DR Podcast 302: How to Build an Emergency Fund in 2018

Building a safety stash takes time and dedication. Here are our tips on how to build and manage your emergency fund. In this podcast episode, find out the three places Rob stashes his cash and where you should never put your emergency money.

A while back, I wrote about how my wife and I paid off a lot of debt in less than five years. An important part of getting out of debt for us was knowing how to build an emergency fund. Many have written about the importance of saving for a rainy day. But most of what you’ll read on the subject is either unrealistic or just not helpful.

For example, a common refrain is that you should save three to six months’ worth of income for emergencies. While this rule of thumb is fine as far as it goes, it can take some families years to reach this goal. And while they are trying to save, do they ignore paying off debt or saving for retirement? Oh, and by the way, is three months’ worth or six months’ worth of expenses best?

Dave Ramsey has tried to address these issues. In his seven baby steps, he advises folks to save $1,000 in an emergency fund and then tackle debt with “gazelle-like intensity.”

As with the three to six month rule, Dave’s approach may be fine for some. But it raises at least two questions:

1. Why $1,000? I think most families need a lot more.
2. Why does it have to be all or nothing? Why can’t you save for a rainy day, pay down debt, and save for retirement all at the same time?

That brings me to the approach my wife and I followed. I’ll warn you in advance the steps we took were far from conventional. But our approach underscores the fact that one-size-fits-all just doesn’t work when it comes to finances.

So, let’s walk through our approach.

How much to save for emergencies

When it comes to emergency savings, most people’s first question is how much to save. Dave Ramsey says to save $1,000, and then start tackling debt.

If your monthly budget is $10,000, $1,000 in savings would represent a 3-day emergency fund. This is not exactly the kind of thing that will help you sleep at night.

Rather than pretending there’s a single best answer to this question, here are the factors to consider when deciding what’s best for you:

• The consequences of a financial catastrophe: If you are single living in your own apartment, a job loss may mean moving back in with mom and dad. In contrast, if you have a family of four and little familial support, a financial crisis may mean looking for a homeless shelter. The greater the risk, the more you should save for emergencies.
• The interest rates on your debt: If you are stuck with credit card debt at 30%, you’ll want to start paying it down as quickly as possible. As a result, a smaller emergency fund may be appropriate. If your only debt is at a much lower rate (e.g., a car loan or home equity line of credit), you won’t need to pay down your debt as urgently.
• Your access to cash: If you can tap a line of credit or retirement savings in an emergency, a large rainy-day fund may not be critical. In our case, we went without any savings for a time because we could access to a line of credit and retirement savings. Liz Pulliam Weston recommended this approach in an interesting article about the $0 approach to emergency funds.
• Your risk of job loss: While anything can happen, some of us are more at risk of losing our jobs than others. There’s no rule of thumb here; you have to assess your situation. But if you think you’re unlikely to unexpectedly lose your job, a smaller emergency fund may be appropriate.
• Your sources of income: If you have multiple sources of income (e.g., two-income family), it’s worth considering whether you can get by on smaller savings while you pay off debt. The point is that it’s probably unlikely, although not impossible, that you would both lose your jobs. And what if you have a robust side gig? You could rely on that to pay your expenses for a short period, which means a smaller emergency fund.
• Your employer’s retirement plan: If you have an employer that matches 401k contributions, you’ll want to take advantage of the match as quickly as possible. This could mean building up your savings at a slower pace, all other things being equal.

How to build an emergency fund

With these factors in mind, here’s the approach we like best:

1. Save One Month of Expenses: As a first step, save one month’s worth of living expenses before tackling any debt or investing.
2. Begin paying extra on debt: Once you have a month of expenses saved up, split your extra money between paying down debt and building your emergency fund.
3. Take advantage of an employer match: If your employer matches a portion of your 401k contributions, build up to investing enough to take advantage of the match. At one point, we were saving, investing, and paying off debt at the same time.
4. Supercharge debt pay-down: Once you’ve reached your emergency fund goal, direct your extra cash toward paying off debt.
5. Customize your solution: Be mindful of the factors listed above to tailor your approach to your specific circumstances. If you have debt at 30%, that will take priority over just about anything else, for example.

Where to stash your emergency fund

There are a couple of good options, and they depend once again on your specific circumstances.

If you are just starting to build your emergency fund, I’d stick with a high interest savings account. Once you’ve built up a cushion, you can look to get some higher rates with CDs. I like the Ally Bank long-term certificates of deposit because they have relatively low penalties for early withdrawal.

As a related matter, you can also create a CD ladder to take advantage of high rates and have regular access to your funds. With current rates at historically low levels, however, sticking with a savings account is probably the best option.

Finally, as your investments grow and you eliminate debt, you may find little need to keep a lot of money in cash. Particularly with the low interest rates we see today, you may want to consider low-risk bonds funds as an alternative to a savings account. Since rates are likely to eventually rise, stick with short duration funds. That way a rise in rates won’t have a major effect on the price of the fund.

Building an emergency fund is different for everyone. How you approach the saving process, how much you save, and where you put the money depend on your own circumstances. The most important part is that you do indeed save for emergency expenses. That way, you can be sure that your family, and your finances, are protected when unexpected situations hit.

Resources:

• Here’s How Much to Save (and How to Do It!)
• Should You Stop Saving for Retirement to Pay Off Debt?

Topics: debt

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Self Lender Review – Better than a Secured Card, Co-signed Loan or Prepaid Card

Southwestern Spinach Wrap

Try this delicious, healthy, and easy recipe by our Registered Dietician for a great lunch on the go!

Serves: 1

Ingredients:

• Spinach tortilla
• Black beans
• Trader Joe’s Chopped Salad Mix
• Salsa
• Avocado
• Optional Toppings: Pumpkin seeds, cheese

Directions:

1. Warm tortilla on skillet and place on plate.
2. Spoon black beans down center of tortilla
3. Add chopped salad mix
4. Spoon salsa over mixture
5. Place sliced avocado on top
6. Roll up and Enjoy!

If you would like to get more guidance on eating habits and schedule an appt you can contact me at: ekukura@ucsd.edu

For more information on nutrition services visit: https://recreation.ucsd.edu/wellness-services/nutrition/

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Vancouver City Councillors Vote to Rezone Single Family Homes as Duplex Lots

On the economic front we were waiting for August's inflation numbers which were announced last Friday. The inflation numbers were right on consensus at an increase of 2.8% year-over-year.

The post Vancouver City Councillors Vote to Rezone Single Family Homes as Duplex Lots appeared first on Team RRP.

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How Will the Fed’s Interest Rate Hike Impact the Average Joe?

In the market for a house, a new car, or do you carry a credit card balance? You’ll want to read how the fed’s interest rate hike will impact the average Joe.

On Wednesday, The Federal Reserve decided to increase the federal funds rate by 25 basis points, to a range of 2% to 2.25%. This is the third rate increase already this year. The Fed also indicated that they’d be targeting another increase this year and three more in 2019.

The federal funds rate is the rate at which banks borrow short-term cash. At a macroeconomic level, rate hikes like this typically signal good things for the economy. When rates go up from the Fed, so do rates on things like savings accounts and CDs. It also increases rates on products like mortgages and credit cards.

In this article, I’ll break down what this rate hike, and additional hikes, mean for you as a consumer. Let’s first start with the big picture and looking at the economy.

How the Rate Increase Impacts the Economy – Big Picture

As I said before, when the Fed increases rates, it usually means something is going well for the economy. And all signs are pointing to that being the case. Unemployment is currently at 3.9%. In the last 50 years, unemployment has only been this low two times. That’s significant, and it means that more people are finding jobs. It may also signify a strengthening job market for you. The Fed projects unemployment will drop to 3.7% by the end of the year, too.

In fact, here’s what the Fed said in their official statement:

“Information received since the Federal Open Market Committee met in August indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Household spending and business fixed investment have grown strongly.”

They’re also targeting a 2% inflation rate–which will have an impact on the goods and services you purchase, but shouldn’t be significant. Getting to this level of inflation, according to many economists, will be one of the signs of a strong economy.

How the Rate Increase Impacts You – the “Average Joe”

While a rate increase does signify a stronger economy, there are impacts to you as the consumer. Some positive, some negative. In short, it’s good for savers and bad for borrowers.

Mortgage Rates Will Go Up

If you bought your house before the 2016 presidential election, you should be jumping for joy. Rates were at the lowest point they’ve been in several years prior right before the election finished. Since then, rates have been increasing steadily.

With the new rate increase, you’ll see an increase in mortgage rates again. This is tough news for both new home buyers and those who have adjustable rate mortgages on their existing home.

If you’re a homeowner with an ARM, I would strongly encourage you to call your lender as soon as possible and ask if they can either freeze your rate or see if there’s an option to refinance into a fixed rate. An ARM is tied to the federal funds rate, so an increase to that will lead to a direct increase to your home loan rate, and thus your mortgage payment.

If you’re a new home buyer, you have a few options. If you’re close to closing on a home, call your lender and ask them to freeze your rate (also known as doing a rate-lock). This happened to me when I was buying a home right before the election in 2016, and I knew rates would increase.

My lender tried to keep me at bay while they were “processing my loan” but I knew that they knew rates would go up–so I had to fight with them to lock it. You may have to be ready to wrestle with your lender if you’re in the process of buying a home.

If you’re considering buying a home but haven’t found one yet (and haven’t applied for a mortgage), know that the rate you’re quoted is likely to increase. You can apply and ask the lender to lock the rate, but most lenders won’t do that on new applications, especially knowing that rates will continue to climb this year.

This leaves you with the big option of continuing to rent. I could very well be wrong, but it’s my personal belief that the housing market is going to burst again in another few years.

Last year, a study found that 38 million Americans can’t afford their housing–a 146% increase in the last 16 years. What’s even more concerning is that banks are beginning to loosen lending guidelines for homebuyers.

Now there were plenty of things that caused the mortgage crisis in 2008, but loosened guidelines contributed. If you’re unsure about buying a home–it may not be a bad idea to wait this out.

Credit Card Rates Will Also Increase

The Fed increasing the federal funds rate means that credit card rates will go up. If you don’t carry a balance, this won’t have an impact on you since you don’t pay interest. But if you’re carrying a credit card balance, you can be sure to see an increase in your rate.

The Credit CARD Act put some provisions in place that prevent credit card issuers from sneaking a rate increase in on you. Since that was enacted, credit card companies have to give you at least 45 days notice before increasing your rate.

The problem is, if your rate is connected to the Prime Rate or some other index, it doesn’t matter. That rate automatically increases when the fed increases rates, so most likely you’ll see a rate increase of around 25 basis points. This may not sound like a lot, but if you’re carrying a large amount of debt, it can make a big impact on your payment and the amount you’re paying in interest.

Thankfully you have some options. The first option is to look for a credit card that has a good balance transfer offer. If approved, you can then move your credit card balance to a lower rate (be mindful of the rate it reverts to after your balance transfer promotional period ends). The second option is to call your credit card company and ask for a lower rate. If you have a good history, they’re likely to help you out.

Other Loan Products May Increase, Too

The other primary places you’ll see an impact are student loans, auto loans, and personal loans. Many times, especially when these are private loans, the rates for these products are tied to an index, such as the prime rate or LIBOR.

If you have a private student loan, there’s a good chance your rate will increase. I would suggest looking to consolidate or refinance that student loan into a low, fixed-rate product immediately. If that isn’t an option, then look to pay that loan off first, before any public student loans.

You probably won’t run into many variable rate auto loans (although they do exist) so if you have an existing car note, you should be fine. Where you may see an impact, though, is few auto loans. Rates will be higher, and you could start to see promotional rate offers go away. If you’re looking to buy a car, now might be the right time to do that.

Finally, personal loans will likely be impacted the same way credit cards are. Rates on personal loans tend to be higher than other products (as they’re normally unsecured) so you could start to see an increase in rates, but also more banks offering variable rate personal loans that are tied to the Fed’s rate increases.

Savings Account Rates Will Go Up (Finally)

An increase in the federal funds rate means an increase in rates on products like savings accounts, money market accounts, and CDs. Historically, these types of savings vehicles haven’t even been able to keep up with inflation, so keeping money in a savings account is like losing money (from an investment perspective).

Now we may start to see things change. If you’re a saver, plan to pump up your savings as much as you can, and feel comfortable moving more money into a standard savings account. You may also begin to see CDs as a realistic investment option for your portfolio again. 1-year CDs, for example, haven’t given a return above 1% since 2009. Now don’t expect rates to skyrocket and replace a typical investment strategy, but you can feel confident that by the end of this year rates will be creeping toward a respectable rate.

There are other impacts to this as well, specifically in areas with a lot of retirees. People living off of interest (like retirees living off of their nest egg) will see an uptick in their income, and thus their disposable income. From an economics perspective, this would indicate those people would spend more money, and thus continue to improve the local economy. While it’s just economics and may not be representative of all areas, if you’re in a high-retiree area, you may start to see signs of economic improvement.

New Investment Options to Consider Again

With rates increasing for borrowers, it may become less viable to secure funds through a traditional loan. This opens the door for increased profits on things like peer-to-peer lending. While still a riskier and less traditional investment option, peer-to-peer lending can be a good supplement to your existing portfolio.

Investors may also begin to consider adding more bonds to their portfolio. While bonds tend to react slower and in line with long-term economic growth, it may be worth considering adding more to your portfolio. There are mixed opinions on this, so do your research before making a big adjustment.

If you’re not the DIY type, one of the best ways of taking advantage of the fluctuating interest rate environment is by investing with a robo advisor. A good robo advisor will invest your money for you at a small percentage of the fees charged by traditional advisors. Our favorite robo advisor on the market today is Personal Capital, which sports a simple, clean design and has a proven track record for financial growth. See more about why we like Personal Capital in our detailed review.

Bottom Line

This is the eighth rate increase in three years, and with a fourth increase projected this year, it’ll top the three that went into effect last year. Raising rates is a balancing act, though. If the Fed does it too quickly, it could stifle economic growth. I would still expect another increase this year, however.

Overall, if you’re borrowing money, you’ll see a minor impact on your monthly interest. If you’re looking for new loans–such as a mortgage or auto loan–expect to pay more than you would have in the last two years. If you’re saving, you can expect to benefit from the increase–both with savings accounts and long-term products like Certificates of Deposit (CDs).

Finally, from a high-level economic perspective, an increase (and so many consecutive increases) in the federal funds rate, combined with low unemployment and the Fed’s confidence in a 2% inflation rate, is indicative of a strong economy. You should be paying down your debt and putting more into savings while this is happening. That’s where you’ll see the biggest impact on your financial position.

Topics: News

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ARIIA by Azora in the Norquay Village

ARIIA by Azora Group is a new townhouse development located in the Norquay Village, East Vancouver. This project will offer a collection of 10 two and three bedroom beautiful townhomes for the modern family, situated in a serene tree-lined setting. ARIIA offers a stellar location with easy access to other cities from the nearby skytrain station, or arrive at Downtown Vancouver in just 15 minutes by car. Recently there have been community enhancements, including bike routes and public spaces such as Slocan and Norquay Park, as well as the community fruit orchard.

The post ARIIA by Azora in the Norquay Village appeared first on Vancouver New Condos.

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ARIIA by Azora in the Norquay Village

ARIIA by Azora Group is a new townhouse development located in the Norquay Village, East Vancouver. This project will offer a collection of 10 two and three bedroom beautiful townhomes for the modern family, situated in a serene tree-lined setting. ARIIA offers a stellar location with easy access to other cities from the nearby skytrain station, or arrive at Downtown Vancouver in just 15 minutes by car. Recently there have been community enhancements, including bike routes and public spaces such as Slocan and Norquay Park, as well as the community fruit orchard.

The post ARIIA by Azora in the Norquay Village appeared first on Vancouver New Condos.

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Average FICO Score Reaches All-Time High

Did your credit score increase this year? It did for the average American. What does this mean for consumers and for the economy? We’ll tell you our thoughts on this below.

Americans are getting better at managing their credit.

At least that’s what a new report from FICO would indicate, as the average FICO score for Americans has reached 704, a 4 point increase from last year.

That’s an all-time high.

But why did this happen, and what does it mean for consumers? What does it mean for the economy?

I’ll explore all of that in this article, as well as provide you tips and tricks for increasing your credit score right away.

Possible Reasons for the FICO Score Increase

There are a number of reasons why the average FICO score has increased so significantly. Here are a few:

People know more about their credit and how to raise their score

According to Ethan Dornhelm, FICO Vice President of Scores and Predictive Analytics, people know more about their credit and how to raise their scores than they did in the past. In fact, myFICO has an entire blog dedicated to teaching people more about their credit.

For example, did you know that your FICO score can affect your ability to get an FHA loan? Author Rob Kaufman outlines the details in this article and tells us facts like you need at least a 580 credit score to qualify for the desirable 3.5% down payment.

I found that information within minutes of beginning research for this article. That’s just an example of the type of information about credit that has become easily accessible and right at our fingertips.

Lenders are being more cautious

Because of the recession years ago, lenders have become more cautious when loaning money to consumers. Recent data gathered by LendingTree shows us that in the 10 years that have passed since the start of the Great Recession, lenders have become increasingly more cautious–specifically with home loans. The article states that “although there are some issues with an adequate housing supply, in general, mortgage lenders are relatively strict about to whom they will lend, and for what amounts.”

Just a year ago, Kevin Graham of Quicken Loans wrote about how it’s more difficult for millennials to buy a home than it was in the past. This is partially due to the increased credit guidelines for lending.

This increase in strictness from lenders raises the barrier to enter into the mortgage market, filtering out less responsible borrowers. In turn, this will cause borrowers who don’t qualify to buckle down and increase their credit scores–thus impacting the overall rise in average scores across the country.

A new policy removed civil judgments

Earlier this year, the three major credit reporting agencies–TransUnion, Equifax, and Experian–said that approximately 50% of all tax liens and almost all civil judgments were removed from consumers’ credit reports. According to CNBC, “the new rules come following a study by the Consumer Financial Protection Bureau that found problems with credit reporting and recommended changes to help consumers.”

This was a huge win for consumers– many who saw a change in their credit score anywhere from 10 to 30 points. While not everyone saw a big impact, Zack Friedman of Forbes noted that consumers with weaker credit could experience a higher impact.

People are becoming more responsible with their credit

The American Bankers Association defines a delinquency as a late payment that is 30 days or more past due. The 15-year average for this rate is 2.14% on installment loans and 3.56% on credit cards.

While both rates saw a slight uptick in the first quarter of the year, both rates are still well below their 15-year averages. According to the ABA, the end of the first quarter of 2018 showed a 1.73% delinquency rate for installment loans and a 3.06% delinquency rate for credit cards.

James Chessen, the ABA’s Chief Economist was quoted as saying that “bank card delinquencies have been near historical lows for five years as consumers have done a great job managing their levels of debt,” and that “the ratio of credit card debt to disposable income remains low and is nowhere near pre-crisis levels.”

People are repaying their debt

This is kind of a good news/bad news situation, depending on how you look at it. In April of this year, New York Post reported that Americans owed more than $930 billion in credit card debt. That’s a LOT of debt.

However, a study done by WalletHub showed that Americans paid off nearly $41 billion of that in the first quarter of 2018. This was the second largest amount paid off in a quarter by Americans–ever. That’s the good news. The bad news is that we proceeded to add about $30 billion back to the overall debt in the second quarter, which still puts us at a net reduction for the year so far.

While this number will always fluctuate, the fact that we’re focusing on paying off our debts is a good thing. And the fact that we added more debt in the second quarter can mean a number of things. For example, when you think about the points I made above, we may be becoming more responsible with our credit and able to manage that debt better down the road.

We have fewer collections

A collection account can pop up on your credit report at any time and for any reason. When it’s a true collection, it means you haven’t paid something that you owe and the creditor has hired a collection agency to get as much back as they can. In most cases, lenders will sell off the debt to collection agencies, but I digress. The good news is, only 23% of Americans had collection accounts on their credit reports in 2018–down 5% over the past three years.

Low scores are down and high scores are up

According to the Chicago Tribune, FICO scores ranging from 300 to 499 are down over 3% in the past 9 years, while scores ranging from 500 to 549 are down nearly 2% over the same time period. In addition, the percentage of consumers with scores under 650 dropped over 6% since 2009. This may not seem like a lot, but when you consider that 2% of the American population is over 6 million people, it’s a big deal. On the other side of the coin, Americans with high-end scores have increased. Currently, more than 1 in every 5 Americans has a credit score over 800, while 42% have a score between 750 and 800.

What Does this Mean for Consumers?

The change to the average FICO score does impact consumers, particularly in the way they behave with spending, saving, and borrowing.

They’ll save money with better rates

As credit scores increase, available rates begin to decrease. It’s simple, really–the better your credit score, the better rate you’ll get on loan products such as credit cards and home loans. This, in turn, will allow consumers to save even more money.

Here’s a great example. As of this writing, the average APR for a 30-year fixed rate mortgage loan is 4.876%. Let’s say that is for the best credit scores. We’ll assume you have a lower credit score of 675 and you get a rate of .5% higher–so 5.376%.

The difference in what you’ll pay over the course of 30 years is shocking. On a $300,000 loan at 5.376%, you’ll pay $304,836 in interest (yikes!). By simply having a better credit score and getting a .5% lower rate (4.876), you’d pay only $271,610 in interest–a difference of over $33,000. Now, we’re looking at HUGE dollar amounts that you’ll pay in interest–so in the grand scheme of things you may not think $33,000 is that big of a difference, but for some people, that’s an entire year’s salary. It pays to have a better credit score–as you can see, you’ll save money in the long run.

They’ll spend more

When lower rates become available with better credit scores, consumer spending habits tend to change. As I stated above, lower rates will entice consumers to wait and take on lower rates as they become available, saving them money. But where does this “extra money” go? In many cases–spending.

There is a Keynesian economic theory called Marginal Propensity to Consume (or MPC), which basically states that as our income increases, so does our spending (our “propensity to consume”). For example, if you get a $1,000 bonus, you now have an extra $1,000 you didn’t have before. You can choose to spend that money or save that money. The money you spend is your marginal propensity to spend, while the rest is your marginal propensity to save. So if you bought a $400 espresso machine (yeah – that’s a real thing people buy now), your marginal propensity to spend is .4 (400/1000), while your marginal propensity to save is .6 (the remainder; 600/1000).

Nerdy economics aside, the theory is often correct in that we tend to spend more when we have more to spend, or when lower rates become available. As J.B. Maverick of Investopedia states, “if rates are already at very low levels, however, consumers will usually be influenced to spend more to take advantage of good financing terms.”

What Does this Tell Us About the Economy?

Consumers are impacted, but so is the economy. While the FICO score increase didn’t necessarily change these factors, it’s yet another sign that we’re headed in the right direction. Here are some of the economic impacts we’ve already seen:

Consumer confidence is up

Consumer confidence is a catch-all metric that measures how consumers feel about the economy–both current and future state. The indicator used can help predict things like future spending patterns in the economy (more on this below).

Consumer confidence just hit an 18-year high this month. Harriet Torry of the Wall Street Journal says that this is “a positive indicator for spending going into the holiday shopping season, as robust job growth and a strong economic outlook bolstered Americans’ expectations for the future.”

Unemployment is down

In addition to consumer confidence going up, the unemployment rate is decreasing. While youth unemployment hit a 52-year low, overall unemployment reached a tie for the lowest unemployment rate since 1969. As this rate declines, more consumers are employed, which directly impacts the economy. When more workers are employed, their families gain wages. This, in turn, increases the number of goods and services produced, which increases the number of goods and services consumed as purchasing power increases, causing somewhat of an economic ripple effect, leading to my next point.

Shopping will hit record highs this year

These factors are expected to increase household spending this year rather significantly. Household spending accounts for about 70% of the U.S. economy. Per Deloitte’s annual retail sales forecast for the holiday season, retail sales are expected to grow between 5 and 5.6% from a year ago, saying that holiday retail sales could top $1.10 trillion this year.

What Credit Score Should Consumers Aim to Have?

Consumers should aim to have a credit score of at least 700. Credit reporting agency Experian backs this up by saying “for a score with a range between 300-850, a credit score of 700 or above is generally considered good.” A score of 800+ is considered excellent, while most credit scores range from 600 to 750.

Tips on Increasing Your Credit Score

There are many ways you can go about increasing (and maintaining) your credit score. First, here are five tips that the Consumer Financial Protection Bureau (CFPB), a government agency, gives on getting and keeping a good credit score:

1. Pay your loans on time, every time – your payment history accounts for 35% of your FICO score, so making sure that you’re paying on time is critical.
2. Don’t get too close to your credit limit – credit utilization rate is another factor that impacts your credit score so be sure to not use too much of your available credit.
3. A long credit history will help your score – your length of credit history will impact your score, so the longer average credit history you have, the better.
4. Only apply for the credit that you need – hard pulls on your credit will hurt your score, so you should only apply for credit that you actually need and will use immediately.
5. Fact-check your credit reports – mistakes happen, but so do errors on your credit report, so you should always check your credit to make sure everything is in order and there are no negative marks on your credit report that shouldn’t be.

Furthermore, we at Dough Roller have put together several guides on this topic for you go to even deeper with:

• How to Build Credit When You Are Just Starting Out (the Smart Way)
• Credit Reports vs. Credit Scores: Do You Know the Difference?
• 11 Simple Ways to Improve Your Credit Score Today

You can also check out our archives on credit to read even more articles on this topic.

How Often Should You Check You Credit Score?

Consumers should check their credit reports at least once a year, but an even better strategy is to space them out three times year. Since you’re entitled to one free credit report from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) each year, a sound strategy is to pull one of them every four months. That way you’re keeping regular tabs on your credit.

Remember, though, that by doing this you’ll simply get a copy of your credit report–which won’t contain any additional information, such as your credit score or tips for improving your credit. A better option might be getting a free copy of your credit report from places like myFICO, Credit Karma, or Credit Sesame. Each of these vendors offer unique perks that help you monitor and improve your credit quicker and more efficiently.

Bottom Line

The average credit score increasing to 704 has a lot of downstream impacts, as you can see. But it also indicates a sign of bigger economic improvements. If you haven’t reached the 704 mark yet, don’t worry. Buckle down and use the tips I referenced above to get your credit score up, then you can start taking advantage of better rates and saving more money on your borrowing needs.

Topics: Credit

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NUDE by Battistella in Calgary

NUDE by Battistella is a new 18-storey highrise condo development located in Calgary’s most dynamic neighbourhood, the West Beltline. This project will offer 177 homes, sizes range from 400 sqft to 800 sqft. Inspired by timeless architecture, NUDE reflects a considered aesthetic where symmetry and articulation combine to create a simple and calm elegance.

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NUDE by Battistella in Calgary

NUDE by Battistella is a new 18-storey highrise condo development located in Calgary’s most dynamic neighbourhood, the West Beltline. This project will offer 177 homes, sizes range from 400 sqft to 800 sqft. Inspired by timeless architecture, NUDE reflects a considered aesthetic where symmetry and articulation combine to create a simple and calm elegance.

The post NUDE by Battistella in Calgary appeared first on Vancouver New Condos.

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Duchess & Horley Townhomes

Duchess & Horley by Baron Projects and Priivan Development Group is a new townhouse development located in Vancouver. This location is fantastic with Vancouver’s ONLY mandarin elementary school directly across the street and the 29th Ave. Sky Train station only a few blocks away. This project will offer 6 units, sizes ranging from 995 – 1196 sq ft. with 3 bedrooms + flex.

The post Duchess & Horley Townhomes appeared first on Vancouver New Condos.

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Duchess & Horley Townhomes

Duchess & Horley by Baron Projects and Priivan Development Group is a new townhouse development located in Vancouver. This location is fantastic with Vancouver’s ONLY mandarin elementary school directly across the street and the 29th Ave. Sky Train station only a few blocks away. This project will offer 6 units, sizes ranging from 995 – 1196 sq ft. with 3 bedrooms + flex.

The post Duchess & Horley Townhomes appeared first on Vancouver New Condos.

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{#TransparentTuesday} Back Pain & Body Image

I turned my head, and immediately felt a familiar lightening bolt of white-hot pain shoot down into my fingertips.

I had been struggling with debilitating neck and spine pain for the better part of a year when my bodyworker (an angel disguised as a human whose name I will gladly pass along to anyone in need of healing bodywork in NYC) recommended a book that forever changed my life.

My doctor had diagnosed me with herniated disks, even though that didn’t technically explain my symptoms, and the muscle relaxers/physical therapy combo he prescribed didn’t help for shit.

When I started reading Healing Back Pain: The Mind-Body Connection, by John Sarno MD, something really clicked.

Dr. Sarno proposed that the rise of chronic inexplicable back pain in our culture is often actually a cover-up for repressed emotional pain. He started by pointing out that western medicine can’t really explain what’s wrong most of the time people have chronic back pain, because it’s not actually structural.

Faced with not knowing why people are in pain, doctors tend to hand out diagnoses like mine, which are vague and irrational. Plenty of people have herniated disks without pain, after all. Plus, despite my disks still being herniated now, I’m no longer in pain– so clearly the disks weren’t directly causing the pain.

Ok so maybe it’s not structural, but something is going on, right? Otherwise why would so many people be in excruciating chronic pain?? (And no, it’s definitely not all in their heads.)

In a gross oversimplification of the book, Dr. Sarno suggests that maybe our bodies create physical pain as a way of distracting from, or expressing, emotional pain.

“There’s nothing like a little physical pain to keep your mind off your emotional problems,” he says.

I had never before heard a doctor connect emotion pain to physical pain in this way, or to call our most common physical ailments distractions. It felt like the most daring, truthful, and revolutionary thing I’d ever read.

Not only did Dr. Sarno’s work help me personally, but in many ways his ideas set me down the path I walk now (pain-free, I might add) toward understanding how we relate to our bodies, and what we need in order to heal, forgive, accept, and embrace our bodies.

“It is perfectly acceptable to have a physical problem in our culture, but people tend to shy away from anything that has to do with the emotions.” –John Sarno, MD

What I’ve come to understand is that the human experience is painful, but we each need to feel valid and justified in our pain and suffering. It would be far too unbearable to suffer for a reason that makes us feel even more isolated and alone than we already do, so the brain protects us by connecting us to others in our suffering. Since our suffering is shared by many it feels perfectly valid, and it comes with the added bonus of being easily understood and sympathized with.

If you tell a co-worker “my back is killing me,” they relate to you instantly and might offer you a moment of delicious connection by sharing their own back pain story.

If, on the other hand, you tell a co-worker “I’m struggling with the existential pain of not living in alignment with my purpose,” you’re probably not gonna get much in the way of connection or understanding.

We humans are a tribal people, and connection with others is pretty much the root of all our longings. We also happen to live in a culture which categorizes mental and emotional pain as somewhere between “imaginary” and “proof of a character flaw.” This same culture glorifies tangible and scientific-sounding pain like “herniated disks.”

Growing up, we all learn which kinds of suffering are real and valid and normal, and that information helps our body make decisions about the kind of suffering we will experience.

In my coaching practice I see this play out in a slightly different way.

Our unexamined or abstract emotional pain gets projected onto areas of suffering that feel tangible and valid, right? Well for women, as you can imagine, that often means “feeling fat” and obsessing over her flaws, food, weight, and body.

Why? Because, like back pain, we as a culture have decided these topics are real, valid, and acceptable reasons for a woman to suffer.

The deep emotional stuff, like feeling unsafe, sad, angry, lonely, or disconnected are considered too personal or inappropriate. You’re supposed to get over that shit, think positive, stop complaining, and be “morally strong enough” to not feel those things.

But “feeling fat?” You can complain about that all day, and everyone will understand.

If we want a better relationship to our bodies, we need to shift the way we relate to our suffering, and recognize that body image issues are just a stand-in, a distraction, a representative of, or a cover-up for deep emotional pain– and then we need to start talking about that deep emotional pain.

Interestingly, while many men feel dissatisfied with their body or appearance, it’s not typically considered “acceptable” for them to complain about it or struggle with it. Since body insecurities are considered “feminine,” their body issues aren’t validated the way they are for women. A man saying “I’m feeling fat lately” at a party might be considered just as jarring and inappropriate as a woman sharing “I’m feeling lonely and sad lately.”

That said, it depends on your community and identity. A male ballet dancer, for example, might develop an eating disorder because the unique social messaging about the “right” kind of body for a dancer makes it normal and valid to do so, and because everyone in his community would understand and relate to his body image issues.

We want to be seen and connect, as much as we want to fit in and be normal, even (or perhaps especially) in our suffering. In order to do this, we naturally use only the topics and language that’s considered valid and acceptable by our chosen community.

A great example would be men who connect with each other by projecting their collective emotional experience onto sports, which is considered a safe and appropriate context for conventionally masculine men to be sad, angry, afraid, or joyful.

For most women, it means sharing comments that reveal our dissatisfaction with our bodies, with statements like: “those cupcakes look amazing, but I’m trying to be good,” or “I wish I could pull off a dress like that but with my hips it wouldn’t be cute.”

Is it any wonder our relationship to our bodies is so complicated? Our body becomes the scapegoat for our suffering, so that we can still get our deepest desire met– to connect with others.

I’d love to see a world in which we all validate emotional pain as much as we validate body image issues

— a world in which we can all be honest (with ourselves and each other) about what really hurts, and don’t need to concoct elaborate smokescreens for our pain.

Yours in vulnerability and truth,
<3
Jessi

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Earnin App Review – Is it a Better Alternative to Payday Loans?

Uber Visa Card Review – Up to 4% Cash Back

What is Tax Form Schedule EIC?

If you’re a wage earner but not making much money, you might qualify for a tax credit and you’ll need tax form schedule EIC to get it. We’ll tell you about qualifying for the credit and what to expect before filling out Schedule EIC.

The Earned Income Tax Credit (EITC) is a tax credit that helps offset the cost of Social Security taxes for low-wage earners. For those who don’t make much money, Social Security taxes can be a hefty chunk of their income. The EITC helps them recoup some of those losses come tax time.

If you qualify for the EITC, you’ll need to fill out tax form Schedule EIC and attach it to your form 1040 or 1040A. When you file your taxes by hand, you’ll need to print off Schedule EIC separately, and then fill in the information it gives you on your 1040 form. But if you use a tax filing software like TurboTax or H&R Block, the software will let you know if you qualify for the EITC. It will then gather your information and fill out Schedule EIC for you.

But how do you know if you should look into this form, or if you might qualify for the EITC? Here’s what you need to know.

Qualifying for the EITC

The basic requirements for the EITC are:

• You must be a U.S. citizen or a full-year resident alien with a valid Social Security number
• You must have earned income from the year (including wages, salaries, or even income from self-employment)
• But you must also meet the EITC income limits for your family size
• You must not be a dependent on someone else’s return
• You must not be married filing separately
• You must not have more than $3,450 in investment income (for 2017)

If you meet these qualifications, you can move on to see if you meet the income qualifications for the EITC. Keep in mind that the income restrictions, as with most tax-related restrictions, change on an annual basis.

EITC Qualifying Income

For 2018, the EITC income limits are as follows:

Filing Status	No Children	One Child	Two Children	Three or More Children
Single, Head of Household, or Widowed	$15,270	$40,320	$45,802	$49,194
Married Filing Jointly	$20,950	$46,010	$51,492	$54,884

Remember, these limits are for your adjusted gross income, not your total gross income. So the EITC is calculated after some of the work you do on other tax forms like Form 1040, which give you your adjusted gross income for the year.

EITC Amount

The EITC is a valuable credit, especially when combined with other deductions like the ones you get for having children. The total credit amount slides based on your income. The closer you are to that year’s limit for your family size, the smaller your EITC amount will be. The maximum credit amounts for 2018 are:

• $6,431 with three or more children
• $5,716 with two children
• $3,461 with one child
• $519 with no children

Keep in mind that to count children on your EITC form, they must be qualifying children. This means they must be your son, daughter, adopted child, stepchild, foster child or descendent of one of these children (such as a grandchild). Or they must be your sibling (half and step siblings also qualify) or a descendant of a sibling. The child must also:

• Be younger than both you and your spouse
• Be younger than 19 or younger than 24 and a full-time student or be of any age but be totally and permanently disabled
• Have lived with you and your spouse in the United States for more than half the year
• Cannot be claimed by another taxpayer

What’s on Schedule EIC?

If you think you could qualify for the Earned Income Tax Credit, you’ll want to work through Schedule EIC. It includes a variety of information on your children, including:

• Children’s names and Social Security numbers
• Children’s dates of birth
• Children’s current age and disability status
• Children’s relationships to you
• Number of months the child lived with you

Schedule EIC doesn’t actually calculate the amount of the credit for you. It just collects the information needed on your qualifying children. You’ll have to follow the instructions on form 1040 or 1040A to actually calculate the credit.

One thing to note: You don’t have to put more than three children on Schedule EIC even if you have more than three. The credit amount caps out at three children, so you won’t get more for adding additional children. If you have only one or two qualifying children, you put only their information on the form. If you have three or more, you can just stop at three.

Filing Schedule EIC

As with everything regarding your taxes, it’s important to file yours with all the correct forms. And this also goes for the EIC. You might think that you don’t need to fill it out, since you enter dependent information elsewhere when filing your taxes. However, the IRS notes that not returning this form with your taxes could delay the filing and fulfillment of your taxes. So it’s best to just fill out the form and send it in.

Again, most tax software options will allow you to fill out the EIC form when needed. In fact, if you qualify for the EITC, you are likely to qualify for free file programs available from a variety of tax software companies.

Topics: Taxes

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2030 Barclay in downtown Vancouver’s West End

2030 Barclay by Marcon Developments is a new 10-storey concrete building development located in downtown Vancouver’s West End. This project will offer 14 2-bedroom, five 3-bedroom homes, ranging in size from 1,661 sqft – 2,341 sqft. Conveniently situated just a half block from the outstanding Stanley Park, and within walking distance to numerous restaurants and shops along Denman and Robson streets, 2030 Barclay is an exceptional example of Vancouverism.

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2030 Barclay in downtown Vancouver’s West End

2030 Barclay by Marcon Developments is a new 10-storey concrete building development located in downtown Vancouver’s West End. This project will offer 14 2-bedroom, five 3-bedroom homes, ranging in size from 1,661 sqft – 2,341 sqft. Conveniently situated just a half block from the outstanding Stanley Park, and within walking distance to numerous restaurants and shops along Denman and Robson streets, 2030 Barclay is an exceptional example of Vancouverism.

The post 2030 Barclay in downtown Vancouver’s West End appeared first on Vancouver New Condos.

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644 Como Lake in Coquitlam

644 Como Lake by Woodbridge Properties is a new condo development located in Coquitlam. This project will offer 116 market condominiums, sizes range from 539 sqft – 1,156 sq ft. By choosing to live at 644 Como Lake, you’ll appreciate the growing value of this burgeoning community and the convenient mobility offered by Skytrain’s Evergreen Line.

The post 644 Como Lake in Coquitlam appeared first on Vancouver New Condos.

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644 Como Lake in Coquitlam

644 Como Lake by Woodbridge Properties is a new condo development located in Coquitlam. This project will offer 116 market condominiums, sizes range from 539 sqft – 1,156 sq ft. By choosing to live at 644 Como Lake, you’ll appreciate the growing value of this burgeoning community and the convenient mobility offered by Skytrain’s Evergreen Line.

The post 644 Como Lake in Coquitlam appeared first on Vancouver New Condos.

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PurePoint Financial Review – Earn Higher Rates On Your Savings

Vista Green at The Falls in Chilliwack

Vista Green at The Falls by Kerkhoff Construction is a new collection of 66 duplex-style townhouses development located in Chilliwack. You’ll enjoy stunning views of the golf course, Fraser Valley and mountains, as well as the convenience of having shops and services a short drive away. Surrounding you is the beauty of nature and an abundance of recreational opportunities. It’s like being on vacation every day. And for those who like to travel, you can lock up and leave with complete peace of mind.

The post Vista Green at The Falls in Chilliwack appeared first on Vancouver New Condos.

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Vista Green at The Falls in Chilliwack

Vista Green at The Falls by Kerkhoff Construction is a new collection of 66 duplex-style townhouses development located in Chilliwack. You’ll enjoy stunning views of the golf course, Fraser Valley and mountains, as well as the convenience of having shops and services a short drive away. Surrounding you is the beauty of nature and an abundance of recreational opportunities. It’s like being on vacation every day. And for those who like to travel, you can lock up and leave with complete peace of mind.

The post Vista Green at The Falls in Chilliwack appeared first on Vancouver New Condos.

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3535 Princeton in Coquitlam

3535 Princeton by Nordel is a new townhouse development located in Coquitlam. This project will offer 27 executive townhomes with rooftop patios that provide a rare opportunity to enjoy outdoor entertaining from the privacy of your own home. Bordering Burke Mountain Creek and a protected green space, family living is made easy with 3, 4 & 5 bedroom townhomes boasting between 1,370 to 2,523 square feet of open living space. Within close proximity to the convenience of city life, this is a home for those who value living in a natural setting.

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3535 Princeton in Coquitlam

3535 Princeton by Nordel is a new townhouse development located in Coquitlam. This project will offer 27 executive townhomes with rooftop patios that provide a rare opportunity to enjoy outdoor entertaining from the privacy of your own home. Bordering Burke Mountain Creek and a protected green space, family living is made easy with 3, 4 & 5 bedroom townhomes boasting between 1,370 to 2,523 square feet of open living space. Within close proximity to the convenience of city life, this is a home for those who value living in a natural setting.

The post 3535 Princeton in Coquitlam appeared first on Vancouver New Condos.

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Hudson & Singer in Langley

Hudson & Singer by Tridecca Developments is a new 6 storey condo development located in Langley. This project will offer 152 units, sizes range from 495 sqft to 1262 sqft. Residents will have exclusive access to the Avondale Room – a fully equipped theatre and lounge, perfect for watching the game or entertaining with friends, featuring luxurious furnishings, a full kitchen, coffee bar and patio area. 

The post Hudson & Singer in Langley appeared first on Vancouver New Condos.

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Hudson & Singer in Langley

Hudson & Singer by Tridecca Developments is a new 6 storey condo development located in Langley. This project will offer 152 units, sizes range from 495 sqft to 1262 sqft. Residents will have exclusive access to the Avondale Room – a fully equipped theatre and lounge, perfect for watching the game or entertaining with friends, featuring luxurious furnishings, a full kitchen, coffee bar and patio area. 

The post Hudson & Singer in Langley appeared first on Vancouver New Condos.

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Akimbo in Burnaby

Akimbo by IMANI Development is a new 40 storey mixed-use highrise development located in Burnaby. This project will offer 350 units, sizes range from 460 sqft to 1405 sqft. Akimbo stands for self-expression – a bold assertion of modern design the likes of which Brentwood has never seen. A strong, uniformly-designed single tower, while coming alive with an organic sense of movement. Akimbo means you’re not settling for anything less than exceptional.

The post Akimbo in Burnaby appeared first on Vancouver New Condos.

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Akimbo in Burnaby

Akimbo by IMANI Development is a new 40 storey mixed-use highrise development located in Burnaby. This project will offer 350 units, sizes range from 460 sqft to 1405 sqft. Akimbo stands for self-expression – a bold assertion of modern design the likes of which Brentwood has never seen. A strong, uniformly-designed single tower, while coming alive with an organic sense of movement. Akimbo means you’re not settling for anything less than exceptional.

The post Akimbo in Burnaby appeared first on Vancouver New Condos.

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Union Living in Coquitlam

Union Living by Square Nine Developments is a new 19 storey condo and townhouse development located in Coquitlam. This project will offer 102 market condominiums & townhomes. Union is a walk to the main SkyTrain interchange station, connecting Coquitlam to all major areas of Metro Vancouver via the Evergreen and Millennium Lines. You will always be connected.

The post Union Living in Coquitlam appeared first on Vancouver New Condos.

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Union Living in Coquitlam

Union Living by Square Nine Developments is a new 19 storey condo and townhouse development located in Coquitlam. This project will offer 102 market condominiums & townhomes. Union is a walk to the main SkyTrain interchange station, connecting Coquitlam to all major areas of Metro Vancouver via the Evergreen and Millennium Lines. You will always be connected.

The post Union Living in Coquitlam appeared first on Vancouver New Condos.

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Real Estate Crowdfunding with Fundrise

{#TransparentTuesday} Dealing With Sales Pitches

I’ve received a few responses to my Tuesday emails saying I’ve “gotten a bit salesy” lately, which is something
I find very interesting– and worth addressing.

My Tuesday emails are always an honest reflection of whatever I’m thinking about week to week, which makes them really easy to create because I’m constantly reading, learning, and thinking about topics relevant to body image, gender, self-esteem, social justice, and sexuality.

Sometimes I have a million things I want to write about, and I try to choose the one that’s most relevant to my audience. Other times I’m occupied with one idea, and simply have to write about it.

I recently began a 3 month mastermind program on ethical marketing and branding, which is undoubtedly why my attention (reading, writing, and learning material) has been drawn toward exploring things from a “salesy” perspective. It’s an honest reflection of what I’m thinking about lately!

What interests me though is what this “salesyness” brings up inside my readers.

I remember years ago, reading the email blasts of a female coach whose work I really admired, and feeling betrayed at the end when it inevitably turned into a sales pitch. Granted, she didn’t write a single email without a sales pitch at the end, so I don’t know why I was so surprised every time, but her writing felt so penetrative and vulnerable. It hooked me deeply, and I would think: ‘this time, she’s going to just let me have this’.

And then… BAM! Every time, it finished with something like “to learn my secrets, click here to buy such and such program” and I felt like she had betrayed me. Eventually I took myself off her email list.

Note: An interesting phenomenon that I find happens almost exclusively with female coaches, is that people expect them to either do their work for free, or for super cheap. I think the idea is that since we’re doing heart-centered work that we believe in, we should just give it away! I believe this has to do with the way we perceive/expect women to be nurturing and selfless caregivers– food for thought.

When I look back on my response to that woman’s newsletter, I’m struck by the fact that it was my stuff, not her stuff. At the time, I was an insecure people-pleaser with no boundaries, and I really loved this woman’s perspective, I respected her as a coach and a person. I wanted to make her happy, and do what she asked, because I wanted her to like me and approve of me.

This made every sales pitch excruciating. It gave me so much anxiety to know that I was letting her down, or not doing what she wanted. I felt like a failure, like if she ever met me she wouldn’t like me or approve of me because I hadn’t bought anything, and the whole thing made me stressed and sad.

The same thing used to happen in stores, when a sales clerk asked me if I needed help, or recommended I get something based on my skin tone or body shape or whatever. I would panic, because how do you say no?? Nine times out of ten I would just flee the store, even if I really wanted something, just because I felt so guilty. (The worst was aggressively haggling sales people, the kind who would throw in extras, or offer me a “special offer” if I bought on the spot. The panic was so intense I would totally leave my body.)

At the time, I was terrified to let people down (or disappoint them, or offend them) by refusing their suggestion or offer. I didn’t know how to stand my ground, so these offers felt like attacks. It royally sucked, and I would never want my readers to feel that way.

That’s why I want to make it very clear that I approve of you, and I like you, and I don’t take it personally if you never buy anything from me.

That said, I don’t pay for advertising, so the only way people find out about the resources I offer is when I directly tell you about them via email or social media. These programs and resources help people who need them, so on a regular basis I need to be mentioning that they exist– so that the people who need them can find them!

I create programs because I recognize that this body confidence and self-worth shit is complex, and it requires that we go way more in-depth than a weekly email can ever take us, and I do private coaching because having someone listen and compassionately hold space as you unpack your deepest shame and fear has the power to change your life.

Despite the fact that I regularly make offers though, I don’t think you suck, or are failing, if you don’t buy.

Unfortunately there’s no way to know exactly which people will need which kinds of resources, and when (otherwise I’d be a marketing guru lollll), so I just have to tell everyone! Along with my free content like emails, social media posts and youtube videos, I also make offers for my programs and coaching, and share the details of those offers.

But that doesn’t mean you need to buy them! I wish I had known all this back when salespeople used to cause immense anxiety: it’s always completely valid to say no and not buy anything. Literally, like you don’t even need to justify your choice! If you’re not 100% super psyched and ready to buy something, I don’t want you to buy it.

I’m curious, if any of this resonates with you:

• How much more might you enjoy the free content I share, if you didn’t experience internal resistance to the sales information I sometimes present?
• How much more would you get from my work, if you explored your relationship to saying no when someone makes you an offer?

Let’s try it right now. I invite you to notice your response to this offer, and what feelings come up as you read.

.               .             .

I still have 3 private coaching spots available for the fall!

If you’re interested in working with me one on one (from anywhere in the world!) to heal your relationship to your body, improve your self-worth, and embrace your true nature, apply for coaching here.

.               .             .

How did that feel? Did the offer interest or apply to you? What feelings came up as you read it? Did you feel stressed or anxious? Why, or why not? Did you feel like I would be disappointed in you if you don’t click the link? Did it change the way you felt about this email?

Just notice.

I want all of my readers to feel 100% confident in their own agency and autonomy, and their ability to say no. Learning boundaries and self-advocacy are important parts of cultivating a strong sense of self-worth, so if you feel resistance when I make offers for my programs or coaching, I invite you to explore that.

I can’t (and won’t) stop presenting the information of my paid offerings along with my free content– after all, even the free version of Spotify makes you listen to ads!

If this is a major problem for you, feel free to hit the unsubscribe button. (It’s right at the bottom of the email.) Again, I promise I won’t be offended.

But I encourage you to take this opportunity to examine your relationship to boundaries, sales pitches, and saying no– and please feel free to hit reply and let me know what you think!

In business and love,
<3
Jessi

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Moneydance vs. Quicken – More Than Just Basic Budgeting

One of these tools is better than the other for real estate investors or business owners. Find out which one in our Moneydance vs. Quicken comparison.

Quicken is one of the best known financial management systems available. It’s also one of the most widely used, and commonly reviewed by financial websites. It’s a particularly strong budgeting software, with plenty of features and benefits to make your financial life easier.

But Quicken is hardly alone in the budgeting software space.

One other lesser-known competitor is Moneydance, a budgeting software that’s actually been around for more than 20 years. Moneydance provides many of the functions of Quicken, but also as a few of their own. It can be particularly attractive if you either engage in foreign currency transactions on a regular basis, or if you have one or more foreign-based financial institutions that you work with.

Next, we’ll take a high altitude look at both budgeting software programs, and the specific features and benefits each offers.

About Moneydance

Moneydance is a personal finance and budgeting software tool that allows you to organize and track all your personal financial information. It can accommodate checking, savings, investments and retirement accounts, as well as credit cards and other loan accounts on the same platform.

The software is offered by an Edinburg, Scotland based company, The Infinite Kind, and was first launched in 1997.

The software enables you to automatically download your financial transactions for multiple accounts. Then it sorts your transactions by income or expense category. The software uses charts and graphs, giving you a visual picture of what your financial situation looks like. This can be especially beneficial for those who are visual learners.

Moneydance provides Online Banking. It enables you to access each bank account you have from the same platform. You can also make payments directly from Moneydance.

Other Moneydance Features

The Moneydance Summary – This feature provides you with a summary of everything going on in all of your financial accounts. It will provide you with account balances, payment reminders, and even overdue transactions. From a single page, you can click on an account and go directly to it. That will give you an opportunity to either enter transactions or to reconcile your account.

Payment Reminders – With this feature you can schedule payments and recurring transactions. You’ll be reminded when they come due, so you’ll never miss a payment.

Account Registers – These enable you to either add or delete transactions, or make other edits. It’s setup much like a regular checkbook, but it includes an auto-complete feature to handle recurring transactions.

Graphing Tool – Moneydance makes strong use of visuals. With this tool, you can generate reports to track your income and expenses, and even customize them for your personal preferences. For example, you can set up graphs with any date range or other preferences you have.

Investment Tracking – Moneydance enables you to track stocks, bonds, mutual funds, ETF’s, certificates of deposit, and just about any other type of investment. You can regularly update the value of your portfolio, and even check the performance of individual investments.

The software can be customized to automatically download the daily prices of the investments you’re holding. It can also maintain cost basis computations and even account for stock splits. All of this will be critically important when filing your income tax return.

Foreign Currency Transactions – This capability sets Moneydance apart from other budgeting software systems. It can be a real benefit if you have a foreign-based financial account, or you engage in foreign currency transactions. The software can even handle multiple currencies, and make automatic conversions.

About Quicken

Quicken is one of the primary budgeting software systems available. It provides everything you need for basic budgeting, but it also gives you the ability to create plans to either reduce debt, or increase your savings and investments. Once you sync your financial accounts into the software, you can then import your transactions from each account. Quicken will then categorize them into designated expense accounts.

Quicken comes in four different versions, Starter, Deluxe, Premier and Home & Business. All four offer the following features and benefits (except Quicken Bill Pay):

Budgeting – Quicken enables you to set up realistic household budgets that are based on your spending history. You can create customized goals, as well as plans and reminders for paying current bills. Quicken even forecasts future balances. All information is provided on the platform in real time.

Quicken Bill Pay – Quicken enables you to pay your bills directly from your checking accounts, eliminating the need to do it from individual accounts. This feature is available only on the Premier and Home & Business plans.

Free Credit Score – Quicken provides your VantageScore from Equifax. This is an educational score, and not your actual FICO score, but it will enable you to track the relative level of your credit score. But Quicken only makes this score available on a quarterly basis, not monthly, so don’t give up your free credit score provider just yet.

TurboTax link – Quicken data can be directly exported into TurboTax at the touch of a button. This will simplify your tax preparation substantially, and by itself justify the cost of any plan version you choose. But it will be particularly beneficial to you if you have substantial investments, run a business, or own investment real estate.

Quicken Premium Versions

Quicken offers two premium plans that include all the above features, but are specifically designed for investors and the self-employed. These are the Premier and Home & Business plans.

Both plans offer the following features for investors:

• Track loans, investments and retirement accounts
• Evaluate your investments with Morningstar’s Portfolio X-ray tool
• Compare buy-and-hold options with improved portfolio analysis
• See how your returns compare to market averages
• Track investment cost basis and create Schedule D tax reports
• Make better buy/sell decisions with market comparisons

The Home & Business version offers the above investment features, but adds even more capabilities for small business owners and people who invest in rental real estate. Those capabilities include:

• Categorize and separate personal and business expenses
• Track your business profit & loss and tax deductions
• Run Schedules C and E reports to simplify tax preparation
• Create and email custom invoices and estimates to customers and clients
• Manage lease terms, rental rates and security deposits
• Track outstanding and paid rents
• Add payment links directly to invoices
• Save rental documents directly to the app

The Home & Business plan is perfect for someone who is looking to better manage a small business or investment real estate, in addition to a basic budgeting and financial management software package.

Pricing

Moneydance

Moneydance charges a one-time flat fee of $49.99. Not only does this avoid a monthly service charge, but you can virtually use the software for life. You can pay for the service using MasterCard, American Express, Discover or PayPal. You can even pay with Amazon gift cards.

Once you sign up for the service, they offer a 90-day money back guarantee. If you’re not happy with the software for any reason, you can return it for a full refund.

Quicken

While Moneydance has a single program with a one-time fee that gives you access to the program for life, Quicken offers four different plan levels, each with an annual fee. Pricing for each of the four plans is as follows:

Quicken provides a 30-day money back guarantee if you’re not satisfied with the product you purchase for any reason. But within that time frame, you can also switch from one plan to another that you feel will work better for your needs.

Customer Service

Moneydance

Unfortunately, Moneydance doesn’t offer phone support or live chat. However, they do offer email communication from within the website. Your communication will actually be with the parent company, Infinite Kind, and can be either public or private. (The company is based in Edinburgh, Scotland, so there may be a bit of a delay in communication due to different time zones.)

Quicken

Like Moneydance, Quicken doesn’t offer phone support. But they do offer live chat, which may be almost as good. For more routine questions, they also offer a FAQ page, Common Help Topics and the Quicken Community, where you can probably get most of your questions answered, often from other users.

Synchronization

Moneydance

Moneydance enables you to put your entire financial life on a single platform. Once you link your accounts, Moneydance allows you to automatically download financial transactions from the different institutions. It then organizes the transactions, automatically sorting them into their respective categories.

Quicken

Given how widely Quicken is used, it’s no surprise that it has the capability to be synchronized with more than 14,500 financial institutions. Chances are, any financial institution you’re currently doing business with will already be compatible with the platform.

All you need to do is provide your username and password for each financial institution you want to link. Quicken will securely download and organize the financial information from each account, and will also automatically sort expenses. You have the option to have the information either downloaded automatically, or you can enter it manually.

Accessibility

Moneydance

Moneydance is available for Windows (both 32-bit and 64-bit), Mac and Linux systems. It’s also available for both iPhone, iPad, and iPod touch, as well as Android mobile devices. The mobile app can be downloaded free on Google Play.

Quicken

Quicken is available for your desktop computer, but it also works just as well through its mobile app. It’s available for iPhone, iPad and Android smartphones, and can be downloaded at either the App Store or Google Play.

Promotions

Moneydance

Moneydance is currently offering a free trial, but it’s determined by the number of transactions, and not by the number of days. You’ll have access to the full app, where you can enter up to 100 transactions. Payment is not due until you reach the one-hundredth transaction. This gives you an opportunity to “test drive” the service before paying.

Quicken

Quicken is not currently offering any general promotions.

Summary – Moneydance vs. Quicken

Which budgeting software should you choose, Moneydance or Quicken? Both programs provide basic budgeting and financial management capabilities. Each offers an impressive selection of features and benefits for investment purposes. Either can work well for the person who is primarily interested in budgeting and financial management, but wants to use the same software to track their investments.

Which software stands out above the other really depends on the specifics of your financial situation.

Moneydance shines in the area of international transactions. It’s clearly the better plan if you engage in a significant number of foreign financial transactions, or if you maintain one or more foreign financial institutions. Moneydance not only incorporates those accounts into the platform, but it can also do currency conversions quickly and easily. This may be Moneydance’s primary niche in the budgeting and financial management software space.

Quicken offers one of the most well-regarded budgeting capabilities on the market. They also give you the advantage of being able to choose the plan version that works best for you. It seems to have a slight advantage over Moneydance when it comes to investments. But where it really stands above Moneydance is with the premium Home & Business version. It’s well-suited not only to investors, but also to those who are self-employed.

For example, the ability of the plan to separate personal and business expenses, track income and expenses, run business reports, manage invoices, and in particular, to assist you in the management of investment real estate, is a unique feature of Quicken.

If you’re looking for budgeting software, and you engage in frequent foreign transactions, Moneydance will be the better choice of the two. But if you have a business or you own investment real estate, you’ll definitely want to go with Quicken.

Topics: Money Management

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