Money

credit unionInterest rates remain low, though that’s no reason to stow your money under your mattress.

Hiding your money at home won’t earn you any interest on it, and that’s one of the benefits — no matter how small — that banks and credit unions can offer customers. But banks and credit unions have different benefits and drawbacks, and knowing how each work can make it easier to decide where to put your cash.

Here are some differences between credit unions and banks:

Profit vs no profit

The first thing to note when comparing banks to credit unions is that  banks are in business to make money and credit unions are not for profit. This can allow credit unions to offer better interest rates, as we’ll get to shortly.

Credit unions are cooperatively owned by all members and run democratically by members who volunteer as board members, who decide interest rates and other factors.

To join a credit union, you may have to be a member of an employee group, association or some other specific affiliation, and may have to live in a specific geographic area. ...continue reading

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bank feesThis post on avoiding bank fees is by Ryan Bonaparte, who has written for Add-Vodka before about common financial mistakes that young adults make. Ryan is a long-time writer and author, delving into topics including personal finance, technology, and career pursuits. He lives in the Boston area with his wife and fiercely independent cat.

In the financial journey to building wealth, there are many pitfalls to watch out for, but none as insidious as fees charged by banks for standard services.

Fees can erode any earnings that you may have accrued from investments, and in some cases faster than poor spending decisions. At least with a shopping spree, you get something in return. With bank fees, you might as well be setting your money ablaze.

Bank fees to avoid

Although by law in the United States, all fees are required to be shared with consumers when they sign up for an account, it’s still very easy to pay out lots of money before you realize how much bad habits can eat away at your hard-earned money.

Here are some types of common bank fees to look out for:

ATM Fees

Even though more and more transactions occur via credit cards or mobile payments, sometimes cash is necessary. There are stores that only take cash, and many people find using the envelope method of budgeting (stocking envelopes with cash at the beginning of the month) as a great way to manage their finances.

But taking out your own money should never cost you money. To avoid bank fees, either use an account at a bank in your area or an internet bank that reimburses bank fees. ...continue reading

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make money spring cleaningAfter a cold and long winter, you may want to deep clean and declutter your home to prepare for the new season. While many people use this time to donate or trash items they no longer need, you could make money spring cleaning your home. 

Make Money Spring Cleaning With Garage Sale

Some people may hold garage sales in summer and fall, but why not have one in the spring? While you’re cleaning out your home, make a pile specifically for items that you can put in your garage sale. 

Of course, you may have to play around with dates, since springs are known for being unpredictable with the weather. However, you’ll get a head start on the competition. You would also appeal to those who are looking to replace their old items after spring cleaning! Garage sales are a great way to make money spring cleaning, and you'll be able to clear out more all at once. 

Trade in Your Electronics

With so many electronics coming out every single year, you are bound to have a few that you could part with. If you are looking to buy a new phone, tablet, or computer, you could earn make money spring cleaning, and say goodbye to your old electronics. 

Many cell service companies offer the option to trade in your phone for a new one. But, you may have better luck sending them into a company that specializes in small gadget trades.   ...continue reading