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10 Money Saving Tips to Stop Impulse Spending

10 Money Saving Tips to Stop Impulse Spending


Financial problems cause emotional suffering and lots of turmoil in your life. When you have a spending habit that is out of control, it can cause anxiety, depression, and even relationship issues. Impulse spending is the worst type because it’s as powerful a drug and just as addictive.

You may become a serial shopper or someone who shops to fill that void in your life. This type of impulse spending happens more than you think. Do you find that you are wasteful with money? Think of all the savings you could have right now if you just started conserving when you were younger?

Even if your bank account has more zeros than the national deficit, there’s no time like the present to make some changes. If your mindset is “Carpe Diem,” and you have no thought for tomorrow, then it’s time to alter your thinking.

Here are ten easy ways to stop your impulse spending and stash cash into a savings account.

1. Return Products You Might Have Sitting Around (Don’t Live with Your Buyer’s Remorse)

Most people have things sitting around their homes that they have every intention of returning, but they never make it to the store. It could be things that you order from a catalog, which are inconvenient to return.

The sad fact is that you probably have a lot of money sitting around in those returns, and you could put that cash into a savings account. If you waited so long that you are past the return period, no worry. Post your unused items on a local Facebook yardsale page, sell it on eBay, or host a tag sale.

So, reject your buyer’s remorse–return those items and stash that cash for a rainy day.

2. Wait 24 Hours Before You Make Purchases

How many times have you bought something on an impulse, and it sits at your home unused? What about those designer boots you had to have but live in a tropical climate? Sure, you had the best of intentions, but you didn’t give much thought to your purchase.

If you feel that you need those new shoes, a purse, or a wallet, you should think about all your purchases before you spend the money. The chances are if you go home and think about it for 24 hours, you will change your mind.

Think and rethink each purchase, and you will see a big difference in your checking account. Buying on impulse is a dangerous habit.

3. Seek Counseling

Do you know there are support groups and counseling specifically for those who have impulse spending problems? Spending money can be addictive, so you may need a therapist to help you make better choices regarding your money.

If you cannot find local support groups, then you can find some online help. Many times, there is an underlying mental health issue like anxiety or depression that can fuel the fires of impulse spending.

4. Start Eating and Drinking at Home

One of the biggest money wasters is eating out. Do you grab a gourmet coffee on the way to work each day? If you spend $5 for a large frosted cappuccino, and you did that for five days a week, you would spend approximately $1,300.

Now, think of all the things that you could do with an extra $1,300 each year? If you got a coffee maker at home, then you could make coffee and save. Coffee savings is just the tip of the iceberg; think of all the other ways you can conserve.

Stop giving your money to fast food establishments. You pay $2.49 for a soda at a drive-through, but you can get a whole 24 pack for less than $8.00. Do the math, and you will see how much you waste by eating and drinking out.

5. Set a Household Budget and Stick with It

Do you have a household budget? Did you know that more than 33 percent of the population doesn’t maintain a budget? Budgeting is important because it’s like a financial roadmap from where you are today and where you want to be in the upcoming months.

So, the best thing that you can do is to plan for tomorrow. If you want to buy a new home or a car, you must start setting money aside. It’s better than waiting until the time comes and having no money to put down. Sadly, you will get higher payment amounts because of the lack of cash.

6. Start a Savings Account and Make Automatic Deposits

Do you have a savings account? Did you know that the average person only has about $4,000 in their savings? While that may seem like a nice chunk of change, it’s barely enough to survive one month without income.

If something should happen that you lose your job, have a major medical setback, or have other financial hardships, small savings like that could be depleted overnight. Try having money taken out of your check and put into a savings or money market account.

Even better, why not start a 401K where your money is waiting for you when you retire, and you can always borrow from these funds if you need it.

Want to earn money online to bulk up your savings account? Here are thirty money-making ideas.

7. Do The Envelope Method

Most people don’t like to use cash these days, and with safety concerns, it’s not advisable. However, for those who have impulse spending issues, a credit card is deceptive. Many people spend cash more frivolously because they can’t tangibly see it.

The envelope method is an old trick where you put so much cash that you allow yourself to spend in each envelope. Once the money is gone, you can’t spend anymore. Some people prefer money because they feel they can keep a better handle on their finances with it.

You can also do this method electronically if you have a bank or accounting program that tracks your spending and separates it into categories.

8. Talk to a Financial Advisor

A financial advisor can look at your income and tell you the best ways to make your money work. They will look at your current standing and how your retirement will be if you don’t change your ways. With the instability in the Social Security system, it’s not safe to take bets on this program for retirement.

It usually doesn’t cost anything for an evaluation. When you learn how to invest your money correctly, it can net you some serious change.

9. Make a Menu and Meal Plan

One of the greatest expenses you will face each month outside of your mortgage is your grocery bill. Did you know that the average family of four spends over $1,287 each month in groceries? Thankfully, you can reduce that bill by a few hundred dollars by learning how to meal plan.

Remember the old Adam Sandler song, “Lunch Lady?” The song states that yesterday’s meatloaf is today’s sloppy joe. You need to develop that mindset and repurpose leftovers. Do you think these restaurants that you patronize don’t recycle?

Take, for instance, the legendary chain you love called Wendy’s. Their famous chili is made from the hamburger leftover from the day before. If you’re shocked, you shouldn’t be as all eateries do things like this to save.

Those hamburgers sit in the warming drawer for a certain amount of time. When the time limit expires, they move them to a container to save in their walk-in cooler. The next day, they use them to make their soup.

It’s a considerable saving to them because they would throw away all that meat if they didn’t have such a plan. Now, you need to implement the same kind of philosophy.

You can take leftover hamburgers and turn them into a soup, tacos, or delicious shepherd’s pie. Just think of all the food that goes to waste that you could repurpose.

10. Learn How to Effectively Grocery Shop

If you run into the grocery store when you’re hungry and shop for the things you need for the day, you will probably do some impulse spending. Did you know that there is a right and a wrong way to go to the supermarket? Here are some tips that you should follow.

•Never shop when you are hungry

•Make a list and stick to it

•Shop early morning for discount prices and markdown deals

•Use the sales flyer to plan your meals

•Sign up with a service that will pay you money for trying products you use

•Do not go to the store every day or every couple of days

•Make one big trip a week and don’t keep going back

•Have a dedicated shopping day

•Buy in bulk and divide and conquer your budget

The list seems to be overwhelming, but it’s not that bad once you get the hang of it. Smart shopping can save you hundreds each month and thousands on the year.

Final Thoughts on Knowing When It Is Time to Stop the Impulse Spending

It’s important to stash money into savings for a rainy day. Those rainy days happen to everyone, whether you’re prepared for them or not. Thankfully, even if you only have a dime in your account, you can change that quickly.

It doesn’t have to be big and significant changes, just start small and start building. You will be so glad that you stopped the impulse spending once you have a nice nest egg built for your family. Who doesn’t want to stash money into savings?

Business

A Simple Guide on What to Do When You Need Money

A Simple Guide on What to Do When You Need


A Simple Guide on What to Do When You Need Money

Feeling broke is one of the worst experiences you can go through. You’re not alone, however. The average person in the country has a debt of $6,200, and paying it off isn’t easy.

If you’re deep in debt, need to bounce back, and want some breathing space, you’re probably wondering what to do when you need money? Thankfully, you can make money anywhere and at any time with the right research and planning.

Not sure where to start? Here are some things you should try!

1. Find a Freelance Job

If you have an iPad or laptop, look up some freelance work from Upwork, Freelancer.com, or sign up on Fiverr. There’s a variety of work available online; from tutoring to being a virtual assistant. You can control the workload and schedule, so it’s a great option for what to do when you need money.

Freelance jobs can be a full-time job or part-time. Some jobs can be difficult to get if you have no experience or diplomas. However, once you have a job, you’ll get a steady paycheck and you can work from the comfort of your home.

2. Sell Stuff You No Longer Need

If you have things like clothes or phones that you no longer use, you can sell them online or hold a garage sale. Consider selling your furniture and appliances as there are many second-hand enthusiasts for these things. If you really need money, sell your car or a part of your lot as these are temporary assets that are better off liquidated.  

3. Do Some Odd Jobs 

Go around the neighborhood and ask if they need any help doing something they hate doing. People who are busy or don’t have the knowledge to do certain things are quick to jump at the chance. You can offer your services for odd jobs like walking their dog, cleaning their yard, or painting.

An advantage of taking odd jobs is that it never takes too long and it’s a great way to expand your network. However, keep in mind that there is no set paycheck so it’s hard to start budgeting. Letter drop around your area or advertise online to let people know you are available.

4. Pawn or Sell Your Valuables

Pawning means giving a valuable item as collateral to borrow some money. The pawnbroker will give back your valuables once you pay back the money. This option can net you some cash, but keep in mind that these valuables get sold off if you can’t pay back.

Alternatively, just sell your valuables at pawn shops. You leave with the cash in hand and you have no other obligations. Some of the best items to sell or pawn are tablets, power tools, gems, firearms, and antiques.

5. Get a Loan

This option should be your last if other options haven’t worked out well. It’s great to get loans if you need emergency money fast. Make sure, however, that you have a plan to pay back on time.

Taking out a loan depends on whether it’s a personal loan, a payday loan, or a home equity loan. 

Loans are the best option if you just need money quickly and can afford to scrimp by. Get a payday loan at bonsaifinance.com and pay off the loans you take as soon as you can.

What to Do When You Need Money

Think long and hard on how you got into this situation like spending too much or your income is low. It’s important to address the problem, start planning, and make a budget to solve and prevent the problem!

Thanks for reading! Learned from our article on what to do when you need money? If yes, take some time to browse through a few more of our helpful articles! 

Lifestyle

16 Money Habits Every Parent Should Teach Their Kids

16 Money Habits Every Parent Should Teach Their Kids


What is a money habit? It’s a sustainable, repeatable way to you manage some aspect of your money. The money habits you keep – whether good or bad – can tell you a lot about your finances. You can see the results of your habits in your savings, earnings, and how much you invest.

We pass our habits along to our kids as they model their behavior off what they watch us do. That transfer of knowledge and habits can either be intentional or involuntary – it’s up to you.

If you want to set your children up to be successful adults, then a great thing to do is to help them establish good money practices at an early age. Children are ready to learn as early as age 3. Start with small habits like counting out dollars and coins, and work your way up from there.

There are a lot of tips and tricks that will help you achieve this goal as your child goes through every stage of development. There are also some pitfalls to avoid so you can steer your kids clear of bad money habits.

In this article, we are going to introduce strategies to handle good and bad financial habits and parenting advice that you can use to help your children at any age.

16 Money Habits Every Parent Should Share with Their Children

money habits

1) Create a Budget

To make sure that you are not over-spending, create a budget for your household. This is a great exercise for older kids and teenagers to understand living expenses and how to manage them.

Itemize all of the costs of living, from the rent or mortgage to the electricity bill. Calculate the average monthly price of each. Then you have a budget.

You can get kids of all ages in on this process by creating a mini-budget for them. For example, make a budget for a summer project or a micro-business like a lemonade stand. It’s all about the practice of understanding how much things will cost and spending and saving accordingly.

2) Provide Cash Flow

To understand income ane expense, your child needs some income. Give your children some money like a small allowance and help them manage it. If (and when) they mismanage it, help them understand the consequences and correct course without reprimanding them. It’s a learning process.

3) Set Up a Savings Account

One in 3 Americans have $0 in savings, and only a fraction have enough saved up to deal with an emergency.

Your savings account is the one in which you are going to save your money instead of spending it. Help kids understand the concept of a savings account by making your budget and calculating what it would cost if something didn’t go as planned. That’s what a savings account is ultimately for, but you can also make it more engaging by helping them save up for something more fun.

4) Auto-transfer

One of the easiest ways to save money is to set up auto-transfer. For example, if you are trying to save $1000 in six months to buy a new laptop, set up your account. It will automatically transfer $42 a week into your savings account.

You can teach a child about this by helping them set up a checking and savings account. Deposit their allowance into the checking account and show them how to schedule an auto-transfer. Tie the savings to a goal like purchasing a toy they really want so they can understand the concept more tangibly and treat it like a fun game!

5) Use Shopping Lists

Instead of going shopping without a list and buying things you don’t need right now, make a list of items that are important to buy and stick to it. This simple habit helps save money and stick to a budget.

Practice this with your kids every time you take them to a store. Get them in on the activity by making a list together. If they’re old enough to do basic math, talk about the budget for the shopping trip and give them a calculator so they can subtract the value of each item as you pick it up. Making (and sticking to) a list builds impulse control and helps kids understand the importance of a dollar.

6) Buy with Cash

Buying with cash creates a tangible connection between an item and its value. Psychologists have studied this concept and proven that when people pay with cash, they have a greater respect for the goods and services bought. Allowing your kids to fork over dollars to the cashier to pay for things can start at a young age and build an understanding of the financial exchange taking place.

7) Track Expenses Daily

Keep an eye on the expenses that you pay daily. Use an app or journal to keep a list of every purchase you make for a week – no matter how big or small. Have your kids do the same.

If they’re wondering where their allowance went, they may find the answer quickly reveals itself in regular purchases of sodas or video game add-ons. Seeing it all laid out helps visualize the cash flow so you can adjust it into your budget and shopping lists better.

save money

8) Define “Bad” Money Habits

Understanding poor financial habits and how to avoid them is important, too. Discuss bad these money habits and break them before they start:

  • Spending more than you earn
  • Depending on debt to pay expenses
  • Taking loans
  • Not saving for the future
  • Not having goals
  • Thinking negative
  • Blaming others or making excuses

9) Track What You Spend

Spending money without knowing where it’s going is a quick way to slide into financial distress. Keeping a budget and taking inventory of what you spend is a necessary habit to be responsible with your money and stay on track with your goals.

Create a self-auditing process and share it with your kids so that money becomes a concept that’s manageable and understandable instead of stressful and out of control.

10) Save With Intention

Even if it’s just a couple of dollars a month, saving is an important habit both mentally and financially. Spending every single penny you have earned can start you or your kids down a path of lack instead of abundance.

If an emergency comes up or an unexpected opportunity arises and you have no money saved to take care of it, then what are you going to do? Saving isn’t just about emergencies, it’s about opportunities as well. You don’t want your kids to miss out on opportunities or befall a tragedy just because they didn’t have some padding in their budget.

Decide on a reason to save and help your child set a savings goal to give them an understanding of this important concept.

11) Understand the Consequences of Credit

At the time of need, credit cards can look like a miracle. The truth is, more often than not they quickly become a burden and can create emergency financial situations all their own.

Paying interest on a purchase you made months (or years) ago really stings. You can help kids understand this concept by doing the math visually.

Take the price of a toy they want to buy now. Calculate how much that toy would cost if they paid it with cash in hand versus over a period of a year or two with an APR of 19%. Explain the difference: they can either save up and buy the toy for less money, or forego a chunk of their allowance for the foreseeable future.

Instead of teaching your kids to rely on credit, teach them to budget, and rely on cash.

12) Achieve a Goal

You don’t have to make a lot of money to manage it well. Having good management skills will help in achieving one’s goals. A person who has better money habits will be set up to have a better, more stable quality of life. Tie your child’s new financial habit to a goal like buying or doing something they want.

13) Model Your Advice

If you want your kid to learn good money habits, you have to show them practically. It’s important to model the behaviors for them in a transparent way and help give them tangible examples they can work through themselves. Experience is the best teacher, after all! Remember, children follow the same thing as their parents. Become a role model. Inspect your own behaviors and feelings about money. If needed, make adjustments.

14) Get Teenagers Involved with the Household Budget

Teenagers are on the precipice of independent living, so financial know-how is especially important for them to grow into successful adults.

It is your responsibility as a parent to help prepare them for the practical necessity that is managing money. Since teenagers are more mentally mature, they can handle more complex, real-world information to help them learn and prepare.

It may seem scary, but getting your teen in on managing the household budget is a fantastic exercise for this age group. Here are some steps you can take:

  • Tell your kid about every expense.
  • Inform them about the household’s monthly income.
  • Walk through the monthly and yearly budget, plus any retirement and college funds that you’re paying into.
  • Help your child open their bank accounts (checking and savings) if they don’t already have them.
  • Every week discuss your expenses and tell them how you manage them.
  • Give your teen tasks like grocery shopping or running an errand with a list that helps them develop the habit on their own.
  • Research and share stories of financially prosperous people and what you can learn/integrate from their approaches.

workaholic

15) It’s Never Too Late to Learn – Help Your Adult Children with Money Habits

So, maybe you got to this a little later in the game. Parenting advice isn’t just for parents of young kids – there’s still valuable information you can pass on to your children even if they’re adults. Here are some ideas for how to help your adult children manage money:

  • Help them make a budget according to their income and expenses.
  • Talk with them about money in a calm, non-confrontational way.
  • Discuss their larger purchases and financial goals like buying a car or moving to a new city and make a financial roadmap to help them get there.

16) Break Bad Money Habits.

If your child has picked up some poor money habits, then you can use that as a learning opportunity. We all make mistakes with money at one point or another. Bouncing back is part of the process.

Identify the issue and why it’s a problem.

Talk about how this bad habit would really affect them in the future. Ask what they want to do – fix it or continue down the path they’re on.

If they choose to fix it, make a plan together for how to get through the problem. Be sure to include action steps that you can measure. Talk regularly about how the plan is going and measure their success. Celebrate when they’ve achieved their goal and un-done the problem.

If they don’t choose to fix it, then you may need to let them suffer the consequences of their financial mistake. The stakes during childhood and teenage years are usually much, much lower than in adulthood. Better they learn now than when they have a family of their own.

What if you’re the one with the bad habits? Look at it as an opportunity. You can learn together and even use yourself as an example of why it’s important to manage money well. Parents aren’t perfect, after all!

What better way to humbly show your kids how to do something than to learn and develop those great habits side-by-side.

Final Thoughts on Teaching Smart Money Habits to Your Kids

Money is a fundamental part of life. It’s how we obtain basic necessities like food and shelter, as well as indulgences like travel and toys.

Parents and caregivers play a significant role in shaping their children’s habits around money. Managing money is a reality that every adult must deal with. Because of that, it’s better to be more transparent with your kids and help them learn the skills to manage their money rather than letting them think it, “grows on trees.”

People don’t just spontaneously know how to manage money. If you help your kids understand that early on, then they’ll have a head start in life. Every parent wants their child to be equipped to live a happy, healthy life. Money management is simply a part of that journey.

Business

11 Ways to Save Money in College (That You Can Start Doing Today)

11 Ways to Save Money in College (That You Can


11 Ways to Save Money in College (That You Can Start Doing Today)

Did you know that eating Top Ramen for every meal every day for a year would cost you under $150?

While it’s the staple of college kids’ meals, you don’t have to ditch your meal plan and load up on noodles, because there are plenty of other great ways to save money in college.

11 Ways to Save Money in College 

Here are 11 surefire ways to save money in college that you can start doing today!

1. Budget

While it may seem boring, this is one of the key steps to saving cash.

Making a budget for yourself is one of the key ways to save if you’re wondering how to save money as a college student. Taking a little time each week or month to create a plan for where your money is going will help you stay frugal and responsible. 

2. Housing

Housing can be a pretty hefty cost for most schools. While it’s normally nothing compared to tuition, the place and type of housing you select can still greatly affect those college payments. 

You can commute from home or somewhere cheaper off-campus if you are able to avoid paying your school. If you don’t want to commute, having a roommate (or two!) usually always lowers the cost of housing, as well as choosing between suite-style rooms or communal living styles. 

3. Transportation

Where you go and how you get there can also be a great factor in your college costs. You have to find what works best for you in terms of public transportation vs. having your own car vs. carpooling. 

If you are living on campus, considering carpooling over having your own car can save you tons of money because of gas and insurance. Plus, you get to make new carpool friends!

4. FAFSA

Filling out the FAFSA, while it may be tedious, is a great way to determine how much money you can get in federal aid. It takes some time, but is worth it in the long run if you’re hoping to get some financial support that way. 

You also only need to do it once a year, so it can’t be that bad to bite the bullet and fill it out when the time comes around. 

5. Books

Saving money is one of the benefits of renting textbooks compared to buying them full price. Both have their positives as you’ll get money by reselling and you’ll save money by renting textbooks.

It just depends on what better suits your preferences! 

6. Food

While the ramen bit earlier was a joke, the way you spend on food is a great way to save while you’re at school. 

Limiting the times that you go out to eat with friends can help you save money (especially if you have a budget!) You can also look into the different meal plans that your school offers and see if there are cheaper options that fit with your diet. 

7. Scholarships

Scholarships are one of the best ways to save money at college. Earning scholarships is basically like getting gifts for working hard at something!

However, that means you should put good effort into doing well at school, as well as search for other scholarships you can apply to. Usually schools give out scholarships that you can apply for each year and there are tons of scholarships that are eligible for college students everywhere to apply for. 

8. Graduate On Time (Or Earlier!)

Graduating on time will save you tons of cash because you aren’t paying to be at the school. This also goes for graduating earlier – you save tuition, room, and board because you won’t be there!

This is all a matter of how much work you can handle of course.

If you can manage early graduation, it would save you a bunch of cash, plus you get a head start on searching for a job. Then you can get to work on paying off any student loans even sooner!

9. Work

Working on or off campus can help you have a steady flow of money while at school. Then you’ll always have an amount to set aside and save gradually, as well as some to spend every now and then. 

Many campuses have on-campus job opportunities as well as work-study programs that you might find to be helpful. And don’t forget about the magic of private jobs like babysitting! 

Working makes a world of a difference when it comes to saving and spending your money wisely. 

10. Conserve

Conserving your utilities can make a big difference when it comes to saving money. Being diligent about not using too much electricity or water add up, as well as not using A/C or heating when you don’t need to. 

Let’s not forget about how these moves can help the environment as well! You’ll be saving your money and helping the earth at the same time. 

11. Make Honest Judgements

Finally, make honest judgments about what you do and don’t need when you’re shopping. We all know it’s fun to spend a little on things you don’t necessarily need, but be mindful of how often you choose to do that. 

There are also tons of fun ways to buy things that you’re looking for, like hitting up the closest thrift store with your friends. It’s ok to make purchases, but make ones that will meet more of your needs than your wants!

B.F.A. in Saving Money!

And there you have it – with these 11 ways to save money in college, you’ll at least get a BFA in financial smarts!

Higher education can be stressful for a number of reasons. From big tests to licensures to GPA – not to mention the social aspects – you’re in for a lot of learning. 

But money does not have to be one of those stressors – at least not as long as you keep up with these helpful tips on how to save money in college. 

Make sure to check out some of our other posts for more interesting reads, and check back soon for more content!

Lifestyle

Financial Planners Share 21 Money Saving Tips Never to Ignore

Financial Planners Share 21 Money Saving Tips Never to Ignore


Financial planners have different opinions about what you should do with your money, but there are essential money saving tips they all agree on. So, what do financial planners say are the best money saving tips you should never ignore?

21 Money Saving Tips Never to Ignore

1.Have some savings

One tip all financial planners agree on is that you should have a savings plan. They advise that you save a certain amount every month, at least five or ten percent of your salary. It’s best to have the money automatically deposited into your savings account from your paycheck. Experts recommend you save at least one month’s funds to cover an emergency.

2. Don’t spend everything you make

This advice seems simple enough, but if you are living paycheck to paycheck, it is challenging to do. If you have a small salary with debt, you must consider this as you make financial decisions. This time may not be right to purchase a car or eat out every evening.  Making wise choices on big or small purchases helps you live within your means.

3. Ask for a raise

If you need an increase to make ends meet at home, ask for it. You need to know what your job is worth in the marketplace. Think about your education, training, job experience, and what you’ve done for your company-all these things contribute to your overall job worth.

Get paid what you’re worth, being underpaid is money you need for bills, savings, and investments. You’ll never be able to get ahead if you are underpaid. If your current job can’t pay you what you’re worth, it may be time to find another job.

4. Pay down credit cards

If you have several credit cards, pay down the credit cards with the highest amount of interest first. Pay off the smallest amount required on your other credits cards to avoid a penalty. After paying off the high-interest credit card, close that one out using only the low-interest cards.

5. Have a budget

Another money savings tip recommended by all financial planners is to have a budget. It gives you a good understanding of where you’re spending your money. Figure out what your total income is after taxes. Choose what kind of budget plan you want to use to keep track of your expenses. You can use banking apps that automatically break down your spending or a spreadsheet to keep track of costs. Pick the plan that works best for you. Then decide what your costs are. The National Institutes of Health offers a list of money-saving tips for food budgeting.

Besides food, your budget includes

  • Other groceries
  • Rent
  • Household expenses
  • Insurance
  • Car
  • Child care
  • Entertainment
  • Perscriptions
  • Pet care
  • Parking
  • Clothing
  • Work wardrobe
  • Gifts
  • Banking fees
  • Loan payments/credit card payments
  • Travel
  • Gym memberships
  • Subscriptions

6. Prepare for retirement

Saving for retirement doesn’t seem important when you are just getting started, but it’s one money savings tips all financial planners suggest.  They say you should contribute something to your retirement savings, even if it’s a slight amount. Your employer may offer you a 401(K) retirement plan, and it’s a good idea to add to it.  Some plans match what you add with interest.  Saving for retirement is essential, and if you begin early, you’ll be nicely situated when you’re older.

Remember, too. Your overall expenses will go down once you hit retirement age. By the time you reach 65  or 70, your house mortgage will be paid off. Plus, your children will be out of the house, so you’ll be spending less on supporting their needs.

7. Pay down other debts

Most financial planners suggest you pay down your student loans and mortgage

slowly. Many mortgages have a penalty if you pay off the loan early. Also, this kind of debt isn’t as high in interest as other kinds of debt. And the interest on student loans and mortgages are tax-deductible. Use for money for other things, like investments or savings.

8. Keep your savings and check account separate

Your checking account has available money you need for your regular monthly expenses and bills. It’s the place where your paycheck will be automatically sent, minus monies you’re putting into your savings account.  A checking account gives you access to your money right when you need it.  A savings account should be left alone. Depending upon your bank, they will offer an interest rate on your savings.

9. Get rid of your subscriptions

Dump your subscriptions. They eat away at your income. It’s easy to forget if you have them. You often get one or two months free, and then the fees kick in. You may forget you have it.

10. Buy life insurance

If you’re young, you may not think you need life insurance. But if you have dependents or people who depend upon your financial contributions, then you need life insurance.

These people will become financially responsible after you die, so it’s a necessary part of your fiscal money-saving plan. This life insurance will be used to pay off debts after you die. Even if you’re young, buy life insurance since it’s cheaper when you’re young and healthy.

11. Review your budget every year

Every year, review your income, budget, savings, and debt. Life changes, you get a new job, or you have a baby, you realize these changes mean you need to adjust your budget or taxes since you now have a little tax exemption. Other things that affect your financial assessment include;

  • Rent changes
  • Health insurance premiums rise
  • The cost of living goes up-food, clothing, etc.
  • Inheritance
  • Auto-insurance goes up
  • Property taxes rise
  • Water or electric costs rise

Doing an annual review is like a health checkup.  You keep a pulse on how you’re doing financially and can adjust things if needed at this point rather than in a moment of panicked realization of some unexpected costs.

12. Write down all your expenses

This concept is simple enough, but many people don’t do it. Keeping a record of how you spend your money may be revealing. You may be shocked to find you’re spending lots of money on subscriptions or memberships you don’t even use.

13. Check your credit score

Your credit score is the number that shows lenders your borrowing practices. Knowing your credit score will help

  • Keep your loan interest rates lower when you borrow money
  • Helps you know your overall financial health
  • Make sure your score hasn’t been compromised
  • Determines if you can spend money on a house or car
  • You may not be able to rent an apartment if you have a bad credit score

Having a good credit score is like taking care of your body. Keep it healthy, and you’ll be able to do more things with fewer problems.

14. Use bank apps

Downloading your bank apps on our phone is excellent for keeping tabs on your spending habits. You’re more apt to check your phone since you carry it around. Plus, you’ll get notifications when your account gets hit, so it’s more secure, too.

15. Start saving for holiday costs in January

How many days till the holidays? The best time to save for the next holiday season is as soon as the season is over. Holiday gifts, parties, and travel all add up. When you save early, you won’t be hit with huge expenditures around the holidays.

Financial planners suggest you put aside $50 every month starting in January for your holiday fund. By the time you get to the holidays, you’ll be ready to pay for everything without going into debt.

16. Invest if possible

Most financial planners suggest you invest, even if it’s just a little bit of money. You could invest in

  • the stock market
  • real estate
  • Your employer’s retirement plan
  • 401(K)
  • mutual funds

17. Learn to say no

It’s easy to spend money because of others. If your extended family wants you to join in on a beach house rental for a week, it’s tough to tell them you can’t afford it. It’s hard to admit to your co-workers you can’t go out for drinks with them on Fridays. It takes strength to just say no, but it’s the best choice when you’re trying to get yourself financially stable.

18. Cut out things you don’t need

It’s easy to spend on unnecessary things. Whether it’s purchasing a large coffee every morning at a coffee shop or buying snacks at the snack machine every day, these things add up. Go over your daily, weekly, and monthly expenses. Stop spending money on these little habits. It’s a simple way to save money.

19. Save extra money

If you get a big tax refund, stow it away in your savings account as soon as possible. Things like a bonus at work, an inheritance are perfect for your savings. They weren’t part of your budget, so it’s money you didn’t expect to save.

20. Wait a day before buy

Financial planners would agree that giving yourself a good twenty-four hours before you make a purchase. This waiting period helps offset impulsive purchases. If you’re shopping online, see if you can put your items on a wish list, then go back a few days and see if you want to buy them.

21. Make a cash-only rule

Some financial planners suggest this money saving tip of spending only cash for a brief period. They recommend this so you can get control of your overspending. It’s an abrupt way to get your spending under control, but it might be worth a try.

Final Thoughts on Implementing These Money Saving Tips

These money saving tips will help you get your finances in order. With careful planning, you can lead a satisfying and secure financial life.

Lifestyle

12 Ways to Live a Sustainable Lifestyle (and save money)

12 Ways to Live a Sustainable Lifestyle (and save money)


We live in a modern world where most people consume and pollute. Instead of wasting at such vast degrees, we should make a point to be as sustainable and self-reliant as possible. This effort is an excellent way to both help the earth and saves money. Here are 12 ways to live a sustainable lifestyle (and save money in the long run).

12 Tips for a More Sustainable Lifestyle

1. Grow Your Own Food

Instead of getting into the car to go to the store and putting toxins in the air and buying food that needed to be transported and possibly packaged, grow your fruits and vegetables at home.

Do your research to learn what foods grow best in your area and how to grow them. When the time comes, you’ll have the freshest vegetables possible. Plus, you will know exactly how they were raised and what they were treated with since you were the one who grew them.

sustainable
Are you planting a victory garden to live more sustainably? Here are 15 plants to try.

2. Recycle

Recycling is the process of taking used material and repurposing it instead of adding to the already overfilled landfills in the world. Not everything can be recycled, but the items that can go to a recycling center which helps bring it to a new, reusable form.

Place plastic, paper, and glass in a separate container specifically for recyclable materials. In many cases, the city will provide a recyclables bin for you. In some cases, you may even be able to make money off of your recyclable materials. The following states offer money for bottles and cans:

  • California
  • Connecticut
  • Delaware
  • Iowa
  • Maine
  • Massachusetts
  • Michigan
  • New York
  • Oregon
  • Vermont

If you live in one of these states, collect your cans and bottles. The recycling center will typically offer a nickel per item. You can help the environment while also earning some extra money. Talk to an employee at the center to learn about any other materials they would pay you for.

3. Ditch Your Car

Cars are a significant source of air pollution, especially in metropolitan areas. Many people drive to work or the store when they could easily take an alternative method of transportation. If you can take one car off the road every day by walking or biking to work, you are making a significant difference.

However, you should consider public transportation if walking or biking is not a reasonable method for you. If that also doesn’t work for your commute, create a carpool at your work.  You can save gas money by taking turns driving with other people at the office. It will reduce the number of pollutants in the air, too.

minimalist
Read the benefits of living a minimalist lifestyle.

4. Install Solar Panels

One of the most exciting new sustainable inventions in recent years is the solar panel. You can place these on your home to generate your electricity. Of course, you still have backup power from the electric company. However, since you are producing your electricity most of the time, your electric bill will be significantly reduced or even nothing.

The solar panels collect the sun’s rays and turn it into electricity. When you need to use it, it’s distributed throughout your house. Since this method requires the sun, it works best in sunny locations.

The solar panels generally go on top of your current roof. However, Tesla has invented a roof made of solar panels. It’s expensive, but it’s attractive and saves you money in utilities.

5. Shop From Environmentally Responsible Companies

You have a lot of options as a consumer. It’s your job to make responsible decisions about who you buy from. You shouldn’t only focus on price. You need to pay attention to the way the company packages its products and their manufacturing practices. There may be a reason that a particular product is cheaper than the competition.

These items probably won’t last as long as other options, meaning you’ll spend more when you need to be a second product. Also, specific packaging and manufacturing processes are bad for the apartment.

6. Shop With Reusable Bags

Think of all of the plastic bags used when people go out grocery shopping or shopping at the local pharmacy. Even though they are plastic, these bags can not be recycled. In fact, some countries are even banning the use of plastic bags when shopping. Think ahead and bring your reusable bags.

There are sustainable bags designed to use over and over again. This habit will eliminate the need to use plastic bags. Just don’t forget to bring them with you when you head out to shop.

7. Drive an Electric Car

If you can’t possibly get rid of your car, that doesn’t mean you can’t make responsible decisions about the vehicle you drive. Some vehicles are known for being “gas guzzlers.” They consume a lot of gas. This moniker means you’ll be stuck going to the gas station more often and spending more money. Common gas guzzlers include Hummers and large trucks. Compare vehicles before buying.

Luckily, there are electric vehicles and hybrids now that don’t require as much gas. These vehicles rely on electricity or a combination of both electricity and gas. You won’t be stopping for gas as often or putting the same amount of pollution into the air.

8. Buy Energy Star Appliances

Most modern homes utilize refrigerators, washing machines, dishwashers, and other appliances to help complete chores. It’s almost unheard of not to have these appliances around the house. However, these appliances use up a lot of electricity and water. As they get older, they may even require more to complete the same amount of work. Specific machines are designed to use less water and electricity than usual.

These appliances will have an Energy Star sticker on them. This designation lets you know they adhere to a certain standard of efficiency. You will save money on your utility bills. Plus, you will be more sustainable.

sustainable life9. Eat Local

Think about how food gets from where it was made to your plate. In some cases, this involves an extensive long-distance journey. The journey means putting pollution into the air. Plus, the food isn’t as fresh as it once was when it finally arrives at its destination.

Instead of eating at places that require the food to come from all over the country, eat at restaurants and shop at farmer’s markets who only use food from local farmers and butchers. This food is likely less expensive since it doesn’t require travel costs.

Plus, it will be some of the freshest food you can eat. In these types of establishments, the food probably wasn’t frozen at any point. Finally, it was perhaps picked off of the vine that same day!

10. Use HVAC System Wisely

It’s completely unreasonable to assume that people will live in hot summers and cold winters without an HVAC system. This fact is especially relevant if you live in a location with an extreme climate. However, you should use your HVAC system wisely.

First, you should get a unit with the Energy Star sticker we mentioned before. Also, you don’t need to set the unit to extreme temperatures. Instead of setting it at 68 degrees in the summer, try setting it at 78. You want to make yourself comfortable, but you don’t need to overdo it. You should also consider using a smart thermometer.

The smart thermometer can change the temperature when no one is in the home. It can even set it back when people come home for the day. Finally, get regular maintenance from a professional HVAC technician every year.

11. Vote

It’s your job as a citizen to vote about the things that matter to you. Since we can’t vote on particular legislation, we need to vote for people who put environmental issues at the forefront. Research local, state-wide, and national politicians to learn who will support you and others who want to live a sustainable lifestyle.

When it’s time to vote, you should stop by the polls and cast your ballot. Some people only vote during national elections, but it’s important to vote in every election if you expect to see a change in your area. These changes can even result in significant savings for the government.

12. Volunteer

There are a vast number of organizations that work to help environmental issues and help sustainability efforts. Make a point to support and volunteer with these organizations. You may learn things during your volunteer service. You may also be able to make a difference in your community. Look for organizations that make an effort to clean up nature and plant trees. There are also organizations designed to help animals.

sustainable livingFinal Thoughts on Achieving a Sustainable Life That Saves the Planet (and your wallet)

The world needs our help. We tend to make more from the planet than we give. It also doesn’t hurt that being more sustainable can save us a lot of money, too. These tips are a great place to start, but keep looking for new ways to help.

Business

How to Choose a Bank for Your Money: A Simple Guide

How to Choose a Bank for Your Money: A Simple


How to Choose a Bank for Your Money: A Simple Guide

Having a bank is essential, so if you don’t currently have one, you’ll want to start looking for one right away.

If you’re in this position, you might be wondering how to choose a bank. If so, you’re in luck!

Here are some tips to help you know exactly how to choose a bank for all your banking needs.

How to Choose a Bank: Make Sure It’s Safe

An important step in choosing a bank is making sure you pick one that is safe. If a bank is FDIC insured, it means your money is safe.

You may find that banks that are not FDIC insured offer higher interest rates. If your top goal is to make money from your deposits, then this may be a better choice for you.

Determine the Type of Account You Need

Next, you’ll need to decide what type of account you want and need. The two main types are savings accounts and checking accounts.

Banks typically offer both types, but you should compare the differences before choosing one.

One of the main differences is that you can write checks with a checking account but cannot with a savings account. You can generally get a debit card with either type of account.

Look for One With Helpful Technology

If you’re wondering what to look for in a bank, an important thing to consider is the technology the bank offers. Do they have online banking? Do they offer an app for your cellphone?

If you like to manage your money online or with your phone, the technology the bank offers is essential.

Make Sure It Offers Easy Access

You should also consider how easy or hard it is to access the bank. Many people choose online banks today.

If you choose an online bank, you may not have a physical branch near your area. Without a physical office nearby, the bank would need to offer easy access to the features they provide with their accounts.

An example of this is check deposit services over your phone. If there is no branch to visit, you would need an easy way to deposit a check you have.

First Caribbean online banking provides a way to handle all your banking needs with your phone or a computer.

Compare the Fees and Rates

Finally, you should compare the fees and rates before selecting a bank.

The fees represent charges you have with an account. Some banks charge monthly fees while others don’t. Some banks also charge fees if your balance drops below a certain amount.

The rates refer to the amount of interest you earn on your deposits. You should aim for a bank with low fees and high-interest rates.

Start Your Search Today

Are you interested in more tips to help you learn how to choose a bank?

If so, check out our blog to learn more about the options you have. You can also learn more about the best banks to choose from on our site.

Health

Save Money on Prescriptions With These 5 Tips

Save Money on Prescriptions With These 5 Tips


Save Money on Prescriptions With These 5 Tips

Are you struggling to pay for your prescriptions? 

It’s no secret that prescription drugs are costly, and drug prices keep increasing over time. These costs are especially hard if you have chronic conditions that require consistent medication. 

When you can barely afford your medication, you might feel stressed out and hopeless. While it’s hard to feel the financial burden of prescriptions, there are some things you can do to make your necessary prescription drugs a little cheaper. 

Keep reading to learn some of our best tips to help you save money on prescriptions today. 

How to Save Money on Prescriptions 

Drug prices are a lot for the average American, but there are ways to keep costs down and avoid going into debt to take care of yourself and your family. 

If you’re feeling lost and unsure if you can handle your next pharmacy trip, here are five tips that will help you save as much money as possible on your prescriptions:

1. Always Check for Coupons 

Just like other food items you buy every day, drug manufacturers do offer coupons and other discounts on their prescriptions.

Before you get any prescription filled, make sure you check online or ask the pharmacist if there are any coupons you are eligible to use. These coupons could make your medicine much more affordable, especially if you don’t have insurance. 

2. Shop Local 

Now could be the time to ditch your national-chain pharmacy like CVS or Walgreens. Local pharmacies tend to offer lower prices than large, big-box pharmacies. Another benefit to this option is that you will be supporting small businesses. 

3. Don’t Be Afraid to Shop Around

A lot of us become a creature of habit when it comes to getting our medications. We often go to the pharmacy that’s closest to us or the one that we’ve been using for years.

However, this might not be the best option, especially if you’re trying to save money. Don’t be afraid to call around to other pharmacies in your area to see if they offer the drug at a lower price. A short drive to a new pharmacy will be well worth saving money on your prescriptions. 

The website PharmacyChecker is a great tool that will help you do the same thing. 

4. Use Online Tools 

Besides PharmacyChecker, there are plenty of other online tools available that will help you find the cheapest options for the specific drug that you need. 

Blink Health, for example, helps you negotiate prices with pharmacies, and after you find the best price point, you purchase your medication directly through their platform. 

5. Switch to a Generic Drug

Generic drugs are typically much cheaper than their name-brand counterparts. At your next doctor’s appointment, make sure you ask if you are taking the generic drug. If not, ask if you are eligible to switch to save more money. 

Learn More About Saving Money on Healthcare 

While it’s helpful to save money on prescriptions, medications are usually just one small expense in your overall healthcare needs. Make sure you check out the rest of our website to learn more about how you can save money on all of your necessary healthcare services. 

Business

The Hobby Hustle: 10 Tips on How to Make Money in Your Spare Time

The Hobby Hustle: 10 Tips on How to Make Money


The Hobby Hustle: 10 Tips on How to Make Money in Your Spare Time

37 percent of Americans have a side hustle. That means almost 4 in 10 people are making money in their spare time.

If you’ve been thinking of making some side cash, now is the time.

There are dozens of different ways to increase your income. Why quit your day job when you can make money 9-5 and after? If you can find the right side hustle for you, the money could be lucrative.

Some side hustles take hours of preparation. Others you can do while you watch TV before bed. Keep reading to learn how to make money in your spare time.

1. Thrift and Flip

Do you enjoy thrift store shopping? Put that passion and skill to the test by reselling your finds.

Keep an eye out for pieces that have a high resale value. Research which brands sell well and the condition they should be in.

Buy items from your local thrift store and make money on the markup. Use sites like eBay, Poshmark, and ThredUp. Create a neutral and appealing backdrop to take pictures of the items in front of.

The higher the quality of the item, the more you can earn. It may take some research to know what to buy. Once you get the hang of it, reselling can be a lucrative source of extra cash.

2. Dog Walking

If you go for a walk every day after dinner, why not making money doing it? Dog walking won’t compare to your full-time job’s pay, but it can add up.

Most dog walkers charge per dog, per half hour. If you walk two dogs a night for an hour each, that’s a significant chunk of change per week.

You can advertise your dog walking services on sites like Rover. There, you can also advertise doggy daycare and boarding services.

3. Sell Your Stuff

Take inventory of your belongings. What kinds of items are sitting unused in the garage? Some of your items could be worth a pretty penny.

Decide which items you don’t use or want anymore. Look up their secondhand value on eBay and local selling sites like Craigslist. Quality matters, the newer the better.

Collectibles are often good items to sell, like comic books. Read more about the specific ways to effectively sell your comic books.

4. Photography

Did you know that the photo gallery on your phone is worth money? Stock photo sites like Shutterstock and DepositPhotos will pay you for your photos.

There are some criteria the photos have to meet. They must be top quality and featuring places or things they need more images of.

As people download your image on the site, you get paid. Cha-ching!

5. Editing and Proofreading

How do you feel about Oxford commas? What about sentence length and SEO? If these are things you care about, consider starting a proofreading side hustle.

Businesses post online written content all the time. If there are spelling mistakes, they lose credibility. You can offer your editing services on sites like Upwork and Fiverr.

SEO is a hugely profitable skill as well. If you can make their digital content more searchable, you’ll be bringing home the bacon.

6. Online Shopping

Do you love to shop online? You can do it while watching the kids, a movie, or when you’re bored.

You can earn cash back on your online purchases with Ibotta. This app pays you to shop at certain stores and sites. These sites include clothing department stores, grocery stores, and hardware stores.  

Anything you need for your house and family can earn you money. Just buy them through the Ibotta app. It’s not really work if you’re getting paid for something you enjoy!

7. Video Creation

If you’re skilled with videography and editing, you can profit from those skills. Businesses often need promotional videos made of their company.

As a freelance videographer and editor, you can undercut the competition.

You could also create videos for weddings, corporate events, and the government. Promote your services on Upwork and other freelance service sites.

8. Handcrafted Goods

People have been selling their handmade goods for centuries. Today, with the internet, the consumer base is massive.

Whether you make jewelry, home décor, or beauty products, there’s a market for you. Consumers today are more conscious of their purchasing power. They may be more inclined to buy from an independent business owner.

It doesn’t have to take much of your time, either. Make the goods, promote them, and ship them out.   

9. Monetize Your Instagram

How many followers do you have on Instagram? If it’s 1000 or more, you could be making money off your account.

Consider looking into affiliate marketing, blogging, and sponsorships. Brands will pay you to promote their products to your audience.

You may never have thought of your personal Instagram as a side hustle. But, the money is there if you’re willing to work for it. You were going to post that selfie anyways, why not earn some cash for it?

10. Drive for Dollars

Companies like Uber and Lyft have made it easy to make extra money on the side. All you need is a car, a license, and spare time.

Driving is an awesome side hustle because you choose when you want to work. Keep working your 9-5 during the week. Weekend nights, hop in the car and drive people around your city.

If you have an extra large vehicle, you can drive more people and make more. Or, if you have a luxury vehicle, rent it out as an experience. Car aficionados could pay per hour to drive your super cool car.

Want to Learn More About How to Make Money in Your Spare Time

When you start a side hustle, you have the chance to significantly increase your income. There are plenty of ways to make that extra cash.

Side hustles can vary from dog walking to driving to digital marketing. Writing is a potentially lucrative side gig to consider.  

Now that you know how to make money in your spare time, it’s time to get started. Read here to find freelance writing jobs and start your side hustle. Let the money start flowing!

Technology

Instagram Influencer Training: How to Make Money with Your Fashion Blog on Instagram

Instagram Influencer Training: How to Make Money with Your Fashion


Instagram Influencer Training: How to Make Money with Your Fashion Blog on Instagram

Do you dream of a career that gives you the freedom that you desire and the income you need to support your lifestyle?

The earning power of someone with 100,000 followers can be upwards of $5,000 per post.

That considered, it can be difficult to build your way up to that many followers, especially in the competitive fashion blogger space.

However, it is still possible to create a successful fashion platform on Instagram for budding influencers with the right mindset and strategy.

It is important to note that becoming a popular Instagram influencer will take time and commitment, but over time you should be able to get generate enough income to consider doing it full-time.

Moreover, creating content and posts for Instagram doesn’t have to be draining or overly time-consuming with modern internet tools available.

Read on to learn how to begin building your Instagram platform and fashion blog, and make money while living your best life.

How to Become an Instagram Influencer in Fashion

It is a common misconception that influencers don’t have to work hard at their job.

But, in reality, they do work hard, only in a different way than most other careers.

A key difference in the type of work that influencers do is that the majority of people will not understand what goes into it. They also have more freedom in what, when, and how they work if it is their full-time gig.

Here are a few tips to consider as you start a fashion blog and Instagram page for your lifestyle.

Find the Right Niche

Even within the fashion niche, it is important to get as narrow as you can at first. This is because you need to different than what is already out there if you want to get followers.

Try to think about other passions and interests you may have, and how these could be used to narrow down your area of expertise.

The most dedicated audience tends to be one that relates to you in more way than just one.

So, if you love fashion and sustainability, try to focus on both on your platform. If you love talking about new trends and brands, post about recent changes in fashion, like men’s clothing directions beginning after February 2019.

Do the Research

Never skimp on research when it comes down to what you should be posting, how often, and the tools you can use.

The world of blogging, on Instagram and otherwise, is constantly changing and becoming more competitive, so it is important to keep up.

Treat it Like a Business

A platform on social media that is generating part or all of your income is a business. Show it the discipline, work, and dedication you would with any other business you could start.

Curate Instagram Content

It is vital that you hand select content based on your audience. No matter how much you love an item or product, try to think about the end user above all else, in addition to the general ascetic on your page.

Consider Using Influencer Marketing Platforms

If you struggle to find partnership at first, think about joining online platforms dedicated to helping influencers connect with brands, especially when you just starting out.

Use Instagram to Advertise Blog Content

A website with written content is the perfect pair for an Instagram page full of visually pleasing content.

The best way to utilize both is to post relevant content to both and to use social media to generate more traffic to your website, where you could monetize from affiliate marketing, ads, and products.

Become Insta-Famous in Fashion

Joining the ranks as an Instagram influencer doesn’t have to be a grueling experience.

If you are passionate about what you are posting and writing about, and you maintain an authentic approach, the people will come.

It is also a great idea to always do the research, work hard, and use tools to your benefit as you continue the blogging journey.

For more information about becoming a fashion blogger, check out our recent article on how to succeed as a blogger in this niche.