”

– Jill Caponera, consumer savings expert at Promocodes.com

2. Save 3 to 6 months of expenses in an emergency fund

Once you’ve gotten used to regularly saving a portion of your income, you can save for an unexpected job loss by building up a solid emergency fund over time—especially if you are using an online savings account with a high interest rate. An emergency fund is a dedicated savings account that you only touch in the event of financial hardship, such as a medical emergency or job loss.

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Christian Stewart, founder of financial coaching site Do Better Financial, recommends having an emergency fund of three to six months of expenses to help you survive a layoff financially.

“The goal is to make sure all your bases are covered, meaning you can pay the bills and proceed with a relatively normal life until you find another job,” Stewart says. She notes the actual amount of money you need to save for an unexpected job loss will vary based on your lifestyle, employment industry and willingness to relocate, since this can dictate how long it could take to find another job.

To build an emergency fund and save for an unexpected job loss, Stewart recommends starting a zero-based budget. This form of budgeting gives every dollar you earn a job, such as paying a bill, funding your emergency account or financing fun and discretionary expenses. In addition to making your emergency fund a priority, this budgeting strategy helps you identify exactly how much you spend within each budget category each month. You can then find areas of careless spending—perhaps an unused subscription service—where you could stand to cut back. You could redistribute those dollars to your emergency fund.

Having an emergency fund in place can help you survive a layoff financially.

“In the event of a layoff, you will have a clear line of sight to regular areas of your spending that can be cut if it takes longer to find a new job,” Stewart says.

After you’re comfortable with the size of your emergency fund and feel like you can survive a layoff financially, you can use any extra savings for a different financial goal, such as saving for retirement or a down payment on a car or home.

3. Find income from a side hustle

Another way to survive a layoff financially is to have a side gig in place. Contrary to what some believe, side hustles do not have to take up an onerous amount of your time. There are actually many side hustles you can do while working full time, such as freelancing in your current field, driving for a rideshare app or tutoring.

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Not only do side jobs create extra cash flow to devote toward savings or debt repayment when you have a full-time job, they also give you an added layer of security to help you save for an unexpected job loss. You might not be able to replace your full-time earnings with your music lesson business, but it can provide you with some predictable cash flow while you interview for a new position.

You could even turn your side hustle into a full-time job if you have a passion project you’ve been wanting to turn into a career. Alternatively, your side hustle turned full-time gig could help maintain your income stream if you plan to take additional time off after a layoff—if you decide to go back to school or make a move to a new industry, for example.

4. Know where to turn for assistance

Being laid off can be a traumatic experience, and if it does happen, it is important to know where to turn and how to make decisions that aren’t rooted in fear or emotion.

“Sit down with a level-headed friend, spouse and/or counselor to process your new financial reality,” Stewart of Do Better Financial says. “If you’re receiving a compensation package, do yourself a favor and work out beforehand where the money will be spent and how long you need it to last.”

Speaking of work benefits, make sure you utilize all of the benefits possible before your layoff goes into full effect, such as getting an annual physical through your health insurance plan.

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“Sit down with a level-headed friend, spouse and/or counselor to process your new financial reality. If you’re receiving a compensation package, do yourself a favor and work out beforehand where the money will be spent and how long you need it to last.”

– Christian Stewart, founder of Do Better Financial

“If you’ve been laid off, or are expecting an upcoming layoff, you should immediately contact your state’s unemployment office to set up your account and start receiving your compensation,” consumer savings expert Caponera says. “While these benefits won’t pay as much as your full-time salary, these funds will certainly help to cover your monthly bills and living expenses while you continue to look for work.”

Each state has different benefits and paperwork requirements, so make sure you’re using your state’s government website to learn more and to survive a layoff financially.

Prepare your budget for a layoff

Facing a layoff can be emotionally and financially draining, especially if you don’t see it coming. The most important thing is to start planning ahead, and prepare your budget for a layoff before it happens.

The post A Step-by-Step Guide to Prepare Your Budget for a Layoff appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

February 3, 2021

Money Market Account or Checking Account: Which Is Best For You?

By Renee Powell in Uncategorized Tag ATM, Automatic Transfer, Banking, Banking 101, Cash Back, Checking Account, Convenience, Debit Card, Direct Deposit, Education, Emergency Fund, Fees, Financial Goals, Financial Wize, FinancialWize, Grow, High-yield Accounts, Home, Interest Rates, Investing, Managing Your Money, money, Money Market, Money Market Account, Online Bill Pay, Online Checking Account, Opening an Account, paycheck, Rewards, Rewards Checking Account, Saving, savings, Savings Account, Spending, Vs.

If you’re looking for a new bank account that allows you to easily store as well as access your cash, you might be thinking about opening a money market account or checking account. But how do you know which to choose? Decisions, decisions. Both types of accounts have unique advantages, depending on your savings and spending goals.

“Think about how you will be using the money within the account,” says Jill Emanuel, lead financial coach at Fiscal Fitness. “Is this money for daily, weekly or monthly use? Or is it money that will not be needed regularly?”

When comparing a money market account vs. a checking account, consider how often you'll need to access the funds in the account.

You’ll probably need a little more to go on before answering the question, “How do I decide between a money market account or checking account?” No worries. Our roundup delves into the features of both types of accounts to help you determine which one could be right for your financial plans, or if there’s room for both in your money mix.

Get easy access to your funds with a checking account

In simple terms, a checking account allows you to write checks and make purchases with a debit card from the money you deposit into the account. That debit card can also be used to withdraw cash from the account via an ATM.

When deciding between a money market account or checking account, Emanuel says most people use a checking account for the primary management of their monthly income (i.e., where a portion of your paycheck is deposited) and daily expenses (often small and frequent transactions). “A checking account makes the most sense as the account where the majority of your transactions occur,” she adds. This is because a checking account typically comes with an unlimited number of transactions—whether you’re withdrawing cash from an ATM, transferring money to a savings account or swiping your debit card.

While a checking account is a good home base for your finances and a go-to if you need to easily and quickly access your funds, this account type typically earns little to no interest. Spoiler: This is one key difference when you compare a money market account vs. a checking account.

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“If you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use.”

– Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance

Grow your balance with a money market account

When you’re comparing a money market account vs. a checking account, think of a money market account as a savings vehicle that allows you to earn interest on the balance you keep in the account.

“A money market account is an interest-bearing bank account that typically has a higher interest rate than a checking account,” says Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance.

With some money market accounts, you can even earn more interest with a higher balance. Thanks to its interest-earning potential, a money market account can be the way to go if you’re looking for an account to help you reach your savings goals and priorities.

If you’re deciding between a money market account or checking account, you may think that a money market account seems like a typical savings account with your ability to earn, but it also has some features similar to a checking account. With a money market account, for example, you can withdraw cash from an ATM and use a debit card or checks to access money from the account. There are no limits on ATM withdrawals or official checks mailed to you.

You can withdraw cash from ATMs and write checks with a money market account or checking account.

Before you decide to use this account for your regular bills and your morning caffeine habit, know that federal law limits certain types of withdrawals and transfers from money market accounts to a combined total of six per calendar month per account. If you go over these limitations on more than an occasional basis, your financial institution may choose to close the account.

Don’t need regular access to your funds and want your money to grow until you do need it? Then the benefits of a money market account could be for you.

Deciding between a money market account or checking account

Still debating money market account or checking account? Here are some financial scenarios to help you determine which account may best suit your current needs and goals:

Go with a checking account if…

  • You want to keep your funds liquid. If you’re thinking money market account or checking account, know that a checking account is built for very regular access to your funds. “If you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use,” Sokunbi says. Think rent, cable, utilities, groceries, gas, maybe that morning caffeine craving. You get the idea.
  • You want to earn rewards for your spending. When you’re comparing money market account vs. checking account, consider that with some checking accounts—like Discover Cashback Debit—you can earn cash back for your debit card purchases. The best part is you are earning cash back as you keep up with your regular expenses—no hoops to jump through or extra account activity needed. Then put that cashback toward fun things like date night, lunch at your favorite spot or a savings fund dedicated to something special.

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  • You want to deposit and withdraw without the stress of a balance requirement. If you do your research when comparing money market accounts vs. checking accounts, you’ll find that some checking accounts don’t require a minimum balance (or much of one). However, you may be required to maintain a minimum balance (and potentially a higher one) with a money market account in order to avoid a fee. If you’re accessing your money frequently and need to make large withdrawals, a checking account with no minimum balance requirement is a convenient option.

Go with a money market account if…

  • You want to earn interest. “If your money is just sitting there, it should be earning money,” Emanuel says of the money market account or checking account question. “I spoke with a woman recently who told me she’d had around $50,000 sitting in her checking account for at least the last 10 years, if not longer. If that money had been in a money market account for the same period of time, she would have earned thousands of dollars on it. Instead she earned nothing,” Emanuel says.
  • You want to put short-term savings in a different account. If you have some short-term savings goals in mind (way to go!), you may benefit from keeping your savings separate from your more transactional checking account so you don’t dip into them for a different purpose. That whole out of sight, out of mind thing. “A money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home,” Emanuel says.
  • You need an account to fund your overdraft protection. If you’re comparing money market account vs. checking account, consider that a money market account could also cross over to support spending goals. One way is in the form of overdraft protection. If you enroll in overdraft protection for your checking account, for example, you could designate that funds be pulled from your money market account to cover a balance shortfall.

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“A money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home.”

– Jill Emanuel, lead financial coach at Fiscal Fitness

Using both accounts to achieve your financial goals

Speaking of crossover. Both spending and saving are vying for your attention, right? Consider leveraging both types of accounts if you have needs from the checking and money market account lists above.

“Personally, I use my checking account for bill payments, my day-to-day spending, writing checks and for any automatic debits I have each month,” Sokunbi says. She’s added a money market account to the mix “because of the higher interest rate—to store my savings for short-term goals, for investing or for money I’ll be needing soon,” she explains. Maybe it’s not about deciding between a money market account or a checking account, but getting the best of both worlds.

Before opening a money market account or checking account, do your research and compare your options to see which bank offers the best package of low or no fees and customer service, in addition to what you need from an interest and access to cash perspective.

The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

January 13, 2021

What Is Budget Billing and Is It Right for You?

By Renee Powell in Budgeting, FHA Loans, Home, Liefstyle Tag Automatic Transfer, Banking, Budget, Budgeting, Budgeting Basics, Checking Account, Credit, Credit Cards, Enhancing Your Budget, Fees, Finance, Financial Plan, Financial Wize, FinancialWize, Home, House & Home, Lifestyle, Managing Your Money, money, Mortgage, Personal Finance, Rewards, Save Money, savings, Savings Account, Spending

Your utility bills likely make up a significant part of your monthly budget, so it’s important to keep a close eye on them. But while your rent or mortgage stays the same month to month, your utilities don’t.

Sweltering summer days and icy winter nights can lead to budget-blowing spikes in your utility bills, and no matter how hard you try to budget and plan, you can’t predict the total each month. Or can you?

Budget billing may offer the consistency you crave. Here, personal finance experts describe how budget billing works and explain who may benefit from it, empowering you to answer this question for yourself: Does budget billing save money?

What is budget billing? It's a service that averages your monthly utility charges to determine a set amount to pay each month.

What is budget billing and how does it work?

As you consider this option, your first question might be: What is budget billing? Budget billing is a service offered by some utility companies that provides a set monthly bill for services like gas or electricity.

How does budget billing work? To calculate your monthly budget billing amount, a utility company will look at your past usage, typically over the last year, and average it to determine your monthly charge, says Sara Rathner, financial author and credit cards expert at NerdWallet. This will give you a predictable bill to pay each month, rather than one that fluctuates.

Keep in mind that if you recently moved into your home, the charges used to calculate your budget billing amount may be based on the previous owners’ or renters’ usage, says Rathner. Your actual usage may end up being more or less than theirs.

Another point to remember on how budget billing works: While budget billing gives you a steady amount to pay each month, this amount can, and likely will, change over time. Some providers update bill amounts quarterly, some annually. There’s no universal timeline for these updates, so be sure to ask your utility provider about its specific process, says Lance Cothern, CPA and founder of personal finance blog Money Manifesto.

How does budget billing work? Utility companies determine the monthly charge by averaging your usage over the past year.

These changes are made to capture your actual usage, whether that usage has decreased (a mild summer allowed you to keep the AC off more often) or increased (a brutally cold winter forced you to blast the heat). Typically, you will be notified in advance of the change.

Now that you know how budget billing works, you may be wondering: Could it save me cash?

Does budget billing save money?

Not exactly.

“Budget billing won’t save you money; it just evens your bill out over time,” Cothern says.

How does budget billing work if you end up using less energy and overpay? You may be reimbursed for the amount you paid above your actual energy usage, or the amount overpaid will be applied to next year.

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“Anyone who sticks to a strict, detailed monthly budget may prefer the predictability of budget billing.”

– Sara Rathner, credit cards expert at NerdWallet

How does budget billing work if you underpay? You’ll have to pay the extra amount to make up the difference. These payments or credits happen in addition to any adjustments your provider makes to your monthly bill if your usage changes over time, Cothern says.

What are the benefits of budget billing?

Overall, there’s a fairly straightforward answer to what budget billing is, and the benefits are clear, too. While it doesn’t save you money per se, it may allow you to more easily manage your monthly budget.

For example, if you know your monthly electricity bill will be $100, you can account for this expense in your budget and more precisely allocate funds into other expenses or savings.

“Anyone who sticks to a strict, detailed monthly budget may prefer the predictability of budget billing,” Rathner says. “You know exactly how much your utility bill will be each month and can plan your other spending around it.”

Combine budget billing with autopay and you can set and forget your utility bills, ensuring they’re paid on time and in full, making money management a lot simpler. This could also help you deal with financial stress.

.post__breaker–10505 { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2020/11/What-Is-Budget-Billing-and-Is-it-Right-for-You-4-FULL-450×200.jpg);}@media (min-width: 450px) { .post__breaker–10505 { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2020/11/What-Is-Budget-Billing-and-Is-it-Right-for-You-4-FULL-730×215.jpg);} }@media (min-width: 730px) { .post__breaker–10505 { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2020/11/What-Is-Budget-Billing-and-Is-it-Right-for-You-4-FULL-992×400.jpg);} }@media (min-width: 992px) { .post__breaker–10505 { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2020/11/What-Is-Budget-Billing-and-Is-it-Right-for-You-4-FULL-1200×400.jpg);} }@media (min-width: 1200px) { .post__breaker–10505 { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2020/11/What-Is-Budget-Billing-and-Is-it-Right-for-You-4-FULL-1600×400.jpg);} }

What are the downsides of budget billing?

While budget billing has its pros, it also comes with cons. Does budget billing save you money? To help answer that question, consider the following:

  • You may face extra fees. Some utility companies charge a fee for budget billing. In Cothern’s view, this negates the benefit since there’s no reason to pay tacked-on fees for this service. It’s important to find out whether there are fees before signing up when you’re researching how budget billing works.
  • You may ignore your utility usage. Budget billing puts your monthly utility charges, as well as your actual usage, out of sight and out of mind. Without the threat of a higher bill or the reward of a lower one based on your energy habits, some people get complacent, Rathner says. They leave lights on or turn up the heat instead of grabbing a blanket. If this sounds like you, budget billing may actually cost you money in the long run.

“Always keep an eye on your monthly bill even though you pay a level amount for months at a time,” Cothern says. Most utility companies provide your usage information right on your bill.

If you're wondering "Does budget billing save money?" remember that you may be charged extra fees for the service.

If you can financially handle the seasonal swings of each bill, budget billing may not be much of a benefit for you, Cothern says. Paying the full amount also means you’re paying attention to the full amount, he says, which may motivate you to reduce your energy consumption. And that’s where the real opportunity to save money lies.

By considering potential fees and the impact on your energy usage, you’ll have a good sense of whether budget billing saves you money in the long run.

Make the most of how budget billing works with this hack

After scrutinizing how budget billing works, the potential downsides have led some financial pros, Cothern among them, to develop a new hack for paying utility bills.

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Instead of signing up for budget billing, open a savings account online specifically for utilities, Cothern suggests. You’ll also want to sign up for a rewards credit card, if you don’t have one already.

Next, grab your last 12 months of utility bills, total them up and divide by 12 to get your monthly average. You’ll then want to set up an automatic transfer of that amount from your checking account into the utility savings account each month.

When the utility bill comes, pay it with your rewards credit card and then pay that bill with the money in your savings. You reap the benefits of maintaining a consistent amount coming out of your budget, as well as credit card rewards and any interest earned on that money from your savings account.

Do your homework before signing up for budget billing

After weighing your options and considering your personal budgeting style, you may decide that budget billing is right for you.

Still asking, "How does budget billing work?" Read your utility company's program rules in detail to help answer any questions.

If that’s the case, it’s important to read your utility’s program rules in detail. Yes, that means digging into the fine print to understand how budget billing works at the specific company, Cothern says, because budget billing is a general term for a wide variety of utility company programs. Budget billing may be called something else, like flat billing or balanced billing, and it may carry different nuances and terms.

Before signing up for budget billing, Rathner suggests calling your provider and asking the following questions:

  • Are there startup or maintenance fees?
  • How is the monthly amount calculated? How often is it updated?
  • What happens if you overpay or underpay?
  • What happens when you move or end service?

With the answers to these questions, you’ll have a better idea of how budget billing works for your provider. Armed with that info, you can determine whether budget billing saves you money and make the call on whether enrolling is right for you.

Whether you opt for budget billing or not, small adjustments to your home can result in major savings on your energy bills. For starters, check out these four ways to save energy by going green.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

The post What Is Budget Billing and Is It Right for You? appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

January 13, 2021

Banking for Busy Parents: 4 Essential Checking Account Features

By Renee Powell in Budgeting, Careers, Family Finance Tag ATM, Auto, Automatic Transfer, Banking, Banking 101, Budget, Budgeting, Buy, Cash Back, Checking Account, Convenience, Debit Card, debt, earnings, Family, Family Finance, Fees, Finance, Financial Wize, FinancialWize, Holidays, Lifestyle, Managing Your Money, Mobile Banking, Mobile Check Deposit, money, Online Banking, Online Bill Pay, Online Checking Account, Opening an Account, Personal Finance, Purchase, Raising a Family, Rewards, Rewards Checking Account, savings, Security, Spending

It’s a nonstop day. The usual. You’re at the grocery store, grabbing a few things for dinner (note to self: hit the ATM on the way out!), then a much-needed coffee at the drive-through (swipe that debit card), before you drop your tween at her first day of basketball practice (remember to bring your checkbook). Phew. And you’re only halfway done.

In the middle of it all, you certainly don’t want the nagging feeling that you can’t access your money at a moment’s notice, that you’re missing spending perks or that you’ll be hit with unnecessary fees. So a good question for you might be, “What’s the best checking account for busy families?”

How about a checking account that matches your lifestyle? Robert Farrington, founder of millennial personal finance site The College Investor and father of two, suggests that banking for busy parents should include an account that is “conducive to an on-the-move life.”

With everything on your plate, you may not realize that as your family’s needs change, the way you manage your money will likely need to change too. The good news is that many financial institutions offer bank accounts for busy families like yours, designed with features aimed at supporting your active lifestyle.

The best checking account for busy families like yours should offer features that support your busy lifestyle.

To select the checking account that best serves your needs, Farrington recommends first examining your current patterns. “Notice how you deposit money and how you spend it,” Farrington says. “Look at your banking trends and see where you’re being charged.”

Next, identify the unique features offered by each new checking account you are considering. To help you do that, here are four key things to look for as you narrow down your search:

1. Cash back rewards: More bang for your buck

According to the U.S. Department of Agriculture, it costs about $12,980 a year to raise a child. Even if your kids get their share of hand-me-downs and you don’t buy them everything they want, you’re still spending a lot. The biggest costs—after housing (29 percent of child-rearing costs)—are food (18 percent) and child care/education (16 percent). None of that even includes birthdays, holidays and so on…

If you’re trying to find the best checking account for busy families, consider that all those purchases could be a little less painful with a checking account that rewards spending, typically in the form of cash back or rewards points.

Ashley Patrick, founder of the blog Budgets Made Easy, loves the idea of a checking account that offers rewards. Patrick, whose blog tells the story of how she paid off $45,000 of debt in 17 months, recommends that budget-conscious families use debit cards for purchases. “If those purchases were rewarded,” Patrick says, “that money would multiply.”

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If you’re using a checking account that rewards you for debit card purchases, some of those seemingly endless expenses can actually help you save a bit of extra cash. Discover Cashback Debit, for example, lets you earn 1% cash back on up to $3,000 in debit card purchases each month.1 That means your monthly cash back earnings could yield $360 in total rewards each year. This feature of a bank account for busy families could pay for one night at your favorite family resort!

2. Easy account access: At home or on the run

You’re dropping off one kid, picking up the other, then have to get ready for a fundraiser. You are always on the go, so it’s time to find the best checking account for busy families that’s always right there with you. Patrick suggests opening a checking account with a bank that has a vast network of no-fee ATM locations. For example, Discover offers more than 60,000 no-fee ATMs around the U.S.

Look for easy access to your funds when searching for the right bank account for busy families.

“I live out in the country, about 12 to 13 miles from town, so I need an ATM nearby,” Patrick says. “I usually go to town on Fridays or Mondays, get lunch for the kids, go to the store for groceries and get cash. Everything needs to be in one location.”

Besides getting money for day-to-day purchases, a conveniently located ATM is a must for depositing cash. Why make a special trip to visit your local branch when you can make deposits at an ATM that’s at or near a place you already frequent? Banking for busy parents is hard to imagine without this benefit.

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“Notice how you deposit money and how you spend it. Look at your banking trends and see where you’re being charged.”

– Robert Farrington, founder of The College Investor and father of two

3. Online and mobile features: Save time in spades

In fact, you may not need a brick-and-mortar bank branch at all. Another option to consider is opening a checking account with an online bank.

The best bank account for busy families is one that offers maximum convenience. With an online checking account, all you need is a computer, tablet or smartphone to deposit a check (most online banks have a mobile app that allows you to take a photo of your check to deposit the funds). An online checking account also makes banking for busy parents effortless by allowing them to manage bills and bank statements from a device—either while at home or out and about. Save the paper for your kids’ cute drawings that you tack up on the fridge.

Mobile and online features are important when looking for the right banking for busy parents.

Nermeen Ghneim, blogger at Savvy Dollar and mom of two, says the best checking account for busy families would offer a mobile app.

“I want to be able to access everything a bank can offer through my mobile device,” Ghneim says. “It saves time, and it’s huge for a parent with a full-time job.”

Here are some of the other online and mobile features that are key if you’re looking for the best checking account for busy families:

  • Online transfers. Farrington says the ability to transfer money between accounts is especially important. Things come up unexpectedly and you may need to quickly transfer from savings to checking, or move those cash back rewards into a college fund for the kids. If you’re moving your cash back rewards into savings, you may even be able to make that happen automatically. For example, when you enroll in Discover’s Auto Redemption to Savings, we’ll automatically deposit your cash back into a Discover Online Savings Account every month.
  • Online bill payments. With everything else on your mind, you shouldn’t have to go through a stack of bills every month. The best checking account for busy families would allow you to set up automatic bill payments, so each month’s charges are automatically debited from your checking account.
  • Balance notifications. You should never be in the middle of a transaction and see those dreaded words: Insufficient Funds. Instead, you want to get a heads-up when your balance is close to zero, so there aren’t any surprises.
  • Debit card protection. While it’s important to be able to quickly and easily use your debit card, Ghneim says it’s just as important to be able to freeze it. Some banks offer a digital feature that enables you to switch your debit card on and off, so you can instantly freeze your debit card if it’s been misplaced or you want to curb spending.
  • Connecting to other digital applications. Nowadays, busy families rely on budgeting and spending apps to help manage their finances. A good bank account for busy families would be able to easily sync with those other tools online or via your mobile device so that you can efficiently manage your money and take advantage of the features of each app.

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4. No-fee checking: A money-saving must-have

Farrington says that when selecting the best bank account for busy families, a no-fee checking account is a must-have, so it’s worth shopping around until you find one. For example, Discover Cashback Debit has no account-related fees.2 “You shouldn’t have to pay a fee if you don’t keep a minimum balance,” Farrington says. “Parents often don’t have the bandwidth to keep track of whether they’ve made a certain number of transactions.”

If you are getting hit with a checking account fee for any of the items below, you may want to consider a new checking account to make banking for busy parents easier:

  • Monthly maintenance
  • In-network ATM withdrawals
  • Replacement debit card
  • Standard checks
  • Online bill pay
  • Insufficient funds
  • Stop payment order
  • Official bank check

If you’re exploring a new bank account for busy families, Ghneim advises to watch out for hidden costs. Even no-fee checking accounts will sometimes hit you with unexpected charges. “There should be no hidden fees because if a family is living off a budget, it’s very stressful to incur unexpected fees,” Ghneim says. Farrington agrees: “There are some things that might cost you money, like wire transfers, but you shouldn’t have to pay for most features these days.”

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“There should be no hidden fees because if a family is living off a budget, it’s very stressful to incur unexpected fees.”

– Nermeen Ghneim, blogger at Savvy Dollar and mom of two

Banking for busy parents just got easier

Above all, Farrington says you want to prioritize the features that are most relevant to your family’s needs and lifestyle. If you’re always on the go, you may care most about convenient, no-fee ATMs and mobile check deposits. If your schedule necessitates a lot of out-of-pocket spending, you may want to prioritize debit card cash back rewards.

Keep in mind that when it comes to establishing the best banking for busy parents, you have options. “There are so many checking accounts being offered now,” Farrington says. As long as you’re aware of the features that are available, you can make an informed decision and choose the account that’s best for you and your family.

1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

2 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.

The post Banking for Busy Parents: 4 Essential Checking Account Features appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

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