Dave Banking App Review

Dave Banking App

Chances are that you’ve already heard of Dave, the personal finance app. However, did you know that there’s a new Dave Banking App? The new tool expands upon what the original app offered by provide a complete online-only banking solution.

What Is The Dave Banking App?

Dave Banking is a mobile bank geared specifically towards millennials, which is obvious from their website design. It implements some of the things that Dave was already known for and adds additional services. For example, you can set up an account with no monthly fees and no overdraft charges.

Dave Banking Benefits

Obviously, people who are concerned about overdraft charges will benefit from utilize this banking option. Here are some of the other benefits:

  • You can easily open an account by connecting your Dave banking app to your existing bank account. Alternatively, you can open your own brand new Dave checking account. There is no account minimum. You do not have to pass a credit check.
  • Dave has partnered with Credit Pop to offer a free credit-boosting service. The app reports your on-time rent and utility payments to the credit agencies. Therefore, you can improve your credit score by switching to this bank.
  • You get a $100 advance free of charge. There is no interest. In other words, if you run out of money, the account will help you without penalty.
  • Dave accepts direct deposits from tens of thousands of different employers.
  • The account is FDIC-insured. Therefore your money is protected as it would be with any other regular bank.

Budgeting Help and Predictive Account Info

The Dave Banking App offers some key benefits that many other regular banks simply don’t provide. For one thing, the tool gives you automatic budgeting help. You can easily use the app to see what you regularly earn and spend, plan for upcoming big expenses, and get other assistance with keeping to your budget.

Moreover, the app has a built in Artificial Intelligence tools. This helps predict your account balance before your next paycheck. Whenever it looks like you’re at risk of going empty in your bank account, you’ll receive an alert. Of course, you can rely on that $100 no-interest cash advance if you do go empty. But this AI and budgeting information helps you avoid that problem.

Dave Banking App Helps You Find a Side Job

This is another really unique featuring of banking with Dave. After all, when was the last time that your regular bank offered to help you find work? Dave has partnered with gig economy / sharing economy companies to help you find local work whenever you need extra money. You can apply for jobs directly through the Dave Banking App. It’s one of the most unique cutting-edge tools for a mobile bank to offer. And although it’s geared towards millennials, people of all generations can take advantage of earning a side income with a new gig.

Important Things To Know

Here are a few key things you’ll want to know before you choose this tool:

  • The Dave Banking App is available on Google Play and in the Apple Store.
  • You can tip the app and for every 1% that you tip Dave will plant a tree.
  • It costs $1 per month to bank with Dave.
  • This is a checking account, not a savings account, so you won’t earn interest on your money.

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Pros and Cons of Taking Early Social Security

early social security

You can begin taking early social security payments as young as age 62. Most people start taking it around age 66. Some people believe that you should wait until age 70 if you’re in a position to do so. What’s the right answer? It’s hard to say. There are some big pros and cons to taking that money early. Understanding those can help you make the right decision for your own retirement.

What Happens When You Take Early Social Security?

Generally speaking, you’re able to get your “full retirement” when you reach around age 66. (This varies slightly depending on individual circumstances.) If you take that money early, then you don’t get the full amount. Therefore, your monthly Social Security payments are lower than they would be if you waited.

On the other hand, you start to receive that money sooner. If you reach age 62 and really need that Social Security income, then you might find that it’s worth it to take the lower monthly amount. You’ll start getting that monthly check years before you would if you waited until reaching full retirement age.

So, in terms of the most basic pros and cons, taking your money earlier means:

  • The benefit is that you start receiving your money sooner.
  • The drawback is that you get less money per month throughout your retirement.

Social Security May Change in 2035

The Motley Fool makes a great case for taking early Social Security, which is that big changes may await when it comes to social security. In fact, Congress may cut benefits by 23% for all people receiving social security from that point forward. Therefore, if you’re thinking about retiring between now and then, it might be worth it to take the money early.

Yes, you’ll get less per month when you do that. However, you’ll earn the full “lesser” amount every year up until 2035. The longer you wait to start taking payments, the less time you have to accrue money before that potentially huge Social Security cut.

Of course, we don’t actually know for sure what decision Congress will make. There’s a chance that they won’t make that cut. Or it might not be as big. Therefore, taking early Social Security is a risk. You may opt for the lesser monthly amount now, hoping to accrue more before the big cut, only to find out that the big cut doesn’t happen. You’ll still get the lesser monthly amount. It’s not like you can go backwards in time and “take back” your decision to take early Social Security.

So, taking the money early means:

  • You might get more money overall by cashing out as early as possible before a big cut.
  • If the big cut doesn’t happen, then you might not have made as much as you potentially could have.

We Don’t Know How Long We Will Live

If you had a crystal ball then it might be easier to decide when to take your money. If at age 62 you knew that you only had ten years left to live, then obviously you would take early Social Security. On the other hand, if you knew that you were going to live another thirty years, then you might opt to keep on working until you could completely max out that retirement income.

Unfortunately, there’s no way to know. So the pros and cons really depend on factors that we can’t entirely know or control. All that you can do is make the best decision possible with the information that you have as you reach retirement age. Consider your health and likely longevity based on family history and other factors. Think about how much money you’ll likely get if you take early Social Security vs. the full amount. Weigh what would happen if Congress cut that amount in 2035. Then do your best to decide how the pros and cons balance out.

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Tips for Finding Your First Job After College

first job after college

Finding that first job after college can be hard. These tips can help.

Following your last finals and finally saying goodbye to college, the real world hits you pretty quick. While I am sure you can remember many late and difficult nights meeting deadlines during your studies, job hunting becomes the next big challenge in your life. Finding that first job after college can be a full-time gig in itself.

This can be a difficult time for many graduates. As employers look for experience, and you seek to obtain it, you may feel discouraged or lost as you apply. But, before you throw in the towel, here are some tips for finding your first job after college:

  • Update your resume. This may seem obvious, but you would be surprised how many recent college grads miss the mark on this one. Do a little resume audit, and make sure it is updated with recent relevant information. Include your grade point average (GPA) and any college or other activities, including community volunteering. It is commonly recommended to attempt to keep your resume one page long, but this can be difficult. Try not to exceed two. Always update it when you gain new skills. You don’t need a new job to attain new knowledge. Examples include learning a new language or website coding in your now free time. These talents should be added on your resume.
  • Look for internships. Opportunities are often right under your nose. If you are having a hard time finding internships in your area, try to create one for yourself from a company in which you’d like to work. Internships are a great way to build experience that you can include on your newly updated resume. Even if you have a couple internships under your belt already from college, you may need to do more until an employer takes your bait.
  • Follow up with your connections. Throughout your college years, you’ve been exposed to connections you may not even realize you have. Reach out to old professors from your major to see if they can inform you of available positions.  If you completed any internships that did not lead to an employment opportunity, follow up with them to see if there are any openings or if they can provide you with a reference. Networking is a great way to find a new job without using a resume. Friends and families can also be a part of your job network. Be sure to ask for help as you continue the job hunt. Not to mention, you can check with your Alma mater’s career office to check on any upcoming opportunities.
  • Attend career fairs. Face to face interactions still prove to be effective. Being able to talk to potential employers in person is important so that you can ask questions, make a first impression and discover jobs that will match your skill set. Many colleges host these career fairs, but you don’t always need to be a college student to attend them. Check local community boards and websites to see what job fairs may be coming up in your area.
  • Be flexible. Jobs do not need to be black and white. If a company has room for growth or potential for you to utilize your degree, you should consider applying even for positions outside of your field. For example, if you are hoping to make it as a social media manager in a big corporate company, try applying for a front desk or assistant position first to try working your way up. Don’t worry if you do not get nor find that dream job after college; if they were easy to obtain, everyone would have a dream job.   A lot of people end up going with alternatives like an online criminal justice degree instead of attending brick and mortar institutions.
  • Don’t rely on one resource. There are multiple resources you can use when applying for jobs. Sites like Indeed.com as well as your local career center are just a couple examples. The more you are able to distribute your experience summary to potential jobs, the better your chances of landing one quickly after college.
  • Personalize your materials. You will have a better chance of standing out to employers if you personalize both your cover letters and resume to the job listing. Don’t talk about your gardening skills in the cover letter if the job is for writing English papers. Make sense?

One of the most important things to remember during the application process is  to keep applying. You may face rejection, but this is a normal part of the process and should be expected. Keep going anyway, even though it can be a daunting task. Stay positive and remember that every time you get your resume out, you are regularly exposing yourself to new opportunities. Practice makes perfect, and the more you apply, the closer you are to landing  that first job.

What tactics did you take when applying for your first job after college?