Book Week at Get Rich Slowly comes to a close today. Well, I guess tomorrow’s Ask the Readers is about books, but this is the final review. I’ve saved the best for last.
Over the past year, I’ve had a chance to read several titles in the “Skinny On” book series. And although I’ve only mentioned them in passing here at GRS, I love these books. Today I want to tell you about them.
The skinny on “The Skinny On” Each of the “Skinny On” books follows the same format. The story is told in comic-book style using simple stick figures and line drawings. Every book tackles some personal-finance or personal-development topic (credit cards, time management, and so on) by following the story of Billy and Beth, a couple with a problem. To help them solve the problem, author Jim Randel enters the story (as another stick figure) and talks through the best advice on the subject.
Yesterday as I walked to lunch, I read The Skinny on Real Estate Investing. I mean that I read all of it. In the 45 minutes it took to walk from my office to my favorite taco place, I read the book from cover to cover. As I did, I marked some of my favorite passages. With Jim Randel’s permission, I’m going to show you some of these passages. I think it’ll help make the concept clearer.
The Skinny on Real Estate Investing Here are bits from the introduction of The Skinny on Real Estate Investing. (Note that there aren’t any page numbers in “The Skinny On” series; instead, there are panel numbers.)
Throughout his books, Randel uses Billy and Beth as examples of everyday folks who are just trying to make a better life for themselves. They do dumb things — and then try to correct their mistakes. Their actions also serve as an excuse for the stick-figure Randel to show up and offer sensible advice:
And here’s the thing: The advice in the “Skinny On” books is sensible. It’s not based on shortcuts and fads. Randel shares time-tested techniques that provide the best opportunity for success. And while he maintains a positive attitude, he’s not shy about sharing risks and drawbacks:
Based on these samples, you might think that the “Skinny On” books are light. I’ll admit that they’re not as dense as some books, but I think that’s a good thing. They’re accessible. They skip a lot of the transitional nonsense that goes into a book, getting right to the heart of the matter. And when math is needed, Randel’s not afraid to share the numbers:
I like these books for many reasons, and not just because they’re personal-finance comics. For one, I agree with Randel’s philosophies on personal finance and personal development. He’s all about taking charge of your own life, and taking the slow, safe path to success.
I also like that Randel cites his sources. He frequently refers to books and websites to support his claims, something that most self-help books don’t do. (They want you to just accept the author’s wisdom as a given.) (The Skinny on Real Estate Investing doesn’t cite as many sources as his other books, but it’s an exception.)
>Finally, I admire how Randel can take a complex subject and reduce it to easily-digestible chunks. He hasn’t dumbed things down, but he’s careful to explain confusing subjects and to leave out the non-essentials. These books provide periodic review pages, and the end of each one includes a ten-item summary of key points.
The Skinny on Real Estate Investing is an introduction to the subject. It provides the Big Picture about what it takes to buy and sell real estate for profit, but it doesn’t give details on how to find deals, how to make deals, and so on. This is the first part of a three-part series, and I’m unsure whether all of the books in tandem would actually give the reader all the info they need to invest in real estate. But this is a fine place to start. I’ve been interested in the subject for a long time (much to Kris’s chagrin), and have a much better grasp of what’s involved after having read this book. I plan to read part two.
Personal-finance comics For a while now, I’ve wanted to find a way to combine two of my greatest passions: personal finance and comic books. I’ve read some personal-finance comics (most notably those from the Federal Reserve), and, to put it frankly, they suck. They’re dull and uninspiring. I’ve chatted with Pop from Pop Economics about how one could produce effective personal-finance comics, but haven’t taken any action.
That’s okay, though, because Jim Randel seems to have found a way to meld comics and money in a way that makes sense. Because make no mistake: The “Skinny On” books are comics. Sure, they use cheesy stick figures instead of work from expensive artists, but so what? That’s part of their charm.
By sticking with (heh) simple line drawings, Randel is able to focus on what’s important: the content of his books. The comics format provides freedom that a traditional text-based book doesn’t have, but Randel doesn’t abuse this. Instead, he’s created a series of fantastic, informative volumes about financial literacy and personal achievement. I give these books my highest recommendation.
Books in this series that I’ve read and can recommend include:
And writing this review has made me want to read more, so I have a pile of other “Skinny On” books to take home with me for the weekend:
Are there any duds in here? There may be, but I haven’t found one yet. I’ve been impressed with the presentation and content of these books. The Amazon reviewers seem to love the books, too. These titles may never become best-sellers like the “for Dummies” and “for Idiots” series, and that’s too bad. The “Skinny On” books are great introductions to their topics and deserve a wider audience.
Note: Author Jim Randel has dropped in on the GRS comments a few times in the past couple of months. (Another reader dubbed him “Skinny Jim”, which I like.)
Do you own a home that could benefit from some overdue upgrades?
Investing in one or more home improvement projects – such as a kitchen reno, bathroom facelift, room expansion, basement conversion, or garage rebuild – can make your home more functional, comfortable, and valuable.
But before pulling the trigger on any of these endeavors, spend some time researching the likely expenses involved and the cost of renovating a house.
In this article (Skip to…)
Why estimating home renovation costs is important
Understanding and estimating remodel costs is crucial to prevent financial stress, set realistic, and avoid project delays or cancellations, according to Shri Ganeshram, CEO of Awning.com.
“Accurate budgeting also helps homeowners make informed decisions about project scope and materials,” says Ganeshram.
Remember that home improvement projects often turn out to be more expensive than planned, and there can be major trade-offs involved.
“A renovation project will likely require financing of some kind, so it’s important to make sure you can afford to take on the debt involved,” says Martin Orefice, CEO of Rent To Own Labs. “You’ll also need to decide if it’s better to go with a more affordable renovation that might need to be updated again sooner or a more expensive remodel that can last longer.”
Factors that impact the cost of a renovation
Several factors can significantly affect what you will pay for a renovation project. Per Danna Rabin, CEO of Networx, they include:
The project’s scope. “The larger and more complex the project is, the higher the cost,” Rabin said.
Materials used. Higher-end materials and supplies, like exotic woods, custom cabinets, or imported tiles, will usually cost more than standard goods.
Labor costs. This expense can fluctuate significantly depending on the project’s complexity and the skill of the professionals hired.
Where your home is located can affect the final price, as material and labor expenses can vary significantly between cities and regions.
Permits and fees required by your municipality.
Structural modifications. “Renovation jobs that necessitate structural changes – such as removing load-bearing walls or adding support – can seriously increase your cost,” adds Rabin.
If you have an accelerated deadline, your labor and material prices may go up; longer timelines, on the other hand, could result in additional expenses like temporary housing costs.
Additionally, hidden problems or deficiencies, such as a pipe leak that isn’t discovered until you remove a wall or insufficient electrical outlets within the room you want to remodel, can jack up your expenses, too.
Ultimately, square footage is perhaps the single biggest factor that will determine your cost.
“The more space you are renovating, the more you will spend, as there is an average cost per square foot for every remodeling project,” cautions Orefice. “Also, the more different contractors you need, the more you will need to spend, as plumbers, electricians, tiling experts, drywallers, and other skilled trades can get pricey.”
Ballpark estimates for common renovation projects
How much does it cost to renovate a house?
That depends on the room or area being remodeled as well as many of the factors explored above. But here’s a quick breakdown of what you will likely pay, on average, for various home improvement projects, according to HomeAdvisor:
Kitchen remodel: The average kitchen redo will set you back $26,264, or approximately $150 per square foot. Common kitchen renovation prices span anywhere from $14,603 to $40,615, with major new kitchens carrying a price tag of about $70,000 to $130,000 and up versus $10,000 to $15,000 for a minor kitchen remodel.
Bathroom renovation: Typically, a bathroom remodel today will cost $11,422, or around $125 per square foot; most prices average between $6,621 and $16,800, depending on the project scope and materials chosen. Major redos can add up to $28,000 or more.
Room/home addition (such as a bump-out, converting an attic, adding a room, or building a balcony): Anticipate paying $49,847, on average, for a home addition, with prices varying between $22,340 and $81,236. Many additions will run approximately $80 to $200 per square foot, including labor and materials.
Living room remodel: Count on forking over anywhere from $1,500 to $20,000, with an average spend of $8,000.
Basement renovation: $12,073 to $33,379 is the average price range to remodel a basement, which equates to $30 to $75 per square foot.
Window replacements: Swapping out your old windows for new ones can cost between $300 to $2,100 per window, with the average cost clocking in at $850.
Whole house redo: Renovating your entire house will cost about $47,000, on average.
Other projects: Expect to pay, on average, $17,238 to build a patio enclosure; $13,000 to renovate a garage; and $2,056 to build a closet.
Best home renovations for adding value to your home
The money you put into a remodel project should have some pay off when it’s time to sell your home. But your expected return on investment will vary depending on the renovation. According to Remodeling Magazine’s 2023 Cost Vs. Value Report, here is what you can anticipate recouping for each project:
Garage door replacement: Expect to recoup 102.7% of your costs, on average
Minor kitchen remodel – midrange: 85.7%
Window replacement – vinyl: 68.5%
Bath remodel – midrange: 66.7%
Roofing replacement – asphalt shingles: 61.1%
Major kitchen remodel – midrange: 41.8%
Deck addition – composite: 39.8%
Bathroom addition – midrange: 30.2%
Primary suite addition – midrange: 30.0%
“When considering which projects to undertake, it’s good to know which ones add the most value to your home,” says Joy Aumann, a realtor with Luxury SoCal Realty. “Kitchen and bathroom remodels are often the superheroes of home renovations – they swoop in and save the day with a high return on investment. On the other hand, luxury upgrades, swimming pools, or unconventional designs might not offer a high return on investment and could scare off potential buyers.”
Tips for budgeting and saving for a renovation
It’s crucial to create a renovation budget prior to committing to a home improvement project. Also, explore the costs of materials, labor, and any required permits or fees involved.
“Research costs carefully, prioritize needs and wants, and set aside a contingency fund of up to 10%-20% of the project cost,” recommends Ganeshram. “In addition, consider the long-term benefits and return on investment of proposed improvements, and obtain quotes from multiple contractors.”
Hiring a skilled and reputable contractor can save you money in the long run by avoiding costly mistakes or shoddy work that may need to be fixed later, per Rabin.
Don’t just take your chosen contractor’s word for it: Price around for materials yourself to better understand what you’ll pay and where you can save. To find the best deals on materials and supplies, compare prices at several different brick-and-mortar and online retailers. You can further save cash by purchasing in bulk or choosing recycled or refurbished materials.
“Look for a contractor who is licensed, insured, and has positive reviews from past clients,” Rabin advises. “If you have the skills and time, consider doing some of the work yourself to save even more. This can include painting and installing flooring. Just be sure to only take on projects you are comfortable with, and leave the more complex work to professionals.”
Ways to pay for a home renovation
To fund your home improvement project, explore these different options:
Cash-out refinance
By choosing a cash-out refinance, you essentially replace your current home loan with a brand-new mortgage. The new loan amount will exceed your previous balance, and you will receive the difference as cash (minus any closing costs).
Cash-out refinancing options usually permit conforming and FHA loans to lend up to 80% of your home’s value, while VA loans can provide up to 100% of your equity. However, cash-out refinancing is not allowed with USDA loans.
Home equity loan
A home equity loan provides you with a second mortgage, which does not replace your current one. Upon closing, you will receive a lump sum amount, which you can repay in equal installments throughout the loan’s duration or “term.”
Typically, these loans come with fixed interest rates that remain the same throughout the repayment period. While the interest rates on home equity loans are generally higher than those of cash-out refinancing, your closing costs should be significantly lower.
Home equity line of credit
A home equity line of credit, or HELOC, is a second mortgage that operates similarly to a credit card. You can borrow funds from the available credit line, repay it, and borrow again up to your credit limit. Additionally, you only pay interest on the amount of money you have borrowed.
Following the “draw period” (when you can borrow from the HELOC), you enter a “repayment period” (where you cannot borrow any more funds and must repay the balance you owe). This feature could be particularly beneficial if you have a longer renovation project or several projects to complete over an extended period.
You can borrow funds as required, and you won’t pay interest on any money you’re not actively using. However, HELOCs can be complicated, so it’s crucial to learn about their pros and cons and weigh all of your options before applying.
Personal loan
If your home equity isn’t enough to cover your financing needs, a personal loan is an alternative option for funding home improvements. Because personal loans are unsecured, you don’t need to use your home as collateral.
This means that personal loans can be obtained much faster than HELOCs or home equity lines of credit, sometimes even on the next business day or with same-day funding. While personal loans may have adjustable or fixed rates, these rates are usually higher than those for home equity loans or HELOCs.
However, if you have good or excellent credit, you can still receive a competitive rate. The repayment period for personal loans is less flexible, generally lasting from two to five years. You’ll also have to pay closing costs for the loan.
Credit cards
Another option for financing your home improvement project is using credit cards. This is the easiest and most straightforward financing option since you don’t need to fill out a loan application. However, since home improvements can be quite expensive, you will need to be approved for a higher credit limit, or you may need to use multiple credit cards.
Additionally, credit cards typically have higher interest rates compared to home improvement loans. If you have no other choice but to use a credit card for your renovations, consider applying for a card with an introductory 0% annual percentage rate (APR). Some cards offer up to 18 months to pay back the balance at the introductory rate. However, this strategy is only worthwhile if you can pay off your debt during the repayment period.
The bottom line
Take the time to think through your home renovation project thoroughly before taking the plunge.
Remember that remodeling jobs can cost a lot more than you expect, so research materials, labor, and associated costs carefully, set a realistic budget, and shop around among several different contractors to find the right experience professional.
FAQs
Is it cheaper to remodel or build a new house?
It’s usually a lot less expensive to renovate your home than to rebuild it entirely or buy a newly constructed comparable house. But remodeling your existing home may not address all of your issues or fulfill all of your needs or wants; new construction, even if it is more costly, can provide greater customization and energy efficiency, for example.
Is remodeling a home worth it?
Renovating areas of your home can be worth it if the end result improves your quality of life, comfort, and safety, addresses changing needs, and provides a reasonable return on investment. Remodeling is almost always less costly than building a new home, and renovating can have less of an environmental impact than new construction.
What is the average cost per square foot to remodel a house?
According to HomeAdvisor, you’ll likely pay between $10 to $60 per square foot to remodel your home, although the price can escalate to $150 or more per square foot if you pick upscale materials and high-end appliances and products.
What home renovation has the biggest return?
Experts often say kitchen and bathroom remodels yield the highest return on investment, but that will depend on your location, what you actually paid for the renovation, buyer interest, and other factors. For more details, view the 2022 Cost Vs. Value Report by Remodeling magazine, which ranks remodel projects by costs recouped.
While they might be better known for credit cards at this point, Chase also offers mortgages. And now they want to offer digital mortgages, or at least a digital mortgage experience.
In other words, they don’t want to be your boring old brick-and-mortar grownup bank anymore. Let’s explore what exactly that means.
Self-Serve Mortgages from Chase
Today, the NYC-based megabank unveiled its grand plan to launch a so-called “digital, self-serve mortgage platform” that will ideally make it quicker, easier, and more transparent to get a mortgage from Chase.
Once launched later this year, customers will be able to track loan progress online or via a mobile device…how novel!
Okay, I’ll stop mocking and provide some specifics to this new rollout. The technology platform relies on some help from Roostify, a company whose sole purpose is to make loan closings faster (and better).
They provide software that allows consumers to apply for mortgages online (or on their smartphone), while letting them easily connect financial accounts for document verification, and track progress all within an app or webpage. See the screenshots above and below for more on that.
The presence of this technology basically streamlines a once cumbersome process and reduces mistakes and hiccups that can often slow down the loan process. It also keeps the whole team in the loop the entire time.
The technology should also minimize the need for human interaction, something people seem to be pretty fond of these days, even when it involves major decisions and large sums of money.
Chase notes that it already has 43 million active “digital users,” ostensibly their existing mortgage, banking, and credit card customers.
Soon they’ll be able to take advantage of a completely redesigned Chase Mortgage website and the following technology upgrades:
• Improved loan comparison interface to aid in loan choice • Upload and tracking tools to submit documents and keep up-to-date on application status • Real-time messaging to ask questions and share updates with Chase loan officers and processors • Real estate agent connection to keep them informed and easily share loan progress • Secure eSign solutions to speed up loan closings
Chase Is Getting Up to Speed
It appears Chase is taking its new competition seriously. With so many fintech companies now entering the mortgage space, such as Clara, Lenda, Sindeo, and SoFi, to just name a handful, it was obvious they needed to completely revamp their platform.
This is especially true with younger home buyers and refi’rs, who demand a simpler, cleaner product with which to work with. If you can’t access loan status from an iPhone, or send a text or a snap, they might be forced to go elsewhere.
That’s why Quicken got ahead of the game with its Rocket Mortgage, which basically does what it sounds like Chase is about to do. They just don’t have a catchy name for it, yet.
Still, Chase is no slouch when it comes to mortgages, even though I alluded to the fact that they’re probably more recognizable for their credit cards these days.
The company was the second largest mortgage lender in the fourth quarter of 2016, originating a healthy $30 billion or so in home loans during those three months, trailing only Wells Fargo (which happens to be facing some problems at the moment).
They also service 5.4 million home loans, and claim to have prevented 1.2 million foreclosures since 2009. Maybe they can prevent some headaches too with their new digital mortgage experience.
Chase $595 Mortgage Promotion
If none of that sounded exciting, also note that Chase is currently offering $595 cash back when you take out a residential purchase mortgage with them after March 26th, 2017. It must be a first mortgage, not a second.
The promo also says “loans submitted directly to Chase,” so it’s unclear if a brokered or correspondent loan that winds up at Chase will work. It’s worth a shot I suppose, but doubtful.
You must enroll in the $595 Cash Back promotion within 60 days of closing using the E-coupon code provided in your Welcome brochure.
The only catch, if you want to call it that, is the requirement to enroll in automatic mortgage payments using either a new or existing Chase personal checking account.
Additionally, you have to opt-in to electronic (paperless) mortgage statements, which most of us do anyways.
Today we’ll take a hard look at First Internet Bank, which is a frequent advertiser on the Zillow Mortgage Marketplace.
Their full name is actually First Internet Bank of Indiana, but seeing that they’re licensed to do business nationwide, why focus only on the Hoosier State?
Interestingly, their name is in fact factual because they are apparently the first FDIC-insured institution to operate entirely online.
Aside from offering checking, savings, and money market accounts, they also originate lots of home loans. That segment of their business will be the focus for this review.
First Internet Bank Fast Facts
Publicly traded bank founded in 1999 by David Becker
Corporate headquarters located in Fishers, Indiana
First FDIC-insured institution to operate entirely online
Offer home loans, personal loans, student loans, credit cards, depository accounts, and more
Originated about $700 million in mortgages last year
Licensed nationally but most active in Indiana, California, and Texas
First Internet Bank of Indiana was founded in 1999 by current CEO David Becker, who had a vision to conduct banking exclusively online.
He’s seemed to be on to something, because here we are 20 years later applying for home loans on our smartphones.
Anyway, you can be pretty confident they’re up to speed on technology seeing that their humble beginnings were driven by innovation and technology.
But they’re also a pretty large publicly-traded bank, so despite not having physical branches, they’ve got the soundness and security of a large financial institution.
Last year, the online mortgage lender mustered about $700 million in home loans, and may be on track for a $1 billion+ origination year in 2020.
They’re licensed to conduct business nationwide, but did the most volume in their home state of Indiana. A good chunk of business also came from California and Texas.
How to Apply for a Home Loan with First Internet Bank
Since they’re an e-bank you can apply for a mortgage directly from their website
Their digital mortgage platform is powered by fintech company Blend
It’s also possible to call them directly or chat with any of their loan officers online
Borrowers can complete most of the loan process remotely and paperlessly
You’ve got a few options to get the ball rolling with First Internet Bank. If you head over to their website, it’s possible to apply for a mortgage without any human assistance.
Simply navigate to their mortgage page, then select either “apply now” or “get pre-approved.”
Both options lead to the same place, a digital mortgage application powered by Blend.
It allows you to complete most of the application electronically, including the ability to link financial accounts, pay stubs, and employment information.
You can also eSign documents for fast delivery and once approved, you’ll be able to use their loan portal to satisfy any required conditions and to check loan status.
Those who wish to generate a pre-approval letter can do so via the same online mortgage application.
Alternatively, you can navigate to the loan officers tab and check out all the folks who work at First Internet Bank.
You can view their profile, contact information, and even chat with them immediately online if it shows they’re available.
If you’re old school, you can also simply call them up on the phone to get started.
All in all, you’ve got plenty of options when it comes to applying for a home loan, which is a nice touch.
And the fact that they use fintech company Blend for their digital mortgage process is also a big plus.
Home Loan Programs Offered by First Internet Bank
Home purchase loans
Refinance loans
Conforming loans
Jumbo home loans
FHA loans and VA loans
Construction-to-perm loans
Home equity loans
Home equity lines of credit
Fixed-rate and adjustable-rate options are available
First Internet Bank has home loan programs to suit most borrowers, including home purchase loans, refinance loans (rate and term and cash out), and construction loans.
The only big loan category they’re missing is USDA home loans.
However, they still offer conventional loans backed by Fannie Mae and Freddie Mac, jumbo home loans with just 10% down, FHA loans, and VA loans.
Additionally, you can get a home equity line of credit (HELOC) or a home equity loan, something many of the nonbank lenders can’t offer.
So if you’re in need of a second mortgage, even a piggyback mortgage, they might have the edge there.
They lend on all types of properties, including primary residences, second homes, and investment properties.
You can get a fixed-rate mortgage, such as a 30-year or 15-year mortgage, or an adjustable-rate mortgage, such as a 5/1 ARM or 7/1 ARM.
First Internet Bank Mortgage Rates
While they don’t list mortgage rates on their own website, Zillow shoppers may come across them when shopping rates via the Zillow Mortgage Marketplace.
From what I saw on Zillow, they offered competitive rates relative to other lenders listed, and often advertised lender fees under $100, or even just $1 on certain loan products (basically a no cost refinance).
They may have been an eighth of a percent higher than the cheapest lender listed, but with lower fees. So potentially still the best combination of rate and fees.
The fact that they operate entirely online means they can cut down on typical overhead costs incurred by brick-and-mortar banks. Hopefully those savings are passed onto you.
Why they don’t list mortgage rates on their own website is another question, but that’s their choice and not necessarily a bad thing.
However, you can request a free rate quote on their website, though only after providing your contact info. So calling or chatting may be best if you wish to remain anonymous at first.
All in all, they appear to be very reasonable pricing-wise on both rates and fees, so that shouldn’t be a concern for most prospective customers, but always put in the time to shop and compare with other lenders.
First Internet Bank Mortgage Reviews
First Internet Bank has a stellar 4.87-star rating on SocialSurvey based on over 1,200 customer reviews specifically regarding their mortgage division.
They’ve also got a 4.9 out of 5 rating on LendingTree with a 97% recommend rating.
On Zillow, they have a 4.7-star rating out of 5 based on over 600 customer reviews, with many reviewers indicated that both closing costs and rates were lower than expected.
Additionally, they take the time to respond to all the reviews on Zillow, so if you want feedback from your feedback, you’ll probably be in luck.
The company is also Better Business Bureau accredited and has been since 2013. They currently sport an ‘A+’ BBB rating.
So it seems clear they are a well-liked bank and mortgage lender across all the major ratings companies.
In summary, First Internet Bank is certainly worth considering if shopping for a home loan, assuming you are comfortable working remotely.
But this may make them better suited for refinances as opposed to home purchase loans.
First Internet Bank Mortgage Pros and Cons
The Pros
Offer a digital home loan process powered by Blend
Can apply for a mortgage without human assistance
Ability to chat with loan officers via their website
Excellent customer reviews from past mortgage customers
A+ BBB rating and accredited company
Appear to offer low mortgage rates with limited lender fees
Lots of different loan programs to choose from including home equity loans and lines
Grandma probably doesn’t want another scented candle, but she could very well use a ride to the store. Your underemployed nephew would likely prefer a little help filling the pantry instead of a jokey T-shirt. And the sister who’s staying home with her kids may not be able to afford any extras just now. Instead of dropping $40 on a sweater, why not put that money toward a membership to the local museum?
You’ve still got a few weeks to think about Christmas gifts. Make this the year when you pick presents that actually help.
Giving gifts that help
I’ve put together a list of items that save the recipient money or fill a specific need. Prices range from as little as $5 to upwards of $50 or more — and some of the suggestions will cost you little except time.
Warehouse club membership
If you’ve got $40 or $50 to spend, why not make it possible to buy in bulk all year long? Note that this gift isn’t suitable for folks who don’t buy much at a time or who have limited storage space — unless you offer to split some big buys with them. Frugal hack: If you’ve got a membership already then make up a gift certificate that says, “I will take you shopping once a month for 12 months.”
Greeting cards
Some of us dinosaurs still like to send snail-mail birthday, get-well or “thinking of you” cards. You can get decent ones two for a buck at some dollar stores. I got an even better deal on Hallmark assortments at Walgreens: 10 cards to a box, two boxes for $5, or a quarter apiece. Ideally, you’ll spring for at least a 10-pack of stamps along with this gift. Frugal hack: Shop thrift stores and rummage or yard sales — a lot of really nice card sets end up deeply discounted in both places.
Annual pass
A season’s membership to a local zoo, museum or theater company may cost less than you think. You’re not only giving someone a year’s worth of entertainment, you’re investing in community organizations. Frugal hacks: Social commerce sites like Groupon or Buy With Me sometimes offer annual passes; sign up for a few of these services right away and see what pops up in the next few weeks. Be sure to buy the social commerce vouchers through a cash-back site for a 6% rebate.
Pet supplies
People who have recently lost their jobs or who are living on fixed incomes could be hard-pressed to provide for Fluffy or Fido. Find out what kind of kibble the animal eats and drop off a jumbo sack of the stuff, or one of those huge buckets of kitty litter. Possible frugal hacks: Watch for loss leaders at places like Petco and PetSmart, and pay with a discounted gift card.
Yard work
Aging or chronically ill relatives might not be up to mowing, weeding, shoveling snow or cleaning out the gutters. Give a homemade gift certificate good for a certain number of hours of work each season.
Supermarket or drugstore gift card
Your giftee can shop the best sales or treat himself to an item that’s normally out of his price range. Since some supermarkets sell gasoline, that card might come in real handy during a particularly tight week — you can’t get paid if you can’t get to work, right? Frugal hacks: Some drugstores give free gift cards if you fill or transfer a prescription. Some rewards programs and rewards credit cards offer them. Discounted gift cards for merchants like Shell, Exxon, Walgreens, Jewel-Osco, Safeway and Albertsons are often available for about 3% off; see above link for how to buy them.
The Entertainment Book
It’s got discounts for food, movies, cultural attractions, sporting goods and all kinds of services. Frugal hack: Buy it through a cash-back site and you’ll get a rebate of up to 35% plus free shipping.
Transit pass
For those of us who don’t own cars, the prospect of a month’s worth of public transit sounds mighty fine. Or how about paying for a year’s membership in a car-sharing service? Frugal hack: If you’ve got a car, make your gift “I will take you to do one errand a week (with advance notice) for the next year.”
Community-supported agriculture
If money is no object, buy that special someone a CSA share. He’ll eat fresh produce from late spring until early fall, and you’ll be helping a local farmer stay in business. Go to this U.S. Department of Agriculture site and scroll down to “Find a CSA farm.”
Prepaid calling card
Not everyone has unlimited minutes on his cell phone, or a cell phone at all for that matter. The card lets the recipient talk with relatives and friends without worrying about the phone bill. Frugal hack: If you’ve got unlimited minutes on your cell, arrange to let your relative or friend use it once or twice a month.
Socks and underwear
Yes, you are turning into your mother. But these are the kinds of things we all need to replace. So if you know the person well enough to know his or her needs (and size!), then watch the clearance tables or use a price-comparison website to find the best deals. If this is a family with young kids, buy a size or two up.
Green ’em up
Make your gift a bunch of compact fluorescents, faucet aerators and low-flower showerheads to reduce the giftee’s utility bills. Offer installation if necessary. If you’ve got money to burn consider installing a water-saving toilet, too. Frugal hacks: Pay with a discounted gift card from Lowe’s or Home Depot, or buy through a cash-back site, specifying “local pickup” (i.e., order online but go get it yourself) if free delivery isn’t offered.
Car care
Buy a case of motor oil and filters and offer to do the changing if they’re unable and you’re handy. Or spring for a set of replacement wiper blades, some new floor mats and a gallon or two of windshield washer fluid. Frugal hack: Watch auto-supply store ads for sales and rebates.
Medicine cabinet
Buy that special someone any or all of the following: a year’s worth of vitamins and supplements; cold or allergy medicines, nighttime cough syrup, lip balm, throat lozenges and those tissues with the lotion in them; analgesics, antibacterial ointment, bandages and the like. Frugal hack: Many of these items can be obtained cheaply or free after rebate.
All right, dear readers, it’s your turn: What suggestions do you have for gifts that help?
You probably are well aware that you can swipe or tap your credit card almost anywhere you shop, and you likely also know that many retailers offer their own store credit cards. These store credit cards can give additional perks and benefits specific to their store.
Store credit cards come in two different forms — open-loop and closed-loop. An open-loop store credit card will typically have the logo of a payment network on it (such as Visa or Mastercard), and it can be used anywhere those networks are accepted.
A closed-loop store credit card, on the other hand, can generally only be used at the store that issued it. While there may be added benefits and rewards with a closed-loop store credit card, that may be offset by the limited places where you can use it. Still, it can make sense to have a store credit card, especially if you frequently shop at a particular retailer.
Here’s a closer look at how store cards compare to major credit cards, what their pros and cons are, and how store cards can impact credit.
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What Is a Store Card?
A store credit card or retail credit card is a card issued by a store or retailer. There are two main types of store cards — open-loop and closed-loop store credit cards.
• An open-loop store credit card is likely a Visa or Mastercard that simply is co-branded with the retailer’s name and logo, but good to use anywhere those networks are accepted.
• A closed-loop store card, also called a private label credit card, can only be used at the retailer that issues the card.
How Store Cards Works
Open-loop store credit cards are typically Mastercard or Visa credit cards, and they can be used anywhere those payment networks are accepted. While it may be marketed or branded with the retailer’s logo and name, an open-loop store card works the same way any other credit card works.
On the other hand, a closed-loop store card is only accepted at the store that issued the card. If you try to use a closed-loop store credit card at any other place, it will be declined.
With either kind of card, you’ll get a statement each month with the charges you’ve made. You’ll be charged interest on any outstanding balance, just like with a general-purpose credit card.
Recommended: Charge Card vs. Credit Card
Pros and Cons of Store Cards
One pro of store credit cards is that they often give perks and rewards that are specific to that particular store. If you frequently shop at a particular retailer, it can be lucrative to get their store credit card. You may also be able to get a signup bonus for applying and being approved for the card.
On the other hand, a store credit card can be limiting, especially if it is a closed-loop credit card that you can’t use anywhere else. Many store credit cards also come with higher-than-average interest rates, so it can be wise to pay off your balance in full each month so you can avoid paying any extra.
Store Card vs Credit Card Compared
While there are some important differences between store cards and general-purpose credit cards, they also share some similarities.
Similarities
• You get a monthly statement with a list of all of your purchases.
• You’ll be charged interest on any outstanding balance.
• Payment history and balance information typically reported to the major credit bureaus.
• Open-loop store credit cards and general-purpose credit cards can both be used anywhere the payment network (Visa, Mastercard) is accepted.
Differences
There are also some key differences between store cards and credit cards that you’ll want to be aware of:
• A closed-loop store card can only be used by the issuing retailer.
• You may pay a higher interest rate for a store card.
• The rewards you get will likely only be usable at the retailer.
Here is how these features stack up in chart form:
Store Card
Credit Card
Where they can be used
A closed-loop store card can only be used at the retailer who issues it
Anywhere the payment network (e.g. Visa or Mastercard) is accepted
Interest rate
Varies, but often higher than general-purpose credit cards
Varies depending on the card
Rewards
Usually limited to discounts or benefits at one particular store
May have more flexible credit card rewards or cash back.
Recommended: How Many Credit Cards Should You Have?
Is It Easier to Get Store Cards?
How easy it will be to get any kind of credit card depends on the specific card and your own financial situation. However, it is generally believed that on average it is easier to get a store credit card than it is to get many other major credit cards.
In fact, at some stores, you may even be able to get approved in the middle of your transaction as you check out.
Can Store Cards Impact Credit?
Yes, store cards can impact your credit, either positively or negatively, depending on how you use them. That’s true of all credit cards and is part of how they work.
Just like any credit card, your store card information is also reported to the major credit bureaus (Equifax, Experian, and TransUnion). That means that if you use your store card responsibly, you can help build your credit, while if you fall behind on payments and/or carry a balance, it might have a negative impact on your credit.
Which Is Right for You: Store Card or Credit Card?
Deciding whether a store card or regular credit card is right for you will depend on your own specific shopping habits and overall financial situation. If you frequently shop at a particular store or retailer, you may be able to take advantage of rewards, discounts, or other benefits that come with the store’s credit card.
However, general-purpose credit cards may offer better or more flexible rewards, in addition to having more flexibility in where you can use them.
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The Takeaway
Store credit cards come in two different varieties — open-loop and closed-loop cards. An open-loop store card is one that may be branded or marketed as a store credit card, but can be used anywhere the card’s payment network (e.g. Visa or Mastercard) is accepted. A closed-loop store card can only be used at the store or retailer that issues it. While there can be good reasons to get a store credit card, you might be better off with a more flexible credit card that gives cash back or other flexible rewards.
If you’re in the market for a general-purpose credit card that gives outstanding cash-back rewards, you should consider the SoFi Credit Card. With the SoFi Credit Card, you can earn cash back with every eligible purchase, which you can then use for travel or to invest, save, or pay down eligible SoFi debt. You can also add an authorized user to your SoFi credit card as a possible way to earn additional rewards.
Shop smarter with the SoFi Credit Card.
FAQ
Which is better: a credit card or store card?
There isn’t a single right answer as to whether a credit card or a store card is better. Instead, it will depend on your own specific situation. If you are a frequent shopper at a particular store or retailer, it may make sense to open its store credit card and get those rewards. However, if you’re not especially loyal to certain stores, you might prefer to get a general-purpose credit card and earn rewards that way.
Does a store card count as a credit card?
A store credit card can be considered a credit card since you can carry a balance and get charged interest. But keep in mind that only open-loop store credit cards can be used more widely like other major credit cards.
What are the disadvantages of a store card?
While it can make sense to apply for a store card, depending on your financial situation and shopping habits, store cards may come with some disadvantages. Many store credit cards have interest rates that are higher than average, so it can be best to pay off your balance in full each month to avoid those steep charges. Additionally, closed-loop store cards can only be used at the retailer that issues them, which makes them less flexible.
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The ripple effect of a financial mindset can be seen in every aspect of your life.
Think about it: If you are not mindful of how you spend and save money, then you will be in a constant struggle each and every month.
If you are simply someone who is struggling to make ends meet, there are many things we can do to save money. If you are trying desperately to reach financial freedom sooner, then you need these best money hacks to make it happen sooner.
Around here at Money Bliss, we spend a lot of time on our money mindset and setting goals.
Everyone is in a different season with their finances.
But, one thing is true… Most of us never learned proper money management.
Do you find yourself in a constant cycle of financial struggle? Do you feel like you are constantly trying to live up to unrealistic standards?
It is easy for people to feel that they are constantly broke, and in some cases this is true. But, it is also important to remember that there are ways in which you can make more money and start saving for your future.
Since changing money habits does not always come easy and often requires some serious changes in our mindset, we are here to support you to find the top money hacks.
Read on as we share 50+ ways you can start saving more money as well as making more money while also saving your sanity!
What are Money Hacks?
Money hacks are the ways in which people stretch their money.
These money hacks can come from a variety of sources, such as personal experience, family members or friends, and other individuals on social media.
Money hacks can come in many forms such as:
Simple money saving hacks
Ways to make money on the side
Strategies to make every dollar count
Thrifty ideas to be more frugal
Ideas to be more conscious of our waste
All in all, money hacks will help you to spend less money. Thus, saving more money.
As you will learn at Money Bliss, saving money opens up doors of opportunities
Best Money Hacks
Money hacks are ways to build long-term wealth.
Even though most of the hacks for money include quick saving wins, over the long term, you will actually start a snowball effect of more money in your bank account.
Sometimes, it can be difficult to find the motivation to save money, but these 7 best real money hacks will help you reset your financial mindset and start saving!
The best money hacks are the overarching big picture concepts that you must master for long-term success.
1. Think Big
Open up your mind.
One way to reset your financial mindset is by opening yourself up to new ways of thinking about spending and saving.
Too often, we are focused on what is directly in front of us instead of thinking about the big picture.
A great way to think big with your finances is to decide how you want to live life with intention.
2. Habit of Saving Money
Get back in the habit of saving.
If you have been beyond your means or barely scraping by, the best way to get back on track is by saving at least 20% of your income.
This may seem a little ludicrous. However, by prioritizing saving first, you will be pleasantly surprised how well you live off the rest.
In this post, there will be so many simple and easy ways to start saving today.
3. Make a Plan for Your Money
Create a spending plan (aka that dreaded word budget).
Creating an outline for what you want and need will help you to make smarter decisions about your spending.
This concept has been made too difficult over the years.
The bottom line is you want to spend less than you make. So, make a plan for that to happen today.
4. Make Money on the Side
This one is huge!
Personally, making extra money has been a priority for the last 5 years. We spent many years trying to cut our expenses and hating our inability to actually spend less as a growing family. So, we changed our focus to finding ways to make more money instead.
Start a side hustle. If you are not making enough to live comfortably, start a side hustle! Use your unique skill set to make extra cash.
Pick up a second job or ask for more hours.
There are plenty of ways to make money fast.
5. Invest in Stock Market
This means a way to make money or increase your net worth. AKA make your money work for you.
Too many times, the concept of investing is big and scary. The thought of starting is way too overwhelming. So you put it off until next week or next month. Then, a couple of years go by and you have not invested your money.
That is the biggest financial mistake you can make.
Start small by investing in an index fund. Each month consistently add more money.
If you want to learn to trade stocks, then you must enroll in the best investing course I have found.
Read my in-depth investing course review.
6. Pay Off Debt
Ugh… debt is the cash flow killer.
You are unable to make forward progress if you are straddled by debt.
Figure out how to pay off debt ASAP.
When calculating how long it will take to pay off high-interest debt, you should consider paying the highest interest rate first. Here is the best debt payoff app available.
7. Watch Your Spending
Be mindful of your spending.
This is a great practice that many people need to start doing again, regardless of how much money or how little money they have.
Every few months, you need to evaluate your spending to see if it matches up with your values.
As you can imagine there are many money hacks that can help you save, but the list above is the money hacks that will make the biggest difference the quickest. Below we have many more money hacks for you to explore.
Hacks for Saving Money
Money app hacks are small, quick, and easy ways to improve your finances.
They can range from things like automating your budget or creating a money jar that pays for itself, to more complex solutions like changing your tax withholding or moving money around to get a higher return.
Honestly, there are so many life hacks for saving money.
8. Automatic Savings
This is a practice of automatically transferring money from your checking account into your savings account on a regular basis.
It is best to set a transfer amount and stick to it.
Since it is easier to save your money before you spend it, you must save as much money as possible in order for this strategy to be effective.
9. Financial goals
A financial goal is a long-term, quantifiable expectation for how much money you want to have, or what you plan on doing with your money. Your goals can be as simple as saving for the down payment on a house or as involved as saving for retirement.
Our financial goals allow us to set specific, numerical targets that help us achieve our desired lifestyle in a more concrete way.
You must set smart financial goals.
10. What brings you joy?
At the end of the day, it is important to remember that life is all about finding what brings you joy.
The question is open-ended, but your money must line up with what brings you joy.
Spend a few minutes and stew on the question.
11. Build an emergency savings fund
Building an emergency savings fund is a great idea if you are in the habit of saving money and want to make sure that you have some money saved up when times get rough.
If you are struggling to save, there are a few ways you can increase your savings.
For example, you might be able to set up automatic transfers from your checking account into an investment account. You should also make sure that you have a way to save money outside of your checking account.
Saving cash in a jar or saving up coins are ideas for some people.
12. Invest spare change
If you go shopping and buy something, most stores will give you change. If you use a debit or credit card, you can do the same thing with help of a popular app!
Simple money hack: investing your spare change.
In order to invest your spare change in an account, you can open one for as little as $5. Acorns then automatically invest the money from your checking account and into a savings acorn account.
As the round-up feature continues to add upon each purchase, it is a good idea to invest in this app so that you can save more dollars!
13. Challenge Yourself to Save
If you are looking to save money, it is best to set up a budget that includes challenging yourself.
A great way to do this is with the no spend challenge.
A no-buy is when you decide to simply not make any purchases for a certain amount of time.
A no-spend is when someone decides to not spend any money in a certain period of time.
When you are struggling with spending too much money and want to reset your wallet, then give up spending money. Period.
14. Join a buy nothing group
The buy nothing groups are a growing movement that started in order to help people cut their ecological footprint, save money, and break free of consumerism.
This is a great way to find things you need as well as declutter your house.
15. Negotiate everything
The key to successful negotiation is preparation.
Research the company’s past sales, price changes, and discounts offered in order to get a better understanding of what you’re negotiating for.
Don’t be afraid to negotiate.
What is the worst thing that can happen when someone says no!?!
16. Refinance Your Mortgage
It is never too late to refinance your mortgage.
In fact, it might be a good idea if you’re in the market for a new home or refinancing your loan on an existing property.
You must weigh the costs of refinancing to how much you will save over the time period of the loan.
Ask around for mortgage broker recommendations and get at least two quotes.
17. Downsize your Home
Downsize your home is the term for reducing a residence in size. This can be done by either moving to an apartment or buying a smaller house. There are many benefits of downsizing, including living a more affordable lifestyle and having less upkeep.
Downsizers use their homes as investments and save money on rent or mortgage payments.
18. Cut the cord
With the internet becoming accessible to everyone, people have started cutting their cable and watching shows online. People can save up to $500 a year by cutting cable from their bills.
Cut the cable & stop watching TV!
19. Learn about Finances
Ask for help.
If you are struggling, there is no shame in asking for assistance from your friends or family members.
The goal is to get ahead with money and not keep digging further into a hole.
Check out any of our courses to help you.
20. Save for What You Want
Decide what you want most and work towards it with the money you have now, instead of waiting for a windfall or a large inheritance.
This may mean setting aside $200 a month.
For example, as a reminder of your long-term goal of buying a beach property, you may buy something you would hang in the new place. Every time you see it, you will be reminded of what you are saving towards.
Budget Hacks
Financial hacks are not unusual.
Since it is so easy to overspend, you must know a few budgeting hacks ahead of time.
21. Need vs Want
A want is a desire for something, while a need is something that fulfills the requirement of your body like food or shelter.
When you think about buying something, ask yourself if it is a want or a need.
By uncovering needs vs wants, you are quickly able to find ways to spend less and save more.
22. Avoid Temptation
To avoid temptation, it is important to maintain a healthy amount of physical and emotional distance from the things that tempt you.
Sometimes, spending triggers are easy to avoid but other times they’re not.
However, people should always be aware of their temptations and try to stay away from them because it will lead to unnecessary debt or stress in the long run.
23. Practice the 30-day rule
Many people wonder what’s the 30 day rule with money…
The 30-day rule is the principle that states that you should practice a new habit or stop an old habit for at least thirty days before expecting success.
When it comes to your money, it means to wait thirty days before making big purchases or changes.
24. Keep a Budget Binder
A budget binder is an important tool that helps people keep track of their finances.
The binder can help people plan out their finances by providing a place to record expenses and income.
Keeping a budget binder is an effective way to track your spending and keep yourself accountable.
By keeping it, you can easily plan for future expenses in advance as well as see what money could be saved or spent on different items over time.
25. Get a spend tracker and use it regularly
Track your spending for 30 days. It can be a good idea to track your spending for at least a month to get an idea of what you’re spending and where.
A spending tracker is a tool that helps people keep track of how much they are spending on a certain item. It is important to use this tool regularly in order to be able to see patterns in your spending.
Then, review your spending. Share it with a trusted friend or family member to come up with some goals to reduce expenses in order to save money.
26. Create a budget
Create a budget, and follow it.
When you schedule your spending, make sure to leave room for savings. This is the easiest way to ensure that you can stick to your budget.
Find more budgeting resources on our site.
27. Pay Bills on Time
This should be a simple statement that we all know. However, life can throw curveballs.
Try to pay your bills on time and in full every month, and make sure all of your bills are paid each month.
This will show lenders that you are responsible and that you are taking care of your credit. Plus you don’t rack up those pesky late fees and high interest rates.
28. Avoid Missed Payments
Don’t miss any payments, and pay off your balances each month to avoid paying high interest rates or fees on late or missed payments.
Read again… do not miss paying your bills.
29. Reconcile Your Checking Account
Balance your checkbook monthly. Okay, no one really uses a checkbook anymore, but you can still do this with pen and paper.
Even better, use Quicken as a simple way to balance your checking account. Read my Quicken review.
This is a great way to check for being charged too much or find a subscription you don’t use anymore.
30. Avoid Summer Budget Busters
Avoid spending money for the summer by just being conscious of your spending and reviewing what is different than the norm.
It is too easy to get into the trap of spending money because the weather is warm.
31. Review your Credit Card Statements
If you’re like most people, you probably review your credit card statements once every six months.
What’s the best way to go about reviewing them?
It depends on how often you use your credit card, how much debt you have, and what your credit score is. You should review your statements at least once a year if you’re carrying a balance on your credit cards.
If you use your credit card, then you should review your statements at least monthly.
32. Use the Cents Plan Formula
While the 50/30/20 budgeting rule is popular, our method of budgeting your money will be more helpful.
Learn how to divide your income into various categories.
Check out the Cents Plan Formula.
33. Use Cash
Use cash instead of credit cards to spend, which will make it easier to limit yourself to how much you can spend.
The envelope system helps you save money by only spending from one designated cash stash each month and withdrawing a set amount for different types of expenses (like groceries).
34. Spending Freeze
Implement a spending freeze, which helps you get used to not buying things for an allotted time so that when the freeze is over, it’s easier to buy what you want.
You will be surprised how much random online shopping you do.
Begin your spending freeze now.
35. Use a Budgeting App
Use your bank’s budgeting tools, like Quicken, which can help you track how much money is coming in and out of your account.
This is the simplest way to manage your money wisely.
Using a money app or a personal finance website can help you to stay organized and get more creative about your budgeting.
Check out this list of the best budgeting apps available.
Hacks to Make Money
Hacks to make money are a list of ways to generate income for yourself. Many ways to make money include blogging, affiliate marketing, or day trading. These money making hacks are great, but they can take more time and energy invested.
36. Use cash back apps
Cash back reward apps like Ibotta are a way to get extra money for your purchases.
They take some time getting used to and you only have access to partner stores that offer cash-back offers. It only takes a few seconds to make some extra cash.
Check out the best cash back apps available.
37. Ask for a Raise
A raise is an increase in pay for a job, labor, or service.
If you are concerned about asking for a raise, then you are missing out on lost money.
Your boss may be receptive to it, then try negotiating more money. Not only will this be good for your career, but also the relationship between you two can improve as well.
38. Get a side hustle
A side hustle is an additional job or career, usually, one that requires only a small amount of time and effort.
For example, someone who wants to work on the weekends might start a side hustle as a bartender.
Side hustles are a form of entrepreneurship that allows you to earn money and do little tasks. They are not difficult or time-consuming, but they can still help you make extra cash on the side.
Pick one of the best gig economy jobs.
39. Rent out a part of your home
A part of your home is often a room, which can be rented out on Airbnb.
Airbnb is the largest and most successful company in the world that lets people rent their extra space or properties. They are a well-known company that provides an easy way for people to make money from their extra space.
Use Neighbor to lend out your space in your home.
40. Declutter: sell your junk for cash
Decluttering is the act of getting rid of excess or unnecessary items.
In order to declutter, you must be willing to give up something that has been a part of your life for a long time. It is important to remember that decluttering does not have to be a quick or easy process.
Then, sell your stuff on Facebook Marketplace, Nextdoor, eBay, etc.
Learn more at Flea Market Flippers.
41. Earn Money While Watching TV
Although it is not a fast way to get rich, this can be used as a side hustle.
It’s better to use the money earned from watching TV or something else that takes up your time for other things like bills and groceries.
Survey platforms are online sites that allow people to earn money while watching TV.
The survey platform will send surveys through the mail or email, and then they can choose whether they want to take the survey for a set reward amount or if they would like cash back on their purchase.
One of these options is MyPoints, which allows users to earn points by completing tasks such as taking surveys and shopping online at specific retailers.
Others include:
42. Maximize Your Income
Find ways to increase the amount of money you bring in, whether that’s through a side hustle, increasing hours at work, or asking for a raise.
In today’s society, there are plenty of ways to make more money.
Only you put a limit on what you are capable of earning.
43. Build Your Credit
Building your credit can be a long process, but it’s worth the effort. If you’re trying to establish or improve your credit score, here are some tips that might help:
Try to keep your credit utilization rate below 30% at all times.
Do not open too many new lines of credit in a short period of time.
Pay your bills on time.
This will help you avoid damaging your credit score.
Hacks for Free Money
Hacks for free money are a form of fraud wherein the perpetrator solicits payment via PayPal, credit card, or other methods in exchange for access to what they promise will be a legitimate business opportunity.
Hacking free money is a way to make more cash, fund your financial goals, or help you pay off debt. There are lots of ways that people hack their finances and use cash back apps for some extra income.
Other options include signing up for bank bonuses or credit card bonuses.
Honestly, real free money hacks are more likely to be scams. So, beware when searching online.
Money Hacks in the Kitchen
You can save the most money by looking at what you eat.
Typically, people waste over 25% of their grocery budget and throw out food. Would you willingly throw out $250 a month? Probably not.
So, learn how to stretch your money for food.
44. Start meal planning
Meal planning is a money-saving strategy that can help in the long run. It’s also important to eat healthily and reduce food waste when meal planning.
But planning ahead will help save on the grocery budget, and it’s not too late to start now.
Start meal planning by deciding what you want to eat for each day. Then, make a list.
45. Say no to prepackaged foods
Packing your lunch for work or school can be time-consuming, especially if you have a family.
Some people prefer to buy prepackaged foods because they save time, but this is not always the best option.
A better choice is to make your own food at home and pack it for lunch, which you can then eat in peace without worrying about what other people might be saying about the food you packed.
46. Eat at home
Eating at home is a way to save money. It may be uncomfortable for those who do not enjoy cooking as it requires extra effort and time.
Instead of getting food at restaurants, consider cooking your favorite meals at home.
You can save money and time by eating the same meal over and over again.
Learn about the frugal home must haves.
47. Grow your own herbs and food
The most common methods of gardening include container gardening, hydroponics, and both indoor and outdoor gardening.
Many people are growing their own herbs and food for the satisfaction of being able to eat something that was grown with their hands.
48. Take your lunch
If you are interested in saving money, consider taking your lunch. This will save you up to $1,000 a year on work lunches and make it easier to meet the recommended daily intake of fruits and vegetables as well.
“Take your lunch” is an invitation to eat at home. There are many benefits of eating out less often, such as saving money and gaining more control over food choices.
Travel Hacks to Save Money
The following are travel hacks that can help you save money on your next trip.
Some of these hacks include traveling during weekdays, using public transportation, staying at hostels and Airbnb instead of hotels, and using a travel credit card.
49. Use foreign websites for lower prices abroad
Foreign websites are websites that have been created by people from other countries, and they sell products in the language of their country. These websites often offer lower prices on products than what is offered in the United States.
If you’re traveling abroad and need to find a place to stay, there are plenty of websites that can help. A few websites have deals on places where travelers often stay while they travel internationally.
50. Stay for free or get paid to house sit abroad
A house sitter is someone who looks after someone’s property for a certain amount of time in exchange for the promise of payment.
House sitting is typically offered by homeowners to travelers and others who are looking to stay in a particular location for an extended period of time.
The main types of house sitting include:
– full-time house sitters, who are responsible for all aspects of the house and who are typically paid a monthly salary,
– part-time house sitters, who may be responsible for taking care of one or more specific tasks such as gardening or handling the mail
51. Hide your search
To avoid being taken advantage of by airlines, it is best to open a new incognito or private window between searches.
This will make sure that you are not tricked into buying tickets that may be significantly more expensive than they need to be.
Airlines use cookies in your browser to make you believe the prices are going up and up.
Money App Hacks
Money app hacks are ways that people have figured out to make their money work for them in terms of saving and spending. These apps offer different features, such as budgeting, tracking your spending, and saving money.
If you want a simple way to save money, then any of these money apps are designed to find excessive spending.
52. Billshark
This is a legitimate way to save money on monthly bills. Billshark offers you the opportunity to save up to 25% each month (when compared with regular bill payments).
All of this can be done for you by BillShark team, and there are no fees involved!
Try Billshark for free!
53. Trim
Review your spending habits to find what you can cut out, like subscriptions.
Find other ways to save by looking for ways to reduce costly bank fees or getting a discount on your cell phone plan. By using Trim, you are saving money and improving your financial health.
Sign up with Trim now.
54. Truebill
Truebill can help you to track your spending, save money and get a clear picture of your financial life.
This helps you identify services that you are no longer using but continue to pay for. It will help save money by automatically negotiating prices with your service providers and receiving a refund of the money going to waste, which is free money.
Get started with Truebill.
Which Life Money Hacks Can You Start?
This is a lot to take in, but don’t worry.
Take the time to read through each suggestion and consider how you can implement it into your life.
The more hacks you try out, the closer you’ll get to a healthy financial mindset.
These are the life hacks to save money I have found to work for me and my family in order to reset our financial mindsets and grow our net worth.
Everyone will find their niche and what will work best for them.
Personally, you need to figure out how do I make more money. That will make the biggest impact the fastest.
What have you done with your money lately?
Know someone else that needs this, too? Then, please share!!
Long-haul flights to Asia can be taxing on the body, but Japan Airlines business class can make the flight both comfortable and pleasant.
Japan Airlines is part of the Oneworld alliance, which includes airlines like Alaska Airlines, American Airlines, Cathay Pacific, Qantas and Qatar Airways, among others.
It is one of two major network carriers in Japan (the other is All Nippon Airlines, part of Star Alliance). Japan Airlines offers the same type of hospitality the country is known for, and the crew makes sure everyone feels comfortable and welcome, in all cabins.
This Japan Airlines business class review looks at what you can expect when flying JAL business class.
Japan Airlines business class seats
(Image courtesy of Japan Airlines)
Japan Airlines business-class seats aren’t all the same, and they can be different depending on the aircraft. Its nine planes have different seating types that can vary between 1-2-1 and 2-2-2 setups.
(Image courtesy of Japan Airlines)
The seats are staggered with privacy walls so that you don’t see the person next to you unless you open the partition. You also don’t cross over the other person’s feet since the seats are enclosed with a partial wall for more privacy.
The airline brands these seats as the JAL Sky Suite. It is available on the Boeing 777 and 787-9 aircraft.
You’ll want to avoid the older seats on the 787-8 planes, which are the “shell flat neo” seats. These are angled lie-flat options that don’t fold down to 180 degrees, and a common complaint is that you feel like you are sliding down when sleeping in them.
The seats are also on some Boeing 777-200ER and 777-300ER planes in a 2-3-2 configuration, which means there is a middle seat in business class.
(Image courtesy of Japan Airlines)
On the 767 aircraft, the airline uses a different model of seat known as the Sky Suite II. It reclines into a fully flat bed and is in a 1-2-1 configuration.
Japan Airlines also operates widebody planes on domestic routes, but these don’t have the same style of business class seats. The airline has a dramatic range of aircraft types, each with different seating configurations.
The Sky Suite is its best business class product, and it has privacy, decent storage space and the ability to convert to a flat bed, ideal for long flights.
Each seat has a personal entertainment screen, which has a wide range of movies, TV shows, music, games, e-books and a moving map. There is also an electrical outlet and USB port for charging devices.
Food and drink in Japan Airlines business class
Dining on Japan Airlines is a treat, and there are options for Western cuisine or traditional Japanese fare.
(Photo courtesy of Japan Airlines)
For the latter, the airline partners with Japanese chefs like Jun Mishina to design the inflight menu, which features seasonal ingredients and rotating options. Some chefs, like Fumiko Kono, attended Le Cordon Bleu cooking school in France.
(Photo courtesy of Japan Airlines)
Different chefs are highlighted on certain routes, which adds variety to the inflight dining experience. The airline has special meals that are served on its flights from Honolulu to Japan.
To assure you get your preferred meal, it is possible to reserve meals in advance online.
(Photo courtesy of Japan Airlines)
Meals are served in courses on elegant china paired with a long list of drinks including soft drinks, juices, wine, beer and sake.
Japan Airlines works with a wine advisor to help it curate the onboard wine list. The sake selection is also quite impressive. For those who want something lighter, the airline also serves a sparkling, non-alcoholic wine.
The airline is known for its signature dishes that can be served as a meal or in between meals. These include Miyazaki Wagyu curry and chicken soba noodle soup.
The airline serves Maison Kayser specialty breads and fresh juices from different regions of Japan on certain routes. There are also delicious bespoke chocolates from French chocolatier Jean-Paul Hévin.
(Photo courtesy of Japan Airlines)
Flight attendants are attentive and friendly, but if you don’t see one in the aisle, you can also order food and drinks via the inflight entertainment system. If you’re traveling with kids, there are special meals available to pre-order.
Amenities and other perks of Japan Airlines business class
Sleep amenities
Blankets and pillows are available at every seat, but a common complaint of Japanese carriers is that the cabins tend to be kept quite warm. For those who are cold, Japan Airlines lends Nendo brand cardigans to use during the flight.
JAL business class Wi-Fi
Some, but not all, Japan Airlines aircraft offer Wi-Fi. To determine which planes have the service, the airline includes a symbol on its website booking engine. The service isn’t free, and it is available in one-hour, three-hour and 24-hour (entire flight) plans.
Japan Airlines amenity kits
(Photo courtesy of Japan Airlines)
Amenity kits for business class passengers are part of a collaboration with the French brand Maison Kitsuné and include an eye mask, dental kit and tissues.
Other perks of Japan Airlines business class
Additional checked bag allowance: Japan Airlines business class passengers get three checked bags weighing up to 70 pounds (32 kilograms) each.
Inflight extras: Passengers have access to numerous goodies available on request. All passengers receive slippers to wear on the plane. Flight attendants also have postcards and pens, and for those with sore feet, they will offer a bamboo massage stick.
Noise-canceling headphones: Sony background noise-canceling headphones are available at each seat to use for the inflight entertainment options.
Business class on Japan Airlines recapped
Flying in business class on Japan Airlines is a pleasure. The airline operates flights from Japan all over the world, and its inflight service combines Japanese and Western amenities.
As a member of Oneworld, travelers can earn or redeem frequent flyer miles with any of its airline members. No matter where you travel with Japan Airlines, the business class experience is reliable and enjoyable.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Direct link to offer, if the link doesn’t work try scanning the QR code below
Capital One Venture is offering 100,000 miles after $5,000 in spend within the first three months
Card Details
$95 annual fee; fee is not waived the first year
Card earns 2x points everywhere (the equivalent of 2% everywhere)
Card earns 5x points on hotels and rental cars booked through Capital One Travel
Card earns 5x points per dollar on Turo car rentals through 5/16/23
No foreign transaction fees
Visa Signature benefits
Receive up to a $100 credit for Global Entry or TSA PreCheck
Our Verdict
This is the best offer we have seen, previous best offer required $10,000 in spend. Terms do state ‘only be accessed through the Venture airport kiosk and is not available elsewhere’ so there might be some risk that you don’t get the bonus if not applying through the airport kiosk but it should work OK if you can get the link to load but YMMV if that risk is worth it. Because of that risk factor we won’t add it to the best credit card bonus page.
Of the eight million homeowners currently not making mortgage payments, six million are expected to lose their homes over the next two years, according to the latest Market Intelligence newsletter from John Burns Real Estate Consulting.
As a result, the national homeownership rate will fall to just 61.7 percent.
Here’s the math:
The numbers might be even worse if you factor in the additional five million homeowners with no equity in their homes, assuming they strategically default.
Fortunately, most borrowers don’t walk away voluntarily until equity falls to -62 percent of their home’s value, at least that’s how the study from the Federal Reserve goes.
You could also argue that homeowners with less than five percent home equity could default as well, as you need an equity cushion to unload a home to pay for associated closing costs (and to buy a new one).
John Burns also noted that “loan modifications have little prayer of helping,” citing the fact that homeowners who received permanent loan modifications use more than 30 percent of their income to pay off debt other than the mortgage.
And we all know consumers prefer to pay their credit cards over their mortgages.
The sliver of good news is that 58 percent of homeowners can afford the median priced home vs. 45 percent historically.
