Category: Convenience

7 Financial Lessons You Can Learn from Baseball

by Advantage One, posted in Budgeting, Convenience, Credit, Debit, Lifestyle, Saving, Tips & Best Practices, Uncategorized

Batter up – it’s baseball season! Time to polish that mitt and get the old pitcher’s arm warmed up for some heated games. But there’s so much more you can learn from baseball than the tricks to throwing that perfect curve ball or hitting a grand slam. America’s national pastime can actually teach you valuable lessons in money management as well. Let’s take a look at seven financial lessons you can learn from baseball.

  1. Three strikes, and you’re out

We all drop the ball sometimes, but you only have two chances to make mistakes before the consequences become dire. For example, missing one or two credit card payments isn’t the end of the world. You’ll need to pay a late fee and your score will probably dip. However, missing three months of payments can have a far more significant impact on your financial health. First, creditors will likely hand over your debt to a debt collection agency. Your score will likely plummet. Lastly, many creditors will terminate your account after three or more months of missed payments. 

Don’t miss those credit card payments. Three strikes, and you’re out!

  1. Singles and doubles can help win the game

Everyone would love to play or watch a game where your team only hits homers, but that never happens. Don’t throw in the towel when you only hit a single or a double – those can help win the game, too. 

When it comes to money, every dollar saved and earned adds up. Don’t fall into the mistake of thinking it only pays to save big bucks. Every little bit can help you build your nest egg and reach your financial goals. Earning money works the same way, with side hustles that bring in extra pocket money making a real difference to your monthly budget. 

Aim for the home runs, but remember that singles and doubles can help win the game. 

  1. It’s a long season

It’s easy to get disheartened after a long game, but nearly every team will have to pick themselves up and get back in the game after a loss. The best way to keep your spirits up after losing a game is to remember that it’s a long season and your team can turn things around to win other games – and maybe even take the championship. 

The same holds true for your finances. You likely won’t experience ongoing financial success without having a setback or two. Your investments may plummet, you can lose a job or face a surprising expense. Don’t let these difficulties take you out of the game! 

Remember: it’s a long season and you can always rally from a loss or losing streak. 

  1. Strike out swinging

In baseball, you can strike out by sitting out a good pitch that hits the strike zone, or by trying to hit a ball and missing. In fact, Ty Cobb, who holds the highest career batting average of all MLB players in history, had a .366 batting average. This means he got a hit in just 3.5 of every 10 at-bats. This tells us that even the best baseball players miss about twice as many opportunities as those they don’t. 

Finances work in a similar way. You may miss more at-bats than you hit, but you’ll only see true success if you swing at that ball. Look for investment opportunities, avenues for career growth and other ways to improve your financial circumstances. 

Keep trying, and you may just turn out to be the best player on the field. 

  1. Know your stats

As Billy Chapel (played by Kevin Costner) says in the movie, “we count everything” in baseball. Among those many things, players carefully track their performance metrics, like their batting average, on-base percentage and earned run average. This allows them to gauge their effectiveness on the field and find their weak spots. They can then identify the areas needing improvement and focus their training on improving their game in a targeted manner. 

Similarly, ignorance is never bliss when it comes to your finances. Make sure you are fully aware of your financial stats, such as your net worth, credit score and debt-to-income ratio. This will enable you to keep on top of your financial health, find your weak spots and work on improving them before they spiral out of control. 

Know your financial stats so you can play your best game. 

  1. Practice discipline

Baseball players spend an inordinate amount of time honing their skills and perfecting their craft. This enables them to perform at their best when it matters most. All of that training really pays off when they make the hit that wins their team the game. 

Successful money management requires similar degrees of discipline and commitment. Stick to a budget, try to avoid unnecessary expenses and prioritize saving and investing for your future. By staying disciplined and focused on your financial objectives, you can build a solid foundation for long-term financial success.

Discipline wins the game!

  1. Adapt to change

Baseball teams must adapt to changing game situations, opponent strategies and player injuries to stay competitive throughout the season. 

With your finances, too, you must be prepared to adapt to changes in your financial circumstances, such as job loss, market fluctuations or unexpected expenses. Build flexibility into your financial plan, and learn to roll with the punches. Keep a robust emergency fund to get you through any major changes as well. 

Learn to adapt for ongoing wins. 

Baseball is so much more than just a fabulous springtime sport. Use this guide for important financial lessons you can learn from baseball. 

TikTok Inspo: What does baseball teach you about your finances? Share your favorite financial lessons to learn from baseball in a short video. 

What Kind of Home Improvement Projects Will Add Value to My Home?

by lweavermyaocucom, posted in Budgeting, Convenience, Credit, Lifestyle, Loans, Saving, Tips & Best Practices, Uncategorized

Q: I’m doing some work on my house this spring, and I’m wondering how I can increase my home’s value along the way. What kind of home improvement projects can add value to my home?

A: Renovating your home with an eye toward its future value can help you recoup the costs of the project – and then some. Here are six home improvement projects that can increase the value of your home.

  1. Kitchen remodel

The area of the house that will give you the largest return on investment is definitely the kitchen. It’s often where realtors and interested buyers spend the most time when checking out a new home. It’s also the common gathering area for many households, so a modern and pleasing area is appealing to many would-be buyers.

The most recent Cost vs. Value Report shows that a minor kitchen remodel involving cosmetic changes like new floors, cabinet fronts and appliances, can bring a return on investment (ROI) of 85.7%. To illustrate this, a kitchen remodel of $26,790 can add $22,963 to a home sale.

If you do go with a kitchen remodel, be sure to keep costs down. A major remodel, such as replacing cabinets, adding custom lighting and expensive appliances,  will likely not return as much as a more modest renovation.

  1. Bathroom remake

Next up, the bathroom. Potential buyers tend to pay these areas of the home extra attention when scouting out a house. Updated walls, floors and fixtures in the bathrooms can really make your home more marketable. Plus, you can charge more for your home when the bathrooms have been remodeled. According to the RenoFi Renovation Index, a mid-range bathroom remodel has an ROI of 64%, while an upscale remodel can net you a 56% return. 

  1. Upgrade your insulation

Improving your home’s insulation generally pays for itself when you sell your home, according to the Remodeling Impact Report. However, in addition to breaking even on the cost of the project, your home will feel warmer each winter while lowering your energy bills until it’s time to sell.

  1. Basement conversion

Converting a basement into a liveable area can be another fabulous way to increase the value of your home.  According to the National Association of Realtors, a basement conversion can cost an average of $57,500 and bump your home up by $49,250 for an ROI of 86%. 

  1. Replace your siding

New siding will boost your home’s curb appeal and will usually pay for itself. It can also help protect against leaks, mold, rot and pests, while improving your home’s insulation, too. The exact ROI will vary, depending on the material you choose: new vinyl siding can give you a 67.2% to 82% ROI, fiber-cement siding can get you 68.3% to 86% ROI and manufactured stone veneer can land you with 91.4% ROI.

  1. Replace your roof

With a roof replacement being one of the most expensive jobs a homeowner can face, a new roof can significantly boost your home’s resale value. According to the 2022 Remodeling Impact Report, a new roof at $12,000 will easily pay for itself. However, a larger, metal roof, at $52,436, will only boost a home’s value by $28,196, netting you a 54.8% ROI.

What determines if a renovation will add value to your home?

In addition to the type of remodeling job, several other factors can determine if home improvements will increase the value of your home, including: 

  • The current real estate market
  • Your home’s location and neighborhood
  • Trending styles in home décor
  • The quality of the work
  • Materials used in the remodel
  • Buyer preferences

Are there any home renovations that can decrease the value of my home?

Surprisingly, yes, there are some remodeling projects that can lower the value of your home. This includes renovations that are highly personalized that may not suit a prospective buyer’s taste. Another remodel that falls into this category is the destruction of a popular feature for one that may not be as desirable an option, such as converting a guest suite into a home studio. Finally, remodels that require ongoing maintenance, such as built-in electronics, may be a minus on a buyer’s list.

When doing renovations, it’s also a good idea to ensure that your home improvements fit in with the general character of your home and of the neighborhood. You don’t want the futuristic kitchen to stand out in a home that’s still decked out in the elaborate décor of the ‘90s, or for your stucco-sided home to be the odd one out on a block of vinyl-covered homes.

While it’s fine to indulge your taste and preferences if you plan to stay in your home for many more years, if you anticipate selling in the near future, it’s best not to undertake a remodel that can lower your home’s value on the market.

Are you looking to fund a home improvement project through a HELOC? Call, click or stop by Advantage One Credit Union today to get started. Our favorable rates, generous eligibility requirements, and easy terms, make a Advantage One Credit Union HELOC a great choice. 

TikTok Inspo: Have you improved your home’s value through a home improvement project? Show it off in a short video.

5 Ways Entrepreneurs Can Leverage AI to Grow Their Business

Featured by Advantage One, posted in Career, Convenience, Tips & Best Practices, Uncategorized

In the dynamic landscape of modern entrepreneurship, staying ahead of the curve is crucial for ongoing success. With the rapid advancements in technology, entrepreneurs are finding new and innovative ways to propel their businesses forward. Particularly, the explosion of artificial intelligence (AI) in recent years offers business owners a revolutionary way to streamline their operations so they can focus on growing their business.  

Let’s take a look at five ways entrepreneurs can leverage AI to grow their business. 

  1. Data analysis and insights

In today’s digital age, vast amounts of data are generated every second. Entrepreneurs can use this data to understand and track consumer behavior, market trends and business performance. AI-powered analytics tools can sift through this data rapidly, uncovering patterns and correlations that would be impossible for humans to discern alone. By harnessing these insights, entrepreneurs can make data-driven decisions to optimize operations and drive growth.

  1. Customer service and engagement

Chatbots, powered by AI algorithms, are becoming increasingly sophisticated in their ability to interact with customers in real time. These virtual assistants can handle inquiries, provide personalized recommendations and even complete transactions autonomously. For entrepreneurs, this means delivering round-the-clock support to customers while reducing overhead costs associated with traditional customer service channels. This can help foster loyalty and retention while ultimately driving business growth.

  1. Product development and innovation

Machine learning algorithms can analyze vast datasets to identify market gaps, predict future trends and generate new product ideas. By leveraging AI in product development, entrepreneurs can stay ahead of the competition and capture new market opportunities.

  1. Marketing strategies

Traditional marketing methods tend to rely on trial and error, which often leads to a waste of resources and too many lost opportunities. But AI is changing all that. AI-powered marketing platforms can analyze massive amounts of data to identify the most effective channels, message content and timing for reaching and resonating with target audiences.

  1. Automate administrative tasks

Finally, and perhaps most importantly, AI allows business owners to automate the repetitive, administrative tasks that eat up so much of their workday. By automating these tasks, entrepreneurs can improve their efficiency, reduce errors and scale their operations for maximum reach. This also frees them up to pursue new avenues of growth for their businesses.

AI is changing our world, and the business landscape is no exception. Use the tips outlined here to learn how you, too, can leverage AI to grow your business. 

TikTok Inspo: What did you think of this snapshot of AI? Share your opinion in the comments. 

Best Times to Buy-Mattresses

by Advantage One, posted in Budgeting, Convenience, Lifestyle, Saving, Tips & Best Practices, Uncategorized

Are you feeling exhausted after another night spent tossing and turning while searching for that perfect spot on your mattress? Back aching from sleeping on a mattress that has long since passed its prime? If this sounds familiar, you may be in the market for a new mattress. But who wants to blow big bucks on a purchase when they don’t have to?

We’ve got the goods for you on mattress-shopping. Here are the best times of year to buy a mattress, as well as general mattress-buying tips to ensure you truly get the biggest bang for your buck. 

Late winter to early spring

New mattress models will hit the warehouses in March or April, so shopping for your new mattress just ahead of these rollouts will help you score a great deal on the older models or floor samples, straight from the showroom. A floor model can save you as much as 50% off the price. To find that elusive, hot deal on an older model mattress, you can ask a store manager when they plan to turn over their showroom to newer models.

Three-day holiday weekends

If you missed the late-winter-to-early-spring mattress season, don’t lose any sleep over it! There are three more times a year when you can snag an awesome deal on a mattress: the weekends of Presidents’ Day, Memorial Day and Labor Day. These three holiday weekends tend to feature major price drops on all kinds of big purchases, and mattresses are no exception. Check retail sites at the beginning of the month for the start of these sale events, as most will run for several weeks. Don’t forget to layer manufacturer coupons with in-store sales for maximum savings. 

Major holidays

Finally, if you’re in desperate need of a new mattress, and the calendar is too far away from any of these sale dates, you can also pick up a great deal on nearly any other major holiday, including Independence Day, New Year’s Day and Black Friday. Discounts generally won’t be as steep as they are during the aforementioned three-day holiday weekends, but you can still find the mattress of (and for) your dreams at a discounted price.

Mattress-buying tips

Whenever you decide to pick up your new mattress, you’ll want to ensure you’re buying the one that best suits your preferences and needs. Follow these tips to get yourself a mattress you won’t regret buying. . 

First, decide if you’d like to buy your mattress in-store or online. There are pros and cons to each choice. Buying a mattress in-store will give you the opportunity to try it out before making your purchase. Most retailers will allow you to do this so you can test the firmness level of the mattress. Buying in-store may also enable you to get your mattress delivered faster, often on the same day you buy it, or on the next day. However, you may have a shorter return policy and/or warranty. 

On the flip side, online purchases offer convenience, lengthy sleep trials of up to 90 days and warranties of 10 years or longer. Be sure to check independent reviews, though, to be sure the mattress you’re buying fits your needs.

Next, look for a retailer that will guarantee its price. Some sellers will refund you the difference if the mattress you bought goes on sale within a specified period of time after your purchase. 

Once you’ve found your mattress, it’s time to negotiate. Yes, you can haggle on the price of your mattress. If the price is still too high, try to get the manager or clerk to bring it down. You may be pleasantly surprised by how much they’re willing to budge.

Finally, pay attention to the price, not just the percentage off. Make sure you check out the manufacturer’s price to be sure you’re getting a good deal. For example, 40% off an exorbitantly expensive mattress might not be that big of a bargain after all. 

It’s time for a new mattress, and we’ve got the goods to help you rest easy without draining your wallet! Follow these tips for the best times to buy a mattress and tips on getting the perfect deal.  

Practical Budgeting Made Easy

by Advantage One, posted in Announcements, Budgeting, Convenience, Lifestyle, Saving, Tips & Best Practices

If you’d love to live with a budget, but you don’t have the time or energy to learn how to create and manage a complicated spending plan, we can help! Similarly, if you’ve budgeted in the past but have fallen out of the habit and would love to jump back into life with a budget again, you may find this super-helpful.

With the right tools and information, building a budget can be quick and easy. Here’s how to create a simple and practical budget for the time-strapped consumer. 

Review your income and expenses

Most budgeting plans recommend tracking income and expenses for three months. If you’re pressed for time, though, you can choose to look at one month and review your spending and income throughout this time. There’s no need to spend days working through this step, either. Simply review your checking account details and credit card statements to see where your money went and the amount of income that came in. 

If you’ve budgeted in the past and you’re trying to get back into the game, you can pull up your old numbers and just adjust them to reflect your current financial reality. 

Compare income and expenses

Hold up your two numbers from the previous step and see how they compare. If your income outweighs your expenses, you’re doing great! If it falls short, you’ll need to trim your expenses in the next step or look for ways to boost your income. Even if the numbers balance each other out, it’s a good idea to trim expenses anyway to leave some wiggle room in your budget and/or allow for extra savings.

Assign a dollar amount to every expense category

Next, review the ways you spend your money and assign a dollar amount to each category. Include fixed and fluctuating expenses as well as monthly savings.

Experts generally recommend setting a specific number for each expense, but if you’re pressed for time and you want to keep things simple, you can make your categories more broad. For example, instead of setting a separate category for groceries, work lunches and dining out, you can set a larger number for all monthly food expenses. This way, you’ll have fewer categories and an easier time tracking expenses. You will need to be more careful when spending money in each category throughout the month, but you’ll likely learn how to do this easily after a month or two of practice. 

If your income does not cover your expenses or just barely covers them, look for ways to trim the fat in any way possible as you work through this step. 

Jot down your dollar allocation on paper or create a digital version of your budget and upload it to your personal devices for easy access.

Use technology

Harness the power of technology to help you track and manage your expenses effectively. A budgeting app, like YNAB, can make tracking your monthly spending super-easy. You can upload your budget to the app and track expenses throughout the month. The app will let you know how much you’ve spent in each category and warn you when you’re getting close to the limit. 

[You can also use [credit_union’s] mobile app to track your spending. Your account activity is easily visible and accessible from anywhere.]

Live with your budget

You’re ready to live with a budget! Remember to keep your monthly expense categories in mind as you make purchases throughout the month and to track your spending. 

If you find it too hard to keep track of your spending throughout the month, you can choose to use the money envelope system to make it easier. Simply withdraw cash amounts for each non-discretionary expense category in your budget at the start of the month, and only use the money in these envelopes to pay for these costs throughout the month. This way, there’s no need to remember how much you’ve spent in each category or to agonize over how much you have left to spend. When the envelope starts getting thin, you know you’re getting low on funds. And when the envelope is empty, it’s over for that category until the new month starts. 

Review and adjust

Your budget is up and running! Review your spending plan regularly to see if it’s still working for you and your current financial circumstances. You’ll likely need to make adjustments as time goes on, but these should be quick to implement into a well-formulated budget.

Budgeting does not have to take a lot of your time or be overly complicated. Use this guide to learn how to create a practical, easy budget that works. 

TikTok Inspo: How should you NOT budget? Play the part of the time-pressed consumer trying to create a workable budget.

8 Financially Responsible Ways to Use Your Tax Refund

by Advantage One, posted in Announcements, Budgeting, Convenience, Credit, Lifestyle, Saving, Tips & Best Practices, Uncategorized

It’s tax refund season! How are you going to be spending the pile of cash from Uncle Sam? 

Of course, you can use some of your tax refund to indulge responsibly. If you’ve been wanting to buy yourself a new something special for a while or to spend on an experience you generally cannot afford, by all means, you can allow yourself to use some of your tax refund for your chosen treat. Indulging occasionally and mindfully can prevent feelings of deprivation and can actually help you manage your money better 

However, before you go out and blow your entire refund on a sinfully expensive weekend, take a step back and try to determine the most financially responsible approach you can take with this money. Instead of spending all the funds on short-term indulgences, consider using some of them to improve your overall financial wellness. To help you get started, we’ve compiled this list of eight financially responsible ways to use your tax refund this year. 

  1. Build or boost your emergency fund

Having a well-endowed emergency fund is a crucial component to your financial health and stability. If you don’t have a fund with three to six months’ worth of living expenses set aside to cover unexpected events, work on setting one up now. Use some of your tax refund to start building your emergency fund or boost an existing one. 

  1. Pay down high-interest debt

High-interest debt can kill the best of budgets. If you’re carrying outstanding debt with high interest charges, consider using some of your tax refund to start paying it down. Decreasing your debt amount means more of your monthly payments will go toward your principal instead of interest. Additionally, knocking off a big chunk of your debt can potentially help you move to a lower interest rate.

  1. Invest in your education

If you’ve been looking for a way to advance your career and increase your earning potential, this may be your chance. Consider furthering your professional education by allocating some of  your tax refund to career workshops, conferences or additional certifications. Enhancing your qualifications and learning new skills can be the key to significant raises or a promotion at work, which will pay off for years to come. 

  1. Feed your savings

It’s always a good time to boost your savings, and tax refund season is no exception! Set aside a portion of your refund for your long-term savings to help you move closer to your financial goals. The IRS actually allows you to split your refund into three separate accounts via direct deposit to make this easier. You can have a third of your refund go directly into a savings account before you even see it arrive. 

  1. Prepay your mortgage

Making an extra mortgage payment or two can be a fabulous way to free up some money for the long term. Reducing the principal can have an exponential effect on your loan since so much of it goes toward interest over the life of the loan. 

  1. Make home improvements

Spending some, or even all, of your tax refund on improvements that increase the value of your home is an investment in your equity. In particular, kitchen facelifts and home expansions tend to offer a larger return on investment when the home is sold. 

Another kind of home improvement to consider at this time is an energy enhancement. For example, you can swap out older appliances for newer and more energy-efficient models or even choose to have solar panels installed on your roof. Energy improvements will save you money each and every month.

  1. Start or contribute to a college fund

If you have children or plan to start a family in the future, consider allocating a portion of your tax refund to a college savings fund. A 529 savings plan, which is a tax-advantaged account specifically designed for education expenses, can help alleviate the financial burden of college in the future. Contributions to a 529 plan may be deductible on your state taxes, and earnings are tax-free when used for qualified education expenses.

  1. Invest in your retirement

If eligible, consider allocating a portion of your tax refund to your employer-sponsored 401(k) or an Individual Retirement Account (IRA). These contributions not only provide potential tax advantages, but they also harness the power of compounding, thus allowing your money to grow more over time. The earlier you start investing for retirement, the more you can potentially accumulate for your golden years.

There are so many things you can do with your tax refund that can benefit your financial health. Use our list for some fabulous ideas or come up with your own financially responsible ways to use your tax refund. 

TikTok Inspo: How do YOU plan to spend your tax refund? Tell us all about it in a short video.

7 Ways to Cut Back on Amazon Spending

by Advantage One, posted in Budgeting, Convenience, Lifestyle, Saving, Tips & Best Practices

Are you constantly blowing your budget on Amazon purchases? It’s just so easy to spend money on Amazon! You can find millions of products, and with the “Buy Now” tab so tantalizingly close, it takes mere seconds to start yet another random item winging its way to your doorstep as your checking account grows just a tad lighter. Short of giving up the most popular online marketplace in the world, how can you cut back on your Amazon spending? 

The good news is, it’s easier than you think. With the right tools and information, you can learn to spend less at the giant online marketplace and get your budget back on track. Here are seven ways to cut back on Amazon spending.

  1. Use the wish list to delay purchases

Get into the habit of placing must-haves on your Amazon wish list instead of choosing the “Buy Now” option or even moving the item into your cart. This way, you’ll have more time to rethink the purchase and determine if you really want to buy it. Whether it’s another kitchen gadget you really don’t need, an accessory your wardrobe could do without or the fourteenth toy bought for your toddler this month, waiting it out helps you fight the urge of the impulse buy. It also helps you practice mindful, responsible spending.

  1. Take “Amazon” out of your budget

If you’re an avid Amazon shopper, you may have given the online market a prominent place in your budget – but you’re much better off not doing so at all. Having an expense category marked “Amazon” only makes it harder to hold back from overspending. Instead, make sure each purchase you complete on Amazon can neatly fit inside another expense category in your budget, such as clothing, food entertainment etc. Of course, as always, be sure to stick to your allotted budget amounts!

  1. Consider “Subscribe and Save” for essentials

For everyday items that you frequently purchase, Amazon’s Subscribe and Save program can be a money-saving marvel. From toilet paper to pet food, this service offers discounts and convenient deliveries on a schedule you choose. By consolidating your regular purchases, you not only save money, but also time and mental energy. Just make sure you keep this system to essentials only.

  1. Turn off 1-Click 

Amazon’s 1-Click feature may be super-convenient, but it also makes it super-easy to overspend. Remove the temptation to impulse-buy by turning off the feature. Just go to the Purchase Preferences page under Settings in your account and choose to disable 1-Click buying. You’ll now need to take a few more steps every time you make an order on Amazon, giving you more time to rethink the purchase and say no. 

  1. Consider alternatives

While Amazon still holds the prize as the most popular online marketplace in the world, Walmart Plus is quickly becoming a formidable competitor. Launched in 2021, the service has already attracted 25 million subscribers – and for good reason. 

Here’s how the two shopping experiences measure up:

FeaturesAmazon PrimeWalmart Plus
Monthly Fee$14.99$12.95
Annual Fee$139$98
Free ShippingYesYes
Streaming PrivilegesExclusive Amazon Prime streamingParamount Plus subscription
Free Trial30 days30 days
Grocery Delivery$150 minimum$35 minimum
Additional PerksFree cloud storage, release-day delivery, prescription discountsGas discounts, shopping rewards, from-home returns

Take some time to review the features in each plan to ensure you are making the right choice for your needs. You may also decide you don’t need any of these subscriptions at all. Keep in mind that the average Prime member tends to spend far more on Amazon than nonmembers, likely in an effort to justify the subscription price. 

  1. Comparison shop

Don’t assume Amazon always has the best price on every item you can possibly want to purchase. Before making a purchase, do a quick online search to see if you can find the same item at a better deal from another vendor. 

  1. Use tracking tools

Prices on Amazon are known to fluctuate. To capitalize on these fluctuations and grab the best deals, consider using price tracking tools or browser extensions. These tools alert you when the price of a product you’re interested in drops, ensuring you make purchases when they’re at their most budget-friendly.

Yes, you can cut down on your Amazon purchases! Use the tips outlined here to curb your Amazon spending and put your budget in a better place. 

How Can I Make Money Online?

by Advantage One, posted in Budgeting, Convenience, Lifestyle, Tips & Best Practices, Uncategorized

Q: My budget is extra-tight right now, so I’d love to earn some extra pocket money from home. How can I make money online?

A: In today’s tech-obsessed world, you don’t need much more than a workable device and a stable online connection to earn a quick dollar. Here are seven ways you can make money from home with legitimate opportunities found online.

  1. Freelance on a gig platform

One of the best ways to earn extra income is to freelance for hire on one of the many digital gig platforms. Sites like Fiverr, UpWork and Freelancer allow you to post your gig on their platforms, which are visited by thousands of people daily. You’ll get hired and interact with your clients through the platform, and in return, the company will keep a percentage of your earnings on each gig. 

Consider your skills carefully when selecting one for a gig platform. Select one that is in high demand, you enjoy and can do easily. You’ll also want to make sure your gig is competitively priced in the beginning, even if you won’t make much of a profit. You can always raise your rates as you establish yourself on the platform and become more reputable. 

  1. Start an ecommerce business

The internet is one giant marketplace, and you can harness it to make good side money, or even a full income. The dropshipping model entails acting as a go-between for suppliers and buyers. You’ll need to choose a product line, or several of them, to specialize in, find a supplier who will sell you these products for a wholesale price, and then put them up for sale on an ecommerce site like Amazon or eBay. You can also invest in your own website and sell things from there to keep more of the profit for yourself. 

Alternatively, you can manufacture your own line of products and sell them on sites like Etsy and Amazon. It will, of course, take more time and effort to create your products from scratch, but the payoff may make it a worthwhile investment. 

  1. Take online surveys

Yes, you can make money just by taking surveys! If you’ve got lots of time to spare and you need some extra cash, try sites like Surveyjunkie to start earning more pocket money. You’ll earn compensation for each survey you complete, with sign-up bonuses and loyalty program benefits as well. 

  1. Give an online course 

Turn the expertise you have in your field into a moneymaker by creating and selling online courses. There are multiple platforms that enable professionals to build and sell courses, including Udemy, Teachable and Coursera. You’ll need to invest some time in compiling your material and presenting it in a compelling fashion, but a comprehensive, well-delivered course can continue to turn a profit for a long time to come. 

On a similar note, you can offer private online coaching in your field for beginners who are looking to take their profession to the next level. Advertise your service on industry-related sites and use online video tools like Zoom and Skype for your coaching sessions. 

  1. Promote products through affiliate marketing

If you have a popular online platform of any kind, consider affiliate marketing, or promoting products for a company and earning a commission on each sale or lead generated through your referral. You can join affiliate programs related to your niche, promote products through your website or social media accounts and earn kickback for successful conversions.

  1. Become a virtual assistant

Many small businesses and entrepreneurs are in need of remote workers to do administrative work on a part-time basis. This includes scheduling appointments, customer support, email management, data entry and more. The work is often mindless and can be done at any time, making it an ideal choice as a side job. You can find clients on sites like Upwork and Freelancer. 

  1. Crowdfund for real estate investments

Real estate crowdfunding platforms like Fundrise and RealtyMogul allow individuals to invest in real estate projects online. This option can be a win-win for the cash-strapped wanna-be investor. You can invest in properties, earn rental income and potentially benefit from property appreciation without the need for direct property ownership.

Making money online is easier than you think. Use one of the ideas here to start earning extra pocket money today. 

TikTok Inspo: Are you an expert online hustler? Share your secrets in a short video.

Don’t Get Caught in a Debt Collection Scam

by Advantage One, posted in Budgeting, Convenience, Credit, Lifestyle, Loans, Saving, Tips & Best Practices, Uncategorized

No one likes to be in debt. It’s a downward spiral that never seems to end, and it’s an expensive burden to carry, too. Unfortunately, scammers often exploit the feelings of helplessness and overwhelm to lure victims into their debt-collection scams. Let’s take a look at these scams and how to keep yourself from falling victim. 

How the scams play out

In a debt-collection scam, a scammer posing as a debt collector will call a victim and demand payment for an outstanding debt. The caller insists on a specific means of payment, usually a wire transfer or prepaid debit card. The scammer will sometimes threaten to tell the victims’ family members about the debt if it’s not paid up immediately. The alleged debt may be completely fabricated, or an actual debt the victim has that the scammer has learned about through social engineering or by hacking the victim’s private accounts. In either scenario, though, the caller is not a debt collector and represents only themselves. Of course, any money the scammer collects will go directly into their own pocket. 

Red flags

Here’s how to recognize a debt-collection scam:

  • The alleged debt collector demands immediate payment. A legitimate debt collector will always provide you with the option to dispute the debt and discuss payment arrangements. 
  • The caller insists on a specific means of payment. Scammers love having their victims cough up money through a payment method that cannot be undone, such as wire transfer or prepaid cards. 
  • The “debt collector” knows very few details about the debt. A genuine debt collector will have all the information on the debt and be able to answer any questions you may have. 
  • There is no contact information for the debt collection agency the caller allegedly represents. Ask for a phone number and street address for the agency. If none are forthcoming, it’s likely a scam. 

Protect yourself

Debt-collection scams can be difficult to spot, but with the right knowledge, you can protect yourself. Follow these tips to stay safe.

  • When called by an alleged debt collector, verify the debt. Request written validation of the debt, including detailed information about the creditor, the amount owed and the nature of the debt. Legitimate debt collectors should be able to provide this information.
  • Never share personal information with an unverified contact. If you’re asked to provide sensitive information by an unknown contact, it’s likely a scam.
  • Check for licensing and credentials. Debt collectors are often required to be licensed in the state where they operate. Research the collector’s credentials and licensing status through your state’s attorney general’s office or consumer protection agency.
  • Know your rights.  Familiarize yourself with your rights under the Fair Debt Collection Practices Act (FDCPA) and other relevant consumer protection laws. These laws outline the rules that legitimate debt collectors must follow when attempting to collect a debt. For example, they can only contact borrowers at reasonable hours, they cannot call them at their workplace, harass them about a debt using threats or violence, lie about money owed or falsify the name of the agency they represent, among other restrictions. 
  • Keep detailed records. Maintain thorough records of any communication you have with debt collectors, including dates, times, names and contact details. If you suspect a scam, these records can serve as evidence if you need to report the incident.
  • Request written communication. Ask the debt collector to communicate with you exclusively in writing. Legitimate collectors should be willing to provide written documentation of the debt and any payment arrangements.
  • Stay informed. It’s a good idea to check your credit report on a regular basis for any unfamiliar or fraudulent accounts. Monitoring your credit can help you quickly identify any unauthorized activities related to debt collection. It’s also advisable to keep up with the latest scams so you are better equipped to identify and avoid them. 

Debt collection scams can make the nightmare of debt even worse. Use the tips here to stay safe!

How Can I Beat Inflation and Save on Back-to-School Shopping?

by Advantage One, posted in Budgeting, Convenience, Lifestyle, Tips & Best Practices, Uncategorized

Q: With prices soaring and expenses mounting, I’m worried that back-to-school shopping will kill my budget and push me into debt. How can I beat inflation and save on back-to-school shopping?

A: While you may need to adjust your annual back-to-school budget to account for inflation, there are ways to save on these costs and keep your budget intact. Follow these tips to beat inflation this back-to-school season.

Shop with a budget

Your first step toward saving on back-to-school shopping is to create a budget for this shopping season. Determine how much you can afford to spend and allocate specific amounts for different categories such as clothing, supplies and electronics. Having a budget will help you stay focused and avoid impulse purchases.

Take inventory 

Before hitting the stores, take inventory of what you already have at home. Check your kids’ closets, drawers and study areas for supplies and clothing that can be reused or repurposed for the coming school year. This will give you a clear idea of what you really need to buy and help prevent unnecessary spending.

Plan ahead

Start shopping early and take advantage of sales throughout the summer. Watch for clearance sales, promotions and discounts. By planning ahead, you can secure better deals while avoiding the rush and price hikes that happen closer to the start of the school year. You can also take advantage of your state’s tax-free weekend for bigger savings.

Buy generic

Don’t hesitate to reach for generic brands when purchasing school supplies for your kids. Store brands, like Walmart, or Target’s Up & Up, are consistently cheaper than name brands without compromising on quality. 

Shop without your kids

While your kids may savor the experience of choosing their own school supplies for the coming year, shopping with kids is one of the best ways to kill a budget. Kids always have their own ideas of what’s best to spend money on, and their opinions may not necessarily align with yours–or with your budget. If your kids aren’t thrilled about you doing all the shopping on your own, compromise by allowing them to join you on one or two shopping trips, for example, when you shop for shoes and backpacks, but do the rest on your own. 

Think secondhand

Consider purchasing used textbooks, clothing and electronics. You can find gently used items at significantly lower prices on secondhand websites like ThredUp, and at thrift stores like Goodwill. 

When shopping secondhand, it’s important to ensure that items are in good condition and meet your requirements before making the purchase. Also, when buying a secondhand (or any) item online, only use secure platforms and ask to see the item, or a photo of the item, before finalizing the transaction. Finally, use a payment method with purchase protection, such as a credit card, so you can always reclaim your funds should the item turn out different than expected. 

Use discounts and coupons

Before you shop, look for coupons, promotional codes and student discounts to bring down the prices of the items you need to buy. Many retailers offer exclusive discounts to students and teachers. Sign up for newsletters or loyalty programs to receive updates on special offers. You can also use a discount-finder app or browser extension, like Rakuten or Honey to scour the web and automatically pull up any coupons for the items you need. Additionally, check with your child’s school or local community organizations for any available discounts or programs.

Buy in bulk

When possible and it makes sense, purchase supplies in bulk. This is particularly useful for items that are commonly used throughout the school year, like notebooks, pencils and paper. Buying in bulk often comes with a lower per-unit cost, providing long-term savings that will pay off all year long.

Prioritize quality and durability

While it may be tempting to opt for cheaper alternatives, prioritize quality and durability. Investing in well-made products can save you money in the long run, as they are less likely to require replacements later.

Prices are soaring, but that doesn’t mean you need to fall into debt when back-to-school shopping. Follow the tips outlined here to beat inflation and save.

TikTok Inspo: How are you going to beat inflation this back-to-school season? Share your best tips in a short video.