Category: Personal Finance

COVID has literally turned our worlds upside down, and there are no signs of the virus taking a discourse. Most of America saw significant changes in our communities, including businesses closing, job losses, remote education, and so much more to name. The world is resilient, and we are determined to bounce back….. but we all must admit, things are different. 

As the world began to re-open, most of us found ourselves interacting with “it” differently and vice versa. We also saw restaurants fill only half capacity, X’s marked on every store floor indicating the required six feet distance, and mandated lower face covered masks became some of our new normal.  

But what happened to the United States cash supply? Some retailers and restaurants completely stopped accepting cash, indicating a shortage of money. While others made it clear that they would not give cash back towards debit card purchases.

There are many reasons why this is happening, but one thing is sure, cash transactions are slowing down and will likely make it more difficult to make purchases. But what does this mean to you? If you rely heavily on cash to make purchases, pay rent, and other necessities, it’s time to think about an alternate solution.

Many who mainly rely on cash are turning to digital banking solutions like ONE VIP.  ONE VIP is a neo-banking service that provides a Visa Debit Card and mobile app for convenient and easy money management. Unlike a traditional bank, there are never overdraft fees or hidden fees.  ONE VIP is not a credit card, so there is no credit check.  

If you primarily deal in a cash environment, you might want to consider transitioning to digital banking.  There are few easy ways to do so! Why continue to pay to cash your pay or benefits checks when you could simply sign up for a direct deposit for free! Plus, with ONE VIP direct deposit, you can get paid up to 2 days faster! If your earnings come to you in cash, you can simply use Visa’s ReadyLink Locator to find a retailer near you to have your money loaded to your ONE VIP account.

Bottom line: Cash is phasing out, and getting familiar with a digital solution is definitely something to consider.  ONE VIP is a great solution and open to anyone 18+ with a USA mailing address and valid identity. Learn more about ONE VIP at onevip.com.

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Spending within your means may sound like a simple rule to follow, but many Americans spend more than they save, which can result in debt. The good news is that it’s completely avoidable, and it’s reversible over time. With a little planning, tracking and adjusting your spending, you can live happily within your means.

For a stronger financial future, here are a few tactics to start living within your means and building better spending habits.

Create a budget.
Making a budget simply means examining your income and expenditures in order to determine exactly how much money you have coming in and where you’re spending it. Once you’ve got a clear understanding of your current budget – what income you’re receiving and what expenses you’re responsible for – take a closer look and find places where you can spend less. Not sure where to begin? Get started with this Budgeting calculator.

Financial tools, such as the ONE VIP Prepaid Visa Debit Card, are great solutions to manage spending habits and keeping a record of where you spend your money. You can track your purchases, balances, deposits and more all from your mobile phone.

Identify wants versus needs.
An effective way to streamline a budget is to identify your discretionary spending (wants) versus your essential spending (needs). Recognizing the difference between wants and needs can help you better understand what spending is necessary and what categories you could save in. The first step is to analyze your spending and cut back on nonessential purchases. It can make a significant difference in your annual budget by freeing up funds to be saved or used elsewhere. You may find you save hundreds of dollars a month by reducing entertainment costs or frivolous purchases. The idea isn’t to stop enjoying your life, but to understand costs and prioritize expenses for a healthier savings account.

Tackle your debt.
Many Americans owe money in the form of a student loan, a credit card or medical or consumer debt. It can take many years to pay off debt, but it’s important to live within your means and manage your debt load. Take the time to identify which of your loans have the highest interest rates and start paying them off first.

Consider professional counseling.
If you are struggling and can’t get your spending under control, consider seeking qualified financial counseling. Organizations like the National Foundation for Credit Counseling® offer free financial education and counseling services to help Americans cultivate responsible personal finance habits. Or consider finding a free, certified financial counselor through the Association for Financial Counseling and Planning Education (AFCPE), a nonprofit organization that aims to improve financial education for both financial counselors and clients. AFCPE’s online search tool can help you find the right advisor for your needs.

Bottom Line: Budgeting means different things to different people. Tools such as the ONE VIP Card can help get help you get and stay on track with budgeting goals.

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Many parents face the same difficult question when raising a child. Should one of you stay at home while the other works? It’s not a question to take lightly. The decision can have emotional and financial consequences and may have a long-term impact on the stay-at-home parent’s career opportunities. It’s also a question that doesn’t have a single correct answer.

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Your upbringing, personality, career and the family’s financial situation can all play into your decision. Your opinion could also differ from your partner’s and may change over time. Perhaps you both worked after having your first child and now that there will be two or more children it makes more sense for one of you to stay at home.

Whatever your impetus, if you decide to switch from two incomes to one it will undoubtedly be challenging. Purposefully approaching and planning for the change could help you succeed.

Get a general sense of the numbers. Understandably, you’re likely juggling a lot of priorities at the moment. However, now more than ever, having a clear picture of your family’s finances can be important. Thinking about both short-term and long-term scenarios will help you understand the effect of moving to one income and give you numbers to back up your assumptions.

For this task, you don’t need to track every single penny or dollar you make and spend (although detailed tracking helps manage your finances and budgeting software and apps can make it relatively easy to do so if you want). Try to get an approximate sense of your household’s cash flow and the non-essential expenses you could cut if need be. If this seems like a daunting task, consider getting the ONE VIP Prepaid Visa Debit Card to help track your purchases and deposits.

The good news is that saving on daycare (over $25,000 annually in some states according to Childcare Aware of America) and work-related expenses, such as transportation and meals, can help offset the lost income.

However, you’ll also need to budget for new child-related expenses. Some families downsize their home, sell a vehicle or eat out less often to make their one-income vision a reality.

Take baby steps before the baby arrives. For those who are just thinking about starting a family or are currently pregnant, acting as if you only have one income while both of you continue to work can help give you a leg up.

For example, the second income could go towards an emergency fund that can help you weather a setback after making the transition. You can also use the money to pay down high-interest debt, which can free up some cash flow by lowering your interest payments.

Discuss your new family roles. Having a stay-at-home parent can be as much of an emotional decision as it is a financial one. If you haven’t already, set aside time to discuss how you view each other’s roles in the family. There may be new expectations for responsibilities inside and outside the home.

Bringing finances back into the picture, discuss how you’ll divide the family budget. Will every purchase be a mutual decision? Or, perhaps you’ll both have a personal allowance that you can spend how you please and there’ll be a household account for shared expenses.

Plan for the future. Now may also be a good time to discuss your expectations for the future. When and if a stay-at-home parent plans to return to the workplace for example. And if it makes sense for them to work or go back to school part-time while also taking care of the home.

Much like the big decision, there isn’t a single correct answer to questions about family roles or the future and no one can answer these questions for you. Talk over the options together and realize that you need to try out several ideas before you find the arrangement that works best for your relationship and growing family.

Bottom line: Take a deep breath and embrace the upcoming changes. Switching to a single income can be challenging, but so is having two incomes and a newborn. Planning ahead and working together towards a common goal and vision for your family can help ensure a successful transition. uickly stack up if you’re not careful. Luckily, there are many ways to save money on tickets, transportation and food and still have a memorable experience.

This article is intended to provide general information and should not be considered health, legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation. To learn more about the ONE VIP Card, visit https://onevip.com/

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