Budgeting

Should You Be Using CLEO?

December 2, 2020 By Tamila McDonald Leave a Comment

By 2021, a shocking 2.48 billion people will use Facebook Messenger on their mobile device. The sheer number of users has turned Messenger into a valuable tool, leading to the creation of helpful bots that take advantage of the platform. Cleo started as one of those bots, but it’s also a handy smartphone app. It was created by a UK company to help people manage their money better. If you are wondering whether Cleo is right for you, here’s what you need to know.

Cleo Review

What Is Cleo?

At its core, Cleo is a chatbot that focuses on the world of personal finance and money management. It’s designed to make keeping an eye on your accounts fun while ensuring critical information is always at your fingertips.

How Cleo Works

To take advantage of everything Cleo has to offer, you have to register. The app needs read-only access to your bank accounts, ensuring it can find answers to the questions you may ask.

Once you’ve registered, Cleo takes a look at your banking activity. This allows Cleo to identify trends and habits, give budgeting advice, and provide quick access to certain kinds of information, like account balances and whether transactions have cleared.

Cleo can answer more than 10,000 questions, and the artificial intelligence (AI) technology that drives Cleo continues to get more sophisticated as users take advantage of what it has to offer.

Part of what makes Cleo stand out is the chatbot’s personality. It can be friendly and funny, and you can even set it up to roast you.

Cleo’s Main Features

Overall, Cleo has a decent number of features. The biggest one is the ability to ask simple questions and get answers about your finances. You can choose how you want Cleo to respond to you, too. You can set it to hype you up, giving the answers a positive twist. You can also choose to have it roast you, which can lead to criticism for poor choices.

You also have the ability to play games through Cleo. These help boost your financial awareness, increasing your personal finance-savvy while having fun.

Plus, you can use Cleo to track spending and account balances as a starting point. However, the chatbot can also help you create and stick with a budget. You can tell Cleo how much you want to spend in a specific period, and it will keep an eye on your purchases and send alerts if you get close to that line. It can also focus on particular spending categories if you prefer.

Another benefit of Cleo is its ability to help you figure out how much you can afford to save. It will review your transaction history for insights. Then, it can calculate how much you can set aside without undue hardship. The smart save feature will let you know before it makes a transfer into your Cleo wallet, the built-in savings vehicle, allowing you to intervene if you think it’s too much.

Set Savings Goals

Additionally, you can set savings goals to help you stay on target. You let Cleo know how much you want to save and when you’d like to hit your goal, and the bot will assist you in making that happen.

Now, it is important to note that cash in your Cleo wallet isn’t earning interest. Cleo isn’t a bank, so it can’t offer you that. But your cash is securely stored, so there isn’t much risk in using the feature.

If you go the Cleo Plus route, you can get a few extras, like cashback or the ability to request salary advances, if you qualify. However, this can come with a fairly heavy price tag. Access will run you $5.99 a month, which may be more than some people can afford.

What You Can Ask Cleo

Technically, you could ask Cleo anything you’d like. However, the bots answering capabilities mainly focus on questions like:

What’s my current balance?
How much did I spend at [retailer] this week?
How does my budget look?
What bills are coming up this month?

When you ask a question Cleo can answer, you’ll get a quick and reasonably detailed reply. Overall, it’s very convenient.

Data Security and Privacy

Generally, security and privacy are reasonable with Cleo. The company touts bank-level (256-bit) encryption and security practices to safeguard data, and it doesn’t store the login credentials for your bank accounts.

Cleo states that it doesn’t sell, distribute, or lease personal data to third parties. Your information is only shared when it is necessary for providing services.

How Cleo Makes Money

Along with earning cash from Cleo Plus subscriptions, the company also makes money through affiliate deals. Cleo recommends various financial products to users. With some of them, if you click, sign up, or engage with the recommendation, Cleo is compensated for that. It may also get some income if you use any of the cashback offers, giving it another cash stream.

Ultimately, this isn’t unlike many other personal finance apps. However, Cleo isn’t completely open about how it makes money, so there could be other avenues in play, as well.

Should You Try Cleo?

If you struggle with managing money, Cleo could be a great tool. It gives you insights into the state of your accounts in a fun and engaging way, and many of its services can help you stay on target.

However, saving money in your Cleo wallet won’t earn you interest, so keep that in mind. Additionally, the bulk of the experience involves interacting with a bot. If that isn’t your cup of tea, Cleo may not be a great fit.

But, if you enjoy the conversational approach, Cleo could be worth trying.

Did this CLEO review make you more interested in the service? Have you tried CLEO and want to tell others about your experience? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

How to Use Money Tracking Apps Safely?

December 2, 2020 By Trey LaRocca Leave a Comment

When it comes to getting ahead financially, there are endless resources on the App Store. Whether it is the Apple App Store or the Google Play store, there are a ton of budget-trackers that aim to help you get off on the right foot. The issue many have, is the possibility of their financial information being trusted to a random app. It can be difficult to know if you can even use money tracking apps safely. The good news is that you absolutely can! To help you do so, we’ve got some quick Do’s and Don’ts to get you started.

Do’s

Do use popular and highly-rated apps

This one is the quickest and easiest way to vet a money tracking app for safety. If many others use it successfully and safely, then you are probably choosing a good app. This isn’t the most thorough solution, but it is a great start.

Do research the creator/owner of the app

Making sure you know who handles your financial information is vital in keeping your data safe. Many of the more popular apps are owned by firms that already handle a ton of user financial data, and you can look them up on the Better Business Bureau website to see if they have run into any trouble doing so.

Do check the Terms of Service and Privacy Statement

These two documents are legally required to be approved by you for a reason: They tell you how the provider will be using your data. You need to be wary of apps that make money by selling certain information about you, which most of the free ones do. While it isn’t legal for most important financial information to be sold at all, it is still a must to ensure you know exactly what information of yours is and isn’t protected.

Don’ts

Don’t be a guinea pig

Don’t be one of the first people to get on a trendy app. By using apps without proven track records, you may run into quality and safety issues. If an app does its job better than any other, it will get noticed. You don’t need to take a risk on an app with only a few hundred reviews (that can be easily defrauded) to get a quality product. Use established apps owned by established financial firms.

Don’t use apps that hold personal/financial info on public Wi-Fi

If you are borrowing the Starbucks Wi-Fi for a little while, banking and financial apps can wait until you are back on your own data. IF strangers can share the same Wi-Fi network as you, there are ways for them to access the information transmitted on that network. While this isn’t overwhelmingly common, the consequences are not worth the risk.

Don’t forget to password-protect your device

Phones nowadays have great ways to keep your information secure. Not only can you create a PIN or passcode, but you can even use biometrics to ensure you are the only on with access to your phone. Moreover, many apps are even able to integrate these same measures to ensure that your info is safe. You don’t want a stranger to be able to pick up your phone and hijack your finances. So, it is only sensible to add countermeasures everywhere possible.

We hope you’re able to use money tracking apps safely using these tips, and get on the right financial track! If so, tell us what your favorite finance app is in the comment section below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

Can You Get Your Tires Rotated for Free at Costco?

October 13, 2020 By Trey LaRocca 4 Comments

Cars are expensive to own. Not only do we have to concern ourselves with the monthly payment. We also have to be able to afford the normal maintenance that each car requires. From air filter changes to tire rotations, vehicles need a lot of attention. Costco offers great deals on just about everything, but what about maintenance for your vehicle. Would you believe that you can get free tire rotations at Costco? Now there are some things you need to know before running over to your nearest Costco. So keep reading.

So, How Do You Get A Free Tire Rotation at Costco?

First, Let’s answer the burning question. Yes, Costco does perform free tire rotations.

However, there are two criteria you must meet in order to get a free tire rotations at Costco.

First, you must be a Costco Wholesale member.

Second, in order to receive free tire rotations, you must buy your tires from Costco.

This is because their tire prices include an installation charge of $18.99 per-tire. This includes mounting, lifetime balancing, rotation, flat repair, and air pressure checks. It also includes a new rubber valve stem, and Costco’s Road Hazard Warranty.

Drawbacks of Free Tire Rotations at Costco

While Costco does perform free tire rotations, reviews on the services have not been stellar. According hundreds of reviews on ConsumerAffairs, Costco Tire Centers only have a rating of 1.5 stars out of a possible 5.

For example, a review from this user reported a common complaint of slow service:

Terrible! The Pleasant Prairie Wisconsin location is slow as can be. We purchased 4 tires online and expected tire professionals to be able to simply install them. They told us that there was a 3-4 hour backlog. I’m here checking in after 5 1/2 hours and they say it’s still 30 to 40 mins. What a joke. Never. Never again. They need to hire professionals that can work at a decent pace. Not these lowly paid kids that have no idea what they’re doing. The inconvenience is not worth the money saved. Never again. Costco is a joke! – Paschen of Kenosha, Wisconsin

Another common complaint is general carelessness, or harm that was done to vehicles while receiving a tire rotation. Many consumers, like this one who shared a review on Yelp, commented at the poor level of customer service and difficulty to reach anyone when calling the Costco Tire Centers.

Costco has the best prices on tires. Sadly, the customer service at this Center is not good. The poor installers also have to handle the front end so they take a long time to handle the influx of customers checking in in addition to changing tires. Also, 2 of my tires had large green spots of paint on them and a lot of lube left around the tires.

Also, I tried calling multiple times with no answer or being hung up on. They even answered once, put me on hold for 5 minutes, then I got hung up on. As a whole, I’d say try a different Costco Tire Center. – Kelly R. of Mission Viejo, California

Benefits of Free Tire Rotations at Costco

The biggest benefit of Costco tire rotations is the price. Tire rotations are free if you purchase tires through Costco. Consumers report that they are often able to score the best deals on tires through Costco Tire Centers. The affordability of the tires plus the additional services offered through Costco Tire Centers may be worth it to some people, such as the individual who left the following 5-star review on ConsumerAffairs:

Ordered 4 90,000 mile tires online with delivery to local Costco and installation. Excellent price – about $40 lower per tire including savings from installation less than Sears. Installation cost was $15 per tire. This included mounting on rims, balancing, old tire disposal fee, road hazard ins, flat repair for 5 years. Lifetime rotation and pressure check, and nitrogen top off. The only disappointment was that they had no appointments available. I showed up just before opening time, but tire department was already open. There were 3 cars ahead of me. I asked how long was the wait. She said 1 hour to 1 1/4 hr. At one hour 16 min, the car was ready to go. Everybody working there were excellent in customer service. Will buy next time at Costco again for sure. –Charles of Lorton, Virginia

So yes, you can get free tire rotations at Costco if you have a Costco membership and purchased your tires through their Tire Centers. If you use them for this service, don’t forget about all the other maintenance that your car requires. Take great care of your car and it will take care of you.

If you need a tire rotation and don’t have a Costco membership or purchased tires through their tire center, then there are other options. See if the business where you purchased your tires offers free tire rotations. Many do like Pep Boys, Sam Club’s and Discount Tires. You can also use services like Groupon to get great deals on tire rotations, although they may not be free they will be cheaper and normally come with an oil change.

Other Free Tire Services at Costco

As mentioned above, Costco tires come with many other free benefits. Let’s break down the lifetime benefits that come along with the free rotations:

Tire Balancing

Balancing is a great service to offer that not many know about. This process ensures that each wheel-and-tire is of equal weight to the other three. If this isn’t done, tires can wear unevenly, causing more frequent replacements and a rougher ride. Utilizing this free service will make sure you get the most out of your tires.

Flat Repair

This is a much better-known term. Basically, if your tire falls victim to a puncture, or very small breach in the rubber, it can typically be repaired. This usually costs anywhere from $20-40. Costco, however, will do this for you for free. Just make sure you don’t drive the car on a flat, or use chemical sealant on it. Both of these interventions can make it more difficult to fix the tire, or even ruin it completely.

Air Pressure Checks

Air pressure is very important, but this benefit really isn’t. You can check your air pressure for free at most gas stations, and can usually find an electric air pressure measurement tool at AutoZone or on Amazon for around $10.

Have you gotten free tire rotations at Costco? If so, tell us about it in the comments below.

How to Start Budgeting (For Real This Time)

October 4, 2020 By Justin Weinger Leave a Comment

A budget. It’s the buzzword on every financial advice website, the cornerstone of good money management. Everyone knows what a budget is in theory, but putting one into practice is another story. When you have to look up how to stick to a budget or even how to make one, you likely have some financial woes you’re trying to resolve. You might find yourself struggling to keep up with the bills; you could have a lot of debt and find yourself only accumulating more. Or maybe you’re preparing for a big life decision, like getting married or having a baby, and you want to get your finances straight beforehand. Although there are literally thousands of articles, books, how-to guides, podcasts and videos about money management, you really only need a few solid tips to get started.

Why It’s So Hard to Save Money

We could look to a lot of things to pin the blame on our poor spending; capitalism, marketing, social media and innate human greed to name a few. The truth is that, in reality, many people who struggle to save money genuinely want to, but life keeps getting in the way. You have several hundred stowed away in the bank, but then your car breaks down and away it goes; your kid needs new shoes; there’s an emergency vet bill; the toilet clogs and your trusty plunger isn’t cutting it, so you have to call in a pro for a hefty fee.

All the little expenses we rack up just by being alive make it difficult for the average Joe or Jane to get ahead financially. Learning to balance the inevitable unexpected costs with a flexible budget can help offset the guilt and disappointment that comes when we don’t reach our goals. More freedom to save also means greater motivation; when a budget feels like a decision and not a punishment, you’re more likely to make it a priority.

Bring Down Debt

Debt is one of the biggest reasons people can’t save or get ahead financially. Even with a good job, student loans, housing costs, credit card bills and loans consume the majority of your income before it’s even in your pocket. Reducing your debt as much as possible is the first step toward saving more. There are a few ways you can begin to go about this:

Get your annual free credit reports from Experian, Equifax and TransUnion.
Work with a professional credit counselor
Explore options for loan forgiveness, deferment, refinancing and consolidation.

Through 2026, you can request up to six free credit reports from Equifax. This is in addition to the free one you’re already entitled to. Taking advantage of this will help you evaluate how your payments and new habits are improving your score, and you’ll be able to spot any errors and solve them fast. If you’re exploring refinancing, consider your auto loan before your house. It’s easier to adjust, and there is less at stake. Using an auto refinance calculator, you can enter your credit score and balance to review new loan options that last 60 or 72 months. You’ll have no obligation to accept a potential plan, but you can review the potential savings, lower interest rates and other details entirely for free.

Emergency Funding

An emergency fund is exactly what you need to avoid having your savings stolen by something like an unexpected bill or other expense. Even $500 can make a major difference between being stable and struggling to put food on the table one month. Deposit at least $25 a month into your emergency fund, and keep it separate from your checking or savings account. This will ensure you always have money tucked away when you need it, and you’ll still be able to stay on top of your regular savings, too.

Importance Of Bookkeeping When You Want To Track Your Finances

October 2, 2020 By Susan Paige Leave a Comment

Bookkeeping refers to the systematic recording of all financial activities made by an organization or individual. Bookkeepers are typically responsible for classifying, recording, and organizing all financial transactions throughout company operations. This includes both the creation and distribution of cash, accounts receivable, accounts payable, and business assets. [Read more…] about Importance Of Bookkeeping When You Want To Track Your Finances

Money-Saving Tips For Doing Laundry

September 24, 2020 By Trey LaRocca Leave a Comment

Everybody needs clean laundry, and doing laundry can be pretty expensive. Regardless of your situation, there are ways that you can spend less without sacrificing your hygiene. This can come in handy in those times when every little bit counts, and now seems to be one of those times for a lot of people. We’ve got tips for doing laundry whether you own your machines, use the ones in your rental community, or go to the laundromat.

For the Machine Owner

Pick an energy efficient washer and dryer. When you are out looking at laundry machines, you’ll be able to see the annual electricity cost for it. While it may not seem like a huge difference, picking an energy efficient washer/dryer will still ensure that you aren’t spending more than you should. For big families, it can work wonders for your wallet.

For the Community Machines and Laundromat

Make sure you are always washing full loads! So much money can be wasted on fixed-rate washes and dries if you aren’t using them to the full extent. Now, you may have work uniforms or gym clothes that need to be cleaned more often. For these situations, try rinsing them lightly in the sink with a tiny bit of laundry detergent to clean them by themselves, and hang dry them instead of going to the laundry room. This will keep you from wasting cash on tiny loads.

Don’t go overboard, though. Get a good idea of how much the dryer in your community can handle. If you overload it, you’ll end up having to dry things twice. A mix of hang-drying heavier clothes, and timing your washes right should take care of this issue. Plus, nobody likes wasting extra time if you have to drive to the laundromat.

For Everybody

Try using a little less detergent. It has been found that using a little bit less actually washes just as well, if not better! This is because modern washers and dryers are more efficient, and are better at utilizing their mechanics to get dirt and stains out of your clothes. In fact, using too much detergent can make your clothes look worse, because there may not be enough water and spin to remove the soap that is meant to carry out contaminants. So, you can save money and get better looking clothing by not filling that detergent cap as high next time you throw it in your washer!

Finally, don’t forget to clean your lint filter. I’m sure you are tired of seeing this if you do go to a laundromat or community laundry room. Nonetheless, keeping that filter clean keeps your dryer working as efficiently as possible. This means no damp dries, no more lint-covered sweaters, and no broken dryer! Replacing the entire unit is a rare scenario, but an extremely expensive one.