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Budget-Friendly At-Home Valentine’s Date Ideas

Money can’t buy love, but all the fancy Valentine’s date nights on your social media feeds may lead you to lose sight of this truth. Show your love this year without going over-budget with these at-home Valentine’s Day ideas that are guaranteed to please your main squeeze! Create an At-Home Spa Going to a spa […]

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Source: blog.apartmentsearch.com

10 Cities Near Philadelphia To Live in 2021

The brilliant city of Philadelphia is a wonderful place to work and play. But city living isn’t the life for everyone.

Fortunately, the region – known as the Delaware Valley — has a slew of options for incredible boroughs, towns and cities near Philadelphia in which to live. These spots offer a wide range of entertainment, dining, nightlife, recreation and comfortable apartments.

Of all the incredible places to live within easy commuting distance of Philadelphia, it’s hard to narrow down to a top 10. But we are sure you’ll find these 10 cities near Philadelphia — all within five to 25 miles of Center City and listed by distance from the city — perfect places to call home.

  • Haddon Township, NJ
  • Ardmore, PA
  • Conshohocken, PA
  • Hatboro, PA
  • King of Prussia, PA
  • Langhorne, PA
  • Phoenixville, PA
  • West Chester, PA
  • Wilmington, DE
  • Doylestown, PA

Haddon Township, NJ

Haddon Township, NJ facing the City Center in Philadelphia.

  • Distance from downtown: 7.0 miles
  • One-bedroom average rent: $1,530 (down 3.38 percent since last year)
  • Two-bedroom average rent: $1,713 (down 13.88 percent since last year)

In New Jersey, townships are full-fledged municipalities, and Haddon Township is one of the region’s best cities near Philadelphia. Just 10 or so minutes from the Ben Franklin Bridge to Center City Philadelphia, the township offers both the quiet of a suburb and a main street that rivals any in the state for drinking and dining options.

Bustling Haddon Avenue in the downtown Westmont section is a mile-long stretch featuring some bakeries, cheesesteak joints, pasta shops, pizza places, taquerias, bars and taverns. Farther out, chain dining and big box stores line White and Black Horse pikes.

Haddon also offers plenty of green space, from Cooper River Park in the north along the lake to Newton Lake Park and Saddler’s Woods on the south.

Public transportation into Philly is a snap with Westmont Station a direct link via PATCO with park-and-ride facilities.

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Ardmore, PA

Ardmore, PA.

Photo source: Apartment Guide / One Ardmore Place
  • Distance from downtown: 7.7 miles
  • One-bedroom average rent: $1,357 (down 61.90 percent since last year)
  • Two-bedroom average rent: $2,552 (down 35.50 percent since last year)

Among swanky locales like Bryn Mawr, Villanova and Gladwyne, Ardmore is the iconic Philadelphia Main Line’s most accessible city to everyday folk.

Ardmore’s median income comes in at a tenth that of some of the region’s richest communities and is a much cheaper home value. But Ardmore is also less insular. The city is a destination for visitors and day-trippers from across the Delaware Valley.

Ardmore splits down the middle between Montgomery and Delaware Counties and Haverford and Lower Merion Townships. Its backbone is busy Lancaster Avenue that offers retail shopping, trendy restaurants and the 500-capacity Ardmore Music Hall, one of the area’s top concert clubs.

While other Main Line towns shun outsiders, the hum of Lancaster Avenue feels welcoming to all.

And on the north end of town is one of the region’s best spots for retail therapy or even just window shopping. Suburban Square is a six-square-block upscale outdoor shopping plaza. Dating back to the 1920s, the square is one of the nation’s oldest planned shopping centers.

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Conshohocken, PA

Conshockocken, PA, one of the cities near philadelphia

Photo source: Conshohocken Borough / Facebook
  • Distance from downtown: 12.6 miles
  • One-bedroom average rent: $1,705 (down 7.82 percent since last year)
  • Two-bedroom average rent: $2,265 (up 7.69 percent since last year)

Throughout its history, Conshohocken has always held an important geographic location. Sitting at one of the largest bends of the Schuylkill River, the land was originally a large milling region along rail and shipping lines.

As interstates went up, the region morphed into a factory industrial center. As manufacturing declined, it was those same highways that turned “Conshy” into one of the most desirable suburban-chic and cosmopolitan residential commuter communities in the city.

Conshohocken lies between the I-476 Blue Route and I-76 Schuylkill Expressway at the “Conshohocken Curve.” As industry left, easy access to the region’s two major highways transformed it into a hub for upper-middle-class commuters into the city, especially as apartment complexes and mid-priced high-rise rental towers rose.

And as the population increased, so did the enclave which features shopping and dining spots and many glittering hotels.

The shoreline also features a section of the running and biking Schuylkill River Trail path.

Nearby, Conshohocken’s Fayette Street main street is popular among its young professional population, with a median age of 32 with 63 percent single. The downtown strip offers a selection of quaint boutiques, eateries and cafes, as well as a variety of notable bars.

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Hatboro, PA

Hatboro, PA.

Photo source: Apartment Guide / Livingstone Apartments
  • Distance from downtown: 15.9 miles
  • One-bedroom average rent: N/A
  • Two-bedroom average rent: $1,695 (up 9.18 percent since last year)

Eastern Montgomery County has just a few towns with true main streets, but one of the best of the bunch is Hatboro. The borough sits along the Bucks County border, a suburban town settled among some residential communities.

Hatboro is known for its plethora of parks and green spaces, including the popular Hatboro Memorial Park and Memorial Pool. But its growing notoriety as a suburban craft beer lovers’ destination is what’s gaining prominence.

In the heart of the Craft Beer Trail of Greater Philadelphia, Hatboro offers Crooked Eye Brewery and Artifact Brewing, both opened within the last several years.

The breweries sit along York Road, Hatboro’s main street. The corridor also offers many bars and gastropubs, vintage clothing stores, hoagie shops and produce grocers, cafés and popular bakeries and Daddypops diner, a favorite of Food Network’s Guy Fieri.

The borough is also convenient for commuters, with Hatboro station along the Warminster Line to Center City just off York Road.

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King of Prussia, PA

King of Prussia, PA, one of the cities near philadelphia

  • Distance from downtown: 16.9 miles
  • One-bedroom average rent: $2,204 (up 5.44 percent since last year)
  • Two-bedroom average rent: $2,544 (up 0.81 percent since last year)

To speak like a true Philadelphian, pronounce the name of the city of King of Prussia the proper way, “Kingaprusha.”

If you’re familiar with the western Montgomery County city, it’s most likely for one thing: its megamall. The King of Prussia mall is massive, at 2.8 million square feet and 450 stores. It’s the third-largest mall in the nation behind only the Mall of America and the new American Dream in New Jersey.

This central town nestles right along the Schuylkill River — between four major thoroughfares: the Pennsylvania Turnpike, I-76 Schuylkill Expressway, and U.S. Routes 202 and 422. Sitting between renowned Valley Forge Historical Park and county seat Norristown, King of Prussia is both a popular commuter city and an important edge city in its own right.

One key location in KOP is the King of Prussia Town Center. Opened in 2016, the large planned lifestyle development has become a hub of residential activity in town. Acting as the city’s downtown, Town Center offers a bevy of apartments and townhouses at Village at Valley Forge with mixed-use and office space, upscale department stores and a Wegman’s grocery, retail shops and several new restaurants and bars.

Nearby are several office parks, Upper Merion High School and the Valley Forge Casino Resort.

The area is growing so quickly, local transportation authority SEPTA is developing a $2 billion regional rail line to directly connect King of Prussia with University City and Center City Philly.

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Langhorne, PA

Langhorne, PA.

  • Distance from downtown: 22.0 miles
  • One-bedroom average rent: $1,413 (down 1.55 percent since last year)
  • Two-bedroom average rent: $1,691 (up 6.72 percent since last year)

One thing you can have living in the suburbs that you usually don’t in the middle of a city is an amusement park down the street. That’s one of the features of living in the borough of Langhorne and adjoining Middletown Township. Here you’ll find Sesame Place, the Sea World-owned young children’s Sesame Street theme park.

Langhorne borough proper and surrounding Middletown Township are collectively referred to as Langhorne.

The area is an important business and shopping center along Neshaminy Creek in charming Bucks County. Along with numerous national chains and big box stores, a myriad of service centers, retail shops and old-school restaurants line Pine Street and Maple Avenue.

In addition, the borough features a quaint historic district dating back to the 19th century. Sitting just off the I-295 beltway, Langhorne is a popular bedroom community for commuters to Trenton as well as Philadelphia.

The expansive Middletown Country Club splits the borough, with the multistory Oxford Valley Mall out in the Township. And surrounding Lake Luxembourg is the expansive 1,200-acre Core Creek Park. The region offers a variety of housing options, from affordable apartments to large suburban mansions.

Several locations still offer 1950s style tract housing leftover from the expansion of the nearby Levittown planned community.

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Phoenixville, PA

Phoenixville, PA, one of the cities near philadelphia

Photo source: Borough of Phoenixville / Facebook
  • Distance from downtown: 23.9 miles
  • One-bedroom average rent: $1,229 (down 14.82 percent since last year)
  • Two-bedroom average rent: $1,426 (down 12.71 percent since last year)

In 1958, a large gelatinous alien creature was let loose and devoured dozens of residents of Phoenixville, Pennsylvania. That of course only happened on screen, in the Steve McQueen horror classic “The Blob,” which filmed and took place in the Chester County suburb.

The movie features a famous scene where terrified residents flee the alien out the Colonial Theater’s doors. That real-life theater is the centerpiece of Phoenixville’s Bridge Street main street as well as the annual Blobfest which celebrates the landmark film.

But as important as the film is, younger residents will tell you it’s the craft beer scene that makes Phoenixville special. After languishing for years as a rundown mill town, a revitalization plan included a call for brewers to set up shop. Today the city of just 17,000 offers 10 craft breweries.

On Bridge Street alone are four breweries, along with a tap house, a distillery and three winery tasting rooms. That collection gives downtown Phoenixville the distinction of having the most breweries per square foot of any place in the nation.

For residents, Phoenixville is more than just beer and blobs. Its absolutely teeming downtown along Bridge Street has boomed with pizzerias and bistros, coffee and smoke shops and boutiques and galleries.

Phoenixville Area High School offers a high ranking and a 15:1 student-teacher ratio. And many parks and green spaces dot the region, including the large Black Rock Sanctuary wildlife refuge along the Schuylkill River bend that also features Basin Trail for hiking and biking. The Schuylkill River Trail also crosses the borough, along French Creek.

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West Chester, PA

West Chester, PA.

  • Distance from downtown: 25.0 miles
  • One-bedroom average rent: $1,631 (down 1.23 percent since last year)
  • Two-bedroom average rent: $2,095 (up 7.54 percent since last year)

A little under 25 miles from Center City, West Chester is a more affordable alternative to the nearby Main Line. The seat of Chester County offers a selection of bars, restaurants and shops in its surprising downtown along Gay and Market streets.

Local businesses are accessible, catering to the borough’s young, affluent residents as well as budget-conscious clientele. Need proof? West Chester’s downtown sits on the top-three list of “Great American Main Streets.”

West Chester is a more affordable, younger enclave surrounded by old-money communities like Malvern, Kennett Square and Chadds Ford, with swaths of an urban-rural buffer.

The borough offers high-ranked schools and an average age of just 24.9 years old. A vibrant part of that young community is West Chester University, ranked a Top 10 Public Regional University by U.S. News.

Why is West Chester attractive to young professionals? Perhaps it’s the borough’s title as “Most Exciting Place” in all of eastern Pennsylvania. It’s a locale to meet new people, as the state’s second-most densely populated city, fifth-best for nightlife and fifth-best spot to lead an active lifestyle.

Or maybe it’s because it’s the world headquarters of the QVC shopping network.

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Wilmington, DE

Wilmington, DE.

  • Distance from downtown: 26.2 miles
  • One-bedroom average rent: $1,186 (down 14.08 percent since last year)
  • Two-bedroom average rent: $1,477 (up 1.09 percent since last year)

Look behind Pennsylvania and New Jersey to find the best cities near Philadelphia — don’t forget about Delaware!

Wilmington is certainly having a moment. While the previous president spent his weekends at swanky Mar-a-Lago or Bedminster golf club, the current chief executive has been taking his off weekends back in his home state of Delaware. President Biden famously grew up in and around Wilmington and is known to have commuted back to his residence weekly dating back to his earliest days as the Diamond State’s senator.

Wilmington, despite being the largest city in a completely different state, is just a half-hour drive from Center City Philly. But it’s the finance industry that fuels the economy of the Corporate City.

The 1980s Financial Center Development Act liberalized financial regulations in Delaware, removing usury laws and interest rate caps. This caused financial and insurance corporations from around the world to set up shops in Wilmington.

An attractive city to big money employers is an attractive city to its white-collar workers. And one of the favorite locals is the Christina River waterfront. Popular waterfront spots include the Blue Rocks’ Frawley Stadium, the Delaware Children’s Museum, a convention center, a movie theater, parks, trails, hotels and a slew of cafes, restaurants and bars.

And for those concerned about Wilmington’s less-than-stellar crime safety record, there is good news. The city reports being “safer now than it’s ever been.” The city is noting its lowest crime rate in recent history.

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Doylestown, PA

dolyestown, PA, one of the cities near philadelphia

Photo source: Doylestown Township / Facebook
  • Distance from downtown: 27.2 miles
  • One-bedroom average rent: $1,408 (up 25.06 percent since last year)
  • Two-bedroom average rent: $1,999 (up 9.93 percent since last year)

Gateway to the colonial-estate-and-covered-bridge tourism lands of Upper Bucks, Doylestown is the charming exurban seat of Bucks County.

The borough offers a slew of cultural and entertainment options not usually found in a town of under 9,000, about an hour commute from Center City by either train or car.

Doylestown has one of the densest gatherings of museums out of all of the cities near Philadelphia. James Michener Art Museum (named for the native son author), the Moravian Pottery and Tile Works, the Mercer Museum and Oscar Hammerstein II Farm (the final residence of its namesake) can all be found here.

Just off the center of town is the historic art deco movie house County Theater which shows blockbusters and arthouse films alike.

Elsewhere in Doylestown’s downtown along State and Main streets are quaint thrift shops, big city-worthy restaurants, bookstores, coffee shops and brewpubs.

For those seeking a more natural setting, just as appealing is the natural beauty of rural Bucks County just outside of town, packed with hiking trails, bike paths, water recreation and nature watching. Favorite spots include urban 108-acre Central Park and wooded 1,500-acre Peace Valley Park.

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Make one of these cities near Philadelphia your next home

No matter where you decide to call home, you can’t go wrong with any of the amazing cities near Philadelphia you might choose.

Whether in Bucks, Montgomery, Chester or Delaware Counties, across the river in South Jersey or down I-95 in Delaware, you’ll have tons to do all within a short commute into the city.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

The post 10 Cities Near Philadelphia To Live in 2021 appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

Swimming Pool Etiquette: Staying Safe During the Pandemic at Your Apartment Pool

Now that warm weather is upon us, we long for beautiful days outside enjoying ourselves under the sun — this definitely includes hanging out at your apartment complex’s pool so you can cool off. However, there’s still a pandemic, so your usual swimming pool etiquette will look a little different this year.

Because the pandemic is still a concern, many communities are reopening their pools with a long list of rules designed to keep renters safe and healthy. Here’s what you need to know when visiting the apartment pool this season.

apartment community recreational area

Is it safe to swim in a pool during a pandemic?

While COVID-19 can spread through airborne droplets, the U.S. Centers for Disease Control and Prevention (CDC) says there’s no evidence you can catch the virus through the water in a swimming pool. However, outdoor swimming pools rank less risky than indoor ones, which are not as well ventilated.

Because the chlorine in the pool is a disinfectant, experts say the main risk is being in close contact with other people around you. Following public health guidelines designed to keep you safe is the way to go — so here is what you need to know about the swimming pool rules for your building.

Know the swimming pool rules

Some apartment pools might post information online about swimming safely. If not, call the pool management team or building manager. Most local officials have implemented rules for public pools based on CDC guidelines. You might want to ask:

  • Is pool management restricting the number of residents using the facility or staggering arrival times?
  • Is there a reservation system in place so you can book swim time?
  • Are locker rooms and restrooms open?

Pool cleaning supplies.

Ask about the pool’s cleaning routine

Aside from the pool water itself, tested by the staff, everything else in the area needs disinfecting too. Find out how often equipment such as lounge chairs, outdoor tables and chairs undergo cleaning. You might want to bring sanitizing wipes with you to clean things yourself.

Follow instructions for entering, exiting the pool area

Your apartment building might assign separate entrances and exits to the pool so that people move in one direction and stay six feet apart — just a few inches longer than a typical pool noodle.

Time your visit to the pool to avoid crowds

Try swimming at off-peak hours so you can easily stay six feet away from people you don’t live with. Your apartment pool might have signs and markers on the property reminding residents about physical distancing.

Avoid gathering at the edge of swimming lanes, on the stairs, near the diving board or on the pool deck, unless it’s with the people in your household.

Pool day.

Don’t invite friends to your apartment’s pool

Most buildings strongly suggest limiting visitors during the pandemic. Anyone not living in your apartment should not accompany you to the pool.

Arrive at the pool ready to swim

To avoid indoor areas as much as possible, come to the pool ready to swim: Shower and put on your swimsuit in your apartment. Skip the pool’s locker room!

Pay attention to signs about limited capacity

One safety standard required for reopening pools is the number of people in the space — so everyone can stay six feet apart. If you get to the pool and it’s crowded, come back later.

people wearing masks bumping fists

Wear a mask

Until you actually go into the pool, wear a face mask to protect yourself and others on the pool deck.

Do not wear a mask while you’re swimming — the CDC warns that a wet mask makes it harder to breathe. If your mask gets wet, it’s less effective for protection too — so pack an extra one in case yours gets a good splashing.

Bring your own pool accessories

Even if your apartment pool has goggles, snorkels, life jackets and noodles available for residents’ use, you should bring your own. These items are difficult to disinfect and most come in contact with your face — so unless you find out how often they’re cleaned between uses…avoid taking this risk!

Stick to your own lane

Pay attention to your surroundings before and after entering the pool so you can avoid people coming in and out right beside you.

Once you’re in the pool, leave plenty of room for other swimmers and don’t try to pass anyone if you’re swimming laps. This is basic pool etiquette anyway. Some pools might limit the kinds of strokes you can do to avoid excess splashing, such as the butterfly.

Forget pool games

Whether you love playing Marco Polo or pool volleyball, it’s harder to keep your distance when you’re throwing a ball around. It’s best to avoid close-contact games this season.

Keep your hands clean

Just as you would in any public space, wash your hands before and after touching things. If you’re using sanitizer, wipe off your hands with a towel first because greasy sunscreens reduce how well sanitizer works.

Don’t bring food and drinks to the pool

Because you need to take off your mask to enjoy refreshments, the CDC discourages eating and drinking at the pool unless you can distance yourself from anyone you don’t live with.

person in tube in the water

Use pool etiquette common sense and keep everyone safe

Many pools have staff on site who will ask if you are feeling healthy. Be smart and respectful of other residents and follow pool etiquette. Please stay away from your apartment’s swimming pool if you have a fever, cough or any other coronavirus symptoms that could put people at risk.

Last but not least — don’t forget to wear SPF! Kill two birds with one stone — protect yourself from COVID-19 and sun damage.

The post Swimming Pool Etiquette: Staying Safe During the Pandemic at Your Apartment Pool appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Should You Refinance Your Student Loans?

Due to financial consequences of COVID-19 — and the broader impact on our economy — now is an excellent time to consider refinancing most loans you have. This can include mortgage debt you have that may be converted to a new loan with a lower interest rate, as well as auto loans, personal loans, and more.

Refinancing student loans can also make sense if you’re willing to transition student loans you currently have into a new loan with a private lender. Make sure to take time to compare rates to see how you could save money on interest, potentially pay down student loans faster, or even both if you took the steps to refinance.

Get Started and Compare Rates Now

Still, it’s important to keep a close eye on policies and changes from the federal government that have already taken place, as well as changes that might come to fruition in the next weeks or months. Currently, all federal student loans are locked in at a 0% APR and payments are suspended during that time. This change started on March 13, 2020 and lasts for 60 days, so borrowers with federal loans can skip payments and avoid interest charges until the middle of May 2020.

It’s hard to say what will happen after that, but it’s smart to start figuring out your next steps and determining if student loan refinancing makes sense for your situation. Note that, in addition to lower interest rates than you can get with federal student loans, many private student lenders offer signup bonuses as well. With the help of a lower rate and an initial bonus, you could end up far “ahead” by refinancing in a financial sense.

Still, there are definitely some negatives to consider when it comes to refinancing your student loans, and we’ll go over those disadvantages below.

Should You Refinance Now?

Do you have student loan debt at a higher APR than you want to pay?

  • If no: You shouldn’t refinance.
  • If yes: Go to next question.

Do you have good credit or a cosigner? 

  • If no: You shouldn’t refinance.
  • If yes:  Go to next question.

Do you have federal student loans?

  • If no: You can consider refinancing
  • If yes: Go to next question

Are you willing to give up federal protections like deferment, forbearance, and income-driven repayment plans?

  • If no: You shouldn’t refinance
  • If yes: Consider refinancing your loans.

Reasons to Refinance

There are many reasons student borrowers ultimately refinance their student loans, although they can vary from person to person. Here are the main situations where it can make sense to refinance along with the benefits you can expect to receive:

  • Secure a lower monthly payment on your student loans.
    You may want to consider refinancing your student loans if your ultimate goal is reducing your monthly payment so it fits in better with your budget and your goals. A lower interest rate could help you lower your payment each month, but so could extending your repayment timeline.
  • Save money on interest over the long haul.
    If you plan to refinance your loans into a similar repayment timeline with a lower APR, you will definitely save money on interest over the life of your loan.
  • Change up your repayment timeline.
    Most private lenders let you refinance your student loans into a new loan product that lasts 5 to 20 years. If you want to expedite your loan repayment or extend your repayment timeline, private lenders offer that option.
  • Pay down debt faster.
    Also, keep in mind that reducing your interest rate or repayment timeline can help you get out of student loan debt considerably faster. If you’re someone who wants to get out of debt as soon as you can, this is one of the best reasons to refinance with a private lender.

Why You Might Not Want to Refinance Right Now

While the reasons to refinance above are good ones, there are plenty of reasons you may want to pause on your refinancing plans. Here are the most common:

  • You want to wait and see if the federal government will offer 0% APR or forbearance beyond May 2020 due to COVID-19.
    The federal government has only extended forbearance through the middle of May right now, but they might lengthen the timeline of this benefit if you wait it out. Since this perk only applies to federal student loans, you would likely want to keep those loans at 0% APR for as long as the federal government allows.
  • You may want to take advantage of income-driven repayment plans.
    Income-driven repayment plans like Pay As You Earn (PAYE) and Income-Based Repayment let you pay a percentage of your discretionary income each month then have your loans forgiven after 20 to 25 years. These plans only apply to federal student loans, so you shouldn’t refinance with a private lender if you are hoping to sign up.
  • You’re worried you won’t be able to keep up with your student loan payments due to your job or economic conditions.
    Federal student loans come with deferment and forbearance that can buy you time if you’re struggling to make the payments on your student loans. With that in mind, you may not want to give up these protections if you’re unsure about your future and how your finances might be.
  • Your credit score is low and you don’t have a cosigner.
    Finally, you should probably stick with federal student loans if your credit score is poor and you don’t have a cosigner. Federal student loans come with fairly low rates and most don’t require a credit check, so they’re a great deal if your credit is imperfect.

Important Things to Note

Before you move forward with student loan refinancing, there are some details you should know and understand. Here are our top tips and some important factors to keep in mind.

Compare Rates and Loan Terms

Because student loan refinancing is such a competitive industry, shopping around for loans based on their rates and terms can help you find out which lenders are offering the most lucrative refinancing options for someone with your credit profile and income.

We suggest using Credible to shop for student loan refinancing since this loan platform lets you compare offers from multiple lenders in one place. You can even get prequalified for student loan refinancing and “check your rate” without a hard inquiry on your credit score.

Check for Signup Bonuses

Some student loan refinancing companies let you score a bonus of $100 to $750 just for clicking through a specific link to start the process. This money is free money if you’re able to take advantage, and you can still qualify for low rates and fair loan terms that can help you get ahead.

We definitely suggest checking with lenders that offer bonuses provided you can also score the most competitive rates and terms.

Consider Your Personal Eligibility

Also keep your personal eligibility in mind, including factors beyond your credit score. Most applicants who are turned down for student loan refinancing are turned away based on their debt-to-income ratio and not their credit score. Generally speaking, this means they owe too much money on all their debts when you compare their liabilities to their income.

Credible also notes that adding a creditworthy cosigner can improve your chances of prequalifying for a loan. They also state that “many lenders offer cosigner release once borrowers have made a minimum number of on-time payments and can demonstrate they are ready to assume full responsibility for repayment of the loan on their own.”

It’s Not “All or Nothing”

Also, remember that you don’t have to refinance all of your student loans. You can just refinance the loans at the highest interest rates, or any particular loans you believe could benefit from a different repayment term.

4 Steps to Refinance Your Student Loans

Once you’re ready to pull the trigger, there are four simple steps involved in refinancing your student loans.

Step 1: Gather all your loan information.

Before you start the refinancing process, it helps to have all your loan information, including your student loan pay stubs, in one place. This can help you determine the total amount you want to refinance as well as the interest rates and payments you currently have on your loans.

Step 2: Compare lenders and the rates they offer.

From there, take the time to compare lenders in terms of the rates they can offer. You can use this tool to get the process started.

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Step 3: Choose the best loan offer you can qualify for.

Once you’ve filled out basic information, you can choose among multiple loan offers. Make sure to check for signup bonus offers as well as interest rates, loan repayment terms, and interest rates you can qualify for.

Step 4: Complete your loan application.

Once you decide on a lender that offers the best rates and terms, you can move forward with your full student loan refinancing application. Your student loan company will ask for more personal information and details on your existing student loans, which they will combine into your new loan with a new repayment term and monthly payment.

The Bottom Line

Whether it makes sense to refinance your student loans is a huge question that only you can answer after careful thought and consideration. Make sure you weigh all the pros and cons, including what you may be giving up if you’re refinancing federal loans with a private lender.

Refinancing your student loans can make sense if you have a plan to pay them off, but this strategy works best if you create a debt repayment plan you can stick with for the long-term.

The post Should You Refinance Your Student Loans? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

The No-Cash Envelope System That Works

The post The No-Cash Envelope System That Works appeared first on Penny Pinchin' Mom.

I am a strong believer in the cash envelope system. It works great for our family. But I also know that is not the case for everyone.  You may not want to use cash but love the envelope system concept.  Fortunately, there is a program you can use that marries your desire to use plastic with the discipline of a cash envelope budget.

When it comes to managing your money, spending and trying to get out of debt, there are many programs and apps out there. But, not all of them can do everything.  That means one app for your budget, another for trying to get out of debt and then yet another for managing your spending.

ProActive does it all.  You can manage your money, spending, budgeting, and debt payoff – all from one simple to manage app! But, before you jump in and download it, make sure you read this honest review.  That way, you’ll know what to expect!

What is ProActive?

ProActive combines the beauty of shopping with plastic and the discipline of cash envelopes.  The system ensures that you never overspend – ever!  Just like with cash, when the envelope is empty, you are done shopping!

 

What is the cash envelope budget?

A cash envelope budget is what it sounds like. Rather than using plastic to shop you get cash and place the budgeted amounts into envelopes.  For example, if your budget for food is $200 a paycheck, then you get cash and place $200 in an envelope earmarked for groceries.

When you grocery shop, you use only the cash in the envelope. That is all you have available to spend. It is impossible to overspend.  If there is only $20 left then that means you can’t spend $22.  There is not enough money there.

It is a system that works very well for people who want to better manage and control spending.

 

How does it work?

Once you sign up and create your account, you will get a ProActive branded debit card.  When you are ready to spend, you use the ProActive card.  But, before you can swipe, you have to let the app know which envelope the money needs to come from.  That way, you always stay on budget and don’t spend more than you should.

 

Add funds to your account

When you get paid, review your budget.  Pay the bills that are due.  What you have left over is what you have left to spend on everything else on your budget.  It will include items such as clothing, household items, personal care and beauty, groceries, entertainment, dues, etc.

You will go into the app and click the “+” icon.  That starts the transfer from your bank account to your ProActive debit card.

 

Allocate the money to your virtual envelopes

Once the funds are deposited, you have to assign an amount to each category (a.k.a. envelope).  Review the budget to see what you have available to spend.

 

Shop as usual (but pay with the ProActive card)

You can’t swipe your card until you have told the card which category (or envelope) the money should come from.  Simply open the app and click the spend category.  Then you can swipe.

If there is not enough money left in the category to cover your purchase, it will be declined.  That makes it impossible to overspend.

 

The smart way to use ProActive

As parents, we teach our kids.  They need to know how to take care of themselves, cook, clean and do other things around the house.  But, it seems that financial responsibility is one that gets overlooked.

One thing that ProActive allows is for you to add your kids and teach them how to manage their own money.  You can put funds on their account and they too can set up categories.  And, just like mom and dad, they have to select the category before they spend so they are not spending more than they should either.

ProActive not only teaches your kids how to use a debit card, but also the financial responsibilities that go along with it.  And, it is in an environment that both mom and dad can see (and control).

 

Who is ProActive a fit for?

Just like with every other app or budget system there is never a one-size-fits-all system. That means this may not work for you.  If you love your credit card for the rewards then this will not work for you.  You can’t attach a credit card and use this program.

But, if you struggle to try to manage your money and spending then you really need to get this app. It makes it impossible to overspend and helps you learn how to think about every purchase you make.  You may not need to use it forever as you will become disciplined.

 

What does it cost?

When you sign up, ProActive will give you a 15-day trial.  They want to make sure it is a fit for you before they make you pay.  Then, if you love it, you continue at $5.75 a month (paid annually, so $69).  You can add a second user for $29 a year and even add your kids for just $24 each.

 

What happens if I forget my phone?

It happens.  We leave our phones behind. In that case, it is important that you always have an alternative payment method handy, such as your bank debit card, credit card or cash.

If your goal is to get out of debt, you have to first start with your budget and spending. If you don’t do that, you will never achieve your goals.  ProActive is one tool that helps you every step of the way.

The post The No-Cash Envelope System That Works appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

The ABCs of Financial Empowerment

A quick Google search of ‘financial literacy’ will yield thousands of results, listing an infinite amount of do’s and don’ts that should (and shouldn’t) be followed to guide you along on your financial journey.

However, when you think of financial empowerment – what comes to mind? As defined by Merriam-Webster, empowerment is “the act or action of empowering someone or something: the granting of the power, right, or authority to perform various acts or duties.” No matter what your current sentiments are related to your finances, we will explore three key areas to not only embrace; but to help you prepare for a strong financial future.

Awareness

Now more than ever, we all have a laser-sharp focus on our money and where it’s being spent. The pandemic has generated a hypersensitivity to how we treat our finances while also determining what essential expenses look like and where they fit into our budget.

Before life as we knew it to be shifted, many of us don’t have to look too far back to remember a time where we didn’t check our accounts as often, our savings plan would fluctuate month-over-month or our emergency fund was used to bail us out of some impulsive spending.

To make sure those days are forever of the past, make it a habit to take inventory and audit all of your accounts. Take at least 15 – 30 minutes to review over any transactions and deposits across all active accounts. Not only does this help improve your self-accountability, but you are also able to make any disputes if anything appears incorrect and resolve quickly.

Another small but impactful tip is to acknowledge your financial health. What top three areas will be your main point of focus? If this is something you don’t know offhand, review your transactions from the last three months and categorize them. How much of your money went to impulsive buys or things that could have been purchased at a later date? Are you seeing an influx in overhead expenses or credit card payments? Are there any spending patterns you can explicitly see? Allow this exercise to serve as an eye-opening experience.

In order to determine where you want to be, you must first truthfully acknowledge where you are. This sets the blueprint and overall expectations with your personal finance journey. Knowing where you are may not feel pleasant but avoidance will lead to bigger consequences.

Betterment

Even though we don’t like to admit it, there’s always room for improvement and our finances are no exception. The first thing that guarantees mastery is actually following the budget that’s created. This serves as a guardrail – it’s used to keep us on track so we can greet our financial destination with open and inviting arms.

Once that’s in motion, explore ways to enhance your financial experience. Begin by automating recurring expenses, such as cellphone service or utility bills. That’s why it’s so important to be as honest and accurate as possible when setting a budget. Nothing should come to you as a surprise outside of any emergencies. When you trust yourself and the financial work you’ve put in, your finances have no choice but to follow suit.

If you haven’t already (or need to get back on track), work to beef up your emergency fund and savings account. Emergency expenses have a tendency to appear out of nowhere, so you want to dedicate a set dollar amount or a percentage every pay period. Setting up an automatic transfer to these accounts establish a routine while putting your mind at ease in the process.

Is there a hobby or skill you’d like to put to use and monetize? No matter how grandiose or small, this can definitely expedite achieving your financial goals. The money earned from a passion project can go toward savings, paying off debt or simply getting back to a place of comfort financially. Vacation funds or prepping for large purchases such as a car or home can also fall within this category. If you want to seek the assistance of a professional, search for financial advisors or coaches that could help you with reaching your goals. Preparation is key and your future depends on it!

Confidence

The foundation has been laid and you’ve been committed to crushing your financial goals. The budget and savings goals are in motion; so what’s next? It’s time to celebrate! Walk into your financial future with your best foot forward. When times seem bleak, remind yourself of your goals early and often.

Reinforcement such as daily reminders on your phone, having goals posted somewhere in your home you can see daily or reciting positive financial affirmations will serve as a second wind when you want to throw in the towel. Be sure to celebrate wins along the way such as debt payoff, reduction or hitting a new savings goal. Never been able to invest before and now you have the additional income to get in the game? Celebrate that!

The best way to generate excitement is to rally your family and get them involved. Create family challenges to get your children excited about saving funds and reallocating money. Come up with creative ways you all can commemorate knocking out a goal by ordering from your favorite restaurant or saving for a family staycation.

In order to walk in confidence, you have to build up the courage to begin no matter where you are or how many times you’ve had to start over. Each step counts – each successful budget, savings goal and consistent reduction of overall expenses. Be sure to keep in mind, financial freedom looks different for everyone and has the ability to pivot over time. While some may want to vacation throughout the year, save for their children’s college fund or wipe debt out completely, all are significant and take sacrifice. What is the key to achieving such a pinnacle level of confidence? Time.

 

Be kind to yourself and understand mistakes should never be equated to failures. Your commitment to this financial journey will always be rewarded.

The post The ABCs of Financial Empowerment appeared first on MintLife Blog.

Source: mint.intuit.com

Simple Trusts vs. Complex Trusts

Young couple consults with a financial advisor about trusts

A trust can be a useful estate planning tool, in addition to a will. You can use a trust to remove assets from probate, potentially minimize estate and gift taxes and ensure that assets are managed on behalf of beneficiaries according to your wishes. There are different types of trusts you can establish and some are more specialized than others. Knowing how these broad categories of trusts compare can help with choosing the right option. When it comes to estate planning, including whether to create a trust, a financial advisor can help you make the most informed decision possible.

What Is a Trust?

Infant holding hand of father

A trust is a type of legal entity that can be created in accordance with your state laws to manage your assets. The person who creates a trust is called a grantor and they have the right to transfer assets into the trust. They can also choose one or more trustees to oversee the trust and manage the assets within it.

The trustee’s job is to manage assets according to the grantor’s specifications on behalf of one or more trust beneficiaries. For example, you might set up a trust to hold assets that you want to be distributed among your three children when you pass away. Or you might choose your favorite charitable organization to be a beneficiary of your trust.

There are many different kinds of trusts and they can be categorized in different ways. For instance, a revocable trust can be changed during the grantor’s lifetime. If you have this type of trust and you want to add assets to it or change the beneficiaries, you can do so while you’re still living. An irrevocable trust, on the other hand, involves a permanent transfer of assets.

Trusts can also be categorized as grantor or non-grantor. In a grantor trust, the trust creator retains certain powers over the trust, including rights to the trust’s assets and income. Trust assets may be included in the trust creator’s estate when they pass away. With a non-grantor trust the trust creator has no interest or control over trust assets. Trust assets are generally excluded from the trust creator’s estate at their death.

Benefits of Trusts in Estate Planning

Trusts can be used inside an estate plan to perform a number of functions. For example, you might create a trust to:

  • Pass on specific assets to your chosen beneficiaries
  • Ensure that certain assets aren’t subject to the probate process
  • Manage estate and gift tax liability
  • Protect assets from creditors
  • Ensure that a special needs beneficiary is cared for when you’re gone
  • Receive the proceeds of a life insurance policy when you pass away

Some of these scenarios may call for a simple trust, while others may require a more specialized trust. One thing that’s important to keep in mind is how each one is treated for tax purposes when creating a simple vs. complex trust.

Simple Trust, Explained

A simple trust is a type of non-grantor trust. To be classified as a simple trust, it must meet certain criteria set by the IRS. Specifically, a simple trust:

  • Must distribute income earned on trust assets to beneficiaries annually
  • Make no principal distributions
  • Make no distributions to charity

With this type of trust, the trust income is considered taxable to the beneficiaries. That’s true even if they don’t withdraw income from the trust. The trust reports income to the IRS annually and it’s allowed to take a deduction for any amounts distributed to beneficiaries. The trust itself is required to pay capital gains tax on earnings.

Complex Trust, Explained

A complex trust also has certain criteria it must meet. In order for a trust to be complex, it must do one of the following each year:

  • Refrain from distributing all of its income to trust beneficiaries
  • Distribute some or all of the principal assets in the trust to beneficiaries
  • Make distributions to charitable organizations

Any trust that doesn’t meet the guidelines to qualify as a simple trust is considered to be a complex trust. Complex trusts can take deductions when computing taxable income for the year. This deduction is equal to the amount of any income the trust is required to distribute for the year.

There are also some other rules to keep in mind with complex trusts. First, no principal can be distributed unless all income has been distributed for the year first. Ordinary income takes first place in the distribution line ahead of dividends and dividends have to be distributed ahead of capital gains. Once those conditions are met, then the principal can be distributed. And all distributions have to be equitable for all trust beneficiaries who are receiving them.

Simple vs. Complex Trust: Which Is Better?

When it comes to simple and complex trusts, one isn’t necessarily better than the other. The type of trust that ultimately works best for you can hinge on what you need the trust to do for you.

A simple trust offers the advantage of being fairly straightforward when it comes to how assets and income can be distributed and how those distributions are taxed. A complex trust, on the other hand, could offer more flexibility in terms of estate planning if you have a sizable estate or numerous beneficiaries.

When comparing trust options, consider whether you want to retain control or an interest in the assets that are transferred to it. If you choose a simple or complex trust, you’re choosing a non-grantor trust which means you’ll no longer have an interest in the trust assets. Talking to an estate planning attorney or trust professional can help you decide which type of trust may work best for your financial situation.

The Bottom Line

Helping hand concept picture

The main difference between a simple vs. complex trust lies in how income and assets are distributed and how those distributions are taxed. Whether it makes sense to establish a simple vs. complex trust can depend on the size of your estate, the nature of the assets you want to include and your wishes for managing those assets. It’s important to understand the tax rules before creating either type of trust as well as how a trust fits into your larger estate plan.

Tips for Estate Planning

  • Consider talking to a financial advisor about whether it makes sense to use a trust to plan ahead for the distribution of assets or to manage estate and gift taxes. If you don’t have a financial advisor yet, finding one doesn’t have to be complicated. SmartAsset’s financial advisor matching tool can help you connect with a financial advisor in your local area. It takes just a few minutes to get your personalized recommendations online. If you’re ready, get started now.
  • While trusts can offer numerous benefits, creating one doesn’t necessarily mean you don’t also need a last will and testament. You can use a will to distribute assets that you don’t want to include in a trust. Or you could create a pour-over will to transfer assets into a trust.

Photo credit: ©iStock.com/skynesher, ©iStock.com/Lisa5201, ©iStock.com/scyther5

 

The post Simple Trusts vs. Complex Trusts appeared first on SmartAsset Blog.

Source: smartasset.com