Consequences of CFPB’s actions However, Peter Idziak, a senior associate at mortgage law firm Polunsky Beitel Green, argued the probe ignores the role of increasing government regulations in driving up costs. “A more accurate title of the CFPB’s press release could be, ‘Well, well, well, if it isn’t the consequences of my own actions.’ Completely … [Read more…]
Home buyer affordability worsened in April, in a month when consumers encountered the combined effects of surging interest rates and atypical price hikes.
The median monthly payment for new home loans climbed up 2.5% between March and April to $2,256 from $2,201, according to the Mortgage Bankers Association. Compared to April 2023, when the median came in at $2,112, the monthly amount finished 6.8% higher.
The uptick in monthly costs came during a period when 30-year mortgage rates accelerated to their highest levels since late 2023. An unusual increase in monthly home prices for the time of year also applied pressure on affordability, according to the latest Corelogic S&P Case-Shiller Index, even as annual growth held steady.
“Home buyer affordability conditions declined further as mortgage rates remained above 7% in April, sidelining many prospective buyers from entering the housing market,” said Edward Seiler, MBA’s associate vice president, housing economics, and executive director, Research Institute for Housing America, in a press release.
“In addition to lower mortgage rates, more housing inventory is desperately needed in markets throughout the country this summer to alleviate these tough affordability conditions.”
The MBA’s monthly Purchase Applications Payments Index, which measures affordability based on monthly housing costs relative to income, finished April higher by 1.5% with a score of 176.8 compared to the previous month’s 174.2. A bump in earned wages helped offset some of the impact of prices and interest rates, MBA said. An increase in the PAPI indicates declining borrower affordability.
“Continued home price resiliency amid surging borrowing costs highlights headwinds for the housing market reflected in slow sales activity, namely affordability challenges for potential homebuyers as cost of homeownership continue to skyrocket,” said Corelogic Chief Economist Selma Hepp in a statement last week.
The latest data, though, does not measure the effect of more recent interest rate movements, which trended downward in May. While volatile mortgage rates have contributed to the sluggish and uncertain housing market, several housing researchers, including MBA economists, anticipate some stability and relief to come by year’s end.
“Buyers are maintaining the wait-and-see approach in anticipation of lower rates,” Hepp said.
Monthly payment amounts increased across the board among groups and price tiers measured by MBA. For new loans with monthly payments in the lowest 25%, the median increased to $1,537 in April from $1,488 in March, up by 3.3%.
Meanwhile, borrowers for newly built constructions saw payments rise to $2,604 from $2,556, a 1.9% increase.
Among loan types, payments for Federal Housing Administration-backed mortgages increased 3% month-to-month to $1,955 from $1,898. Compared to April 2023, the median surged 11.7% from $1,750.
Conventional borrowers saw median payments rise 2.2% to $2,272 from $2,222 in March. On a year-over-year basis, the amount was 4.7% higher from $2,170 in April 2023.
Western states topped the list, with the highest PAPI readings, or the worst levels of affordability. Idaho came in with a score of 267.2, followed by Nevada and Arizona at 264.9 and 236.4, respectively.
On the other end of the spectrum, Alaska ranked highest when it came to affordability, with a a PAPI reading of 131.6. It was followed by Louisiana at 134.1 and Connecticut at 134.2.
The transaction is expected to close on July 24, with BofA Securities and First Financial Network serving as advisors on marketing the pool. As mandated, the purchaser must comply with several requirements aimed at preventing foreclosures and supporting homeownership retention. These include honoring any approved or in-process loss mitigation efforts like forbearance arrangements and loan … [Read more…]
When interior designer Mandy Cheng agreed to take on a project in LA’s upscale Pacific Palisades neighborhood, she came prepared to discuss ideas for how the clients wanted to live and function in their new surroundings. The clients, tech-industry executives Stuart Leung and Monika Shah, “wanted me to collaborate on ways to make the home express their own distinctive style,” says Cheng, an AD100 designer who parlayed her experience in television and film into a career as one of LA’s top decorators.
The designer’s penchant for employing light, earthy tones, and organic textures helped to showcase that distinctive style while creating an interior scheme that radiates easy, unpretentious livability.
Though the Spanish Mediterranean residence stretches more than 5,800 square feet, Cheng manages to inject warmth and intimacy into each of its rooms using decor that suggests a sophisticated, urbane sensibility. Cream-colored accent chairs with curved frames greet visitors in a living room that includes a deep and spacious velvet sofa. Rounded coffee and end tables add a soft sculptural form to the space.
Wood beams were added to the living room and throughout the house to provide more visual interest to the ceilings, Cheng says. The beams are appropriate for the architectural style of the house and allow visitors to appreciate the entire space from floor to ceiling, she adds.
Custom bifold arched doors were installed to separate the living and dining rooms and create a bold statement upon entering the house. The steel doors—added with the help of SZK Metals—are a nod to the iron doors found in older 1920s Mediterranean- and Spanish-style homes. Cheng says, “These doors really helped elevate the look of these two rooms and framed them nicely, allowing for visual separation.”
The homeowners say Cheng was able to find harmony in blending modern forms and understated colors that naturally reflected their lifestyle. The couple, who have two small children, relied on the designer to synthesize their broad ideas for the home into actionable interior themes.
“When the project started, we kept using a certain set of words as a reference like ‘organic‘ and ‘comfy,’” says Leung. “Mandy understood right from the start what we were after and really brought all of those ideas together.”
Those design aesthetics are on display in the home’s kitchen and breakfast nook, which emphasize craft and materiality. The stools next to the kitchen counter have wood finishes and natural seat cords that give the space an easygoing style that’s welcoming and calming. Floating shelves were added in a kitchen that includes a brass with white leather pendant light. A custom wrap-around bench in the breakfast nook includes an expandable dining table and upholstered chairs. A handwoven pendant light in natural rattan adds a soft, sophisticated tone to the space.
“Our priority was to create a home for our family that fit to our functional and practical needs,” says Shah, whose youngest son was a newborn when the project began in 2021. “The flow from the kitchen into the nook shows how Mandy anticipated the things that would become important to our family.”
Cheng’s talent for blending understated colors with natural textures is also showcased in the primary bedroom. A Noguchi Akari pendant light created from handmade washi paper and bamboo ribbing hangs above a soft-hued bench that’s wrapped in velvet upholstery with a foam-padded frame. An ottoman in cotton velvet with fluting and a piped rim adds to the bedroom’s balance of material, color, and texture.
“Stuart and Monika had a strong sense of how they saw this design unfolding,” adds Cheng. “So we really wanted interiors that didn’t take away from their own tastes.”
Two Birmingham-area businesses have been named to Southern Living’s “30 Best Home Decor Stores in the South” list.
Alkmy and Design Supply were part of the roster, along with shops in Charlotte, Atlanta, Savannah and New Orleans.
The list, in no particular order, “represent a great mix of can’t-miss destinations for unique items to make your house a beautiful home,” the magazine stated. It was selected by writer Elizabeth Hutchinson Hicklin and the editors of Southern Living.
Alkmy, located at 17 Dexter Ave. in a 1930′s cottage, carries antiques and original art.
Kacy Holcomb, Mary Hayward Eudailey, and Mary’s mother, Ashley Spotswood, have also created The Layer, a bespoke service. Alkmy also sells candles, linen and children’s items.
“The idea was to have a friendly lifestyle shop that would service multiple generations,” Eudailey told the magazine.
Design Supply, on 2817 2nd Ave S., occupies 9,000 square feet with a shop and gallery in Pepper Place.
Owner Laura Vogtle creates spaces around works of art, with rugs, lighting, furniture and accessories arranged for customers to make their own choices.
“Each setup is entirely shoppable, meaning you can pick from different spaces or re-create an entire look at home,” the list states.
Welcome to the vibrant city of Birmingham, AL, where southern hospitality meets urban charm. Whether you’re exploring the historic Civil Rights District, savoring the flavors of the renowned food scene, or enjoying the lush green spaces, Birmingham has something for everyone. Residents here take pride in the city’s warm and welcoming atmosphere, making it an ideal place to call home. So whether you’re searching for the perfect apartment in downtown Birmingham or eyeing a cozy rental home in the suburbs, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Birmingham. Let’s get started and see what awaits in the Magic City.
Pros of living in Birmingham, AL
1. Rich cultural heritage
Birmingham is steeped in history and boasts a rich cultural heritage that is evident in its museums, art galleries, and historic landmarks. Residents have the opportunity to explore the city’s past at the Birmingham Civil Rights Institute, the Birmingham Museum of Art, and the Alabama Jazz Hall of Fame. The city’s vibrant arts scene also includes numerous theaters, music venues, and annual festivals that celebrate its diverse cultural influences.
2. Affordable cost of living
One of the major advantages of living in Birmingham is its affordable cost of living. The average rent for a 2 bedroom apartment in Birmingham is only $1,551, below the national median rent of $1,987. The city offers reasonably priced housing options, lower utility costs, and a lower overall cost of living compared to many other major cities in the United States. Residents can enjoy a high quality of life without breaking the bank, making Birmingham an attractive place to live for those seeking affordability.
3. Outdoor recreational opportunities
Birmingham is surrounded by natural beauty, with numerous parks, hiking trails, and outdoor recreational areas for residents to enjoy. Red Mountain Park, Ruffner Mountain, and Oak Mountain State Park are just a few of the outdoor spaces that offer opportunities for hiking, biking, and picnicking. The city’s proximity to the Appalachian Mountains also provides outdoor enthusiasts with easy access to a variety of outdoor activities.
4. Growing job market
Birmingham’s job market has been steadily growing, offering residents a range of employment opportunities across various industries. The city is home to a diverse economy, with a focus on healthcare, finance, manufacturing, and technology. Major employers in Birmingham include the University of Alabama at Birmingham, Regions Financial, AT&T, Honda, and St. Vincent Health System. Additionally, Birmingham’s entrepreneurial ecosystem is thriving, making it an appealing place for professionals looking to advance their careers or start their own businesses.
5. Culinary scene
Birmingham has gained recognition for its burgeoning culinary scene, with an array of restaurants, cafes, and food festivals that showcase the city’s diverse and innovative dining options. From traditional Southern cuisine at Helen and Farelly’s to international flavors, residents can indulge in a wide range of culinary experiences, making Birmingham a food lover’s paradise.
6. Community spirit
Birmingham is known for its strong sense of community and neighborly spirit. Residents often come together to support local initiatives, volunteer for charitable causes, and participate in community events. The city’s close-knit neighborhoods foster a sense of belonging and camaraderie, creating a welcoming and inclusive environment for residents.
7. Access to higher education
Birmingham is home to several esteemed colleges and universities, providing residents with access to higher education and lifelong learning opportunities. Institutions such as the University of Alabama at Birmingham, Samford University, and Birmingham-Southern College offer a diverse range of academic programs, cultural events, and resources for personal and professional development.
Cons of living in Birmingham, AL
1. Limited public transportation options
One of the challenges of living in Birmingham is the limited public transportation infrastructure. Birmingham has a low transit score of 21 out of 100, indicating that residents are highly car dependent. The city’s reliance on cars and the lack of comprehensive public transit options can make commuting and getting around the city more challenging, especially for those who prefer not to drive.
2. Humid climate
Birmingham experiences a humid subtropical climate, characterized by hot, humid summers and mild winters. The high humidity levels during the summer months can be uncomfortable for some residents, and the occasional severe weather events, such as thunderstorms and tornadoes, may pose a concern for those not accustomed to such conditions.
3. Limited nightlife options
While Birmingham has a growing entertainment scene, some residents may find the city’s nightlife options to be more limited compared to larger metropolitan areas. The availability of late-night venues, live music performances, and cultural events may not be as extensive as in other cities, which could be a drawback for those seeking a vibrant nightlife.
4. Limited public green spaces in some neighborhoods
While Birmingham offers a variety of outdoor recreational opportunities, some neighborhoods may have limited access to public green spaces and parks. This could be a drawback for residents who prioritize easy access to nature and outdoor amenities within their immediate community.
With its picturesque riverfront, rich cultural heritage, and bustling downtown scene, Wilmington offers a unique blend of urban excitement and small-town charm. Residents here enjoy a diverse culinary scene, a strong sense of community, and easy access to nearby major cities. Whether you’re seeking a trendy apartment in the heart of Wilmington or a cozy rental house in a historic neighborhood, this city has something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Wilmington. Let’s get started and see what awaits in this hidden gem along the Brandywine River.
Pros of living in Wilmington, DE
1. Rich history and culture
Wilmington is steeped in rich history and culture, offering residents a deep sense of heritage and tradition. The city is home to numerous museums, including the Delaware Art Museum and the Delaware History Museum, providing a wealth of opportunities for residents to explore and appreciate the city’s cultural roots. Additionally, the Wilmington Riverfront is a vibrant hub of arts and entertainment, featuring galleries, theaters, and live music venues that contribute to the city’s dynamic cultural scene.
2. Proximity to major cities
One of the advantages of living in Wilmington is its close proximity to major cities such as Philadelphia, Baltimore, and Washington D.C. This provides residents with easy access to a wide range of cultural and entertainment offerings, as well as employment opportunities and educational institutions. The city’s strategic location makes it an ideal choice for those who value the convenience of urban amenities while still enjoying a more relaxed pace of life.
3. Diverse dining options
Wilmington boasts a diverse culinary scene, with a wide array of dining options to suit every palate. From trendy farm-to-table eateries to international cuisine and classic spots like the Charcoal Pit, residents can indulge in a variety of culinary experiences without ever leaving the city. From old classics like the Charcoal Pit to the recently restored Le Cavalier, the Wilmington food scene is a haven for food enthusiasts and adventurous diners.
4. Access to outdoor recreation
Despite being an urban center, Wilmington offers ample opportunities for outdoor recreation. The city is home to numerous parks, trails, and green spaces like the Fox Point State Park on the Brandywine River. These green spaces providing residents with the chance to enjoy nature and engage in activities such as hiking, biking, and picnicking. The nearby Brandywine Valley also offers scenic landscapes and outdoor attractions, making it easy for residents to escape the hustle and bustle of city life.
5. Affordable cost of living
One of the appealing aspects of living in Wilmington is its relatively affordable cost of living compared to other East Coast cities. The average rent in Wilmington is only $1,737, which is lower than the national median rent of $1,987 and nearby Philadelphia’s average of $1,995. Housing costs, in particular, are more reasonable, allowing residents to enjoy a comfortable lifestyle without breaking the bank. This makes Wilmington an attractive option for individuals and families looking to establish roots in a city with a lower financial burden.
Cons of living in Wilmington, DE
1. Limited public transportation options
One of the drawbacks of living in Wilmington is the limited public transportation options available to residents. While the city does have a public bus system, it may not be as comprehensive or convenient as in larger metropolitan areas. Wilmington’s transit score is 48 out of 100, indicating that many residents need cars to get around. This can pose challenges for those who rely on public transit for their daily commute or prefer not to drive.
2. Weather extremes
Wilmington experiences weather extremes throughout the year, with hot and humid summers and cold winters. The fluctuating climate can be a downside for residents who prefer more moderate weather conditions. Additionally, the city is prone to occasional severe weather events, such as hurricanes and nor’easters, which can disrupt daily life and pose safety concerns.
3. Limited nightlife options
While Wilmington offers a vibrant cultural scene, the city’s nightlife options may be more limited compared to larger urban centers. Residents seeking a bustling nightlife with a wide variety of clubs, bars, and late-night entertainment venues may find the options in Wilmington to be relatively modest. This can be a downside for those who prioritize a lively social scene.
4. Traffic congestion
Like many cities, Wilmington experiences traffic congestion during peak commuting hours, which can lead to longer commute times and increased stress for residents. The city’s infrastructure may not be equipped to handle the volume of traffic during rush hours, resulting in delays and frustration for those navigating the roadways. This can be a significant drawback for individuals who value efficient and stress-free transportation.
5. Limited job market
Despite its proximity to major cities, Wilmington may have a more limited job market compared to larger urban centers. While there are opportunities in various industries, residents seeking a wide range of career options may find the city’s job market to be more constrained. This can be a challenge for individuals looking to advance their careers or explore diverse professional opportunities.
GO Mortgage and PacRes Mortgage are set to merge by the end of September.
The deal will give both lenders access to new regions of the country and help drive down the cost to originate loans, a press release Friday said.
The transaction is expected to close in the third quarter of 2024, after which Michael Isaacs, the CEO of GO Mortgage, will take the helm of the combined company. The cost of the deal was not disclosed.
“This merger is a strategic move that blends our commitment to outstanding service and community support,” said Isaacs, in a written statement. “By uniting our unique capabilities and resources, we will achieve significant operational improvements and first innovation.”
Other organizational reshuffling will include the CEO of PacRes, Matt Stashin, joining the GO Mortgage board of directors and Melissa Stashin, president and cofounder of PacRes, will be the president of the combined company. Eric Wiley, the executive vice president of PacRes, will move into the role of chief experience officer and Andrew Panagos, the current president of GO Mortgage, will be the chief operating officer.
GO Mortgage, an Ohio-based lender, has a larger footprint on the East Coast, while Oregon-based PacRes Mortgage is active in the Pacific Northwest region.
The deal will combine the 91 sponsored loan officers of GO Mortgage and the 63 LOs of PacRes, resulting in a little more than 150 originators, the Nationwide Mortgage Licensing System shows.
GO Mortgage has 26 active branches and PacRes has 16 branches, according to the NMLS.
“Combining the companies creates new and exciting opportunities for both organizations,” said Melissa Stashin, the soon to be president of the merged company. “This merger represents two culturally-aligned and highly complementary brands joining forces to serve our clients and employee-partners better.”
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Welcome to the 30 Day Money Challenge!
Today, you will learn how to make your money work for you. You don’t have to be a millionaire before knowing these things, but it’s important for everyone who wants financial stability.
Remember these keywords: saving and investing? This is where they come into play for long term success.
It’s not too late to make the right financial decisions.
But, finances are complicated and intimidating for most people so it can be hard to get started.
The 30 Day Money Challenge is here to help with that.
This 30 day financial challenge will help you create a strategy that can save, spend less, and make more by the end of this month!
Are you ready to dig into this month-long money challenge?
What is the 30 Day Money Challenge?
A money challenge is a plan for how to make your finances work better.
It can be as simple as spending less or eating out less, or something more complicated like saving up for retirement or buying a house.
During this month’s timeframe, you will dig into all areas of your finances to make sure you are on track to reach your money goals.
If you do not have financial goals, then we will make sure you do at the end of this money challenge.
I’ve seen a lot of spending challenges out there that are basically just a saving money chart telling you how much money to save each day to save $1000 or $500 in one month, but they don’t tell you how to save the money. That is where the rubber meets the road and this challenge will motivate you to improve your money habits.
Overall, you will learn more about your finances than you did previously.
Why a Money Challenge is Important
A 30 day challenge is a great way to get yourself motivated and focused on saving money and improving your money management.
The goal is not enough, you need the why behind it in order to see your savings grow.
This can be as simple as:
– Setting up a direct deposit from your paycheck to an account you control and only spending what’s in that account.
– Spending less on impulse buys.
– Cutting back on luxury items to save money.
– Living more in cash and less in credit card debt.
You can also take knowledge in knowing the number of our readers who have taken the challenge to improve their money management skills.
3 Steps to Start the Money Challenge
The 30 Day Money Challenge is a simple process that starts with 3 steps.
Your reward for participating in the challenge is pretty appealing, but the process can be hard for some.
So, know these steps before you start the challenge.
1. Pick a Time
While there is no good time to start, you need to find a time when you have the highest probability of success.
Starting the money challenge during the holidays will leave you defeated. Maybe starting as a New Year’s Resolution. Or during a quieter time throughout the year.
You need to find the “right” time because you will have to dedicate at least 10-30 minutes per day. However, the longer you put it off, the less likely you are to start.
2. Be Prepared
More than likely, you will be ripping off the band-aid on some old money failures and defeats. This is common.
You have to be mentally prepared to overcome these negative feelings towards money in order to find that breakthrough moment.
3. Accountability
Find someone to keep you accountable during the challenge.
There will be points when you want to accept defeat and run back to your old money ways. It’s great to create a support system for managing money wisely.
If those old money habits didn’t serve you well before, then how will they serve you moving forward.
You need to keep your eye on the prize!
Thirty Days of Money Challenges
A 30-day money challenge is a popular type of personal finance experiment in which participants take a pledge to review their finances and overcome any obstacles that are preventing them from long term financial stability.
The goal is to teach people how quickly they can change the trajectory of their personal finances before they snowball into a serious money problem.
Day 1 – Get Organized
If you don’t have an understanding of how many accounts you have, credit cards you have open, or debt payments that are due, then you must get your personal finances organized.
Start here to learn how to organize personal finances.
Day 2 – Understand your Income
If you do not know how much do I make a year, then you must figure that out first.
It is impossible to manage money if you do not know how much money is coming in.
Also, consider all types of income sources – earned, passive or investment.
Day 3 – Understand your Expenses
Understand where your paycheck is going. When you understand how much of your money is going to things like rent, utilities, and mortgage, you can make better decisions about spending.
This is not the time for “this-is-where-I-hope-my-spending-goes;” this is the true reality of how you spend money.
Day 4 – Pay Yourself First
This is a must for long-term success. Every time you get paid, you need to pay yourself first. Put a percentage of your paycheck into savings each month before anything else is spent on non-essential items.
We suggest starting with at least 5% of your income. Even better, you want to start with 20% of your income.
You must cut your fun spending until you can save money first.
When saving becomes an automatic habit, start investing through high yield accounts like IRAs and 401(K)s.
Day 5 – Automate your Emergency Savings
Set up a transfer to put $50 into your Emergency Fund every time you get paid.
Learn how much you need in your emergency fund. Remember, the goal is never to use your emergency fund, but you always want one – just in case!
Day 6 – Create Money Goals
Figure out what your financial goals are and how much they will cost over time, then come up with a strategy to achieve them.
You need to make a plan to reach your money goals.
If you skip this step, you may be lucky and still reach your goals. But, you can find better prosperity but writing out those money goals and maybe even using a vision board.
Learn how to create smart financial goals.
Day 7 – Budget Time
Crazy! I know. Most people would think that creating a budget would need to be first. But, it isn’t. You need to figure out days 1-6 first before you dig into budgeting.
Begin tracking your expenses on paper or online as soon as possible. Here are the best budgeting apps available.
The goal with the budget is to focus on saving first, then your expenses. you must spend less than you make.
Day 8 – Make More Money
Come up with ways to generate more income. Period. You need to make your money work for you.
You need to learn how to make your income work for you by creating streams of income outside of your primary work or “earned” income.
Theoretically, if multiple streams of revenue exist at your full-time job, you can work fewer hours than necessary.
Ways to Make Money:
Day 9 – Enough with Debt
Debt will hold you back. Period.
You need to recognize that paying off your debt is the best thing you can do for your finances. However, during this 30 day financial challenge, it is not the time to focus on paying off debt.
Calculate the total amount of debt (except mortgage).
Put down getting out of debt as one of your money goals and the timeframe to make it happen.
For now, don’t take on more debt, and make sure you’re paying the minimum on your credit card balance.
Day 10 – Understand Investing
Investing is a way of giving your money the opportunity to work for you. In other words, you are using what you have now in order to make more out of what you have in the future.
This is the first step to earning investment income that will fund your lifestyle.
Typically, most people associate investing in the stock market. Many people invest with their 401ks or IRAs. However, you can invest your personal income as well.
What if you could earn a return on that opportunity cost? For example, what if you invested the $10 in your wallet and it grew to be $20?
Learn how to start investing.
Trade and Travel 2.0
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
Day 11 – Control Excess Spending
Every time you spend money, it is an opportunity cost to your future self. You are trading away your future self’s money to buy something today.
Is that what you want?
More than likely, no.
Learn how to drastically cut expenses.
Day 12 – Autopay your Bills
Consider setting up an autopay feature for your bills. It can help you avoid late fees and will have a steadier flow of money coming in.
This will help you to make sure you have the cash flow available to meet your expenses.
Day 13 – Avoid Fees
One of the best ways to save money is by avoiding fees.
If you have a credit card, consider switching to one with no annual fee or an introductory offer that expires after one year.
Check your bank and credit card statements for any fees you may not be aware of.
If there is a fee, call the company and negotiate to have it removed or reduced.
Day 14 – Automate Retirement Contributions
You should automatically make a certain percentage of your salary go to a 401k or other savings account, and the other percentage goes to your checking account for spending money.
This is something your human resources department can help you set up.
Day 15 – Increase your Retirement Contributions
Now, that you have automated your retirement contribution, you want to increase you much your contribution each year until you are maxed out by IRS limits.
Start to increase your retirement contributions by 1%.
Set a five-year goal to fully max your retirement contributions!
Halfway Point!!
You’re halfway through the 30 day money challenge!
Keep up the good work and keep reaching for your goals.
You’ve made it this far, so just imagine what you’ll be able to do in another month of working hard towards saving more money.
Day 16 – Communication
Don’t think money has to be a taboo topic. In fact, you need to be comfortable talking about money.
The key is to be on the same page with key family members about where money should go. This is something that we struggled with our marriage and had to overcome. Thankfully, we did and we made way more progress than previously.
Day 17: Invest in yourself
I know you’re probably tired of hearing about investing in yourself, but it’s important. Investing means putting money into something that will make more money back. You might not think this applies to you, but it really can! You might not have a big budget for investing in stocks or mutual funds right now, so let’s talk about something you do spend money on every day: you.
You only learn by growing.
Day 18 – Start Reading About Personal FInance
This isn’t something that you do once or twice. Make it a goal to read books on money or personal finances each month.
Importantly, make sure you are reading books, regardless of what aspect they look at money. It is never too late to pick up new tricks or ideas.
Plus learning from others’ money stories is powerful.
Day 19 – Free Fun
Participating in only free activities for 30 days, and refusing to spend a single penny, we created a guide to make that happen for you.
101+ Things to Do with No Money
After writing that post, we discovered this is one of the best money saving ideas out there. This guide not only teaches you how to save money but also teaches about where you want to spend money and the importance of living a purposeful life.
Day 20 – Review Insurance
You need to make sure you are properly covered with insurance as well as not paying too much money for your policies.
There are all of the types of insurance you need to review:
This is something you should do once a year.
Day 21 – Waste Less Food
You need to learn to save money by wasting less food.
This doesn’t mean you have to make homemade meals every night of the week! The goal is not to throw food away – that is hard earned cash going right down the trash.
Ways to Save Money on Groceries:
Day 22 – Buy Second Hand
Consider second-hand stores and consignment sales as options for buying used items. Thrift stores are also great to save money on clothes and other household items.
The same is true for buying cars, baby equipment, kids clothes, etc. Plus you protect our world.
Day 23 – Save Money
So, this day is all about saving money and I think that it’s the most important one of them all because if you’re not saving your money, then what are you doing with it? You’re throwing it away.
So today, I want to talk about two different types of saving money – physical and mental. The first one is all about physically saving your money. This is the easiest one because it doesn’t require any effort on your part to do so, but it’s also very important as well.
The second type of saving money is mental saving. This is all about saving your money because you know that something better will come along soon and it gives you hope for the future!
So, I think these two types of savings are both really important.
Day 24 – Give Back
This is the time to give back to others, donate money to charities, and put small contributions into charity.
By hoarding money, you are not learning the principles of helping others just like you have been helped along the way.
Day 25 – Renegoite Interest Rates
Right now, we are not starting to pay off debt. We are looking for ways to save on higher interest payments.
Make calls to renegotiate your interest rates on your debt. If the credit card company says no, then look at a zero interest transfer.
Just no more debt.
Day 26 – Avoid Scarity Mindset
You have to believe in yourself that you are capable of achieving great things and that includes success money.
However, we get caught in this trap of hoarding materialistic items in order to make up for the dollars in our bank account or money that was wasted in buying them.
If you don’t believe how poverty mentality overwhelms your life, then read this story of reclaiming your home with decluttering.
Day 27 – Cut Out What you Don’t Need
If you are not using something, sell it or give it away to someone who can use it more than you do!
You’ll save money and make room in your budget for the things that matter.
We learned a lot when we started to own less stuff.
Day 28 – Prepare for a No Spend Challenge
If you have not been able to keep your spending in check, this is an excellent opportunity for you to try out a no spend challenge once this challenge finishes.
A no spend challenge will help you to review your budget and see what areas of spending need more attention in order to increase savings or pay down debt.
Also, it will help you focus on what area are important to spend money.
Day 29 – Reward Yourself
This is the biggest lesson I learned when paying off debt and trying to increase our savings percentage. I became unable to spend money. I would feel guilty about spending money.
That is not the type of life you want. You must be comfortable spending money (especially if you are a thrifty person).
Pick rewards to match your smart financial goals. Keep motivated with those rewards.
Day 30 – Stay on Track
Proper money management does not end just because the end of the 30 day challenge is over. This is a lifelong skill to master and perfect.
Keep focused by not going over budget limits and being honest about where you really stand financially today as opposed to where you want it to be in the future.
You can stay on track if you have a deep desire to continue.
30 Day Money Saving Challenge
This one is just about saving money. Period.
Each day, you save money to reach your goal.
For many people, the 30 day money saving challenge will make sure you are on track with your goals and objectives.
At the minimum, you should be able to save $500 in 30 days. But, you need to decide what you want to save in a month.
The challenge is open to everyone, so this might be the perfect opportunity for you!
What is the 30 Day Money saving Challenge?
The 30 day money saving challenge is saving a set amount of money during the month.
Keep in mind, not everyone will be able to save this much in 30 days and that’s perfectly okay.
You need to make it work with your budget.
Another option for the 30 Day Money Challenge is committing to give up one or more expenses for the whole month. For instance, pick ten things that cost you money and give them up for 30 days.
How to get started with the 30 day savings challenge
The 30 day savings challenge is a simple but effective way to get started saving money.
You can choose any of these methods:
Take the amount you want to save and divide by 30. That is how much to save daily.
Determine the amount to save and take that immediately when you are paid.
It is easy to go in order or skip around depending on what amount you want to save each day.
Keep change hidden in jars and watch it add up over time, then put the money away every day and see where they rank at the end of the month.
Give up a certain expense and save that money.
Try a modified version of the 100 day challenge.
You can find plenty of money saving challenge printable or PDF in our resource library.
Want more easy money saving challenges?
Are you in for this 30 Day Money Reset Challenge?
This is only a 30 day money challenge because it’s a short period of time to gain a win. That is what you need to keep up the motivation as well as have a strong kickstart to your finances.
In order to build wealth through their finances, these are 30 smart moves that require no time on some days.
Don’t lose momentum. If you miss a day, then jump back into the challenge the next day.
The key to success for 2021 is to take control of your finances.
Photo Credit:
www.rakuten.com
The Shopping Trick to Save Hundreds of Dollars
Personally, I love to shop online from the convenience of my own home and have packages delivered to my house. Plus you can get paid to shop online!! The process is super simple.
Just head here to get an Rakuten/Ebates account, click on the retailer you are shopping online, and then complete your checkout process as normal.
Already a Rakuten / Ebtaes member? Make sure you have the Extension Buttonfor automatic savings!
Photo Credit:
www.asktrim.com
Perfect for the person who hates to hassle with canceling subscriptions and checking spending. Trim is a virtual personal assistant that constantly works to save users money.
Trim adds value in such ways as canceling old subscriptions, setting spending alerts, checking how much users spent on ride-sharing apps the previous month, and automatically fighting fees.
Photo Credit:
ibotta.com
Ibotta can be used for grocery stores, drugstores or online shopping. Once you accrue $20 in your account, you can transfer it to PayPal or venmo or buy gift cards to selected retailers.
Just for signing up, they will give you a bonus when you use use this link. Ibotta rocks at bonus categories and offers. This is where your cash back can really add up fast.
Photo Credit:
checkout51.com
Checkout 51 can be used for grocery stores or drugstores. Their offers are valid each week from Thursday-Wednesday. With new offers released each Thursday.
One of my favorite offers is the “Pick your own offer” – it is a selection of 5 fruits of veggies to redeem for extra cents cash back. Once your account balance is over $20, they will mail you a check.
Know someone else that needs this, too? Then, please share!!
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.