7 Top Money Management Apps

Maintaining a balanced budget is crucial to your financial well being. But who has time to sit down, pour over receipts, and come up with a financial plan? Thankfully, technology has given us a much simpler solution: money management apps.

With money management apps, you can track your spending, create budgets, and set financial goals on the go. Click the link below to discover a simple, paperless way to stay on top of your finances. Best of all, most of the apps listed are free!

View the Top 7 Money Management Apps by Clicking Here.

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Top 10 Benefits of Payday Loans

Many people know that payday loans can be used to get quick cash, but few people know exactly how they work or what they should be used for. If you’re curious about payday loans and whether they’re right for your situation, this article will help answer a lot of your questions.

If you are in the midst of a difficult financial situation, you should consider applying for payday loans to help you cover emergency or necessary expenses. Payday loans are small, short-term loans that give you money when you need it so you can pay your bills and avoid the consequences of bounced checks and other late payments. Payday lending institutions exist in every state and can help you get the funds you need when you need them. Following are the top ten benefits payday advances can offer you:

1. Easy to apply and qualify: applying and qualifying for any payday loan or payday cash advance is extremely easy, since the only limitations are that you have sufficient income and have never defaulted on another payday loan in the past.
2. Information security: when you apply for cash loans, your personal and banking information is secure, since payday lending institutions cannot give it to other companies.
3. Fast: filling out an application and receiving a cash advance loan only takes a few minutes, and many payday lenders offer you a one-hour guarantee for receiving your money after they approve you.
4. Flexible: payday loans are short-term, which means you can pay them back easily when you get your next check.
5. Amount: your income limits the amount you can borrow at any given time, which makes it easier to pay loans back when they are due. This helps to prevent the cycle of debt.
6. Legislation: many states have laws in place that protect you from extremely high interest rates and fees, so it is important to know the pertinent laws in your state.
7. Use the money for anything: payday loans generally have no restrictions, which means you can use the money for anything you wish.
8. Convenient: payday lending institutions are often open outside of regular banking hours, which allows you to obtain emergency cash loans at any time. Payday lending institutions also have an online presence, allowing you to apply for loans online.
9. Invaluable for emergencies: because you can often obtain your loan in less than an hour, you can use the money to pay for upcoming bills, pending late fees, and to avoid bounced check fees.
10. Caps on interest rates: most states disallow charging interest rates above a certain percentage and limit the number of application and other fees a payday lending institution can charge.

If you need to avoid late fees or prevent a bounced check fee that can hurt your credit rating, you should apply for payday loans. Payday lending institutions can provide you with cash advances to give you the money you need to deal with any financial emergency. There are many benefits to cash advance loans, and you should keep them in mind when you need financial assistance.

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Who Are Prepaid Credit and Debit Cards For?

After credit and debit card fees were capped in order to avoid overuse and other forms of card abuse, in came the prepaid card — an alternative plastic means of payment that allows banks to collect their profits and fees while allowing users of the prepaid card to bank with their money using only their card.

Cons of Prepaid Cards

It would seem that the prospect of a multi-fee card would be of interest to no one. However, as research has found, most of the fees prepaid cards collect are hidden and more obscure. Most customers are presented with the proposition of no activation fee and convenient reloading. However, research conducted by PEW found that each prepaid card carries anywhere from seven to 15 different fees that range from $0.50 all the way up to $9.95. Many prepaid card companies anticipate that people won’t concern themselves with reading the fine print before signing up for a card.

Pros of Prepaid Cards

Even though prepaid cards have their cons — especially those hidden fees that increase the total cost of the card — there are several instances in which a prepaid card can be a better banking choice. How convenient and useful prepaid cards are for you should be based on a thorough analysis of the conditions of the card before you acquire the service. From the unbanked and underserved to the cautious traveler trying to avoid using their credit card, the prepaid card can be as functional and useful as your preferred choice of credit card.

Is a Prepaid Card Right For Me?

Prepaid cards are not for everybody. However, DailyFinance believes some financial profiles could benefit from what this alternative to credits cards has to offer:

• The Out-of-Control Spender. For people who have already had bad experiences with their credit cards, a prepaid card can serve as a useful and efficient way to budget spending and avoid acquiring new debts. With a prepaid card, you use your own money to buy things with many of the conveniences that a credit card offers, but without the dangerous potential for racking up debt. You, with the help of your paycheck, set your own spending limit.
• The Unbanked. A growing number of Americans either cannot — or simply choose not — to access traditional banking, including regular savings and checking accounts. If you are one of these people, a prepaid card might be right for you. Unlike traditional banking, a prepaid card has fewer requirements to acquire it and therefore can serve practically anyone; all you need is cash. The prepaid card opens the world of plastic payments without worrying about your traditional credit score, banking history, or credit record. However, these advantages come at a price.
• The Traveler. Going away on a trip abroad used to require getting to the bank and exchanging your currency for traveler’s checks so your money would remain safe from theft and only available with your signature and the showing of your passport. Today, credit cards are still a vulnerable target since high credit limits allow thieves to make a bigger profit off of this product. The prepaid card is limited by whatever amount you set on it beforehand and prepaid card providers offer a number of features to those who choose to use this product more often than the alternatives.

Payday Loans vs. Prepaid Cards

Prepaid cards can serve very specific purposes and are a financially savvy choice for certain users. Whether you’re looking to control your spending or eliminate traditional banking products from your life, there are instances when a prepaid card is the better choice. As an aid for emergency funds, however, payday loans provide a more relevant service.

While people can better manage their money using one of these cards, prepaid cards provide no extra funds other than the amount you load your card with. As good as prepaid cards can be for certain financial uses, payday loans are a better solution when facing an unexpected expense or financial emergency. Payday loans can easily be deposited into your personal bank account, covering amounts up to $1,000 if you’re approved.

Thoroughly researching financial products like prepaid cards can easily inform you whether or not the product is right for you. Remember, when it comes to financial products, seldom does one size fit all.

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Back To School Shopping Tips

The new school year is right around the corner, and you may be wondering how to get the supplies your children need without going over budget. From new clothes, shoes, school supplies, and electronics, back-to-school shopping can add up pretty quickly––with parents planning to spend an average of over $600 this school season.

But is there a way to beat the odds and stay on budget? U.S. News Money section thinks so. Check out the article below to learn 14 shopping hacks that can save you some major cash this school year.

If back-to-school shopping is on your to-do list, here are some of the best hacks to keep in mind:

1. Get a little at a time. Carrie Rocha, founder of PocketYourDollars.com, says many retailers rotate through deals every week: One week might feature discounts on pens and the next week notebooks – so smart shoppers can maximize their savings by purchasing the highlighted item that week. By the end of the summer, you’ll have purchased almost everything on your list at a reduced price.

2. Mail in those rebates. Rebates, which typically give money back to shoppers who mail in paperwork after making purchases, often offer the best deal, but you have to put the effort into completing that paperwork, Rocha says. “You have to be honest with yourself about whether you’ll mail it in,” she warns.

3. Wait to buy clothes. Some of the best deals on clothing will come after the first day of school. Consumer finance expert Andrea Woroch points out that denim, boots and light jackets have bigger discounts later on in the fall, which means waiting to buy can pay off.

4. Take advantage of gift card sites. Sites like GiftCards.com make it easy to purchase gift cards at a reduced price, often allowing shoppers to save 5 to 10 percent. “Layer that with your sales, and you’ll get another 5 to 10 percent off everything,” Rocha suggests.

5. Review what you have before shopping. “We go into each of my kids’ rooms and go through their closets. We pull out clothes that don’t fit and take inventory of what we need to buy,” says Tracie Fobes, owner of PennyPinchinMom.com. That way, she avoids doubling up on items that her three elementary-school aged children don’t really need.

6. Take advantage of tax-free holidays. Many states offer tax-free shopping days in August; if your area participates, then it can be a great time to make your school supply purchases.

7. Get the teacher-approved list. Many teachers send lists that specify the items they want their students to have. Fobes says paying attention to details can prevent you from making purchases that your child won’t end up using. Some schools, for example, specify that they don’t want television or movie characters on notebooks.

Another benefit to sticking with non-themed supplies is that your child might not outgrow them as quickly, says Laura Harders, contributor to the U.S. News Frugal Shopper blog and founder of ​BeltwayBargainMom.com. Your 5-year-old might love “Frozen” this year but might move on to a different favorite movie by next year, she warns.

8. Share your budget with your child. You can incorporate budgeting lessons into your shoppingtrips by letting your children know how much you’re willing to spend. If they want more expensive shoes than your limit, they can opt to pay the difference, Fobes suggests. “It helps them to see the cost and know that mom is not a money tree,” she says.

9. Buy extra for others. When Fobes sees big sales, she stocks up on extra supplies so she can donate them to the classroom. A group in your area might help organize this effort; the Kids in Need Foundation is a national nonprofit that facilitates donations. Last year, it distributed $117 million worth of supplies to​ over 4 million children.

10. Take advantage of price matching. Some retailers offer to match lower prices you find elsewhere; Staples is offering a 110 percent​ guarantee, which means customers get an additional 10 percent off the price​, during the back-to-school shopping season. Price-matching programs can help take some of the pressure off parents to run around to different stories. You can focus your efforts on one store and still be sure you’re getting the lowest price, Fobes says.

On the same note, comparing prices online before you leave home can also save you cash, Woroch points out. Using PriceGrabber.com or the ShopSavvy app can help you nab the lowest price. If you’re already at the store, she suggests using the CouponSherpa or RedLaser apps on your phone to compare prices.

11. Coordinate with other parents. Woroch suggests getting together with neighbors who have school-age children to trade gently used clothes, shoes, school supplies and sports gear. Buying secondhand clothes at thrift stores or online consignment stores like ThredUp.com is also a less expensive option than purchasing new clothes, she adds. “I find parents overlook the opportunity to purchase gently used kids clothing, but considering children grow so quickly, it seems like a waste of money to buy new clothes,” she says.

12. Look for refurbished electronics. The secondhand approach applies to electronics, too. If you buy previously owned laptops, smartphones and desktops, you can save up to 40 percent, and most come with a warranty​, Woroch says.

13. Don’t forget dinner. As the new school year begins and your family settles into a routine, Harders recommends planning on making homemade meals. “Another big way to save is to eat out less … challenge yourself to make more homemade lunches for your kids and yourself,” she says.

14. Consider the rest of your shopping needs, too. Since back-to-school deals often include household items such as bedspreads and comforters for college students, Rocha recommends buying those items now if you have a spare bedroom that needs to be furnished. Even those who aren’t prepping for going back to school can benefit from the discounts.

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