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The Happiest States in the U.S.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

In a new study, MagnifyMoney researchers sought to find out which state is home to the happiest people.

The methodology was inspired by a recent Oxford Economics study of the components of well-being, in which researchers found sleep is the largest factor contributing to well-being, followed by other health, lifestyle and economic factors.

In line with the Oxford team’s findings, MagnifyMoney evaluated how each of the 50 states rank on 20 factors in the categories of health, lifestyle, and prosperity. Based on an analysis of those elements, our study found the state where you live may impact your baseline level of happiness.

Top 10 happiest states


Minnesota is the happiest state. Minnesota didn’t rank highest in either of the three categories, but it ranked highest overall. The home of the Mall of America scored an overall 73.3 out of 100. Minnesota ranked third in health, third in lifestyle and sixth overall in prosperity. Minnesota is trailed by South Dakota with an overall score of 72 and Colorado with 70.5.

Midwesterners are generally happier than people living in the South. Of the top ten happiest states in our ranking six of them — Minnesota, North Dakota, South Dakota, Wisconsin, Nebraska, and Iowa — are in the Midwest. And of the top ten unhappiest states, seven of the states — Louisiana, Alabama, Mississippi, Kentucky, Arkansas, Tennessee and Georgia — are in the South.

No. 1 in health: South Dakota. South Dakota ranked first in the health category and second overall in prosperity after weighing all factors. Boosting the state’s ranking was its first-place rank in the percentage of people who get at least seven hours of sleep. South Dakota ranked sixth in the state health index. The state landed 20th in lifestyle, which brought it down just below Minnesota to the number two spot overall in our happiest states ranking.

No. 1 in lifestyle & prosperity: Utah. Utah was top in both lifestyle and prosperity in our analysis. In the lifestyle category, Utah had the third lowest divorce rate and ranked first in volunteering (43.20%), beating out Minnesota by nearly 10 basis points. In prosperity, the state ranked tenth overall in homeownership (71.87%) and had the fifth lowest unemployment rate at 4%.
However, the state ranked ranked among the bottom 10 states in depression, suicide rate and air quality. It ranked 48th, 46th and 47th in each factor, respectively, bringing its ranking in the health category down to 21st overall and thwarting its shot at No. 1.

Top 10 unhappiest states


Louisiana is the unhappiest state

According to our findings, Louisiana was the unhappiest state to live in, with an overall score of 29.8. The state was weighed down by its bottom ranking in both lifestyle and prosperity factors, although it ranked a little higher in overall health. In lifestyle the state ranked 50th in the percentage of people married with and without children. In health the state ranked 50th again in volunteering (18.40%) and 42nd overall in the percentage of people who exercise (28.20%).

In prosperity, Louisiana ranked 49th in the percentage of people with a late payment in their credit history and an unemployment rate of 7.10% landed Louisiana 41st place in that category. Louisiana ranked 47th in median household income with an average of $45,146.

Rhode Island and West Virginia preceded Louisiana to round out the top three unhappiest states. What’s bringing these states down? Rhode Island ranked 49th in lifestyle and West Virginia ranked 49th in the health category.

Keys to happiness


As the Oxford researchers found, focusing on sleep, health, lifestyle and prosperity can lead to a life of wellness.

“Happiness comes when you’re thriving in your relationships, career, finances, health and in your engagement with your community,” said Victoria Craze, co-founder and life coach at Wellbeing Coaches.

Of course, that can be easier said than done. Only about 7 percent of people worldwide thrive in all areas of wellness, a 2010 study found.

Each of the key elements of happiness are related, however, so even making changes in one area may benefit you in others, Craze noted. To get enough sleep, for example, exercise is helpful, which can also have good long-term health effects. For stress, exercise again is a recommendation as well as eating healthier and practicing breathing techniques such as meditation. And to be more active, Craze recommended an effort to walk a bit more than you already do.

“Any additional movement do each day is a good thing that can help improve your well-being over time,” said Craze.

The full ranking

Methodology

Using the Sainsbury’s Living Well Index (September 2017) from Oxford Economics analysis of well-being in Britain as a broad guide, we used 20 factors in the categories of health, lifestyle, and economic for each of the 50 states. Health and lifestyle factors had double the weight of economic stability, and within health, sleep was weighted three times higher than the other factors.
Health:

  • Diagnosed depression rate in adults
  • Suicide rate
  • State health index
  • Life expectancy in years
  • Air quality
  • People who get at least seven hours of sleep

Lifestyle:

  • Number of hours spent outside of work
  • Volunteer rate
  • People who are married
  • Married people who have children
  • Average household size
  • People who don’t use all of their vacation time
  • Divorce rate
  • Social ties relative to other states
  • People who regularly exercise

Economic Stability (Prosperity):

  • People who own their own homes
  • Median household income
  • Unemployment rate
  • Regional price parity
  • People who have at least one late payment on their credit reports

Sources include the U.S. Census Bureau, the Centers for Disease Control and Prevention, the Environmental Protection Agency, the Bureau of Economic Analysis, Gallup Inc., Blue Cross Blue Shield, Corporation for National and Community Service, Project: Time Off, and STAT News.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brittney Laryea
Brittney Laryea |

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at [email protected]

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Financial Therapy: What It Is and How to Know if You Need It

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Whether you’re stressing over paying bills or spending money to make yourself feel better, anxiety and money often go hand in hand. Still, financial advice tends to emphasize numbers and strategies, not the root cause of money concerns.

Financial therapy is a holistic process that enlists both therapeutic and financial methods to help you transform your relationship with money. Here’s how to tell whether or not it might be the right move for you.

What is financial therapy?

The Financial Therapy Association was born out of the 2008 financial crisis, which left many Americans feeling totally hopeless and out of control with their money — a kind of trauma that went deeper than traditional financial counseling could heal. Researchers and practitioners from both the mental health and business fields teamed up shortly after the crash to create a unique, new practice that combines the best aspects of both disciplines.

By late 2009, the Financial Therapy Association, or FTA, was officially recognized as a nonprofit corporation, and the group held its first annual conference in September of 2010. Today, the association offers a variety of tools for both consumers and professionals looking to participate in this unique practice, and also offers a searchable database for finding financial therapists by state.

The association defines financial therapy as “a process informed by both therapeutic and financial competencies that helps people think, feel and behave differently with money to improve overall wellbeing through evidence-based practices and interventions.”

In short, just like regular therapy, it helps you get your head on straight — except in this case, it’s particularly concerned with financial matters. Many financial therapists are also licensed family or marriage counselors, so you can take it on solo or with a partner.

5 signs you need a financial therapist

So, how can you tell if financial therapy is right for you?

Chances are, almost anyone could benefit from professional coaching… but if these scenarios sound familiar, you might want to take finding professional help more seriously.

1. Your relationships are strained, and money’s always the reason. If you’re constantly fighting with your spouse (or other relatives or family members) about money matters, a financial therapist can help you find productive ways to navigate your relationships.

2. You’re depressed or anxious about your money in a way that’s impacting your wellbeing. While money can be a stressful topic for anyone from time to time, if it’s ruling your life, a therapist can help you find new behavioral patterns. Whether it’s the emotional toll of debt or the stress of saving a workable nest egg, a financial therapist can offer both mental and monetary tactics to help you tackle the problem.

3. You know the steps you need to take, but can’t quite seem to make them happen. Whether it’s balancing your budget or paying down debt, if you can’t make your behavior match your financial plan, a financial therapist could have the answer.

4. You find yourself lying about money and hiding your excessive or emotional spending. These kinds of behaviors can wreak havoc on your wallet, not to mention your relationships, and may be based in compulsion. A financial therapist can help you develop alternative relaxation tactics so you can overcome your emotional splurges without doing damage to your nest egg.

5. Thinking about your financial future is leading to unexpected emotions or creating family tension. As important as estate planning may be, it can also be a difficult and emotional experience. After all, it means thinking seriously about the reality of your own death. And divvying up your stuff can lead to difficult conversations, particularly if you have a blended family or strained relationships. A financial therapist can help you work through all that emotional baggage and offer helpful communication tactics.

Do you need a financial therapist and a financial advisor?

There’s no specific set of certifications or degrees a professional must have to be a member of the Financial Therapy Association — so each individual counselor is just that: an individual. He or she may lean more heavily toward one side of the professional aisle or the other, and finding the right fit could take some trial and error.

For instance, if you’re mostly concerned with the how-to part of financial advisement, like figuring out the difference between a Roth IRA and a traditional IRA or the best way to tackle credit card debt, a plain-old financial advisor can probably help you, but so could a financial therapist who works primarily as an advisor or wealth management professional.

On the other hand, if you’re really digging into the emotional side of your financial landscape, finding a financial therapist who is a mental health professional first can help you tackle those struggles, while also laying the framework for solid monetary planning and behavior down the line. A financial therapist who identifies more strongly with the clinical counselling part of their job title may also be able to help you in other aspects of your mental health, if you’re struggling with matters beyond your money.

The bottom line is, there’s no one approach that’s right for everyone — and, just like dating, you’ll definitely want to shop around. Whether you hire a financial therapist, a financial advisor or both, when you’re talking about people who are going to advise you on matters as important as your financial future, getting along well is key. It’s worth making several calls and sitting through a few introductory interviews to make sure you’ve found a good fit.

How to find a financial therapist

If financial therapy sounds like it might be a fit for you, there are some wonderful resources available from the Financial Therapy Association to help you find and hire a professional. For instance, it offers a great database of financial therapists that’s searchable by both name and state.

Of course, since it’s such a new field, financial therapists are relatively few and far between — and you may find there’s not one in your area. Several states on the list have zero names listed beneath them (so far, anyway).

Fortunately, the internet makes it possible to do financial therapy work at a distance, and many professionals do just that. If you find someone whose credentials, focus and basic methodologies you like, you can reach out to them directly to see if they’d be able to perform therapy via Skype or phone call. You can also check out the specific “at a distance” list available via the FTA database. The association also offers monthly online webinars and other educational tools to start the process on your own if you’re not quite ready to hire a professional.

The bottom line

Financial therapy can be a great way to help alleviate your anxieties and fears about financial matters, or to help you find ways to break money-related habits you just can’t seem to knock out on your own. And as with any type of therapy, seeking out professional help is anything but a sign of weakness. Money touches all of our lives and has a huge impact on our lifestyles, so it makes sense that it’s a wildly emotional topic. So if financial therapy sounds like it might be a fit for you, don’t be afraid or ashamed to reach out. If anything, recognizing you need help makes you that much stronger — and both your brain and your bank account will thank you for it.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jamie Cattanach
Jamie Cattanach |

Jamie Cattanach is a writer at MagnifyMoney. You can email Jamie here

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9 Great Free Checking Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

free checking accounts
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The humble checking account may not offer rewards, cash back or many of the other perks offered by ritzy credit cards, but it remains the cornerstone of your financial life. Nobody likes paying monthly maintenance fees, so why not pick a free checking account that does away with them altogether?

Below, we’ve selected nine of the best free checking accounts (presented in no particular order) by scouring our database for products meeting the following criteria:

  • No monthly maintenance fee
  • A low initial deposit amount (between $0-$25) needed to open the account
  • No minimum daily balance requirement
  • Minimal third-party ATM fees
  • Available nationwide

Account Name

Minimum needed to open

APY

Consumers Credit Union (IL) Free Rewards Checking$05.09%
Simple Account$02.02%
Aspiration Spend and Save$102.00%
nbkc personal account$51.01%
Alliant Credit Union High-Yield Checking$5 (to become a member of this credit union, none for opening the account itself)0.65%
Discover Cashback Credit$0None, but customers receive 1% cash back each month on certain spending with a limit of $3,000
Ally Bank Interest Checking$00.60%
Evansville Teachers FCU Vertical Checking$30 ($25 if you're already a member of this credit union)3.30% (if you meet monthly requirements)
Bay State Savings Bank Kasasa Cash$02.01% (if you meet monthly requirements)

Great free checking accounts

Consumers Credit Union (IL) Free Rewards Checking

The Consumers Credit Union provides an online-only checking account to anyone in the nation who becomes a member. You can qualify for membership with a one-time $5 payment to Consumers Cooperative Association. Some of the perks of the Free Rewards Checking account include:

  • No monthly maintenance fee
  • No minimum balance required
  • Unlimited check writing
  • Unlimited ATM fee refunds

However you do have to meet some requirements in order to get all of the benefits of the account (including the high APY). The APY for this account is divided into three tiers, with the lowest earning 3.09% on balances up to $10,000, the middle 4.09% and the highest tier 5.09%. The requirements for each of these tiers are:

To earn 3.09%

  • Receive eStatements
  • Make at least 12 debit card purchases a month
  • Post direct deposits or ACH payments of at least $500 each month

To earn 4.09%

  • Meet all the requirements of the previous tier
  • Have a Consumers Credit Union Visa credit card and spend at least $500 a month on it

To earn 5.09%

  • Meet all the requirements of the previous tier
  • Spend at least $1,000 a month on your Consumers Credit Union Visa credit card

Keep in mind these high APYs only apply to balances up to $10,000. The portion of any balance between $10,000.01 and $25,000 earn 0.20% APY, and balances greater than $25,000 earn an APY of 0.10%.

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on Consumers Credit Union (IL)’s secure website

NCUA Insured

Simple Account

Simple is owned and backed by regional bank BBVA and offers customers a free checking account that’s intertwined with the app’s budgeting tools. Simple doesn’t charge any fees, meaning users enjoy:

  • No monthly maintenance fee
  • No minimum balance needed
  • No account closing fee
  • No stop payment fees
  • No debit card replacement fee
  • No ATM fee if using Simple’s network, but users can be charged a fee by other banks if using a non-network ATM

One fee you do have to pay is a foreign transaction fee when using your Simple card internationally, which can be up to 1% of the transaction.

If you maintain a balance of $0.01 or more, you can earn an APY of 2.02%.

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on Simple’s secure website

Aspiration Spend and Save Account

The recently rebranded Aspiration Spend and Save account is online-only and technically is a cash management account (according to the company), combining the high APY of a savings account with the accessibility of a traditional checking account. After paying an initial $10 to open this account, you gain access to a completely fee-free account — if that’s what you choose.

One of the most eye-catching (and marketable) aspects of this account is that Aspiration tells its customers they can pay whatever fees they wish, even if that amount is zero. The online bank does heavily advertise the fact that 10% of whatever fee customers pay them will be donated to charity.

Other benefits this account gives without any fees include:

  • Unlimited ATM fee reimbursement
  • $600 in cellphone damage insurance
  • Scheduled bill payments

Technically, the Spend and Save account operates as two separate linked accounts — a savings account, where your money earns an APY of 2.00% each month (provided you deposit at least $1 in the account), and a spend account you draw on with your Aspiration ATM card. Transfers of funds between the spending and saving sides of the account happen instantly and without any limitations, so it’s easy for customers to think of it as one product.

It’s important to note that the 2.00% APY only applies to funds in the save portion of the account, not the money you have in the spend portion (which earns no APY). But with the instant and limitless transactions you can make between the two sides, there’s no reason to leave money parked in the spend portion of the account that you aren’t planning to utilize in the short term.

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on Aspiration’s secure website

nbkc personal account

nbkc bank may be based in Kansas and Missouri, but customers anywhere in the nation can sign up for its personal account, which provides a whole bevy of benefits with only minimum fees — all while providing a very competitive APY.

Customers can open this free checking account with a $5 deposit, and so long as they maintain an average daily balance of $0.01, earn 1.01% APY. They also can use more than 32,000 ATMs without any fees, and nbkc will rebate up to $12 a month any non-network ATM fees customers accrue.

Account holders will have to pay a $5 fee to wire money domestically, and $45 if they are receiving or sending an international wire transfer.

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on nbkc bank’s secure website

Member FDIC

Alliant Credit Union High-Rate Checking

Alliant Credit Union offers a free checking account with a very decent yield and great features. You must become an Alliant member before opening an account, which anyone in the country can do by making a $10 donation to Foster Care to Success during your application process. However, there’s no minimum deposit needed to open this free checking account, no minimum daily balance and no monthly maintenance fee.

Alliant’s account also grants customers access to roughly 80,000 ATMs they can use without any fees. If you have to use an ATM outside of this network, Alliant will reimburse fees up to $20 each month.

Finally, this free checking account is called “high-rate” because it gives 0.65% APY—so long as you opt to receive electronic statements instead of paper statements, and make one electronic deposit into the account each month. Examples of deposits include:

  • Direct deposits
  • Payroll deposits
  • ATM deposits
  • Mobile deposits
  • Transfer from another financial institution

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on Alliant Credit Union’s secure website

NCUA Insured

Discover Cashback Debit

You might be more likely to think of credit cards when it comes to this brand, but Discover also functions as an FDIC-insured, online only bank that offers a suite of personal banking products including one of the best free checking accounts currently on the market. The Discover Cashback Debit account features a smorgasboard of perks and goodies for customers, including:

  • No monthly maintenance fees, minimum balance to open or minimum daily balance
  • A nationwide network of more than 60,000 ATMs customers can use fee-free
  • Free replacement debit cards
  • Free online bill pay

Living up to its name, the Cashback Debit account grants 1% cash back each month on qualifying spending up to $3,000. What kind of spending counts? Just about everything, with the exception of ATM transactions, the purchase of money orders, loan payments or account funding, and peer-to-peer transactions. In addition, some purchases made over a third-party app or service (such as Venmo) may not qualify.

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on Discover Bank’s secure website

Member FDIC

Ally Bank Interest Checking Account

The Ally Bank Interest Checking Account may not offer a high APY (unless you can maintain at least a $15,000 balance), but the free online banking, bill pay, and checks — both standard and cashier — along with no monthly maintenance fee, required minimum balance or minimum deposit to open make it a great option for customers looking for a free checking account.

While no minimum balance is required to earn 0.10% APY, customers can earn 0.60% if they maintain a daily balance of at least $15,000.

Customers can use any of the 55,000 ATMs in the Allpoint® network for free, and Ally will reimburse up to $10 of non-network ATM fees each billing cycle. Other fees to watch out for include:

  • $15 stop payment fee
  • $25 per-day maximum overdraft fee
  • $20 outgoing domestic wire fee

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on Ally Bank’s secure website

Member FDIC

Evansville Teachers Federal Credit Union Vertical Checking

Credit unions such as Evansville Teachers Federal Credit Union might not command the same name recognition as nationwide banks, but they can offer rates and services for customers that are every bit as competitive as the big banks. Don’t let the name of this credit union fool you—anyone can become a member if they open a $5 savings account, which then allows you to open a Vertical Checking account with a minimum balance of $25.

This free checking account doesn’t charge a monthly service fee or require you to maintain a minimum balance, and in return gives you an APY of as high as 3.30% on balances up to $20,000, provided you fulfill the below requirements:

  • Make at least 15 debit purchases each month
  • Make at least one direct deposit into the account each month
  • Login to your mobile or online banking at least once each month
  • Opt in to receive eStatements
  • In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

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on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

Bay State Savings Bank Kasasa Cash

This free checking account offers one of the highest APY rates around — up to 2.01%, provided you meet some qualifications — and coupled with its minimal fees, make it a great option for customers looking for free checking.

There’s no minimum amount needed to open the free checking account and, like the other accounts on the list, you don’t need to maintain a minimum balance or pay a monthly maintenance fee. That’s already good news, but where this account really shines is when you fulfill the following criteria each month:

  • Have at least 12 PIN-based debit card purchases
  • Receive electronic statements
  • Enroll — and log in at least once per cycle — to online banking (which is free)

For every month you meet the above qualifications, your balance up to $20,000 earns 2.01% APY. The other big bonus you receive is unlimited refunds on ATM fees that you pay when using a machine out of the bank’s network. If you don’t meet the criteria, you still don’t pay any fees on your account. However, you earn a much lower APY and will have to pay fees on out-of-network ATMs.

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on Bay State Savings Bank’s secure website

Member FDIC

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here