Budgeting

Are you looking into opening a joint checking account? It’s important to first understand what a joint checking account is. A joint checking account is essentially the same as a standard checking account; however, instead of the account belonging to just one person, it belongs to multiple people. All of the people on the account have access to the money and can deposit money, withdraw money, or use the money in the account.

Because of this, a joint checking account is extremely common for people who are married, people who are in businesses together, parents and children, and adults with aging parents. This is ideal, as it easily allows couples and people in business to use the shared account to cover the expenses they share, parents are able to monitor their children’s spending habits, and adult children are able to help their older parents manage their finances if that has become a struggle for them.

Joint checking accounts are important and efficient, and they work. However, you need to make sure to choose the best joint checking account for you and your family or for you and your business. How do you go about choosing the best joint checking account? Here’s how.

Do Your Research First

Different credit unions offer different incentives and fees when it comes to all forms of banking, and joint checking accounts are no different. It’s important to do thorough research first to see what these are. For example, if an account requires you to keep a certain minimum balance and you’re unable to do that, choosing that account might not be the best joint checking account decision.

Take a step back and think about the monthly income you’ll have going into the account, think about all the bills you’ll be paying that account, and so on. Once you’ve figured all of this out, find a credit union that will work for you and not leave you paying high fees.

Use an Online Comparison Tool

Doing your research is extremely important but can be overwhelming. There are so many different credit unions and options and numbers and incentives being thrown at you. How do you know which one really is the best joint checking account for you and your needs?

To make things easier for you, there are some online comparison tools you can use. It’s important to remember that these comparison tools do tend to show the larger, national credit unions rather than smaller, regional credit unions. However, it’s a good place to get a lot of information, side-by-side, in one place.

Find a Credit Union That Offers Joint Checking Accounts with Little Fees

One of the perks of having a joint checking account is that it usually results in fewer fees than having multiple accounts. However, joint checking accounts do still have fees, just as any sort of account can. It’s important to research different credit unions’ fees to see if they’re something that can potentially apply to you.

If there are fees associated with the account, see if there’s any way that it can be waived (e.g., by having a direct deposit go into the account). There are some credit unions that offer zero fees, so if paying a potential fee is a worry for you, you should look for one of these credit unions.

Choose a Credit Union You and Your Partner Trust

If you have a credit union you already know, trust, and have accounts with, it may be worth looking there first to see if they offer a joint checking account that fits what you’re looking for. A lot of credit unions offer incentives for members—new and established—who are looking to open an account with them.

If you have a credit union you already work with, reach out to them personally and tell them you’re looking to open a joint checking account and see what they can offer you. Explain the needs of the joint checking account (i.e., business, newly married, aging parents, etc.) and see what they recommend or if they can better assist you. Credit unions like to support their members, so it’s worth reaching out to a credit union you’re already working with.

Consider Everyone’s Needs and Ask Questions

Just like when it comes to any type of banking, it’s important to do your research before committing to anything. It’s important to keep your needs and what you need to get out of this new account in mind. This will better your finances overall. When it comes to a joint checking account, it’s important to consider the needs of all of the parties who’ll have access to this account. Remember, anyone whose name is on the joint account will be able to use the account at their liberty. That’s an extremely important component to remember when choosing the best joint checking account for you and your spouse, partner, or family member.

As always, it’s important to ask a lot of questions and to talk about the options with everyone who’ll be named on the joint account with you. If you’d like to speak to a professional, once you’ve narrowed down your best joint checking account options, visit with a representative at each potential institution about your needs and what you’re looking to get out of your joint checking account. They can guide you in the right direction.

Still have questions? Please feel free to give Rivermark Credit Union a call today or fill out our contact form, and one of our professionals will be able to help you out. If you’re in the Portland, Oregon, area, and near one of our branches, please feel free to stop in to speak with us in-person. Remember, what works for one person financially may not be the best for another. Let us help you figure out what’s best for you.

The mobile bank has been one of the major benefits of the Internet. With the aid of mobile banking, we can now bank on the go with our smartphones. There are several things we can do with mobile banking including sending money to people, paying bills and recharging our phones among others. Mobile banking has its advantages and disadvantages. However, its advantages far outweigh its disadvantages. One of the advantages of using mobile banks is that mobile banks make it possible to better keep track of your spending. Here are some of the ways mobile banks make it possible to better keep track of your spending.

You can easily pay with the mobile bank
One of the ways that mobile banks make it possible to better keep track of your spending is the fact that you can easily pay with the mobile bank. The implication is that you will make most of your payments from your mobile bank and not with cash. With this, it becomes easier to trace every single thing you used the mobile bank to pay for. You would subsequently be able to account for every single expense you made. This would also make it easier to reflect on your spending for the month especially if you are trying to consciously spend your money and look out for unnecessary expenses you can cut down on. You can read reviews about Monese to know how those who use the mobile bank are able to keep track of their spending.

You can always retrieve your statement
Retrieving your bank statement is very easy with mobile banking. At any point in time, you can check for your spending within the past week, month, or even year. Thus, you can regularly check your account balance and statement to be sure that you are on track with your spending plans for the month. When you notice that you are not within the plan, you would know to deliberately slow down and probably try not to make any new expenses within the next few days except it is extremely necessary.

It is easier to know when unauthorized spending takes place on your account
One of the major fears of mobile banking is unauthorized spending. With hackers on the prowl and trying to see how they can have access to the account of unsuspecting individuals and use their money, mobile banks also comfortably solve such problems. The fact that you get alerts on your phone and mail for every transaction on your account implies that you can easily be alerted once there is an unauthorized payment on your account. You can easily confirm that on your mobile bank and instantly use the mobile bank to block the transaction. Your complaint will be investigated and your money refunded to you. Even if you missed the transaction when it happened, if you are fond of checking your mobile bank activities regularly, you are likely to get to know about the transaction within a day or two after it happened. You would be able to request for the money to be refunded 5and it would be refunded.

 

When it’s time to clear a plot of land, you’ll need to hire the best excavation service you can find. While there are plenty of jobs on your property you can do yourself, excavating requires a skilled professional (not to mention heavy, costly equipment). A poorly done excavation can permanently damage your property and leave you with astronomical repair costs. That’s why it’s well worth it to secure the services of a professional excavation company. Despite the upfront costs, it will save you a lot of money down the road.

Finding a good excavation company can be a challenge in and of itself. How much, exactly, does excavation cost? What other things do you need to consider? How can you be sure you’ve hired the best company for the job? Let’s start at the beginning.

What Is Excavation?

To reduce it to the simplest terms possible, excavation is simply the movement of a large amount of dirt. If you need a plot of land cleared, whether that’s the removal of a large amount of dirt, debris, or rocks, that’s a job for an excavation service. Professional excavators also specialize in removing plant matter—brush, shrubs, trees (living or dead), or tree stumps. You might want your plot to be completely flat.

You may also want ditches dug for laying down water lines, gas lines, or electrical cables. If you’re having a swimming pool put into your yard, it’ll be an excavation service that digs it out for you. When clearing land, it’s not always as simple as just removing everything and digging holes. It’s possible you’ll want some things removed and to leave other things. Whatever the service you need, an excavation service can do it.

Why Do I Need a Professional Service?

A poorly handled excavation can be an absolute disaster. All too many landowners have shelled out the money for rental fees, only to accidentally cause irreparable harm to their valuable property. Damage to your property is not always immediately obvious either. Often, it’s more insidious. For example, an improperly excavated piece of land can become vulnerable to erosion, which, over time, can lead to much more serious problems.

It’s simply not worth it for an untrained person to risk their property attempting an excavation project. It’s best to find a professional excavation service that has a great deal of experience, skill, proper equipment, and most importantly of all, a commitment to safety. Safety in excavation requires specialized equipment and an ongoing commitment to your training.

How Do I Find the Right Company?

Finding the right excavation service is a step that’s worth spending some time on. You’ll want to invest effort into researching, interviewing, and vetting any company you’re considering for a big job. It starts with a simple internet search of companies in your area. In most areas, you’ll get plenty of hits, but needless to say, not all of the excavation services you find will be equal to one another. For every one of the best services—like Mr. Tree in Portland—you’ll find there are many cheap companies that do subpar work. Indeed, even if you live in an area with plenty of companies around who offer the services you need, you might have a hard time finding a good one.

Start narrowing it all down by first perusing the online reviews. Is the company consistently highly rated online? Read a few of the customer testimonials to see if they have had good experiences. Don’t rely solely on online reviews, however. You’ll also need to head to the company website and do a little investigation to see if they are experienced, equipped, and insured.

Once you have found an excavation service you are leaning toward, contact them. Ask questions and get references. Check those references. If you are satisfied with your search, you can begin budgeting your project.

So How Much Will It Cost?

Of course, the excavation cost will depend greatly on the size of the job and the work being done. If it’s a big job that requires a lot of material being moved, it’ll cost more than a smaller job. When you hire an excavator, you’ll generally be paying by the hour. Depending on your location, their rates can usually range from $100 to $180 per hour. They may also charge by the cubic yard, which can be anywhere from $50 to $200, depending on the material being moved.

If you want other work, such as grading, to be performed, it will incur an additional cost. The price of excavation will also be affected by what type of material your contractor will need to dig into. For example, a project that involves digging into simple soil will naturally be far less expensive than one that involves cutting into rocks. Even the time of year can affect the project cost: if the ground is icy, it can be more difficult, and therefore more expensive, for your contractor to do the job.

In 2019 the national average for a professional excavation is around $3,106, though projects can easily range from $1,441 to $5,050 or more. Larger, more challenging projects can run more than $10,000 and can be done over the course of multiple days.

Other Considerations

In this article, we’ve tried to answer a few of the more common questions property owners have when it comes to excavation. Because there are so many variables that can affect the size of the project, and therefore its cost, you’ll probably need to talk to a professional to get your questions answered.

If you’re located in the Portland area and have a project in mind, you can call us at Mr. Tree. With decades of experience in both residential and commercial work, they have performed every sort of excavation you can imagine. They particularly specialize if you’re looking to have stumps or fallen trees removed from your property. They can also, of course, keep any trees you’re interested in keeping. Contact them for other excavation related concerns.

To read more on topics like this, check out the budgeting category

Two-thirds of the United States population are home owners. If you’re among the nation’s renters, allow me to guide your transition into home ownership.

The Basics of a Mortgage

A mortgage, simply put, is a loan that is used to buy homes. It is like other loans except that mortgages are specific to purchasing real estate. The purchase of a home will be arguably the single largest and most important purchase of your life. Houses cost a fortune. There are few things which cost as much and even fewer that will impact your life as much. Therefore, as a first-time buyer, it’s important to have the knowledge as to how the home buying process works and what you should expect from your mortgage.

Importance of A Mortgage

Mortgages are God’s gift to home buyers because very few actually have the cash on hand for this large purchase. And, those that do have the cash often prefer to keep their cash money for other things in life.

How Do Mortgages Work?

Basically, the home buyer takes a loan from the lender. The said money is used to buy a portion of the home and the remaining amount is paid by the buyer.

For example, if a buyer purchases a home for $1,000,000 and the mortgaged amount is $800,000, then the home buyer is responsible for paying the remaining $200,000. This $200,000 is known as the “down payment” and the terms of the loaned amount are entirely up to the buyer. You can think of down payment as the amount you don’t borrow from the lender.

Depending on the loan you choose, the down payment will vary. A larger down payment is linked to reduced monthly installments, because technically you are borrowing less money, and lower mortgage rates.

As the borrower, the ‘term’ of the loan is up to you – this is the number of years until the loan must be paid in full. The most common loan term is 30 years. However, the shorter the loan term, the lower the mortgage rate plus your loan gets cleared sooner too.

Types of Mortgages

There is a myriad of loan programs available including:

• Low and zero-down payment loans
• Loans for buyers of condos
• Loans for members of the U.S military, among others.

With the help of your mortgage lender, you can find a loan that is tailored to your needs. In the U.S, the four most common types are all government-backed and are the conventional mortgage, VA mortgage, FHA mortgage and the USDA mortgage.

Although each loan is different with different qualification standards, the steps taken to qualify are procedurally similar.

How to Qualify for A Mortgage

• First, you need to meet the minimum credit score threshold.
• Next, you will be required to verify your income. W-2s, pay stubs and federal income tax returns are employed to achieve this.
• Your monthly expenses compared to your monthly income is known as your Debt-To-Income Ratio. Banks will normally approve an application where the DTI doesn’t exceed 45%.
• Your debts will be verified using a recent copy of your credit report. If it happens to include errors, you can provide documentation to clear such mistakes.
• Your employment history and savings will also need to be verified.

And with that done and dusted, you are good to go.

Pro-Tips:

1. Financial experts recommend that housing payments stay within 30% of your total monthly income.
2. All banks underwrite differently. If your mortgage application is turned down, don’t give up! Try another bank for different results.

Conclusion

Finding quality lending takes hard work and sometimes is best to hire a mortgage broker Brisbane to ensure you are getting the best possible solution for your needs.

To read more on topics like this, check out the budgeting category