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New year, new me—that’s how the saying goes, right? Whether you’re hoping to increase your daily steps or solidify a morning routine this coming year, we can all benefit from increasing our savings using budgeting apps. But if you have a difficult time saving, you aren’t alone. According to the Federal Reserve Bank of New York, total American household debt increased to 17.29 trillion in the third quarter of 2023.
Thankfully, there are plenty of budgeting apps available today that can make saving money a bit easier. To help you get your finances aligned with your New Year resolutions, we put together our list of the top 5 budgeting apps you can begin using today.
Our Top Five Budgeting Apps:
Acorns
Oportun
YNAB
Rocket Money
HoneyDue
1. Acorns
How it works: Regarded as one of the first round-up apps, Acorns first launched in 2014. Although classified as a savings app and not a direct budgeting app, Acorns is highly useful for wealth management.
The app’s concept is simple: connect your debit or credit card to your account, and Acorns will invest your spare change by rounding up purchases to the nearest dollar. So, for example, if you purchase a burger combo for $6.20, Acorns will round it up to $7 and transfer the extra $0.80 to your Acorns account.
While there are risks in investing, Acorns allows you to choose between different investment portfolios with varying risk levels. Acting as both a budgeting app and an introduction to investing, Acorns can help you save money while potentially helping you make more.
Great for: new investors and saving money.
Price: $3 – $5 depending on your plan.
2. Oportun (Formally Digit)
As easy as it can be to transfer money between your accounts, remembering to do so is a feat in itself. Taking a set-it-and-forget-it approach, Oportun is a budgeting app that makes money-saving decisions for you. Like other budgeting apps on our list, Oportun analyzes your income and spending habits to determine how much money you can save monthly. Once determined, the app will then periodically transfer money from your checking account into your Oportun account.
What sets this app apart from other apps is its overdraft protection. The app will pause withdrawals if it determines you cannot spare any extra money for the month. If you fall below a pre-determined threshold, you can also tell the app to move funds from your Oportun account to your checking account. Additionally, the app also offers personal loans to give you a helping hand when you need it most.
Great for: those that identify as spenders and not savers.
Price: free for 30 days, then $5 a month.
3. YNAB (You Need a Budget)
Following a future-based budgeting method, YNAB (You Need a Budget) is a budgeting app that will put every dollar you earn to work. Focusing on planning ahead rather than tracking past transactions, YNAB’s goal is to help its users become more intentional with their money in the long run.
After you receive your paycheck, you tell the app how much of your pay should go to various categories, such as debt payments, savings, and expenses. With the ability to connect multiple accounts like your checking account, savings, and credit cards, YNAB makes it easy to be hands-on with your overall financial status.
Great for: meetingfinancial goals and developing habits.
Price: $14.99 a month or $99 annually after a 34-day free trial. College students are eligible for one free year.
4. Rocket Money
If you’re like us, chances are you have multiple streaming services tied to your bank accounts. While sign-ups can be a memorable experience, forgetting to cancel subscriptions can be costly. Rocket Money takes the confusing list of transactions on your bank statements and breaks down where your money is going. By compiling monthly subscription expenses, you can quickly catch any dated subscriptions you may have forgotten about.
On top of subscription monitoring, Rocket Money also provides additional features such as credit monitoring, budgeting services, and bill-payment negotiation. With multiple services to choose from, Rocket Money is a valuable resource for those searching for a robust budgeting app.
Great for: subscription monitoring and overall finance management.
Price: free version available with premium versions ranging from $3-$12/month
5. Honeydue
Need to budget your finances with a partner? Try Honeydue. Honeydue is designed for couples to keep track of their joint accounts within one convenient app. After joining, both partners can link their bank accounts, credit cards, loans, and even investments. And don’t worry, you can also adjust what the other partner sees and has access to. One feature that we really enjoy from Honeydue is the shared expense calendar, which makes it simple to receive bill notifications for upcoming payments.
Want to know the best part? The full version of the app is free to use! Although the app doesn’t come with a full host of features like some of the other apps on our list, it does provide an easy way for partners to review their shared assets in one place.
Great for: couples and asset management.
Cost: free.
Find Savings by Comparing Car Insurance Quotes
Whether you’re a veteran at budgeting apps or just getting started, there are plenty of other ways to save throughout the year, such as comparing auto insurance quotes. At AIS, we specialize in finding you the best value available by comparing coverage rates across our network of insurance partners. Our team of specialists will work with you to find the plan that fits your needs. Give us a call at 888-772-4247 today to start saving for tomorrow.
The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.
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Collision car insurance pays to replace or repair damage on a policyholder’s vehicle following an accident with another car or object. Unlike liability insurance, collision coverage isn’t required by law in any state. However, lenders typically require collision insurance when leasing or financing a vehicle.
Since you don’t need the coverage, drivers must decide whether to pay the extra premium for collision car insurance. Although it makes sense to do so in most cases, there are a few situations when paying for the additional coverage just isn’t worth it.
Why is Collision Coverage Important to Have?
Collision coverage will pay to repair or replace your vehicle (up to its actual cash value and minus your deductible) if it is damaged from the following:
An accident with another car (including if your vehicle is stationary), regardless of fault.
A collision with a stationary object, such as a light pole, fence, or barrier
A single-vehicle accident, such as a rollover
An accident with an uninsured driver
Collision car insurance is worth having for many drivers as it provides financial protection against repairing or replacing a vehicle out of pocket following an accident. Remember, state-required liability insurance only applies to damage you cause to another person or their property. Collision insurance is entirely optional unless you are financing or leasing a vehicle.
Is Collision Car Insurance Worth It for Me?
If you own your vehicle long enough, there will come a time when you ask yourself if continuing to pay for collision coverage (and a potential deductible) is worth the cost. If you drive a new car, collision car insurance is almost always worth it unless you can easily afford to replace or repair it after an accident. For older vehicles, however, you’ll need to crunch the numbers.
For example, let’s say you have an older vehicle worth approximately $2,500 and carry collision coverage for $500 a year with a $1,000 deductible. If you end up needing to file a claim this year, it will cost you a total of $1,500 out of pocket (the cost of coverage + your deductible). Since your car’s value is $2,500, your insurer will only pay up to $1,500 for repair or replacement costs ($2,500 value – $1,000 deductible). In this case, you may be better off saving the premium towards repairs or replacement costs yourself rather than purchasing collision coverage.
However, let’s say that your vehicle is worth $10,000 instead of $2,500. With these numbers, your insurer will pay up to $9,000 ($10,000 value – $1,000 deductible) for repair or replacement costs. Since you’ll receive a greater payout, it’s likely worth paying the additional premium for the added coverage.
How Much Does Collision Car Insurance Cost?
According to the Insurance Information Institute, the average cost of collision car insurance is around $300 per year. However, insurance providers rely on multiple factors to determine premiums, so the amount you pay for the coverage can vary heavily. Here are just a few factors that determine the cost of coverage:
Your vehicle’s make and model: expensive cars are expensive to repair or replace, increasing collision coverage costs.
Your driving record: if you have a long history of accidents, moving violations, and claims, insurers may consider you a risky driver.
Your location: because traffic and driver data vary significantly depending on your location, some drivers may pay more for coverage in one ZIP code than another.
Your deductible: collision coverage is subject to a deductible, which is the amount you pay out of pocket for a claim before your insurer covers the rest (up to your policy’s limits). Generally, a high deductible will result in a lower premium and vice versa.
Still Not Sure? Speak With an Insurance Specialist
Car insurance can sometimes feel overwhelming due to the many coverages available. However, it doesn’t have to be. If you’re unsure of the coverages you need, AIS can help. Our team of specialists will guide you through all the options available from our network of insurance partners to find a combination that works for you. Give us a call today at (888) 772-4247 to speak with a specialist, or start a new quote online.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
According to the U.S. Small Business Administration (SBA), there are about 31.7 million small businesses as of 2020. Starting and running a small business isn’t easy – and once you’ve put your heart and soul into that precious dream, you’ll want to protect your investment. To secure your future and ensure that your doors open for a long time to come, consider these eight essential business insurance policies.
8 Essential Commercial Insurance Policies to Protect Your Business
Navigating the vast landscape of business insurance can feel overwhelming. With numerous options available, it’s essential not only to select the right policies tailored to your business’s specific needs but also to understand the coverage provided by each insurance policy. While every business faces unique risks, a combination of these eight common insurance policies outlined below can help form a solid foundation for protecting your business.
1. General Liability Insurance
This is the most important insurance coverage you should consider and a reliable starting point. Often part of a Business Owners Policy (BOP), general liability insurance protects you from legal claims arising from property damage and bodily injuries caused by your operations. It covers legal expenses, potential settlements, and medical expenses, safeguarding you from financial burdens and legal headaches. Plus, many vendors require their business partners to have liability insurance, opening doors to more business opportunities for you.
2. Product Liability Insurance
Product malfunctions happen even when strict quality control measures are implemented. In the unfortunate event that a defective product causes harm, product liability insurance becomes crucial as you may be held liable for damages. This insurance provides coverage for legal defense costs, settlements, and potential medical expenses. Consider adding product liability insurance alongside your general liability insurance, especially if you are in an industry where you manufacture and sell products.
3. Commercial Auto Insurance
Businesses frequently rely on vehicles for various purposes such as deliveries, errands, and client visits. Just like your personal car, company vehicles need dedicated protection. Commercial auto insurance covers you and your employees on the road in case of accidents involving company-owned vehicles. It includes coverage for property damage and bodily injury claims just like a personal auto insurance policy. Remember, your personal car insurance will not provide any coverage for business-related claims.
4. Commercial Property Insurance
Commercial property insurance protects any rented or owned building and equipment used to run your business. This could include your business’ inventory, office furniture, computer systems, and any machinery. While it shields against hazards like fire, theft, vandalism, and smoke damage, it’s crucial to note that coverage for earthquakes or floods requires separate policies, such as commercial flood or earthquake insurance.
5. Worker’s Compensation Insurance
Workers compensation insurance helps cover your employee’s medical expenses, lost wages, rehabilitation, and any other related costs that result from getting injured while working. Additionally, it protects your business from potential lawsuits and legal claims initiated by injured employees. Without this insurance, you will be responsible for paying the total cost of an employee’s medical expenses, which can cause financial harm to you and your business. Additionally, most states require businesses with employees to carry workers’ compensation insurance. You can face fines, penalties, and criminal charges if you don’t comply with your state’s law.
6. Errors and Omissions Insurance
Also known as professional liability insurance, this coverage is vital for businesses providing professional services. In certain industries, such as law, medicine, consulting, real estate, financial services, or beauty services, this insurance can protect you if you are sued for malpractice, even if you weren’t negligent. This coverage can also safeguard you against claims like breach of contract, negligence, or misrepresentation.
7. Cyber Liability Insurance
In today’s digital age, small businesses face significant risks from cyber threats and attacks. Cyber liability insurance helps protect your business from the financial losses and legal liabilities associated with data breaches, cyberattacks, and privacy violations. It covers expenses such as data recovery, legal fees, notification costs, and potential fines or penalties. With the increasing frequency and sophistication of cyber threats, this insurance has become necessary for businesses of all sizes.
8. Commercial Umbrella Insurance
Think of commercial umbrella insurance as an extra layer of protection beyond your primary business insurance policies. It kicks in when a claim exceeds the limits of those policies, providing invaluable support against lawsuits or unforeseen scenarios. This is particularly relevant for high-risk industries or businesses facing potential legal exposure.
Get your Business Insurance Evaluated by AIS Insurance
Building your entrepreneurial dream is a thrilling adventure, but it can come with hidden risks that can threaten your success. Secure your business with the right insurance. Speak with one of our Commercial Insurance Specialists today at (855) 919-4247 for a quick and easy free quote. Our knowledgeable commercial insurance team is committed to assisting you in comparing insurance quotes and finding the right protection for your business.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may differ from those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
