Debt
The Dos and Donâts of Borrowing Money
Taking on debt is a thorny subject. Signing on an affordable mortgage is one thing. Racking up credit card debt on unnecessary purchases? Quite another. Any time you borrow money, you put your finances at risk. That’s why it’s important to … Continue reading →
The post The Dos and Don’ts of Borrowing Money appeared first on SmartAsset Blog.
CIT Bank Locations? Where Are They?
CIT Bank locations: are there any near me? CIT Bank is an online only-bank, so, unfortunately, they do not have any physical locations. However, if you’re looking to know how to open a CIT Bank account beyond wondering if they have a location what are their current products and offers, then you have come to …
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The post CIT Bank Locations? Where Are They? appeared first on GrowthRapidly.
Don’t Let Debt Ruin the Holidays: Proactive Steps
According to numbers for the 2018 holiday shopping season, American shoppers incurred an average debt of just over $1,000. And not everyone could pay that debt off quickly, leading to expensive, long-term credit card debt for some. But holiday shopping debt isnât the only financial burden people face. Many enter the season with other debt…. Read More
The post Don’t Let Debt Ruin the Holidays: Proactive Steps appeared first on Credit.com.
Learn How To Become Debt Free – Stop Living With Debt For Good!
Do you want to become debt free? Would you like to no longer have debt payments hanging over your head? Do you want to stop living paycheck to paycheck, and instead be able to save for the future? Paying off debt is hard work. If it weren’t so hard, then it would be no problem […]
The post Learn How To Become Debt Free – Stop Living With Debt For Good! appeared first on Making Sense Of Cents.
7 Smart Ways to Get Rid of Holiday Debt Fast
Many people overspend on their loved ones during the holidays, even going into “holiday debt” to do so. If that sounds like you, donât worry â youâre not alone. In fact, a recent survey found Americans racked up an average of $1,054 in debt this past holiday season. We want to help, so here are seven […]
The post 7 Smart Ways to Get Rid of Holiday Debt Fast appeared first on Incomist.
How Much of Your Paycheck Should You Save Each Month?
Youâve always heard itâs important to save as much as you can, but what does that really mean? Realistically speaking, saving can be hard once your paycheck hits your bank account. Bills, necessities, and extra wants may slowly diminish your…
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The post How Much of Your Paycheck Should You Save Each Month? appeared first on MintLife Blog.
Hitting the Books Again? Here’s How to Financially Prepare for Grad School
Earning an advanced degree as a working professional can be a challengeâunless you have a good financial plan.
The post Hitting the Books Again? Here’s How to Financially Prepare for Grad School appeared first on Discover Bank – Banking Topics Blog.
Money-Saving Hacks to Implement Now
Redo your monthly budget (and stick to it)
You can do plenty of things to improve your budget, and it's not all about pain and suffering, as many would have you believe. Everyone has a few things they overspend on. The challenge lies in identifying those particular items and weeding them out. A good place to begin is with restaurant spending, grocery bills, and impulse buying. A wise general philosophy is to assign a destination for every dollar you earn and place that category on your budget. Try cutting restaurant expenditures in half, reducing impulse buys at convenience stores, and shopping for groceries just once each week to regulate what goes toward food items.
Refinance your education debt
If you have any education debt still hanging around after all these years, refinancing student loans through a private lender is a way to lessen your monthly expenses. Not only can you get a longer repayment period, but have the chance to snag a favorable interest rate. But the clincher for money-saving enthusiasts is that your monthly payments can instantly go way down. That means extra cash for whatever you want. Use the excess to fatten savings or IRA accounts, or pay off high-interest credit card debt.
Install a programmable thermostat
For less than $20, it's possible to chop at least three percent off your utility bills and perhaps much more than that.
Programmable thermostats are easy to install. You don't need special tools or advanced skills. Be sensible about summer and winter settings and you'll see a difference in your electric bill almost immediately, especially during the hottest months of the year. Don't forget to program the device to go into low-use mode while you're away for long weekends or longer vacations.
Join a shopping club
Although shopping clubs come with annual membership fees, the savings on groceries, household items, and gasoline usually offset them within a month or two of actively using the membership. That leaves the other months of the year for you to save money on household necessities.
For people who drive a lot, shopping clubs with on-site gas stations offer one of the best deals going. Not only do the clubs offer gasoline for about 10 cents off the regular price, but some also offer free car washes and coupons for repair work at participating shops. Although shopping clubs are a win for most anyone, a family of three or more can log thousands per year in savings.
Refinance your home or car
If you have owned your home or car long enough to ride the interest rate waves, you likely qualify for a refinancing agreement. This strategy is excellent for consumers who have better credit now than when they made the original purchase.
Young couples are perfectly positioned to refinance a home after several years of making payments on it. Likewise, anyone who still owes on a vehicle and can get a lower interest rate should look into a car or truck refi. Not only can you get additional months to pay off the obligation, but with a lower rate, you stand to save a nice chunk of money.
Take bagged lunches to work
One of the oldest, more reliable ways to instantly cut personal expenses is to prepare and take your own lunch to work each day. Not only do you save money by not eating out or buying lunch in the company cafeteria, but you also have added control over what you eat. That means you're doing a favor for your wallet and your health at the same time.
Don't fall into the rut of eating at your desk. Consider taking your bagged meal outside and enjoying the scenery, taking a walk after eating, or joining friends in the cafeteria to socialize.
Use public transportation as often as possible
If you live on or near a bus or light-rail route, do the logistical planning necessary to travel to work at least a few times each week by public transit instead of by car.
Unless you reside in a small town, chances are you have access to buses and trains for commuting purposes. Once you get into a habit of using the public transit system, consider buying a one-month or annual pass, which can represent a major discount on one-time fare prices. Public transportation can take a bit longer to get you to your destination, but it's easy enough to make use of the time reading, catching up on work, or just relaxing.
Use credit cards wisely
If you use credit cards to make purchases you can't afford, you're headed for trouble. But if you use your plastic wisely, you can reap real benefits.
If you have a good credit rating, you'll likely qualify for cashback cards that give a percentage of your money back on some or all of your purchases. You can use that cash to pay for a portion of your monthly credit card bill. You could also let your cashback savings accumulate and use it to pay for larger purchases in the future.
Just make sure not to outspend your monthly budget so you're able to pay your credit card balance off in full each month. Keeping a balance on your cards is counterproductive because you'll also be paying interest fees.
Five Smart and Easy Ways to Save Your Family Money
Setting financial goals for your family can be exciting and overwhelming. It’s empowering to work towards saving for your family’s dream vacation or eliminating debt such as a car payment, but when your family budget is already tight, finding ways to improve your finances can seem daunting.
Good news! There are everyday ways that you can implement into your family’s lifestyle that can help you save money. Here are a few easy strategies that will prove fruitful for both your home and your bank account.
1. Clean out your fridge and freezer each week
Before you roll your eyes at this suggestion, let me explain. Research shows that people in US households toss out a staggering 150,000 tons of food each day! The average American family of four spending $ $10,995 per year on food. A considerable amount of waste could be prevented if we commited to monitoring foods like produce, dairy, and meat and using them before they go bad.
Schedule a day once a week (the day before or day you plan to grocery shop is ideal) and take inventory of what groceries you still have available to prepare family meals. This allows you to take advantage of a slightly bruised zucchini and end-of-package cheese slices that you can turn into a delicious quiche for dinner rather than spending a small chunk-of-change on takeout pizza. Don’t forget the freezer. Those frozen drumsticks can be thawed and marinated for tomorrow’s Sunday dinner along with that bag of red bliss potatoes that have been sitting on your counter for weeks now.
A considerable amount of waste could be prevented if we commited to monitoring foods and using them before they go bad.
Make this a weekly habit and not only will you be able to serve your family tasty dishes, you can put the money you save toward something meaningful for your family.
2. Review your family’s monthly subscriptions
It’s the little things in life that can truly make a difference! That goes for those small, innocent payments you make each month for our family’s entertainment—Netflix, Hulu, Amazon Prime, gym memberships, music streaming services, Dollar Shave Club, and so many more.
List all your family’s subscriptions and see what your monthly total is. Decide which ones really make a difference for your family and then look at trimming the rest. You might be surprised to find out how much money you're spending on subscriptions you rarely (if ever) use!
3. Commit to decluttering your surroundings
A home filled with paper piled on countertops, loose laundry, a gaggle of knickknacks and tchotchkes, and drawers stuffed with gadgets and items that have no real purpose can be one of the biggest money drains of all.
When your living space is organized and functional, it sets the tone for everything else in your family’s life.
Look around your entryway, kitchen, family room, and even your garage. Are things neat and orderly, or do you have to dig every time you need to find your tennis shoes, the dog’s leash, and your car keys?
Clutter robs you of:
- Time. How much time do you waste constantly searching for everyday items?
- Space. Clutter can hog valuable counter and drawer space that should belong to items you use all the time. (What happens when you can't find your car keys or—say it ain't so!—reach the coffeepot?)
- Money. Just when you give up and buy a new duster, that's when the old one shows up. Am I right? And if you misplace your bills, that could result in late fees.
- Peace of mind. When your family lives amid chaos, you're constantly stressed about finding items, or you feel guilty that your home isn't in better order.
When your living space is organized and functional, it sets the tone for everything else in your family’s life. This doesn’t have to be an awful project. Get excited about how amazing you and your family will feel when everything has a place. When you eliminate the mess throughout your entire home (garage and shed included!), you’ll have a new lease on life. Disposing if things you bought and rarely used will also may you more mindful of what you purchase in the future.
There are dozens of recommended decluttering methods available, but my favorite is inspired by organizing guru, Marie Kondo. The way she goes about getting her clients organized involves a multi-step process that involves sorting by item category rather than by room. The KonMari method mandates that you only keep the items that bring you joy. (But remember, throwing out your bills because they don't bring you joy is a bad idea.)
RELATED: Clean, Organize, and Declutter with Marie Kondo's Magic: Part 1
4. Buy secondhand
A savvy way to save serious money is to shop secondhand stores. Not only can you find designerclothing at half the price of the original sales tag, you can score amazing finds for your home. There needn’t be a stigma about shopping thrift stores. Many have a boutique-like feel with knowledgeable, professional sales staff who are eager to help you and your home look better for less. In addition, you’re helping the environment by recycling!
Shopping secondhand is one of 2020’s hot parenting trends. Besides local thrift shops and consignment stores, there are plenty of opportunities to shop online. E-Bay, Swap.com, and ThredUp, and Facebook are a few of many online choices that offer a variety of top-notch styles for less.
5. Create an energy-smart home
Be mindful of turning the lights off when you leave a room or keeping your thermostat set at 68 degrees during the winter. To some, those types of things are already habit. But for many others, conserving energy isn't necessarily top-of-mind. The average electricity spent in a household per year is $1,368.36 and studies show that 35 percent of the power used is actually wasted.
Fortunately, this waste can be corrected. The U.S. Department of Energy estimates that the typical household can save 25 percent on utility bills by implementing energy-efficient measures. (Put that towards your family’s vacay!) These tips include replacing light bulbs with energy-efficient alternatives and properly insulating your home.
You can perform a do-it-yourself energy audit, and many local energy companies will also assist with a professional energy audit. Moneycrashers also offers some helpful tips in 10 Ways for How to Save Energy at Home Now – Save $2,500 Per Year.
With a money-saving mindset you’ll soon find other creative ways you can spend less and save more resulting in valuable time with your loved ones.