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MIGHTY MONEY

Here’s a 9-step guide to calculating your credit card interest

When it comes to credit cards, understanding your interest rate and how it works can be the difference between staying out of debt with an excellent credit score and falling behind in your payments and dipping to sub-par credit score ratings.

Your interest rate is the amount your credit card charges you to borrow money. If you pay your credit card balance in full and on time, you generally don’t need to worry much about your interest rate, which is expressed as an annual percentage rate (APR).

But if you’re carrying a balance on your credit card, you’ll notice you owe more over time, and that’s because of the interest rate. Credit cards are notorious for being one of the most expensive types of consumer debt, with an average interest rate of about 17%.


While in most cases you probably don’t need to calculate your credit card card interest rate — your statements should clearly reflect how much interest is owed on any unpaid balance and your APR should be clear on your statement and your bank’s website — you may want to get an idea of how much your balance is costing you on a day-to-day basis.

4 simple ways to start saving money

Here’s a quick cheat sheet to help you when it comes to calculating your own credit card interest rate.

1. Pull up your credit card information

Log on to your financial institution’s website or pull out your latest statement (if you haven’t switched to paperless billing yet, get on that!) to find the pertinent information you’ll need to calculate your credit card interest.

You’ll need to find:

  • your purchase APR
  • the number of days in your billing cycle

2. Get to know the terms

The way your credit card works boils down to a few different terms, two of which include annual percentage rate (APR) and, more generally, your interest rate.

Although APR stands for annual percentage rate, your credit card company uses this percentage number to determine the interest you’ll be charged each month when you don’t pay your credit card off in full and carry a balance.

Keep in mind that your credit card may have different types of APR, like a:

  • purchase APR (usually applied to the overall purchases you make with a card),
  • balance transfer APR (usually applied to any balances transferred from another credit card)
  • introductory APR (usually applied to purchases made during the promotional period after opening a new credit card)

3. Find your purchase APR

In order to calculate the interest you owe on any leftover balances on your credit card, you’ll need to find your purchase APR. If you can’t find this information readily, try calling your bank, or click on your card’s terms and conditions section.

4 simple ways to start saving money

4. Determine your average daily balance (or balance subject to interest)

This is the aggregate total of what you spent and either paid off and/or were refunded every day throughout your billing cycle, divided by the number of days in your billing cycle.

If you’ve always paid your purchases in full by the due date, you won’t have any interest payments to make and your average daily balance isn’t really a factor. However, if you plan to carry a balance, to calculate your average daily balance when you need to determine interest, log onto your bank account online and track the charges and credits that went through on each individual day, creating a rolling total as you move through the days of your billing cycle.

This will provide you with an aggregate total that you can then divide by the number of days in your billing cycle (which you’ll find in step five).

5. Get the number of days in your billing cycle

Different credit cards have different amounts of time between billing cycles. A typical credit card statement is paid out in 30-day billing cycles.

6. Divide your APR by 365

Since your APR is your annual interest rate, you’ll need to divide your APR by the number of days in the year to get your daily interest rate. So for example, an APR of 13.99% would become: 0.1399/365 = .00038 daily interest.

7. Multiply your daily rate by your average daily balance

Once you know what you’re charged daily for interest, you can multiply that number by your average daily balance to find the daily interest you’ll owe. So for example, if your leftover balance after paying your credit card is id=”listicle-2639175991″,000, you would get: .00038 x id=”listicle-2639175991″,000 = .38.

4 simple ways to start saving money

8. Multiply your daily interest rate by the number of days in your billing cycle

If you determined that you have a 30-day billing cycle, then the credit card interest you would owe on a balance for the 30-day cycle in this example would be: .38 x 30 days = .50 in interest.

9. Ask about your credit card’s grace period allowance

Some credit cards offer a grace period between when items are purchased and when they absolutely need to be paid off before accruing interest. Check in with your bank to learn if you have a grace period on your accounts and what the exact grace period is in order to better avoid paying interest.

Also read:

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

Articles

The military pay raise for 2017 might be a bit underwhelming

The U.S. military has a reputation for being overworked and underpaid.


But we all knew that going in.

The virtue of service and pride of wearing the uniform makes up for much of the disparity in pay compared to the civilian market. Still, it’s nice to get that bump in our paychecks every year.

Yet, the pay increase for 2017 won’t be so big. In an August 2016 letter to Congress, President Obama announced a 1.6 percent raise for the armed forces, consistent with the budget he sent to The Hill earlier in the year.

4 simple ways to start saving money
(White House photo)

Across-the-board pay increases for other federal employees will be 1 percent.

“These decisions will not materially affect our ability to attract and retain a well-qualified Federal workforce,” Obama said in his letter to Congress.

Pay raises for the military peaked in 1983 when President Reagan instituted a 14.3 percent pay raise. Since then, the increase hovered steadily between 3 and 5 percent, with an average of 4.2 percent, according to the Congressional Research Service.

4 simple ways to start saving money
Military pay raises since 1977.

According to Military.com’s Brendan McGarry, the Senate backs the President’s proposed numbers, but the House of Representatives was looking for a 2.1 percent raise.

When Congress agrees on how much it will be, the military pay raise will go into effect on January 1, 2017.

MIGHTY MONEY

Time to slay the myth around the magical unicorn called the “VA Loan”

Since transitioning out of the military, I’ve had the, um, “pleasure” of being around a lot more civilians. Some of the questions I’m asked on an annoyingly regular basis are, “Aren’t VA loans awesome? Don’t you get a free house? Did you get yours?”


4 simple ways to start saving money

After polling some veterans, I realized I should give a little brief on the subject. Time to slay the myth around what a VA loan is or isn’t.

First: The VA loan is, in fact, not a loan at all.

The VA Loan Program, created in 1944 as part of the Servicemen’s Readjustment Act, is a service the Department of Veteran Affairs created to help veterans returning from WWII buy a home.

According to the VA website, “VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.”

Essentially, the VA will co-sign a loan with you, and that gives you a few perks.

Why is co-signing helpful?

When new adults try to rent an apartment or buy a car, most people won’t trust them unless they get a “guarantor” to co-sign the loan or the lease, usually in the form of a parent or older family member. After faithfully paying rent and payments on a loan or two, civilians in their 20s build up credit and no longer need anyone to sign off their financial choices.

Military personnel and veterans are a bit different. Our lifestyle inherently makes us look financially untrustworthy.

How are you 24 with no rental history?” I live in a barracks.

You seem to have moved every two years...” Yep.

You disappeared from our system for over a year except for credit card transactions from… Afghanistan. Are you a terrorist?” It’s called deployment!

4 simple ways to start saving money

Luckily, we have an Uncle Sam willing to co-sign on such a big purchase, or what’s called a Purchase Loan. You’ll be able to get better interest rates than your credit alone could get you, and you can skip the down payment.

Bonus: Uncle Sam will also insure the transaction, allowing you to skip Private Mortgage Insurance.

The Devil’s Details

Just because you can get a loan for down, doesn’t mean you should. Regular people are expected to drop at least 20% value of the house as a down payment.

Here are three different scenarios. Same house, same interest rate, same 30-year loan.

4 simple ways to start saving money
4 simple ways to start saving money
4 simple ways to start saving money

The less you pay upfront, the more you have to pay in compounded interest for the next 30 years. 30 years. That’s your entire military career plus half your next career!

Being able to do less of a down payment is useful in a few scenarios. For example, if you live in California, chances are you won’t ever have 0K cash for a 20% down payment on the crazy prices out here.

A few resources to see how much you can afford while buying a house: RedFin has a quick calculator (above) as well as a more in-depth option. USAA also has one with different loans they offer.

Warning: Anything offered by Uncle Sam comes with a catch

According to the VA website, “VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE).”
4 simple ways to start saving money

A few takeaways:

  • VA Loans are only for houses you will live in, NOT commercial or investment properties.
  • You have to live in the house for at least one year.
  • You can’t buy a multi-family or multi-unit property. No duplexes or apartment buildings (Trust me, I tried).
  • Banks set the terms of the loan (interest rate, payment schedule, etc.) based on your credit and current job, not the VA.
  • The VA might not approve you.
  • Requires at least 181 days active duty completed to be eligible.
  • Dishonorable discharge not eligible
  • Some dependents are eligible
  • Can be used to BUILD a house
  • Receiving a Certificate of Eligibility is required
  • There is a loan fee charged by the VA
  • Closing costs still have to be paid (typically 2-5% of the loan)
  • There is a limit on how much you can borrow without making a down payment based upon where in the country you live.

When good loans go bad

After nearly an hour and being transferred 7 times, I finally spoke to the most unenthusiastic Federal Employee in existence to answer my unanswerable question: “Are VA loans any different in foreclosure or the foreclosure process than a regular civilian mortgage?”

The answer: No, mostly.

The VA will not step in and save you, there are no cash handouts, and the VA will not shield you from the banks that are after their money. The VA will take care of a few fees dealing with the lenders, but that is about it. For more questions: 1-877-827-3702 or visit the payment problems page.

Articles

What is SGLI and do you actually need it?

4 simple ways to start saving money
The white gloved hands of a member of the U.S. Air Force Honor Guard hold a folded United States flag. The triangular shaped folded flag and accompanying ceremony is an inspiring way to honor the flag and what it represents during solemn ceremonies. (U.S. Air National Guard Photo by Master Sgt. Vincent De Groot 185th ARW Wing PA


In the military’s acronym-packed lingo, SGLI stands for “Service Members Group Life Insurance,” and according to the U.S. Department of Veterans Affairs, it is a “program that provides low-cost term life insurance coverage to eligible service members.”

Troops that are eligible for SGLI are active duty in any of the service branches; commissioned members of the National Oceanic and Atmospheric Administration or the U.S. Public Health Service; cadets, or midshipmen of a U.S. military academy; members, cadets, or midshipmen of an ROTC unit and engaged in authorized training or practice cruises; a member of the reserve or National Guard and are scheduled to attend a minimum of 12 periods of inactive training per year; or a service member who volunteers for mobilization in the Individual Ready Reserve.

Service members who are eligible for SGLI are automatically enrolled at the maximum rate of $400,000, though they may choose to decline or lower their coverage and make changes to it.

Service members retain their SGLI coverage for 120 days after separation from the service, though completely disabled veterans may extend that coverage for a maximum of two years after separation.

Reserve members who do not qualify for coverage are allotted “part-time” coverage.

So why do you need SGLI anyway?

Being a service member is obviously a high risk job. High risk jobs, according to CheatSheet, can cost as much as $2000 extra annually for life insurance companies, which is roughly 500 percent more than you’ll pay through your SGLI.

The bottom line is that SGLI is incredibly inexpensive, at just $29 a month, and it’s worth it for your family to have some peace of mind should something happen to you in the line of duty.

Articles

Advocates rally to stop Senate plan to cut Basic Allowance for Housing

Military advocates are rallying to stop a proposal in the U.S. Senate to reduce military housing allowances.


The Senate Armed Services Committee’s version of the 2017 National Defense Authorization Act, which sets policy and spending targets for the fiscal year beginning Oct. 1, would curb the military’s Basic Allowance for Housing, or BAH, for new entrants beginning in 2018 by only covering what they actually pay in rent. It would also reduce the combined value of the benefit received by military couples or roommates.

“We’re not in favor of the language in there,” Michael Barron, deputy director of government relations at the Military Officers Association of America, an advocacy group based in Arlington, Virginia, told Military.com. “We’ve got some major concerns with it.”

The Senate panel led by Sen. John McCain, a Republican from Arizona, wants the monthly BAH — which varies by paygrade, dependent status and region in the U.S. — to be more like the Overseas Housing Allowance — which covers only housing expenses.

Section 604 of the Bill S.2943 is titled, “Reform of Basic Allowance for Housing.”

Beginning Jan. 1, 2018, the legislation would set the allowance for new entrants at “the actual monthly cost of housing” or an amount “based on the costs of adequate housing” for each military housing area, according to a copy of the legislation. It also states two or more service members occupying the same housing would split the allowance.

4 simple ways to start saving money
Senate Armed Services Committee Chairman Sen. John McCain, R-Ariz., Ranking Member Sen. Jack Reed, D-R.I., and Sen. Jim Inhofe, R-Okla., listen as retired Gen. David Petraeus testifies at a hearing in Washington, Sept. 22, 2015.

It’s unclear whether the full chamber will approve the language when it votes on the defense authorization bill at a later date. Republican Sens. Lisa Murkowski of Alaska and Susan Collins of Maine have already introduced amendments to strike the provision. The House didn’t include similar language in its version of the bill and the Defense Department hasn’t requested the change.

In addition, Congress is already supporting a Pentagon plan to slow the growth of Basic Allowance for Housing over five years so service members on average pay 2 percent of their housing costs this year, 3 percent in 2017, 4 percent in 2018 and 5 percent in 2019 and thereafter. Troops won’t see a modification in the allowance until they change duty stations.

Senators argue the housing allowance has become “bloated and ripe for abuse” and note the change could save an estimated $200 million, according to an article by Leo Shane III, a reporter for the Military Times newspapers who first reported the proposal.

Barron said the allowance is part of regular military compensation designed to retain and recruit talented people into the military. He also noted in the 1990s troops paid roughly 15 percent of their housing allowance out of pocket and that lawmakers in Congress had “done a lot of work” over the past decade to reduce that expense.

“We really don’t think they should be trying to make these reductions for new entrants coming in. We just don’t think it’s the right thing to do,” he said.

“You’re already asking a service member to pay more for retirement savings,” he added, referring to the recent overhaul of the military retirement system that incorporated a 401(k)-style plan. “You’re asking them also now to pay more for housing.”

Articles

Disabled Veteran’s Specially-Adapted Home a Dream Come True

(This is a sponsored post.)


A specialized VA lender, a military-friendly real estate agent and a national homebuilder joined forces to help a disabled veteran use his VA loan benefits with a government grant to build the home he’d dreamed of for almost 2 decades.

Real VA Loan Stories by iFreedom Direct®

4 simple ways to start saving money

John Swanson comes from a long line of military members. He was born at Southern California’s Fort MacArthur. His grandfather was in WWII and retired as a full bird Colonel. His father was an Army Sergeant in the Korean War, and his Uncle was an Army Captain. John was determined to carry on the family tradition. The Vietnam War was in full swing in 1971, and while he was more than ready to join, he was too young. Just before his seventeenth birthday, John enlisted in the U.S. Army Delayed Entry Program (DEP) to ensure an active duty slot when he came of age.

During an infantry training exercise, John fell 50 feet repelling from a helicopter. The medics found nothing broken, so John was ordered to keep training under advisement. He was ordered on a 10-mile compass run in shower shoes, during which John’s ankles collapsed underneath him. This time, the doctors determined he could not continue training. He was released under the discharge category “undesirable conditions. ”

“My whole purpose was to serve my country, but it wasn’t meant to be,” John shares. The Vietnam Era veteran had to fight for his honorable discharge, which he eventually received. Meanwhile, he had darting pain and decreased mobility in his arms and legs. Upon further medical examination, he was diagnosed with a chronic neurological syndrome called Reflex Sympathetic Dystrophy (RSD). Now confined to a wheelchair, John was upgraded from 60 percent to 100 percent disability.

“It was hard not to notice the wheelchair,” says John’s finance Terry Kaut, whom he met at a singles club 13 years ago. “But John was so full of life and joy. Later I found out how much pain he was in, which made his outlook even more amazing,” she added. After 10 years of dating, John and Terry decided to live together in a two-bedroom apartment near Sacramento. The only room suited for John’s disability was the bathroom.

“I’ve bruised my knee caps and broken several toes,” shares John, referring to the narrow halls and doorways in typical rentals. “I chased the American Dream for a long time, but accessible homes just don’t come up that often,” John explains. “So I lived in what was available.”

John’s housing frustrations turned to hope when he heard of a grant administered under the VA Loan Guaranty Division. Specially Adapted Housing (SAH) grants help veterans with certain service-connected disabilities build or modify homes to best suit their needs. He applied for the grant in 2012 and searched for a VA-approved mortgage lender to help him use his VA benefits.

John applied for a loan with iFreedom Direct®, a nationwide lender that specializes in home loans for veterans. Later John was connected to Sherry Dolan, a Sacramento-based Keller Williams® real estate agent familiar with the VA loan process. Sherry says, “I’ve sold a lot of homes to a lot of veterans, but this was the most challenging and most rewarding.”

The first issue was the grant. It had been months and John still hadn’t heard back from the VA. Debbie had a connection at the Department of Veterans Affairs that reported the paperwork had either been lost or never received. Together, Sherry and Debbie helped John reapply. Sherry enlisted the help of Sacramento Congresswoman Doris Matsui’s office to expedite the second application to make up for lost time. Within just a few months, John was awarded the fully-allotted $67,555.

Meanwhile, Sherry set out with the couple to look for a house. She saw John struggling. “Terry and I lugged a heavy ramp around just so he could get up the front steps,” she explained. “He couldn’t access back rooms or step-down garages.” Sherry also saw that sunken living rooms, common in California, were a problem.

Then another issue surfaced regarding renovation. John’s respiratory problems required that they live in their apartment until any construction dust settled. With John’s fixed disability income and Terri ‘s modest income as a middle school registrar, they could afford rent or a mortgage payment. Not both.

Sherry thought to seek help from a builder. She approached several, but only one took an active interest in helping John. Lennar Homes had a new subdivision in Rancho Cordova with six model homes. The company agreed to adapt a single-story floor plan under SAH guidelines to suit John’s disability. Lennar® also financed the construction phase so John and Terri could keep renting until the home was finished.

The original blueprint was modified with John and Terry in mind. The specially-adapted model resulted in a 1,794 square-foot, three-bedroom home with 42-inch doorways, wheelchair-friendly flooring, an accessible master bathroom with roll-in shower, a ramped garage, flat front and back entrances, left-handed light switches, and many more customized details.

“The home represents a unique situation for us, but the project has definitely increased our awareness and the need for adaptable homes,” says Division President Gordon Jones. “We were honored to be able to serve a veteran in this way.”

Given the venture’s success, the builder welcomes the opportunity to serve other veterans. According to Lennar®, John’s house was the first-ever specially adapted home built by the Northern California division with money from an SAH grant.

“Thanks to this dedicated team of professionals who worked together, Mr. Swanson was finally able to get into a home,” shares iFreedom Direct’s Customer Experience Director Tim Lewis, a Retired U.S. Army Major.

John may have never gotten the opportunity to serve on foreign soil, but, as fiancé Terry relays, he has served for years from his wheelchair. “He counseled GIs and other individuals with RSD and answered a hot line for years,” says Terry. “And, now because of John, the way is paved for other disabled veterans to build a Lennar® home to fit their needs.”

A housewarming party took place shortly after John and Terry moved into their new home. The entire team came together to celebrate, along with many of the couple’s new neighbors and some local veterans. To honor the special occasion, iFreedom Direct had installed a 20′ flagpole in the front yard and Tim Lewis presented John with an American flag during an emotional dedication ceremony.

4 simple ways to start saving money
(Left to Right: In front of the specially-adapted Lennar home after flag raising ceremony are iFreedom Direct loan officer Debbie Losser, Keller Williams real estate agent Sherry Dolan, homeowner John Swanson and fiancé Terry Haut and Dolan’s real estate partner Belinda Mills)

When asked what this house meant to him, John fought his emotions to get these words out, “It means the world. It’s hard holding back the tears when I think how everybody came together to make it happen for us.”

Veterans with permanent and total service-connected disabilities may be eligible for SAH grants. To apply, submit VA form 26-4555 to your VA Regional Loan Center. For information about VA loans, contact iFreedom Direct®.

iFreedom Direct®, a top VA-approved lender, has served America’s brave men and women by providing quality VA loans since 1996. These zero-to-low down payment mortgages, backed in part by the Department of Veteran Affairs, help eligible borrowers purchase and refinance homes at competitive interest rates. Pre-qualify at www.ifreedomdirect.com or 800-230-2986.

Humor

15 last-minute Valentine’s Day gift ideas from actual military spouses

4 simple ways to start saving money
Pfc. Harley Dennis, of Anderson, who serves with the Missouri National Guard’s 276th Engineer Company in Pierce City, assists Sgt. 1st Class Eric Corcoran to deliver more than 300 Valentine’s Day balloons to area school kids in the southwest Missouri town. (Photo by Staff Sgt. Dennis Chambers/Missouri National Guard)


In our house, Valentine’s Day isn’t really a thing. As a general rule, the Marine isn’t home for the “holiday,” and since there are a lot of holiday’s he spends away, courtesy of the USMC, this is one day we just don’t really concern ourselves with.

But this year we ran into a snag. Their names are Bethany, Zachary, and Christopher — also known as the three youngest members of the Foley Fire Team.

On the edge of the dreaded teenage years, Bethany came home a few days ago armed with a love note from her “boyfriend” (that asshole), and sat down with her younger brothers to plot out “The Best Valentine’s Gift Ever;” it apparently consists of a lot of bacon (they DO take after their mother, after-all), and a seven-hour nap time while they’re at school. Because adulting is hard.

They presented their plan to the Marine, and then waited with bated breath for him to tell them his grand scheme for the Day Of Love.

“I just bought Mom curtains and a new curtain rod. I suppose I could hang them up before she wakes up?”

The two youngest of the fire team promptly ran off to tattle on Daddy. Not buy Mom a “love” gift? He’s practically an abomination to them right now.

While the boys were relaying the horrifying ordeal to me, I wondered how the Marine was going to get out of this one. It’s perfectly fine to explain to the 12-year-old that sometimes Dad just doesn’t really subscribe to romantic things. As a girl she’s going to have to come to terms with the fact that dudes like him really do exist.

But try explaining that to two 8-and 9-year-old boys who are currently at the dining room table gluing pink and red hearts all over their camouflage Valentine boxes because they know that, while they like camo and guns, girls sometimes like hearts. How Daddy doesn’t understand this is totally beyond their capacity.

“Maybe Daddy is planning a surprise and he doesn’t want to ruin it,” I whispered conspiratorially. The boys nodded and agreed that that’s exactly what was happening. It was the only thing that made sense to them.

“You’re going to want to brain storm some last minute ideas, dude,” I told the Marine later.

“Can you do that crowd-sourcing thing you do on your Facebook and I’ll pick something from that?” he asked.

So that’s exactly what I did, and let me say, I was surprised. Not one girl said she wanted flowers, chocolate, jewelry, or even anything expensive or time consuming, and a lot of their gift suggestions included food.

In fact, because I know the Marine isn’t the only one out there who is finding himself in a gift pickle at the last minute, here’s what actual military spouses said they really want for Valentine’s Day, word for word and complete with all their annoying little emoji things:

1. Bacon roses

Because Valentine’s Day just screams “pork,” right?

2. Not celebrating Valentine’s Day at all.

Jeesh, more “romance” in our marriage/dating? We already have enough of that already…

3. Homemade vouchers for cool stuff

How about a movie night, a kiss and makeup session no matter how upset I am, free kisses anytime all day, etc.

4. Stay at home “date”

My husband is hitting up the USO tomorrow during lunch for flowers and cheap chocolate. ?. Yes he told me he wants to do that. He’s ridiculous. Lol. But in seriousness, even a nice walk or living room picnic on the floor. Super cheap, corny, and fun

5. Waffle House

Hands down. If you sneak them like $10, they’ll let you smuggle in wine sometimes (not that I’m speaking from experience or anything).

6. Beach stroll

This year we are going to take a few hours during the day to run to the beach and just put our toes in the sand before kids get home from school.

7. Mom time

Netflix movie, homemade desert, and pjs. 🙂

8. Cheap sushi

We went to Hamazushi last night because it’s very inexpensive (most items are ¥100 a plate), all you can eat, good quality sushi. Plus it’s all served on conveyor belts and ya can’t beat the novelty of that. 😉 Also, [He] started college again and has a lab tonight, so he won’t be home for “actual” Valentine’s date stuff.

9. A cuddle

After being apart—just being together is enough. I know that may sound cheesy, but it’s so the truth. Being preggo and sick, I’m hoping our date will include pj’s and our couch and the latest “this is us” episode.

10. Couch time

We spend all our budget on the kids. We will stay home with popcorn and a movie to celebrate it.

11. Old School necking

In the car…in the driveway!! ??

12. A load of beef … with love

I’ll make him his fave meal at home… meat loaf!

13. Learn something new

We are taking a couples cooking class tomorrow ❤️

14. A full-on pizza and bubbly extravaganza

[He] & I have done the same thing every year since we’ve been together: Heart-shaped homemade pizza (with mini heart pizzas for the puppies) + our favorite prosecco (the same brand from our wedding) and chocolate covered strawberries (sometimes homemade, sometimes from HEB)… and then turning on a cheesy movie or tv show on Netflix.

It started out the first year or two as our “thing” because we really couldn’t afford too much else. But now it’s a special, almost sacred ritual for us. I wouldn’t trade our little cozy tradition for a world-class meal. It’s just too important to me. I should clarify and say “every year he was actually HERE to celebrate.”

15. Some shootin’

Well, we got married Valentine’s day. We celebrate by hanging out and we go to dinner either the day before or the day after (since payday is always afterwards)because it’s always less crowded. This year is our 20th and we both took the day off. We’re having a range and lunch date. Since it’s a work day, lunch isn’t as crowded and definitely cheaper.

So what are you doing for Valentine’s Day?

And if the Marine is reading this, bacon roses are totally appropriate.

MIGHTY MONEY

Apple just announced a game-changing new credit card

At an event on March 25, 2019, at its Cupertino, California, headquarters, Apple announced the next stage in the evolution of Apple Pay: a rumored Apple rewards credit card.

The card, issued by Goldman Sachs called “Apple Card,” will offer cash rewards and various features and integrations with Apple’s Wallet and Apple Pay apps.

The card will earn “Daily Cash,” Apple’s version of cash back. Daily Cash is issued to the user’s Apple Pay Cash balance each day. From there, it can be spent on purchases using Apple Pay, applied as a credit toward the user’s Apple Card balance, or transferred to contacts through Apple’s peer payment feature in iMessage.


It was not immediately clear whether Daily Cash could be withdrawn to an external bank account, including Goldman Sachs accounts.

The card will earn 3% Daily Cash back on purchases made with Apple, 2% cash back on purchases made with Apple Pay, and 1% Daily Cash on purchases made with the physical card, or online without Apple Pay. It was not immediately clear if purchases made online through Apple Pay would qualify for the 2% back.

4 simple ways to start saving money

(Apple)

According to Apple Pay VP Jennifer Bailey, who presented at the event, the new card is “designed for iPhone.” People can apply directly on the iPhone, and start using the digital card immediately upon approval. Cardholders can update information and review transactions through iMessage as the card uses machine learning to recognize transactions.

iPhone users can view their balances and transactions within the Wallet app, including automated breakdowns of spending by category and merchant.

The card will have no annual fee, late payment, or foreign transaction fees. The Apple Card features in Wallet will show various payment options, and help users calculate “the interest cost on different payment amounts in real time,” according to a news release. The Card app will also offer automated suggestions to pay down any carried balances sooner.

The card has several built-in security features, including some that are native to Apple Pay, and offers various privacy features. While users will get a physical card to use at point-of-sale terminals that do not accept Apple Pay, it won’t have a printed number, expiration date, or security code. For online purchases, that information can be accessed in the Wallet app, with Touch or Face ID used to authenticate the user.

The card runs on MasterCard’s payment network and will be available summer 2019.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MONEY

5 times to consider putting your savings in a CD for at least a year

Since interest rates are down compared to last year — and likely to remain unchanged or fall even further in 2020 — it’s a good time to be strategic about where you save money.

A certificate of deposit (CD) can offer good earning potential without any of the risk of a stock market investment or the variable interest rates of a high-yield savings account.

When you open a CD, you agree to lock your money up for a specific period of time — usually anywhere from three months to five years — in exchange for a fixed annual percentage yield (APY). You typically can’t access your cash until the CD’s maturity date without incurring a penalty, which makes it a good place to safely grow money that you need at a certain date and not before then. It can also help curb impulse spending.


Currently, the best CDs are offering between 2% and 2.25% APY for varying minimum deposits and terms between 12 months and five years. Generally, the longer the term length, the higher the rate. Any term shorter than a year probably isn’t worth it right now, since the rates are comparable to the best high-yield savings accounts.

You can’t add money to a CD after the initial funding period (usually between 10 and 14 days), so it’s not the right type of account for actively saving money. But if you already have cash set aside for a future purchase, a CD is worth considering. Here are five times to open a CD for your savings:

4 simple ways to start saving money

1. You’re waiting to buy a house

Saving for a down payment can take years. But just because you finally reach your savings goal doesn’t mean you have to buy a house right away. Maybe mortgage rates aren’t where you’d like them to be or you just haven’t found a place you love yet. If you’ve decided to wait at least a year to buy a house, a CD can keep your down payment safe and earning a consistent return in the meantime.

4 simple ways to start saving money

2. You’re planning a home renovation

If there’s a home improvement project on your to-do list next year, but you already have the cash, consider opening a CD to earmark the savings. As long as the renovation isn’t something that needs attention right away (think: a big leak or a damaged roof), then you can lock in a high interest rate now to earn more on your money while you iron out the details of the project — and actually find the time to do it.

4 simple ways to start saving money

3. You spend a lot during the holidays

The end-of-year holidays seem to get more expensive every year. Make it easier for your future self by setting aside a cash reserve now that you can use next year for shopping, booking travel, and buying gifts. Once your CD matures, you can use the cash to put toward your holiday purchases if the timing is right or replenish the fund you pulled from.

4 simple ways to start saving money

4. You have big travel plans

If you’re actively saving for a travel fund, a high-yield savings account is the way to go. But, if you’ve already reached your goal, or even part of it, and want to make sure the money stays safe until you’re ready to jet off, try a CD. You won’t be able to dip into the account for impulse spending and you’ll wind up with even more money than you started with thanks to above average interest rates.

4 simple ways to start saving money

5. You’re preparing for a move

Between packing supplies, movers, and buying new stuff, moving can run up a lengthy tab. But setting up a moving fund? That’s something many of us plan to do, but never quite get around to.

If you know you’ll be moving in the future, whether to a new state or just a new neighborhood, consider setting aside some extra cash in a CD so you can be sure there’s no scrambling for money when the time comes. It doesn’t need to be a ton of cash — some of the best CDs require to open — but you’ll need to add something to start earning a return.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MONEY

These are the veterans that benefit from a higher minimum wage

Nearly 2 million US veterans would benefit from raising the federal minimum wage to $15 per hour.


Approximately 1.8 million of the 9 million veterans in payroll jobs across the US would get a raise if Congress raised the federal minimum wage to $15 per hour by 2024, the liberal-leaning Economic Policy Institute determined in an analysis on the Raise the Wage Act of 2017 in honor of Veterans Day.

Nearly two-thirds of the veterans who would get the raise are age 40 or older, over 60% have some college experience, and nearly 70% work full time, the EPI found.

4 simple ways to start saving money
Desert Storm veterans. (USAF photo by Ssgt. F. Lee Corkran)

“This means that despite their service to the country, the intensive training that they have received, and the access to additional education provided to veterans through the GI Bill, 1 out of every 5 veterans is still being paid so little that they stand to benefit from raising the minimum wage,” the Economic Policy Institute’s David Cooper and Dan Essrow wrote.

The debate over raising the federal minimum wage has heated up over the past few years. Those against raising it argue that a higher minimum wage could lead businesses to raise their prices or to cut jobs and benefits in an attempt to offset the cost.

Those in favor of raising it, on the other hand, argue that raising the minimum wage above the current $7.25 per hour federal standard would improve living standards, and would enable consumers to spend more. That increased spending would then give a nice, healthy boost to an economy that still shows some slack several years after the Great Recession.

The current federal minimum wage is at $7.25 per hour. Parts of the country have raised their minimum wages above that, including a number of states and major cities like Seattle, Washington and Los Angeles, California.

Also Read: This is how much troops were paid in every major American war

The Raise the Wage Act of 2017 was introduced by Sens. Bernie Sanders (I-VT) and Patty Murray (D-A), and Reps. Bobby Scott (D-VA) and Keith Ellison (D-MN) back in April, 2017. It would incrementally raise the minimum wage to $15 per hour by 2024, and starting in 2025 it would be “indexed” to median wages so that each year the minimum wage would be adjusted based on the growth in median earnings. It would also increase the subminimum wage for tipped workers (which has been at $2.31 per hour since 1991) and phase out the youth minimum wage and the subminimum wage for workers with disabilities.

The real federal minimum wage peaked back in 1968 at $8.54 in 2014 dollars, according to an analysis by the Pew Research Center. The chart below from Pew compares the real (adjusted for inflation to 2014 dollars) federal minimum wage to the nominal (non-inflation adjusted) federal minimum wage since 1939.

A study from The Economist in 2015 found that “one would expect America… to pay a minimum wage around $12 an hour” based on how rich the country is and the pattern among other developed economies in the Organization for Economic Cooperation and Development (OECD) .

MIGHTY MONEY

Now you can directly invest in hiring veterans – here’s how

When the opening bell at the New York Stock Exchange rang out on Monday, July 23, 2018, it was Chris Isola, head of Veterans Affairs at UBS, ringing the bell. You may not know who Chris is, but you will be interested in what he’s bringing to the New York Stock Exchange: Veterans – and in a big way.

Isola represent UBS, an investment bank like many others on Wall Street, providing financial advice and other products to wealthy institutions, individuals, and corporate clients all over the world. The bank has indexed the price movements of certain companies’ stock — companies with policies, practices, and outcomes that support the employment of American veterans.

From that index, you can now buy into an Exchange Traded Fund that supports the best companies that meet UBS’ liquidity and stability standards while being the best example of military veteran employers. It’s all based on Viqtory’s Military Friendly employer rating.


In a world where both Main Street and Wall Street are increasingly removed from the wars and conflicts currently fought by the military, the economic powerhouse that drives America is working to create jobs and opportunities for the men and women who make the world’s largest economy possible: U.S. military veterans.

“We believe this is an innovative way for investors to express their support for the veteran community,” said Richard Cea, Executive Director of Exchange Traded Products at UBS. “This ETF provides investors with exposure to companies that recognize the value of our nation’s veterans to the workforce.”

ETFs are financial products that trade like common stock, complete with a ticker symbol, but is essentially a pool of different stocks owned by the fund. Investing in an ETF means you’re buying shares of the pool of companies owned by the fund. The overall value of the pool is divided into shares.

In this case, the ticker symbol HONR represents the InsightShares Patriotic Employer ETF and the fund owns stocks in businesses that value veteran employees, based on Viqtory’s Military Friendly employer reviews. The HONR fund also actively donates portions of its profits to veteran-related charities. Some of the stocks held by HONR include:

  • Devon Energy
  • Proctor Gamble
  • Boeing
  • Verizon Communications
  • Coca-Cola
  • IBM
  • Walmart
  • JPMorgan Chase Co.
  • Honeywell
  • Southwest Airlines
  • T-Mobile US
  • Starbucks Corporation
  • General Mills, Inc.

So when you buy into the HONR fund, you’re buying into a fund that supports only corporations who proved their mettle in hiring America’s veterans, are genuinely good business investments, and will routinely give back to military-veteran oriented charities and nonprofits.

It’s a small way of giving a buck to veterans while doing something good for your retirement portfolio.

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