A storage unit is a space, usually in the interior of an enclosed structure, that’s used solely for â you guessed it â storage.
A storage unit isn’t equipped with the same types of amenities needed to constitute a residence suitable for living but may be climate controlled in some cases. Other storage units are very rudimentary structures that fluctuate in temperature fairly drastically and are commonly made of sheet metal.
Who needs a storage unit?
A storage unit can be beneficial to a couple of categories of people. Anyone who has excess belongings that can’t fit in their home can benefit from a storage unit. Storage units are also often frequently used during a move.
Short-term and long-term storage
Some renters use a storage unit for a short stint of time while others utilize one long term. There are some reasons for using storage units like this.
Short-term uses
Decluttering your home
Storing your items during a move/apartment hunting
If you move away seasonally (like a college student during the summer)
Long-term uses
Permanent downsizing
To maintain a home business
If your apartment complex offers one
Where can you find a storage unit?
Storage units are a common occurrence in cities across America, so you can almost always find one for rent nearby. However, many apartment communities offer a storage unit as an included amenity with some or all rental units.
These included storage units may be on-site at the actual apartment community or offsite somewhere else. This is especially common in urban areas where rental apartments tend to be smaller.
Additional resources
Does Renting a Storage Unit Make Sense?
What is an Amenity?
5 Tips for Finding a Self-Storage Unit Before a Deployment
Bike Storage in a Small Apartment: 5 Freewheeling Solutions
8 Ingenious Storage Ideas for Clothes, Shoes and More
The post What is a Storage Unit? appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
In the era of lockdowns and social distancing, you’re probably relying most heavily on your credit card, as you shop online for many of your purchases.
But you might run into a snag and not be able to complete your transaction if you’re trying to use your card after its expiration date.
Here are some things to keep in mind if you want to keep those purchases coming all year long.
See related: How do credit cards work?
Wear and tear
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While your credit card account itself doesn’t expire at a certain time, the piece of plastic associated with it does.
That’s because “magnetic stripes wear out, cards bend,” says Nessa Feddis, a senior vice president at the American Bankers Association.
Because of their propensity to show wear and tear, “issuers want to make sure to get working cards into customers’ hands,” says Ted Rossman, industry analyst for CreditCards.com.
Cards with magnetic stripes typically wear out faster, so they usually expire after three years, Rossman says.
EMV cards, which contain computer chips embedded in them, tend to show less wear than those with magnetic stripes, Rossman says. As a result, many issuers are extending the expiration date on those cards to five years.
Sending you a new card periodically also allows issuers to implement design upgrades and technology updates, according to a spokeswoman for Discover.
Credit cards for retailers such as Macy’s can be an exception and there may be no expiration date on such cards.
Safety and security
Expiration dates also serve as a security measure. If you’re making a purchase online or by phone, you’ll typically be asked to provide your account number, the three- or four-digit security code on the card and the credit card expiration date.
The expiration date helps to verify that your transaction is valid, Feddis says. “It’s another data point to match up.”
For the card issuer, putting an expiration on a credit card helps the company manage its credit card portfolio, Rossman says. About 20% to 30% of credit cards that are issued are never activated.
Having an expiration date on a card serves as a “mechanism for re-evaluating a customer’s standing and potentially clearing dormant cards off the books,” Rossman says.
According to the American Bankers Association, Americans held 373 million credit card accounts in the second quarter of 2020. But that was down from 374 million in the second quarter of 2019. It was the first time the number of accounts has fallen since 2012, no doubt tied to the COVID-19 pandemic.
Meanwhile, credit card debt fell by $74 billion from the third quarter of 2019 to the third quarter of 2020, according to the New York Federal Reserve. The drop was driven by the economic recession caused by the pandemic.
See related: Many Americans say they’ll spend less after the pandemic than before
Where to look
If you want to check your credit card’s expiration date, you’ll often find it embossed on the front of your card, under your account number and above your name.
It will be embossed with the two-digit month and two-digit year, such as 02/21.
In the past, the raised numbers were needed on the front of a credit card because merchants would use a machine to make an imprint of the numbers on a receipt, and customers would have to sign the receipt. Now those machines are few and far between.
Today you may have a newer chip credit card that has no raised numbers on the front, and the account number is printed on the back.
With those cards, you’ll also find the expiration date on the back of the card, below your account number.
The expiration date is listed as a month and year, so your card is valid through the last day of that month, the Discover spokeswoman says.
Your new card should be sent to you well in advance of the expiration date. Once the new card arrives, be sure to activate it using your computer or by calling in to the number listed on the sticker placed on your card. Sign your card and be sure to destroy your old one.
See related: What do the numbers on your credit card mean?
Recurring payments
If you use your credit card to make recurring payments, you’ll need to update your card information with the merchant to make sure your payments continue to go through, the Discover spokeswoman says.
However, many merchants subscribe to credit card issuers’ account updater services. If you get a credit card with a new expiration date, or you receive a card with a new account number, the service updates that information to the merchant, so your credit card payment will continue to be processed.
If your account information doesn’t automatically update, you may receive an email from the merchant, asking you to go to the company’s website and update your information.
Paying attention to your credit card expiration date can help keep your transactions on track throughout the year.
Tandem parking is probably the least enjoyable âtandem thing to do.” There’s tandem skydiving, tandem bikes, but tandem parking ⦠doesn’t that sound like a hassle?
What is tandem parking?
Tandem parking means you have to essentially share one large spot with the person you live with.
If you live in an urban area where street parking is difficult to find, you’re probably lucky to have a parking spot at all. Many big cities and multifamily developers have reduced the number of parking in new complexes. Multifamily developers are seeing less of a need to build parking lots simply because city dwellers now have the option to hop on city bikes, scooters, ride-share or take public transportation.
In Seattle, for example, 30 percent of new buildings proposed in the past several years don’t include any parking at all. Some designers have advocated for parking garages to be built as flex space that can be converted. Additionally, it’s pretty common now for building management for newer developments to charge tenants for parking.
Despite the cost, some renters are still willing to pay 5 percent more for parking.
How does tandem parking work?
Tandem parking is a very long parking spot in which two cars could park â one in front of the other. Technically, it’s two parking spots in either a covered or open lot, but if you were on the inside, the car behind you would need to back out in order for you to get out.
It may be one step above having to circle your block for a street parking spot, but if you and your household have busy schedules, it may pose an issue.
Why do some apartment buildings have tandem parking?
Apartment buildings have tandem parking mostly because space is limited. Older developments tend to have tandem parking, but new buildings also offer this kind of parking structure, as well. Buildings that use tandem spots may often be able to squeeze in more spots.
Here are six tips for managing and dealing with tandem parking with neighbors.
1. Consider a rotation
If the area outside your apartment isn’t all that crowded for street parking, try a rotation from month to month with your roommate. Flip a coin or negotiate to decide who gets to park in the spot. This could also be contingent on who has a busier work or travel schedule.
Perhaps it can change based on the season, as well. For example, in the colder winter months, you can make the rotation week to week since it’s not ideal to park outside in the harsh winter weather with snow on the ground.
2. Pay extra to permanently claim the spot as yours
Depending on how much you covet your parking spot, perhaps you can negotiate to pay a little more each month to make the on-site spot yours.
Of course, this would only work if both parties agreed. However, it could be worth a shot, especially if your roommate wants to save a little cash each month.
If your roommate is not on board with this idea, perhaps you can look into nearby garages and find out how much they cost to rent each month.
There are also free apps such as SpotAngels and SpotHero to help you find parking spots in urban cities. You can set filters to show you garages or parking meters.
3. Understand your schedules
Because the cars are positioned one in front of the other, the most efficient first step is to understand your tandem partner’s daily schedule. This is probably the most important part of sharing a tandem spot, especially if the previous two tips aren’t an option. If you have similar working hours, a month-to-month swapping of who gets to park on the inside vs. outside may work out.
Whoever tends to leave first in the morning should park last, but schedules may change frequently, too. If that’s the case, communicate frequently about these changes. Also, consider getting a whiteboard to place near the door in your apartment that gives the latest update on when you need to leave in the morning or when you’ll arrive home in the evening.
4. Get a key
If you’ve ever seen a solo valet worker hustle to move cars to bring your car from the depths of the endless rows of cars, you know moving cars is time-consuming. While backing out your roommate’s car isn’t nearly as much work, it can definitely cause delays and isn’t ideal if you’re in a hurry.
In the event of an emergency or if you need to leave and they’re not home or still sleeping, you could give each other a spare car key.
Whether you keep the keys inside of a lockbox in the garage or on your keyring, having a plan for this will give both vehicle owners peace of mind.
5. Communicate often
If you both work sporadic schedules, send a text reminder of when you’ll be home and if you need to leave early in the morning. Having this plan could help you get in and out faster.
If you’re dealing with multiple people in your household who share two tandem spots, you may want to create a WhatsApp channel dedicated to schedule updates. There are also GPS apps that show in real-time when you’ll arrive home, in case your roommate needs to move their car before you get home.
6. Talk to your landlord
Perhaps you live in a building where you sometimes see empty parking spots.
Talk to your landlord, and see if you could pay a little extra to take one of the empty spots, even if it’s just temporary.
There’s no harm in asking your landlord about the options, especially if you and your roommate are having a hard time managing the tandem spot.
Tandem parking is manageable
While most apartment dwellers would rather have individual parking spaces rather than tandem spots, the way you manage it can make your lives easier.
Of course, tandem parking is a lot easier if you generally get along with your roommate(s). If you’re swapping extra car keys, it’s important to have trust and believe they won’t be careless with your car in case they need to move it.
Know each other’s schedules and communicate frequently about any changes or emergencies that may arise.
The post 6 Tips to Survive Tandem Parking appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Sometimes a credit card purchase that seemed like a great idea when you made it turns out to be a huge mistake.
While you may be able to return a product or cancel a service and get a refund, make sure you understand the refund process, or your credit could take a hit.
There are many reasons why you may want to return a purchase. You may have splurged on a new table only to find it is slightly too large for your space. Perhaps the necklace you bought online arrived with a broken clasp. Or maybe you just changed your mind and decided you didn’t want to spend $999 on an online course so you took the retailer up on its money-back guarantee.
Regardless of why you decide to return an item, “make sure you understand the return policy,” says Rod Griffin, senior director of consumer education and awareness for Experian.
The steps you take after you request a refund to your credit card could hurt your credit or protect it.
See related: What is a credit card chargeback, and how does it work?
How credit card refunds work
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When you make a purchase with cash, the transaction involves two parties – you and the retailer. If you get a refund after making a cash purchase, the retailer can simply give you back the cash from the purchase.
However, when you make a purchase with a credit card, the credit card issuer is involved in the transaction as well. In fact, the credit card issuer extends the payment to the retailer with the understanding that you will pay the card issuer back when you pay your credit card bill. Since the card issuer serves as something of a middleman in the original transaction, the card issuer must serve as a middleman again when you are issued a refund.
That means if you ask for a refund, the retailer must refund the party that paid them, which is the credit card company. The credit card company would then issue the refund to you in the form of a credit on your credit card statement.
Unfortunately, there is no universal rule that determines how long it takes to get a refund. For one thing, retailer policies differ. One retailer may take 15 days to issue a refund while another may take 30 or 45.
“In many if not most states retailers are required to post their refund policies,” says Linda Sherry, director of national priorities for San Francisco-based advocacy organization Consumer Action.
However, “not all these laws require online merchants to do the same,” Sherry adds. Therefore, some merchants may not be obligated to tell you when you can expect a refund at all.
It may take even longer to get a refund if you have to return an item purchased online via mail. For example, according to Amazon’s refund policy, “it can take up to 25 days for an item to reach us once you return it.” It’s not until after the item is received that Amazon would process the refund.
Once the retailer issues the refund to the credit card company, it may take a couple more days for your card issuer to apply your credit.
See related: How do credit cards work?
Can a credit card refund affect your credit?
The way you handle a credit card refund can have implications for your credit score.
If you’re waiting for a refund, you may be tempted to hold onto your money rather than pay your credit card bill since you know the refund is coming. However that would be a mistake, says Griffin.
“If you’re waiting for a refund and you’re not sure if it’s going to be there before the payment is due, make at least the minimum payment,” he said. That way you avoid a late payment, which could not only hurt your credit score but leave you on the hook for a late fee.
Another mistake that could hurt your credit score is believing the refund counts as a credit card payment. Say you are carrying a balance on your credit card and the minimum credit card payment due is $25. Before you make your payment, you see that a refund of $30 is applied to your account for a product you returned.
You may believe you don’t have to pay your bill that month because the credit is for more than the minimum payment due. But that’s not necessarily the case. You could still be obligated to pay the bill because the refund does not count as a payment, Griffin says.
credit utilization ratio – the balance on your credit card in relation to the credit line – goes up. A higher credit utilization ratio can hurt your credit. On the other hand, once a refund is applied, the utilization ratio goes down, which can boost your score.
quickest ways to improve your score, since credit card balances typically get reported to credit bureaus on a monthly basis.
Refunds, negative balances and rewards
Say a refund comes late and you pay your credit card bill to avoid making a late payment. If you paid for part or all of the refunded item when you paid the credit card bill, you may end up with a negative balance on your credit card once the credit is applied.
That simply means your card issuer owes you money. They may either apply the credit the next time you buy something using the card or they may issue you a check if you request it. From a credit standpoint, a negative balance on your credit card won’t hurt you, Griffin says. Rather, the account would be reported to credit bureaus as having a zero balance.
While getting a refund for a purchase you no longer want can be a relief, there could be a downside. If you have a rewards card and you earned rewards on that purchase, those rewards are forfeited if you get a refund on the purchase, according to a Chase spokesman. That means the card issuer will take the rewards back, or if you have already cashed them in, you will have a negative value in your reward balance.
See related: When should I redeem my rewards?
Bottom line
If you’re confused in any way about an expected refund, it doesn’t hurt to give your card issuer a call to let them know you’re expecting a refund as soon as you request it from the retailer, Griffin says. That way you are less likely to run into any surprises, and you can ask directly what they expect from you.
Parking is an amenity that some people don’t even think about when looking to rent an apartment. But if you want the convenience of a covered garage or a guaranteed spot for your vehicle, it has to be part of your must-haves.
When a space is not included, then it becomes a much bigger deal. Do you live in an apartment complex that doesn’t have a parking lot? No worries, we’ve got a few options for you to consider.
1. Street parking
Depending on where you live, street parking may be an available option at no cost to you. While it may be free, it’s often on a first-come, first-serve basis. This means you’ll have to try your luck and find an open parking spot.
Know ahead of time that some street parking will cost you. Think metered spaces or a permit for a block or specific neighborhood. More often than not, time restrictions on parking will be part of the deal.
Keep an eye out for signs posted with instructions. Pay attention to avoid getting a ticket, having your car booted or towed.
2. Garage or lot parking
If your complex or apartment building doesn’t have its own garage, then paid parking in a nearby garage is an option. Or, a parking lot within walking distance of your home. Parking lots are most common near shops, bars and restaurants, according to the Parking Network.
There are parking lots that are open throughout the year, but some are also improvised. Think of when you’ve gone to an event. Where do people park for a music festival that only happens once a year? There might be an open nearby meadow for parking, for example.
Paid parking lots and garages sometimes include a parking attendant. Gated entries require a ticket to enter and leave, or a machine to pay the parking fee. For this type of parking, you’re usually charged for the amount of time that you park. If your car is there for more than a few hours, you may incur a flat fee for daily parking.
When parking in an area that requires you to take a ticket, be sure to hold onto the ticket to leave. If you lose the ticket, you may pay a flat fee, which could be more than the cost of the time you actually parked in the space.
It’s a good idea to shop around for the best rate since costs vary from garage to lot. While comparing rates, look at whether it is cheaper to pay for daily vs. hourly parking.
3. Parking apps
Source: Parknay
Parking apps are one answer, especially in a lot of urban locales. Searching for and paying for parking has become easier because of parking apps. Some apps even let you make a reservation and will provide instructions on how to redeem parking at the garage.
Parknav is an app that offers real-time predictive street parking in more than 200 cities. Search the app for an address. Parknav displays a map with nearby streets. These streets are color-coded according to the likelihood of finding parking there.
That’s only one app out of many that help you find parking. Some apps are city-specific and there are even a few that help you save money. A quick search on your phone’s app store will give you a list of useful parking apps.
4. Ditch the car for public transportation
Although it may not be ideal for everyone, public transportation is an option. Do you live in a transit-rich city? If you live in an area that’s easily accessible by mass transit or has everything you need within a short distance, you can always sell your car and use the bus, subway, train, bike or walk.
This option may save you money and will remove the stress of having to find parking. There’s a huge variation among different cities in the price of parking.
Park wisely
Parking is a problem when you live in an apartment without dedicated spaces. It’s also an issue when you’re a two-car family and you’ve only got one reserved space. Street parking could be lacking where you live. Especially in urban areas.
Some cities want to require the unbundling of parking space rentals from housing lease agreements, reports the Seattle Transit blog, which could lead to lower rents! Whatever the case, try to avoid parking in areas that are not well lit at night, block driveways or are in prohibited areas.
If you find that parking is important to you, keep this in mind for future apartment searches. But even if your apartment complex doesn’t have a parking lot, don’t stress. Just look around and know that you have options.
The post Parking Options When Your Community Doesn’t Have a Parking Lot appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
There is no doubt that COVID-19 has affected the financial security of millions of Americans.
A September 2020 NPR poll found that nearly half of U.S. households experienced job loss or pay cuts during the pandemic. Fifty-four percent with annual incomes below $100,000 suffered the most serious financial problems.
However, as the situation deteriorated for many, a subset of individuals assumed newfound control over their economic well-being. The pandemic became their trigger to make powerful changes with the way they handled money, credit, income and savings.
Here’s how just a few people refused to let severe and unexpected pandemic-related conditions get them down.
Taking financial control amid a global pandemic
Improved charging habits
Repaid debt
Starting over after a job loss
Building a better budget
Increased saving and investing
Improved charging habits
According to an October Money and Morning Consult survey, 29% of credit card holders have been charging more than they had been before the pandemic, particularly on food and self-care items.
For some, like Raul Mercado from Austin, Texas, a freelance digital marketing professional, that didn’t mean acquiring high balances, but using the cards more effectively than ever before.
Mercado’s partner has been furloughed from both of her jobs, and his pay was cut by a third in the span of one month. In response, they changed the way they had been charging. The couple decided to make their cards work for, rather than against, them.
“My partner purchased an online course called ‘Credit Cards 101,’ and we learned the best way to use credit cards,” says Mercado. “We started using credit cards that included airline miles or cash back bonuses for all purchases so we could get additional resources from spending the same amount of money. Of course, we pay back our credit cards every week so we don’t go into debt. And because of all the closures around town, we are able to save significant amounts from not going out on date nights or expensive vacations.”
Now the couple is looking forward to using the rewards when travel is once again an option. They’ll stick with their new card strategy, though, since it allows them to profit from the process.
Repaid debt
A positive aspect of the pandemic is that it made many people reevaluate how they’re handing their existing financial obligations. In fact, Experian reported an unprecedented consumer debt reduction in 2020. Outstanding credit card balances dropped by 9% from 2019, representing over $73 billion in repaid balances.
Steve Morrow, a Phoenix-based CPA and founder of the kayaking blog Paddle About, and his wife slashed their liabilities over the past 10 months. They had a combination of obligations, including a car loan, home equity loan and credit card debt.
another round of stimulus checks, he will apply it to their emergency fund. In the meantime, he’s also using this time to educate their children.
“We have two teenagers and we’ve been having a lot of conversations with them about finances,” says Morrow. “In fact, one of my sons is taking a personal finance class in high school, and it’s been great to talk to him about our experiences with credit cards.”
See related: Financial bias starts early: How to talk to your daughter about finances
Starting over after job loss
Before COVID struck, Justin Duke had been driving and delivering for such companies as Uber and Instacart. “Then it all basically stopped,” says Duke. “I lost the main source of income that I had and didn’t know if or when it would be safe to do the gig work again, or what would happen with the stimulus. I had to pivot and find a new income.”
So, Duke and his wife, who live in a rural community outside Roanoke, Virginia, turned their attention to the business of raising goats and chickens. At the start of the pandemic, selling the animals and eggs via MrAnimal Farm generated a little side cash. Today, along with working a few other e-commerce and review sites, the couple is earning three times what they had been before.
“We have a safe way to make money that we have more control over,” says Duke. “We’re financially stable and are in control! Our holiday spending this year won’t change, but the goal for 2021 is to be able to purchase a second house with the online income.”
Duke is hardly alone in his quest for earnings independence. In October, the Census Bureau reported that applications for federal employer identification numbers had surged – by July, they were up an astonishing 91%, compared to the same time frame in 2019.
Building a better budget
Insecure salaries inspired other people to reevaluate how much money was going out each month, and then make powerful changes to ensure that there was enough to meet essentials. Such was the case for Jonathan Sanchez, an Omaha, Nebraska-based personal finance blogger for Parent Portfolio, a wealth building website for families.
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“Due to the economic stress caused by the pandemic, I was furloughed from my full-time job,” says Sanchez. “This put the weight of supplying for our family solely on my wife. Initially, it was depressing for me not to be able to work as well and was hard for my wife.”
Eventually, though, he decided to use this opportunity to assess their cash flow plan to get them closer to financial independence.
“We updated our budget and became more intentional with our money,” says Sanchez. “Before, what we were doing was not budgeting but spending and thinking we should have enough until the next paycheck. We never set limits – now we do. ‘Only this much for groceries, this much for dining’ kind of thing. It helped us become more mindful. For a whole summer, I stayed home with my daughter who was in daycare, so we didn’t have that expense either, so that was like a mortgage payment!”
The couple refinanced their primary residence to reduce those payments, then purchased a house as an investment property to generate passive income. They then deleted a large portion of their student loan debt and are working toward building up a sizable savings fund.
“Now that we have a budget in place, we’re not worried about money anymore,” says Sanchez. “My wife actively looks at our budget three times a week. It’s a habit we will continue on forever!”
See related: How to stop overspending during the coronavirus pandemic
Increased saving and investing
And then there are people who have found a way to increase their net worth, despite recent economic hardship. Christen Thomas, a personal finance expert and founder of the travel advice website TravelWanderGrow, has managed to create wealth.
Thomas has always been budget-savvy, but the pandemic prompted her to take a harder look at the way she had been preparing for her financial future that extends far beyond the next 12 months.
“It’s the year I’ve moved beyond the budget,” says Thomas. “I’ve started doing much more focused research into the FIRE (financial independence, retire early) movement, and have adjusted my long-term investment strategy accordingly. This has led me to move from investing around 10% of my income to 20%. I plan to grow this rate to 50% over the next few years as I pay down my student loans more aggressively and cut certain expenses.”
Miller & Company, LLP, the pandemic switched something crucial but latent in many people. They’ve found ways to thrive, when it hadn’t been necessary before. People discovered their inner strength and knowledge that they can perservere under extremely difficult conditions. Many fought to budget their money for the first time.
“The pandemic grounded a lot of people,” says Miller. “It helped them develop character. Americans are resolved to figure it out. Ultimately, it taught millions of us how to rescue ourselves, and that even in the bad times, there is good.”
Certainly not everybody has been able to regroup and overcome financial adversity in 2020, but it’s worth taking inspiration from those who have.
