That’s why I’ve stopped trying to sell things online, especially high-end electronics like phones and computers.

Recently, though, I heard about Swappa. This site helps buyers find reputable phones, tablets, and other items, and makes selling these items easier and faster. But is Swappa the best place to sell an old phone or outdated laptop?

What Is Swappa?

Swappa is a site for selling cell phones, laptops, watches, tablets, video games, cameras, and smart home devices.

Sellers upload photos of the item they want to sell, pick the brand, choose the models and any other details, and then create an account.

Unlike similar sites like BuyBack Boss, sellers create a listing so individual buyers can purchase the item directly. Other services require that you send in the device to the company, who lists it on the site themselves.

Sellers are paid via PayPal. You must connect your PayPal account when you create a listing. Once you’ve done that, you’re ready to list your item.

Try Swappa

Free Zero Listing Fees Free to list and sell your device.

DollarSprout Rating Trusted by buyers and sellers.

Swappa is a site for selling cell phones, laptops, watches, tablets, video games, cameras, and smart home devices. Similar to eBay, you list your device on the website and sell it to an individual seller. Fees are built into your selling price, so you don't pay additional charges. By selling directly to the buyer, you can potentially make more money using Swappa than similar apps.

Show Hide more

Pros

• Can earn more than other sites
• High customer reviews
• Can sell directly to individual
• Local pick-up option

Cons

• Can’t sell directly to the site
• May have to wait a while for buyer
• No pre-paid shipping label
• Have to wait for Swappa to approve listing

Is Swappa Safe and Legit?

Swappa is safe to use for buyers because the site verifies each transaction and prohibits vendors from posting broken devices. Buyers and sellers use PayPal for payments, which keeps information secure. PayPal also protects both the buyer and seller in case there are any problems.

Sellers aren’t supposed to list the device’s serial or identification number before it’s sold. This is done to protect the seller.

Swappa is available as an app on the Google Play store, but it’s not available in the Apple App Store. The Swappa app has a 3.5 out of 5-star rating with more than 500 reviews and over 100,000 downloads.

On Trustpilot, Swappa has a 4.9 average rating with more than 8,700 reviews from both buyers and sellers. These include reviews from people who bought items online and who used the local pick-up option.

Swappa has a B rating from the BBB with more than 500 reviews. On Reddit, buyers appreciate that Swappa verifies the apparent accuracy of listings. People who have sold phones and other devices through Swappa also tend to leave positive reviews on Reddit.

“Is Swappa legit?” isn’t a question you have to ask. Buyers and sellers have positive feedback and can verify that using Swappa is a positive experience.

How Does Swappa Work?

Swappa is one of the most popular places to buy a used phone or other device, but it has some specific rules that new sellers may not be aware of.

Buy and sell directly (no middleman).

If you sell on Swappa, you’ll have to choose the brand, type, carrier, color, storage, edition, and price of your device. While Swappa suggests a price based on current and previous sales, you’re allowed to increase or decrease it.

Swappa also shows how much you’ll pay in PayPal fees when you sell the item, which helps you avoid unexpected fees. When deciding the price, make sure to factor in the cost of shipping and handling. If you don’t have any boxes or bubble wrap, get an estimate of how much that will cost and include it in the final price.

After deciding the rate, you’ll need to write a short headline and brief description of the item. Make sure to detail any problems, issues, defects, or other flaws. Swappa will ask for verified pictures as proof that the item is yours and in the condition you say it is.

Because you have to sell to a buyer directly, it may take longer to get your item sold on Swappa than on sites like Gazelle, Decluttr, or BuyBack Boss. These other sites buy your phone directly, while Swappa requires that you sell the phone to an individual.

Related: How to Sell Your Electronics for Cash Before They End Up in a Landfill

Swappa reviews every listing.

To avoid spam, Swappa reviews listings before they’re published. This means they won’t be published immediately like they would if you sold an item on eBay or Craigslist.

Unlike those sites, the phone or other device you’re selling must be in working condition. You can’t sell a device for parts. If you have a malfunctioning phone or tablet, try selling it on eBay instead.

Thankfully, it only takes a few hours for them to review and approve your listing. If it’s not approved within a day, send a note to their customer support team to find out why. Sometimes it might be as simple as needing to provide more details about the device before the listing can be posted.

Swappa’s fees are built in.

Sellers don’t pay any direct Swappa fees; instead, they’re built into the price. Compared to eBay, sellers and buyers pay fewer fees.

Here is how Swappa’s current schedule of fees compares to eBay’s:

Receive payment via PayPal.

Buyers have to pay for items through PayPal and unlike eBay, the buyer has to pay immediately when they purchase a device. The seller has to send the package within two business days, which starts once the payment has been successfully completed.

The only time this can be confusing is if your PayPal account has a hold on it. This often occurs because it’s a new account and PayPal needs more information from you. If there’s a hold on your account and the buyer has paid, you’re still required to ship the item.

Pay for shipping and send your package.

Unlike other sites, Swappa sellers are completely responsible for packaging and shipping the item. Swappa requires that sellers ship the item two business days after being paid, but the seller can choose which shipping provider (USPS, FedEx, UPS, etc.) they use as long as they provide a tracking number.

If you sell an item on a Saturday or Sunday and are paid the same day, you won’t have to worry about shipping it on the weekend.

Because Swappa doesn’t provide a prepaid shipping label, sellers may have to manually add the tracking number.

Sellers can also offer Express Shipping to buyers, who can pay an extra fee to have the item shipped the same or next day (including Saturdays, but not Sundays). Sellers can choose a flat rate for express shipping.

Sellers who offer Express Shipping must ship items via one of the following methods:

• USPS: Priority Express
• UPS: Next Day Air Saver
• FedEx: Standard Overnight

Note that prices for Express Shipping will vary depending on how far you’re shipping the item. For example, if you live in New York and are sending a device to Connecticut, it will cost less than if you’re mailing it to Wyoming. Also note that different providers charge various rates. It helps to compare rates so you can choose the least expensive option.

Additional Swappa Features

Swappa has some extra options that set it apart from its competitors.

Swappa Local

For those wondering how Swappa Local works, it’s a simple process, and choosing to sell items locally means users can save on Swappa shipping fees. However, it also may be a little less convenient since you have to meet up with someone in person. Buyers can pay via Stripe or PayPal when buying from a local seller. You can also opt to be paid in cash.

Swappa has a local pick-up option for major cities including Los Angeles, Chicago, and New York. Other cities like Denver, Baltimore, and Kansas City are also Swappa-approved spots. If your city isn’t listed, you can submit a written request for Swappa to add them.

Swappa support

Customer reviews of Swappa say that support is fast, communicative, and aims to resolve problems quickly. Plus, since buyers pay with PayPal, they’re covered under PayPal protection.

Even in the comments where users say they had a problem with a Swappa phone, they say that the customer service department was very fast in resolving the problem.

Direct communication

Swappa’s communication is similar to eBay’s. If a potential buyer has a question, they can leave a comment directly on the listing. The seller will be notified via email and have the chance to respond to the query.

This also means other potential buyers will be able to see the question and answer, which prevents multiple buyers from asking the seller the same question. It also keeps a record of answers in case the buyer receives the item and claims it’s different than advertised.

Swappa return policy

The Swappa return policy is fairly simple. If the buyer receives the item and says that it’s different from the listing, they’re allowed to return it and the seller has to refund them. Swappa will also refund the buyer fees if the item description omitted defects with the phone or if the item wasn’t in the condition it was advertised in.

However, if the buyer wants to return an item and doesn’t have a valid reason, the seller can reject their request. If the seller decides to honor the buyer’s return request, they can also decide how much to refund the buyer; it doesn’t have to be for the full amount paid.

Review of Swappa vs eBay vs Gazelle

eBay lets buyers negotiate the price if the seller allows it. You can also create an auction-style listing with eBay, which isn’t available with Swappa. If you list an item on Swappa, then the buyer has to accept that price.

However, they can also leave a comment on the listing asking for a lower price. If the seller adjusts the price, then it will be available to anyone at the new reduced price. This is different from eBay, which allows private offers.

Unlike eBay, Swappa doesn’t charge any seller fees. If you sell through eBay, you’ll have to pay fees to eBay and PayPal while Swappa only charges PayPal fees.

Gazelle works differently from Swappa. With Gazelle, you sell the phone or device directly to the site. You also have to accept the price that Gazelle gives you. With Swappa, you decide how much — or how little — to charge.

Here is a table that shows how much you can earn with each of these services:

Related: Gazelle Review: What You Need to Know Before Selling Your Phone

Other Websites Like Swappa

Still not sure where to find a good place to sell your phone? Check out these other sites like Swappa.

Adopt a Phone: This site sells iPhones, Google phones, Samsung devices, and more. They buy both unlocked phones and ones that are tied to specific carriers. Adopt a Phone has a 4.9 out of 5 rating on Facebook with more than 400 reviews. They’re not listed on Trustpilot and have no reviews on BBB.

Whiz Cells: Unlike Swappa, Whiz Cells accepts broken phones and ones with a bad IMEI, which is like your phone’s unique identification number. (A bad IMEI means your phone was reported as lost or stolen.) However, they don’t have the same wide range of devices like Swappa. And although the website layout looks outdated, Whiz Cells has a 4.23 rating on ResellerRatings.com.

MaxBack: You can sell iPhones, Apple Watches, iPads, smartwatches, tablets, and other cell phones on MaxBack. Unlike Swappa, you sell to MaxBack directly instead of an individual. When you get a quote from them, it will remain valid for 30 days. If you send in a device and MaxBack offers a lower amount, you can ask them to send it back for free.

Swappa Review Summary: A Good Option to Sell Your Device

Swappa has some of the best customer reviews of any similar site, with a higher average rating than many of its competitors. They also have more total reviews than similar sites, so the rating isn’t just based on a few potentially skewed reviews.

Because Swappa allows sellers to choose their own price, you can also potentially make more money than if you used a competing site.

One downside to Swappa is that the site doesn’t provide a prepaid Swappa shipping label. This means you have to go into a physical location and purchase a label, and can be frustrating if you don’t have a post office nearby.

The post Swappa Review: A Safe Platform for Selling iPhones and Other Tech appeared first on DollarSprout.

But using Mistplay was different. Mistplay is a fun app where you play popular games and earn points that you can redeem for gift cards to well-known retailers like Amazon, Google Play, and the iTunes store.

Once I started playing games on Mistplay, I forgot that this was a side hustle app. I was having fun, playing trivia, shooting bubbles, and playing a Game of Thrones-themed slots game.

Some people download Mistplay to make money, not just to have fun. But is it a good side hustle or just an interesting diversion?

What Is Mistplay?

Mistplay is an app that pays you for playing games, and it has a 4.1 rating on the Google Play store. Unfortunately for Apple users, it’s only available on the Google Play Store, but iPhone users can join the iOS waiting list to be notified when it’s available.

It only takes about a minute to create your account. You have to share your birthday, gender, and choose an avatar.

Once you input that information, you’ll be asked to pick your favorite games. Mistplay will then use this information to decide which games to show you.

The Mistplay games list includes Super Mario Run, Pokemon Go, Fruit Ninja, chess, Solitaire, Candy Crush Saga, Wordscapes, and dozens of others. There are games in every category from action to arcade to sports, strategy, and word games.

You can select multiple games to play. I chose Super Mario Run, Bubble Shooter, and Words with Friends 2, and I got 200 bonus points just for getting started.

You can use the points to buy new avatars or cash them in for gift cards to retailers like Amazon, eBay, Starbucks, and the Apple Store. They also have gift cards for relevant stores such as GameStop, PlayStation Store, and Xbox. If you love to play other types of video games, then you can use Mistplay to earn money to support your video game hobby.

You can also find Mistplay codes that provide bonus points. Follow the app on Twitter, Instagram, and Facebook to see when they post these codes. 

Another Mistplay hack is to try to play games on consecutive days, because you’ll earn more bonuses. Set a reminder on your phone to play every day to continue the streak.

Here’s a review of Mistplay’s pros, cons, and what to know before you sign up:

200-Point Welcome Bonus

200 Points Welcome Bonus Earn bonus points for downloading your first games.

DollarSprout Rating A fun way to earn some money and kill some time.

Mistplay pays users in gift cards to play mobile games on their smartphones. It's a good way to pass the time and earn a few dollars worth in gift cards. The app is available to Android users but the company plans to extend it to Apple users as well. Join the waiting list to get notified.

Show Hide more

Pros

• 4.1 rating on the Google Play Store
• Wide variety of games
• Can earn gift cards to popular retailers

Cons

• Only available on the Google Play store
• No desktop version available
• Takes a long time to earn real money
• Have to download each game individually
• Can drain battery life quickly

Is Mistplay Worth It?

Mistplay has good reviews from users who verify that the app pays points and that it’s simple to earn gift cards. However, Mistplay doesn’t make it clear how much you have to play to earn enough points for even a $5 gift card.

The hourly rate is very low once you consider how much time it takes to earn a few bucks. If you truly only care about making extra money, there are better side hustles out there.

But if you’re limited to what you can do and don’t have constant access to a laptop or desktop computer, then Mistplay may be a decent avenue for making extra money. For example, if you work a job where you have access to your phone or commute on the bus, then Mistplay may be one of the few ways to make extra money during that time.

If you already love playing games on your phone, then this may be one of the only side hustles that doesn’t feel like “work.” Another upside is that it doesn’t require any money to sign up. You don’t have to drive around in your car and pay for gas and wear and tear.

Related: 13 Companies That Pay You for Your Data

How Does Mistplay Work?

To use Mistplay download the app, create a profile, choose your favorite games, and start playing. Each game has to be downloaded individually on your phone, which can take several minutes.

As you start playing the games, you’ll earn points that you can eventually use to redeem for a retailer gift card. If you play the same games every day, you’ll level up and potentially earn more points the more you play.

A review of Mistplay’s games shows that there are dozens to choose from, so you won’t get bored playing the same one or two games.

While Mistplay is probably one of the most fun side hustles you can have, it may be one of the lowest-paying. I’d play each game for about 10 minutes and would earn between 2 and 20 points each time.

You need 400 points to earn a 50-cent Amazon gift card. Based on my gameplay, it would take about six hours to earn a 50-cent gift card or about 12 hours to earn $1.

There may be ways to earn more points faster once you gain experience and level up, but it’s not clear how much this would boost your total earnings.

May drain battery life

To use the app, I had to change my phone’s battery settings from power-saving to optimized so the games can run faster and more smoothly. This will likely drain my battery life faster, but thankfully I can charge my phone easily at home.

If you’re playing games on-the-go, make sure you have a charger or battery pack with you. You can also set reminders to turn the battery settings down when you’re done playing.

Large variety of games

Mistplay has a lot of different games available, and you’d be hard-pressed not to find a game that you genuinely enjoy playing. Although I don’t consider myself someone who seeks out mobile games, I’ve enjoyed the game variety that Mistplay offers.

However, one downfall to Mistplay is that you have to download games separately onto your phone; you can’t play them directly in the app as I had assumed. For instance, if you want to play Scrabble GO, you have to install it before you can play.

It can also take some time to download all the games. Sometimes even loading the games can take a while. I’m not sure if that’s because of my WiFi or the game, but if you’re going somewhere without WiFi, make sure to download all the games you want beforehand.

Apps like Mistplay 

Mistplay isn’t the only app of its kind. Here are some of the top apps like Mistplay that pay you to play games.

Swagbucks

While Swagbucks is known for their surveys, you can also play games on the site. Their games are somewhat similar to Mistplay and include Wheel of Fortune, Trivial Pursuit, and Angry Birds Champion. You can play the games for free or pay a cash entry fee for the chance to win real money. You’ll also earn Swagbucks points if you pay these fees.

Related: DollarSprout’s Swagbucks Review

InboxDollars

When you play games on InboxDollars, you earn scratch cards. These scratch cards may have cash prizes that you can win. Games include Wheel of Fortune, Sudoku, Solitaire, and more.

If you spend money on the cash tournament games, you’ll earn a percentage of that back in your InboxDollars account. New users get $5 for signing up for InboxDollars.

Related: DollarSprout’s InboxDollars Review

Mistplay Review Summary: It’s Fun, but You Won’t Earn Much Money

Although I did enjoy using the app, if your primary goal is to make money playing video games, you might want to try something else. Mistplay has such a low-paying hourly rate that you’re likely better off with a different side hustle like taking surveys, delivering for Postmates, or grocery shopping for Instacart.

Plus, there’s no option to cash out directly into your bank account or a prepaid debit card; you can only cash out for gift cards.

But if you already love playing mobile games and want to be rewarded for it, then using Mistplay is a good choice. If I was stuck on a five-hour flight or car ride and only had my phone, Mistplay would be a fun way to earn money while killing time.

The post Mistplay Review: How Much Does It Pay to Play? appeared first on DollarSprout.

I was working as a newspaper reporter in a small town where I didn’t know anyone. My workday lasted from 2 to 10 p.m., which left little time to hang out with people. My boyfriend lived in a different city three hours away, and I quickly realized that newspaper life wasn’t for me.

I complained about my job constantly. People told me I should quit and find something else, but I couldn’t afford to quit without a back-up plan, and because the country was still recovering from the Great Recession, it was hard to find a job.

5 Steps to Take When You Hate Your Job

Finally, I was able to land something else that was a better fit. I was able to quit gracefully and stay on good terms with my bosses. But the experience taught me a lot about what to do when you hate your job and want to quit.

1. Examine why you hate your job.

When I wanted to quit my newspaper job, I knew that I wanted to leave the industry entirely. While some of my complaints were directly tied to the city and my assignment, most of my problems were with the industry as a whole.

If you hate your job, you have to sit down and figure out what exactly you hate about it. Is it a lack of autonomy? The hour-long commute? A lack of flexibility? Knowing what you don’t like can prevent you from choosing a job with the same qualities.

When I decided I wanted to quit, I made a list of what I didn’t like about this job. For instance, I hated working on weekends and holidays, and I also wanted better benefits like a 401(k) and more paid vacation days. I didn’t want to work in a high-pressure environment that jobs in journalism offer.

Understanding why you don’t like your job is crucial to helping you figure out what you want in your next one. It’ll help prevent you from settling and being just as unhappy in your new position.

Related: Make Your Resume Stand Out With These 11 Extracurricular Activities

2. Evaluate your options.

Take a look at your budget if you’re considering handing in your resignation letter without another job lined up. You need to make sure that you can afford to be out of work and address any spending changes you may need to make until you find something else.

First, look at your total savings and emergency fund. Since most people in America can’t cover a $400 emergency, you need to evaluate if you can swing being unemployed for a certain period of time. It takes the average person about five months to find a new job, according to the Bureau of Labor Statistics. Make sure you have enough money to cover your bills and any emergencies that might arise during that time.

Write out a list of all your necessary expenses, including groceries, debt payments, transportation, utilities, and anything else you need to pay for. See what you can get rid of if you quit your job. You might need to pause any subscriptions, memberships, and other entertainment expenses. If you live alone and can get out of your lease and move in with a friend or significant other, that could have a substantial impact on your budget.

You should also brainstorm to see if you can work somewhere else or start a side hustle while you’re job hunting. When I wanted to quit my job, my boyfriend suggested I get a part-time gig at Starbucks to cover the bills while I looked for something else. I considered this option, but then realized I wouldn’t be able to afford my student loan payments on a Starbucks barista’s income.

As much as it hurt, I had to keep working even though I was miserable and my mental health was suffering. But I knew that going further into debt wouldn’t make me feel better if I quit my job.

Even if you can afford to quit financially, you should consider how quitting will look on your resume. If your resume shows that you don’t stay longer than a year or two, then future employers might assume you lack commitment. 

Related: When is it OK to Take a Pay Cut for a New Job?

3. Identify the change you want to make.

Before you start looking at new jobs, take some time to really consider what you want to do. If you’ve been in your field for a while and like what you do but find your current situation toxic, then finding a similar job somewhere else might be the best choice. But if you’re feeling confused and aren’t sure that you want to stay in your field, it may be time to consider going back to school, starting a business, or switching industries entirely.

When I was a newspaper reporter, I realized how much I hated working nights, weekends, and holidays. Suddenly, being able to spend time with my boyfriend for Christmas and his birthday meant more than working for a newspaper. When I looked for a new position, I made sure it had paid holidays and weekends off.

Make a list of what you’re looking for and rank your priorities. Then create a separate list of what you’ve enjoyed about previous jobs and companies. You should also write down any careers or fields you’re interested in.

For example, if you’ve always loved to draw or paint, maybe a career in graphic design would be interesting. If you love working with kids, teaching could be your next move. Write down anything that you’ve always found fascinating or interesting — no matter how irrelevant it may seem.

Then do some internet research or talk to a career counselor about what you’re interested in. Call a university with a degree program and see if you can talk to someone there.

Related: How to Change Careers Smoothly in 6 Simple Steps

4. Work your plan.

The first thing I did when I decided I wanted a new job was to start emailing everyone I knew. I told them that I was looking for a different opportunity and asked if they knew of anything.

It was one of these connections that told me about a special newsletter that went out to people interested in the non-profit community, so I signed up for it. It turned out to be a wise choice because that newsletter was where I found the announcement about the opening for my next job.

When you reach out to people, simply mention that you’re looking for a different opportunity. You don’t want to be dramatic or coy, and you don’t need to go into all the reasons you’re unhappy. That could prevent them from recommending you or sending you opportunities.

But if you’re professional about it, they’re more likely to help. And if someone sends a useful tip or hint, consider responding with a hand-written note or gift card to Starbucks or Amazon.

Updating your social media profiles is also important. First, make sure that any personal profiles, like your Facebook page, are set to private. Many companies will comb through social media to see if there’s anything incriminating on there, and for many companies, what you share can be a dealbreaker.

Update your resume or LinkedIn profile with your current job and refresh it with any significant accomplishments. For example, if you won an award or learned a new skill, make sure it’s on your resume. You should also update your references if they’re out of date.

It may also be helpful to contact your references and confirm they still want to provide a recommendation for you. Before you send out your resume, make sure you proofread and check it for any errors; you don’t want a simple mistake to prevent you from getting a job you really want.

Depending on what you do, creating a website portfolio could help you land a gig. This may not be applicable if you’re a nurse, but it may be useful if you’re a writer, graphic designer, or marketing consultant.

Related: How to Quit Your Job the Right Way

5. Keep working hard at your current job.

When I wanted to quit my job, it was hard to stay motivated. I found myself not caring and feeling completely depressed. But my boss noticed. One day, he called me into his office and asked if I still wanted to work there. He said I seemed very disinterested in the last company meeting.

That’s when I realized that I had to put in more effort. I didn’t want to risk getting fired. I still needed the job to cover my bills, especially my student loan payments.

As difficult as it is, you still have to work hard even if you hate your job and want to quit. This is doubly true if you’re staying in the same field or in the same city and you might run into your current boss after you leave.

It’s also important not to burn bridges even after you leave, especially if you’re at the beginning of your career. When I quit my newspaper job, I had to schedule an exit interview with the HR department. The exit interview was a chance for me to share any concerns or complaints I had. I was so excited.

But then I spoke to a former internship editor who said not to be honest during my exit interview. He said that anything I said would be shared with my bosses who could use it to retaliate against me in the future, like if someone called them for a reference.

“I know you want to be honest, but the best thing is to be polite,” he said.

I was disappointed. There were many legitimate complaints I had, but I kept quiet. Now, years later, I’m glad I did. The world is a small place, and you never know where a former boss might end up.

Related: How to Ask for a Raise

Treat Quitting as Seriously as You Take Finding a Job

Everyone loves a good quitting story, like the one about the flight attendant who quit his job by deploying the emergency slide. A story that goes viral may seem fun, but it’s usually a bad career move.

Even when you hate your job, quitting should be taken seriously. If you do it wrong, it could affect your ability to get another job. But if you are professional about it, then you can seamlessly move from one job to another, even in the same field.

Related: 10 Tips to Negotiate Your Salary for a New Job

The post What to Do When You Hate Your Job and Want to Quit appeared first on DollarSprout.

Sometimes it’s because you want to wear clothes you fit into years ago. Or maybe your doctor said some of your health problems could be relieved if you lost some weight.

But finding the motivation and discipline for weight loss is hard. A survey from 2013 to 2016 found that half of the adults surveyed reported trying to lose weight at some point in the previous 12 months._[1]

With so many different types of diets, workout plans, and apps available, it seems overwhelming to find a specific plan to follow.

That’s where getting paid to lose weight comes in. Money can be a powerful motivating factor, and the consequences are real when you lose money from your wallet. These weight loss bet apps and programs pay people money when they successfully reach their weight loss goals.

But not all apps that pay you to lose weight are made equally. Research the various options and find which one works best for your goals and lifestyle.

5 Apps that Pay You to Lose Weight

With so many different kinds of diet bet apps to choose from, sifting through them can be confusing. Here are five highly reviewed apps to check out.

1. HealthyWage

HealthyWage is one of the premier weight loss apps. It has a simple premise — people decide they want to lose weight and place a bet on themselves.

How it works

Users pick an amount they want to lose and then decide how much money they want to wager. HealthyWage has a prize calculator that determines how much you can win. Then you decide how much time to give yourself. If you register as a team, the total winnings can equal up to $10,000.

It should be enough to motivate you to stick to your workout plan, even if you’ve struggled in the past. If you need more time, you can extend the bet by buying more time.

Pros

The app’s payouts are significant, and you’ll win cash — no need to convert points into a gift card.

Cons

There’s no way to cancel the bet once you’ve started. If you have a personal tragedy or a health problem, you’ll still have to complete the bet. The only way to get your challenge suspended is if you get pregnant.

Related: DollarSprout’s HealthyWage Review

2. DietBet

DietBet is another weight loss app that pays you when you reach certain weight loss goals. You can’t win as much as with HealthyWage, but you might be more likely to win something.

How it works

DietBet offers three different challenges you can join:

• Kickstarter: Lose 4% in 4 weeks
• Transformer: Lose 10% in 6 months
• Maintainer: Keep it off for 12 months

Pros

The long-term challenges make it easier to win some money. DietBet also discourages people from trying to lose weight in an unhealthy way, so you can’t win if you’ve lost too much weight at the end.

Cons

The amount you win depends on who else is competing with you. The more people that win, the smaller the payout will be. You also have to pay your bet upfront.

DietBet charges the following fees:

• 25% fee for bets between $0-$99
• 20% fee for bets between $100-$249
• 15% fee for bets between $250-$500
• 10% fee for bets more than $500

3. Achievement

Achievement is an app where users can earn points which can be redeemed for rewards. Users can earn up to 80 points per day for tracked activities such as biking, running, or walking. Other non-physical activities such as logging your sleep or meditating will earn you up to 6 points for each activity.

How it works

You can redeem 10,000 points for a $10 reward. It can take 5 to 7 business days to see your reward.

Achievement is available on both iPhone and Android devices. You connect the Achievement app to your other fitness apps and devices including Fitbit, MapMyRun, and Apple Health.

Every time you log something on one of these devices, you’ll earn points with Achievement. In this sense, you’re not betting anything so there’s no money to lose. You’re simply being rewarded for healthy activities.

Pros

Achievement lets you track different kinds of physical activity, not just losing weight. This can promote a more holistic look at your health. You can also redeem your rewards for cash via PayPal, so you’re not stuck with a gift card you don’t want.

Cons

It can take a long time to earn enough to cash out for a reward. If you earn the maximum of 80 points every day, it’ll still take you four months to earn a reward.

Related: 12 Companies That Pay You for Your Data

4. StickK

StickK isn’t just a weight loss app, it’s an app to help you commit to any kind of goal, whether it’s losing weight or competing in an Ironman. Users have to sign Commitment Contracts that cost money if they don’t reach their goal.

If you fail to meet your goal, the money will go to a pre-determined person, charity, or StickK itself. You can also pick a charity with a mission you don’t support for some extra motivation to succeed.

How it works

An official StickK “referee” will verify your claims. You can also invite people to watch your progress and encourage you.

If you choose an ongoing commitment, you have to submit a report every week to update StickK on your progress. You can also pick a one-shot commitment, where you only report at the very end.

StickK referees are the ones who decide if you successfully completed your check-in. What’s interesting is that the referee is someone you know, such as a friend or partner.

Pros

It’s available on both iPhone and Android devices. Users decide how much money to put on the line when they make a commitment contract, and there’s no limit to this.

Cons

The biggest downside to StickK is that you can’t actually win money. There’s no positive reinforcement with StickK. It’s only the threat of losing money that binds someone to a goal. This can be discouraging for people.

5. Walgreens Balance Rewards

The Walgreens Balance Rewards for healthy choices program is a four-week health challenge that people can join for free. There are two types of challenges: physical and lifestyle. You can participate in both of these at the same time.

When you complete one week of each challenge, you’ll earn 100 points. You can earn a maximum of 2,000 points after successfully completing a four-week challenge. This is worth $2 toward Walgreens purchases.

How it works

You can track your progress manually or automatically, which you can do by connecting your phone to a Walgreens-approved app. Then you have to link it to the Balance Rewards program.

Pros

Because this is a free program, there’s no risk by signing up. If you complete the challenge, you’ll earn a small reward you can redeem at Walgreens.

Cons

You won’t earn as much money using this program compared to other diet bet and weight loss apps. You can also only use your rewards at Walgreens.

Related: 13 Apps That Pay You to Walk

Other Ways to Make Money Losing Weight

If you’re not a fan of these apps or challenges, you can find other ways to get paid to lose weight.

Office challenges

Instead of using a formal app, you can create an in-person office challenge between coworkers. Set up an honor system and see who loses the most weight after a certain number of weeks. You can also do this between friends or family members.

Instead of doing it by pounds lost, you can do it by the percentage of total body weight lost. Each person can put in a certain amount of money, and you can divide the prizes for first, second, and third place.

Insurance reimbursements

Some insurance plans offer extra benefits to encourage members to lose weight. They may pay for your gym membership, cover the fee for Weight Watchers, or reimburse your 5K entrance fee.

You’ll have to check your insurance plans for these ancillary benefits.

Bets with friends

Instead of doing a diet bet, you can do a different kind of bet with friends. You can all decide to stop drinking for a month or make a pact to give up dessert. This will be based on an honor system so it will be harder to track. Each person can put in $5 or $10, and the winner takes the entire pool.

How to Stay Motivated While Getting Paid to Lose Weight

Losing weight isn’t something you can put on autopilot, even if you’re using a third-party app. You’ll need to find other ways to motivate yourself.

Pick an exercise plan you enjoy.

When people complain about exercise, I always tell them the same thing: “Find a workout that doesn’t feel like exercise.” Instead of forcing yourself to run when you hate running, find a workout you like.

It can be anything from hiking with your dog on the weekends or doing Pilates on your lunch break. If possible, find both cardio and strength-training workouts so you’re targeting both fitness aspects.

If you find a workout you enjoy, you’ll be more likely to go to the gym. Instead of dreading it, you’ll find the motivation to go even when the weather is bad or when you’re stressed with work deadlines.

Share your goals.

Sharing your goals with friends and family members can help you if you’re trying to avoid certain foods or if you’re training for a race. When you share your goals, you may be able to find kindred spirits who will cheer you on and offer encouragement.

Be wary of sharing your goals, though. Sometimes sharing your goals releases a rush of endorphins, even though you haven’t actually accomplished anything. But if you have a friend who’s achieved a similar goal, it might be helpful to share your aspirations and pick their brain for advice and tips.

Find an accountability partner.

Trying to lose weight by yourself is tricky, especially if you live alone or your partner isn’t committed to the same goal. That’s why it helps to have an accountability partner. You can find one by posting about it on social media and asking someone from your gym.

Your ideal accountability partner should be someone who has similar goals. You should check in with each other on a weekly basis, in a text or email thread. You can even set up a Slack channel just for the two of you.

Accountability partners will help you find solutions to your problems, let you vent when you’re frustrated, and celebrate your success. They’ll cheer you on and remind you not to be hard on yourself.

Celebrates wins.

Trying to lose weight often isn’t a linear road map. It can ebb and flow. Some weeks you might only lose half a pound. Other weeks you may not lose any. And during the holidays, you may even gain a few pounds.

That’s why it’s important to celebrate small wins along the way. You should celebrate any kind of success, like when you start running more than one mile at a time or when you find a way to enjoy kale. Non-scale victories deserve recognition, too.

Celebrating wins can keep you motivated even if you’re months away from your target weight. You can celebrate wins with your accountability partner, publicly on social media, or privately in a journal. Seeing how far you’ve come can help you feel proud, especially if you’re likely to start comparing your weight loss journey to someone else’s.

Write down your why.

Losing weight for its own sake isn’t enough. You need a concrete reason. For example, instead of saying “I want to lose 15 pounds” say, “I want to lose weight so I can feel more energized for my kids.”

You can also have multiple reasons that can change as you progress. Your initial “why” might be to run a 5K, but you can change it to a marathon.

Having a strong why will keep you going when it’s 15 degrees and you haven’t worked out. It’ll keep you on track when you’re at a restaurant and want to order dessert.

A specific why is more likely to work, so think about this one. Then write it down somewhere and post it where you can regularly see it — on your bathroom mirror, on your computer at work, or even as the background on your phone.

Related: 16 Passive Income Apps to Earn Money on Autopilot

How to Choose Your Favorite Weight Loss Challenge App

Struggling to pick which app you’re interested in? You may not have to pick just one. Some of the apps listed here can be used together so you can double-dip and earn points in two separate systems.

Figure out what you’re really looking for in an app. Is it the social camaraderie or the possibility of getting paid to lose weight? Then pick an app that features that option.

There are other choices if you don’t love the idea of possibly losing money or aren’t into tracking your weight regularly. You can also use apps like MyFitnessPal, which lets you add friends who can see your food journals and how often you exercise. Although these apps aren’t as structured as weight loss challenge apps, they can offer other benefits.

The post 5 Apps That Will Pay You to Lose Weight appeared first on DollarSprout.

They mostly appeal to pencil pushers, number crunchers, and obsessive-compulsive types.

Unless you have a job that requires you to use Excel, you may not even know how spreadsheets work.

That’s why I abandoned my traditional spreadsheet budget several years ago. After trying in vain to find a simplified approach to tracking my spending, I decided that spreadsheets weren’t for me. They made budgeting a time-intensive activity and something I avoided doing. Then I found Tiller.

Tiller has changed the way I think about budgeting with a spreadsheet. If using Excel to track and analyze your spending is like learning to drive a stick shift, Tiller is like driving an automatic. Some people may prefer the more complicated route, but they both get you to the same destination.

Here’s what you need to know about Tiller: the good, the bad, and everything in between.

What is Tiller Money?

Tiller Money is a spreadsheet-based budgeting system that works with Google Sheets and Microsoft Excel. It doesn’t have its own spreadsheet system, so you need to have a Google account or Excel software to use it.

Try free for 30 days

$79/year Price 30-day free trial

No App Available Google Sheets or Excel only

DollarSprout Rating Good features, great support

Tiller is similar to an expense tracker spreadsheet that you would create yourself, except it's much more sophisticated. Tiller pulls information from your bank accounts and then automatically populates a Google or Excel spreadsheet for you. You still get the same great spreadsheet magic that you love except Tiller does all the heavy lifting and data entry for you. You can try Tiller free for 30 days, and then it's $79/year to keep.

Show Hide more

Pros:

• 30-day free trial
• Simple to use
• User-friendly tutorials available
• Built for the cloud so you can access anywhere
• Online community and support available
• Help migrating from your old budgeting tool

Cons:

• Costs money to use
• No mobile app (desktop use only)
• Only available in Google Sheets or Excel

Tiller works with more than 21,000 banks, lenders, investment firms, and other financial institutions, including:

• Bank of America
• Chase
• PayPal
• Fidelity
• Wells Fargo
• Vanguard
• American Express

If your bank isn’t listed as a current Tiller partner, you can still use the spreadsheet, but you’ll have to add those transactions manually. There’s no limit to how many accounts you can link with Tiller. You can also check in every so often to see if they’ve added your bank.

Before Tiller, spreadsheet budgeters would have to add in every transaction manually. That meant logging into every account separately, copying the transactions, and then building your own budgeting spreadsheet. Tiller combines spreadsheets with automatic data.

Is Tiller Money Safe?

Some consumers are wary of giving companies their financial information, but Tiller has a bank-grade encryption system to keep your data safe. Signing in to your Tiller account is only available through Google. You can also set up two-factor authorization with Google to further increase your safety.

Tiller can’t transfer money for you, and passwords aren’t stored directly in Tiller. Company employees can’t see or touch your data and only people with direct access to your spreadsheet can view it. This is a similar security setup to other budgeting apps like Mint and Personal Capital.

Tiller was also named the Best Wealth Management Product in 2018 at the FinTech Breakthrough Awards and has been featured in numerous financial publications like Business Insider and Inc Magazine._[1]

How Tiller Works

Similar to other budgeting programs like Mint and Personal Capital, Tiller needs access to users’ bank, credit card, and other financial accounts. Tiller syncs transactions to its spreadsheets, where users can then divide them into appropriate categories.

Signing up

Signing up with Tiller is easy. To create an account, you need to provide basic information like your name and credit card number.

You then decide which banks and credit cards you want to sync with your Tiller sheet. To connect a new account, you have to put in your username and password. This process could take a few minutes, depending on how many accounts you have.

If you ever change a password or username to a connected account, you’ll have to change it in Tiller as well. Tiller will notify you if the bank or credit card provider stops syncing with your account, so you won’t miss any transactions.

Finally, you’ll create a Foundation Template, which is your main spreadsheet. This shows your transactions, monthly budget, net worth, yearly budget, current balances, and more.

It’s incredibly intuitive and only took a few minutes for me to get the hang of. 

How long it takes to set up a Tiller spreadsheet will vary depending on how familiar you are with spreadsheets and the complexity of you budget.

Tiller has video tutorials and responsive customer service agents ready to help if you need it.

Related: How to Make a Budget in 7 Easy Steps

Review of Tiller Money’s Features 

Tiller has a variety of features that can be overwhelming for new users. Read below to see what the service can do for you.

Tiller’s Foundation Budget Template

Tiller has one main spreadsheet to use, but you can have up to five sheets synced to your account at once.

You can also install various add-ons. For example, Tiller has a system where you can import Amazon purchase information so each Amazon item is added individually. If you’re buying several items from Amazon at once, this tool will help you categorize them separately. 

The Tiller Foundation Budget has the following tabs:

Insights: This is the first tab and shows information such as your assets, liabilities, and net worth. It will also show your most popular retailers and biggest individual transactions. 

Monthly Budget: This is the main budget dashboard where you can see the categories, how much is allocated for each category, and total monthly cash flow. It also shows what percentage of your budget is left compared to how many days are left in the month.

Categories: You can add new categories and change the amount allotted to each category.

Balances: This lists the current balances of all your synced accounts.

Transactions: Each transaction is listed here.

Net worth: The net worth tab takes all your available accounts and creates a line graph showing your net worth trajectory. You can add manual accounts that affect your net worth, like your mortgage balance and home value.

It also shows the net worth change per month and each account’s monthly balance. It’s important to track your net worth to see how your wealth is growing over time, and Tiller’s spreadsheet simplifies that process.

Tiller Money Labs

When you create your budget with Tiller, you’ll receive access to Tiller Money Labs. This is where the Tiller team experiments with creating new scripts, templates, and workflows. It also includes add-ons you can use to give your basic spreadsheet more functionality.

These add-ons include options like:

• Estimated Quarterly Taxes
• Holiday Gift Planner
• Spending Trends
• Statement Details
• Tags Report
• Yearly Insights

Tiller is often adding new solutions, so be sure to check this section regularly.

Automatic categorization

Tiller has an add-on that helps you automatically categorize certain transactions. You can create rules to always categorize certain vendors with specific categories.

You can also categorize various accounts in certain categories. For example, if you have a business credit card, you can set it up so those transactions are always reported as “business,” “reimbursable,” or “tax-deductible.”  

This function can be found on the “AutoCat” tab on the Tiller Foundation Template.  

For example, I set it up so it always categorizes Costco as “groceries” and Spectrum as “internet.” These rules take some of the work out of budgeting, especially if you frequent the same retailers every month. 

Debt payoff spreadsheet

If you go to the Money Labs section of the Tiller Foundation Template, you’ll see an add-on for Debt Progress.

This will track your debt payoff progress. First, add the Debt Progress to your template. From there, select which debts you want to pay off. You’ll be able to decide what kind of payoff system you want to use — snowball, avalanche, or lowest-ranked priority. 

Tiller will track your starting balance, current balance, monthly interest, remaining interest, and estimated payoff date.

It will also suggest how much to increase your monthly payments to achieve debt freedom sooner.   

Community, support, and weekly webinars

On the Tiller Foundation Template, there’s a special tab marked “help.” Here you’ll find answers to common questions such as how to manually add transactions or why transactions aren’t syncing.

Currently, Tiller doesn’t do one-on-one support, but they do have a weekly webinar that explains how to set up a budget and create the automatic categorization rules, among other common questions. There’s a Q&A portion at the end of each call where you can ask any questions you have that weren’t answered during the webinar.

You’ll also have access to the Tiller Money Community. In this online forum, you’ll receive support from other Tiller users as well as Tiller’s own staff. The community appears to be active and engaged, with multiple topics and questions posted each day.

Tiller Pricing

Tiller’s pricing is simple. They only offer one tier of service at $79 per year, or $6.58 per month, with no discounts for students.

While there are plenty of free budget tracking tools on the market, Tiller’s pricing is on par with, and even less costly than, some other budgeting apps. If you’re hesitant about the cost, you can try Tiller free for 30 days. If you decide it’s not a good fit for you, then you can cancel your account before the 30-day period ends and Tiller won’t charge you.

Review of Tiller’s Benefits

In addition to its features, these are the reasons I love using Tiller.

It’s simple. Most people think of budgeting spreadsheets as inherently complicated, but Tiller’s system is really easy to pick up. I’ve used Tiller for almost two years now, and I only needed a brief time to master it. On top of that, categorizing expenses takes only a few minutes a week.

Fast customer support. I’ve never used Tiller’s customer service, but many Reddit users say they respond quickly. They also have a community support group where you can search for your question and see what other users have said.

They’ll help you migrate from your old budgeting tool. Tiller recognizes that many of its customers have been using other budgeting systems and don’t want to lose that data. They offer step-by-step help to upload information from Mint, Personal Capital, Quicken, and You Need a Budget. You can also bulk upload data directly from your bank or credit card provider.

Spreadsheets can be shared. You can share your Tiller spreadsheet with anyone else with a Google account. This makes it easier for my husband and I to manage our money together.

Easy access with the cloud. Because Tiller works with Google Sheets, it’s supported and hosted on the cloud. That means you’ll always have access to your Tiller spreadsheet when logged into your Google account. I like having my budget on the cloud because I can look at it no matter where I’m logged in.

Where Tiller Struggles

No app or budgeting tool is perfect. Here’s a review of Tiller Money’s downsides and where I think the platform struggles.

Tiller isn’t free. It costs $79 a year, but it does come with a free 30-day trial to test out the app before you decide to commit. Budgeting apps like Mint and Personal Capital are free to use, so this can be a surprise if you’re not used to paying for a budgeting service.

It’s completely spreadsheet-based. If you prefer using a mobile app, then Tiller won’t be a good fit for you. Because it’s spreadsheet-based, Tiller works best on a computer or laptop. Mobile customers may access their Tiller spreadsheet on their phone, but it’s not easy to use and needs WiFi or data access to upload new transactions.

Tiller has several spreadsheets available for Excel, but most people seem to prefer using Google Sheets. If you’re new to Google Sheets, you might have a hard time using it at first.

Tiller is only a budgeting system. Unlike some of its competitors, Tiller doesn’t track your credit score or tell you if you’re not saving enough for retirement. It’s designed to help you budget and track your money, not create a comprehensive financial plan.

Related: How to Track Expenses in 3 Easy Steps and Never Fail at Budgeting Again

Tiller Money Review Summary: Who Should Use Tiller?

I have friends and readers who refuse to pay for budgeting services like Tiller, especially when there are free alternatives on the market. Even though Tiller does cost money, it’s roughly the price of two lattes per month. If using Tiller helps you improve your budgeting approach, you’ll save much more than you’ll spend on the service.

I love using Tiller because it combines the clarity of a spreadsheet with the ease of an online budgeting system. I don’t have to manually track my transactions because it automatically adds everything. I’ve also had no issues with any of my accounts syncing with Tiller, which means I never miss an expense.

What I love about using Tiller is that I can change my budget at any time. If I need to add a new category or change how much I’m spending on restaurants, the process takes just a few minutes.

Even if you’re not sure about using a spreadsheet to budget, I recommend trying Tiller Money for the free 30-day trial. The simplicity of this spreadsheet-based tool may surprise you.

The post Tiller Money Review: A Perfect Budgeting Tool for Spreadsheet Addicts appeared first on DollarSprout.

Selling it seems like a hassle, but I don’t want to donate it and not get anything in return. In the end, I tend to hold onto my old phone for months until I finally throw it away. It seems like a waste, right?

But now, thanks to services like Gazelle, people can sell their old phones and tablets without much effort. No longer do we have to spend time taking pictures, creating sales listings, talking to prospective buyers, and planning meet-ups. Gazelle streamlines and simplifies the process of selling your old technology.

What Is Gazelle?

Gazelle is a site that buys and sells discounted and gently-used electronics including iPhones, Samsung Galaxy, and Google Pixel devices. Users can trade in their old technology for money or search for deals on new-to-them phones and tablets.

Although Gazelle buys tablets and smartphones from many brands, those are the only two items it buys. You can’t sell your laptop (unless it’s a MacBook) or Kindle to Gazelle.

Get your instant offer

Free Price Earn money by selling your used smartphones.

DollarSprout Rating Instant quote, free shipping, newer model phones

Gazelle is a website that allows users to buy and sell used technology including iPhones and Samsung Galaxy phones. You input the specs for your device and they'll provide you with an instant quote. If you accept, they send you a shipping label so you can mail your phone.

Show Hide more

Pros

• Sells certified devices
• Free instant offer
• 30-day return policy
• Sells the latest models from quality brands
• Gazelle Rewards program

Cons

• Quotes for sellers can change drastically
• Poor reviews on Trustpilot
• Doesn’t accept old phones
• $15 restocking fee if you return a phone
• Can’t sell laptops or Kindles

Is Gazelle Legit?

Gazelle is a legitimate site that pays for your used technology. It inspects each phone and tablet before it goes live on the site and runs the devices through a security check to ensure they haven’t been stolen, so as a buyer, you can trust that the phone you purchase will be legit.

However, Gazelle reviews appear to be mixed. The company has received several complaints from users and currently holds a 2.6-star rating on Trustpilot.

Although sellers receive an immediate price quote, some report experiencing a bait-and-switch strategy. These sellers say that they described their device, got a quote, and sent it in. Although they say to have described the device correctly, Gazelle claimed it had more scratches or other imperfections and offered a lower rate once it received the device.

Related: Top 10 Places to Sell Your Phone for the Most Cash

Gazelle Review: How Does It Work?

Gazelle breaks down the selling and buying process into a few easy steps.

Selling with Gazelle

To sell your phone with Gazelle, you’ll first need to provide the brand, model, color, storage limits, and overall condition.

Using that information, Gazelle will give you a price estimate, valid for 30 days, along with a prepaid shipping label. If you accept the offer and send your phone to Gazelle, it’ll check and verify that the device is as described.

If it all matches, you’ll receive payment via Amazon gift card, PayPal, or by check.

However, if you send in your phone and it revises your quote, your options are to accept the new offer or have it mailed back to you. There is no fee to have your phone sent back.

This can be a frustrating process because you can’t be sure you’ll get the quoted price at the outset. However, you take on the same risk with similar apps. Your best option is to be as honest and thorough as possible. It doesn’t help you to lie or omit certain details about the device you’re trading in.

If you don’t want to take this risk, you can try selling your phone yourself through a site like eBay or in-person with Craigslist or Facebook Marketplace.

Before sending your phone to Gazelle, make sure you erase all personal information from it. The best way to do this is to reset your phone to factory settings. This will delete all your passwords, pictures, files, and any other personal or identifying information.

Once you reset your phone, you won’t be able to undo it, so make sure you’ve backed up all your data. 

Related: 7 Ways to Sell Your Electronics for Cash Before they End Up in a Landfill

Getting paid with Gazelle 

Once you send in your phone or iPad to Gazelle for review, it’ll need three to five days to inspect the phone and decide on a final price. It can then take an additional 2 to 10 days for you to get paid.

You’ll get paid via Amazon gift card, check, or PayPal. If you choose to get paid via PayPal or Amazon gift card, it should be issued within two days. If you choose a check, it can take 7 to 10 days to receive it.

Remember, the quote it gives you is only good for 30 days so once you receive it, you’ll need to send in your device as quickly as possible to start the payment process. 

Buying from Gazelle

Buying from Gazelle is simple. First, you’ll click under the “Buy” button at the front page which shows you a listing of devices it has for sale.

You can also search for a specific model and brand or choose to look at what options there are in your price range. After you put in your search criteria, you’ll see the full listings of purchasing options, along with which carrier the phone is connected to.

Because Gazelle reviews and verifies all its phones to make sure they’re both as described by the seller and not stolen, you can feel comfortable choosing a model. If you want to return a device, you can do so within 30 days. Gazelle will give you a prepaid shipping label, but it’ll charge a $15 restocking fee.

Review of Other Gazelle Features

In addition to providing an easy-to-use selling platform, Gazelle also offers: 

• Loyalty program. Gazelle Rewards is its rewards and loyalty program that gives you one point for every dollar your device is worth. You can redeem those points for extra money the next time you sell or trade in a device. You can also earn extra points by connecting with Gazelle on social media, visiting the website every day, and you get 100 points just for registering with the program. 
• Enterprise trade-in. This feature allows business owners to sell their devices to Gazelle in bulk. The process is the same as its standard program: business owners provide information including the make, model, and quantity of the devices (minimum of 10) they want to sell and Gazelle gives a quote for the devices. If the quote is accepted, it ships you a box to use to send it your devices. Upon receipt and inspection, you get paid. 
• Gazelle for Good. The charitable arm of Gazelle provides fundraising, technology grants, iPad donations, and other community service projects to local communities. 

Alternatives to Gazelle

If you don’t want to use Gazelle to sell your old phone or tablet, there are other options.

Buyback Boss

Buyback Boss is an easy-to-use site for selling your old smartphones, tablets, and other technology. To sell with it, you need to provide a few details about your item and it gives you an instant quote that’s good for 14 days. If you accept the company’s offer, it’ll email you a prepaid shipping label for you to use to send the device. 

It also offer a highest-price guarantee so if you find a higher quote on a different site, Buyback Boss promises to honor it. 

Once it receives and inspects your device, you can choose to get paid via physical check, PayPal, or make a donation to Lighthouse for Hope, a 501(c)(3) benefitting children with pediatric cancer and their families.

Decluttr

Decluttr is an app and website where you can sell your phone, iPad, and other electronics. You can download the app or enter the information on the website.

Like Gazelle, you’ll get a quote for the device, print out a prepaid shipping label, and then send it in. Decluttr can also change the price if the phone is in a worse condition than you described.

ecoATM

EcoATM is Gazelle’s network of kiosks you can use to trade in smartphones, tablets, and MP3 players. You can find them in places like malls, grocery stores, and Walmart. It accepts phones, tablets, and MP3 players. 

This is the easiest way to get paid because you’re likely to have an ecoATM near you. There’s no worrying about shipping and packing the phone. All you need to do is bring the device to the kiosk, plug it in so the kiosk can evaluate it, and get a quote. If you accept the price, you’ll get paid in cash on the spot. 

Best Buy Trade-In

If you have a cell phone or other electronic device, you can take it to Best Buy and trade it in for a Best Buy gift card.

Unlike Gazelle, you can sell it in person to a Best Buy store if you don’t want to mail your phone. You can only get paid with a Best Buy gift card, so this isn’t a good option if you need actual cash.

This is an easy option if you have a Best Buy near you, and don’t want to worry about packing up a phone to ship.

Gazelle Review Summary

Buyers who shop for smartphones or iPads on Gazelle seem to have a more positive experience than those who sell their devices. That’s because the site is very particular and has high standards for the items it accepts. You may think your phone is perfect, but Gazelle might still find something wrong with it.

However, it’s free to send in the device and have it inspected. If you end up getting a lower quote, you can have it sent back to you for free.

The post Gazelle Review: What You Need to Know Before Selling Your Phone appeared first on DollarSprout.

They’ll spend hours poring over budgeting spreadsheets, examining the finer details of their investment accounts, and organizing the cash in their wallet by denomination.

For someone like that, being offered basic budgeting advice is like preaching to the choir.

For the rest of us, there’s the 50/30/20 budgeting system.

Whether you’ve struggled to budget consistently in the past or you’re looking to find a less time-intensive method, the 50/30/20 might be the approach you need to finally make it all click.

What Is the 50/30/20 Budget?

The 50/30/20 system was designed to make budgeting more accessible to people who get overwhelmed by complicated spreadsheets and budgeting apps. It was popularized by Senator Elizabeth Warren in her book All Your Worth: The Ultimate Lifetime Money Plan.

The beauty of the 50/30/20 budget is in its simplicity. It’s designed for people who want to track their spending without dividing each expense into a dozen separate categories.

Users of the system divide their transactions into just three buckets: needs, wants, and debt payments/savings. Spending is broken up into 50% for needs, 30% for wants, and 20% for savings and debt. Groceries would be in the needs group, makeup would be a want, and student loan bills would be a debt payment.

Here’s an example of what kinds of transactions might fit into each category:

Related: How to Make a Budget

Is the 50/30/20 Budget Right for You?

If you’ve tried to budget before and never quite got the hang of it, a 50/30/20 budget might be right up your alley. It’s like starting a fitness program. Jumping straight into a powerlifting routine might leave you sore and unmotivated, but starting with some light yoga will allow you to build a consistent exercise habit.

With the 50/30/20 system, you can start with the basics and get more complex as your financial literacy improves. It’s less of a specific system and more of an overarching philosophy.

It’s vague but flexible.

The 50/30/20 budget has become popular with people who struggle to categorize their spending. If you have separate line items for household goods and groceries, for example, a simple trip to Costco for saran wrap and cooking oil forces you to separate individual items from your receipt. With the 50/30/20, that kind of fussing is unnecessary.

The upside to this broader approach is that you spend less time figuring out how to budget each shopping trip. The downside is that you don’t really see where your money is going. If you need to cut some expenses from your “wants” category, the 50/30/20 budget won’t show exactly where you’re overspending.

It puts savings and debt on the back burner.

One of the reasons the 50/30/20 budget is popular is because it allows for 30% of a consumer’s income to go toward discretionary spending. Unfortunately, that doesn’t leave as much room for savings and paying off debt.

If your student loan payments make up 20% of your budget and you aren’t saving anything for retirement, the 50/30/20 approach could give you a false sense of stability. In reality, you’ll just be forced to play catch-up in the future.

Anyone who uses the 50/30/20 budget while paying off a significant loan balance should still try to save between 10 and 15% of their salary for retirement, even if that means shifting the spending ratio to allow for more saving.

It may not be a long-term solution.

The 50/30/20 is often suggested for beginners because it’s easy to use and set up. It also leaves a lot of room for variation, as long as you’re staying within the correct spending ratio.

But as a long-term budgeting strategy, the 50/30/20 budget might not hold up as well as a traditional line-item budget. That’s because the 50/30/20 split makes less sense above a certain income bracket.

When you’re making an entry-level salary, the 50/30/20 ratio is perfect. It allows you to enjoy your life and live comfortably while still prioritizing debt repayment and saving for retirement. But as your career progresses and your income increases, spending 30% of your income on discretionary items can be frivolous, and it can hold you back from reaching significant financial milestones.

Under the 50/30/20, someone making $80,000 a year after tax would have $2,000 a month for discretionary spending. That may be reasonable for someone with a robust social life and multiple hobbies, but many people would have to go out of their way to spend that much. As you approach upper-middle class, it makes more sense to follow a personalized budgeting system and devote more of your income to building a nest egg.

Related: How to Use the Cash Envelope System to Stop Overspending

How to Use the 50/30/20 Budget

There are three simple steps to creating and implementing a 50/30/20 budget spreadsheet.

Step 1: Figure out your take-home pay.

The first step in creating a 50/30/20 budget is to figure out your net income since that’s the figure you’ll be dividing from. Your net income is how much you take home after payroll taxes are deducted.

Look at your most recent pay stub to see what your take-home pay is. Even though your health insurance and retirement contributions may be deducted from your paycheck, you want to count these expenses as part of your budget.

If you’re self-employed, you’ll want to figure out your take-home pay after federal and state self-employment taxes. These will vary depending on your income and business expenses, so just use your best estimate.

People with irregular salaries, like salesmen working on commission or those with seasonal income, should use a realistically low figure when calculating take-home pay.

Related: Empower Finance Review: The Budgeting App That Does It All

Step 2: Calculate your percentages.

First, make a list of all your transactions from the past month:

Then divide them into needs, wants, and savings/debt categories. Divide each of the three categories by your take-home pay to calculate your percentage, then compare those percentages to the ideal amounts. For this example, let’s assume a take-home amount of $2,700 per month.

Step 3: Adjust your spending and saving.

Like most people who create a 50/30/20 budget, you’ll probably discover that your percentages are out of alignment like the example above. Maybe you’re spending too much on your needs and not enough on your savings, or your wants category might be out of control. Don’t beat yourself up – it’s normal to find out your spending is a little off.

Examine where you need to make a change and explore options for how to save money in those categories. In this example, you can clearly see that the needs category greatly exceeds the 50% goal. To cut back, this person could reexamine their utility usage, negotiate with their cell and internet providers, or find a less expensive apartment.

You can also see in this example that student loan and car payments are mostly responsible for exceeding the 20% debt payment/savings category. In that case, it could be wise to make faster debt payoff a goal or try to pick up a side hustle.

The 50/30/20 Budget Simplifies Managing Your Money

Overall, consumers who like and stick with the 50/30/20 budget do so because of how simple it is. There’s little doubt on how to categorize expenses, and evaluating your spending can take just a few minutes each week.

The 50/30/20 budget has stuck around because it helps people who want to be responsible with their money but don’t like the restrictive nature of most budgeting systems.

The post The 50/30/20 Budget Rule Explained (with Examples) appeared first on DollarSprout.

These days, checkbooks have largely gone the way of the dinosaur. Some people still keep one around for old times’ sake — or for budgeting reasons. But for the most part, they’ve been almost entirely replaced by debit and credit cards.

For anyone who remembers the slog of balancing a physical checkbook, this isn’t such a bad thing.

But there are times when a plastic card or paper cash just won’t do. For instance, say you need to mail a significant sum of money or send a secure payment. People without checking accounts also need a way to pay bills. For anyone in situations like these, a money order is the solution.

How to Fill Out a Money Order in 5 Simple Steps

Here’s a simple guide on how to fill out a money order and what to do with it after you’re done.

1. Add the recipient

Like filling out a check, you have to designate a specific recipient on each money order. Write the name of the person or organization to whom you’re sending money on the line that says some variation of “Pay to” or “Pay to the order of.”

The designated recipient must match the person or business’s legal name because the bank or post office cashing the money order will check their ID. Using a nickname or incorrect spelling may cause issues for the recipient when cashing their check.

2. Fill in the purchaser’s address

After writing the name of the recipient, add your residential address on the designated space. Some money order forms ask you to list the recipient’s address as well.

The address line is mostly a relic of the time before you could easily reach a purchaser or recipient by phone or email, so it’s not typically required. You can always ask the cashier if it’s acceptable to leave the address line blank.

3. Provide any additional information

Like checks, personal money orders have a line to write a note to the beneficiary.

If you’re sending a birthday check to your sister, write a memo like, “Happy 25th birthday.” If it’s a rent check to your landlord, write your apartment number. If you’re paying a bill, include your account number so the company can credit your account accordingly.

4. Sign your money order

Once you’ve filled out the money order, sign it and hand it to the cashier. You only have to endorse the front, as the recipient signs the back of a money order.

5. Keep your receipt

A receipt is proof that you sent the money order, which is handy if you’re paying rent or other bills. You can also use the receipt to cancel a money order, like if you find out you’ve been scammed. If a money order is lost, the receipt will help you recoup the money and purchase a new money order.

Always keep the receipt until you confirm the person has received and cashed the money order.

Related: What Is a Bank Statement and How Do I Read It?

How to Send Your Money Order

Sending a money order is simple because there are so many places to do it. Chains like Western Union and MoneyGram are available at grocery stores, gas stations, drugstores, and convenience stores. The post office sends money orders as well.

Your bank or credit union may also provide money orders, often for free depending on your account. Talk to your bank first to see if this option is available.

If your bank is far away or doesn’t offer free money orders, you can choose a third party to send one. Deciding which company to choose depends on where you live and how much you want to spend, so do a little research to get the best rate.

The post office charges $1.25 for money orders of $500 or less and $1.75 for money orders between $500.01 and $1,000. Western Union charges $1.50 and Moneygram charges $.89.

Most personal money orders have an individual limit of $1,000, so you have to divide the amount into separate money orders to send more than that. If you’re paying rent with a money order, chances are you’ll have to do this.

You can pay for a money order with cash or a debit card. The money has to come out of a bank account because the issuing company has to verify that you have the funds.

If you try to pay for a money order with a credit card, the card company will count it as a cash advance and charge you a high interest rate.

Where to Cash a Money Order

There are a few options on where to cash a money order. First, look at the issuer. If it’s a Western Union money order, you can go to a Western Union location to cash it. If it’s a United States Post Office money order, you can go there.

Going directly to the issuer will usually cost less money than a different location, and it’s often free.

You can also deposit a money order directly into a checking or savings account at your bank or credit union. When doing this, you may not receive access to the full sum right away. The bank has to verify the legitimacy of the money order, which can take a few days to process.

When to Use a Money Order

Money orders might seem like an unnecessary hassle, but there are times when it’s actually better to use one instead of a check. If you’re sending money overseas, a money order is probably the least expensive and safest way to do so. The post office can send money orders to 28 different countries.

A money order is also more secure than a check because it doesn’t have any identifying information on it. Banks can identify it by the money order number rather than by your account number. A check will always have the account and routing number visible, which can be used to hack into your account. If you’re sending funds to someone you don’t know that well, a money order is a great way to add a layer of security to the payment.

The post How to Fill Out a Money Order (Step-by-Step Guide) appeared first on DollarSprout.

It’s an important collection of information, but most of us don’t actually look at it unless something is wrong. You may take a quick glance at your balance every month, but chances are that piece of paper goes straight in the trash shortly after.

However, if read correctly, your statement can tell a much more interesting story than you may realize.

It can offer a close look at your financial habits, highlight potential problems, and prove your worthiness as a borrower. Your bank account statement can also help you build a detailed budget.

The key to understanding your bank statement is learning to speak the language.

What is a Bank Statement?

A bank statement is a record of your transactions from a checking or savings account over a certain period of time.

It shows all the deposits and withdrawals that occurred in your account, including checks you wrote, credits you received, and more. The bank statement also shows your beginning and ending balance, as well as how every transaction affected your balance.

Bank account statements are useful for monitoring your spending and your deposits. A mortgage lender might also ask to see your bank statements to make sure you have enough to make monthly payments or to ensure that no suspicious deposits have occurred recently.

How to Read a Bank Statement

If you’ve never actually checked your bank account statement, reading it for the first time is like translating hieroglyphics. Thankfully, understanding a bank statement is simple once you learn what each part represents. Here are the most important terms to know:

Starting balance: This is the amount you had in your account during the beginning of the statement period. In other words, it’s the money you had in your account before any deposits or withdrawals were made.

Ending balance: This is the amount in your account when the statement period ends. If you save more money than you spend, your ending balance will be higher than the starting balance. If you spend more or transfer more to a different account, you’ll have a lower ending balance than you started with.

Deposits: These are individual installments of funds into your account. This can include direct deposit from your employer, cashed checks, wire transfers, money you transferred from PayPal or Venmo, and other credits.

Withdrawals: This portion of the statement shows the transactions where you withdrew funds from your account. This can include both online transfers, like a payment to your credit card, and transactions that occurred with your debit card.

Interest: Some banks pay interest on their checking accounts. If you earned interest during the period, your bank statement will show how much you earned. If you have multiple savings accounts under the same umbrella account, the statement may show the total interest paid as well as the total interest for each account. Some banks will also list the amount of interest you’ve earned over the life of the account.

Fees: This portion reveals the exact fees you paid during the statement period. That can include fees for overdrafts, returned checks, ATM withdrawals, and a monthly maintenance fee. If you went abroad and used your debit card, you may have been charged a foreign transaction fee or ATM withdrawal fee.

Daily balance detail: Your bank may also show your balance for each day of the statement period. This allows you to see how your balance fluctuated throughout the month. It can be useful for anyone who likes to examine their spending habits in detail.

Overdraft protection: Your bank statement may reflect if you have overdraft coverage on your account and whether it had to kick in at any point during the statement period.

Statement period: These are the dates during which the transactions occur, usually a month-long period. However, if the statement says, “January 2019,” that doesn’t necessarily mean the statement period was actually for the month of January. It may begin at the end of December and end a few days before the end of January.

How to Use Your Bank Statement

Knowing what a bank statement is and how to properly use it could help further your financial goals.

Reconcile your accounts

You may remember your mom or dad sitting down at the dining room table with their checkbook in front of them. They were probably reconciling their accounts, evaluating how each transaction changed their account balance. This is simply to insure that the bank calculated the figure correctly.

You can still do this with your bank statement by going through each deposit and withdrawal. These days, this can all be done digitally — no checkbook required.

Track your spending

You can also use your bank statement to track your spending. Either manually input the data or sync your bank account to an online system like Mint or Tiller. Tracking your spending is the single most important step in creating an airtight budget.

If you don’t currently have a budget and want to start one, you can use previous bank statements to determine how much you’re spending in each category. Just divide up each expense into a specific classification, like food or entertainment.

Correct any errors

Always be watchful for any errors when checking your bank statement, like a check that was deposited when you issued a stop payment or a fee charged erroneously. The bank is unlikely to be as vigilant about your account as you are. That means it’s your responsibility to notice any mistakes.

It’s usually only possible to correct mistakes with your bank within a certain period of time. Therefore, it’s best to review your statement upon receipt. If something seems off, call your bank’s customer service line immediately.

Keep a record

By law, banks have to keep your statements available for five years. Still, it might be a good idea to store your statements separately in a cloud-based system like Dropbox or Google Drive.

You can save bank statements as PDFs or scan in your paper statements.

Your Bank Statement Says a Lot

All the information contained in your bank statement tells a story. Once you learn how to read the story, you can use your bank statement to track your spending, create a budget, and reach your financial goals faster than you thought possible.

The post What Is a Bank Statement and How Do I Read It? appeared first on DollarSprout.

Everyone wants a sure thing when it comes to money. They want to invest their money without losing it and get a huge return without inheriting any risks. They want to have both the comfort and security of a savings account with the high returns of a mutual fund in an IRA.

Unfortunately, you can’t always get what you want. The more returns you want, the more risk you need to take on. This is true whether you’re saving for retirement, your vacation home, or a simple emergency fund.

This is where a CD ladder comes in. A CD ladder combines the safety of a CD with the flexibility of a savings account. It gives you the higher returns of CDs, but with less structure.

What Is a CD Ladder?

A CD ladder is when you stagger your CDs so they all mature at different times. The purpose of a CD ladder is to keep your money liquid (or available to withdraw) like with a savings account while earning the higher interest rates that come with CDs.

When you withdraw money from a CD before maturity, you have to pay a penalty. This can considerably negate any interest you’ve earned up to that point. It’s not a good idea to open a CD or use a CD ladder unless you’re very sure you won’t need the money until the first CD matures.

CD ladder example

To create a CD ladder, you first want to choose a bank with high interest rates on its CDs. Let’s say you find a bank with a 6-month CD at 1% interest, a 12-month CD at 2% interest, and an 18-month CD at 3% interest.

After six months, your first CD matures and you decide to renew it. You buy an 18-month CD with the money. When the 12-month CD matures six months later, you buy another 18-month CD. This creates a CD ladder where you get access to funds every six months. This means that every six months, you’ll decide whether to open a new CD or withdraw the money plus the interest you earned.

A CD ladder that matures every six months is better than putting all of your money in an 18-month CD because you don’t have to actually wait 18 months to claim your money. Therefore, a CD ladder provides more flexibility and access than just using a traditional CD.

CDs Are the basis of a CD ladder

A CD ladder is composed of several CDs or certificates of deposit.

A CD is a savings vehicle offered by banks and credit unions that is similar to a savings account. When you open a savings account, you deposit the money and let it sit. You earn interest on the amount and can withdraw it anytime you want.

With a CD, on the other hand, you have to open the account for a certain length of time. Typically, that’s between six months to five years. The longer a CD’s maturity period, the more interest you’ll earn.

This makes it different from a savings account, which has no specific term requirement. Some banks also have a minimum deposit for CDs, between $500 and $10,000, while others have no requirement.

Like a savings account, CDs are FDIC-insured up to $250,000 per person. That means you won’t ever lose money on a CD as long as it’s below the insured amount. This makes CDs conservative investments, perfect for funds you need in the short term.

How to build a CD ladder

Even though a CD ladder might seem tricky, it’s actually quite simple to set up. You just need to know how much of your money you want to be tied up and what kind of timeline you’re on. Here’s a step-by-step guide on how to create a CD ladder for yourself.

Choose your CD laddering strategy

Once you decide to create a CD ladder, you’ll need to figure out how you want to stack the CDs.

This depends on when you want access to money. If your CD ladder is for a house you want to buy in five years, then you’ll want all your money to be available in five years. If you want a place to keep your emergency fund, then your CD ladder should probably mature every three months, just in case something happens.

A CD ladder should be specific to your needs. If you’re having trouble figuring out how to create one for yourself, you can ask a financial planner or even contact your bank. They can run you through the options and explain the penalties, interest rates, and other details.

Open your CDs

Once you know what kind of CD ladder you want, it’s time to actually open your CDs.

Make sure to shop around before deciding on your CDs since every bank and credit union has its own rate schedule. The interest rates will determine how much money your CD ladder earns so it’s wise not to jump ahead. Look at as many banks as possible to make sure you’re getting the best value.

Renew or withdraw

When your CDs mature, you’ll need to decide whether to renew them or withdraw the funds. To keep your ladder going, renew for however long you want.

If you do need the money, then you can go ahead and withdraw it. You can also choose to withdraw a portion of it and renew the rest. Because you’re withdrawing the funds after the date of maturity, you won’t have to forfeit the interest.

CD Ladder FAQs

Even though a CD laddering strategy may seem simple, we get quite a few questions about the specifics. Here are some of the ones you may be asking.

Is a CD Ladder worth it?

Creating a CD ladder can seem difficult and not worth it to the average consumer; but if you’re serious about maximizing your dollars, you should learn what a CD ladder is and how it can help.

Read on to see what a CD ladder is, if you should use one, and how to set it up.

Is a CD Ladder a good investment?

A CD ladder is a good investment if you’re certain you don’t need the money until the CDs have matured. Because you face a penalty when you remove a CD early, there’s no benefit to keeping the money in a CD unless you’re 100% sure you won’t need it.

For example, a couple looking to buy a house shouldn’t keep their money in a CD ladder if they’re already looking for homes and planning to buy in the next couple of months.

Likewise, a CD ladder isn’t the best place for long-term investors or people who are saving for retirement. CD rates typically max out at 3% interest, while the S&P 500 has an all-time rate of return of 9.8%._[1] A CD ladder is more appropriate for storing your emergency fund, not for building a nest egg.

What are the benefits of CD laddering investments?

The main benefit of CD laddering investments is that you earn more interest than by keeping your money in a savings or money market account. Plus, by staggering your CDs, you can achieve more flexibility than putting your money all in one CD.

CD ladders also provide a hedge against interest rate risk, which is when an investor has all their money tied up in a fund that has a lower interest rate than the current rates.

Can I use a CD ladder for my emergency fund?

A lot of people create a CD ladder emergency fund because they don’t want it to lose value while it’s sitting in a bank account. Other reasons for opening a CD ladder include saving for a down payment on a mortgage or a new car. In general, if you have a huge stash of money that you can’t invest in the stock market, a CD ladder may be an appropriate place to store it.

Interest rates for CDs vary based on the term. A CD with a six-month term will have a lower interest rate than a five-year one.

Will I owe taxes on my CD interest?

Interest earned on a CD will be reported to you through a 1099-INT form, which you’ll have to claim on your taxes. You only receive one of these forms when the CD matures and the interest hits your account.

There is no way to avoid paying taxes on interest earned from your CD, so just be prepared when tax time comes around. If you end up owing more than you expect, you can adjust the withholding on your W4 so as not to have a huge bill come April.

Luckily, unless you earn hundreds or thousands in interest from your CD ladder, you probably won’t notice a huge difference on your taxes because of the CD ladder. If you’re somehow worried about the state of your taxes with a CD ladder, you can consult a CPA to get more specific advice.

Related: Do I Have to Pay Taxes on Earnings Generated by My Bank Accounts?

Will a CD ladder earn more interest than a savings account?

Consumers use a CD ladder because they want an insured savings vehicle that will also generate interest. 

If you pick a CD ladder with short terms, your rates may be the same or less than a savings account. In that case, you’ll lose out on the flexibility of a savings account for no reason.

Also, if you end up withdrawing money from a CD before the term is over, you could forfeit most or even all of your interest. That could drag down your earnings to less than a savings account. Before installing a CD ladder, make sure that you can handle your money being tied up.

What are the downsides to a CD ladder?

The biggest downside to a CD ladder is that your money is trapped in a CD unless you withdraw it early and pay a penalty. That makes a CD ladder less liquid than a savings account, which isn’t ideal if you need your money in the very near future. If you need to access your funds quickly, you shouldn’t hold it in a CD ladder.

Another downside to a CD ladder is that it can be tricky to set up if you don’t fully understand the concept. Opening a savings account is much easier and can provide a decent return if you choose the right bank.

If you put too much money in a CD ladder and need to withdraw it right away, you’ll have to pay an interest penalty on the account. Before creating a CD ladder, think of some possible scenarios that might cause you to need money quickly. Then determine how much you need to comfortably have in your savings account. You can deposit the remaining amount in a CD ladder.

If you need to withdraw money from a CD ladder but it’s close to maturity, see if you can hold off. Borrow money from a friend or take on some side hustle work. Giving up those returns would negate the benefits of a CD ladder, so always find another way if you can help it.

A CD Ladder Can Be a Great Way to Save Money

When you implement a CD ladder for your emergency fund or other short-term investment goals, you can earn more interest than if you kept the money in a savings account, especially if you find high-earning CDs.

Plus, the money will be less easily accessible than if it were kept in a savings account, which should prevent you from spending it unnecessarily. If you’re the type of person who thinks a sale at Nordstrom is an emergency, then having your money in a CD ladder might prevent you from making impulse purchases.

If you stack a CD ladder effectively and never withdraw it ahead of time, you’ll get the best return without sacrificing security. That’s part of what makes a CD ladder so attractive — it combines the safety of a savings account with the interest rates usually only available to high-net-worth clients.

The post What are CD Ladders? Here’s Everything You Need to Know to Build One appeared first on DollarSprout.