Here’s how to negotiate salary and get that discussion to a favorable outcome. 

How to negotiate your salary in 14 steps

Here’s a step-by-step guide on carrying the conversation around salary negotiation.

1. Understand your value

Know what value you bring to the organization. Is it your expertise? Maybe you have a high-end skill set, or your education is highly sought after. Whatever it may be, clearly articulate your value and why you deserve a higher salary. Here are some things that can set you apart: 

• Career level 
• Skills
• Years of leadership/industry experience 
• Licenses 
• Certifications

The Program on Negotiation at the Harvard Law School further recommends knowing your vulnerabilities during salary negotiation (e.g., a gap in work history) and how you can address or offset them.

2. Research the market rates for your position and industry

Use websites like Glassdoor, Indeed, Payscale, and LinkedIn to research what the market is paying for similar roles in your industry and location. It’s important to have this information before you go in for the negotiation to ensure your proposed salary is realistic and competitive. 

You don’t have to stick to a specific number. Instead, have a range in mind for flexibility. 

3. Learn BATNA

In salary negotiations, having a Best Alternative to a Negotiated Agreement (BATNA) establishes a fallback option for you. That way, you have a safety net to walk away from a negotiation if needed. It also provides the context to compare your alternatives more objectively. If you’re being offered a good deal, then you’ll be able to clearly see the logic in accepting it! 

4. Practice your conversation

Plan ahead, anticipate their questions, and have your talking points ready. You can even practice with a friend or family member to gain confidence and refine your answers. 

5. Schedule the meeting

Schedule a meeting with your employer at an appropriate time. Avoid approaching them when they are busy or stressed. It’s best to have the meeting in person so that your tone and body language can be accurately conveyed.

Also, schedule enough time for the discussion. Rushing through a salary negotiation may not be effective.

6. Avoid discussing salary too early in the interview process

Let the interview take its course and wait until they bring up the topic of salary. If you bring it up too early, it may give the impression that you are solely interested in money rather than the job itself.

Discuss other aspects of the job such as responsibilities, growth opportunities, remote work options, and company culture before bringing up salary. 

7. Ask questions

Ask open-ended questions to better understand the company’s compensation philosophy and how they determine salaries. For example, you can ask about the company’s process for evaluating employee performance and how that ties into salary increases. 

Don’t react negatively if the offered salary is lower than your expectations. Instead, ask questions like: 

• What is this job’s compensation based on? 
• Is there room for growth and salary increases in the future? 
• Are there any other negotiables, such as life insurance or vacation time, besides salary?

8. Be open to negotiating the total compensation package

If it’s not possible to negotiate monetary compensation, consider negotiating other aspects of the job such as benefits, bonus structure, work-life balance, or professional development opportunities. 

For example, you could ask for a signing bonus, additional vacation time, or the opportunity to work remotely a few days a week. 

9. Anticipate tough questions from the interviewer

Recruiters can often ask intimidating questions related to compensation. Be prepared for them. They might ask you about other offers or if their company is your top choice. Answer honestly, but also emphasize your interest in the position. 

10. Listen actively to the employer’s concerns

The recruiter will tell you why the salary is what it is. Listen to their concerns and try to understand their perspective. Use their responses to come up with more effective counter arguments. For example, if they say the company is on a tight budget, you can suggest a salary review after a probation period. 

11. Stay professional throughout the negotiation

Staying professional throughout the negotiation process is a must. Do not let emotions take over, and remember to always be respectful and courteous. If the negotiation does not go as planned, do not burn bridges with the employer. Express your gratitude for their time and consideration. 

12. Address your concerns simultaneously

Instead of going over your concerns one by one, address them simultaneously. It shows the recruiter that you came prepared. Let’s say you want a higher salary and flexible working hours. You could discuss an increase while also negotiating for a flexible schedule. This way, you can find a middle ground that works for both parties. 

For example, if the employer cannot meet your salary expectations, they might be able to offer more flexible hours. 

13. Take your time

Do not feel pressured to make a decision on the spot. Take your time to review the offer and assess if it aligns with your career goals and the salary you had in mind. You can ask for a day or two to think things over if needed. 

14. Be prepared to walk away

Now, this might be the hardest part, but sometimes, the best decision is to walk away from a negotiation if the offer does not meet your expectations. Weigh your options carefully to determine if the proposed salary is worth it. Maybe the job site is closer to your home, or you’re getting a great benefits package. You could also take up side hustles to supplement your income. 

If you’re not seeing any silver lining, it’s better to politely decline and continue your job search. 

Get paid what you deserve

Now that you know how to negotiate salary, you can take these tips and apply them to your next job offer. Do your research beforehand, prepare your points, ask questions, and remain professional. More importantly, be confident in your worth, and don’t be afraid to advocate for yourself. 

FAQ 

If you’re interested in seeing savings offers, MoneyLion can help! MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money. 

What is a 401(k) plan administrator?

A 401(k) plan administrator is a third-party administrator or entity responsible for managing the day-to-day operations and compliance of a 401(k) retirement plan on behalf of the employer and plan participants. The fees for a 401(k) plan administrator may be paid by employers, participants, or some combination of both.

In most cases, a 401(k) plan administrator is hired by an employer or company. As an employer, having a reliable 401(k) administrator can ensure compliance with the complex laws surrounding 401(k)s. 

Responsibilities of a 401(k) plan administrator may include:

• Plan design
• Plan updates as needed
• Monitoring operations
• Authorizing transactions
• Performing tests, including discrimination tests, Actual Deferral Percentage( ADP) test, Actual Contribution Percentage (ACP) test, etc.
• Preparing filings and disclosures, including Form 5500, Summary Plan Description (SPD), and Safe-Harbor Notice
• Fixing problems if things don’t work
• Consulting to help employers navigate events like company mergers 

Difference between a plan administrator and a plan sponsor

A 401(k) plan sponsor is typically the employer or organization that establishes the plan, and the plan administrator is a third-party entity hired to oversee administrative tasks such as recordkeeping, reporting, and compliance. Sometimes, the plan administrator and the plan sponsor are the same. In that case, the company manages all plan administration in-house. 

Why a 401(k) plan administrator is important

While it is not mandatory to have a 401(k) plan administrator, their expertise and services significantly simplify the management of the plan, ensure compliance, and provide valuable support to both employers and participants. A 401(k) plan administrator can help ensure that your company doesn’t inadvertently end up with legal issues resulting from compliance failure or improper legal filings. 

Additionally, a 401(k) administrator serves as the point of contact for employees, managing employee contributions and resolving any plan-related issues.

What 401(k) plan administrators do

Are you wondering what 401(k) plan administrators do? Their key responsibilities are outlined below:

Ensure compliance with all legal and regulatory requirements 

Compliance includes the Employee Employee Retirement Income Security Act (ERISA), which sets minimum standards for voluntarily established retirement and health plans to provide protection for individuals in these plans. It ensures that companies also comply with IRS standards regarding who is eligible for participation, how much can be contributed, and when and how distributions are made. 

Manage the day-to-day operations of the 401(k) plan

A 401(k) administrator’s primary focus is on the day-to-day operations of a 401(k) plan. This includes enrollment, contributions, and participant distributions. Plan administrators also answer questions and help employees access and understand plan benefits to ensure smooth operations.  

Communicate regularly with plan participants

Communication is key for 401(k) plan administrators. You want employees to understand and take advantage of the benefits offered. Administrators answer plan participants’ questions and provide guidance on their retirement savings, including available employer contributions. Employee education about the benefits and features of the 401(k) plan is an additional vital role of a 401(k) plan administrator.

Implement and maintain recordkeeping systems 

Maintaining rigorous standards for recordkeeping, accounting, and verification is crucial for ensuring the transparency and efficiency of 401(k) operations. For the purpose of accurately tracking and reporting participant information, contributions, and investment activity, the 401(k) plan administrator should have strong systems in place.

Coordinate with investment providers and financial institutions 

A 401(k) plan is generally an investment account. The benefits come from the tax-free growth of funds. For this, a 401(k) plan administrator must ensure smooth administration of the plan, including monitoring investment performance and fees and offering a wide range of investment options. 

Resolve any issues or disputes related to the 401(k) plan

Handling participant complaints or concerns is the responsibility of the 401(k) plan administrator. This frees up your company or HR department from dealing with these issues. 

Conduct periodic plan audits 

Periodic plan audits are essential to accurate reporting and fair plan practices. Self-audits and third-party audits can ensure that all required reporting and disclosures are completed accurately and on time, protecting your company and employees. 

How to choose the right 401(k) plan administrator for your business

Companies at various stages of growth require different 401(k) plan administrators. Consider factors such as their experience, reputation, cost, range of services provided, level of customer support, and ability to adapt to the specific needs of your company and employees. Also check the investment options, as this can significantly impact long-term retirement growth. 

A small business may only require a basic, low-cost 401(k) plan administrator, while larger companies can use the range of services of larger 401(k) administrators to attract and retain talent. Whichever option you choose, consider customer reviews and ask for references. Speak with other companies about their experience with the 401(k) administrator to choose the best option for your company. 

How 401(k) plan administrators get paid

A 401(k) plan administration service is never free. Plan administrators typically get paid through a combination of fees charged to the plan participants and revenue-sharing arrangements with investment providers. Check with all 401(k) plan administrators to understand the costs and whether these are borne by your company or the employees. 

Choosing a 401(k) plan administrator

The right 401(k) plan administrator can offer better investment options, strong administration, compliance, recordkeeping, and excellent communication. It can be an asset to attract and retain top talent and protect employees. Choosing a 401(k) plan administrator can help drive business growth while freeing employees’ time to focus on core business needs. In addition to selecting a 401(k) plan administrator, consider integrating high-yield savings accounts into your retirement planning to balance liquidity and investment growth. Then, consider retirement planning with your soulmate and learn to calculate how much you’ll need for retirement. 

FAQ

Understanding the basics of 401(k)

A 401(k) plan helps you save money for retirement and reach financial freedom sooner. These accounts have higher contribution limits than individual retirement accounts (IRAs). Many 401(k) offer tax deferral, allowing you to reduce your taxable income now and let your investments grow tax-deferred. These accounts minimize your taxable income and let the money accumulate in your account. You only have to worry about taxes when you withdraw funds from these accounts.

Some 401(k) plans follow the Roth approach. Roth account contributions get taxed right away, but you do not have to pay taxes on withdrawals. You won’t even have to worry about dividends or capital gains. Some retirement plans include vesting periods, which give you access to additional shares based on how many years you have worked at the company. There may be rules in place that restrict employees from selling company shares for a certain amount of time after receiving them.

4 options for your 401(k) when leaving a job

When you leave your job, you have four options with how to proceed with your 401(k) plan. Here’s what you can expect.

1. Leave your 401(k) with your former employer

If you leave your 401(k) plan with your former employer, you can no longer make contributions to that account. Your investments may continue to grow, and you can contact your 401(k) provider to make any adjustments. You can sell stocks and mutual funds in the account and shift those proceeds to other investments. You will still have to pay any fees associated with the 401(k) plan.

2. Roll your old 401(k) over to a new employer’s plan

You can take the funds from your old 401(k) plan and roll them into your new employer’s plan. This strategy allows you to continue contributing to your 401(k) plan. If you have multiple 401(k) plans, you can roll them over into your new account so they are easier to manage. You don’t have to worry about transfer fees if you switch from a traditional 401(k) plan to another traditional 401(k) plan. If you switch from a traditional 401(k) plan to a Roth 401(k) plan, you will get taxed. But funds in the Roth 401(k) plan will not be subject to taxation, including dividends and capital gains.

You can contact your old 401(k) provider or the financial institution in charge of the account to facilitate the transfer. It can take up to 60 days for a rollover to go through.

3. Roll your old 401(k) over into an individual retirement account (IRA)

Not everyone leaves their job for another job, and not every employer offers a 401(k) plan. If you still want to contribute to a retirement account, you can roll your old 401(k) plan into an IRA. The process for rolling your 401(k) plan into an IRA is the same as for rolling your 401(k) plan into another 401(k) plan. You have to contact the old plan provider or the financial institution overseeing the 401(k) plan and request the transfer. IRA plans have lower contribution limits, but you can have this account open even if you are unemployed. You may have further contribution restrictions if you earn too much income.

4. Cash out your 401(k) 

You can cash out a 401(k) plan, and it may be necessary to take this path. You will have to start cashing out on your 401(k) plan when you turn 72, but it is not a good idea to cash out on your entire plan. 

Cashing out your 401(k) early isn’t the best move because of penalties and taxes. The withdrawals from a traditional 401(k) plan count as ordinary income, so you will end up in a higher tax bracket that year. Many people wait until they retire to withdraw from their 401(k) plans to minimize their tax payments.

What to consider when deciding what to do with your 401(k)

You have a lot to consider when deciding what to do with your retirement accounts. These are some of the factors to consider before you make a decision.

1. Investment options

Investors should consider what options their new 401(k) plans provide. While many 401(k) plans let you invest in stocks and mutual funds, other plans also let you invest in alternative assets. Some investors are fine with stocks and mutual funds, but other investors may want more variety. 

MoneyLion offers a fully managed portfolio that requires no management fees or minimums. 

2. Fees

If the fees for your new 401(k) plan are much higher than your old 401(k), it may make sense to stay put. The funds in your old 401(k) can still appreciate over time, and you can make adjustments to your portfolio. It makes sense to roll over your funds if the fees are lower in your new 401(k) plan or IRA.

3. Accessibility

Keeping your funds in your old 401(k) may make them more difficult to access. Consumers should consider how accessible their 401(k) funds are whether they need to make early withdrawals or they are ready to retire.

4. Tax implications

Tax implications apply if you cash out your 401(k) or convert funds from a traditional 401(k) plan to a Roth 401(k) plan. You can have a high tax bill if you cash out your funds because distributions get treated as ordinary income. If you need to withdraw cash for an urgent expense, you may want to consider a personal loan from MoneyLion’s marketplace instead. Getting a personal loan will be less expensive because you won’t have to pay taxes on your 401(k) funds.

5. Overall retirement savings strategy

Each investor has a different retirement strategy. Understanding your time horizon, investments in your current 401(k), and other factors can help you decide the best course of action. Investors who still want to contribute to their retirement accounts but don’t want to work full time anymore may want to roll their funds into an individual retirement account. The right course of action varies for each person.

Building wealth for a smooth retirement

A 401(k) plan helps you build wealth in the long run. At some point, you will have to retire and use the funds in your account to support your lifestyle. Making frequent contributions often and reaching the maximum limit each year can help you build wealth and save money on taxes.

FAQ

Delivering a new bundle of joy into the world is an exciting and joyful experience, but the costs of having a baby can also come with an unexpected financial burden. While insurance may cover a portion of the costs, there may be other expenses you’re unaware of and need to stay prepared for.

1. Give Your Coverage a Once Over The cost of having a baby in a hospital can vary depending on factors such as location, the type of delivery, and your insurance coverage. While most insurance plans will cover a portion of the hospital stay, it’s crucial to review your policy to understand the specific details, such as deductibles and any out-of-pocket expenses you might expect.
   
2. Know the Prenatal Price TagPrenatal care is an important part of a pregnancy, and most insurance plans cover regular check-ups, screenings, ultrasounds, and routine blood tests. However, it’s important to be aware of any co-pays, deductibles, or co-insurance you may be responsible for during each prenatal visit.
   
3. Compare Costs and Negotiate Before settling on a healthcare provider, research and compare the costs of different options. Reach out to multiple hospitals or birthing centers to inquire about their prices for delivery and postpartum care. You may be surprised by the cost discrepancies. Additionally, don’t hesitate to negotiate with hospitals and providers to potentially lower your expenses. It’s worth a try!
   
4. Supercharge Your Baby Savings A high yield savings account can be a game-changer when it comes to preparing for the costs of having a baby. This is a great way to help maximize your returns since high-yield savings accounts can pay 10 to 12 times the national average compared to traditional savings accounts. MoneyLion offers a convenient marketplace to compare high-yield savings accounts that could help grow your money.
   
5. It’s All In the DeliveryThe method of delivery can significantly impact the cost of having a baby. Cesarean sections (C-sections) tend to be more expensive due to the additional surgical and recovery expenses associated with the latter. While insurance plans typically cover both types of deliveries, it’s important to confirm coverage for C-sections and understand any potential cost differences.
   
6. Anesthesia and Pain Management If you opt for pain management techniques during labor, such as epidurals or other forms of anesthesia, it’s essential to inquire about their coverage under your insurance plan. While many plans cover these services, some may require additional out-of-pocket expenses. Familiarize yourself with your policy’s terms to ensure you have a clear understanding of what’s included.
   
7. Get Extra Funds If Needed All the unexpected expenses and costs for having a new bundle of joy can add up pretty quickly. You may want to consider taking out a personal loan. MoneyLion can partners can provide loan offers up to $50,000 when you need it.
   
8. Neonatal Care In some cases, newborns may require specialized care, such as incubation, intensive care, or specialized treatments. It’s important to verify whether your insurance covers neonatal care for your baby, as these costs can add up quickly. Understand any potential limits, deductibles, or separate co-pays associated with your baby’s care to avoid any surprises.
   
9. Know Your After Care OptionsPostpartum care is crucial for both the mother’s and baby’s well-being after delivery. This includes follow-up visits, lactation support, and screenings for any potential complications. While insurance plans typically cover these services, it’s important to confirm the specifics with your provider and be aware of any associated costs.
   
10. Stay In Network
    
    It’s worth noting that using out-of-network healthcare providers may result in additional expenses. It’s important to understand the extent of your insurance plan’s network and consider staying within that network to minimize unexpected costs. However, if the care you require is not available in-network, reach out to your insurance provider to understand the coverage options available.
    

While health insurance can be a valuable resource during pregnancy and childbirth, it’s important to understand what your plan covers and what expenses you may still be responsible for. It’s never too early or too late to start saving for your baby and MoneyLion is here to help you along the way.

Understand your credit score

Your credit score consists of six elements, which are weighted in various percentages to make a single number between 300 and 850. 

The five components of your credit score, with percentage weight of the total score, are:

• 35% payment history
• 30% amount owed (debt)
• 15% length of credit history
• 10% number of new credit lines
• 10% credit mix (revolving, installment, and open credit)

In general, a credit score of 740 or above is considered very good. To help get favorable terms on a mortgage, aim for a credit score of higher than 700. There are actions you can take to improve (or harm) your score through each of the five score components, below. 

9 ways to improve credit score to buy a house

Credit building is a long-term process. If you want to repair credit to buy a house, you may be able to see a significant jump in even a couple of months by implementing the steps below. 

1. Check your credit report for errors

The first step is to understand what lenders are seeing. You have the right to request a free online credit report every year from all three main credit bureaus: Experian, Equifax, and TransUnion. Not all creditors report to all three credit bureaus, so it’s worth checking your credit report with all three. 

Check for errors, including incorrect debt amounts, incorrect name or Social Security number as well as any other information you don’t recognize. 

2. Pay your bills on time

One of the most important steps you can take for repairing credit to buy a house is to pay all bills on time. Even a single missed payment could stay on your credit report for several years. Because on-time payments make up 35% of your credit score, this is perhaps the simplest step to start to repair credit to buy a house.

To avoid accidentally missing a payment, you can set up automatic payments from your bank account for the minimum payment due each month. 

3. Pay off your debt

The next step to repair credit to buy a house is to work toward paying down existing debt by making more than the minimum payment or taking on a debt repayment plan. You can also consider a low-interest personal loan to quickly pay off high-interest debt like credit cards. 

Ideally, pay off all credit cards in full every month. If that is too much, aim to keep the debt below 30% of available credit to avoid a drop in your credit score. That means that if you have two credit cards each with a $5,000 credit line, you’ll want total debt to be less than $3,000, or 30% of $10,000. 

4. Reduce your credit card balances

Credit cards typically have high-interest rates, often a 20% to 25% annual percentage rate (APR). That means that if you carry the debt for a long time, you’ll end up paying almost as much as the value of the original purchase in interest.

To build credit, stop thinking of credit cards as a loan and only spend what you know you can pay off at the end of the month. You may need to cut spending and start budgeting. Some people find it easier to stop using credit cards entirely until the balance is paid off. 

5. Get a secured credit card

Secured credit cards are designed to help you build credit, and can be an important tool to repair credit to buy a house. Unlike a traditional credit card, with a secure credit card you deposit funds first. Those funds are used against the card’s limit. Payment history will be reported to the credit bureaus to help build credit with on time payments. It is a way to establish a credit history or build responsible spending habits without going into debt. 

With a secured credit card, the credit limit is tied to the deposit amount. The higher the deposit, the higher the credit limit. You can get secured credit cards with a deposit of as little as $200. Some banks and credit unions will also help you open a secured credit card against a savings account. 

6. Become an authorized user on a credit card

Need credit repair to buy a house quickly? Becoming an authorized user on a credit card is a great option for rebuilding credit. When you become an authorized user on a friend’s or family member’s account, you gain the benefit of their good credit score. 

Ask friends with 20-plus years of credit history and a good credit score. You’ll benefit from the length of time they’ve had credit, improving your length of credit history. You can also benefit from their on-time payment history, low total debt, and credit mix.  

7. Consider a credit-builder loan

A credit-builder loan is designed to boost your credit score even if you’re starting with a low credit score and can’t be approved for a traditional loan. When you use a credit-builder loan for credit repair to buy a house, you make regular monthly payments and the bank retains the loan amount until you’ve paid the loan in full. It then deposits the loan amount in your account. 

For example, if you take out a $500 credit-building loan with a 10-month term, you’ll pay $50 per month (plus any interest) over 10 months. At the end of 10 months, the bank will transfer $500 to your bank account. This is a way to build credit history and savings while demonstrating financial responsibility. Just make sure you make every payment on time to build a good credit history.

8. Obtain a credit limit increase

As your score improves, increasing your credit limit — but not using it — can further boost your credit score by reducing the debt ratio. Here’s an example:

Suppose you have one credit card with a $3,000 credit limit and $1,500 in debt. You’ve been working hard to build credit, and your score has improved. You request a credit limit increase directly with your bank or financial institution and are approved for an increase to $5,000. 

Now you can charge more on your credit card without surpassing 30% of the credit limit. With $1,500 in debt, you would be using 50% of your credit limit with the old credit line. With the new credit line, your debt ratio would drop to 30% — now within the ideal range. 

9. Hold off on applying for new credit accounts

Lenders see multiple credit applications in a short time as a red flag. Don’t apply for new forms of credit right before applying for your mortgage. Once you’re ready to apply for a mortgage, it’s worth holding off from new credit line applications for at least three to four months.  

If you’re repairing credit to buy a house, a new credit line can increase your total credit limit. But multiple applications can hurt your credit score. Don’t apply for more than one credit card every three to four months. 

How long does it take to fix credit to buy a house?

Repairing credit to buy a house can take anywhere from three months to a year or more. In addition to the above steps, you can consider a rent-reporting company to get credit for on-time rent and utility payments. 

When working on repairing credit to buy a house you could start to see results within one to two months and bigger results within six months. But that will depend on total debt, on-time payments, and other factors. 

Mastering Credit Repair To Buy A House

By working to reduce total debt and ensure on-time payments, you’re well on your way to repairing credit to buy a house. If you’re able to become an authorized user, boost your score with a rent-reporting company, and request a credit line increase, you could see even faster results. You can use the steps above for immediate credit repair to buy a house and for long-term financial opportunities that a good credit score could open.

FAQ

If you’re looking to start a family through fertility treatments, one of the biggest concerns you may have is the cost. Fertility treatments are expensive, and not all insurance plans cover them. However, there are options available to help you pay for the costs, such as savings and personal loans. In this article, we’ll discuss how you can use these options to finance your fertility treatments. 

Cost of Having a Baby

Before we dive into financing options, it’s important to understand the costs associated with fertility treatments. The cost of having a baby varies depending on the type of treatment you choose and your geographical location. On average, according to the National Conference of State Legislatures (NCSL), a single IVF cycle can cost upwards of $12,000, and most couples require multiple cycles. And that’s just the cost of the treatment itself. There are also other expenses to consider, such as medications, doctor’s appointments, and lab fees.

However, the cost of having a baby doesn’t end after the fertility treatments. Once you become pregnant, there are a whole host of new expenses to consider. Prenatal care, delivery fees, and postnatal care can all add up quickly. The average cost of a vaginal delivery in the United States is upward of $10,000, while a cesarean section can cost upwards of $15,000.

But the expenses don’t stop there. Once your baby is born, you’ll need to factor in the cost of diapers, formula (if you choose not to breastfeed), clothing, and childcare. According to the U.S. Department of Agriculture (USDA), the average cost of raising a child from birth to age 18 is over $288,000!

It’s important to factor in all of these costs when creating a budget for your fertility treatments. You’ll want to consider all of your financing options, such as loans, grants, and insurance coverage, to ensure that you’re able to cover the costs associated with your treatments and the expenses that come after your baby is born.

Planning for the Financial Impact of Fertility Treatments

Going through fertility treatments can be an emotional and financial rollercoaster. While the emotional aspect is something that you and your partner will have to navigate together, the financial aspect can be planned for and managed with a little bit of effort and foresight.

Once you’ve determined the costs associated with your fertility treatments, it’s time to create a plan for financing. Take some time to analyze your current financial situation and determine what options are available to you. In some cases, you may be able to save up for your treatments over time, while in other cases, you may need to take out a loan.

If you are considering taking out a loan, it’s important to research your options and find a loan with the lowest possible interest rate. This will help you avoid accruing unnecessary debt and ensure that you can pay off your loan in a timely manner.

It’s also a good idea to explore any financial assistance programs that may be available to you. Some employers offer fertility benefits as part of their health insurance plans, while others have partnerships with fertility clinics that offer discounted rates. Additionally, there are a number of non-profit organizations that provide financial assistance to couples struggling with infertility.

Creating a budget for your fertility treatments is another important step in planning for the financial impact of your treatments. This will help you determine how much financing you’ll need to cover the costs. Be sure to take into account the cost of the treatment itself, as well as any medications or additional fees. It’s also a good idea to budget for unexpected expenses, such as additional tests or procedures that may be required.

Finally, it’s important to remember that fertility treatments can be a significant financial investment, but they are also an investment in your future. If you are struggling with infertility, it’s important to explore all of your options and find a treatment plan that works for you and your partner. With a little bit of planning and effort, you can manage the financial impact of your treatments and focus on the exciting journey ahead.

MoneyLion offers a free and convenient service where you can get matched with personalized offers from our trusted partners (third-party companies). The third-party products are subject to the provider’s terms and conditions and privacy policy, and are not guaranteed by MoneyLion.

Deciding Which Type of Loan is Best for Fertility Treatments

If you’ve determined that you need to take out a loan to finance your fertility treatments, there are a few options available to you. Personal loans and fertility loans are two of the most common options.

Using Loans to Fund Fertility Treatments

Personal loans are unsecured loans that can be used for a variety of purposes, including fertility treatments. Before taking out a loan, it’s important to do your research and compare interest rates and fees from multiple lenders. These loans typically have fixed interest rates and repayment terms, and can be obtained from banks, credit unions, and online lenders. Many personal loan lenders offer loans specifically for medical expenses, including fertility treatments.

If you’re using a personal loan to fund your treatments, it’s important to pay attention to the terms and conditions of the loan. Make sure you understand the interest rate, the repayment terms, and any fees associated with the loan. You’ll also want to factor the loan payments into your budget to ensure that you’re able to make your payments on time and in full.

It’s important to remember that fertility treatments can be a significant financial burden. Before making any decisions about financing, it’s important to talk to your partner, your doctor, and a financial advisor to determine the best course of action for your individual situation.

It is also important to note that personal loans may have higher interest rates than fertility loans. Additionally, personal loans may not cover the full cost of your fertility treatments, which can be expensive.

Fertility loans, on the other hand, are specifically designed for patients seeking fertility treatments. These loans may be available through fertility lenders and could  be used to cover the cost of IVF, IUI, and other treatments. Fertility loan lenders typically offer competitive interest rates, but may have stricter eligibility requirements. Before choosing a fertility loan, it’s important to research different lenders, their terms and eligibility requirements. Some lenders may require a certain credit score or income level, while others may require a co-signer.

It’s also important to consider the repayment terms of the loan. Some fertility loan lenders may offer longer repayment terms, which can make monthly payments more manageable. However, longer repayment terms may also result in paying more in interest over time.

Ultimately, the decision of which type of loan to choose will depend on your individual financial situation and needs. It’s important to shop around and compare lenders to ensure that you’re getting the best deal possible. Look for lenders that offer competitive interest rates and flexible repayment terms.

Using Savings to Fund Fertility Treatments

Dealing with infertility can be a challenging and emotional journey. Fertility treatments can be expensive, and many couples struggle with how to pay for them. While there are several options available, using savings and personal loans are two popular choices.

Savings are another option for financing your fertility treatments. While it may take longer to save up for your treatments, it can help you avoid taking on debt and accruing interest charges. Additionally, setting up a separate savings account for your treatments can help you stay on track and keep your finances organized.

When saving for fertility treatments, it’s important to create a budget and stick to it. Consider cutting back on unnecessary expenses, such as dining out or subscription services, to help you save more money each month. You may also want to look into ways to increase your income, such as taking on a part-time job or selling unwanted items.

If you decide to use your savings to fund your treatments, it’s important to consider creating a separate savings account specifically for this purpose.

MoneyLion offers a free and convenient service where you can get matched with personalized offers from our trusted partners (third-party companies). The third-party products are subject to the provider’s terms and conditions and privacy policy, and are not guaranteed by MoneyLion.

This will help you stay organized and keep track of your progress towards your savings goal. You may also want to consider setting up automatic transfers from your checking account to your fertility savings account to make saving easier.

Overall, financing fertility treatments can be a challenge, but it’s not impossible. With careful planning and the right financing options, you can help make your dream of starting a family a reality. Remember to take care of yourself and your partner throughout the process, and don’t be afraid to ask for help when you need it.

Introducing Bull vs. Bear, the new daily challenge brought to you by MoneyLion. In this challenge, you’ll vote between two preselected stocks and predict which one will have the largest gain (or smallest loss) at the end of the market day.

It doesn’t matter if you’re a first-time investor or a seasoned pro – Bull vs. Bear is a fun way to get familiar with stock prices, and might even help you learn a thing or two about investing. 

How does it work?

Each day, you’ll have the chance to pick between two stocks— which will have the largest gain (or smallest loss) at market close? Pay attention to stock prices and find out if your guess is right at the end of the trading day. Every consecutive day you pick the right stock will add to your win streak and get you one step closer to the top of the leaderboard! Keep in mind that if you forget to vote one day or incorrectly guess the stock, your win streak will reset. 

Ready, Set, Go. It’s Time to Vote!

Ready to try Bull vs. Bear? It’s easy to get started. Everyday you’ll get one simple question—which stock do you think will close the day with the largest gain (or smallest loss)? 

Here’s how it works:

• Start by heading over to the free MoneyLion app and sign in, or visit bullvsbear.com on the web 
• Vote for your chosen stock
• Check back after market close and see which performed the best. If you picked correctly, you’ll start a win streak and join the leaderboard (coming soon)

So, what are you waiting for? Put your skills to the test with Bull vs. Bear!

For more information on Bull vs. Bear, please check out our Help Center. 

Tricks and Tips

Keep an Eye on the Market

Bull vs. Bear is the perfect way to start a new routine of keeping up with the latest stock prices and market news. One way you can make a more informed vote on Bull vs. Bear is to follow the stock market by keeping an eye on daily news about the stocks you’re voting for.

It’s easy to find more information about the stocks on today’s Bull vs. Bear using the Explore page in the MoneyLion app. Search for the latest stock news and market updates to help familiarize yourself with the stocks you’re voting between. The more informed you are, the better strategic decisions you can make.

Vote Daily

Don’t forget— every day brings fresh stocks and competition, so make sure to vote daily if you’re looking to build up your win streak and climb the leaderboard. Remember, Bull vs. Bear daily voting begins at 4pm EST and ends at 12pm EST the following day, excluding holidays when the market is closed. For more information on voting periods, please visit our Help Center.

Conclusion

Get ready to test your stock-picking skills with Bull vs. Bear. Keep up your win streak and compete with others to be the one at the top of the leaderboard…Let the challenge begin!

MoneyLion™ Bull vs. Bear is not intended to be financial advice. Survey and results are for entertainment purposes only.

1. Stream your way to better creditYou read that right. You can pay for monthly subscriptions like Netflix or Spotify with your credit card. This could help boost your credit score while you Netflix and chill.
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2. Turn your bathroom time into money timeWho knew your time in the loo could be used to file taxes, invest, and find cheaper insurance? The MoneyLion app is a great place to start when you’re on the throne.
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3. A cup of joe can save you doughThat’s right, you can use the spare change from your daily Double Espresso to start investing. Learn about how Round Ups work with the MoneyLion app.
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4. Paying off credit cards? Timing is everything.You can help boost your credit score just by making a payment right before your cycle close date. Sometimes procrastination pays. But make sure it’s still on time and to keep your balance low.
   Source: giphy.gifArticle Source: Experian: “What Is a Billing Cycle?”, April 2022
5. Make your savings work for youInterest can be interesting, especially for your wallet. A high yield savings account can earn you around 4% APY. That’s up to 20-25x higher than traditional savings accounts. Thank us later.
   Source: giphy.gifSource: Investopedia: “What is a High-Yield Savings Account?”, November 3 2021
6. File your taxes for freeTaxes are a pain. Fees make it worse. So, ditch tax filing websites. The IRS website offers guided filing for free. And it’s just as simple.
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7. Safe drivers save moneyDid you know it pays to be a good driver? Seriously, you can save up to 40% off on your auto insurance*. The MoneyLion Driver Score feature tracks your driving skills to help save you more.
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8. Shave years off your mortgage Own a home? Consider switching to biweekly payments. You’ll make an extra payment each year, but you’ll potentially shave YEARS off your mortgage payments.
   Source: giphy.gif Article Source: Rocket Mortgage: “Biweekly Mortgage Payments: Are They A Good Choice For You?”, March 2023
9. Get paid to snoozeWhy not also get paid for what you love? You can earn money testing games at PlayTestCloud.com, and there’s other sites where listening to music, or even sleeping can help fatten your wallet.
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10. Save some green on gasFilling up your tank on Mondays or Tuesdays is cheaper, and you can use apps like GasBuddy to find the cheapest gas around you. Not to mention the cash back you get for using qualifying credit cards.Source: ash-evil-dead.gifArticle Source: Independent: “Millenial Money: 7 credit card moves to stretch your budget” October 2022

Join us for wealth building week and learn about more easy money-making hacks by downloading the MoneyLion app. For every time you money.

1. You’ve got to get real with yourself to get right with your wallet. 
   Look at your spending from the last 3 to 6 months. What are your bad money habits and how can you break ‘em? What new habits can you make instead? Check yourself and help enhance your financial health using personalized focus areas with MoneyLion GamePlan. It’s an easy, personalized action plan to chip away at your long-term goals each day. With real goals set by you and tasks created by us, you can have the tools you need to help build, grow, and control your money.
2. Learn hacks to help save (and grow) your wallet.
   Start with everyday expenses. Drivers, you could yourselves earn up to 40% off from top insurance providers with safe driving habits*. Help trim your bills with MoneyLion and partners right in the app. Saving hacks are everywhere, but here’s a few of our favorites:
   • Call your cable (and other providers) to ask about plans that could save you money. If they can’t help, consider telling them you want to cancel. If you sing the right tune you could save yourself and your wallet in the long run.
   • Ask for a raincheck on sale items. If a retailer advertises a product they’re out of, you could be eligible for a voucher that verifies you came in to buy what was advertised but it’s not available. And this gets you that product at the sale price when the store gets it back in stock.
   • Check your medical bills and ask to have them itemized because, like anything, there can be errors. You don’t need an extra zero on the end of an already hefty charge while you’re healing too. Ask about waivers, discounts, or relief plans to help.
3. Stack up perks and stack those bills with rewards and more.
   Shop where the cashback deals are! And the money you get back just for shopping could save you on future trips, like up to 5% cashback on hotel bookings, up to 10% back on eyeglasses and up to 31% on food delivered to you with MoneyLion Rewards. Or… imagine earning up to $500 just by shaking your phone when you spend $10 or more. Guess what? You can with MoneyLion Shake n’ Bank. MoneyLion account holders can get access to sign up for rewards of all kinds. Download the app to learn more.
4. Live your best life within your means without settling.
   Learn how with our playlists Best Friend Financial and Bougie on a Budget. Watch, learn, and take your financial power back in style with tips for budgeting and savvy shopping.
   
   Learn tips on how to feel and be your best self while saving smart and big.

Take care of future you by learning how to money better with MoneyLion. From money tracking and advice to mobile finances with serious benefits. Download the app and check out our playlists like Bougie on a Budget and Money Saving Hacks for more ways to help save big without settling for less. There’s plenty more where this came from.

• Start by getting your mind right to build your bag. Call in the experts, but also talk to your friends. Gatekeeping is out, and things like salary transparency, budgeting, and saving hacks are in. Learn from their best (and worst) money moves and set financial goals of your own. Financial confidence can come from having the money you need to feel secure in your life, but it also comes with knowing how to make financial decisions that align with what you want for yourself now and later.
  
  Here are 3 things you could consider:
  • What kind of work / life balance do you want? Some people value flexibility – work from home, shorter work weeks, and more – over the ability to make more money. Consider this when looking at a day job as your MAIN source of income or when seeking other sources of income.
  • Think about income over salary. Besides salary, there are other benefits that come with your 9-5 that may give you a chance to save, earn or help grow your income. And look outside of your day job for other ways to earn money–from side hustles to investments and more.
  • Take the money you earn and start growing it. It’s easy to get overwhelmed with the options out there, but a high yield savings account can be a great place to start with a higher interest rate that allows your money to grow while it sits in your account.
• Up your credit score. Think of it as your financial footprint. Know your score and how to improve it, so you can manage your money today and plan for tomorrow.
  
  Here are 3 things you can do to help make a legit impact:
  • Pay your bills on time. Better yet–evaluate your expenses and reduce them. 
  • You might find there are places to trim without settling for less.
  • Look at your credit utilization. Use less than 30% of your limit – the lower, the better – on any credit card. And pay balances strategically before the billing cycle ends. 
  • Dispute credit errors. Yeah, they’re a thing. Check your report and call out discrepancies to up your score. Major credit bureaus offer free reports so take advantage!
• And consider investing. Make your money work for you 24/7 so you don’t have to. You don’t have to have a lot of it to get started. You can start small! With MoneyLion RoundUps, you can invest your spare change with every swipe of your card, like that .75 leftover from your cup of coffee OR .99 from the plant you bought to fill a void. Every little bit adds up, so start where you can and explore other ways to invest your money.

They say knowledge is power, so we say start learnin’. Financial confidence puts the power back in your hands to take charge of your financial journey and get the freedom you’ve earned along with your money.

Find more money moves, saving strategies and hacks right now in the MoneyLion app.