Tag: Automation

 

New Year’s Prep: Give Your Bills a Makeover

New Year’s resolutions get all the glory when it comes to planning out next year’s money. But, we’d like to highlight another less-talked-about way to help your money situation in the new year: lowering your bills.

The beauty of going this route is that you just have to make the switch to a cheaper option once, and then reap the savings month after month. Remember, though — savings are only really savings if you actually…well…save that money instead of spending it on something else.

It’s easy to think of bills as a fixed expense that you can’t change. But, believe me — you can. Don’t think it’s possible? Here are three different money-saving apps and websites you can use to give your bills a fresh makeover before the new year starts.

Bill Shark

Believe it or not, it’s totally possible to negotiate your bills. It can also suck to try to negotiate better deals.

We get it: Not everyone is comfortable playing the negotiation game. At the same time, if you’re unwilling to negotiate your bills yourself, you shouldn’t be penalized by paying high bills forever. This is where Bill Shark comes in.

Bill Shark is a unique new company that employs real, flesh-and-blood expert negotiators to haggle your bills with your service providers on your behalf – sort of like a personal consumer advocate. All you have to do is upload your bills through their online portal or take a picture with their app. They can then start negotiating on your behalf.

The service isn’t entirely free, but it has a consumer-friendly pricing model. Plus, if their expert negotiators can’t lower your bills for you, you pay nothing. Nada. And if they are successful? You’ll owe 40% of whatever savings they get for you for a maximum of two years. This amount will be due after they’ve finished their negotiations.

Say, for example, Bill Shark is able to permanently lower your Internet bill by $20 per month. This will save you $480 over a two-year period. The fee for this would then be $192, leaving you to come out ahead by $288. Pretty sweet deal, if you ask us.

Metromile

The cost of car insurance depends a lot on which state you live in. In 2017, residents of Ohio had the lowest estimated annual car insurance premiums at $926. Michigan residents, on the other hand, clocked in at a whopping $2,551 annually.

That’s a big chunk of change. And if you don’t drive very much, car insurance can cost you way more than it should. If this is the case for you, it may be worth your time to get a quote from Metromile.

Metromile actually charges you a per-mile rate based on how far you drive. It knows this because the company requires you to plug in a tiny device into your car’s OBD-II port (it’s not hard to find; we promise) that records and transmits your actual mileage to the company’s billing department.

Another handy money-saving feature of using Metromile? Since the device plugs into your car’s diagnostic system, if that pesky “check engine” light pops up, you can use the app to see what the exact problem is and research the cost before taking it to a mechanic.

Right now Metromile is only available in certain states: Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia, and Washington. But keep your eyes out for Metromile to expand into more states.

Lemonade

Lemonade is a new type of insurance company offering policies for urban homeowners and renters. It’s based on a different business model than typical big insurance companies.

Lemonade is a public benefit corporation, which means that while it is still driven by profits (a flat fee is taken out of your premiums), it also gives back any other excess “profit” at the end of the year to a charity that you select. Since the company doesn’t operate on a never-ending quest to drain the contents of your wallet, insurance premiums for your home or rental can be less expensive than traditional insurance policies.

Filing claims and getting paid is also much simpler with Lemonade. The company expedites this process and pays claims super fast.

How much can you lower your bills for next year?

We’ve given you three different options for lowering your bills and starting the new year with a fresh makeover for your budget. Yet, you’ve got plenty of other options as well. All you need to do is research ways to lower your bills and then commit to making this a priority.

Here’s what we suggest for maximum impact: Start by going through your budget one line item at a time. Ask yourself: Is there any way to lower this? By switching to a lower-cost phone carrier, for example, you could save $30 per month or more. Over the course of a year, that’s an extra $360 in your pocket!

Now, we challenge you: How much can you save on your bills in the new year? And how much of that can you save into your bank account for your future?

 

If You Love Chime, Check Out These Three Other Fintech Apps

Back in the day, our parents relied on checkbooks and investment advisors to manage their money. Thankfully, these days we’ve got something a lot more convenient: our smartphones. These handy devices are smart enough to put a man on the moon, and that means they’re smart enough to help you reach your financial goals, too.

If you use Chime Bank’s mobile app, you’re already one step ahead of the game. Yet, there are also other apps out there that can help you manage your money and save up for future financial goals. Whether your goals are to save for retirement or take a great vacation, these apps will help you stay on track and sock more money away into your bank account. Check them out:

Metromile

Is your car mainly a grocery-getter? Do you take public transportation to work? If so, you may be overpaying for your car insurance.

That’s because traditional car insurance is typically paid for via monthly premiums that don’t factor in how much you actually drive. And if you don’t drive much, the per-mile cost of your insurance might be quite high.

Metromile gets around this conundrum by only charging you a low base rate (so your car is still covered even if it’s parked for a while), followed by a per-mile charge for each mile you drive per day. It gets sent this amount wirelessly from a small device you plug into your car’s OBD-II port.

The Metromile app is the hub to find out all sorts of other car information as well. For example, it provides useful features like a gas mileage tracker. It also alerts you with street sweeping notifications and when your car’s warning lights come on. Oh, and if you go on a road trip? No worries — Metromile only charges you for the first 250 miles you drive in a day.

Lemonade

Normally, getting any kind of insurance is a painful, expensive process. That’s because a lot of insurance companies are set in their antiquated, bureaucratic ways.

But what if you could purchase your insurance — and file claims — cheaply and easily with a well-designed app? You’re in luck. You can do this with Lemonade. With the Lemonade app, you can get a custom quote for renters and homeowners insurance by answering a few simple questions. If you like the quote, you can purchase the insurance through the app. And if you ever need to place a claim or ask questions, you can also do so right through the app.

Aside from its app-based insurance model, Lemonade is different from traditional insurance companies in that it’s a public benefit corporation. Its business model works like this: It takes out a flat fee from your payments, and pools the rest into a pot for paying out claims. At the end of the year, any of your leftover premiums go towards a charity that you select, rather than back toward Lemonade’s profits.

In this manner, the company hopes that fraudulent claims will be limited, as customers know that any unpaid amounts go towards charity versus the company’s coffers. This limitation of claims fraud — and a drive to help charities rather than focusing solely on profits — means that Lemonade can offer renters and homeowners insurance at a lower price than many old-school insurance companies.

Worthy

You’ve probably heard of Acorns, the app that rounds up your spare change and invests it into the stock market for you. But have you heard of Worthy?

Worthy operates on a similar principal. Each time you spend some money, the app rounds it up to the next dollar amount and calculates the difference. Except instead of investing that difference in the stock market, Worthy instead invests the money in bonds, earning a smokin’ hot 5% interest rate.

So, for example, if you buy a pint of beer at your local brewery for $5.50, that purchase will be rounded up to $6 and the extra $0.50 will be deposited into your Worthy account. When your balance reaches $10, it triggers an automatic purchase of a $10 bond. Then, when you’re ready, you can cash out your balance at any time. The entire process is run through Worthy’s spiffy app.

If investing in the stock market makes you a bit leery, this may be a more ease-inducing option for you since the bonds earn a flat 5% interest rate. Remember, though, bonds aren’t FDIC-insured like a savings account at a bank. At the same time, they are generally considered less risky investments than stocks.

What’s your favorite fintech app?

We’ve been seeing an explosion in fintech apps in the past few years, and frankly, we’re really excited about it. Having an app that can speak your language on your own terms is more likely to keep you engaged and interested in managing your money.

These three fintech apps are some of our favorites, but there are tons more out there. We challenge you: Go forth and find which fintech apps you prefer for your individual situation. Your wallet will thank you down the road!

 

Get Paid Faster Using a Mobile Banking App

Tired of waiting for that paycheck to come in? Then worry no more. Employees who are sick of having their paychecks get lost or stolen now have a way to be assured that it will not happen again. No more waiting, no more wondering when their pay will come through. With the use of a mobile banking application, money will be right at people’s fingertips in an instant. It’s as easy as 1-2-3.

Struggles of living paycheck to paycheck

Employees sometimes have to wait for their checks to be cleared before getting their hard-earned money. The time spent on waiting could have been used to pay bills on time or have easy access to money in case of emergencies. It is frustrating when there’s no cash in hand and something needs to be bought or paid.

A lot of people are also struggling to budget their money for important things while they wait for their paychecks. With limited time on their hands, everything gets piled up and people scramble with what to set aside their money for. Finances tend to be all over the place without proper money management. Sometimes living paycheck to paycheck means people are spending more rather than saving money. The question now is how to avoid these kind of problems.

How to start getting paid early:

People now have the opportunity to receive their pay two days early in just a few clicks. Chime Account is an online banking app which offers a feature that would be beneficial for employees. This feature allows its users to receive earlier pay than those who don’t use this. When employers release salaries, it is automatically deposited in the employee’s bank account. No more waiting for days to receive a check.

Banking consumers that would like to receive pay early just need to follow these steps simple steps:

  1. Download the Chime app and apply for an account
  2. Fill out the pre-filled direct deposit form, print, and give it to employer and;
  3. Wait for it to be approved and then enjoy an early pay.

With this, consumers don’t have to worry about their money getting lost in the mail. The app allows people to have direct access to their money anytime, anywhere. It’s very convenient for those who do not have the time to deposit checks personally at the bank or ATM. The Chime app also alerts its users whenever their employers have deposited their salaries. So whether the user is at work, relaxing at home, or out getting groceries, a notification will be sent to their phones when the money is received.

See? The steps to make a convenient and hassle-free way of receiving pay early is fairly easy. With the help of the mobile banking app, it is easy to control finances and plan how much one should save. It’s also less headache for people who have a busy life by allowing them to access their money quickly and easily. This could be an effective solution to money handling problems.

 

Pay Friends Just Got Friendlier

Today, we’re excited to announce that you can now use our Pay Friends feature to instantly send money to anyone, even if they’re not a Chime Member! Now it’s even easier to square up the rent with your roomie or split that last round of drinks with your BFF. All you need is their phone number or email address. 

At Chime, we work every day to find more ways to simplify your finances so that you can manage all of your expenses in one place. We hope this new Pay Friends update makes your life a little bit easier by eliminating the hassle of dealing with cash or checks. 

Why Choose Chime Pay Friends vs. Other P2P Payment Apps

Nowadays, splitting the bill is as easy as sending money through your phone. In fact, 49% of millennials and 44% of Gen Xers now prefer digital payments to cash, which has given rise to many very popular peer-to-peer payment apps (P2P). Here at Chime, we’ve processed over 3.2 million Pay Friends transactions to date. That’s approximately $237 million dollars sent back and forth between friends and family; $30 million of those were just in the last month. It probably makes you wonder, what makes Chime’s Pay Friends so different?

The main difference between Pay Friends and other P2P apps is that Pay Friends is connected to your Chime Spending Account so you’ll have instant access to spend it with your Chime Visa® Debit Card. 

Here are 3 reasons to use Pay Friends vs. other P2P apps:

  • Money is deposited into your account instantly for transfers between Chime Members.
  • No need to cash out or wait for days for funds to arrive in your bank account.
  • Chime will never charge you hidden fees to make a mobile P2P transfer or to access the funds from the transfer. Many P2P platforms charge a fee to get your money instantly. Fees can range from a flat fee of .25 cents to 1.5% of the total amount. 
  • If you pay a friend who is not a Chime member already, you are both eligible to receive a $50 referral bonus when they set up and receive a direct deposit of $200 or more within 45 days of opening a Spending Account.* 

How to Start Paying More Friends

  1. Just log in to your Chime app and tap ‘Pay Friends’.
  2. Input your friend’s information or select them from your contacts.
  3. Send them the amount you owe.

A piece of cake, right? 🍰 Your friend will receive a message with directions on how to sign up for a Chime Spending Account and claim their cash if they don’t have a Chime Spending Account**.

Who knows, you just might become better friends afterward.

 


*In order for both parties (the referred friend and the referring Chime member) to qualify for and receive the $50.00 referral reward, the following conditions must be met: the referred friend must open a new Chime Spending Account using the referring Chime member’s unique referral link after June 1, 2008 and receive a payroll direct deposit of $200.00 or within 45 days from when the Chime Spending Account was opened. The payroll direct deposit of the referred friends must be made by their employer, payroll provider or payer by an ACH deposit.  Bank ACH transfer, Pay Friends transfers, verification or trial deposits from financial institutions, transfers from PayPal or Venmo, mobile check deposits, and cash loads or deposits do not qualify as a payroll direct deposit. Referring Chime member must be part of the $50.00 for Payroll Direct Deposit referral reward campaign in order for both parties to be eligible for the $50.00 referral reward. The referral reward per the calendar year (January 1, 2018 – December 31, 2018). Referred friend acknowledges that payment of the referral reward may result in the referring Chime member’s knowledge of you establishing an account with us. Chime reserves the right to cancel or modify the referral reward terms or terminate the member’s eligibility, at any time with or without prior notice.  This offer is neither sponsored nor endorsed by The Bancorp Bank. Credits of $10 or more must be reported on tax form 1099-INT. Each eligible referring Chime member may earn no more than $500.00 in referral rewards per the calendar year (January 1, 2018 – December 31, 2018).
**In order to complete the payment, the non-Chime member must apply and be approved for a Chime Spending Account within fourteen (14) days to complete the transfer and access the transferred funds. If the non-Chime member does not apply and get approved for a Chime Spending Account within fourteen (14) days of initiating the payment, then the payment will be canceled, and the Friend Transfer dollar amount will be returned to the existing Chime member’s Chime Spending Account.
Pay Friends and any transfers made with Pay Friends are subject to the Deposit Account Agreement.

 

How To Get Paid Two Days Early Than Others

Doesn’t everybody get tired of waiting for days for their paychecks? Or getting frustrated when they are late paying the bills because of delayed paychecks? If so, how do the words ‘get paid up to 2 days faster’ sound?!

It’s safe to say that most employees don’t like the feeling of waiting too long for their hard-earned money to come in. Sometimes paychecks are even lost in the mail or stolen. It only adds to their waiting time if the employer has to replace the paycheck, adding to frustration. So how could hardworking employees avoid this? Get paid fast and early, that’s how.

Direct deposit is a solution to cut the waiting time for a paycheck. These are some of the reasons why a direct deposit is better than a regular paycheck:

  1. It is faster. Once the employer deposits the pay of the employees, it will be electronically transferred immediately to their bank accounts.
  2. It is convenient. Employees who choose to use this method do not need to wait for their paychecks to come in the mail, then get in line at the bank to deposit it. With early direct deposit, the money is already cleared and ready to withdraw.
  3. It is accessible and efficient. People can access and control their accounts with the use of their mobile banking apps whenever and wherever they are.
  4. It is safe. People do not have to worry about paychecks getting lost. Every transaction is electronically-generated.
  5. It’s basically free with many bank accounts.

Everyone should be reminded that to take advantage  of the direct deposit feature, one should have a bank account. Before opening an account, the consumer should also think about the different banking fees. Major banks impose different rates for these fees. For those consumers who do not have extra money to pay for them, they could just open an account with Chime, an online banking account. Chime does not charge monthly fees and there are no hidden charges, so it’s a great alternative to traditional banks.

How does direct deposit work exactly?

When the Federal Reserve accepts the payroll submitted by the employer, it notifies the banks regarding employee salary. It is then up to the banks whether to release it earlier or exactly on payday. Most major banks wait for the actual payday but Chime is one of the fastest banking accounts, making the deposit of pay up to 2 days faster.

This is possible because of Chime’s Early Direct Deposit feature. If a payday falls on a Friday, employees with a Chime account usually receive their pay on Wednesday.  Account holders can make saving more money possible with the Automatic Savings program which allows users to automatically transfer 10% of their paycheck to their savings account every time they get paid.

Consumers should seriously consider receiving pay through direct deposit. Overall, it is convenient, safe, and fast; especially for Chime account holders who get paid faster with their account than others who bank elsewhere.

 

Why Debit Cards are the Best for Budgeting

Everyone has different methods of managing their finances. Some people swear by the cash envelope system, while others put everything on credit cards with the aim of paying them off in full each month.

Yet, perhaps the most underrated way to stay on budget is to use a debit card that links directly to your savings account. This way you can readily keep tabs on your daily spending as your purchases come right out of your bank account.

According to Nasdaq, banking institutions in the United States issue over 165 million debit cards each year. So, you likely already have a debit card and this may become your best friend when it comes to controlling your spending.

Here are 5 reasons why debit cards can help you stick to your budget.

1. You can easily track your spending

Perhaps one of the biggest advantages of using plastic versus cash is that you can easily track your spending without having to carry around wads of dollar bills.

Every time you swipe your debit card, your transaction is tracked. When you go to view your bank account online or your monthly bank statement, you can see just how much money you spent, and where. While you may not be able to easily discern exactly what you bought (that’s when you can look at your receipt), keeping tabs on your bank account debit transactions provides a good starting point to figure out where you are potentially spending too much money.

2. You don’t have to worry about going into debt

Unlike credit cards, debit cards only allow you to spend the money you already have in your bank account. If you try to spend more money than what you have, you may be charged a steep overage fee, depending on how your account is setup. While overdraft fees can be costly, these fees are typically not as expensive as the amount that credit cards charge in interest (which in 2018 was nearly 17 percent!)

Credit cards impose a “credit limit” on consumers. This is the limit on how much you can borrow on your credit card. Your credit limit is determined based on a number of factors, including your credit score and credit history. And, oftentimes credit card users spend more money than they can afford to pay off each month. When this happens, you’ll get charged interest. Interest is the money credit card companies charge you for carrying over a balance from month to month. With the average credit card interest rate of 16.71 percent, it can be easy to get stuck in the cycle of debt.

With debit cards, your “debit limit” is the amount of money you have in your bank account. If you don’t have the money available, well, you won’t be able to spend it. This may not sound like much fun, but it will certainly help you avoid the same type of spending sprees that often occur with credit cards.

3. You don’t have to carry a wad of cash around

On the other end of the spectrum, cash budgets are preferred by many people who don’t feel like they can keep a handle on credit card spending.

Yet cash comes with its own set of problems. For example, the cash envelope system is a popular way of budgeting, but it requires you to have a significant amount of cash on you at all times. Here’s how this type of budget works: you stash cash in individual envelopes for each area of spending, such as groceries, gas, fun money and clothing. You only put as much cash into each envelope as you have budgeted for that particular category each month. Once you are out of money, you’re out.

Indeed walking around with envelopes of cash to pay for things is enough to make anyone sweat, as you may worry about losing your money or having your purse or wallet stolen. Once your cash is gone, it’s gone.

4. You can count on ease and convenience

Counting your actual dollars and cents takes a fair amount of time when you’re standing at the register in a store. Debit cards, on the other hand, are convenient and transactions are quick to process when you’re making a purchase.

5. You can sync your debit card with budgeting apps

Finally, if you prefer to use budgeting apps to keep track of your finances, your debit card may be the perfect solution for you.

It’s impossible to sync a cash-only budget to an app. You need to have a budgeting app linked to a credit or a debit card in order for it to automatically update. While debit cards can’t list out every single individual purchase you make, they can connect to budgeting apps that can help you distinguish where your money is going.

Digital apps take the grunt work out of budgeting. Instead of having to track every individual expense, you can let an app do the work for you, saving you a ton of time and effort.

Should you use a debit card for budgeting?

Depending on your spending habits and preferences, a debit card may be a great way to help you stick to your budget.

You may be surprised at how much money you can save by simply tracking your spending using the debit card you most likely already have in your wallet. It certainly doesn’t hurt to give it a try, right?

 

The Best Budgeting Habits to Help You Save Money

You may have grown up believing that netting a six-figure salary, winning the lottery, or getting a windfall of cash will be your ticket to wealth. But those beliefs may have done you wrong financially.

Want to hear a #truthbomb? The road to wealth is far less sexy and way more practical. Take it from a money nerd like me. My emergency fund certainly didn’t grow overnight. Ed McMahon didn’t come knocking on my door with an oversized check. I didn’t amass a gazillion views on my YouTube channel, catapulting me to viral video superstar status.

How did I grow my money sitch? I tweaked my mindset, behaviors, and habits gradually, and  over time, I managed to improve my relationship with money. From there, the money in my savings account grew.

Now your question may be: how do you do the same thing? Let’s start with the essentials, shall we? It all boils down to budgeting. Yes, that “b” word is ugly, especially when you feel like it will deprive you of having F-U-N. But here’s the thing: without a budget or money plan, you’ll be prone to spending your money willy-nilly. What’s worse, you may overspend.

To help you avoid pitfalls and improve your money habits, take a look at our budgeting tips.

Pick Your Approach

If you’re new to budgeting, there are a number of methods to keep things simple and stay on track:

50/30/20 Budget: This popular budgeting approach breaks up your budget into three major sections:

  • 50% goes toward needs (rent, bills, and insurance, and debt)
  • 30% goes toward wants (clothing, concert tickets, mini splurges, cool gadgets)
  • 20% goes toward your savings

Zero-Sum Budget: With the zero-sum budget, each dollar you get is assigned a task. So if there’s $50 left over in your budget, you’re not done yet. You need to figure out what to do with those “extra” buckaroos. Yes, even those bonuses from work, or a surprise cash gift from your Aunt Genie need to be allocated appropriately.

Anti-Budget: For those who want to essentially set it and forget it, the anti-budget is definitely worth considering. First, figure out how much you want to save. Then, squirrel away money for your savings goals, investments and paying off your debt. Whatever is left over can be spent on whatever you please. This is the mode for those who are lazy about budgeting.

Track Your Spending

Unless you have an uncanny ninja sense for where your money is going, you’ll want to monitor your cash outflow. This is the case with every single dollar. Why? Well, tracking your funds will help you figure out exactly what you’re spending your money on. In turn, you’ll be able to make adjustments. Pro tip: using a money management app will save you loads of time, plus help you save more cash.

For instance, when tracking my cashflow, I discovered that I am spending far too much on groceries. While I don’t normally have assigned amounts to each spending category, I resolved to do this.

Automate

There’s no better budget-saver than automation. Because your willpower acts like a muscle, every decision you make wears down your ability to make the best future choices. So the fewer choices you have to make about money, the better off you’ll be.

By autosaving, you’re looking out for the long-term without having to make extra effort. If you’re a Chime member, you can set up a payday rule to autosave a portion of your paycheck each month. And if you sign up for direct deposit, you can get paid early. This comes in particularly handy if you have side hustles and need to set aside part of your earnings for Uncle Sam.

Create a Buffer

If you get a bit spendy in a given month, don’t freak out. In fact, plan for it. That’s not to say you should be going on shopping blowouts and purchasing designer handbags and shoes each month. But allow for a bit of overspend by including a bit of padding. I like to keep a bit of a cushion in my savings account.

Set Alerts

Just like how retailers try to remove points of friction (aka barriers) to get you to spend more, adding in your own barriers will help you spend less. I receive a daily text notifying me of the balance in my main checking account. Plus, I get an email whenever I spend more than a designated amount in a single credit card transaction. This way I can keep tabs on my spending. If I find myself putting too much on one of my cards, I momentarily freeze it until I get back on track.

March to the Beat of Your Own Drum

There’s certainly no cut-and-dried approach to budgeting. While these habits will most likely help you live within your means, it’s a good idea to exercise creative license. Over the years I’ve tried a number of things, including tracking every transaction on a spreadsheet and creating a budget on a money management app. The key is to figure out what type of budgeting works for you and stick to it.

Ready to Make It Rain?

Just like you, your budget is a living, breathing thing, bound to constantly evolve. By checking in on it regularly, making adjustments along the way, and finding your own style, you’ll build wealthy habits that will help you grow your money and achieve your financial goals.

 

The Joys of Early Direct Deposit

Nowadays, employers are utilizing direct deposits rather than mailing paychecks for their employees’ salaries. Not only is it cost-efficient for the company, it also greatly benefits the employees. Direct deposit means the money is transferred automatically to the employees’ bank accounts as soon as their employers put their salaries in.

In a survey done by NACHA in 2016, polling showed that 82% of employees are paid through direct deposit, with 87% of them satisfied with the service because of its safety and better money management. With direct deposits, people save time by avoiding the chore of visiting the bank or ATM  just to deposit their pay. They don’t have to endure long lines and waiting times. This is definitely a plus for employees who do not have the luxury of free time.

What are the advantages of direct deposit?

First of all, employees have the upper hand in direct deposit because it makes it possible for them to get their pay early. It is faster than having paychecks delivered to their home. It is hassle-free and worry-free since it provides a safer way for people to get paid. There is no  issue with the cost of depositing checks, since direct deposits are basically free. Second, it’s not just the employees that benefit from direct deposit. Companies save a lot of money by going paperless and don’t have the concern of potential lost paychecks. With direct deposits, check frauds can also be avoided.  Lastly, having direct deposit can help with money management, as the money goes straight to the account.  This can help with controlling spending and keeping finances under control.

Overall, this payroll system is win-win situation for both the employers and employees.

How to get paid early with direct deposit?

Direct deposit can only be utilized by employees who have bank accounts. If a person is newly-hired and doesn’t have one, he or she should open an account in order to receive their pay early through direct deposit. When everything has been set up successfully, employees can get their paychecks sent directly to their bank accounts, provided that the company supports this payroll system. If it does, an employee can arrange with the employer’s HR department by giving his bank account details. Then all an employee has to do is wait for their employers to distribute their pay and the money will automatically be transferred to their account.

Start getting that paycheck sent directly to bank account

Employees who are signed up for direct deposit have the advantage of getting their pay 2 days before the usual payday. One of the online banking systems that offers this option is Chime. Chime Account users can get their money 2 days earlier making it easier for them to handle their money effectively. When employers deposit the money, it will be automatically transferred to the employee’s bank account and Chime will send a notification, alerting the employee that his or her money is already received.

Don’t wait for that paycheck to get lost or stolen- sign up for direct deposit and get paid early.

 

10 Apps to Keep Your Budget on Track

Do you have a love/hate relationship with budgeting?

On one hand, budgeting can be your ticket out of the vicious paycheck-to-paycheck cycle. But on the other hand, budgeting…well…sucks, for the most part.

Here’s the good thing: It doesn’t have to be this way. There are more budget styles than there are Myers-Briggs personality types — enough to suit everyone, no matter what your style. And since we’re in an increasingly digital world and you probably already have your phone on you all the time, why not find an app that can help you?

Here are 10 apps you can try that will help keep you on point with your budget.

Mint

This popular app was one of the first big budgeting apps on the scene and it’s still one of the gold standards. What makes it such a top contender is that it automatically updates your budget every day. It even automatically categorizes each purchase, so all you have to do is log in and see your up-to-date budget with a quick glance.

For people who have a hard time remembering to enter in their purchases (or just don’t want to deal with the hassle), this is a very powerful feature.

YNAB

YNAB (You Need A Budget) is another revolutionary budgeting tool. It exists as a stand alone computer-based budgeting program but you can access everything through its app as well.

YNAB is more than just a budgeting program. It operates on a budgeting philosophy: “Give Every Dollar a Job” (i.e., zero-sum budgeting) and “Age Your Money” (i.e. live on last month’s income). With these two rules, you’ll never run out of money to pay your bills, and you’ll keep yourself insulated from living in the paycheck-to-paycheck zone. YNAB is also a more hands-on budgeting program, and is definitely an effective choice for type-A personalities.

Honeyfi

If you’re in a committed relationship, you and your significant other have likely disagreed about money at some point. In fact. according to a recent survey by Dave Ramsey, 41% of couples who are in debt fight about money, so you’re definitely not alone.

One solution is to be more open about your spending, and find a way to be more accountable. This is what Honeyfi proposes to do. It’s an app that both you and your significant other download. You can both then view your spending through the automatically-updated platform. You can even tag items, or comment on them with questions for your spouse.

Clarity Money

If you’ve ever wanted a personal butler to help you with your finances, try Clarity Money. This app doesn’t really track your budget per se, but it does track your spending patterns and lets you know how you’re doing.

It also provides customized recommendations based on your personal money situation, such as financial products that may benefit you, recurring subscriptions you can cancel (they’ll even cancel them for you if you want), automatic savings plans, credit score updates, and more. It’s a great way to get a holistic view of your entire financial picture, and to see what you can be doing better.

Qapital

Do you find it hard to save money? If so, then Qapital can help. This app lets you set up savings rules with IFTT (If This, Then That) technology so that you can find creative ways to save.

For example, you can set it so that every time you buy something, the purchase is rounded up and the difference saved. You can even set up custom rules using your location (reward yourself for going to the gym?), Twitter (save money every time a certain someone tweets), or even when you cross things off your to-do list.

PocketGuard

If you normally get stymied by all of the math and numbers that go into most budgets, PocketGuard may be good option for you. This app guides you through a set up series and then analyzes your spending in select categories automatically.

The strength of PocketGuard is that it doesn’t require you to obsess and fret about how close you are to each budget category cap and how far along you are in the month, like with most budgeting apps. Instead, PocketGuard will automatically calculate how much disposable money you have to spend after taking account money you need to set aside for bills and necessary items.

And, the simple “In My Pocket” number lets you know at a glance whether you really can afford to buy that item that catches your eye.

Prism

Keeping track of all of your bills and paying them on time is one of the responsibilities of being a grown up (womp womp). Not paying your bills on time can have serious consequences beyond just paying late fees. It will harm your credit score as well, which means you can end up paying a lot more when you need to take out a loan.

This is where Prism comes into play. This app keeps track of your bills and due dates for you. It sends you automatic reminders when bills are due, and you can even pay your bills right through the app itself.

Mvelopes

Mvelopes is another crowd favorite for best budgeting app. This app uses a digital version of the “envelope budgeting system,” a fancy name for divvying up all of your monthly income between each budget category and using only cash in designated “envelopes” to pay for your expenses.

The app itself might be worth it on its own for you, but the real strength of this program is that you can hire a real live financial expert to check in with your budgeting. This expert can coach you once a month or once a quarter (for a fee, of course). But if you can’t seem to do it alone, this may be just be the breakthrough you need to get your budget on track.

Fudget

If the more complex budgeting apps still have you scared of your budget, try Fudget. This is the simplest budgeting app of all. There’s no recurring budget to keep track of.  You simply make a list of your income for a given period (quarterly, monthly, biweekly, weekly, whatever) and track the expenses you have for that time period.

When you’re done making your list, the app tells you how much money you have left to spend. ‘Nuff said.

Chime

Did you know that Chime has an app too? You can easily check your bank account details on-the-go.

There are a host of other budget-friendly features as well. You can find the nearest free ATM, turn your debit card on or off (helpful when you know you’ll be passing through an expensive part of town), set up automatic savings, split dinner bills with friends and family, track your spending, and more.

Try Out More Than One Budgeting App

We’ve shown you 10 apps here that will help keep your budget in check. You probably already mentally circled one or two that may interest you, and this is a good thing.

We recommend downloading and trying out at least a few of these apps. After all, you won’t know whether you like it until you try it, and the best budgeting app is the one you will actually stick with.

 

How To Manage Your Money With Chime’s Mobile Banking App

Let’s face it — managing your money isn’t something that you’re taught in school (but learning about isosceles triangles sure came in handy.) Yet, learning how to manage finances is key to proper adulting.

Indeed, the best way to manage money can seem like a process of trial and error. But here’s a secret: using the right tools can make it much easier. That’s right. There are financial tools out there that can help you learn how to manage money and simplify the whole process.

Where should you start? With your bank. You may not realize it but your bank account is part of the foundation of your financial life. If your bank isn’t helping you manage your money, you can feel lost at sea. But with the right bank account app? You can get on the path of financial freedom and be the boss of your money.

Perhaps the best example of this is with Chime Bank. So, let’s dive in and find out how the Chime bank account app can help you manage your money.

1. Take control of your financial life

It’s time to take control of your financial life and make money moves that will benefit you now and in the future. Unfortunately, traditional banks make going to the bank seem like a pain. You may not like going to in-person branches, waiting in lines and dealing with tellers that treat you like a number. And, while traditional banks may have online banking apps, many of them are clunky and not very user-friendly.

When it comes to online banking apps, you’ll want to look for one that’s flexible, convenient and accessible. It’s also important that the app is intuitive and just makes sense. Chime’s online banking app fits the bill. It’s easy to use and works with your lifestyle so you can take control of your financial life.

Some other perks: you can cash checks on the go and easily transfer money from your Spending Account to your Savings Account. Plus, if you’re out to dinner and need to pay back a friend, you can easily transfer money to that friend using the Chime banking app.

Chime can help you stay on top of your financial life and make managing your money easier and convenient. No more bank visits, frustrating online apps or confusing websites. Chime has one of the best mobile banking apps, giving you the power to take charge of your money.

2. Know where your money is going

Wondering how to manage money? The first step is knowing where your money is going. But tracking can be tedious. Using the Chime bank account app, you know where you stand with your money at all times and where your cash is going.

You can get instant transaction alerts when you use your debit card. Not only that, but Chime sends you daily updates on your bank account balance.

So there will be no “OH MY GOSH how did my bank account balance get so low?!” moments. You won’t be left in the dark.

3. Avoid hidden fees

Benjamin Franklin said “Beware of little expenses. A small leak will sink a great ship.”

Perhaps the most annoying little expense is a hidden fee that you didn’t know about. This includes monthly maintenance fees from traditional banks — like, aren’t they supposed to maintain your account anyway regardless of how much is in your account? Isn’t that a bank’s job?

But at traditional banks, fees are everywhere. From monthly maintenance fees to overdraft fees, to ATM fees and foreign transaction fees. All of those fees can add up and cost you. In fact, the average household in the U.S. pays an astonishing $329 in bank fees every year.

When you’re trying to get your money right, you need to keep all the coins you can. Keep in mind: you’re the one trying to pay down your student loans, get out of credit card debt and save for that trip to Aruba you’ve been dreaming about.

With Chime online mobile banking, you can ditch fees forever. Seriously. No fees. No surprises. You can take that money and put it toward debt, savings, or something fun just for yourself. All of that money adds up and can make a difference.

4. Make the most out of payday

What’s your favorite day? When asked that question, most people would say “payday.” There’s something exhilarating and calming about knowing that money is hitting your bank account. It’s your reward for your hard work and a job well done. And, it also helps you pay your bills.

Imagine if you could get paid two days before payday. How exciting would that be? What could that do for your cash flow, your ability to pay bills faster and save more money? At Chime, we know the benefit of getting paid early. This is why we’ve created Early Direct Deposit. When you sign up for this option, you can get paid up to two days before your payday.

Your funds won’t be held hostage and you won’t have to deal with pesky physical checks. Getting your money early can help you take action on your financial goals.

Pay bills. Save money. Spend on the stuff that matters to you most. All without waiting for the money that you earned. Sounds like a win, right?

5. Supercharge your savings

You want to save for a rainy day. Save for your future. Save for your friend’s wedding next summer. Save for a ticket to Burning Man. It can all seem so overwhelming if you’re trying to figure out how to manage finances.

Using Chime’s online mobile banking app, you can save easily and effortlessly for everything you want. We have a Save When You Spend feature which rounds up your transactions to the nearest dollar and transfers that money from your Spending Account to your Savings Account.

So, if you go out for coffee and get a cappuccino for $3.75, that figure will be rounded up to $4 and twenty five cents will be transferred to your Savings Account. While that may not seem like a lot, your collective transactions add up and you’ll save a good chunk of change before you know it.

On top of that, you can automatically save 10 percent of each paycheck with Chime. This way, when you get paid, you know you’re already saving money without extra work on your part. Boom. Savings just got easier. Your goals just got closer.

6. Protect your hard-earned dough

If you lose your debit card it can be quite scary. After all, your card links straight to your checking account and this is where your money is housed. So, what can you do if you lose your debit card or it gets into the wrong hands?

Instead of waiting in a long line to talk to a customer service rep and answer a million questions, you can use the Chime app and put a halt to your transactions immediately. Simply open your Chime bank account app and block transactions on your debit card. This will prevent any new transactions or withdrawals from your account.

Additionally, Chime has a Zero Liability policy so you won’t be held responsible for any unauthorized charges. In an environment ripe for data breaches and identity theft, being protected is crucial. We take an extra security measure and require two-factor authentication and also have fingerprint authentication.

Final word

Ready to finally learn how to manage your money? A bank account like Chime can help you both manage your money and reach your financial goals.

Life is more than just paying bills and working. With one of the best mobile banking apps on the market, Chime aims to make managing your money simple and even, well, fun. Isn’t it time you lived a less stressful life?

Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Chime and The Bancorp Bank, neither endorse nor guarantee any of the information, recommendations, optional programs, products, or services advertised, offered by, or made available through the external website ("Products and Services") and disclaim any liability for any failure of the Products and Services.