Budgeting

3 Top Thrift Tips For Mardi Gras 2020

February 18, 2020 By Trey LaRocca Leave a Comment

Mardi Gras is legendary in the United States. Few other events are so famous throughout the country. Not only that, but pretty much no other party in the US reaches the heights of this New Orleans tradition. Obviously, attending the biggest bash in the entire country usually comes with a hefty price tag. Travel, lodging, food, and fun will all add up to cost you both arms and both legs if you aren’t careful. Just like any other vacation, there are ways to maximize fun, and minimize financial burden. At such an overwhelming, city-wide festival, it’s easy to get carried away. Don’t fall for the trap; here are the top 3 thrift tips for Mardi Gras to keep your wallet safe!

Lodging

Location, location, location. The French Quarter is death (financially) and you should avoid it. If you can, try to stay in a suburb just outside New Orleans. Prices surge around Mardi Gras, and this effect is magnified the closer you are to the actual festival. With that said, the type of hotel you go to also matters. As usual, Airbnb and Homeaway are terrific tools to avoid crazy hotel rates. You can also look toward smaller hotels/motels or even hostels if you can swing it, as the large chains around the French Quarter are inordinately expensive. If you must stay within city limits, as I said before, get lodging outside of the FQ during Mardi Gras.

Food

New Orleans has some of the greatest food in the world. I will never tell you to go to Mardi Gras and now blow a little cash on some amazing food. Although, a lot of the inflated food costs comes from being stuck in a massive parade area and having to buy food from overpriced stands with so-so options. When you are heading out to the heart of the French Quarter for the shoulder-to-shoulder crowds and events, bring snacks in a backpack. Bring a whole lunch if you can, and save the splurge money for the must-try food joints later on in the evening. Another way to save money is akin to the lodging strategy; look outside the heart of Mardi Gras. Check out the less trafficked neighborhoods and towns nearby, and you’ll find hidden gems that won’t break the bank. Amazing food doesn’t end at New Orleans city limits, so don’t be afraid to branch out while you’re in Louisiana.

Sightseeing

One of the best vacation tips I have ever gotten is that tours are overrated. While they can be an easy way to see the hot tourist locations all in a row, they are also pretty expensive. Tours can easily ring in at around $100-200, and they don’t typically give you all the time you’d want at each location. Instead, consider doing some research yourself and finding a few places you really want to spend time in. The Lower Ninth Ward can be traveled by cab, and there you can see the tragic outcome of Hurricane Katrina. The best way to explore the French Quarter is just to walk around and take it all in yourself. Find what you’re interested in seeing, and get there on your own. This will make sure you get as much time as you want at your desired locations, and you get to save all that tour cash.

The 4-Figure Car Purchase: Why You Shouldn’t Spend $10k+

February 7, 2020 By Trey LaRocca Leave a Comment

Car buying is a deeply emotional process. While most people think of it as a logical financial decision, feelings play a larger role than anything else. Constant thought of what others will think, how the car will look on Instagram– how “nice” it is; all of this can cloud your judgement. The fact is, while the “student debt crisis” takes over headline after headline, there is more outstanding car debt than student debt in the US. To the tune of $1.2 trillion, bad car buying decisions plague this country in a massive way. This needs to end, and so I am writing this so you have something to link your friends when they give your used wheels the side-eye. Without further adieu, here are the reasons the 4-figure car purchase is the way to go.

The “New Car Tax”

Everybody knows this one, and yet, we fall into the same old trap. The moment a new car is driven off of the lot, the value plummets. Is this due to mileage? No. New cars on dealer lots can rack up hundreds of miles due to test drives, and the value doesn’t change. Simply, the idea of a “new car” has value in our society. So you are, quite literally, paying for nothing. This causes people to buy from unreliable brands like Nissan and Kia in order to get a “new car” for a low price. I don’t have to tell you not to do this, because you probably can’t for less than $10k anyway!

Affordable Luxury

Just because a car is older and cheaper, doesn’t mean they can’t be pretty. $9999 is an amazing car budget. For example, the main picture on this article is a 1990’s Lincoln Town Car, which goes for $1000-3000 on the used market with decent mileage. Only a couple thousand for an amazing suspension, beautiful classic looks, and astoundingly comfy seats. On the higher end, E90 BMW 3 series are available easily for less than $10000. A wonderful combination of sport, luxury, and sex appeal. If you think cheap has to mean low-quality, you haven’t been looking.

Cost of Repair

This one’s easy. Older cars tend to have cheaper parts and better aftermarkets. This means whether you do the work yourself, or let the dealer take care of it, your repair bills are going down. There are a few exceptions to this rule, but it remains a general rule nonetheless.

Reliability

They just don’t make ’em like they used to. An early 2000’s Lexus LS400 was a luxury showstopper that could run forever. Costing about $2000-3000 for a decent example now, these absolute zombies could run for 300-400 thousand miles. No new car is expected to reach numbers like this, even from the same historic Toyota brand. Older cars were, in general, made to last much longer than the newer ones. Not only that, but there is better information out to inform your purchasing decisions. Odds are if you are buying a car for under $10k, your local mechanic has had enough time to get to know the reputation of most options pretty well. You’ll be paying much less to get much more out of your purchase.

It’s Never Too Late to Budget-Start With These 5 Steps

January 31, 2020 By Tamila McDonald Leave a Comment

Whether you are a young adult striking out on their own for the first time or an established couple who’ve been running their financial lives for decades, having a budget is a smart move. It ensures you have oversight over your income and spending. Plus, it makes it easier to monitor and track your progress toward your goals. But on estimate shows that approximately 33 percent of Americans don’t have any form of a budget in place. It’s never too late to start budgeting. If you don’t know how to begin, follow these five steps.

1. Outline Your Debts

Take a moment to really get to know your debts. Grab a sheet of paper or open a spreadsheet program and record the name of every creditor. Then, list your remaining balance, interest rate, and minimum monthly payment. For installment loans, you can also write down how many payments are remaining if you wish.

The goal is to get a thorough understanding of what you owe. Additionally, you want to review the repayment arrangements. That way, you are well-informed about your lender accounts before moving onto the next step.

2. Calculate Your Other Expenses

Households have expenses beyond debt repayment. Utilities, food, insurance, gasoline, and similar fluctuating costs that ensure you can handle the obligations in your life and remain safe, secure, and comfortable often fall in this category.

Review your bank statements and past bills to learn what you’ve been spending in these categories. Often, it’s wise to average your past six to 12 months of activity in these areas, particularly since these costs can fluctuate.

3. Review Your Income

Now that you have had a look at your expenses, it’s time to review your income. Determine how much money comes into your household every month, including both regular income and any extra funds, like gifts, that you usually receive.

Along with paychecks, include sources like child support, rental property income, or anything else that brings money into your account. This will make your budget more accurate and ensure you account for every penny.

4. Set You Categories and Amounts

At this point, you can craft your budget. List every debt, expense, and spending category on a piece of paper or in a spreadsheet. Make sure to create a category for savings, particularly if you need to build an emergency fund or increase your savings account balance.

Next, write down how much you spend in those areas every month. For those that you can’t easily change, you might want to make them a different color than areas that you might be able to cut. That way, you know where changes should occur if needed.

Then, compare your expenses to your income. If you have money left over after handling all of your costs, you can direct the excess toward savings or debt repayment. If you have a deficit, then it’s time to take some cost-cutting moves.

For example, you can reduce expenses by lowering your entertainment costs, such as cutting cable, eating at home instead of dining out, shopping grocery sales, or taking other actions that reduce your spending in those categories.

If cutting back won’t work, you may need to explore opportunities for more income. This might include a new part-time job, asking for more hours or a raise at work, selling items you don’t need, or freelancing for extra cash.

5. Monitor and Update

Ideally, you want to follow your budget once it’s set. In order to make sure you’re on track, you need to monitor your spending. That way, if you are putting too much money into the wrong area, you can take corrective action.

Additionally, you need to update your budget regularly. Your life circumstances may change. For instance, you might pay off a debt or acquire a new expense. In those cases, review your budget and make adjustments. That ensures it accurately reflects your current circumstances.

Do you have any other tips that can help someone create their first budget? Share your thoughts in the comments below.

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3 Tips to Get a Cheaper Education

January 30, 2020 By Trey LaRocca Leave a Comment

The student loan crisis in America is completely out of control. With rising tuition costs and increased demand for degrees, what used to be a good financial decision is starting to look like a nightmare. Not all hope is lost, though, as there are ways to keep things somewhat affordable. Most degrees require a certain amount of debt, but playing it smart can lead to a manageable loan amount that fits your post-grad income. There are many things that get in the way of an affordable education, and these traps seem enticing. Things like name recognition, “college lifestyle” reputation, and what others will think. You will need to put those aside to achieve these goals, so keep that in mind. With that said, enjoy these tips for attaining a cheaper education.

Community College

Too many young adults fall into the “4-year or bust” trap. The prestige and reputation involved with big universities draws kids in. There is even an underlying culture that makes junior colleges feel like a failure or a compromise. As a result, many kids end up in massive debt piles that could’ve been cut in half by starting out at the community level. One can usually get a tuition of less than $2000 per year. Many even manage to go pretty much for free. Not only that, but the pacing and class size at a JC can lend itself for a lower-pressure environment with more attainable help from professors. Not only does a community college offer financial value, it can even be the way to go to ensure your academic success.

Online Classes

The pricing of online schooling can vary greatly. Usually, the cheapest way to go is to take online classes from your local JC or state college. This allows you more free time to make money with a good side-hustle, or even a full-time job. While the prospect of working and going to school can be daunting, the flexibility of online schooling opens a lot of doors. Whether its an 8-5 desk job, or a a part-time gig at Del Taco, the best way to synergize education and employment is online education. Not only that, but it makes it easier to save on food and transit expenses when you handle it at home.

Trade School

Trade schools have been seeing a resurgence lately, as the country has a shortage of tradespeople. This has led to a rise in salary for skilled tradeworkers, and with most only requiring 2-year schooling, the financial value is enticing. Some will even forego schooling for on-the-job training, making education free. These jobs aren’t for everyone, and one has to be careful when choosing a program. Trade schools got a bad rap in the first place for being notoriously expensive, and despite a general rise in quality of trade programs, there are still a few bad apples out there. This one takes a little more careful consideration that the other routes, but can be extremely rewarding in a short amount of time.

Money Hacks to Know For the New Decade

January 28, 2020 By Susan Paige Leave a Comment

As you tiptoe into the new decade, it’s important to properly identify all your long-term financial goals. Irrespective of whether you’re in college, an intern, or approaching your retirement, it’s imperative to have your financial goals sorted. The next decade is going to have a long-lasting impact on all the aspects of our lives, which includes our finances. You’ll need to etch out a robust and balanced financial plan and executing the same to perfection to get the most out of it in the coming decade. Financial freedom is possible only when you’re able to meet the drastic financial challenges with aplomb. [Read more…] about Money Hacks to Know For the New Decade

3 Cheap Hobbies That Can Also Bring in Cash

January 28, 2020 By Trey LaRocca Leave a Comment

When it comes to the monthly budget, wiggle room is hard to come by for most people. Whenever a new expense comes up, we are always looking for what we have to go without to compensate. Well, what if you didn’t have to sacrifice anything to have an extra date night? What if that new yoga membership didn’t mean you have to give up post-work drinks on Friday? All this is possible, and you may be able to pull it off with your own cheap hobbies! To show you how this is possible, here are some cheap hobbies that can make you money.

Driving Around

DO you have a comfortable car, and enjoy cruising around your area? Uber and Lyft have become mainstays for side-hustlers. Sign up for an account, grab some snacks and drinks for the back seat, and earn that extra dough! Be careful about this one, and make sure you have the right vehicle. Certain higher-end vehicles depreciate heavily with mileage, and the loss you’ll take on that can compound with premium gas expenses to rapidly make this one not worth it. Older reliable cars that just barely make the year/make/model requirements for the apps are the best option. these have already depreciated, and are probably cheaper to fix. Bonus points if you have a hybrid!

Cooking

Got some skill in the kitchen, and need some extra fun-money? Not only can being a good cook save you cash on eating out, it can also be monetized by selling the food you make! You can sell homemade snacks to coworkers, cater for parties, or even work on the side as a private cook. There are options here for all skill levels, as dealing some easy pastries at work doesn’t take too much expertise and will make you an office favorite. The more you can make, the more money you can bring in, and this one is very easy to work around your own schedule.

Tutoring

Do you have a degree in a high-demand field, and love to teach? Tutors can make great money on the side using online sites like Varsity Tutors or even Craigslist. You can also become a part-time staffed tutor at local educational institutions for a more reliable workload. Usually a degree is required, which elevates the pay past your usual side hustle. Tutoring holds an extra special spot on this list, as you are earning money by helping educate your community. Not only are you providing better for yourself or your family, you’re also giving back to those around you. It doesn’t get much better than that!