Tag: budgeting

Your Complete Guide to a Spend-Free Summer Weekend

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

Between flip-flops and baseball, beach days and the Fourth of July, there’s so much to love about summer! Unfortunately, though, the warmest season of the year can be incredibly expensive. Family activities, higher utility bills and steep fuel prices are just some of the ways summer can get pricey. A great way to combat a swollen summer budget is to take a financial fast on a summer weekend – or several of them. Here’s how. 

Plan ahead

Your spend-free weekend won’t happen without planning. So, make sure the house is well-stocked, your car’s tank is full, that there aren’t any bills due over your chosen weekend and that you don’t have any social events that will require the purchase of a gift. Of course, spending double ahead of the weekend won’t help much, either. Still, take basic steps to ensure you’re prepared for the weekend instead of being caught up a creek and giving up the entire endeavor.

Get creative 

This is the time for creative thinking! First, when it comes to meals, you’re going to need to throw them together using whatever you have on hand. Have fun inventing new dishes with the odd assortment of ingredients you have available, and trying your hand at new, established foods you’ve never tried before. You may also need to get those creative juices flowing if you fail to plan properly and suddenly run out of a household staple, like napkins … or chocolate! Just keep at it and find solutions when the need arises. You can do it!

Go take a hike

The great outdoors doesn’t cost a thing! Look up a local trail you haven’t tried before, hit your favorite path again, or take a drive somewhere new. Load your backpack with energy food, water and sunscreen and get ready to hit the trails! You can also make it a full-day affair and pack an easy picnic dinner to enjoy at the end of the trail. This way, you’ll have your free entertainment and no-cost dinner for one day of your spend-free weekend. 

Make lazy days great again

Designate one day of your weekend for a lazy day. Sleep as late as the kids or the dog allows, have breakfast in bed whenever you feel like it and spend the rest of the day watching old movies and playing board games. There’s no schedule today, so feel free to stay in your jammies until noon – or all day if that floats your boat! Of course, when there’s no driving, you won’t need to fill up on gas or groceries or spend anything at all. 

Avoid temptation

Willpower is only as strong as you allow it to be. Don’t tempt it this weekend! Unless you’re absolutely sure you won’t end up falling into the trap of spending money during these few days, take some precautions to make it harder for you to spend. First, browse incognito. This will force you to manually input your payment information for any purchases you find yourself tempted to make. Of course, you can also avoid any shopping sites completely. Similarly, you’re likely better off skipping any window shopping at the mall this weekend.

Host a game night

Instead of spending money on the fun, why not bring the fun to you? Invite some friends over for an epic, cost-free game night. Make sure you’ve stocked up on snacks before the weekend, and let your friends bring any extras you may have forgotten. To up the fun factor, think beyond the board game and set up a video game night, or even a card game event. Show everyone that fun does not always come at a cost!

Attend free events

When you gotta get out of the house but you can’t spend a penny, free summer events are the way to go. Look up free concerts, festivals, fairs, art shows and more in local newspapers and online forums. With so much to see and do, you may just enjoy a day at the neighborhood fair more than a pricey visit to an amusement park. 

Don’t give up

If something happens and you’re forced to break your fast, don’t throw in the towel. You can jump right back on and continue your spend-free weekend as if nothing happened. An expense you didn’t anticipate, such as medicine for a family member who just came down with something, may throw you for a loop. However, if it’s a real necessity that must be purchased now, you can forgive this small slip-up. Just make sure it’s a real need and that you don’t let this morph into a spend-fest. 

Your spend-free summer weekend is within reach! Follow these tips to make it happen.  

TikTok Inspo: Did you take the no-spend weekend challenge? Tell us how you did it in a short video

Travel Hacks 5 of 12-Your Complete Guide to Vacation Budgets

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

It’s great to get away from the daily grind, but budgets never go on vacation. The classic rules of sticking to your spending plan and not racking up bills you cannot pay still apply when you’re on vacation. The good news is, a vacation budget will actually make your trip more relaxing. When every dollar is accounted for and you know exactly how much money you have to spend in each expense category while you’re on vacation, you don’t have to stress about how you’ll pay for this getaway when you get back to real life. 

Making a vacation budget is not as difficult as it may seem. All it takes is some careful planning, quick calculations and the willpower to follow it. Here’s what you need to know about making a vacation budget.

Set your budget

First, determine how much you can actually spend on your trip. It’s important to be realistic as you complete this step or you may end up paying off this vacation for months, or even years, to come. Do some research on the location you want to visit, how much it’ll cost to get there and the price you’ll pay for accommodations and transportation. Also, look up local attractions to get an idea of how much these will cost. Make a basic list of anticipated expenses and work with that number to set your vacation budget. 

As you set that budget, be sure to consider any money you may have saved up for your trip. If you’re planning this trip well in advance, take into account how much you can afford to save each month leading up to the vacation. 

Plan your expenses

Once you have your set budget and a basic list of expenses, you can work on setting an exact dollar amount for each expense category of your vacation. Use the amounts you researched in the previous step and write out your vacation budget so the individual expense categories total the same as your overall budget amount. If the total amount is way outside your affordable range, consider swapping out some expenses for cheaper, or even free, options. For example, you can choose to use public transportation instead of renting a car, dine on street food instead of eating out in classy, expensive restaurants and book activities in advance to save on the admission price. 

Track your expenses

Once your vacation budget is set up, you’ll need to track your expenses to ensure you stick to your spending plan. When purchasing airline tickets, making hotel and car rental reservations and purchasing items for your trip, be sure to record these expenses in your budget. Similarly, when on vacation, keep track of your spending so you stick to your budget. A budgeting app, like Mint or YNAB, can make this easier. 

If you find yourself overspending in any category, look for last-minute ways to cut back on your expenses. You may choose to cut out an expensive activity or to cook your own meals for quick, easy savings.

Tips for sticking to your vacation budget

The hardest part of vacationing on a budget is sticking to it while you’re away. These tips can make it easier for you to actually keep your vacation budget:

  • Use cash. Keeping the plastic out of sight while on vacation will force you to stick to your spending plan. You may also find it easier to track your expenses when you only have the exact amount you planned to spend in a specific category. Be sure to keep your cash in a safe place, such as a secure wallet or purse. 
  • Book in advance. Try to book as much of your vacation as possible in advance. Hotel stays, car rentals, tours and more are nearly always cheaper when reserved ahead of schedule. You’ll also leave fewer spending choices for your actual vacation when your willpower may be weaker. 
  • Keep a copy of your budget with you on vacation. Make a physical or digital copy of your vacation budget to carry around with you during your trip. The simple act of reviewing your budget will make it easier for you to stick to it as planned. Pull out your copy whenever you come up against a spending challenge on vacation.

Follow the tips outlined here to enjoy the trip of a lifetime without letting your budget go on vacation.

TikTok Inspo: What if budgets DID go on vacation? Shoot a 15-second video playing the role of a traveler who ignores budgets when on vacation.

Travel Hacks 4 of 12-How to Choose a Vacation Destination for Less

by Advantage One, posted in Lifestyle, Tips & Best Practices

Looking to save on vacation costs? One of the best ways to do so is to smartly choose your destination. Here’s how to find a budget-friendly trip of a lifetime!

Set a budget

To keep vacation costs down, pre-set an amount to spend. You can choose to blow a lot of money on airline tickets to get there, but then you’ll need to spend less on lodging, food or attractions. Work out your complete vacation budget before choosing a spot so you have enough money left to spend in other categories. 

Pick your top priorities

Narrow down what’s most important to you in a vacation destination. Are you set on jetting off to Europe? Do you need to travel somewhere family-friendly? Or, are you willing to visit any city or state that’s not your own?

Jot down your priorities in order of importance, and when choosing a vacation destination, look for those that satisfy as many of your first few priorities as possible. 

Consider vacationing close to home

To save big on your vacation, consider traveling somewhere close to home. You may be able to find fascinating attractions and sites just two or three states away. You’ll likely save a day or two in travel time as well, giving you more time to enjoy your vacation. 

Look for deals and discounts

One of the best ways to save money on your vacation is to take advantage of deals and discounts. Many travel companies offer promotions, such as discounted airfare, hotel packages or all-inclusive deals. 

Consider alternative accommodations

You can save a boatload of money by staying at an Airbnb instead of a hotel. Be sure to do your research well to avoid getting scammed. 

Choose a budget-friendly destination

Look for vacation hotspots that are known to be budget-friendly. This includes countries with a low cost of living, like Nepal and India, as well as areas that offer inexpensive hotel stays and free or low-cost attractions.

By following these tips, you can find a destination that ensures the trip of a lifetime without breaking your budget!

TikTok Inspo: Can you convince us that your recent getaway was the ultimate in budget vacations? Sell us on your chosen destination in a 15-second video by showing us how much money we can save vacationing there.

Money and Mental Health

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

For many people, the mere mention of the word “money” spurs feelings of stress and anxiousness. In fact, a Bankrate study of nearly 2,500 U.S. adults found that 70% of respondents feel stressed about their finances.  At the same time, living a financially responsible life can help one maintain optimal mental health. In observation of May being Mental Health Awareness Month, let’s take a look at the connection between money and mental health.

How do financial struggles impact mental health?

There are lots of ways money troubles can influence one’s mental health:

  • Stress and anxiety. Financial struggles are one of the leading causes of stress and anxiety. Feeling stressed and anxious can also impact a person’s physical health, often leading to insomnia, headaches, weight gain/loss and other physical symptoms.
  • Depression. Money struggles can also lead to depression, which can cause a person to lose interest in activities they once enjoyed and affect their ability to function in daily life.
  • Strained relationships. Financial issues are famously a primary cause of divorce, but it doesn’t end there. Money issues can put a strain on many other relationships as well, including those between parents and children, siblings, friends and more.

It is essential to recognize the signs of financial stress and take steps to manage it. Seeking support from friends, family or a mental health professional can help alleviate some of the stress and anxiety associated with financial struggles.

How does financial stability impact mental health?

Now, let’s explore how financial stability can impact one’s mental health:

  • Peace of mind. A stable financial reality can provide a sense of security and peace of mind, reducing stress and anxiety.
  • Increased opportunities. Living a financially responsible life can provide a person with the opportunities to pursue their interests and passions, such as travel, hobbies and new learning experiences, all of which can improve overall mental health and well-being.
  • Improved relationships. Financial stability can also improve relationships, reducing stress and tension associated with financial struggles.

It’s important to aim for financial stability to improve your overall mental health and well-being. This can involve taking steps to save money, reduce expenses and invest in a financially secure  future.

The link between money and self-worth

Unfortunately, too many people link their self-worth to their financial situation. This can lead to feelings of inadequacy and low self-esteem when experiencing financial struggles. However, it is essential to recognize that self-worth is not tied to financial success. Instead, focus on developing yourself as a person in ways that are not related to your financial situation. Set personal goals, practice self-care and seek fulfillment in areas outside financial success.

Debt and mental health

Debt is often the most significant financial problem that people face, and it can have a strong impact on mental health. Research shows that people who are in debt are more likely to experience mental health problems like anxiety, depression and even suicidal thoughts.

People who’ve been caught in the debt cycle may feel like they are trapped in their situation with no way out. This can lead to feelings of hopelessness and despair. Debt can also cause a great deal of stress, which can lead to physical health problems such as high blood pressure and heart disease.

If you are struggling to escape from under a mountain of debt, there are steps you can take to kick your debt for good. Consider consolidating it through an unsecured personal loan that may include one low-interest, and possibly lower, debt payment each month. You can also pay off one debt at a time by maximizing your monthly payment toward that debt until it’s paid off, which is often called the “snowball method” of debt payoff. If you choose this route, be sure to continue making all your minimal monthly payments on your other debts as you focus on the one.

Managing your finances for improved mental health

Are you struggling with money challenges that are negatively impacting your mental health? Here are ways you can improve your financial and mental health:

  • Create a budget and stick to it.
  • Trim your discretionary spending for extra breathing room in your budget.
  • Seek support from a financial counselor or therapist.
  • Practice stress-reducing activities such as meditation, yoga or exercise.
  • Avoid using credit cards or taking out loans unless absolutely necessary.
  • Set realistic financial goals and work toward them.
  • Focus on personal achievements and growth unrelated to your financial worth.

Money is intimately connected with one’s mental health. By managing your finances and seeking help when needed, you can improve your mental health and overall well-being.

TikTok Inspo: How do you maintain your mental health and financial wellness? Share your best tips in a 15-second video.

Affordable Sustainability 2 of 12-Going Organic on a Budget

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

Going organic is a great way to improve your personal health and the health of the environment. By choosing organic products, you can help reduce the amount of synthetic pesticides and fertilizers that are used in the farming and harvesting of food products, which can have devastating effects on the soil, water and air. 

Fortunately, going organic does not have to mean spending big. Here’s how to go organic on a budget.

Prioritize your purchases 

If you’re on a strict budget, you likely won’t be able to go completely organic all at once. Choose what’s most important to you, and start there. For example, you can choose to buy organic produce, but opt to continue using non-organic cleaning products. Eventually, when you’ve found ways to work new expenses into your budget, you can move on to another area until you’ve completely embraced the organic lifestyle.

Buy in bulk

Purchasing products in bulk can often save money, and this is especially true for organic products. Look for bulk bins at your local natural grocery store for steep savings on all things organic. You can also consider joining a club store to get discounted prices on organic products in large quantities. If you can’t finish all your bulk organic purchases before they go bad, you can always partner with a friend and split the costs.                                                             

Shop the seasons

In-season produce generally tastes better than off-season fruits and vegetables, and it’s cheaper, too. Choosing organic produce that grows locally while it’s in season locally can significantly bring down your grocery bill, even after going organic. A quick Google search can tell you what’s currently in season in your area of the country.

Grow your own

If you have the time and space, consider growing your own organic greens and herbs. You’ll enjoy the unique satisfaction that comes from growing, harvesting and eating your own foods, and you’ll have access to inexpensive organic produce that’s fresh and ready to eat. 

Shop the farmers market

Your local farmers market is a great place to find fresh, locally grown organic produce at affordable prices. You’ll find organic meat, dairy and other products at the farmers markets while supporting local farms.

Stalk your favorite organic brands on social media

Brands will often alert their followers to fantastic deals and discounts that may otherwise be missed. As soon as you find an organic food brand you love, follow it on Twitter, Facebook and Instagram. If it has a newsletter, sign up for it. Ask to be included in promotional emails and text message alerts, too. This way, you’ll never miss a sale.

Look for store brands

Lots of grocery stores, like Target and Trader Joe’s, now offer their own line of organic products. These tend to be a lot cheaper than companies that are not affiliated with a specific store. Just remember to read all ingredients carefully when shopping store brands to ensure you’re actually getting what you believe you’re buying.

Buy frozen or canned food products

Frozen and canned organic products can be a more budget-friendly option than their fresh counterparts. These have an almost infinite shelf life as well, so it’s a good idea to stock up and save these goodies in your freezer and pantry.

Shop smart

Finally, follow the basic rules for smart shopping to save on your organic purchases. Plan your menu around the sales, and always shop with a list. Take a smaller cart, or even a basket if you can swing it, and if you always find yourself blowing your budget at the grocery, shop with cash. 

By following these tips, you can make the switch to an organic lifestyle without breaking the bank. While it may require some planning, the benefits for both your personal health and the environment make it well worth it.

Your Turn: Have you gone organic and done so on a budget? Share your best tips with us in the comments.

Step 12 of 12 Steps to Financial Wellness-Review and Tweak

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

Congratulations! You’ve reached the 12th and final step of the 12 steps to financial wellness. In this step, we’ll review each of the previous steps and adjust this part of your financial health as necessary. 

Step 1: Track your spending

Are you being responsible in tracking your spending? You can do this with a budgeting app, by keeping a running estimate of how much you’re spending in each category in your head, or by reviewing your receipts and checking account statements at the end of each month. Knowing where your money is going will help you make more responsible spending decisions in the future. 

Step 2: Create and stick to a budget

Budgets need to be reviewed and tweaked every few months or so to ensure they still work for your present life circumstances. Fluctuations in consumer prices, your income and various life expenses need to be accounted for in your budget. If your budget no longer works for you, make some changes until it does again.

Step 3: Pay down debt

Take a minute to review where you are in your debt-paying journey. Have you made as much progress as you’d hoped to at this point in time? Can you beef up any payments and make that debt disappear sooner?

Step 4: Talk money with your partner         

Have you had the big money talk with your partner? Are you remembering to touch base on money matters on a regular basis? Do you need to revisit any of the topics you’ve discussed, such as sharing accounts, dividing expenses and saving up for a shared dream?

Step 5: Spend mindfully

Review some of your recent purchases. Are you blowing money on stuff you don’t need instead of relieving stress and emotional overload in a healthy manner? If so, look for better ways to de-stress and remember to avoid temptation by disabling one-click purchases and staying away from stores that trigger your overspending impulse.

Step 6: Pay it forward

The money, time and smiles we share are the only moments that are truly ours. Are you remembering to pay it forward? You can volunteer at a soup kitchen or homeless shelter, donate clothing to the less fortunate and help your favorite charity.

Step 7: Pay yourself first

Are you remembering to feed your savings? Remember to prioritize having an emergency fund with three to six months’ worth of living expenses. Once you have that funded, you can work on saving toward long- and other short-term saving goals by automating a monthly transfer from your checking account to your savings account. At this time, you may want to consider increasing the amount you are putting into savings each month by trimming some discretionary expenses.

Step 8: Know when and how to indulge

Living a spartan lifestyle without any indulgences can make you lose your budget–and fast! Instead, make sure you know when and how to indulge. Are you remembering to work your selected just-for-fun expenses into your budget so you can indulge without the guilt? Now is a good time to look back at your indulgences to figure out if they were good uses for your money.

Step 9: Check your credit score

How are those three magic numbers doing? If you’ve been following the rules for boosting and maintaining a high credit score, like paying your bills on time, having several active cards and keeping your credit utilization low, your score should have improved during these last few months, opening the door to low-interest loans and more.

Step 10: Think about retirement

Have you opened and furnished retirement accounts at work and beyond? Take the time now to review these accounts and to assess whether your funds have reached the place you’d hoped they would by now. 

Step 11: Start investing

Have you taken the beginner steps toward investing? A crucial part of successful investing is reviewing your portfolio on a regular basis and adjusting as necessary. Make sure your investments are performing well and that your assets are diversified in the most optimal way.

Step 12: Review your overall financial health

In this final step, you’ll review your financial health on a regular basis, just as you’ve done here. Don’t forget to maintain each component of your financial wellness to keep it in top shape.

Reviewing your financial health on a regular basis is an important part of staying financially fit. 

Your Turn: How often do you review your financial health? Tell us about it in the comments.

Step 8 of 12 Steps to Financial Wellness-Know When and How to Indulge

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

[Now that you know how to spend mindfully, pay it forward, and regularly set aside money for savings, you’re ready to learn how to indulge in the occasional expensive treat–responsibly.]

Many people equate financial health with a life of deprivation, but this is far from the truth. In fact, living a life of true financial wellness means being happy with a lifestyle that is within your means, but does not leave you feeling like you are lacking. Like an overly restrictive diet, an overly tight budget is more likely to become broken.

On the flip side, financial wellness means spending your money wisely and learning how to treat yourself for less – or for free. It means money choices are governed by discipline, and not by emotion. And sometimes, it means telling yourself no.

How, then, do you strike a balance between the two?

Here’s how to indulge responsibly. 

Live with a budget

The first step to financial wellness is knowing where your money is going and how much you actually have to spend. The best way to always have this information is to create and stick to a budget. 

[If you’ve been following all the steps to financial wellness until this point, you’ve already developed and live with a budget. So you know how to stick to it. Let’s take a quick review of this crucial money management tool.]

Create your budget by tracking your spending for three months. Make a list of all your expenses, including fixed, non-fixed and discretionary expenses, and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category each month. 

Leave room in your budget for “just for fun” purchases

As you work on building and sticking to a budget, be sure to leave room in your spending plan for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, choose an amount you can easily afford without feeling deprived. 

To ensure you don’t overspend in this area, you can borrow an idea from the money-envelope system and withdraw the designated amount from your checking account at the beginning of the month. Place this cash in an envelope, and use it as necessary. When the money is gone, so is your “allowance” for pricey treats this month.

It’s important to note that the indulgences referenced here are spontaneous buys, or small purchases that aren’t part of your normal budget. Large purchases you have planned for and saved toward for months, or even years, are in an entirely different category. 

Review your savings

Before giving yourself permission to indulge, make sure you are setting aside a percentage of your monthly income to savings. Savings should be an item line on your budget, with short-term savings like an emergency fund in a savings account, holding enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have, like saving for a house or a luxury vacation. 

Choose your “treats”

Everyone’s got their personal vices and their guilty indulgences. Take a look at where your non-discretionary money went during the last month or two. Highlight the more expensive impulse buys and hold them up to these questions:

  • Did this purchase bring me happiness or positive energy the day I bought it? Did that feeling last until the next day? The next week?
  • Did this impulse buy blow my budget?
  • Does thinking about this purchase now fill me with joy, guilt or something else?
  • If I found myself in the same circumstances today, would I make that purchase again?

Here, too, the answers to these questions will depend on your personal set of circumstances and lifestyle. Use the insight you’ve learned about your indulgences to help you make better money choices in the future. 

Lose the guilt

Once you’ve decided how much you want to spend each month on indulgences you can afford, it’s time to let go of the guilt. If you’re spending responsibly and you’ve already fed your savings as well as your future, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, and your choices fill you with happiness or positive energy, you can still maintain your financial wellness.

Your Turn: How do you indulge responsibly? Share your best tips in the comments.

5 Steps to Take When Applying for a Business Loan

by Advantage One, posted in Budgeting, Career, Checking, Credit, Loans, Tips & Best Practices, Uncategorized

If your business can use a shot of cash to help it grow, fund a move or to get through its slowest season, a business loan can be the right answer. 

Here’s what you need to know about applying for a business loan.

  1. Check your credit

Before you apply, check your personal and business credit health. 

Personal credit scores range from 300-850. A score in a range of 580-669 is fair, 670-739 is good, 740-799 is very good and 800-850 is exceptional. In general, the higher your score, the easier it will be for you to qualify for a loan and the lower the interest rate you’ll have on your loan when approved.

Business credit scores are measured differently. Experian uses Intelliscore Plus as its credit scoring model, with scores ranging from 1 to 100. Equifax assigns each business a payment index score, which ranges from 0 to 100; a credit risk score ranging from 100 to 992 and a business failure score ranging from 1,000 to 1,880. The D&B score, assigned by the Dun & Bradstreet Corporation, ranges from 0 to 100. Finally, the FICO Small Business Scoring Service score ranges from 0 to 300. 

If your personal and/or business credit scores are low, work on improving your credit before applying for a loan. Be timely or early with your bill payments, work on getting rid of debt and check your monthly credit statements for any erroneous charges.

  1. Update your business plan

Most lenders will ask to see a current business plan before approving a loan. It’s a good idea to review and update yours so it’s ready to show a potential lender. The plan should include information about the loan, such as how the company plans to use the funds. 

Be sure to have a comprehensive business plan to show a prospective lender. The plan should include details about how the company intends to use the funds, the anticipated increase in revenue and plans for repaying the loan. 

3. Organize your personal and business documents

You’ll need the following documents and identifying paperwork when applying for a business loan:

  • Photo ID
  • Accurate monthly financial statements from the past two years
  • Business license
  • Any commercial leases
  • Business insurance plans
  • Payroll records
  • Incorporation documents
  • Current financial obligations
  • 3 months of bank statements
  • Personal and business tax returns
  • Collateral

4. Research potential lenders

A business loan is a big deal, and it’s best not to jump into the decision too quickly. Take the time to research potential lenders carefully, being sure to check each lender’s eligibility criteria, the average size of the loans they offer, their current interest rate average and more. 

Consider applying for a business loan through a credit union. A credit union will offer you personalized service, looser qualifying criteria and a competitive interest rate. [Call, click, or stop by Advantage One Credit Union today to discuss your options.] 

5. Submit your application

You’re ready to apply for a loan! With luck, you’ll soon have the funds you need to take your business to the next level. 

Your Turn: What are your best tips for taking out a business loan? Tell us about it in the comments. 

The Ultimate Grad Gift Guide

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

Your soon-to-be grad has worked super-hard to reach this momentous occasion and to have their diploma in hand. Celebrate with your grad and show them how proud you are of their hard work and dedication with these low-cost, but awesome, gifts!

  1. ID lanyard

Make it easy for your grad to carry their ID and wallet around campus or the workplace. Super-cute and durable, these lanyards make the perfect graduation gift. 

  1. Oh the Places You’ll Go

You can’t go wrong with this Dr. Seuss classic! Whimsical, yet inspirational, it’s a great read for the older teen setting off into the big world of adulthood. Add your own words of wisdom to the front inside cover for a personalized touch. 

  1. College survival kit

Hit the dollar store and scour the aisles for a big basket and all sorts of stuff you can add to it for making a college survival kit or house/apartment warming kit. You can include essentials, like flip flops and hair ties, kitchen utensils and hand soap. Don’t shy away from having fun by adding extras, like Bluetooth speakers, wall decals and more!

  1. “Open when” letters

Your recent grad’s got a long road ahead of them, but you can make it a little easier with a few well-worded missives. Pen some letters for your grad to open at specific milestones and/or at more challenging times, such as after the first round of final exams, when they’re feeling homesick, when they need a laugh, after handing in their first term paper, etc. Your letters will be the gift that keeps on giving throughout their time in college.

  1. Picture collage

Help your grad have the most awesomely decorated room in college with a fantastic homemade picture collage! Check out their social media pages for the best snapshots of your grad and their friends and family. Then, put together a low-cost, meaningful gift they’ll always treasure. As a plus, they’ll think of you every time they see the collage hanging on their dorm room wall.

  1. Laundry essentials

Spring for an adorable laundry hamper and fill it with all your grad needs to master the wash. Think detergent, dryer sheets, stain remover and more. Add a cute note, like “Have LOADS of fun in college!” to complete the gift. 

  1. Chef’s special

Is your grad a foodie who’s thrilled to prep their own meals? A kitchen-phobic young adult who is worried about being in charge of their own meals? Either way, they’ll love a chef package to help them out. Take a huge mixing bowl, Bundt pan or another large, round cooking essential, and fill it with all they need to master the kitchen. You can load it up with spatulas, measuring cups and spoons, a cute apron, oven mitts, a skillet and more. To make it even more personal, fill a small cookbook with your favorite easy recipes for your grad to try out. If you don’t have a collection of recipes, you can purchase one of the many college cookbooks you’ll find on sites like Amazon.

  1. Bright light

If you’re looking for a cute way to present a cash gift to a grad, try this bright idea: Throw some money in a fake lightbulb and add a note that says “Wishing you a future that’s as bright as you are!” For a variation of this idea, insert cash into the photo slot of an empty picture frame and add a note that says, “In case of emergency, break glass!” Cash is always appreciated, and a creative presentation makes it personal and fun. 

Your grad is off to college or into the workforce soon. Show them how proud you are and prepare them for the exciting years that are ahead. Use these ideas to find the perfect low-cost gift for your grad. 

Your Turn: Have you found the perfect low-cost gift for your grad? Tell us about it in the comments. 

Should I Buy Out My Lease?

by Advantage One, posted in Announcements, Budgeting, Convenience, Credit, Debit, Lifestyle, Loans, News & Events, Reviews, Saving, Tips & Best Practices, Uncategorized

Q: My lease agreement is nearing its end, and I’m getting many offers to buy out my lease due to the current state of the economy. Should I ignore the hype, or is it really a good idea to buy out my lease?

A: With cars in hot demand, and selling at all-time high prices, many lease customers are looking at trade-in values for their vehicles with the intention of buying out their lease. While this can be a smart choice for many consumers, it’s important to consider all relevant factors before making a decision. Here’s what you need to know about buying out your lease.

What is a lease buyout?

Many drivers are confused by the offers they’re getting and the promotions they’ve seen for buying out leases. How is it possible to buy a lease when a leased vehicle, by definition, is essentially a rented car?

First, buying out a lease involves paying the car’s “buyout price” as specified in the lease contract, which makes you the car’s new owner. Second, it’s important to establish that buying out a lease generally makes the most sense when you are nearing the end of your lease term.   Finally, this may necessitate taking out an auto loan to afford the buyout price, just like you might do when purchasing a new or used car at a dealership.  

How can I determine my car’s buyout price?

To estimate how much you’d need to pay to buy your leased car, look for the term “residual value” in your lease contract. This tells you what your leased vehicle is expected to be worth at the end of the term, which may be months or years away. To reach your vehicle’s buyout price, add the residual value to any remaining payments. For example, if your car’s residual value is $25,000 and you owe another 10 payments of $500, the car’s buyout price is $30,000. Of course, the more time left on your lease, the higher price you can expect to pay to buyout.

Will I need to pay any fees in addition to the buyout price?

Depending on your home state, your vehicle’s buyout price may be subject to an auto sales tax. Your lender may also charge additional fees, such as a ‘purchase option fee’. It’s important to know about any additional fees you may need to pay in addition to the buyout price and to 

estimate the total you’ll be paying before deciding to purchase a leased car.

The good news is that you won’t be accountable for the typical lease-end fees, which can include the costs of reconditioning the vehicle for resale, fixing any damage the car may have incurred during your term, and an over-mileage penalty for every mile you may have driven over the official limit.  

What are the advantages of buying out a lease?

Many drivers are opting to buy their leased vehicles now due to the current state of the auto industry. Supply is low and both new and used cars are in high demand. A driver nearing the end of their lease agreement may find it challenging to purchase or lease another car. Buying a car you already lease will give you first dibs at a hot commodity.  

Some drivers are choosing to capitalize on the high demand for used cars by buying out their leases and then flipping the car to a dealership or selling it privately to a new owner. They assume they will earn enough from the sale to help offset the price of a new car. While this may be true, it’s important to remember that it may be difficult to find a new car in a desired model and at an affordable price.

Before taking out a loan to buy out a lease, find out what your car is actually worth. Due to the state of the market, it’s likely worth more than you’ll pay. However, if it’s worth less than the buyout price, you’ll be upside-down on your loan, which is never a good idea. In addition, you may find it difficult to qualify for a loan in an amount that is higher than the value of the asset.  

How do I buy out my lease?

If you decide to go ahead and buy out your lease, you’ll first need to run the numbers as described above to be sure it’s a financially responsible decision. When you have the total buyout price, your next step is to work on financing. You can choose to take out an auto loan or a personal loan to help cover the costs. 

Next, you’ll contact the company behind your lease and complete the purchase. The sale process will be similar to the sale of any car. Finally, be sure to notify your insurance company about the change in ownership of your vehicle. Leases generally require plans with low deductibles and high premiums, so you may want to choose a new plan with higher deductibles and lower monthly premiums.

If you’re looking to finance an auto loan for a lease buyout car, look no further than Advantage One Credit Union! Our auto loans offer low interest rates [see for current rates], easy payback terms and a quick approval process. Call, click or stop by to get started or discuss available options!

Your Turn: Have you bought your leased car? Tell us about your experience in the comments.