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The coronavirus pandemic has brought about a new appreciation of backyards and other outdoor spaces. With many of us spending hours and hours at home, we’re all looking for places to relax other than the living room sofa and kitchen. If you have a yard with ample space for you and your family, consider yourself blessed.
But in 2021, outdoor space owners might want to consider taking it up a notch with one of the most sought-after features: an outdoor kitchen.
âI looked at this as an investment our family would enjoy for the next 20-plus years,â says lifestyle expert Evette Rios, who recently embarked on her own outdoor kitchen project.
For people who dream of spending even more time cooking outside and enjoying their backyard, an outdoor kitchen is a must. And now’s the time to get to work to ensure your kitchen is ready when the warm, sunny days arrive.
Take a look at the tips below from experts who have successfully completed outdoor kitchen projects of their own.
1. Set a budget
Outdoor kitchens are not a cheap investment, but the price range is really broad. The cost of an outdoor kitchen ranges from $5,406 to $21,699, according to HomeAdvisor.com. Therefore, there are many ways to tailor your kitchen to your budget.
That being said, you should always prioritize durable materials in an outdoor kitchen.
âInterior furnishings afford a bit more leeway on where you splurge and save,â says HGTV starÂ Laurie March. âBut for outdoor kitchens and living spaces, performance and durabilityâwhen it comes to cabinetry and appliancesâwill always be worth it.â
2. Seek out American-made products
Photo by Brown Jordan Outdoor Kitchens
March says COVID-19 has caused major global supply chain interruptions, which has made acquiring building materials and appliances difficult. But sourcing for your outdoor kitchen might be easier if you opt for American-made products.
âI selected Brown Jordan Outdoor Kitchens, which are manufactured in Connecticut. It made the process so much easier,â says March.
She says it wasnât only about convenience, but also craftsmanship, quality, and the company’s established history.
3. Order appliances early in the planning process
Appliances are what will make your outdoor kitchen shine. But youâll want to order them sooner rather than later because some companies have long lead times or backordered items.
March advises finalizing appliance picks first and ordering as quickly as possible.
âItâs easier to store them until youâre ready to install rather than have to wait for them to arrive, which can add substantial time to your project,â she says.
4. Design with four seasons in mind
Photo by Chicago Green Design Inc.
Rios highly recommends designing your outdoor kitchen for year-round enjoyment. For example, in her outdoor kitchen, she knew she wanted durable, high-quality cabinets to keep contents dry even in rain or high humidity.
âHeating elements in different zones of the outdoor space are also crucial,â says Rios. âIn the kitchen, our pizza oven helps keep us warm during food prep, and the fire pit is a cozy spot for guests to gather.â
If you have a covered outdoor space, she recommends planning and budgeting for ceiling-mounted heat lamps, or invest in one or two free-standing, mobile heating units.
5. Find the right people for the job
March says homeowners should do their homework and hire the right professionals to guide them through their vision, flag any potential pitfalls, and elevate the overall aesthetic.
âFor me, bringing a landscape designer onboard brought the whole vision for our outdoor kitchen and yard together,â says March.
Rios says itâs also important to lock in a trusted contractor and installer to ensure the vision and layout for your outdoor kitchen is doable and within your budget.
6. Have fun with color
Photo by DeGoey Designs
Rios says an outdoor kitchen is the perfect space to have fun with color, whether taking cues from the surrounding landscape or going bright and bold.
âBlues and greens can so easily play off of surrounding elements outdoors. Iâm over the all-white kitchen, and I think outdoor kitchens are the perfect opportunity to embrace brighter hues,” says Rios, who used a beautiful juniper-green, powder-coat finish on her outdoor kitchen cabinetry.
7. Design based on how youâll use your space
âAsking yourself the right questions as you think through design options can provide a lot of helpful guidance,â says March. âHow do you want to live outdoors? Whatâs not working with your current or past space, and how could it rise up to meet you a bit better?â
She says itâs also important to consider whoâs going to use the outdoor kitchen space. Does it need to be wheelchair-accessible or suitable for pets and kids?
âThese details will dictate so much of your design,â says March.
For her space, she envisioned how it could pivot from a space to cook to a space to entertain. The big, open shelf she installed, for example, serves as additional landing space for items she brings out from the indoor kitchen.
The post How to Dine Al Fresco Year-Round: 7 Outdoor Kitchen Design Tips for 2021 appeared first on Real Estate News & Insights | realtor.comÂ®.
The post The Ultimate Guide to Using a Cash Budget appeared first on Penny Pinchin' Mom.
There are many types of budgets you can try.Â A quick Google search will show you lots of options – including the cash envelope budget.Â If you say it will not work for you, it means you did not try doing it the right way.
Whether you are getting out of debt or not, you can probably use some help in making sure you control your spending. Contrary to what many people say, the best way to do this is to use cash. Â If you are trying to get out of debt, this is the next step you need to follow!Â The cash envelope system is an important step to your debt paydown plan.
Ask many financial experts such as Dave Ramsey or Clark Howard and they will agree that using cash is an important factor in controlling your spending. And it is not a system only for people trying to get out of debt, but everyone as it really makes you think more about your spending.
HOW TO USE THE CASH BUDGET
WHY A CASH ENVELOPE SYSTEM?
Cash is King!!Â I say this all of the time because I genuinely believe this. Â When I bring up using cash, the first rebuttal I get is “If I have cash, I spend it far too easily.”Â Sorry, I don’t buy it.Â The main reason that people fail on a cash budget is a lack of tracking what they spend and assigning it a task.
[clickToTweet tweet=”The truth is that when you use cash, you spend more wisely. ” quote=”The truth is that when you use cash, you spend more wisely. “]
When you have only $200 for groceries, and you also know that it must last for two weeks. Â It forces you to think twice before you buy that extra item. Â A cash budget never lets you overspend because once the money is gone – it’s gone.
CASH ENVELOPE CATEGORIES
Getting started using the envelope system for budgeting is pretty simple. Â To begin, look at your budget. Â The following are cash envelope categories you should consider using:
- Dining Out
- Hair Cuts/ Beauty
- Doctor Visits
- Random Spending (which is your spend as you want – only if you can afford it)
- Doctor/Dentist Visits
You will notice that I didn’t include gasoline on my list.Â The reason I didn’t is that most people won’t overspend at the pump.Â Most of us just fill up our tanks and go about our merry way.Â You also don’t drive around and burn fuel or decide to fuel up because your neighbor did.Â It is on your budgetÂ but is not one you where you will overspend. Not only that, it is usuallyÂ much more convenient to pay at the pump.
PRINTABLE DIY CASH ENVELOPE TEMPLATE
When it comes to using the cash envelope system, you can purchase one such as that sold by Dave Ramsey or you can just use the envelopes in your desk drawer. Â I’ve even got a cash envelope template you can use as well (purchase HERE for $2.99).
HOW MUCH CASH DO I NEED?
Once you have your categories, you have to determine how much cash you need for each group. Â You will figure the amount based on your pay period.
For example, if payday is every two weeks, take the total monthly grocery budgeted amount and divide it by 2.Â You will then know how much money you will need for each of the two pay periods for that month.Â It is important you have a budget that works (including using budget printables as needed).
Next, review, each category you will use cash for and figure up the amount you will need. Â Once you have done that, you will also want to figure out how many of each denomination of bill you will need. Â List the total amount, by denomination, on a piece of paper. Â Take that, along with a check from your account for the amount, to the bank. Â You will make a withdrawal and then split up the cash into each envelope.
HOW TO USE THE DAVE RAMSEY ENVELOPE SYSTEM
Sometimes, it is easier to understand something if you can see it in action.Â Follow this simple cash budget example to see how it works.
START WITH YOUR REGULAR BUDGET
Let’s say you bring home $2,500 per month. You have completed your written budget and have items such as your mortgage, utilities, food, dining out, debts and other expenses.Â Most of your expensesÂ are paid with a check or electronic transfer. Those are not the categories to consider for your cash budget.Â Instead, look at those items that you don’t pay for all at once, but rather over time.
These are the items that will work best if you use cash.Â In this case, you will include groceries, clothing, random spending, doctor visits and dining out.Â (We don’t include fuel because there is never a chance you will overspend on fuel).
In this example, we will only use cash for these items:
Groceries – $500
Clothing – $100
Random Spending – $80
Doctor – $50
Dining Out – $100
DETERMINE HOW MUCH CASH YOU NEED PER PAYCHECK
As you can see, the budget above is based on your monthly income.Â Since you are paid every two weeks, that means your take-home pay is $1,250 twice a month.Â You only need enough money to cover half of each of these categories.Â Your spending for each will look like this for each pay period:
MONTHLY BUDGET DIVIDED FOR BI-WEEKLY PAY
Groceries – $250
Clothing – $50
Random Spending – $40
Doctor – $25
Dining Out – $50
Total cash needed: Â $415 per pay period
Now that you see what you have budgeted to spend on each category each pay period, you need to determine how many bills of each denomination you will need to get from the bank.
KNOWING HOW MUCH CASH YOU NEED FOR A CASH SYSTEM
Using the same cash budget example above, here is how you will do that:
Groceries – $250 —- 3 $50 bills, 5 $20 bills
Clothing – $50 — 2 $20 bills, 1 $10 bill
Random spending – $40 —- 2 $20 bills
Doctor – $25 —- 1 $20 bill, 1 $5 bill
Dining Out – $50 —- 2 $20 bills, 1 $10 bill
You need to get this cash from the bank.Â You can’t use the ATM as it will spit out only $20s and $10s and will not give you the correct number of bills.Â Make a note to hand to the teller that shows how to break down the cash:
3 $50 bills
12 $20 bills
2 $10 bills
1 $5 bill
Write a check for $415, payable to “CASH” and take it, along with your slip of paper to your bank.Â The teller will cash the check and give you the bills you need.
FILL YOUR CASH ENVELOPES
When you get home with your cash, it is time to add it to each envelope.Â Find the one for each category listed above.Â Pull the cash from the bank envelope and split it into each envelope, per the list above.Â Add the amount of the deposit to the front of the envelope, adding to any amounts that may be left from the prior pay period.
USING THE CASH ENVELOPE SYSTEM
Once you have your cash and your envelopes, it is time to put them to work.Â The only – and I mean only – way that this will work is if you track every. Single. Transaction.Â I am not joking.Â Â Doing this can help you stay on track, and you also have to account for everything you spend.
For example, shop as usual at the grocery store.Â If your total is $20.17, you will pay with the cash from your groceries envelope.Â Place any cash you get back into the envelope and then deduct your purchase from the balance.Â So, if you had $100 and spent $20.17, the new total cash you have left will be $79.83.
The printable cash envelope template above includes lines on the envelope, so you have a place to track your balance.Â If you use your own, add it to the outside or keep a slip of paper inside.
Make sure you track every purchase. You can always see how much money you have left and where it was spent.Â ItÂ helps you monitor your spending at a glance.Â Once the cash is goneÂ – you are done spendingÂ money.
USING THE VIRTUAL CASH ENVELOPE SYSTEM
I also get that sometimes, cash is just something you can’t do. You need (or just really prefer) using your debit or credit card instead. Is there a way you can apply this method when you spend using plastic?
Rather than get paper money to put into your envelopes, you can use either a virtual envelope or paper tracking to monitor your spending.
Virtual envelope systems, such as ProActive, help you monitor and control your spending but allow you the convenience of using your credit or debit card.Â Rather than paying with cash, you swipe but know how much you have left to spend on each category in your budget.
If you would rather opt for something that is free, you can print out cashless envelopes instead.Â They work in the same fashion as cash envelopes.Â You still write down the amount you have to spend on each form and as you shop, you keep track.Â When you are out of “money” according to your envelope tally, you are done shopping.
You can read even more and get started with different ways to use the envelope method even if you don’t use cash.
HOW TO USE A CASH METHOD WHEN SHOPPING ONLINE
So, what if you don’t shop in the store, but rather, make purchases online, how would that work with a cash budget?Â Can you even do that?Â Yes, you can.Â You just have to handle it a little differently.
The first option is to leave some of the money you normally get in cash, in your account.Â For example, if you spend $100 every paycheck through online purchases, get $100 less in cash.Â You can still account for it by using cashless envelopes instead.Â That way, you still monitor your spending and don’t blow your budget.
The other option is to still get all of the cash you normally need.Â Then, if you buy something online, head to the bank and re-deposit that back into your account.Â You still get the full benefit of using cash and seeing the money come out of your envelopes.
You still can use cash when you shop online, you just have to make some adjustments.
WHY THE CASH ENVELOPE SYSTEM WORKS
The reason why the cash envelope system works is pretty simple. Â Accountability.
When you have to make yourself accountable for your spending, you are taking control. Â It also will help you spend less. Â If you only have $100 to spend on dining out over the next two weeks, you think twice about ordering take out three days in a row.Â When the money is gone – you are done spending!!!
It isn’t entirely about cash.Â It is learning self-control.Â That is the one thing everyone will gain in going through this process.Â It enforces this way of thinking. Â You will quickly learn to love using cash, and you will feel more in control of your finances.
Cash also has more emotion attached to it. You don’t think about the consequences of a purchase when you swipe a card. Â However, handing over that cold, hard cash sometimes hurts. Â You do think about each purchase a bit more.
We’ve been doing this for so long that I don’t know how to shop without my envelopes!Â Â It is routine, and it helps us always know, in a matter of minutes, how much money we have available for the things we need.
The post The Ultimate Guide to Using a Cash Budget appeared first on Penny Pinchin' Mom.
If youâre serious about your credit score, you need to pay your bills on time. One late payment can have a devastating effect on your credit score. Hereâs what you need to know about late payments and your credit score, and what you can do to protect yourself.
How Late Payments Affect Credit Scores
Your payment history is the biggest factor in determining your credit score, so itâs imperative that you pay your bills on time whenever possible. If you do make a late payment, there are three factors that determine how much it will affect your credit score.
- Your credit score and credit history
- How long ago the late payment was
- How severe the late payment was
According to FICOâs credit damage data, one recent late payment can cause as much as a 180-point drop on a FICO score, depending on your credit history and the severity of the late payment.
Your Credit History and Late Payments
The impact of a missed payment on your credit score varies significantly depending on your circumstances. The better your credit, the more you may feel the sting of a late payment. In fact, that 180-point drop mentioned earlier is most likely to happen to an individual with excellent credit who is 90 days late on a payment. Because individuals with good and excellent credit donât have a history of risky behavior, one mistake sends up a red flag that can drop their score more dramatically.
Individuals with a shorter credit history will likely see a dramatic decrease in their score after a late payment as well. Because there is less information available on your financial behavior, a late payment is a bad sign. On the other hand, individuals with lower credit scores already have a history of risky behavior, so one more late payment wonât drop their score as much.
How Time Affects Credit
The more recent a late payment is, the more severely it will affect your credit score. A missed payment remains on your credit report for up to seven years from the date it occurred. The overall impact of the late payment diminishes over time and goes away completely when the missed payment ages off your report.
Your score won’t necessarily jump 100 points simply because a late payment ages off or is removed. Even though a late payment might have originally dropped your score by a good number, the impact of that late payment changes over time. How much your score goes up when a late payment is removed depends on a variety of factors, so youâll want to continue practicing smart financial habits like making payments on time and keeping your credit utilization low.
How Severity Affects Credit
If you missed your credit card payment by one day, you probably don’t need to sweat it. In most cases, lenders and creditors have grace periods that can range from a few days to up to 10 days. Grace periods are meant to account for minor mistakes and lag in mailing or posting payments. If your payment arrives within that time period, the lender may not count it as late.
Most lenders donât report missed payments until your account is 30 days past due. After 90 days, the effect on your credit score will be even more drastic.
Make sure to read the fine print on your account agreement, though, to know if you have a grace period. And avoid falling into the habit of relying on the grace period. If you’re used to paying your bill five days after the actual due date, you could miss the grace period if you experience a personal emergency. Also keep in mind that interest and fees may still apply during the grace period, even if your payment isnât reported as late to the credit bureaus.
How to Protect Your Credit History Against Late Payment Impact
Payment history is a huge part of your credit score. It accounts for around 35% of your scoreâover a third. Take action to ensure late payments aren’t impacting your score when they don’t need to. Here are three tips for doing so.
1. Check Your Credit Score and Report Regularly
Check your credit reports frequently to ensure late payments aren’t being reported inaccurately. A simple clerical error is enough to cause your score to go down. If you see inaccurate information on your credit reports, you can and should challenge it and ask for verification.
You can get a free credit report annually from each of the three credit bureaus. Due to the COVID-19 crisis, you can get your free credit report once a week through April 2021. When you request your credit report from AnnualCreditReport.com or the individual credit bureaus, you wonât also see your credit score. If you want to see both at the same time, consider signing up for ExtraCredit. Youâll see 28 of your FICO scores from all three credit bureaus, plus your credit reports from each.
2. Use Tools to Help You Make Timely Payments
Avoid late payments by using resources that ensure you make payments on time each month.
- Sign up for auto payments. Your lender may offer this option, letting you enter a credit or debit card or checking account and taking payments out of that account each month. The benefit is that you can set and forget your payments, never worrying that they’re late. The disadvantage is that you have less flexibility in when you pay each month, and you have to ensure you keep a balance in your account to cover the charges.
- Use apps or phone alarms. Remind yourself to make payments with app notifications that let you know the payment date is arriving soon. Many credit card companies and other lenders offer options for receiving such notifications directly from them.
- Make smaller, more frequent payments. If you’re struggling to save enough to cover a large bill each month, pay a portion of what’s owed every week. This can help simplify your budget, though you do need to ensure you’re not being charged convenience fees or other amounts every time you make a payment.
3. Ask for One-Time Late Payments to Be Forgiven
Life happens, and creditors are aware of this. So if you do find yourself making a one-off late payment, contact your creditor.
Apologize for the late payment, let them know it’s not a normal occurrence for you and point to your previously pristine payment history. Ask the creditor to waive late fees and interest charges as a courtesy and not report the late payment to the credit bureaus. It’s a tool you must use sparingly, but creditors may to oblige if you really do normally pay on time.
Your Credit Score Will Thank You
Making all your bill payments on time is one of the best ways to keep your credit score happy and healthy. Keep track of how youâre doing by signing up for ExtraCredit.
The post How Much Does One Late Payment Affect Credit Scores? appeared first on Credit.com.
An Upper East Side apartment that was once home to one of the most significant American cultural personalities of the 20th century has recently hit the market.
The Art Deco masterpiece at 895 Park Avenue was previously owned by famed composer and cultural icon Leonard Bernstein, whom music critics refer to as “one of the most prodigiously talented and successful musicians in American history”. In fact, this very property is where Bernstein — also a lifelong humanitarian, civil rights advocate, and peace activist — hosted an infamous âradical chicâ party with and in support of the Black Panther Party back in 1970.
But its famous past owner is not the building’s only historical trait; built in 1929, it is designed in the classic Art Deco style, evoking New York Cityâs golden age glamour and sophistication. That, paired with its carefully preserved original architectural details (original wood-burning fireplaces and wide-plank wood floors) and panoramic Manhattan views make this residence a true gem.
Clocking in at approximately 6,300 square feet, with an extra 700 square feet of private outdoor space, the 895 Park Avenue unit spans over two floors of the 21-story Upper East Side building. The entrance is through a private elevator landing which opens into a 34-foot grand gallery, further leading into the residence’s elegant formal living room, library, and dining room.
With 6 bedrooms and 6.5 bathrooms, the trophy apartment also comes with an enclosed solarium that’s bathed in sunlight and that, just like the rest of the rooms and outdoor spaces, opens up to picture-perfect views of the city.
A grand staircase leads to the lower level, which houses the 6 bedrooms, as well as a home office and laundry room. All but one of the bedrooms enjoys their own en-suite bathroom as well as significant storage space in the form of walk-in closets or dressing rooms.
The building itself adds an extra note of sophistication and convenience; the full-service white glove co-op has a long list of amenities, including multiple doormen, an elevator attendant, health club, squash court, basketball court, and private storage units. Though location itself may be its biggest asset: 895 Park Avenue is located right in the heart of the Upper East Side, on the southeast corner of 79th street and Park Avenue, providing direct access to world-class dining and shopping.
Priced at $29.5 million, the elegant unit is listed with Bonnie Chajet, Allison Chiaramonte, and Tania Isacoff Friedland of Warburg Realty.
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The post Trophy Apartment Once Owned by Composer Leonard Bernstein Asks $29.5 Million appeared first on Fancy Pants Homes.
Heading off to college is exciting. Really exciting. You finally have freedom! You’re out on your own for the very first time, managing your studies, managing your social life and… managing your finances.
Despite being a big part of your newfound independence, personal finance is a subject you probably won’t find on your course schedule. If you didn’t take a personal finance class in high school and never had money lessons from your parents, you may not know how to manage a checking account as a college student.
“College students have very different needs for their checking account than their parents or other adults,” says Tommy Martin, CEO of Clear Path Financial Planning and a finance blogger at TommyMartin.com. If you live in a different city during the school year than you do during winter and summer breaks, for example, you may be after a bank for which location doesn’t matter.
Ok, so how do I manage my checking account in college, you ask? First, don’t get overwhelmed. Learning how to manage money while in college and getting a handle on checking account basics is simpler than you might think (oh, and the skills will serve you for years to come). Second, you can kick off your checking account education with these tips for managing a checking account in college:
1. Compare checking accounts before signing up
While your college life may center around your school campus, you should consider venturing off-campus to pick the right checking account for your lifestyle.
“Students typically sign up with a bank that’s on campus or close to campus,” says Sahil Vakil, a financial planner and president of MYRA Wealth in New Jersey. However, the nearest bank might not be the one that best fits your needs, he adds.
Instead of picking a bank based solely on proximity, consider all of your options, including banks with off-campus locations and online-only banks.
Martin agrees, saying that learning how to manage money while in college means considering all of your banking options rather than “automatically enrolling or choosing the official school bank just because it has the school logo on it.” There are other ways to show your school pride, after all.
2. Learn about checking account fees and rewards
Vakil and Martin both say a tip for managing a checking account in college is to consider an account’s fees before signing up. Costly fees can eat into your savings and spending money, which can be a blow for students who are not working full-time. When you are choosing a checking account in college, consider fees for:
- Monthly maintenance (essentially keeping your account open)
- Minimum balance (not maintaining one)
- ATM usage
- New checks
- Wire transfers
- Online bill pay
- Replacement debit cards
Martin says a checking account with no minimum balance requirement or minimum number of transactions could be a good fit for students. “It allows them to focus on their education” instead of worrying about incurring penalties, he says. “Even a $5 fee on a checking account with $60 in it can be devastating.”
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Costly fees can eat into your savings and spending money, which can be a blow for students who are not working full-time.
Martin also suggests finding an account that has a large network of no-fee ATMs located across the country to better manage your checking account as a college student. “Especially if you’re going to a school in a different state, the local bank from home might wind up costing you a lot in terms of ATM fees,” he says. If your parents plan to wire you money, find an account that doesn’t charge incoming wire fees, Martin adds.
While fees should be a focus when you are learning how to manage money while in college, don’t forget about incentives. You may be able to find a checking account that actually helps you grow your balance by paying interest or offering a cash back rewards program.
“If you have to pay for books or supplies, at least you can get some cash back and use it for a free dinner,” Martin says. Discover Cashback Debit, for example, offers 1% cash back on up to $3,000 in debit card purchases each month.1
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3. Track your checking account balance
Luckily, you don’t need to take Banking 101 to figure out your funds, and tech makes tracking your balance and account activity easier than ever. Most banks let you log in to your account online (don’t get distracted in class!), and with a bank’s mobile app you can transfer money to friends, pay bills, deposit checks and check your balanceâall while you’re on the go.
Knowing your balance at all times is a tip for managing a checking account in college because it can help you avoid overdrafts and insufficient funds fees. It can also help you forecast your income and expenses to ensure you’ll have enough money to cover future costs. Surpriseâthat’s budgeting!
There’s no one-size-fits-all budgeting program or system, though. You can go old-school and track your budget on a printed-out budget sheet, or you can go tech-savvy with a budgeting and spending app. “What’s best for you is the one you’re actually going to use,” Martin says.
If you learn how to manage money while in college and make a practice of maintaining your budget, the habit will follow you after graduation.
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âCollege students have very different needs for their checking account than their parents or other adults.â
4. Secure your account
One of Vakil’s tips for managing a checking account in college is to make sure your account stays secure. Create a unique account name and password that you use only for your checking account, and never share your credentials.
Vakil says you can also enable two-factor authentication if your bank offers it and you’re looking for another way to improve the management of your checking account as a college student. “This additional layer of protection safeguards your sensitive financial data and strengthens the security of your account by requiring two methods of verifying your identity.”
For example, if you log in to your account from a new device, you may be sent a text message with a code that you’ll need to enter to access your account.
5. Keep an eye out for debit card holds
No matter where you bank, a merchant may place a hold on funds in your checking account when you use your debit card. Generally, a hold is placed for travel-related purchasesâsuch as at rental car companies, hotels and gas stationsâand used by merchants to protect against fraud and errors.
“Holds on a debit card can make it tricky for you to manage your finances,” Vakil says. For example, “when you rent a car, the car rental company might put a $500 hold on your account. If the balance in your account was $550, now you can only use another $50.”
Being aware of holds can be particularly important if you are managing a checking account as a college student and tend to have a low account balance.
If a merchant will be placing a hold, it will generally post a sign to notify customers. The hold will typically be removed after the funds are transferred to the merchant from your financial institution, typically within three to four days.
Knowing when a hold will be placed, the amount of the hold and how much money you have in your checking account can help you manage your checking account as a college student by avoiding overdrafts and missed bill payments due to insufficient funds.
6. Don’t let one mistake throw you off track
If you can learn how to manage a checking account as a college student, and more generally, how to manage money while in college, you can lay the groundwork for a solid financial future. Checking account mistakes may occasionally happen (oops, I didn’t budget enough for that spring break trip), but don’t let them discourage you to the point of apathy. Instead, try to continually expand your knowledge and practice healthy financial habits.
1Â 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 VenmoÂ® 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. Venmo and PayPal are registered trademarks of PayPal, Inc.
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