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49 Totally Genius Money-Saving Hacks That Will Blow Your Mind Ashley Rogers February 12, 2019 Recent Articles Must Read: How To Buy A Home When You Don’t Have The Downpayment, Free Ice Cream This Month Truebill App Review: How To Manage Subscriptions And Lower Your Bills How To Bring Up Money On A First Date Everything You’ve Ever Wanted To Know About How To Get Out Of Debt Must Read: Why Your Rent Is Really So High, The Ultimate Checklist To Be Successful Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Saving money is more than clipping coupons and opening a savings account. There are hundreds of hacks that can help you to squeeze a couple more dollars out of your earnings. Here are some of our favorite and most creative ways to save money. Some require a lifestyle change, and some are so easy that you are going to wonder why you haven’t been doing them all along. 1. Find And Cut Forgotten Subscriptions One the easiest (and worst) ways to waste money is to lose track of where your money is going. Staying on top of your bills, though, can be full-time job. Enter Truebill, which will automatically pull together every bill that you are paying for by analyzing your bank account and credit cards, so you can easily keep track of things in one place. Notice a subscription you are paying too much for? Truebill will cancel it for you. What about a cable bill that has been steadily increasing over the last few years? They will take on negotiating it down for you. Knowing where your money is going and then reacting will add up to big savings over time! Cut your unused subscription using Truebill 2. Cut Back Dramatically On Your Food Budget While food coupons are an excellent money saver, they can be difficult to actually remember to use. With the online coupon app Ibotta, you can easily access all your coupons in one place without having to clip them from a coupon book (win)! Simply sign-up for Ibotta and browse the app for the coupons that make the most sense for you. Then, just go to the store and buy those items, making sure to save your receipt. That’s when you’re going to want to scan your receipt with the Ibotta app so you can get cashback within 48 hours. The average Ibotta user saves $240 a year, so this is definitely worth your time. 3. Save $329 on Bank Fees Per Year by Switching Banks Sometimes it can feel like your bank is out to get you with all the overdraft and service fees they tack on. If you’re sick and tired of paying banking fees (and who isn’t), you need to try out Chime the mobile bank which guarantees it will never charge its customers a single fee. Say good-bye to overdraft fees, minimum balance fees, service fees, foreign transaction fees, and transfer fees forever when you move banks. Another huge benefit of Chime is that it allows you to receive your paycheck a full two days early. For those times when you are in need of extra money in a pinch those two days can make all the difference. Open a Chime account and save up to $329 a year 4. The More Free Gift Cards You Can Get, The Better When you are trying to save money, no dollar amount is quite as attractive as free. A unique way to get free gift cards is to join Swagbucks, a market research company that’ll pay you top dollar for every survey you complete and they let you cash out quickly. Using free gift cards you earn that substitute you buying something means more savings in the bank. To sweeten the deal, all new members get a $10 instant signup bonus. You don’t want to miss this. Earn free gift cards with Swagbucks 5. Master The 10-Second Rule This is the ultimate savings hack, but every time you are about to purchase something pause for 10-seconds and really think about whether you need something. Just these 10-seconds will help cut back on the worst kind of impulse shopping. 6. See How Much Debt Consolidation Could Save You Debt consolidation is an incredibly easy way to save money and isn’t as complex as it sounds. All you’re doing is borrowing money at a low-interest rate and using it to pay off high-interest debt. That means your monthly interest repayments go down and there’s only one bill to pay each month. Simple but effective! If you want to see your how much debt consolidation could save you, check out Fiona. Fiona lets you search all the top online consolidation and refinancing options for free. You can sign up in three simple steps. The best part? It is completely free to use. No gimmicks, no hidden fees. The loans offered are between $1,000 and $100,000, lasting between 24 and 84 months. Rates start at 4.99% and people with a credit score of 660 or above get much better rates. 7. Make A Vow To Never Pay A Late Fee Again Paying late on rent, your credit card or a medical bill is going to be mean extra fees. Do whatever you can to pay bills on time to avoid these fees. The payoff will be huge. 8. Get Paid To Save Money (Seriously) We consider Status one of the most useful money tools for a few reasons: It brings all of your accounts into one place so you can monitor how much money you have coming in and out all in one place. It let’s you know how you are doing compared to your peers as far as your spending, debt, credit score and income are concerned. It even makes cash flow projections for you! But here is the real kicker…Status will actually pay you to get control of your finances. As you use Status, the app will make recommendations for ways you can improve your finances, save more, spend less — you get the idea. When you act on Status’ recommendations you earn cash rewards. You get $5 immediately for singing up, $1 for linking your credit report so you can monitor it, $1 for linking your first bank account, $20 for consolidating your debt…the list goes on and an on. There’s no limit to how much you make and you can get the money wired to your bank account as soon as you hit the $10 mark. You should want to get control of your finances no matter what, but the fact that there is a way to get paid for doing it makes it all the sweeter. Did we mention that Status is completely free? Sign up to Status now and start earning cash rewards just for being smart with your money. Get paid to find savings with Status 9. Compare car insurance and save up to $720 Did you know that finance experts recommend you switch car insurance every year to make sure you’re getting the best price? If you haven’t compared insurance prices recently, you could be paying too much. One of our favorite tools to do just that is Gabi, which shops for the best car insurance deals for you – saving its customers an average of $720. All you need to do is connect your existing insurance policy and provide your driver’s license number. In minutes, you’ll get different options that you can switch to, helping you save a lot of money in the process. Plus: They’ll also let you know if you currently have the cheapest policy. $720 in your pocket sounds mighty nice! Save up to $720 a year on car insurance using Gabi 10. Think About Consolidating Credit Card Debt For a lot of people saddled with huge amounts of credit card debt, consolidating may be the key to getting on the right financial track. Credible is one of the best first steps to find out what options are out there. It’s an online marketplace that provides borrowers with competitive, personalized loan offers from multiple, vetted lenders in real time. Using Credible, you are able to compare rates from multiple vetted lenders in just two minutes. From there, you will be able to figure out if you are able to reduce the amount of interest that you are paying on your credit card debts. What are you waiting for? Stop letting your credit card debts get the best of you thanks to Credible. 11. Save Money Without Trying It’s so hard to save fast enough for the things you really want after all the bills are paid. What if there was a better way where you could save money without trying or realizing? Well, we have a little hack that makes stocking away money much easier than you might think: Digit. Digit helps you save money without trying. It works very differently from other saving apps by analyzing your spending and automatically transferring small amounts of money throughout the month into a savings account so you don’t even miss the cash. All you have to do is sign-up, create a “savings goal” and watch your fund build in the background. The cash is always accessible so the risk is absolutely zero. Getting to your goal is going to be much easier than you might think! Not convinced? Try it for free for 30 days! Effortlessly save money using Digit 12. Get $36 For Shopping Online Online shopping is nice, but online shopping with cashback rewards is far nicer. When you sign up for Affinityy, you get up to 20% cash back at your favorite stores including Walmart, Macy’s Neiman Marcus, Jet.com, and even Target. Affinityy makes it simple to find all the cashback offers and coupons you could want. Just search for a store, click on the coupon you want, and complete your purchase as you normally would. Then Affinityy will send your cash via check or PayPal. And if that isn’t enticement enough, you earn: $20 first purchase cash reward Earn $3 cash when you download the app Earn $3 cash when you download the browser extension on desktop Up to $10 per referral of family/friends Earn $5, $10, and $20 cash bonuses the more you shop with Affinityy Sign up for Affinityy for free to start saving 13. Start A DIY Investment Portfolio It’s impossible to get ahead financially just by saving, and because of that, it’s critical to start investing your money in order to grow it. With Stash, you can start investing in the stock market with just $5. Stash allows you to buy a fraction of a stock or an ETF instead of having to invest in a whole share. Starting with $5, you can work with Stash to build an investment portfolio that reflects your interests, beliefs, and goals. By investing just $5 a week, and assuming your portfolio grows by an average of 5% per year (a pretty modest growth rate), your portfolio will be worth a staggering $17,274 in 30 years. Get a free $5 when you open a Stash Account and have a brokerage account approved! Start investing with just $5 using Stash 14. Save On Rent By Turning Into Your Own Landlord You’re likely well aware of how much AirBNB has changed how people travel, but did you know just how big of a moneymaker it is for people renting out their homes or spare rooms? According to Priceonomics, hosts on Airbnb are earning more than anyone else in the gig economy and are raking in an average of $924 a month. Now, you’re probably thinking, there is no such thing as easy money, especially an easy $924 a month, but AirBNB makes it so darn easy to get started. They help you calculate how much you should be charging, for instance, so you can optimize how much you make. They also hold your hand through the process of creating an attractive description for your listing. Rent can be a huge budget suck, but this is a great way to cut back on the cost. Sign-up to be an AirBNB host, who on average make $924 a month 15. Earn Money Taking Surveys And Add It To Your Savings When you need extra cash fast, InboxDollars is by far your best option. They have tons of high paying surveys available from recognizable household names. One thing we love about them is their generous free $5 welcome bonus when you sign up and take at least three surveys. This means you can make some extra money fast (like today) 16. Negotiate Down Your Biggest Monthly Bills We are here to let you in on a little secret: you are probably wasting money on your cable bill. The dirty little secret cable operators don’t want you to know is that these bills can be negotiated. Truebill is the ultimate hack for dealing with this — and making sure those bills take a smaller chunk out of your budget every month. Connect your bills to Truebill either online or by snapping a photo of one. Then, Truebill expert negotiators will try to lower your bills by finding hidden discounts and promos for you(they never downgrade or remove services, either, to help you save money, so no need to worry about that). And that’s it, chances are they’ll find you some serious savings. Slash your monthly bills with Truebill 17. It Never Hurts To Look Into All Of The Options, Too Life insurance is so important and could ultimately be such a big saver for your family, so why not look into all of your options? Haven Life is great option to explore. There’s an easy online application, and the approval process which normally takes one to two weeks takes just two minutes with Haven Life. Haven Life is backed and fully owned by MassMutual, a leading insurer with over 160 years of experience, so you’ll be dealing with true experts when you work with Haven Life. Take a look at what your rate would be with Haven Life instantly here and start protecting your family. 18. Get Cash Back Even When Using A Debit Card Drop is literally the easiest way to save money. With Drop you can turn your everyday spending at your favorite store into points and cash rewards. You don’t need to lift a finger to save either. Get started by signing up here, then just link the debit or credit card(s) you use to shop. That’s really it. You set it up then continue with your normal life and earn points every time you swipe your debit or credit card. Once you earn points they can be redeemed for awesome stuff like Whole Foods, Costco and Trader Joe’s gift cards. Get paid for swiping your debit card using Drop 19. Take Control of Your Credit Score (And Save Money In The Process) From higher interest rates on loans to being unable to rent an apartment, a bad credit score can cost you a lot. Working to maintain a good credit score goes a long way in saving you money, and the place to start is actually monitoring your credit score. Want to find out your credit score before it’s too late? Sign-up for Credit Sesame and find out your credit score immediately. It only takes 30 seconds! Credit Sesame will start monitoring your credit score for you so there are no more surprises! It is 100% free to join so you have nothing to lose! Sign-up for Credit Sesame today and get ahead of any potential problems by knowing your score. 20. Protect Your Things (And Your Budget) With Insurance While you may love your Apple Macbook, so do would-be thieves, who would just love to swipe the $1,500 gadget from you at the gym, or out of your bag. It was expensive enough the first time, you don’t want to have to replace it! Thankfully, by paying for renters insurance with Lemonade that starts at just $5 per month, you no longer have to stress about that. Lemonade allows you to invest in the things that you love from a Macbook to a favorite pair of sneakers to a vintage guitar, and if they get stolen or damaged in your home, they’ll be covered. The best part? Lemonade covers your stuff outside of your home, too. Consider it a massive security net for your budget. Lemonade is markedly cheaper than its competitors to boot—on average cheaper by $145 a year. Sign-up for Lemonade today 21. Actually Sit Down And Make A Budget (Like, Now) It’s a classic piece of advice, but it is also one of the most effective ways for you to keep your savings account from springing a leak. Take an afternoon to yourself and really work on making a budget that works with your lifestyle. Then do whatever you have to do to stick with it. 22. Protect Your Family With Life Insurance Sure, most people get why life insurance is important. But they don’t get why applying can be so hard. Here’s the thing: It’s not. Bestow has radically improved the entire process making it essential for everyone with a family. Bestow lets you get life insurance coverage of between $50,000 and $1 million in under 5 minutes. If you want to get a life insurance quote, it takes just seconds. There’s no invasive medical examinations or complicated forms – all the stuff that’s been causing you to put off getting it. When you can protect your family’s future for the price of your morning coffee, you’ll be able to sleep better. Trust us. Get a life insurance quote through Bestow in seconds

23. Only Save In A High Yield Savings Account It’s always a good thing to be saving money, but if you are saving it in a low yield savings account (say, one with a .01% APY which is what most of the banks offer) you are making a big mistake with your money. Look around for an APY of 2% so you can ensure that you are using your money to make money. 24. Swapping Clothing > Buying Clothing Rather than heading to the mall and spending a ton on new clothes, host a clothing swap with your friends and family. Bring clothes you are willing to part with and exchange them for some new threads without spending a penny. You’ll also win some brownie points with your friends for organizing. 25. Simplify Your Financial Planning Anyone who has ever tried to put together a budget knows how downright difficult it can be! Wouldn’t it be nice if there was someone or something to help you get control over your money? Status brings all of your accounts into one place so you can monitor how much money you have coming in and out all in one place. It lets you know how you are doing compared to your peers as far as your spending, debt, credit score and income are concerned. It even makes cash flow projections for you! It’s perfect for getting an overview of your financial life and getting personalized recommendations. Simplify your financial life with Status 26. Start Saving And Investing As A Couple: It’s A Game Changer Twine encourages couples to strive for greater monetary success by saving together with competitive interest rates, guided tips and a streamlined interface. Unlike other platforms who offer similar features, Twine is all about saving as a team. An initial deposit of $5 is all that’s required to start a savings account with Twine. Users can gradually increase their balance until they’re ready to begin investing it. Each account earns a variable 1.05% in interest. As soon as the account reaches $100, Twine allows users to transform their savings into an investment brokerage account. The potential to grow as a couple makes Twine a positive experience. Start saving as a couple and sign-up for Twine today! 27. Cut Out All Of The Subscriptions You Are No Longer Using Life gets busy and sometimes we forget that we are still paying for that monthly subscription to Reader’s Digest that we never read (or a gym membership, or a streaming service we never use). The AI automated app Trim tracks down all of your subscriptions for you so that all you have to do is select which ones to cancel to start saving. Think about it–even if you are able to weed out just one subscription you are paying for monthly you could save upwards of $100 a year. That’s $100 that you could be using to build up your emergency fund. Use Trim to weed out costly subscriptions you never use 28. Take Fancy But Most Importantly Free Fitness Classes Whether it’s spin, pilates, or yoga, fitness classes are an excellent, but very expensive method of getting fit. Thankfully, most fitness studios offer discounted or free classes for first time visitors. If you take the time to source them out, you will have a pretty robust list of free fitness classes to take advantage of. 29. Play Games While Saving Money Who says saving money has to be akin to watching paint dry? The days of yawn-worthy banking are over thanks to the arrival of Long Game, an app that lets you play games, save money and earn cash and crypto rewards. Now you can have fun with your money while it builds into a healthy cushion of cash. With the Long Game app, your money earns interest and stays safe because it is FDIC insured. Your money is also accessible at any time. what are you waiting for? Sign-up for Long Game to have fun saving money while building wealth! 30. Scan Your Emails To Find Hidden Savings All of those emails you have that are receipts of things you bought online? They might be worth actual cash thanks to Paribus. That’s because once you sign-up for Paribus, it will scan your email for your shopping receipts and monitor for price drops on the things you have bought effortlessly. If Paribus detects that there has been a price decrease on something you’ve bought, it will effortlessly file a claim for a price adjustment on your behalf so you can recoup the difference. It’s completely free to use–you’ll get to keep 100% of your savings, so you there is absolutely nothing to lose from trying this! Paribus compensates us when you sign up for Paribus using the links we provided. Sign up for Paribus and get price protection on all your shopping! 31. Make Buying In Bulk Your Thing It may not seem intuitive, but the more of an item that you buy, the less you are going to end up paying in the long run. Get yourself a Costco membership, or a membership to another wholesaler, and take advantage of buying in bulk. Live in a small space? Partner up with a few friends to go in on buying bulk toilet paper, chips, and more to reap these savings. 32. As A Rule Don’t Emotional Shop Breakups are tough… and so is the bill at the end of an emotional shopping day. Instead of grabbing your wallet at the end of a bad day, grab a bar of soap and take a bath to decompress rather than max out your credit card. And yes, this tip is for both men and women. 33. Walk, Bike, Carpool Try and choose the transportation method that is going to cost you the least amount of money. If you live close to work, opt to walk or bike rather than taking your car and spending gas money. If that’s not an option, why not carpool with some co-workers. The savings will start to add up almost immediately. 34. Stop Buying Gifts Completely Birthdays and holidays may be fun, but they often come with the expectation that you spend a lot of money buying gifts for people. Cut down on those gift prices by DIYing your presents. Knit a scarf, mason jar some granola, just make something that shows you made an effort while also saving money. Over time that’s money in your savings account. 35. Get Money Back Wherever You Shop Online If you aren’t getting cash back every time you shop, we are here to tell you that you are doing something wrong, very wrong. Here’s how to make sure you never make this mistake: Simply sign-up for Ebates, and then visit your favorite stores from Amazon to Nordstrom, via Ebates (this step is key). When you then buy something Ebates will then be able to process your cashback. Of note: Every retailer available on Ebates offers a different amount of cashback, usually between 2 to 3%. Make sure to check the “Flash Cash Back Stores” tab on the site to find the special cashback offers (we’ve seen up to 22.5%)! Get cashback when you shop online by saving for Ebates 36. Stop Saving Your Payment Information On E-Commerce Sites There’s a reason e-commerce sites allow customers to save their payment information–it makes checking out easier and people are more willing to part with their money. Don’t make parting with your money as easy as a rule. By not saving your payment information on e-commerce sites, and making it harder to check out, you’ll be more likely to not buy something, and more apt to save money. 37. Stop Buying $5 Coffee Every Day That half-caf soy milk latte is not worth the five-plus dollars you are paying for it every day. A much better investment is to brew your morning joe at home and if you want to be fancy, buy yourself a milk frother so you can DIY your own latte. 38. Buy Generic Whenever Possible Especially when you are shopping at places like Walgreens and CVS, look to buy the generic brands of products. They are always cheaper, sometimes even by a few dollars. Do you really need to spend a few extra dollars on name brand toothpaste? We didn’t think so. 39. Get The Absolute Most Back You Can On Your Taxes If you select the wrong withholding amount on your taxes, you’re essentially giving the IRS an interest-free loan. Understanding your personal circumstances and selecting the right withholding could net you hundreds extra a month in your savings account. 40. Leave Your Wallet at Home If you are taking a walk, picking up a delivery, or just stopping by a friend’s house to say hi, try and leave your wallet at home so that you won’t be tempted to stop and part with your hard-earned cash. If you don’t have any money on you, how can you possibly spend? 41. Make Sure To Do This Earlier Rather Than Later You can save a lot of money making certain moves earlier rather than later and one of the big ones is life insurance (which, by the way, most people don’t realize you can put to really good use while you are alive including using it to take out loans or for living benefits). One of the best inexpensive ways to get life insurance is via Policygenius which allows you to easily compare quotes from multiple insurance companies in just two minutes. There are absolutely zero fees too so what you see is what you get. A healthy 30 years old can get $1 million in coverage for under $30 a month! That’s a massive amount of money that you’ll be able to put to use, so do this sooner rather than later! Get a life insurance quote instantly with Policygenius now 42. Unplug All Of The Electric Devices In Your Home That Isn’t In Use All of those electronics in your home that are plugged in but are also not on are costing you money. Yeah, that’s right, you are probably spending money right now on absolutely nothing. As soon as possible, walk around your home and unplug everything that’s not in use, and start seeing the savings on your monthly electricity bill. 43. Reduce Co-Pays For Prescriptions You Take Regularly In order to decrease the amount you pay in co-pays for your prescriptions, ask you, doctor, to submit a prescription for a three month supply. In most cases, you will only have to pay the co-pay for one month’s worth instead of the full three months. 44. Start Living For Happy Hour There is a reason it’s called a Happy Hour: because people are happy to be having their favorite cocktail for half-price. Try and always take advantage of happy hour so you aren’t spending an arm and a leg on regular full-priced cocktails. Hunt down the happy hours with free food, so you can double up the savings. 45. Seriously Assess How Much You Are Paying For Your Phone Every Month And Cut Back I think we can all agree that a phone is a 2019 necessity, but is it also a necessity to spend almost $100 a month on service for a said phone? I think we can all agree that’s a hard no. One of our favorite options for dramatically cutting back on the dreaded monthly phone bill is to a budget carrier such as Mint Mobile or Cricket. 46. Play Games And Save At The Same Time If you need a little extra incentive to start saving money (and who doesn’t) you are going to want to download Blast. Not only will you earn 2% on whatever is in your new Blast savings account (five times the national average), the app offers its users a pretty unique and fun way to build up an emergency fund. Here’s how it works: Once you have downloaded the app, play games and complete missions and the app will reward you with real cash, thereby helping you earn and build your savings in small increments. Via the Blast app you’ll also be able to compete on the Blast Leaderboard where the higher you tier, the better chances you have of winning $1,000 every week, so there are a lot of opportunities to earn extra cash to put towards your savings! 47. Stop Wasting So Much Money On 401(k) Fees No one wants to still be working a 9-to-5 when they are 80. Which begs the question, when was the last time you checked your 401(k)? You likely haven’t lately because you don’t understand what you are looking at when you do (don’t worry, the confusing jargon and pie charts stump us all). This is the year to take control of your retirement savings once and for all. Blooom is a robo-advisor that does the work for you. It stays on top of your 401(k) plan and optimizes your investments regularly. It helps you meet your financial goals without all the hard work. Get started with an entirely free analysis of your 401(k) plan so you can understand your investments and uncover unnecessary fees. For only $10 per month after that Blooom will optimize your investments and minimize what fees you pay. Blooom’s median client saves a whopping $106 in fees just in one year. By retirement age, the median Blooom client saves a staggering $24,257 on hidden investment fees. Stop wasting money on fees. Let Blooom manage your 401(k) 48. Try A Staycation And Save Vacation inevitably eats into a budget, but wanting to save doesn’t mean cutting out time off from work. Instead of spending money going somewhere plan a fun staycation that involves binge-watching old movies on the couch, making margaritas, and getting a massage (feel free to ad-lib here) and both save money and get some relaxation in. 49. Cut Back On How Much Of Your Money Is Going To Taxes The robo-adviser Betterment is one of the smartest ways to invest your money thanks to its low and transparent fees, and its track record of beating the typical DIY investor by 2.66%. But there is another big advantage of investing with Betterment: saving on your taxes. Betterment is constantly thinking about ways to lower your taxes thanks to its automated advanced tax-saving strategies. It’s able to increase its users’ portfolio by an estimated 15% over 30 years. In other words, Betterment finds huge savings for its users focusing on cutting back their taxes. Betterment requires a $0 balance to get started, so even if you are a novice investor don’t feel shy. Instead of seeing all of your money go to taxes start investing with the help of Betterment.paribus Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. 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In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. CREDIT CARDS How This 31-Year-Old Plans To Pay Off Her Credit Card Debt In 6 Months Ashley RogersMay 20, 2019 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. People are swimming in debt. Credit card debt, student loans, personal loans — you name it. It’s easy to get into debt, but much, much harder to get out of it. We talked to 31-year-old Allison* who has the lofty goal of getting out of her credit card debt in six-months. While getting out of debt is never easy, there are a lot of ways according to Allison to come up with extra month to pay down the debt that aren’t nearly as hard as you might think. OK, so you are on your way to paying off your credit card debt in just six-months. What was the very first thing you did that started you on your journey? The first thing I did was read a lot about credit card debt and the various methods for getting out of debt. That’s how I ultimately decided to try and consolidate my debt so I could get a lower interest rate. The less money I was paying in interest, I realized, the better. Someone recommended a site called Credible to me to easily check out what interest rates I might be eligible for. I entered the amount of debt that I wanted to consolidate and was easily able to find a company that would allow me to consolidate my debt under a much lower interest rate. Once I did that, I chopped up my credit cards. I didn’t want to fall back into bad habits and have a personal loan that I needed to pay off and then also start to rack up credit card debt again. That’s a pitfall I know a lot of people fall into. The debt didn’t just go away, you still need to pay it off, how are you doing that? It’s so easy when you have a debt to just put off paying it off — to not make it a priority. The biggest thing that I have done to speed up paying off my debts is to put it onto autopilot. I signed up for Digit, which I honestly can’t say enough good things about. After I signed-up, I specified my goal for how much I wanted to sock away each month. Then, Digit started to analyze my spending, pulling small amounts of money out of my checking account throughout the month so I barely missed it. All of that money that gets socked away I then use to pay down my debt. Basically, it does all the hard work for me, which has made all of the difference. A lot of people struggle with this idea of keeping up with the Joneses — keeping up with their friends. Any advice on how to not fall into that trap when you are trying to get out of debt? I actually told all of my friends what I am trying to accomplish. I wanted it out in the open. That way if they invite me to a fancy dinner or a vacation they’ll know why I am saying that I just can’t right now. This actually just happened: one of my friends is having a bachelorette party in Mexico. I just couldn’t make the numbers work with my budget, so I had to tell her I couldn’t go. But everyone has actually been more supportive than I thought they would be. They know when I am turning an invite down it’s not because I don’t love them or want to spend time with them, but because I want to get my debt under control. What have you done to cut your bills? I used Truebill to analyze what I am spending money on and see what subscriptions that I am paying for. I realized that I was paying for a Hulu subscription that I never use, Audible, which I never listen to, and a gym membership that I honestly rarely use. With Truebill I was able to cancel all of these subscriptions immediately. It’s kind of scary when you realize how much money you are spending on things you don’t even use. It was definitely a wake-up call for me. How Renting Your Car When You Don't Need It Can Net You Thousands Of Dollars What about some of the bills that you can’t get out of, what are you doing? I need my car to get to work, and because of that, I need car insurance. Again, I did some research (I can’t recommend that enough) and I found that financial experts recommend you switch car insurance every year in order to save the most money. A friend recommended Gabi because they have a reputation for on average saving people $865 a year on car insurance. I checked out the site, connected the policy I had at the time, and in a few minutes, they supplied me with 20 car insurance quotes. I immediately switched. I consider it a pretty awesome discovery when you realize you can cut back on a bill that you have no way out of getting out of. Any other surprising places to save you’ve found? Trying to get out of debt has made me hyper-conscious about every dollar that I spend. It’s also made me realize that I don’t want any surprise bills. I can’t afford them if I want to get out of debt in six-months. The thought of having to put a new laptop on a credit card right now gives me the shivers. I’ve never had renters insurance, but I actually recently signed up for Lemonade. Their renter's insurance starts at just $5 a month and actually protects my stuff whether it’s inside my apartment or outside my apartment. What other hacks have you tried to combat your debt? I’ve been using Status Money to help me achieve my goals. It works a little bit differently than typical budgeting apps. Immediately when I signed up I was able to see how I ranked among millions of people who are like me financially and see if I am overspending in certain categories. For instance, I can see via the app that I am spending more than my peers on rent each month, so that’s another thing I am thinking about cutting back on. Also with the app, I am able to track my net worth, set spending limits and income goals, get cash flow projections and track my credit report. It’s been a real lifesaver because not only am I able to keep track of how I am doing, but I am able to see how other people like me are doing financially. You’ve probably had to make some big changes to your lifestyle to set yourself on the path to accomplishing your goals. What have you done? You know, it hasn’t been as hard as I thought it was. The very first thing that I did was I made a budget for myself of how much I could spend on food and other essentials each month in order to stay on track. I also immediately started to find ways to cut back on everything that I was spending money on. Take my bank account. As I was analyzing what I was spending money on I started noticing all of these fees that my bank was charging me that I never really questioned. I started freaking out! I couldn’t believe I was wasting money on bank fees of all things. I immediately started looking into banks that don’t charge ridiculous fees. I found Chime which promises to never charge minimum balance fees, monthly service fees, overdraft fees, foreign transaction fees or transfer fees. You can even get paid two days early when you set up direct deposits! I read online that the average person spends $329 a year on bank fees. Personally, I’d rather use a 100% free bank account and have that extra < money to pay down my debts. What about as far as your day to day spending goes, is there anything there you have cut out? I love to travel and I love to eat out. Those are two things I have just had to pause in my life right now. It won’t be forever though, and I know that. A big bonus is that I have been cooking more and having friends over rather than eating out. Sometimes it’s about looking on the bright side. Do you shop any differently now that you are prioritizing paying down your debt? I’ve done a few things differently. Number one, I never go into stores just to browse. Why tempt me? The other thing I do is I always sleep on a purchase that isn’t absolutely essential for 24 hours. And lastly, I am constantly looking for a deal. Affinityy, for instance, makes it really easy to get cashback on pretty much everything that I’m buying online. I’ve made it into a routine. Before I buy anything I log-onto Affinityy and check out the cashback offers at various stores. Let’s say I’m wanting to buy a pair of shoes at Macy’s–right now there is a 6% cashback offer. That’s more money in my pocket to pay down my debt and it takes at most an extra minute. Beyond the practical, I just want to say to everyone struggling to get out of debt to keep your head up. Making a lot of small changes I’ve found can really add up. And if I can do it, you can do it too. *We omitted Allison’s last name on her request to maintain her privacy. ***Based on $329/year average fees reported in the Bank Fee Finder Report, April 2017 Hold on! We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY Truebill App Review: How To Manage Subscriptions And Lower Your Bills Justine NelsonJuly 19, 2019 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Our Truebill app review can be broken down into these two amazing features: manage subscriptions and lower your bills. If you are like us, you have several bills that you pay each month. Whether you binge on Hulu, order hair color in a box, or pay prem-o for internet, subscription billing can run rampant if you’re not careful. According to a study by Waterstone Group, 84% of Americans underestimate how much they spend each month on subscription services. Participants estimated they spent $79.74 each month on subscriptions. After digging into the numbers, the study showed participants actually spent $237.33 per month. That’s a difference of $157.59. That’s where Truebill comes into play. Truebill thrives on negotiating bills and managing your subscriptions. Rather than looking through your bank and credit statements manually for each subscription, the Truebill app helps you keep track of subscriptions so you can change your behavior. Let’s go over the best features of the Truebill app. How does Truebill work? First, you will have to connect your bank account or credit card account to the app. Rest assured your information isn’t sold to third parties, but there are a few ads for insurance and credit card companies. Once everything is synced correctly, you can easily view all of your bills in one spot. Plus, it shows you what you frequently spend money on. Oh yes, your Chipotle addiction is included. The app can send you notifications when they notice changes in your bills and gives you the opportunity to have them lowered on your behalf. Manage your subscriptions This is easily one of our favorite features in our Truebill app review. When you sync your checking and credit accounts to Truebill, in roughly two minutes the app pulls data from all recurring bills, like Netflix, looks for any bill changes, and determines whether or not they can negotiate lower rates for you. More than likely you are paying for things that you don’t need. This can get especially tricky to monitor when you are set up on a recurring automatic subscription. Truebill manages your subscriptions so you can save on monthly bills. Another subscription feature that we like is that your bills are organized by the calendar date so you can see when those bills hit your account. If you pay any of your bills manually, this can be extremely helpful so you don’t miss a due date. Truebill can lower your bills Truebill can negotiate your bills for a lower rate. There is a 40% fee based off of how much you save. You avoid taking time out of your day to listen to hold music and leave the negotiations to Truebill. They mostly deal with telecom providers like Sprint, AT&T, Cox, and Verizon but Truebill negotiates with around two dozen providers. Truebill touts that there is an 85% chance that they can lower your bill. Who wouldn’t want to take advantage of those odds? If you have ever dealt with trying to lower your internet or cable bill, you know how hard this can be. Not only do you have to dig up a secret phrase or passcode just to get customer service to speak with you, but there’s also another valuable component you are giving up: your time. We put this feature to the test. With Truebill, one of our The Money Manual editors was able to lower her internet bill by roughly $8 per month (see video above). This was an annual savings of $100 of which she paid 40%, or $40, to Truebill. What’s in the Truebill premium feature? There is a paid feature to the app which gets you access to automated cancellations, custom spending categories, automated savings, and refunds on overdrafts and late fees. It’s $4.99 per month, so is it worth it? Let’s say you rarely incur an overdraft fee and this time you made a mistake. The Truebill app can request a fee waiver on your behalf. The average overdraft fee is $35 so upgrading to premium to avoid the fee could be beneficial. Plus, the cancellation feature is a big bonus. Trying to cancel your cable bill, for instance, can be time-consuming. Customer service is trained to get you to stay, thus wearing on your patience and increasing your frustration. This feature alone might be worth the premium cost even if just temporarily. Final thoughts on the Truebill app Anyone who has multiple bills and wants to optimize their savings without wasting time should give Truebill a try. With more and more products offering subscriptions over one-time purchases, even people who closely watch their spending could see benefits from this app. If you are interested in learning more about Truebill, head here. Hold on! We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY Digit App Review 2019: Is It Worth Millennials’ Time? Justine NelsonJune 5, 2019 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Our Digit app review covers how you can make saving money easier than your last Starbucks order. The Digit app can help you effortlessly save for your money goals. From paying down those pesky student loans to taking a trip to Cabo, this app stashes money away for you. And let’s face it. Saving money doesn’t come easy for some, no matter how much money you may bring in. According to the Federal Reserve’s 2016 Survey of Consumer Finances, “15% of families report spending more than they received in income.” Ouch. If you spend money too quickly and easily, this Digit app review might be what you need to form better money-saving habits. Users have reported pretty impressive results, so we wanted to do a thorough test of Digit for our own review. How The Digit App Works The Digit app works by first linking to your checking account. What makes this app different is that it analyzes your spending, and automatically transfers money into a savings fund. What get’s transferred is in small increments, so the money isn’t even missed. You can add goals directly inside of the app, too. Select a maximum daily savings goal amount so you never go over. In conducting the Digit app review, we found this feature to be really handy, especially if your income fluctuates. Does The Digit App Cost Money? If you want to test the Digit app, you can sign up for a 30-day free trial. After that, the app charges $2.99 per month. You might be thinking this is a little weird considering you downloaded the app to save, not spend. But if you aren’t a habitual saver, $3 bucks could be the kick in the pants you need to set money aside each month. The Best Parts About The Digit App Set up multiple goals. The fact that you can set up multiple goals within Digit makes this app different than other money-saving apps. We tested savings goals from rainy day funds to travel to saving for a nose job! Yes, even body enhancements need to be cash flowed. Digit sends you text message updates. Constantly on your phone? Same. We love the text messages from Digit that announce how much you have saved and updates on account balances. You avoid the hassle of logging into your bank account with these automated notifications. If you stay with Digit for at least three consecutive months, you get a 1% bonus. Digit’s built-in loyalty program makes the app worth keeping on your phone. Once you have used the app for three months, you receive a 1% annualized savings bonus which is automatically deposited to your Digit account. There is a referral program with Digit. For each friend you refer, you receive $5. The referral cash is added directly to your Digit account. It’s another easy way to stack up your savings using the app. The Worst Parts About The Digit App It has a monthly fee of $5. There is a monthly fee for using the app. If you aren’t a natural-born saver, it could be worth the small fee to let Digit do the saving for you. Digit doesn’t evaluate your spending on credit cards. The app can’t look into your spending habits on your credit card, but more than likely you pay your credit card using your checking account. In this way, the app is indirectly taking your credit card purchases into account. There’s a real possibility Digit could put you into overdraft if you’re not careful. The good news is Digit will reimburse you for up to two instances of overdraft. That’s why it’s important to set a maximum daily savings amount to make sure you don’t go in the red. Is The Digit App Worth Giving A Shot? In short, Digit helps you save money and pay off debt without thinking. It’s a great way to put savings onto autopilot without doing much on your part. When you’re ready to use your funds, you can withdraw money at any time from Digit and send it back to your checking account. Our final thoughts in this Digit app review? We give the app five stars and think it’s worth giving a shot. Click here to sign up for Digit and let us know what you think! Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. BUDGETING What Would Marie Kondo’s Budget Look Like? Dr. Kyle L. O’Hagan June 3, 2019 Unless you’ve been living under a rock, you’ve probably heard of Marie Kondo, the famed organizing superstar who has taken the world by storm with her trademarked “KonMari Method”. Using six unique steps, Kondo has completely revolutionized the art of tidying and decluttering. And, in her wake, she has created a movement of people trying to better organize and simplify their homes, one sweater or book at a time. Her philosophy is simple: hold on to things that are dear to your heart while getting rid of those that no longer spark any joy. Essentially, the KonMari method is a lesson in mindfulness and introspection – areas that are too often neglected when it comes to our personal finances as well. Which got me thinking: what would Marie Kondo’s budget look like if she applied her revolutionary principles to her personal finances? Well, I think it might go a little something like this… Rule 1: Commit To Tidying Your Budget In her first rule, Kondo highlights the importance of answering the question: why do I want to do this in the first place? What is the underlying emotional reason for wanting to have a more organized home (or, in this case, a more organized budget)? If you don’t know you're why you’ll likely never start or you’ll simply quit before you’ve seen any meaningful results. Do you want to pay more attention to your budget because you’re drowning in debt and don’t see a way out? Or maybe it’s because you’ve watched your parents struggle through retirement, realizing you don’t want to put your children through the same ordeal when you’re older? On the other hand, maybe you simply have a desire to retire early and travel to your favorite parts of the world with your significant other? It could be anything. You fill in the blank. But once you’ve identified the reason, that’s when you commit yourself to tidying, decluttering and reorganizing your budget to help you get there. Bear in mind, when you commit to something, whether it’s to your partner, your home, or your budget, things will not always be sunshine and roses. There will be times that will test and challenge you. And it’s during those times that your “why” becomes so important in reminding you of the reasons you made the commitment from the start. Rule 2: Imagine Your Ideal Retirement In her second rule, Kondo espouses that to get to where you want, you need a pretty clear vision of what the finish line looks like. In her words: Imagine your ideal lifestyle. Financially speaking, this would mean asking yourself the following questions: where do I want my budget to take me? And what do I hope retirement will look like when I get there? Maybe it means leaving your soul-crushing job? Or maybe it’s to provide a more rewarding life for your children, who are at the center of your universe? Maybe it’s to finally feel peace of mind and to not constantly stress about money? Whatever the destination, you simply need to decide on one. And then you need to imagine (or dream) about that future. Psychologists call it visualization and its effects are profound and scientific. A study performed by the Cleveland Clinic Foundation in Ohio found that when study participants performed “virtual workouts” in their heads (without setting a foot in the gym), they were able to increase their muscle strength by 13.5%. Purely by imagining it. This was almost half the value recorded in participants who actually visited the gym on a regular basis. Imagine that (pun intended). Is this the magic bullet we’ve all been looking for? The point is this: there is power in imagining and thinking about your future. Not only does it provide you motivation and boost your confidence, but (neurologically speaking) your brain struggles to differentiate between what’s real and what isn’t. Maybe it’s time we took advantage of this and finally let ourselves dream about the retirement that we truly want – without judgment or self-limiting beliefs. Rule 3: Call Out The Clutter Once you’re committed and you know your destination, the next step is to be aware of any immediate financial obstacles in your way. Due to the nature of spending in this day and age, we are less connected to our money. It isn’t physical or tangible anymore. We simply swipe and walk away, not realizing where or how much of our money is leaving our account. But sometimes it pays (quite literally) to take a moment and figure out where we might be going wrong. How do you do this? Print out your bank statements and lay them all out on your living room floor. Then grab a pen and circle all the expenses that aren’t absolutely necessary for your day-to-day survival. Maybe it’s the routine morning coffee at Starbucks. Or a subscription to a magazine that is gathering dust on your coffee table. Maybe it’s the indulgent glasses of wine or pints of beer when you’re dining out. By taking the time to study your statements, you’ll realize where your budget may be leaking money. And it’s only in becoming aware of these cracks that you can apply the necessary financial first aid. Place each of these expenses into specific budget categories. Then rank them from highest to lowest. This will give you an overall view of the holes (both minor and major) that are potentially sinking your savings. And when you’re done, commit to removing that clutter, one category at a time. Rule 4: Tackle One Budgeting Category At A Time One way to ensure you get budget burnout is to try get rid of all your financial clutter in one fell swoop. This is often what we are prescribed by our “financial doctors” – to remove anything and everything that doesn’t serve us financially. But it’s like taking antibiotics for a viral infection. Pointless and potentially harmful. When you make the decision to declutter your budget, do it slowly: one budgeting category at a time. Maybe this week (or month) you’re going to tackle reducing your “dining out” or “entertainment” bill? Next week you’ve bookmarked “online subscriptions” for a complete overhaul. And, maybe the next week, you’ve diarized your “grocery bill” for a face-lift. By tackling one category at a time, you prevent budget overwhelm. If things aren’t working out, it’s back to the drawing board and you make a second attempt. Even a third, if you need. I like to call this the budget feedback loop. By addressing a single budget category at a time, you allow yourself the necessary time to see if your new budgeting strategies are actually working or simply causing you total misery. If one works, pat yourself on the back and move on to the next. If they’re causing you misery, then maybe you’ve discovered a category that you’re (currently) unwilling to compromise on. In this case, don’t beat yourself up – simply move on and revisit it at a later stage. There will always be other fish to fry. Rule 5: Tackle The Easiest Budget Category First This is simply human psychology. We’d rather climb Everest (because of the prestige and bragging rights) than the first try and conquer the staircase at work. Inevitably, our ambitious egos set us up to fail. While it’s impressive (and maybe desirable) to do a complete and total budget overhaul in a single sitting, you’re likely climbing Everest instead of focusing on that staircase. And, for that reason, there’s a high chance you might not succeed. Much like Dave Ramsey suggests tackling your smallest debt first in The Debt Snowball method, I believe Marie Kondo would be gracious with herself when first setting up her budget. She might say: “Okay, a complete budget overhaul is the mountain summit. But what should I tackle first to inch my way forward in getting there? The logical step is to take the easiest one. Not only will I feel a sense of accomplishment, but I would have literally moved one step closer to my goal. It might not be a big step, but it’s a step in the right direction. And that, my friends, counts as a success. And success breeds more success.” Neil Armstrong landed on the moon and is famously quoted as saying: “One small step for man, one giant leap for mankind.” On Earth, that step might have been quite average in all respects. But, in the bigger picture, it was huge. Don’t judge an action based on its perceived size. Judge it on the ripple effect it is bound to have. Start tackling those budget categories that are easy for you – the ones with the least psychological resistance. Once you’ve gained enough momentum and confidence, you might actually find it easier to tackle those categories you thought you’d struggle with the most. Maybe we should call this the Budget Snowball method? Rule 6: Always Question Your Purchases In her final and probably most important rule, Kondo suggests we regularly ask ourselves: does it spark any joy? This is a fundamental mindset shift. Instead of placing importance on material things that you can afford, you instead ask yourself whether a purchase aligns with your values, goals, and priorities. Instead of ruminating on the excitement you feel in the moment, you’re also asking how this purchase will make you feel in a few months or years’ time. Will buying the latest iPhone spark the same amount of joy next year when the newer model hits the shelves? Probably not. Honestly, your money is better invested in things that will bring you long-term happiness. Is that gym membership still sparking joy or is it simply making you feel worse about yourself? If it’s the latter, then maybe it’s time to put that money into something that sparks more positive emotions – like the peace of mind you’d feel when paying off your debt or saving for a much-needed vacation. The ultimate goal of using the KonMari method on your finances is to eventually reach a space where your budget only contains things that spark long-lasting joy – both today and long into the future. All the clutter is removed. All the unnecessary fray is pruned away. And you’re left with a budget that you actually don’t mind opening. What Would Marie Kondo Do (WWMKD)? The next time you find yourself wanting to give your budget some tender loving care, sit back and ask yourself: what would Marie Kondo do? Her strategy is so wildly successful that it landed her a Netflix special. What makes you think you can’t have the same success with your budget? Dr. Kyle L. O’Hagan is the founder of The Saving Scientist. Feature Image: Courtesy of KonMari More From The Saving Scientist: 6 Budget Types To Try (Even If You Hate Budgeting) Budgeting As A Couple: 12 Surefire Ways To Keep The Fire And Finances Alive If You Follow One Piece of Financial Advice, Let It Be This Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY How Much You Can Knock Off Almost Every Single One Of Your Recurring Bills Thanks To Just One Hack Ashley RogersMay 31, 2019 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. When you are trying to come up with extra money the usual advice is to cut back on your optional spending (clothes, coffee, dinners out) or to make extra money via a side hustle or some other means. Yeah, you’ve heard that all before. But what about the monthly bills that you can’t get out of? Your phone bill? Your internet bill? You can’t exactly live without those in 2019, let’s be real. And yet those are the bills that are taking the biggest chunk out of your budget. Here’s how to lower your internet bill Truebill is the ultimate hack for dealing with this — and making sure those bills take a smaller chunk out of your budget every month. Connect your bills to Truebill either online or by snapping a photo of one. Then, Truebill expert negotiators will try to lower your bills by finding hidden discounts and promos for you (they never downgrade or remove services, either, to help you save money, so no need to worry about that). And that’s it, chances are they’ll find you some serious savings. How much you could save: Based on the data above, SiriusXM clearly leads the pack when it comes to being open to lowering a person’s bill, but it’s interesting to note that Truebill has had success knocking down pretty much every big recurring bill. Just imagine if you could lower your cable bill by 20% with the snap of a finger. Or if you knocked $25 off your internet bill every month. Those are big savings that will have a real impact on your budget. What does Truebill take for negotiating your bill down? Their cut is only 40% of what they save for you for a year, so you won’t be spending a penny if they ultimately don’t save you anything. It’s also important to note that savings after a year are all yours. Bottom line: There is the only upside when you use Truebill to negotiate down your bills–this isn’t money you would come to on your own. Our work here is done, now download Truebill and save some of your hard earned money why don’t you. We can’t wait to hear how much you were able to save, *Data supplied in the above tables and graphic was collected from negotiations Truebill underwent since January 11th, 2018 to February 28th, 2019. Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money saving app reviews brought to you by our editors. SAVE MONEY Why You Overspend – And The Steps You Need To Take To Stop Justine NelsonMay 14, 2019 How often have you pushed the “Order now” button this past week? Spending money is too easy. From our phones to our inbox to the coffee shop on the corner, it’s hard not to feel spendy. And as we rush from work to home and in between, it feels good to unwind at happy hour, despite the hefty bar tab at the end of the night. Overspending is becoming all too common. Millennials have it bad, too. Not only are millennials burdened with nearly $1.5 trillion in student loan debt, but they have also become susceptible to credit card debt. Credit card debt has become the most prevalent type of debt among millennials, according to an NBC News/GenForward survey. When debt seems like it will go on for infinity, it’s easier to shrug your shoulders and spend anyway. Not all is doom and gloom. Before you decide to rocket off to another planet to escape your financial situation, there is a way to optimize your spending. But first, it’s important to understand why you are overspending, to begin with. You replace contentment with spending You overspend because you are replacing contentment with spending. Contentment in its simplest terms is finding joy. You can find contentment by opening up a good book. Running a hot bath and listening to your favorite playlist. And you can also find contentment in the moment spending on something you want. Lauren Lane, a 29-year-old graduate student, ran up her credit card quickly this way she told The Money Manual. “I used to buy random things on Amazon because it felt good at the moment,” she shared. “I wasn’t paying attention to how much I was spending…My happiness levels were way off and I wasn’t sure why.” When life decides to run us over with a Mack truck, our brains go to a quick-fix to solve our frustration. A quick run-through Ulta or perusing Amazon daily deals help us feel better about ourselves. But it’s only a temporary fix. Soon after purchasing that “thing,” we are back to our hectic routines, and our latest purchase is hidden in a drawer. Your financial well being is linked to your personal well being It is no surprise that when our bank accounts are full, we tend to be happier and more relaxed. When we let our spending run rampant, it affects our well being. Jobs suffer because financial anxiety fills our head. Relationships endure bitterness because we are worried about money. This can cause a crazy cycle. Financial turmoil causes stress in other areas of life which causes people to spend money to make themselves feel better. In turn, spending causes financial turmoil. See how this goes? Financial well being and your personal well being are interlinked. Recognize all of the reasons why you are overspending. It could be because you are frustrated with other areas of your life. How can you address them without going into a spending frenzy? Find support in like-minded individuals who are going through the same thing. Talking about your situation with others can help you overcome overspending habits. FOMO is real and it’s hurting our wallets So your friends are going on a spur-of-the-moment trip to Vegas. Want in? We all have experienced that feeling of missing out. On one hand, you want to carpe the Diem. On the other hand, you want to protect your ever-diminishing bank account balance. FOMO, or fear of missing out, can wreak havoc on our wallets. Social media is a big culprit of inducing FOMO. Scroll through any feed and you’re bound to find that someone bought a new house or someone went on a trip to Thailand. It’s enough to make you feel down about your current situation. In this mental state, you are more likely to make rash financial decisions. How to overcome overspending Find fun and free activities you enjoy Make a list of fun and free activities that you enjoy. Create a plan to do at least one of those activities monthly. “I love sitting around a fire in my backyard and my husband and I love Pokemon Go. It’s free and it keeps my spending at bay,” Lane shared. Clean up your shopping triggers Knowing your spending triggers is key to overcome overspending. Have a thing for Forever 21? Don’t go to the mall. Make it a game. If promotional sales emails from your favorite brand are cluttering up your inbox, use a service like Unroll.me. It is a free tool that rolls up all of your email subscriptions into one email. Then, that one email is delivered once daily. You can even choose what time of day it’s delivered. Delete shopping apps like Amazon or Target if your phone can suck you into online shopping. Even apps that promote reward systems for spending, like Starbucks, should be deleted until you get back on track. Your cell phone not only is an avenue to spend, but it could be killing your productivity. Track problem areas Without thinking, what are three things you like to spend money on? Whether it is Amazon purchases or buying clothing, you know deep down what your unique problem areas are. A great way to address overspending is to track your spending visually. Create spending trackers for your problem area. Write down the date, place, and the amount spent each time you spend money in this category. Eating out might be a problem area for you if you consider yourself a true foodie, but lack the budget for it. Before you make big changes, start by tracking how often you go out to eat. At the end of the month, count the number of times you went out and add up the total cost. You can use this to set goals for the following month. You could make a goal to reduce the number of times you go out to eat or how much you spend when you do. In doing this, you can get creative while still having fun, and reduce your overspending tendencies. Create visuals to stop overspending In addition to spending trackers, a written budget and written goals will help you curb spending. Start by tracking your monthly income and expenses. If you have debt, you can start to track your debt payments by using a printable debt free chart. Visual tools can help you see where your money goes every month. And it gives you the opportunity to make choices. That’s what makes a budget freeing, not constricting. Use an app, spreadsheet, or a whiteboard to keep track of your spending. You may be surprised at your ability to control your spending and ultimately to save once you have these habits down. Justine Nelson is the founder of Debt Free Millennials, an online community to help millennials get out of debt. Justine enjoys writing and speaking about all things personal finance. This Midwest millennial paid off $35k in student loan debt and now resides in San Diego with her husband living the DINK life (Dual Income, No Kids). Feature Illustration: Laura Caseley For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. INSURANCE Money 101: How To Use Life Insurance While You Are Still Alive, Explained Sa ElMay 13, 2019 One thing that holds most people back from purchasing life insurance is the fact that they think they will never benefit from owning the policy. Here’s the thing: That’s actually not accurate. There is a type of life insurance that will allow you to benefit from owning the policy while you are living. People know they can put their 401(k) to good use throughout their life, but living benefits life insurance? Most people don’t have a clue what that even is. Let me break it down. What is living benefits life insurance? Living Benefits Life Insurance, also known as the Accelerated Death Benefit, is a type of life insurance product that pays out part of the death benefit while you are still living. Depending on the policy, this benefit could come at an additional cost, or come free as part of the policy. This benefit can be attached to term life, no exam term or even a whole life policy, it’s really about finding a company that offers it. Recently, some companies have added membership programs to their living benefits plan which allow you to receive discounts for member products when you purchase a policy. For instance, you can get access to a market place that has discounts on things like wills and other health care discounts. How does the accelerated death benefit work? The way this product works is that if you are diagnosed with any of the below conditions, the policy will pay out a percentage of the death benefit. This benefit can be anywhere from 50% all the way up to 75% of the death benefit while you are still living for: Critical Illness If you are diagnosed with End-Stage Renal Disease (ESRD), a heart attack, a stroke, non-terminal cancer, or even a major organ transplant, you can qualify for the accelerated death benefit. This benefit will pay out to cover costs of living, medical bills and anything else you could think of. Chronic Illness If you are unable to perform a few of the six daily living activities like feeding yourself, bathing or getting yourself out of bed due to an illness, this is considered a chronic disease and the plan would pay out the living benefit portion of your policy. Terminal Illness If you are diagnosed with terminal cancer or illness, this policy will pay out giving you the ability to pay for medical bills and spend your remaining days with your family, maybe traveling or preparing your estate. Once this policy pays out the percentage of the accelerated benefit, the remainder of the policy will pay out upon your passing. Filing the claim for an accelerated death benefit does have a cost, and it is usually a few hundred bucks. This fee is usually taken out of the number of funds you request from the policy; therefore you won’t need to pay it up-front. What about the return of premium life insurance? When it comes to living benefits, there is also a type of life insurance that is known as return of premium term or ROP term. Although this policy isn’t classified as being a living benefit, it is the only type of plan that will return all the premiums you paid into the policy if you outlive the policy. Think of it as a savings account and a free life insurance policy. For example: If you purchase a 30 Year $500,000 Return Of Premium Term Life Policy for $85 per month, over the 30 years, you would have paid $30,600 into your policy. If you outlive the policy, all of that premium will be sent back to you in the form of a lump sum payment. If you pass away before the 30-year term is up, the policy will pay out 100% of the death benefit, or $500,000.00. In all honesty, this is a win, win situation; however, the monthly premiums for this policy are going to be more expensive than a traditional term life plan. Bottom line Life insurance can be used as a vehicle to protect a person financially, so get it out of your mind that is something you can’t use while you are alive. Sa El is an insurance expert and the founder of Simply Insurance. Feature Image: Adam Katz Sinding/Le 21ème Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY I Stopped Spending Money For An Entire Week And This Is What Happened Sophia RandazzoMay 8, 2019 I am a twenty-something-year-old living in New York City and I generally consider myself to have pretty decent spending habits. After I pay for my essentials, every week I put $110 into my savings account. I do spend money going out on weekends, but I pay for my dance classes in bulk (one of my bigger splurges), and usually buy my clothes at thrift stores. I pay off my credit card automatically every month and have been able to take short (usually long weekend) trips once or twice a year. While I generally think I have my finances under control, I don’t really have a strong grasp of how much I am spending every week on random stuff — dinners out, transportation, random shopping outings– the stuff that really gets you. Which is what set me on the path of trying the viral No Spend Week challenge that has become a trend in the debt-free community as of late. The challenge is exactly what it sounds like: don’t spend money for an entire week; hopefully, save a ton of money in the process. Before my week even began, there were a couple of things that I needed to sort out. What Exactly Is A No Spend Week? First, I needed to define, for myself, what exactly a “no spend week” is. In the debt-free community, a “no spend week” can mean either one of two things: No spending on anything throughout the week No spending throughout the week excluding an allowance (so, for instance, if you need to buy groceries, you can purchase them, but only within a pre-set amount) Usually, people allow themselves to spend on fixed costs, things like mortgage payments, rent, utilities, insurance, gas for your car, internet/phone, and anything else you absolutely need. The suggested things to cut during the challenge include activities, shopping, Ubers/Lyft, beauty services, and anything else you do not absolutely need. I decided to opt for the second option (no spending except an allowance) because I wanted to budget for one Lyft ride for myself during the week. How I Got Started I wrote down goals for the week to help myself stay focused. The big goal for myself was to reset my spending habits and save some money. I set some ground rules, too (otherwise I was just going to spend all the money). I was going to purchase groceries before the week began and not spend money on food at all for the entire week after that. I planned on hanging out at friends’ apartments or my own instead of going out to eat or drink. And I would only spend money once throughout the whole week: taking a Lyft one night, a decision I made at the outset. As far as the rest of my transportation, given that I live in New York City I was going to use the subway (I have a pass that I pre-pay for every month). The biggest piece of planning went to working out an entire week of groceries in advance with my partner who I live with. We sat down before the week started and wrote out everything we were going to purchase and everything we were going to eat. Some folks use a no spend app for their week but I preferred to budget with pen and paper. I felt more comfortable doing this than tracking myself with an app, but an app would probably work just as well. Along with keeping track of my budget, I decided to keep a list of things that I wanted to buy throughout the week (but couldn’t) adding to it as the week went along. And so the week began: Day 1: The Art Show And Saying Good-Bye To Expensive Lyfts I ate breakfast at home, did some yoga, and then went to work with my lunch packed mentally ready to tackle the week. After work, I took the train to my friends’ art show. I stayed later than I anticipated and realized that I couldn’t just take a Lyft home (which would have cost around $35 including tip). I asked folks still there if any of them knew the best route for me to take home or if they were walking to the train. Wonderfully, friends and friends of friends came to my aid right away and helped me plan out my route and then agreed to walk with me to the train. One friend of a friend decided to take the train with me (“I also hate walking alone late at night!” she said) and we all wandered to the train together (). It was a great reminder to myself that sometimes you need to ask for help. And often when you ask for the assistance of any kind it can result in something becoming easier or better. I ate a quick dinner at home and then fell asleep. It was a great start to this week and best of all? I didn’t spend an unplanned cent. Money saved: $35 Day 2: No More Buying Lunch Went to work with my lunch in hand (if I had bought it, which I usually do three times a week, it would have cost me around $15). It was a super delicious salmon salad that my partner made (luckily he’s a phenomenal cook). Later that day I did yoga at home with my partner (which was hilarious) and afterward, we ate dinner together. It wasn’t a hard day to get through but it still felt strange to say to myself, “You can’t buy anything.” It’s a totally different mindset. Money saved: $15 Day 3: Not Spending Money Means Not Spending Money I didn’t have time to eat breakfast at home so I brought it with me to work (cheerios, raisins, and almond milk). Normally, I would have just grabbed a granola bar from my corner store ($3.75) but since I couldn’t spend any money, I decided to take five minutes and just make it for myself. I also brought lunch which was super yummy. I did yoga again at home, ate some dinner, and finally felt like I was finally getting the hang of ~not~ spending anything. Money saved: $3.75 Day 4: Sunshine Over Shopping For Sundresses I once again brought my lunch (saving me $15). One note about food: Even though my partner and I bought enough food for the week, we never made the food as we planned it out. I have no idea how people actually stick to their original meal plans or make meals in order. I had a doctor’s appointment in the afternoon after work and afterward, all I wanted to do was go clothes shopping (which I could have easily spent around $50 on). I actually hate clothes shopping (I am very petite, so it’s not that easy for me to find stuff) so this urge surprised me. Maybe not being allowed to shop at all made me want to shop? I have no idea. Regardless, I just walked past the clothing stores and enjoyed the (free) sunshine instead. When I arrived home, I made myself a sandwich instead of ordering something for dinner (my partner and I probably order takeout for dinner at least twice a week). The dinners can really vary in price, but I am going to assume I saved around $60 eating in. When my partner and I go out, we will sometimes split the bill (especially if it’s really large) or one of just pays. When we order in, we usually rotate who pays or Venmo the other person for their half of the order. The $60 is assuming I would have paid for both of our orders. Money saved: $125 Day 5: I Just Want A Hot Chocolate! It was raining when I walked out of my apartment in the morning, and I realized immediately that I forgot my umbrella. My initial thought was, “Oh, well I’ll just buy another one,” but then I quickly remembered that I couldn’t just do that. I went back up to my apartment to grab the umbrella I already owned (saving me the $10 I would have spent buying a new one). I went to work with my lunch packed and my breakfast in hand (saving me $15 for lunch and $3.75 for breakfast). I didn’t have time in the morning to eat at home, so I ate my breakfast in the kitchen at work. After work, I headed over to a friend’s house by train (it took me two trains to get there. ). My partner met me at the apartment bringing food and wine. We all cooked and ate and drank together as the night continued on. This was definitely the hardest day to not spend money. I am not sure if it had to do with the gloomy weather but all I wanted to do was curl up in a coffee shop with a warm mug of (purchased) hot chocolate. Can you blame me? Money saved: $28.75 Day 6: I’m Turning Into A Homebody On Saturday, I woke up and hung out with my partner all morning. I did some more yoga and cleaned my apartment and then watched some TV. I noticed that I was staying home way more than usual, but it was nice to clean and tidy up instead of going out. I cooked with my partner and waited for a friend to show up for dinner. We all ate our food (puttanesca, a delicious pasta dish) and sat around on the couch drinking wine and talking for hours. Money saved: $60 (on average how much I spend when I eat and drink out with a friend) Day 7: I Can Do This I was so excited to be finished! I cleaned the apartment, did some more yoga, and planned out the week for food. Naturally, on the last day, I realized that this was getting easier and easier and that it would be weird to spend money again. Money saved: $60 (by eating dinner at home)! My Tallied All in, I saved $327.50 over the course of the week. No money for a week really forced me to look at exactly what I spend money on. I would 1,0000% recommend this to anyone who is starting their debt journey or starting to budget for the first time or just wants to save a lot of money quickly. Also, if there is one thing this week really taught me, it’s that planning and preparation are everything when it comes to saving money. These are habits that I hope to stick with me. To hear more about my listen to Episode Three of our Let’s Talk About Debt podcast. Photos: Courtesy of Sophia Randazzo Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY How To Save For Your Child’s College Education: A Primer Jen SmithApril 29, 2019 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Figuring out how to save for college can be a daunting task because who knows what it’ll cost when that day comes and where — or if — your child will even want to go. Whether college is far off in the distance or fast approaching, it’s important to be educated with all the options for how to start saving for college so you can make the best decisions. Because it’s very likely that the method that’s right for a well-meaning friend isn’t going to be the method that’s right for you. From when to start, to how much to save, and where to save it, here’s how to navigate the choices and figure out how to start saving for college. When should you start saving for college? You can start saving for college at any time, but, like most things in life, earlier is always better. The most obvious time to start is once your future student is born but you can just as easily open a savings account for them before that. That being said, don’t panic about college costs and start stockpiling money before you’ve got your own financial oxygen mask on. Before you start saving for college, it’s a good idea to be rid of your own student loans, have any high-interest debts paid off, establish an emergency fund with three to six months of expenses, and be contributing at least 10 to 15% of your income to retirement. How much do I need to save for college? The CollegeBoard’s most recent data for tuition at a public four-year college found it averages $9,410 per year for in-state students. That comes to over $37,000 for tuition and fees alone. When you add room and board and other various expenses, that number jumps to over $100K for four years of higher education. Keep in mind that is on the low end–for public colleges and for in-state students, the costs only magnify when you look at private universities and consider going out of state. And, by the time your son or daughter is heading off to school, that price will probably be much higher. College tuition has inflated by twice the rate of general inflation over the last two decades. Thankfully, you don’t have to save thousands of dollars every month to prevent your kid from the student loan burden so many are facing right now. The same CollegeBoard data shows that students rarely pay “sticker price” for school once things like scholarships, and student aid are taking into account. Check out a college savings calculator which allows you to insert various variables to figure out exactly what you should be saving every month. What are the best ways to save for college? With any big purchase, you and your student should first look to get a good deal. That doesn’t mean you should go haggle in the registrar’s office, but it does mean that it is incredibly important to know all of your options for bringing the end price down so you can decrease the total amount you need to save. Scholarships/ Grants If we’re being honest, the best way to pay for college is to let somebody else do it. So applying for scholarships and grants early and often is the best way parents and students can work together to save for college. Dual Enrollment/ AP Credit If you find your child has a knack for a certain subject, taking dual enrollment or AP courses in that subject can help lower tuition costs while not placing too much extra stress on their schedule. Tax-Advantaged Investment Accounts When it gets down to where to save for college, you don’t want to put your money in a typical savings account earning 1%. There are investment accounts created specifically for saving for college that help contributions keep up with rising tuition costs through tax incentives and growth. What are the types of college savings accounts? All of these college savings accounts are easy to open, access, and withdraw from for educational purposes. The ones you choose should be based on your particular situation. Custodial Accounts (UTMA/ UGMA) The Uniform Transfer/Gift to Minors Act (UTMA/ UGMA) was the first tax-advantaged college savings program. It allows minors to receive gifts untaxed or taxed at the minor’s tax rate instead of the parent’s. While other accounts offer better tax incentives, the funds in custodial accounts aren’t restricted to only education expenses. That means the money in these types of accounts can be used for transportation and other necessary expenses. When the student reaches age 21, the plan becomes managed by the student, meaning those funds could also be used on a summer trip to Bali. Definitely, something to consider. 529 Plan For parents who want to retain ownership of their savings and ensure they only go education costs, there are 529 plans. A 529 plan is a state-run college savings plan offering tax and growth benefits. An easy way to think of 529 plans is that they are to college savings as Roth IRAs are to retirement. Early iterations of 529 plans included prepaid tuition plans but those are becoming less popular in favor of investment accounts filled with after-tax contributions to investments such as stocks, bonds, and real estate. In addition to maintained ownership, these accounts are attractive for parents for their generous income and age limits, high contribution caps, and because the beneficiary can easily be switched if a child decides not to use it. When it comes time to use your 529 funds, you can withdraw contributions and earnings tax-free for any qualified education expense. For college, those expenses include: Tuition and fees Books and supplies Computers and internet access Room and board (if enrolled at least half-time) Special needs equipment If the beneficiary doesn’t use some or any of the 529 plan, you can always change the beneficiary to another qualifying family member, make yourself the beneficiary to further your own education or take up to $10,000 tax-free to use for K-12 tuition. And, since 529 plans are considered “parent assets” on the Free Application for Federal Student Aid (FAFSA), the value reduces eligibility for need-based aid by at most, 5.64%, versus a student asset like a UTMA or UGMA which reduces it by 20%. That could make a big difference when applying for grants, scholarships, and student aid. One great option to look into when considering a 529 Plan is CollegeBacker which allows you to open a 529 Plan in just five minutes. It will help you set savings goals, allows other family members and friends to contribute to the plan, and you only have to pay what you can for the service (pretty sweet). Coverdell Education Savings Account (ESA) For more flexibility when it comes to picking investments, parents can opt for an ESA. With these accounts, you’re fully in control of what investments go into them. Anyone with a modified adjusted gross income of less than $110,000 — $220,000 for joint contributions — can contribute to one. The major downside of an ESA is the maximum you can save every year for each beneficiary is $2,000, no matter how many accounts are opened in their name. And the entire account must be spent by the beneficiary’s 30th birthday. Both the 529 and ESA are tax-advantaged in that you don’t pay tax on growth when withdrawing funds for qualifying educational expenses but contributions are “after-tax” meaning you won’t get federal tax benefits on contributions. The only tax difference is that since 529s are state-run, many contributions qualify as deductions on state tax returns, whereas ESA contributions won’t. This isn’t a big deal in Florida where there’s no personal income tax but this could be a deal-breaker for a Georgia resident who can deduct up to $2,000 per year on state taxes for every beneficiary. Final Thoughts Ultimately, don’t let the choices overwhelm you. Using any of these methods to start saving for college will put you ahead of the game even if your circumstances change and you change methods later. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY How I Discovered That Slowing Down Could Save Me Money Melanie LockertMarch 14, 2019 If you want to save money, you probably know to look for coupons, sales, and deals. You know to say no to things you don’t need. But could slowing down actually save you money, too? In my experience, yes, because rushing has cost me a lot of money throughout my life. Car accidents About a decade ago, I was rushing to get to work and you know what I did without realizing? I drove straight through a stop sign. And I got hit and into a car accident, though it certainly was my fault. So now instead of getting to work on time, I had to deal with police reports, insurance, tow trucks and freaking out about money. I had just started my first full-time job and wouldn’t be paid for weeks. My deductible was in the thousands. This was the first time in my young adult life that I had to tap my emergency fund. I was grateful to have it, but it was a costly situation that could have easily been avoided. Injuring myself Always on the go, rushing has sometimes been second nature to me. But rushing to do things puts you at risk of injuring yourself. During one of my side hustles years ago, it was late at night and I was rushing to go somewhere, and no joke, I ran into a wall. I hit the wall and had a gash on my eyebrow. I wondered if I should go to the hospital and get stitches. Luckily, it ended up being okay. Another time, I was riding my bike to work in the dead of winter in Portland, Oregon, and the roads were icy. Rushing to work and going too fast, I fell off my bike and hurt my knee pretty badly. My knee was swollen for weeks, I ended up going to the doctor, getting an MRI, the works. I ended up being fine, but it cost me hundreds of dollars in X-rays and exams. Most recently, I was rushing to make a salad so I got out the scissors to open the dressing packet. I missed a little and cut off the very top of my index finger. Let’s just say it wasn’t a pretty sight and I was anything but calm. It was agonizing and took over an hour just to get it into a manageable condition. I went to the doctor and went through band-aid after band-aid, tons of antibacterial cream. Not only that, but it was tough to write with a bandaged finger. In all of these instances, I was rushing. Rushing to go somewhere, rushing to get to work, rushing to make a meal. I ended up hurting myself, which had physical and financial ramifications. If I just slowed down a bit, these things could have been avoided. On top of the actual costs, these things took a lot of my time too. Time is money and I spent much of my time putting out these mini fires that I created for myself by rushing. Making mistakes at work When you rush your work you’re more prone to making mistakes. I’m no different. If I’m rushing through an article or rushing to do something for an event, I can forget important things that cost me later. I end up creating more work for myself when I rush to get through something. There are mistakes I have to go back and fix. There are situations I agreed to, that ultimately weren’t wise for me financially because I was rushing and didn’t read the fine print. Rushing can lead to making more mistakes at work which could lead to more time fixing it later or worse, getting fired. You also might agree to do something for work, rush to say yes, and not really know what you’re getting yourself into. I’ve been in situations where I’ve had to clean up my mistakes or I’ve taken on things I shouldn’t have, simply because I was rushing. This affected my bottom line in my business because I had to double down on work mistakes, instead of work on other income-producing ventures. Paying more in fees Aside from being a writer, I organize events. Oftentimes that means buying a lot of supplies, swag, and other items to support the events. I’ve been in situations where I’ve had to pay more than double standard shipping prices because I’m ordering the items too late. When you need items for a time-sensitive date, you must pay the price to make it happen. I’ve learned to think ahead and not rush through and wait to the last minute because I know it will cost me. Slow down to save money Rushing through life can put you at risk for injury, accidents, mistakes and more — all that comes with a financial price. Considering that most of these are preventable, it’s not fun to fork over hundreds or thousands of dollars. That’s hard-earned money that could be used for your savings, investments or even a vacay. On top of the hard numbers, all of these things cost you a lot of time. Time that you could be spending making more money, time you could spend with yourself or time just to have to yourself. If there’s one thing I’ve learned over the years is to slow down. It will be ok. The world won’t end if I go at my own pace. Melanie Lockert is a personal finance expert, the blogger behind DearDebt.com and author of the book “Dear Debt: A story about breaking up with debt.” Melanie paid off $81,000 of debt and is now on a mission to help others do the same. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. BUDGETING How To Live Below Your Means Without Going Insane: A Complete Guide John BoitnottFebruary 26, 2019 When people talk about a “frugal life,” an “austerity plan,” or how to “live below your means,” it tends to evoke images of deprivation. These images are furthered by the common trope of creative people, such as writers and painters, as starving artists, barely able to eke out a living. When you are working hard, the last thing you want to feel is deprived or financially constrained. You want to enjoy the fruits of your labor, without guilt or shame. To ensure you make the most of what you earn without being reckless with it, here are three strategies that give you more freedom to get what you want while maintaining fiscal security. Never select the most expensive option There’s an old adage about products and services that “you get what you pay for.” In many cases, this is true. No one wants to select the cheapest brain surgeon, for example. Often, the least expensive option means a lack of quality. The item wears out more quickly and you have to buy a replacement sooner than anticipated. However, you don’t have to blow the budget by selecting the most expensive option, either. For example, you can still buy a home, vehicle, clothing or other items, if you’re careful not to buy more than you need. Items don’t necessarily have to carry the highest ticket price to be the best choice for you. You can still enjoy watching movies and sports without the top-of-the-line premium packages. When you compare prices and features, you may realize that a lower-priced item or a different brand provides the same or greater value as the most expensive option. Alternatively, focusing on sales and promotions may allow you to take advantage of a higher-priced option without breaking the budget. Focus on what you actually need versus your ability to impress your friends with your expensive choice. Focus on what you actually need versus your ability to impress your friends with your expensive choice. After all, those friends aren’t paying the bill–you are. Cover your critical bills first Another way to live below your means is to prioritize what get’s paid first. Without question, certain bills like your mortgage, rent, utilities and vehicle payments must be paid first. Not doing so could lead to the loss of those assets and services that are critical to your work and life. Once you’ve covered the necessities, then you can see whether other purchases are possible, given the funds left over. It’s all too easy to buy on credit or make an impulse purchase if you’re not mindful about where you are with your budget. The better approach is to not shop on emotion and avoid going to stores or surfing online retail sites just for something to do. The better approach is to not shop on emotion and avoid going to stores or surfing online retail sites just for something to do. Instead, use that time to update your monthly budget and identify ways to make or save more money. When you put the money away in an account, it’s easier to resist the compulsion to buy something you don’t really need. Rethink what’s really important to you Money is often positioned as the key to success, and the act of spending it can show others and yourself that you’ve made it. Sure, you could purchase an expensive cup of coffee every day or sign up for a pricey Mexican cruise getaway. But is this really what’s important to you? When you realize that spending money usually doesn’t create happiness but rather puts more pressure on you, you’re ready to reevaluate your spending habits and rethink your priorities. When you realize that spending money usually doesn’t create happiness but rather puts more pressure on you, you’re ready to reevaluate your spending habits and rethink your priorities. You might find that other things are more important than money and don’t come with a price tag. Perhaps you truly value a few hours at the beach or park with family members or making a meal together at home with your significant other. Those experiences often provide far greater psychological happiness, without the exorbitant price tag. Choosing these experiences over expensive purchases helps you live below your means and generates greater joy in your life. To strengthen your commitment to this strategy, plan ahead on any purchases outside your normal monthly expenditures. Make sure you have a strong and valid justification for the expense and research the purchase thoroughly to ensure you get the best deal. At the same time, plan activities and events with your favorite people that involve little to no money. Bake cookies from scratch with your kids instead of buying them in the store. Take a bike ride or hike outdoors instead of paying for that gym you aren’t using anyway. Practice mindful spending as a rule These strategies lay the groundwork for a thought process that engages a critical analysis of your purchasing decisions. You can tie your spending to the things you truly value, which in turn means you can better enjoy those purchases that make fiscal sense. Moreover, when you do indulge in an occasional treat for yourself or anyone else, you won’t feel guilty. Your budget can handle it because, for the most part, you live below your means. John Boitnott has been writing for TV, print, radio and internet companies for 25 years. He’s written for BusinessInsider, Fortune, NBC, Fast Company, Inc., Entrepreneur, and VentureBeat, among others. Feature Image Graphic Design: Anissa Rodriguez For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY Buying A New Car Is Usually A Financial Mistake (According To A Former Car Salesman) Leah BourneFebruary 20, 2019 Buying a new car is one of the biggest purchases a person makes in their lifetime (apart from a house). According to the folks at Kelley Blue Book, the average transaction price of a new light vehicle in 2018 in the US was $35,444, so it’s a big purchase, to put it lightly. But, according to a former car salesman who recently wrote a viral post for Reddit, most people are buying a new car for all of the wrong reasons. Those looking for a tech upgrade? Per the anonymous Redditor, it is much easier and cheaper to upgrade the car a person already owns. A car looks old so you want a new one? It really only needs an inexpensive detail to look a lot better. Here’s the breakdown of what this person had to say which caused quite a stir: “There are 4 basic reasons people came in to purchase a car. Current car is messy: I sold a ton of cars to people who are the current car they hated simply because it was dirty. Some elbow grease or paying for a good detail could have saved them $20k. Wanted new technology: I sold $50k cars weekly because of Bluetooth capabilities. No matter how old your car is, you can add this to any existing car for around $200. Cheaper if your DIY. Wanted it as a status symbol: Cars always look amazing at a dealership where they are waxed, clean, and smothered in Armor All and tire shine. In two weeks the difference between your old car and your new car will probably be negligible. The whole status symbol thing really only lasts a few weeks. Most of your peers don’t know the difference between a new, and much older models if they are both dirty. Mechanical problems: This is the only reason I would advise anyone to purchase a car. Eventually, the repairs get to the point where it's more expensive to keep it than to move on. If you are buying a car for any other reason than this… don’t!” Head over to the Reddit post to read the comments on the post, which are pretty interesting, too! They will definitely have you thinking about whether you need something or have been duped into thinking you need something. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY How I’m Saving Thousands After Totaling My Car Brett HolzhauerFebruary 6, 2019 I grew up in Los Angeles, where driving is a way of life. There are very few ways to get around LA without access to a personal car, so I was ingrained from a young age to own a car, no matter what. In 2015, I moved to Salt Lake City with my beater 2002 Honda Accord. After beginning my post-college career, I decided it was time for an upgrade and in 2016, I bought my first brand new car completely on my own. It was a pretty proud moment of mine. Unfortunately, I found out what a car payment and raised insurance rates were pretty quickly. I was paying roughly $650 collectively for my car payment, insurance, and other costs. I justified it to myself by saying I would become a rideshare driver to offset the cost. The idea didn’t last very long, because I found out my insurance would skyrocket if I actually did that. Which is when it began to sink in: Not only was buying a brand new car a horrible financial idea, I wasn’t in the financial position to purchase this car, to begin with. The costs I experienced certainly aren’t unique. According to AAA, the average cost of owning a car driven 15,000 miles a year was $8,469 in 2018 or roughly $706 per month. That is a pretty expensive monthly bill just to get from A to B. According to AAA, the average cost of owning a car driven 15,000 miles a year was $8,469 in 2018 or roughly $706 per month. That is a pretty expensive monthly bill just to get from A to B. Last year, my wife and I moved to an apartment complex where we have located two stoplights or about one mile away from my office. I was considering selling my car to save money since I could walk or take the bus. However, my wife (also from LA) was convinced that you couldn’t live without a car. Then life happened. I was on my way to work, and I totaled my car. No one was hurt (thank goodness) but after the shock wore off, I found myself overcome with a sense of relief. I knew that because my car was totaled, I could now save all that money. And that’s when I decided to give the carless lifestyle a try for 30 days. For 30 days, I had no car payment, insurance bill, gas bill, or car washes. It was a freeing feeling. Luckily, I only live one mile away from work, so I pay $5 a day to use the bus. When it isn’t freezing cold, I will walk and save the $5. If I need to get somewhere specific, I will use Uber or Lyft, which is fairly inexpensive in Salt Lake City. Over the course of a month I have about $100 in transportation costs. The savings from not having a car were immediately obvious. After 30 days, I had saved $575 after spending about $75 on Lyft and Uber. After that trial period, I knew I could make this work. Since July, I have saved $2,500, and that doesn’t even include the costs of depreciation of value and maintenance if I had owned a car. In full, I would consider my savings to be closer towards $4,000 to date. The savings from not having a car were immediately obvious. After 30 days, I had saved $575 after spending about $75 on Lyft and Uber. Along with those direct savings, I have also found myself creating indirect savings. For example, if I am feeling lazy one night and want to go get In-N-Out Burger (my personal favorite), it would now cost me close to $30 adding the cost of two rides via Lyft or Uber, and the food itself. If I did have a vehicle, it would only seem like an $8 cost. Or, if I want to go get dinner with a friend in downtown Salt Lake City, that $25 meal now becomes closer to $60. I’ve started to really contemplate where I go as the costs are more tangible. My wife had her doubts that this careless lifestyle would work, but now we’ve both seen the benefits of eliminating such a cost. If you live in a place with decent public transportation and fair rideshare prices, I encourage you to give this a try. I’ve met people before my accident that had adopted the carless lifestyle, and I thought they were crazy. Now that I’m living carless the thought of owning a car makes me cringe inside from the expenses. After eliminating the costs of owning a vehicle, I’ve been able to eliminate all my debt (except my student loans) and jump to a quicker path towards financial freedom. So repeat after me: No, you don’t need a car, in fact, you might just be better off without one. Brett Holzhauer is a graduate of the Walter Cronkite School of Journalism and Mass Communications at Arizona State University. He enjoy writing about personal finance, travel, and credit card rewards. In his spare time, he enjoys traveling with his wife, eating questionable Mexican food, and watching college football. Feature Image Graphic Design: Anissa Rodriguez For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money saving app reviews brought to you by our editors. SAVE MONEY How To Save Money If You’ve Never Even Saved A Dollar: A Complete Guide John BoitnottJanuary 14, 2019 There’s no time like a new year to resolve to save money for many purposes, such as major purchases, an emergency fund, and especially retirement. Committing to a savings plan now gives you a whole year to see how even a little bit of effort can grow your bottom line. This guide to saving money shows exactly how to enact a strategic plan to cover all the savings bases in 2019. It’s more important than you might want to admit to save It can be challenging to think long-term when there are things you want to buy and enjoy right now, especially when you work so hard. However, there is real value in saving money. First, by setting up an emergency fund, you can reduce the fear of the unexpected. You’ll feel a deeper sense of security knowing you have money in the reserve to cover those costs. Second, by establishing a regular savings account, you can avoid relying on credit for any purchases. Finally, by opening a retirement account and making regular contributions, you reduce the need to work past your expected retirement age and enable yourself to actually enjoy those years. As Tennessee Williams said, “You can be young without money, but you can’t be old without it.” Start with a money audit Start by writing down your current bank balance. This can be as simple as checking your mobile banking app. It tells you where you are starting from. This way, at the end of 2019, you’ll be able to see exactly how far you’ve come. Seek out professional advice Since you are gathering information for taxes at the start of the year, it’s a good time to get some advice from a tax accountant or bookkeeper about tax-deferred financial strategies. Employing those strategies helps you reduce your tax burden while simultaneously setting aside money for retirement. Your accounting professional can recommend the exact type of retirement account for your specific financial situation. Create a real budget Your next step will be to create a budget that covers all your expected purchase decisions for 2019. As Joe Biden once said, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” Your budget should consist of monthly expenses like rent or mortgage, utilities, car payments, credit card bills and more. You will also need to account for other costs, such as grocery shopping, entertainment, clothes, travel, and gifts. Review previous bank and credit card statements to start filling in your spending patterns. This will show you where you have exceeded your income or where you have spent less. As a business, think about where you can cost cut E-commerce entrepreneur Sophia Amoruso said, “Money looks better in the bank than on your feet.” Whether your temptation is shoes, concerts, daily coffees, or expensive lunches, this is the time to reel in your spending and put that money into one of your three savings funnels. Besides curbing any temptation to splurge, you should also shop around to see what expenses you can reduce, such as home or auto insurance. Next, consider cutting the cord on expensive cable or satellite service and choosing lower-cost streaming choices. Be more mindful with all purchases, from groceries to gifts, and comply with your budget at all times. After reducing costs, use some of that money to pay down any debt, such as credit cards and loans. When those expenses are finally eradicated, you’ll net even more money you can then direct into your savings. Follow the news Make sure you stay informed on any changes to laws, regulations or rules that may impact how you save money. For example, recently the IRS announced a $500 increase to IRA contributions, bringing the annual amount to $6,000. In addition, 401(k) or workplace retirement plan contributions rise $500 to $19,000 in 2019. These are just a few examples of why it pays to stay informed. There’s an app for that Your smartphone can help you save more money thanks to apps that offer budgeting tools, financial software, and money tips. Plus, other apps remind you that every transaction can create a way to save. For example, Acorns encourages you to round up purchases and put the spare change into a savings account. Apps like Truebill help you cancel unnecessary costly subscriptions, get refunds on bank charges, and negotiate costs on recurring bills. And Blooom monitors your 401(k) and optimizes your retirement amount. Do an annual review of your own finances At the end of 2019, review your results, compare to your budget, and see how much you have saved during the year. Whatever the final amount might be, it will be more savings than you had in 2018. You may find your mindset changes after seeing what’s in the bank. Assessing the entire year may also reveal further improvements you can kick off in the following year. John Boitnott has been writing for TV, print, radio and internet companies for 25 years. He’s written for BusinessInsider, Fortune, NBC, Fast Company, Inc., Entrepreneur and Venturebeat, among others. Feature Illustration: Laura Caseley For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY Forget Dieting In 2019, It’s Shopping Detoxes That Are The New Year Trend Du Jour Zina KumokJanuary 2, 2019 Restrictive diets can be a useful tool. By temporarily cutting out sugar, alcohol, carbs or any other addictive substance, you’re giving the brain a chance to reset tolerance and craving levels to normal. As an added bonus, you’ll probably feel healthier and look better. It’s a concept that doesn’t just have to apply to nutrition. In the same way, eating doughnut triggers a release of dopamine that makes us feel temporarily happy, so does buy a new pair of shoes or the latest iPhone. Because of that similarity, many believe that shopping bans can be an effective strategy for curbing excessive spending, easing shopping addictions and helping to become more conscious of spending. Per a Bloomberg look at the Bureau of Economic Analysis’ data, 18.5% of total consumer spending in the US was on nonessential items in the third quarter of 2017 (the last time data was available)–the highest level since 2000. If ever people were in need of a spending freeze, it is now, which might explain why there are now self-help books, articles and countless online testimonials dedicated to the topic of the shopping freeze. But what does it entail exactly? And why is it catching fire now? What is a shopping ban? A shopping ban is a self-imposed strategy to limit one’s spending on certain items. Most people try to give up discretionary shopping for anything not strictly necessary, which can include clothes, makeup, household items, electronics and much more. Some people decide on a shopping ban because they’re in a situation where the money is tight, like taking a pay cut to switch careers or going on unpaid maternity leave. Some do it to help get over a shopping addiction, to declutter their living space or to take an ethical stand against consumerism. How severely people limit their purchasing is a personal choice, but obviously, some spending is unavoidable. A shopping ban typically doesn’t include essentials like groceries, medicine, transportation expenses, gifts, donations, and basic household items. Some people allow themselves to replace items that break, run out or become unusable. For example, if you have a black skirt that you wear all the time, you’re allowed to buy a new one if it goes missing. If you break a pair of hoop earrings but you have another pair, you probably shouldn’t replace them. The shopping ban goes mainstream Writer Cait Flanders chronicled a two-year shopping ban in her memoir, “The Year of Less: How I Stopped Shopping, Gave Away My Belongings, and Discovered Life Is Worth More Than Anything You Can Buy in a Store.” When she surveyed readers about their own shopping bans, they said their biggest reason for starting one was to become a more conscious consumer. Saving money was the second most popular reason. Flanders said people are finally starting to question the culture of consumerism and how advertising affects their daily lives. “We’re seeing so much more about what this mass and mindless consumption has been doing to not only us and our wallets but also the planet,” she told The Money Manual. Flanders said the trend of minimalism also relates to the growth of shopping bans. People are realizing they don’t need as much as they think — or as much as companies want them to buy. And clothing, she’s found, is the number one thing people want to cut back on buying. Digital marketing executive Kelsey Dixon dedicated herself to 18-month clothes shopping ban after she and her husband moved across the country and she started her own business. To save money while getting her company off the ground, Dixon decided to refrain from buying new clothes. The idea came to her after another friend mentioned she was trying out a capsule wardrobe, where you only keep 30 or so items of clothing in your closet in order to downsize. A shopping ban felt like a worthy exercise with a similar aim. “People, in general, are realizing they’d rather spend money on experiences and doing things than just having a lot of material things,” Dixon told us. After completing a 30-day minimalism challenge and decluttering her house, Shannyn Allan behind the blog The Wonder Luster decided to start her own year-long shopping ban. She’d read Flanders’ book and realized how many purchases she’s regretted buying over the years. “Overall, there are plenty of people who are doing challenges like this because they are tired of feeling stuck on autopilot,” she told The Money Manual. Since she announced her shopping ban, Allan said a lot of her friends and online followers have started shopping bans of their own. “I think you will have many people join you on the ban,” a commenter wrote on Youtube in response to Allan’s ban announcement. “It’s better sometimes when you are not going at it alone and have others there for support.” Zina Kumok is a personal finance writer and speaker whose byline has appeared in Indianapolis Monthly, the Commercial Appeal and the Associated Press. She’s been featured as an expert in the Washington Post, Fox Business, and Time. Feature Illustration: Laura Caseley For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY The Youngest Member Of Congress Has Less Than $7,000 In Savings Leah BourneDecember 4, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Alexandria Ocasio-Cortes became the youngest woman ever elected to Congress this year, set to represent the 14th Congressional District of New York, but according to her communications director, she has less than $7,000 in savings. Ocasio-Cortes also told The New York Times she was struggling to afford an apartment in Washington DC. And, since quitting her job as a bartender in February, Ocasio-Cortez has taken about a $6,000 in salary from her campaign, according to campaign finance records. In that same disclosure she shared she has between $1,001 and $15,000 in a 401 (k) and she’s still paying off $15,000 to $50,000 worth of student loan debt. Now, those might sound like pretty dismal numbers, after all Ocasio-Cortez is joining Congress, but she is actually faring pretty similarly to most people here age. According to MagnifyMoney, most millennials have just $2,430 in savings. Meanwhile, according to Fidelity, the average millennial has about $25,000 in a 401(k). The experts advise that everyone have at least three to six months of living expenses set aside for an emergency fund. Fidelity advises that by the age of 30 you have the equivalent of your starting salary saved in a 401(k) meanwhile. And while all reports suggest that millennials are saving more than they used to, according to the hard data, it’s still not enough. Bottom line: Take Ocasio-Cortez as a warning call and do whatever it takes to save more. We are huge fans of automatic savings apps here at The Money Manual because they take the grunt work out of saving. For instance, use the app Digit, and the app will automatically pull money out of your checking account throughout the month after analyzing your spending so you don’t even miss it. Whatever you do though, do something. Feature Image: Wikipedia Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money saving app reviews brought to you by our editors. INSURANCE This Viral Reddit Advice On How To File An Insurance Claim If You Lose Your Home To A Fire Is A Must Read Leah BourneNovember 28, 2018 One of the most devastating things that can happen to a person is when they lose their house to a fire. That nightmare is then followed by another nightmare: filing an insurance claim (that is if you are lucky enough to have insurance). Because it’s pretty much common knowledge that filing a claim is hard, when a recent Readiter who said he “worked for insurance companies, and determined the value of every little thing in your house” posted his tips, it got a lot of attention. And we mean a lot. His advice goes way beyond common knowledge and is definitely worth a bookmark in case you are ever in need. Content warning: the Reddit poster used swear words, which we did not edit out of the content. Continue reading at your own discretion. “I used to be the guy who worked for insurance companies and determined the value of every little thing in your house. The guy who would go head-to-head with those fire-truck-chasing professional loss adjusters. I may be able to help you not get screwed when filing your claim. Our goal was to use the information you provided and give the lowest damn value we can possibly justify for your item. For instance, if all you say was “toaster” — we would come up with a cheap-as-fuck $4.88 toaster from Walmart, meant to toast one side of one piece of bread at a time. And we would do that for everything you have ever owned. We had private master lists of the most commonly used descriptions, and what the cheapest viable replacements were. We also had wholesale pricing on almost everything out there, so really scored cheap prices to quote. To further that example: If you said “toaster – $25” , we would have to be within -20% of that… so, we would find something that’s pretty much dead-on $20.01. If you said “toaster- $200” , we’d kick it back and say NEED MORE INFO, because that’s a ridiculous price for a toaster (with no other information given.) If you said “toaster, from Walmart” , you’re getting that $4.88 one. If you said “toaster, from Macy's” , you’d be more likely to get a $25-35 one. If you said “toaster”, and all your other kitchen appliances were Jenn Air / Kitchenaid / etc., you would probably get a matching one. If you said “Proctor-Silex 42888 2-Slice Toaster from Walmart, $9”, you just got yourself $9. If you said “High-end Toaster, Stainless Steel, Blue glowing power button” … you might get $35-50 instead. We had to match all the features that were listed. I’m not telling you to lie on your claim. Not at all. That would be illegal and could cause much bigger issues (i.e., invalidating the entire claim). But on the flip side, it’s not always advantageous to tell the whole truth every time. Pay attention to those last two examples. I remember one specific customer… he had some old, piece of - projector (from the mid-late 90s) that could stream an equally piece of shit consumer camcorder. Worth like $5 at a scrapyard. It had some oddball fucking resolution it could record at, though — and the guy strongly insisted that we replace with “Like-Kind And Quality” (trigger words). Ended up being a $65k replacement, because the only camera on the market happened to be a high-end professional video camera (as in, for shooting actual movies). $65-goddam-thousand-dollars because he knew that loophole, and researched his shit. Remember to list - every — even the most mundane -you can think of. For example, if I was writing up the shower in my bathroom: Designer Shower Curtain – $35 Matching Shower Curtain Liner for Designer Shower Curtain – $15 Shower Curtain Rings x20 – $15 Stainless Steel Soap Dispenser for Shower – $35 Natural Sponge Loofah – from Whole Foods – $15 Natural Sponge Loofah for Back – from Whole Foods – $19 Holder for Loofahs – $20 Bars of soap – from Lush – $12 each (qty: 4) Bath bomb – from Lush – $12 High-end shampoo – from the salon – $40 High-end conditioner – from the salon – $40 Refining pore mask – from the salon – $55 I could probably keep thinking, and bring it up to about $400 for the contents of my shower. Nothing there is “unreasonable” , nothing there is clearly out of place, nothing seems obviously fake. The prices are a little on the high-end, but the reality is, some people have expensive shit — it won’t actually get questioned. No claims adjuster is going to bother nitpicking over the cost of - Lush bath bombs when there is a 20,000 item file to go through. The adjuster has other shit to do, too. Most people writing claims for a total loss wouldn’t even bother with the shower (it’s just some used soap and sponges..) — and those people would be losing out on $400. Some things require documentation & ages. If you say “tv – $2,000″ — you’re getting a 32” LCD, unless you can provide it was from the last year or two w/ receipts. Hopefully, you have a good paper trail from credit/debit card expenditure/product registrations / etc. If you’re missing paper trails for things that were legitimately expensive — go through every photo you can find that was taken in your house. Any parties you may have thrown, and guests put pics up on Facebook. Maybe an Imgur photo of your cat, hiding under a coffee table you think you purchased from Restoration Hardware. Like… seriously… come up with any evidence you possibly can, for anything that could possibly be deemed expensive. The fire-truck chasing loss adjusters are evil sons of bitches, but, they actually do provide some value. You will definitely get more money, even if they take a cut. But all they’re really doing is just nitpicking the ever-living-shit out of everything you possibly owned and writing them all up “creatively” for the insurance company to process. Sometimes people would come back to us with “updated* claims. They tried it on their own, and listed stuff like “toaster”, “microwave”, “tv” .. and weren’t happy with what they got back. So they hired a fire-truck chaser, and re-submitted with “more information.” I have absolutely seen claims go from under $7k calculated, to over $100k calculated. (It’s amazing what can happen when people suddenly “remember” their entire wardrobe came from Nordstrom.)” Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. MONEY Is Black Friday A Scam? We Investigate Leah BourneNovember 21, 2018 Black Friday is probably the most hyped shopping day of the year. This year is expected to break records left and right. According to Finder.com, Americans are expected to drop $90.14 billion this year. That’s a lot of discounted TVs. The question is, how good are the sales on that day, really? And is it really the best day of the year to shop? Is Black Friday the best day of the year to shop for deals? According to experts, yes there are great deals to be had on Black Friday, but, no, it’s not actually the best day of the year to shop for deals, that honor goes to Thanksgiving. Per Lindsay Sakraida, the director of content marketing for Dealnews who spoke to CNBC: “Technically, as a single day, Thanksgiving is better than Black Friday.” Now, you are probably wondering to yourself, Thanksgiving? Shouldn’t that be a day for turkey and family? Per Sakraida, more and more retailers are rolling out sales early to compete with each other. She suggests looking for deals as much as a week before Thanksgiving. And she points to Cyber Monday as another great sale day (and one you can participate in from the comfort of your couch). How retailers try to “get” shoppers on Black Friday Per The Motley Fool, the real “scam” of Black Friday is the way that retailers use deals to lure shoppers into their stores in order to inspire them to spend. Per the website: “The goal of a typical Black Friday retailer is to attract customers by offering a few key products at a so-called discount. Then, once those ‘deals’ run out, the retailers have still got you in their hooks because you’re already in their stores or on their sites, at which point you’re more likely to buy something else — even if it’s not on sale.” It’s a key point to keep in mind as you head out to shop: If you aren’t able to score what you had planned to, don’t fall into the trap retailers want you to fall into, which is buying something else. What should you buy on Black Friday and what shouldn’t you? Per RetailMeNot, all categories are not created equal on Black Friday, either, some things are better to shop, and some things are best left on the shelf. Electronics, appliances, gear, and sneakers made the cut for what you should scoop up on Black Friday. Furniture, the latest gaming consoles, and toys, meanwhile are best left on the shelf, according to their analysis. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. PARENTING Being A Mom Is Expensive: Here Are Some Ways To Offset Those Everyday Costs Hina Adnan November 13, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Being a mom means juggling time, money, chores and of course your kids. If you feel like you can’t control the moods, tantrums, and schedules… well then, we’ve got you covered on at least one front: the money! As a mom with a young daughter myself, I’ve encountered a few ways to offset those everyday expenses. Here are my secrets. 1. Get instant cashback with your phone While coupons can save you money, they’re a ton of work. When you compare them to streamlined cashback apps like Ibotta, there’s no reason to keep using them. Just take a photo of your receipt on your phone and Ibotta will instantly give you money back on each purchase. I recently got paid $1.00 to buy Yogurt and $5 for beer – how awesome is that?! To sweeten the deal, new users get a massive $10 bonus after scanning their first receipt. Don’t miss out on this one. Earn cashback every time you shop with Ibotta HERE 2. Make some extra cash from anywhere Surveys let busy moms earn money from anywhere. The problem is most sites are difficult to use on your phone. The ideal solution is an app – and SB Answer from Swagbucks is the best bet for busy people who want to earn on the go. The app has hundreds of high-paying surveys many of which can’t be found on Swagbuck’s main website. Best of all, the app is perfect for busy moms who still want to earn some easy extra income. You can earn by taking surveys and fun daily polls anywhere from your lunch break at work to your favorite coffee shop. Once you’ve earned enough SB (the app’s “currency”), it can be redeemed for gift cards to stores like Starbucks and Target. There’s also a PayPal payment option if you prefer real dollars. Start earning cash with your phone with SB Answer 3. Play the lottery to build your savings Let’s face it: lottery tickets are a waste of money. And yet Americans (including millions of moms) spend $73 billion dollars on lottery tickets per year. Hoping to change this habit, the Long Game Savings app wants to help you take the money you would spend on lottery tickets and put it toward your savings. By keeping to your savings goals set on the Long Game app, you earn points which are used to play lottery style games (think to spin the wheel and Powerball). Rewards for the games range from cold-hard cash (up to $1,000,000) and cryptocurrency (Bitcoin and Ether). And did we mention that users also get .1% interest on their savings account? Just download the app, link your bank account, and open your own FDIC insured Long Game savings account to start saving and playing lottery games. You’ll even get 300 free bonus Coins plus up to 3,000 free bonus Coins when you make your first deposit. It’s like playing the lottery without any of the waste. Start saving today with Long Game 4. Get paid to go grocery shopping If earning money shopping for other people sounds too good to be true, think again. Instacart, an on-demand delivery service, has job opportunities for moms that are exactly that. Instacart offers two roles for shoppers: As a “Full-Service Shopper” select your own hours and shop and deliver orders for customers (you need a car to be able to do this). As an “In-Store Shopper,” you are assigned a shift to shopping for orders in a single store (you don’t need a car for this). It takes five minutes to apply online! Right now they’re accepting shoppers in the San Francisco, NYC, Portland, Seattle, Minneapolis/St. Paul, Boston, Chicago, Austin, Dallas, and Philadelphia areas. During busy shifts, shoppers can earn between $11 and up to $28 an hour according to testimonials. Earn up to $28 an hour shopping with Instacart 5. Pick up a legit side gig The simplest way to build wealth or save is to make more money. A great option is to jump into the “gig” economy along with 44 million other Americans. Online surveys are a great way to make extra cash when you have some free time and want to watch the dollars stack up. Our favorite is Inbox Dollars since they pay you top dollar for every survey you complete and have super low cash out threshold. Perfect if you need money fast. Mom can pay for their shopping with InboxDollars HERE 6. Cut out hidden bank fees from your life It will probably hurt your heart in a big way if you ever sit down and add up all the hidden bank fees that you’ve paid over the years (overdraft fees, fees because your balance isn’t big enough, the list goes on and on). Make a vow that enough is enough and stop rewarding banks for doing what they are supposed to do. Because, seriously, not every bank is out to get you. Bank with Chime, for instance, and you can say goodbye to ever paying overdraft fees, minimum balance fees, monthly service fees, foreign transaction fees and more. Get started with Chime right now! 7. Make screen time a little less expensive What mom hasn’t gotten their electricity bill in the mail and wondered why it is just so expensive? There is a better way. You can actually save the planet and save on your utilities at the same time. We have a little hack to do just that and it’s all thanks to Arcadia Power. Connect your local utility account to the Arcadia platform, and Arcadia does the hard work for you to make sure your electricity is coming from renewable energy sources. The best part about signing up for Arcadia power, though, is that you’ll end up saving money by sourcing your home’s energy from wind and solar. Then, just watch from your Arcadia Power dashboard as your bills slowly shrink and your savings shoot upward. All while you’re doing good for the environment! In states with electricity choice, people using Arcadia Power-save 17% on average on their utility bill. Start saving on your utility bills while helping mother earth by signing up for Arcadia Power 8. Take authentic and free surveys Some people say surveys are time-consuming. If you’re like most moms that don’t have much free time but still want to earn, Ipsos i-Say is a good option. They send activities less frequently but always have surveys with great rewards. It’s a good option if you value your time and would rather take higher-paying surveys less regularly. The payout with great rewards like Visa prepaid cards, Amazon gift cards, PayPal funds, Starbucks gifts and more. Sign-up for Ipsos i-Say HERE What you need to know: Get instant cashback with your phone – Ibotta Earn extra money from anywhere – SB Answer Get rewarded for saving money – Long Game Go grocery shopping and get paid – Instacart Take surveys at home – Inbox Dollars Cut hidden bank fees – Chime Cut your power bill – Arcadia Power Take free and authentic surveys – Ipsos i-Say Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY Viral Reddit Post Explains How You Can Get A College Degree Without A Scholarship For Under $5,000 Leah BourneNovember 9, 2018 According to the College Board, the average cost of tuition and fees for the 2017–2018 school year was $34,740 per year at private colleges. Another number to have top of mind: the total amount of student debt just hit the $1.5 trillion mark. Which is why a recent Reddit post has garnered so much attention. A Redditor laid how you can get a college education for just $5,000: Go to a 4-year school and pick a few degree requirements that you’re interested in. Then get a transfer list between that school and your local community college. For 2-2.5 years take all the first-year classes at the community college. Then look at your favorite 4-year degree school class requirements sequence and do those classes at year 1-2.5 (look at the will transfer class list) After this transfer the classes to the 4-year school and finish the classes that you can’t take at the community college. While this is going on start working part-time at McDonald's they now have generous part-time tuition reimbursement. Other replacements are Home Depot, Chipotle, UPS, Starbucks, and T mobile. (You only have to work part-time)[Some of these companies require 90 days or a year of employment before the tuition reimbursement but it’s ok because most of the cost will be in the last 2 years] Also getting a marketable degree helps in your pay rate hope this helps! As some of the comments on the post pointed out you are going to want to do your research to make sure the credits will transfer and how many credits you will actually be able to transfer. It’s definitely something that is worth exploring though, given how intensely expensive a college degree from a private university has become! Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY The FIRE Movement Is Sweeping The Country. But What Does That Mean For People Who Are In Debt? Zina KumokNovember 6, 2018 Debt and the FIRE [Financial Independence Retire Early] movement don’t obviously mix. It’s like trying to finish a marathon with a fifty-pound weight strapped to your back, sapping your energy and slowing you down the whole way. Maybe you’ll finish the race, but not until everyone else has gone home. But that’s not to say people with debt will never get to FIRE. In this case, it’s probably better to compare debt to some extra weight you’re trying to lose: it may make running harder, but every mile you run and responsible choice you make brings you closer to the goal. Interestingly, a lot of FIRE’s biggest champions actually started their journey in some kind of debt, taking the lessons they learned from crawling out of debt to trying to achieve FIRE. In other words, getting to FIRE and dealing with your debt requires a similar strategy. If FIRE is the long-term objective, paying down your debt is just the first step you need to take. Against the grain Craig Curelop, a Palo Alto-based financial manager at BiggerPockets, decided to go a different route in paying off his student loans and becoming financially independent. Instead of immediately throwing any extra money toward his loan balance, he bought a rental property instead. “These real estate investments allow me to expedite the process of paying down student loans,” he told The Money Manual. “I feel as though if I had taken the traditional route of paying student loans off first, I would still…have much more left to pay.” Curelop now owns three properties and is using the proceeds from renting them to pay off his student loans more aggressively. Going to extremes Depending on how much debt you have, it might be time to use extreme tactics. These could include living at home for a few years, working a couple of part-time jobs or severely cutting back on discretionary spending. FIRE blogger and mother of five Jillian Johnsrud of Montana Money Adventures based in Kalispell, Montana, started her financial independence journey by paying off $35,000 in student loans, $10,000 in credit card debt and $10,000 in medical debt. Her and her husband paid these debts off by living on half their income. When the debt was gone, they started saving the money instead. “Slowly we found ways to save 60 or 70% of our income by doing things like getting a roommate,” she told The Money Manual. Refinancing debt Whether you have a mortgage, student loans or auto loans, you can refinance to get a lower rate and pay less interest overall. A borrower with $50,000 in student loans can save $6,756 in interest when they refinance their loans from 7% interest to 4.75%. If they have an interest rate of 10%, they’ll save $16,381 over a 10-year period. The only downside to refinancing your federal student loans is that you give up any relevant federal protections, including Public Service Loan Forgiveness. Do the math to make sure refinancing won’t interfere with your plans or lead to a higher interest burden than sticking with PSLF. When refinancing, you can either keep paying the original monthly payment or switch to the new, lower payment. By paying the original amount, you’ll pay off the debt even faster. You can also pay the lower sum and invest the difference. FIRE misconceptions A lot of people think the FIRE lifestyle means living on beans and rice, growing your own vegetables and shopping at Goodwill for all your clothes. In reality, the biggest factor in achieving FIRE is how much you make. You can’t always save your way to financial independence, but you can earn your way. Focus on getting a raise at work, asking for overtime or finding a profitable side hustle. Experiment with a few different gigs to see what brings in the most money. Earning a few hundred bucks a month will almost certainly close the gap faster than just trying to live frugally. No more missed opportunities It’s always important to get as much of your employer’s contribution as possible, but that becomes even more vital when you’re trying to balance debt payoff and early retirement. Look up your company’s 401k contribution policy and understand what you need to get the maximum company match. Doing this might delay your debt payoff, but it’s better than leaving free money on the table that you’ll never get back. Adjust expectations The biggest reason why more people don’t strive for FIRE is that they don’t want to make the sacrifices that it takes to actually get there. Obviously, retiring at 40 sounds great — until you realize it means opting out of many luxuries your peers enjoy. While your friends are having happy hour drinks and enjoying spring break, a FIRE devotee is making cocktails at home and taking staycations. The question is, what are you really willing to give up? Per, Johnsrud mitigate this by enjoying the journey to FIRE. “We celebrated at every mile marker,” she said. “When the debt was paid off, our first $10,000, $50,000 and $100,000. Often, it was something simple like going out for dinner. Anything that marks the occasion and gives a chance to talk about how far you have come, and express gratitude.” Zina Kumok is a personal finance writer and speaker whose byline has appeared in Indianapolis Monthly, the Commercial Appeal and the Associated Press. She’s been featured as an expert in the Washington Post, Fox Business, and Time. Feature Illustration: Laura Caseley For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. BUDGETING I Cut My Monthly Grocery Bill From $1,500 To $233. Here’s How I Did It Melanie Anderson November 2, 2018 Food is a need, yes, but does the money you spend on food take up a far larger part of your budget currently than you’d prefer? Do you consistently feel like you spend too much time in the grocery store and leave, staring at your receipt, wondering what you could possibly have bought that added up to that cost? My family of six, living in southern California, went from spending over $1,500 on our monthly grocery bill to just $233. I did it not by nixing food from my grocery list, but changing how much I was paying for it. What comes to mind when we hear about ways to save on food are often coupons or money back apps like Checkout51 and Ibotta, but what I want to share is a tool that will go much further in cutting your household expenses. Meal planning in reverse: my two steps You’ve likely heard of meal planning, but have you heard of or practiced reverse meal planning? It involves two steps: one question and one phone call. The combination of this process saved my family over $1,000 per month. One question that has the power to save you a lot on groceries is “What do we have for food to eat for this meal?” rather than “What am I in the mood for?” What I was in the mood for was costing me both time and money in the grocery store. What I had, meanwhile, meant I was using what I had in my pantry to the fullest extent. Second step: call your local grocery stores. Ask what time of day they clearance their meat, produce and bakery items. If possible, shop at that time of day. I recommend shopping two times a week to get the most out of this. Now, from what you’ve purchased on clearance combined with what you have available at home, in your pantry and freezer, you prepare your meals. MyFridgeFood.com and SuperCook.com as well as simply Googling for recipes can really help on the days that you have ingredients that you don’t immediately know a potential meal or recipe for. Additional ways I’ve cut costs Don’t waste leftovers: re-purpose them. Reinvent them into something even more delicious and unique the next night. Packing meals for lunches and snacks during the workday can save $10 or more per day. And though most of us don’t have a lot of time to coupon, while, for example, you wait for your car’s oil to be changed, it might be worth perusing some coupon sites online. There are often free food rewards for liking your local grocery stores on social media, too. For example, one store near me on Tuesdays posts a code word for a certain item. When you check out and say that secret code, you get the item for free. Recently, the free item was a $6.19 organic loaf of bread absolutely free when the secret code was said, no purchase necessary. Often buying in bulk can greatly reduce costs as well. Just be sure you will use or be able to preserve the food in time before it spoils. Buying in season can really decrease the cost of production, as well. What about those items that are impossible to find discounted? Write to the manufacturers of the item you wish to buy and let them know what you love about the item. Consistently, the manufacturer will respond with their appreciation for your contact by sending you coupons or discounts for the item you originally wrote them about. Food is such an intimate part of our daily routine, of our memories and of our traditions. The smell of certain food, the method of its preparation and the style of its display are all aspects worthy of being enjoyed, and now with the steps above, they can be had while keeping your monthly grocery bill in check. Melanie Anderson is a mom of four, and the blogger behind Six on a Budget. She is an on a mission to help people live a vibrant debt-free life. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money saving app reviews brought to you by our editors. EDUCATION 11 Legit Ways For College Students To Make Money Alex NettheimOctober 29, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Despite what most people think, being a college student doesn’t mean being broke. There are plenty of ways to make and save hundreds of dollars every month without leaving campus. 1. Get Paid To Go Grocery Shopping Wondering how? With the free Ibotta app. Just scan your shopping receipt and Ibotta will instantly pay you based on your purchases. Get paid 75 cents to buy Milk, $5 for beer and $1 for pasta. To sweeten the deal, Ibotta is offering a massive bonus for new college users – a bonus $10 when you scan your first receipt! Get paid to go grocery shopping with Ibotta HERE. 2. Turn Saving Money Into A Game And Win Real Money People spend billions of dollars a year playing mobile games. That money doesn’t amount to much of anything (except for some time playing Candy Crush), but wouldn’t it be nice if you could play games on your phone and have your wallet be the one that sees a boost for a change? That’s exactly what the new app Long Game does. Start saving money using the app, and you’ll start earning points which you can use to play games. This is where the app gets really good: Start winning at the games and you’ll earn prizes ranging from cold hard cash (up to $1,000) to cryptocurrency like Bitcoin. On top of getting to play games, you’ll be earning interest on your savings. To get started, download the app. You’ll even get 300 free bonus Coins plus up to 3,000 free bonus Coins when you make your first deposit. Turn saving money into something that is actually fun with Long Game today 3. Reduce Your Phone Bill In Minutes Truebill’s goal is to lower your bills. Period. Sign-up for Truebill and either log-in or snap a photo of your bill and Truebill’s negotiators will get to work finding hidden discounts and promo rates you would never have been aware of otherwise. Just a few of the companies that Truebill has negotiated with include AT&T, Spectrum, and Comcast. There’s zero risks to see if Truebill can get your bills lowered because you only pay if they are successful. Customers have attested to saving hundreds of dollars a year thanks to Truebill. Cut your phone, internet and cable bills with Truebill now. 4. Earn Some Quick Cash Most survey sites have their own requirements for the minimum amount you can cash out. If you want money fast, Survey Junkie is your best option. The site has thousands of high paying surveys available which can be completed anywhere on pretty much any device. Best of all, the payout threshold is just $10 so you can cash out your earnings to Paypal, a checking account or as a gift card super quickly. Get paid quickly with Survey Junkie HERE 5. Use Gift Cards You Earn From Your Spending It sounds easy enough, but how often have you gone into the grocery store with a list and come out with a million things, not on the list?. Monitoring your finances become a lot easier when you sign up for MoneyLion. Money Lion is a financial advisement platform that works with its members to adopt better spending habits. The best part is when users follow MoneyLion’s best spending habits, MoneyLion offers gift card rewards from a variety of retailers. Kick your bad spending habits today with MoneyLion. 6. Get Cash Back When You Shop Online There is nothing like earning cashback for shopping. Simply sign-up for Ebates, and continue shopping online at your favorite stores from Amazon to Walmart, all while earning cashback. Of note: Every retailer available on Ebates offers a different amount of cashback, usually between 2 to 3%. Make sure to check the “Flash Cash Back Stores” tab on the site to find the special cashback offers (we’ve seen up to 22.5%)! Sign-up for Ebates and start getting cashback on groceries. 7. Invest In The Stock Market With Just $5 A common investing misconception is that you need lots of money to start. While that used to be the case, services like Stash allow you to begin investing with as little as $5. Stash lets you buy fractional shares of Exchange-Traded Funds (ETFs), meaning you can invest exactly the amount you want. There are over 40 investment themes to choose from depending on your risk tolerance and social beliefs. Invest your first $5 with Stash. 8. Make Beer Money With Survey Sites Let’s state the obvious first: survey sites aren’t going to make you rich. What they will do is let you earn some decent beer money with a minimum of effort. The highest paying surveys we’ve found are with InboxDollars and cashing out is super quick. College students can use this in boring classes to make some decent money. Take surveys for cash with InboxDollars here. 9. Save Money Without Trying Sometimes when you run out of money at the end of the month you have no choice but to dump stuff like groceries on a credit card with a high-interest rate and hefty fees. There’s a better way, though. Digit is an app that automatically pulls small amounts of money from your checking account throughout the month so you can start saving for the end of month squeeze without even realizing it. No more getting to the end of the month with no money left for food. Digit also has a great new feature that will help you start paying off your credit card debt the same way! Get your monthly budget under control with Digit. 10. Start A Stock Portfolio By Buying Your Morning Coffee You financial future is important, but it shouldn’t take a lot of time, effort, or money out of your present day-to-day life. Enter Acorns, the investing app that wants to help you invest in your financial future. Working along with the theory that a little money a day goes a long way, Acorns Core automatically invests your spare change and you can begin investing with as little as $5 designed by world-renowned Nobel Laureate economist Dr. Harry Markowitz and made up of ETFs from well-known investment management companies like Vanguard and BlackRock. Acorns offer other perks for your spending habits such as their Found Money application. With Found Money, every time you shop at one of the 200+ Acorns Found Money Partners, these partners will automatically invest in your Acorns account. Never stress about investing in your financial future again and sign up for Acorns HERE. 11. Become A Lyft Driver Given the crazy earning potential if you become a Lyft driver, it’s worth thinking about if you own a car. Lyft is looking for people over 21 who own their own car to be drivers. According to their website, drivers can earn up to $800 working just Friday nights and weekends. To get an overview of how much you can make, just enter your driving hours and location on their website and you’ll get an immediate summary. Make up to $800 a week driving for Lyft HERE Final Thoughts Earn money going grocery shopping – Ibotta Earn some quick (and easy) cash online – Survey Junkie Get rewarded for saving money – Long Game Start investing in the stock market with just $5 – Stash Automatically save for the end of the month without trying – Digit Earn gift cards for monitoring your spending – Moneylion Lower your phone bill in minutes – Truebill Invest automatically with your spare change – Acorns Make money from your phone – InboxDollars Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY What Being A Libra Says About How You Handle Money The Money ManualOctober 24, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Libras. They are our artists. Our October babies. Our wise peacekeepers. Our fashionable friends. Here are 7 qualities Libras are known for exhibiting that get to the heart of how they handle money (the good and the bad). Armed with that knowledge, we’ve also come up with ways for Libras to manage their money better. Take notes Libras, your bank account will be the better for it. 1. A love for being social and entertaining is a part of their DNA A Libra is a hostess with the most-est and their home is always the one that their friends congregate at for birthdays, celebrations, dinner parties, what have you. But being a host is no cheap task. To keep their party budget under control, Libras should use the cashback shopping app Ibotta. With Ibotta, you shop as you normally would at stores like Foodtown, Whole Foods, Stop & Shop, Walmart, and more. Then, simply scan your receipt with the Ibotta app and Ibotta will automatically upload all your cash savings into the app. All Libras have to do is transfer the funds to their linked bank account and rejoice at their savings. 2. Work-life Balance Libras are known for making sure to carve out a lot of time for their family. Unfortunately for Libras, all this family time doesn’t leave much time to take on a side gig to make extra cash. A great way to do it all is to start using Swagbucks, a free online rewards site that pays you for doing the things you already do on the internet such as taking surveys, browsing the web, and watching videos. For every task you complete with Swagbucks you earn SB points which can quickly and easily be redeemed for PayPal cash or e-gift cards to places like Amazon and Walmart. 3. They appreciate the finer things in life (particularly when it comes to fashion) Libras have a taste for fashion that makes them the envy of all of their friends. Libras don’t have to sacrifice their fashion sense to stay on a budget, they just need to think ahead. One of the best hacks to do just that is Affinity, the online cashback service that does all of the work of finding the best cashback offers for you. Simply go to Affinityy’s website, search for the deals offered at your desired store, and complete your purchase as you normally would. With Affinity, you can find deals from your favorite high-end retailers from Saks Fifth Avenue and Marc Jacobs Beauty to Nine West and Neiman Marcus. And to sweeten the deal, even more, Affinity gives you $20 after your first purchase, up to $25 per referral, and an extra $2 when you take a quick, five-question survey. You’ll also earn $3 when you download the app and another $3 when you install the browser extension. 4. They don’t like talking about money Libras may be social butterflies, but the the one thing that they don’t like to talk about is money. Here’s the problem with that, sometimes talking about money is what it takes to navigate difficult financial situations in order to find solutions. Libras can have money conversation by signing-up for Status Money. Status anonymously compares your finances with millions of other people across the U.S. so you can see how your finances stack up against other people like you. Armed with that information you can take action to improve you finances (say, getting your credit card interest rate lowered). 5. They aren’t particularly detail-oriented Libras are big-picture people and often forget about the details–details, for instance, like accidentally making an overdraft on their bank account and getting charged a nasty fee for it. Embracing these details is probably never going to come easy to Libras. Instead, consider switching to the online-only bank Chime, which never charges fees to users. Say good-bye to hidden fees and overdraft fees forever. Another huge benefit of Chime is that it allows you to get your paycheck early–two whole days early! 6. They are known for their sound judgment Libras are known for being extremely logical and possessing strong judgment qualities, which makes them great investors. For Libras who haven’t dipped their feet into the market, they might want to consider Stash, an app that allows you to start investing in stocks with as little as $5. By investing $5 a week at 5% compound interest, your portfolio has the potential to grow to $17,274 in 30 years. 7. They are shy about negotiating Libras are shy about conflict, and that means they aren’t the best when it comes to negotiating. Meaning they are missing out on saving money in various areas of their life Take the stress out of negotiations by having someone else do it for you. Sign-up for Truebill, an app that will do that legwork for you. On average, Truebill customers save a whopping $512 per year. All you have to do is log-on to your providers (like AT&T, Comcast, etc.) or send Truebill one of your bills, and they will get to work finding hidden discounts or promo codes to lower your bills. With little to no hassle, Truebill will lower your cell phone or cable bill by up to 20%. And the best part is Truebill only gets paid if you save: it’s a win-win. What you need to know Known for their sound judgment- Stash Work-life balance – Swagbucks Appreciate the finer things in life – Affinity Don’t like talking about money – Status money Love for being social – Ibotta Detail-oriented – Chime Shy about negotiating – Truebill Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. BUDGETING 7 Ways To Save For Your Dream Wedding And Avoid Going Into Debt The Money ManualOctober 19, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Imagine, you just said yes to the love of your life, the ring is on your finger, and you find that you are suddenly crying nonstop. In the beginning, those are tears of joy, but give it a couple days and those tears will become tears of panic as you start to think about the giant expense that is a wedding. Weddings are expensive, no two ways about it, but there are ways to prepare your savings for the big day so you don’t end up in a mountain of debt you can’t climb out of. Before you walk down the aisle, make sure you take a walk through these top money-saving tips to help you prepare for the big day. 1. Cut back dramatically on how much you are spending on groceries with this easy hack Coupons are of course the traditional way to save money on your groceries, but who–especially someone planning for the most important day of their lives–has the time to actually clip coupons? A far easier solution is to use the streamlined cashback app Ibotta so you never have to look at a coupon booklet again. Just take a photo of your receipt each time you shop and Ibotta will give you cash back on eligible items. Some of the best deals are getting paid $5 to buy ice cream and $3 for buying beer – how awesome is that? To sweeten the deal, new users get a nice $10 bonus after scanning their first receipt. You don’t want to miss out on this one. Earn cashback when you shop with Ibotta HERE 2. Copy how your friends are saving money While you may love comparing wedding ideas with your friends, comparing your finances is generally pretty taboo. That being said, it can be very useful to learn from your peers about how they are saving money differently from you. With the Status Money app, you can compare financial information with your peers without ever having that awkward money conversation with your friends. The app references information from millions of people around the U.S. anonymously to allow you to see where you stand financially against other people. Have you ever wondered if you are paying too high of an interest rate for your student loans? Now you can compare what you are paying to your peers with the same credit score. Are you paying too much? Maybe consider refinancing your loans or switching banks. Armed with that information, you’ll have the ability to save a heck of a lot of money, money that you can towards your dream wedding. Don’t forget to link your financial accounts to Status Money so you can get the most accurate picture. Don’t waste another moment without finding out how your finances compare to your peers 3. Never pay another unnecessary fee again Sometimes it feels like the bank is out to get you with all the overdraft and service fees they tack on. And when you are trying to save for one of the biggest celebrations of your life, those fees can be a real pain in the neck. If you’re sick and tired of paying banking fees (and who isn’t), you need to try out Chime the mobile bank which guarantees it will never charge its customers a single fee. Say good-bye to overdraft fees, minimum balance fees, service fees, foreign transaction fees, and transfer fees forever when you move banks. Another huge benefit of Chime is that it allows you to receive your paycheck a full two days early. For those times when you are in need of extra money in a pinch–like say paying a wedding vendor–those two days can make all the difference. Say goodbye to bank fees forever and try mobile banking with Chime 4. Get as much free stuff as you can Nothing will help you save for your upcoming wedding quite like free stuff. Go over to your parent’s house for free dinners, swap clothes with friends instead of buying new things, and download Drop to get rewarded with free stuff for shopping at all your favorite mall destinations, from Forever 21 and Aerie to Zara and Sephora. Drop rewards you for everyday purchases by supercharging your credit and debit cards. Best of all, it works in the background so you earn automatically. Just register for free, link your cards, then go shopping. It’s that easy! Points earned are redeemable for gift cards to stores like Amazon and Whole Foods. Being able to use free gift cards while you’re trying to save for the big day can ultimately make a big difference. Get rewarded every time you shop with Drop 5. Start getting cash back every time you shop online Brides on a budget are constantly looking for ways to squeeze money out of thin air to help make all their expensive wedding dreams come true. And Ebates is one such method of making money out of nothing by giving you cashback on all your online shopping purchases. When you sign up for Ebates, you earn cashback by online shopping at over 1,800 participating retailers like Kohl’s, Amazon, and Macy’s. All you have to do is log onto Ebates, find your desired store, and get access to the promo codes or discounts on your desired store’s site. Ebates will then send you the money you saved either by check or Paypal. And as an added bonus, Ebates will pay you an initial $10 bonus when you first sign up. Get up to 40% cash back on your online purchases and sign up for Ebates HERE 6. Completely cut out eating out While you may love having a romantic dinner out with your soon-to-be husband, remember that you are also planning a romantic dinner to feed all your friends and family in about a year. A filet mignon out at a French bistro is certainly not going to help your wedding budget. Instead of going out to dinner, try making a home-cooked meal and have a romantic dinner in for two. Or, if you’re fine with several extra third-wheels, host a potluck with all of your friends. Both options will give you a fun night in without having to shell out big time at a restaurant. 7. Consider cutting the cord Let’s be real: how often do you actually flip through the channels and watch cable TV? With such a wide variety of streaming services like Hulu and Netflix at our fingertips, the need for a cable subscription is near obsolete. Don’t subscribe to every single media streaming service though—that will likely cost you even more than your usual cable bill. Instead, divide and conquer among your friends and family by sharing and splitting account memberships. If you can’t live without a cable subscription, look into a service like BillShark which will do the legwork for you and help you lower your monthly cable bill. They have a whopping 80% success rate and people save on average $300 per year. Look into BillShark today and see how much you could be saving on your monthly cable bill Image: Unsplash Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY This Free Tool Will Find You Hidden Savings Every Time You Shop Amazon The Money ManualOctober 12, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. You might think you are getting the best prices when you shop on Amazon, but I am here to let you in on a little secret: you aren’t. Even if you are doing your best to browse online for the best deals on Amazon, there are hidden deals that are really difficult to find without the right help. To add insult to injury, usually when you shop on Amazon, you just assume you are getting the best prices, but some of the time you just aren’t. Not even close. When I discovered the free online shopping Chrome extension Wikibuy it made me realize that I was basically getting ripped off every time I shopped Amazon without this hack. Here’s how it works Download Wikibuy (it literally takes one minute). Because Wikibuy is a browser extension, it will automatically appear on your web browser while you are online shopping to alert you of a better deal. But, one of our favorite features of using Wikibuy is that it will even alert you automatically when you could be saving on an item within Amazon. For instance, I was browsing for a specific lipstick on Amazon, and because I had Wikibuy installed it automatically alerted me that I could save $1.58 by buying the lipstick from a different Amazon seller. Now, that might not seem like a lot, but imagine the savings if you were able to find a hidden deal on literally everything you buy on Amazon going forward. It also will alert you if there is a better price on something outside of Amazon Beyond alerting you to better deals within Amazon, it alerts you to better deals outside of Amazon. For instance, I was shopping on Amazon for Crest White Strips, and Wikibuy alerted me that I could save $15 buying them for another retailer. All I had to do was click on the Wikibuy green icon to be able to purchase them at that massively reduced price. Bottom line: never get ripped off again Even if Wikibuy doesn’t find you savings on an item that you want to purchase, by using it, you can rest easy knowing that you are getting the best deal on literally everything you are buying on Amazon going forward. Do yourself a favor and add Wikibuy to Chrome now so the next time you shop Amazon, you’re ready to go. All Images Via Wikibuy Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. MONEY How To Save For Retirement Even If You Don’t Have A Full-Time Job Mekelle BessOctober 2, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Millions of American’s are either a freelancer or are self-employed. Although this comes with the benefits of flexible hours and working where you want, it doesn’t come without challenges. One of the biggest being able to save for retirement! It’s not that freelancers don’t have the money. Because in fact, freelancers might be able to put aside more than employees of companies. With tax-friendly retirement options available, self-employed workers may save as much as 25% or $55,000 of eligible compensation (whichever is lower) in the tax-deductible SEP IRA plans. So, what’s the problem then? For one, freelancers don’t benefit from the employee match most corporations offer on 401(k) plans, which can make a huge difference in the amount people have in their account come retirement. And for the freelancers just starting out, trying to build savings or an emergency fund can feel like a blow to the bank account in the short term. Without ready-made retirement match 401(k) programs and automatic withdrawals from paychecks, freelancers need to have as much motivation to save as they do finding and landing jobs. The first step is to start saving now. Here are four retirement plans to consider as a freelancer or self-employed worker: 1. Traditional or Roth IRA This is the best option for those just starting to save who want to save less than $5,500 a year. You can also roll an old 401(k) into an IRA, if you have one. The limit is up to $5,500 (plus $1,000 catch-up contribution for those ages 50 plus). You’ll get a tax deduction on contributions to a traditional IRA, no immediate deduction for Roth IRA, and withdrawals during retirement are tax-free. There are no employee plans, so if you have employees, they can set up their own IRAs. This is one of the easiest ways to start saving as a freelancer because there are no special filing requirements. Look into Betterment’s IRA options. Betterment takes a long-term approach to invest to help investors earn 2.66% more than typical investors, according to the company. 2. Solo 401(k) This plan is a great option if you’re able to save a great deal of money each year, or if you’re trying to save more in some years and less in others. It’s best for a business owner or self-employed worker without employees. This plan works just like a standard, employer-offered 401(k). Contributions are pre-tax and distributions after age 59 ½ are taxed. The contribution limit is up to $55,000 or 100% of income, whichever is less (plus $6,000 catch-up contribution for those ages 50 plus). To understand the contribution rules, you will want to identify yourself as one of two people: an employer (of yourself) and an employee (also of yourself): As the employee, you can contribute up to $18,500 or 100% of compensation, whichever is less. As the employer, you can make an additional profit-sharing contribution of up to 25% of your compensation or net self-employment income, which is your net profit less half your self-employment tax and the plan contributions you made for yourself. The limit on compensation that can be used to factor your contribution is $275,000 in 2018. As a freelancer, you can open a solo 401(k) easily with most online brokers. Just take note, you’ll need to file paperwork with the IRS once your exceeds $250,000. Once you start investing in a 401 (k) you can even use a service like Blooom to start optimizing your money. 3. SEP IRA The SEP IRA (Simplified Employee Pension) is a type of traditional IRA for freelancers or small-business owners with no or few employees. You can contribute the lesser of $55,000 or up to 25% of net income. Distributions in retirement are taxed as income and there is no Roth version of a SEP IRA. Employers must contribute an equal percentage of salary for each eligible employee counted as an employee. So, if you contribute 10% of your own compensation for yourself, you must contribute 10% for each eligible employee. You can open a SEP IRA just as you would a traditional or Roth IRA. 4. Savings Incentive Match Plan for Employees (SIMPLE IRA) SIMPLE plans are a good option for individuals or small-business owners with a small number of employees. For small-business owners, SIMPLE IRAs allow them and their employees to contribute up to $12,500 annually and either 2% fixed contribution or 3% matching contribution. Workers older than 50 can get a $3,000 catch-up contribution. This plan offers upfront tax breaks and tax-deferred saving, so you don’t pay taxes until you withdraw money. No matter which plans you choose to save with, it’s recommended that freelancers put 12% plus away into retirement, but there is one caveat: paying off debt should be a focus before saving for retirement. If you’ve got a substantial outstanding balance on your credit card, pay that off first and then focus on saving. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY These 10 Innocent Mistakes Are Costing You Money Every Day The Money ManualSeptember 26, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Do you ever look at your bank account and get an involuntary shudder? We hear you, sometimes it feels like there is a giant hole in our bank account, leaking out our precious hard-earned money. Every day, we are all unknowingly wasting money and letting that hole in our bank account get bigger and bigger. But it doesn’t have to be that way. Here are 10 of the ways that you are wasting your money every day and what you can do to fix it. 1. You are using the wrong credit card Many credit cards offer some pretty fantastic rewards just for using them, like airplane miles and cashback. It’s just a matter of qualifying for and signing-up for the right credit card. To find the very best credit card for you, you are going to want to sign-up for Credit Sesame completely for free. Credit Sesame works to provide you with a personalized plan to improve your credit score so that you can qualify for those rewards credit cards that will reap you anything from cash to free hotel stays. To sign-up, log onto Credit Sesame and enter some basic information about yourself. From there, it takes just 60 seconds for Credit Sesame to determine what credit cards you pre-qualify for. Stop using a credit card that is costing you money and start using one that will earn you money thanks to Credit Sesame 2. You aren’t growing the money you already have Instead of just sticking whatever extra money you have in a savings account, the smart financial move is to invest that money and allow compound interest to work its magic so you can grow your wealth. Despite most experts overwhelmingly believing this is the way to go, only 54% Americans invest in the stock market, believing that only the super-rich can afford to have an investment portfolio. Stash proves that this belief is a complete misconception as it allows its users to start building an investment portfolio with as little as $5. It takes just two minutes to sign-up for Stash and then you can start building a portfolio of ETFs and stocks that fit with your interests, beliefs, and financial goals. From there you can watch as your account grows! Don’t let your extra cash collect dust by building an investment portfolio with Stash and start compounding your cash 3. Wasting Time Nonsense when you could be earning in your free time… Waiting for the next payday and in need of a little bit of extra cash in a pinch? Your best quick bet is Swagbucks. They’re a market research company that’ll pay you top dollar for every survey you complete and importantly, they let you cash out quickly. Best of all, they offer a free $10 welcome bonus when you sign up. To earn the most on Swagbucks you are going to want to complete at least three surveys as you get started. The more surveys you complete the more chances you have of higher-paying surveys coming your way. So put on your favorite guilty pleasure TV show, kick back with your computer for an hour, and earn some extra cash literally right now. It’s that easy. 4. You’re spending way more on your monthly bills than you have to These 4 Apps Promise To Save You Money On Your Monthly Bills. But Which One Is The Best? One the easiest (and worst) ways to waste money is to spend more money on your monthly bills than you absolutely have to. The bills that we are talking about? Your wireless, internet, cable TV, satellite TV, satellite radio, and home alarm. Well, we have a hack to get all of those bills down: BillBargain. Send your bills to them and they will negotiate them down on your behalf. They successfully get down 85% of the bills people send them and save people up to 30% on them. That can add up to really big savings, just think about what that would mean on your cable bill! It’s 100% free to try because you only have to pay BillBargain if they are able to save for you. A lot of people make the mistake of paying more for their monthly bills than they have to. Sign-up for BillBargain now so you don’t fall into the trap. 5. You’re not using this tool to monitor your finances We consider Status one of the most useful money tools for a few reasons: It brings all of your accounts into one place so you can monitor how much money you have coming in and out all in one place. It lets you know how you are doing compared to your peers as far as your spending, debt, credit score and income are concerned. It even makes cash flow projections for you! But here is the real kicker…The status will actually pay you to get control of your finances. As you use Status, the app will make recommendations for ways you can improve your finances, save more, spend less — you get the idea. When you act on Status’ recommendations you earn cash rewards. You get $5 immediately for signing up, $1 for linking your credit report so you can monitor it, $1 for linking your first bank account, $20 for consolidating your debt…the list goes on and anon. There’s no limit to how much you make and you can get the money wired to your bank account as soon as you hit the $10 mark. You should want to get control of your finances no matter what, but the fact that there is a way to get paid for doing it makes it all the sweeter. Did we mention that Status is completely free? Sign up to Status now and start earning cash rewards just for being smart with your money. 6. Useless bank fees are costing you buckets of money for no reason Sometimes it feels like the bank is out to get you with all the overdraft and service fees they tack on. Your bank is supposed to protect your money, not eat it. If you’re sick and tired of paying banking fees (and who isn’t), you need to try out Chime the mobile bank which guarantees it will never charge its customers a single fee. Say good-bye to overdraft fees, minimum balance fees, service fees, foreign transaction fees, and transfer fees forever when you move banks Another huge benefit of Chime is that it allows you to receive your paycheck a full two days early. For those times when you are in need of extra money in a pinch, those two days can make all the difference. Say goodbye to bank fees forever and try mobile banking with Chime 7. You are paying way too much for your cell phone every month Cell phone bills are inevitable, and, unfortunately, so is getting ripped off by your cell phone provider. The truth is, cell phone providers know they are ripping you off, and are willing to lower your bill, all you have to do is ask. Still, who actually wants to spend their precious free time negotiating down their cell phone bill? That’s where BillShark comes in. BillShark’s team of bill negotiation experts have an 85% success rate when it comes to lowering people’s bills (besides cell phone bills, they’ll also negotiate down your cable and internet bill, among others). People have saved hundreds of dollars annually by using BillShark. And because BillShark only charges 40% of the savings they find for people, you only have to pay for the service if they end up actually saving you money. Bottom line: you have nothing to lose. Sign-up for BillShark and stop getting ripped off by your cell phone provider 8. Those high-interest credit cards are robbing you blind Americans pay nearly $104 billion in credit card interest and fees per CNBC each year. That is money people are literally lighting on fire. The big question is how to get rid of high-interest credit cards, and one thing to consider is taking out a personal loan. With a low-interest personal loan, you’ll be able to quickly pay off your high-interest credit card debt. In the long run, this simple decision could save you a ton in fees. Fiona is a free service that allows you to compare lenders quickly and get matched with the best personal loan to fit your needs. Fiona offers loans between $1,000 and $100,000 and with interest rates that start at 4.99%, you might be eligible for a loan with an interest rate that is markedly lower than that of your credit card. Stop drowning in high-interest credit card debt and consider a personal loan with Fiona 9. Every time you shop online you are wasting money Online shopping is nice, but online shopping with cashback rewards is far nicer. When you sign up for Affinityy, you get up to 20% cash back at your favorite stores including Walmart, Macy’s Neiman Marcus, Jet.com, and even Target. Affinityy makes it simple to find all the cashback offers and coupons you could want. Just search for a store, click on the coupon you want, and complete your purchase as you normally would. Then Affinityy will send your cash via check or PayPal. And if that isn’t enticement enough, you earn $20 after your first purchase, up to $10 per referral to your friends and family, $3 for free when you download the app and another $3 when you install the browser extension. All totaled, Affinity will give you $36 for completing those simple tasks. Give Affinity a try and start getting paid to online shop 10. A bad credit score is costing you a lot of money and you might not even realize it Having a bad credit score is expensive. Here’s why: It makes credit card interest more expensive, hikes up the price you are paying on your car insurance, and often will make utility companies ask you for a down payment before they’ll let you sign-up. You might not actively realize that you're in the toilet credit score is costing you money, but let us tell you, it is. Thankfully Tally is here to help you fight the credit score battle and drastically improve it. Sign-up for Tally and the app will do an analysis of your credit cards and your credit history. If you qualify, you’ll get a line of credit with Tally that you can use to pay down your higher APR balances (the savings of doing that can be huge, Tally has saved its customers millions of dollars in interest). Then, Tally’s smart technology will work in the background, taking over your credit card payments to figure which cards you should pay down first. Not only will you be able to climb out of debt faster by doing this, but you are going to watch your credit score improve quickly. Just this one financial fix is going to save you a lot over time (Tally has saved its users millions in credit card interest, for instance). Give your credit score the boost it needs and download Tally today Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. CASHBACK I Tried The Ibotta Cashback App And It’s Completely Changed How I Grocery Shop Olivia RoosSeptember 21, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. As a recent college graduate, I’m not exactly rolling in piles of money–more like piles of rent, and phone bills. Thankfully, as a staff writer for The Money Manual, I am around people all day who give me tips and tricks to help me save money. In the past, my go-to saving money strategy has been to minimize my diet to canned soup and instant ramen. But, I decided to do my blood pressure a favor in the name of research and try out the cashback app, Ibotta my co-workers can’t stop talking about. Given that Ibotta has paid out its users more than $275 million since it started, I was curious to see if this could be a budget win for me. How it works I downloaded the app onto my phone and created an account by entering my email, although I could create an account by logging into my Google or Facebook accounts. Then I went to the account section of the app and entered my bank account information so that Ibotta would have a place to send all my cashback savings. Once the setup process was complete, I decided to put Ibotta to the true test, by giving it a test drive in the most bougie and expensive grocery store that I could think of: Whole Foods Market. What happened when I used Ibotta at the grocery store Once I had searched for Whole Foods in the Ibotta app, I browsed through the neatly organized categories to find what offers I could use. By clicking on the plus icon beside each icon I added various discounts to the My Offers section of the app. After shopping, all I needed to do was scan my receipt for all my cashback offers to be redeemed. If that is, I was even able to find any Whole Foods offers to redeem. " Surprisingly though, as I scrolled over the nearly one hundred offerings, and found tons of deals to put in the My Offers tab. From $1 back on La Croix seltzer and kale chips to $4 back on a 15 pack of Blue Moon beer, I was amazed by how many useful deals I found. In fact, the unexpected problem I ran into was that I was adding more groceries to My Offers than I actually needed. I showed restraint and didn’t buy another loaf of bread and closed my eyes as I walked by the discounted organic chocolate chips. I walked out of the store thankfully with only the things I needed. And, when I got home and scanned my receipt, I was happy to find out that I had saved $4.50 shrinking my bill down from $32.09 to $27.59. Although that amount may not seem like much in the long run, if I’m saving around that amount every time that I go shopping then that would add up to more than $234 of savings a year for doing basically nothing! " I ended up getting so excited about my savings, that I spread my excitement to my roommate who also downloaded the app and used it on her shopping trip the next day. And because I had sent her my unique referral code, I earned even more credit from my roommate’s shopping trip. What happened when I used Ibotta at a drugstore The next day, I decided to give the app another run when I picked up a prescription at CVS. The app was successful again, albeit, with a couple of hiccups. I was pleased to see that I was allowed to redeem an offer for Skinny Pops, pretty much my favorite snack. Some of the items I purchased didn’t give me cash back because I didn’t read the fine details of the offer, which required me to buy two of the item in order to get the cashback. Obviously, this was an error on my part, but I was still a little frustrated. In any case, I still shaved a good $1 off my $14 purchase. And that’s one more dollar that I wasn’t going to get back if I didn’t have the app with me. It did teach me to pay attention to the fine print, which could have led to even bigger savings on this trip. Final thoughts All in all, I did love using the app. It was easy to use and besides some minor issues that came with learning how to use the app, it helped save me a good amount of money on my shopping trips. From now on, like my keys and wallet, I’m never going to leave the house without Ibotta again. Images: Olivia Roos For The Money Manual Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. RETIREMENT The Future of Social Security: Will Millennials Even Have It? Mekelle BessSeptember 19, 2018 Retirement is closer for some than others. No matter your age though, if you’re working, you’re probably thinking about it. When it comes to Social Security, millennials are extremely skeptical. In fact, 80% don’t expect to get anything out of it, despite currently paying into it. The future of social security There’s no doubt the program has faced its financial challenges, but despite the rumors, it’s not going broke. There’s no indication it won’t be able to pay any benefits to millennials when they need it, but whether they face a reduction in benefits is another issue. That’s because this year Social Security will start using trust funds to supply benefits due to the lack of incoming revenue. So, in a way, it’s like using savings to keep up with bills. Eventually, the funds will run out and Congress will have to step in. Future projections and what to expect According to projections, those funds will run out of money around 2034, meaning millennials won’t be fully covered. However, what is important to understand is that most of the funding is from payroll tax revenue. So, as long as there is a workforce, the program will pay out some form of benefits. The situation isn’t as dire as most millennials see it. There’s hope for some benefits, but the speculated amount is unknown. The safest bet? Save now! The best thing to do now is to prepare yourself. Contribute to a 401(k) and start investing. Save more now during your working years, regardless of where the program is heading or what you expect to get from it when you retire. Feature Image: Twenty20 Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. Subscribe to our YouTube channel for money-saving app reviews brought to you by our editors. SAVE MONEY My Friend Saved $477.25 In Under Two Months Without Realizing It. Here's How. Alexander NettheimSeptember 18, 2018 Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks. Everyone is saving for something important. It could be your next vacation, the latest toy for your hobby or just a rainy day fund. Whatever it is, it’s essential to be saving regularly. Unfortunately, bills and everyday expenses can make saving seem impossible. Recognizing this struggle people face every day, a California startup called Digit is making it easy for people to save for what matters to them without trying. Here’s How To Save For What You Want Without Trying If you’re like most people, the idea of tracking every dollar that enters and leaves your bank account sounds like a nightmare. But how can you save without knowing exactly where your money is going at every moment? Let someone else do the work for you. That’s what makes Digit so exciting – it takes the guesswork out of saving money so you can afford what you want faster. The app does this by analyzing your spending and income to automatically determine the perfect amount of money to save for you each day without you doing anything. The cash is moved from your bank account to an FDIC insured Digit savings account where it grows without the temptation of spending it. It really works too – the average Digit user saved $2,500 a year and their money grows 16 times faster than with a traditional bank thanks to a generous 1% interest rate. When you need the money, just tell Digit and it’ll instantly transfer it back to your spending account. The beauty of Digit though is you can effortlessly save for any upcoming expenses without doing anything. One of my friends has saved $477.25 in under two months – $276.85 in a rainy day fund, $78.84 for Christmas gifts and $121.56 for a trip back home. Taking three minutes to sign-up for Digit suddenly looks like a great idea. How To Get Started Ready to supercharge your savings? Here’s how to get started: First, sign-up for Digit here. Link your account and tell Digit what you’re saving for – anything from the new iPhone to paying off your credit card debt. Watch your money magically grow as Digit works silently in the background saving. Honestly, this is a game-changer if you’ve been struggling to save. It’s simple, safe and there’s a 30-day free trial to see if it’s for you. What’s not to like? Head over to Digit to sign-up and start saving. Hold on! We aren’t done helping you make and save money! Swipe for lots of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you. Sign-up for our Newsletter and get The Money Manual’s proven money-making and saving tips and tricks directly in your inbox. First Name Email Address No spam, we pinky promise. Like us on Facebook so you never miss a single hack for making and saving money ever again. In need of some daily motivation to get your finances on track (who isn’t)? Follow us on Instagram. Join our community “Let’s Talk About Debt” for support and expert help around all things debt. 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