Budgeting

How to Maximize Savings During a Pandemic

September 12, 2020 By Trey LaRocca Leave a Comment

The COVID crisis has been going on for so long, it almost seems like we will never be out of it. The good news is, we will make it out okay on the other side. To help make sure that stays true for you, you need to know how to maximize savings during a pandemic. The goal here is to build a budget that will protect you from going under while the economy recovers from the disease, and the measures made to respond.

Document Your Income

The first step in maximizing savings is to build the budget. To do so, you have to document all the money you have coming in. This means your main job, your side gigs– everything. Mark down what you take home after taxes every month, and if it varies, jot down the low end of what you make. This will ensure you down plan for the best and end up at a deficit. We want to plan for the worst, and be happily surprised by surpluses along the way.

Separate Money You Need to Spend

The next step is to document you spending. Separate spending into two categories: Needs and wants. Needs are anything you cannot go on without. These are things like rent, groceries, transportation, utilities, and internet. The wants include eating out (even at fast food spots), toys, cable, and anything else that you won’t exactly go under without.

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Stop Eating Out

Once the budget is in front of your, you will probably notice that you are eating out more than you need to. While buying more groceries can seem expensive, it costs a lot less than constantly hitting the drive through for lunch. Get fresh ingredients to make sandwiches, chicken and rice, and other cheap meals that keep well in the fridge. This will ensure that you always have something prepared, or ready to prepare, in the fridge when you are hungry.

Cut Your Cable Subscription

In general, people pay way to much for cable. When compared to internet TV services like Hulu Live TV or YouTube TV, people often vastly overspend for a less convenient product. Not only are these services cheaper, but they offer better and more streamlined portable experiences on your phone or tablet. Plus, it helps that most of them offer free trials, so you can get yourself a free month of TV to try it out after you cancel that massive cable contract.

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How to Furnish a Home Without Spending Too Much

September 2, 2020 By Trey LaRocca Leave a Comment

When buying (or renting) a new home, a sneaky expense that isn’t often planned for is furnishing the place. More square-footage seems like a uncontested bonus, it also means that it will cost a little extra dough to fill your home. New furniture isn’t cheap, and getting everything to go well together is a another task in itself. To make sure your new home doesn’t become more stressful than it is exciting, you’ll need a few tips. It isn’t impossible to furnish a home cheap, and but you’ll need to be smart to get what you need!

Buy Used

One of the best ways to get a great deal on furniture is to check places like OfferUp and Craigslist. While it may seem risky at first, there are ways to ensure you get a great deal without sacrificing quality:

Only buy things you can pick up locally and see in person before you pay
Take your time inspecting furniture
If the house smells bad, the furniture will too

Keeping those tips in mind, you can usually find great deals on some higher-end pieces through the secondhand market. The reason I put this one first is because you can probably find much higher quality for your money here than anywhere else. So, before you decide to settle on cheaper new options, see what you can land on these sites. Looking never hurts!

Amazon

That’s right, Amazon has furniture– nice stuff, too. Just like anything else, Amazon has offerings all the way from the designer-level sets to cheaper entry-level pieces. This is a great way to buy new, because it combines cheap and attractive furniture with the Amazon return policy! If something doesn’t look quite right in person, you can send it back without worrying about a return being rejected. Amazon has a lot of great brands that sell through them, offering very attractive and sturdy pieces that don’t break the bank. So, after you see what you can grab used, Amazon is a great place to look for cheaper new options.

Renovate Older Pieces

Whether you have some older furniture laying around, or it is all you can find secondhand, a little paint and sandpaper can bring new life to dilapidated furniture. Not only does this allow you to select a custom color palette for your home, but it ensures that you will have paint and tools left over to keep that furniture looking nice. Most of the time, the older stuff you still have is more sturdy and resilient than new, cheaper offerings. So, you can get high-end quality without paying luxury prices by slapping a new coat of paint or finish on pieces you thought you wanted to throw away. Maximizing customization for minimal expense makes it much easier to furnish a home cheap.

This makes the used market even more viable, as you can take advantage of others who haven’t read this article! If they are looking to offload sturdy antiques on the low, then one saver’s trash can be another saver’s treasure!

If you decide on renovating your whole house, make sure to think about a home warranty that will cover the cost of the home maintenance.

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Does Costco Do Oil Changes?

August 18, 2020 By Kathryn Vercillo 10 Comments

Does Costco do oil change? It seems like a reasonable question. After all, they offer auto maintenance, and oil changes are one of the most common types of auto maintenance required by every vehicle. And yet, there seems to be a lot of confusion about whether or not Costco will change your oil.

Why Oil Change is Important

We all know that we need to change the oil in our car regularly. But why? The short answer is that it keeps everything operating efficiently. Allowing your car to run on filthy oil makes it work harder. This wastes gas and stresses your vehicle.

How Often Must You Change Your Car Oil?

That said, many people waste money changing their car’s oil too frequently. The old thinking was that every car should have an oil change every 3000 miles. These days, though, most modern cars can go between 5000 and 10000 miles before an oil change.

Yes, you want to change your oil regularly. But no, you don’t have to change it every 3000 miles. Strike a balance and save yourself some money without doing damage to your car. Research what your own car needs; most likely an oil change every 7500 miles will be just fine.

Oil Changes at the Dealership

If you have purchased a car at a dealership, then you might just go directly to them for all car repairs and maintenance. In some cases, the dealership’s warranty makes this the best option. Often, however, getting basic service at the dealership costs you more money than it should.

Instead, you should consider other options. That’s why a lot of savvy shoppers want to know, “Does Costco do oil change?” After all, the store is known for its affordability.

So, Does Costco do oil change?

No. Costco does not do oil change.

Although Costco does have an automotive repair and maintenance center, the store’s services are extremely limited. They primarily offer services for tires through their stores that have a Tire Center.

What About With the Costco Auto Program?

You might be aware that this company offers the Costco Auto Program. Through this program, Costco has partnered with participating service providers to offer a discount to Costco members. You can use this program to save 15% off of parts, labor and accessories for your vehicle. You can save up to $500 per visit with this deal.

Unfortunately, though, oil changes are not included in the Costco Auto Program. Incidentally, it also doesn’t cover tires or air bags. So, while this program might be a great way to save money on other car maintenance and repairs, it’s not going to help you reduce the cost of your oil change.

Why Doesn’t Costco Do Oil Change?

While the reason that Costco does not do oil changes is speculative, Costco’s business model is designed around providing bulk goods, not highly personalized services. While they do have the Costco Tire Centers as an option, the service has generally received mixed reviews. This is a company that knows what their strengths and weaknesses are and perhaps that’s why they don’t offer oil change services. It’s simply not their strength.

So, Where Should You Get Your Oil Changed?

Costco won’t give you an oil change. You’ll need to come up with alternatives. We’ve already ruled out the dealership as a less than ideal option due to cost. That said, the dealerships does tend to have the most up-to-date equipment for brand new vehicles, so if you can get a good price at your dealership then it’s worth a try.

Another common option is to get your oil change at a commercial business specializing in this service. Firestone, Pep Boys and Jiffy Lube are businesses which operate in this market. The advantage of a commercial oil change business is they are typically cheaper than dealerships. Plus, they work specifically in this niche. If all that your car needs is an oil change, they can be a good choice. Moreover, Costco does sometimes have deals on gift cards for Jiffy Lube and other commercial businesses, so you can save money on an oil change with Costco even though they don’t provide the service themselves.

Find a trustworthy mechanic. It’s worth it to invest time to find a mechanic that you like and trust. You car will inevitably need repairs, in addition to the basic maintenance such as the oil change. Find one in your area that is affordable and does good work.

Change the oil yourself. Buy the oil that you need at a discount from Walmart, Amazon, or any other number of sources. In fact, even though Costco doesn’t do oil change, they do sell oil, so you might get it there. If you don’t know how to change your own oil, visit YouTube or ask for help from a friend with this knowledge. Doing your own car repairs can go a long way towards reducing the cost of car ownership. It’s worth it to learn at least the basics.

How to Save Money on Oil Changes

Buying oil at a discount and doing the oil change yourself is a great way to save money. However, it’s not the only option. Here are some additional tips:

Look for coupons and other deals. As aforementioned, Costco even sometimes has discounted gift cards for oil changes at places like Jiffy Lube. Check for other deals in your area any time that you need to get an oil change.
Ask your mechanic and / or dealership if they’ll match low prices. Sometimes they will and it certainly doesn’t hurt to ask.
Skip the upsell. Your auto mechanic is likely to suggest other things that you need every time that you get an oil change. However, if you don’t need an air filter, yet, don’t get one. Know what your car needs, and how often it needs it, and do just that but no more.
Bring your own oil to the mechanic. Did you know that you don’t have to buy your oil at the mechanic even if they do the job? You can usually bring your own and simply pay for labor. Therefore, get the discounted oil at a place like Costco then bring it with you to the auto shop.

5 Items Worth Spending Your Money On

July 22, 2020 By Trey LaRocca Leave a Comment

When trying to save, it is easy to go a little overboard. Sometimes, being too hesitant to spend leaves you even more broke than when you started. While it is important to be frugal, it is even more important to emphasize value. the idea isn’t just to spend as little as possible, it is to get the most value out of your money. This means knowing things worth spending your money on, and going for quality when the need arises. This can not only make your life better, but it can still increase your financial security. Spending a little extra on these items will save you some costly emergencies in the future.

Nutrition and Fitness

You only get one body, and you need to treat yours right. This means buying quality ingredients, and some tools to cook at home. Going out isn’t some cardinal sin of frugality, but it can put a damper on your finances and your health. Make sure you always have the ability to make something delicious and nutritious, and you’re never stuck going out because you have nothing at home. Also, get yourself a gym membership. Working out outside works if you’re on a really tight budget, but having somewhere to go and work on yourself is the best way to do it.

Tools

Having even the most basic tools handy can go a long way. Not only do they save you money on routine car and home repairs, but they can make sure these repairs actually get done. No more waiting until the very last minute to get your oil changed, fearing a big bill. You’ll have the tools, and the know-how, to get it done cheaply on your own.

Mattress

Sleep is such a massive part of your life. Not only do you spend almost one third of your life doing it, it also sets the tone for everything else you do. Your energy level, your mental health, and even your metabolism rely on getting quality sleep. You will be far less productive if you are stuck on that old spring slab you’ve been working with lately. Spend a little on a decent bed-in-a-box mattress online if you have to, and you’ll at least get a reasonably comfortable mattress for a great price.

Healthcare

Back to the old “you only get one body” subject; make sure you are getting regular check-ups at your doctor’s office. Take whatever health insurance you can get, or pay out of pocket. Either way, you should at least get a routine physical once a year to ensure you are in good health. The insurance will also save your butt in an emergency, so don’t consider it wasted money. even healthy people get injured, after all.

Vision

Living life without proper vision can lead to many issues. You can end up in a car accident, get stuck with headaches, or experience chronic eye strain if you work with a computer. If you feel you might need glasses, or your prescription may be a little outdated, get yourself a new pair.

5 Tips For Better Money Habits

June 18, 2020 By Tamila McDonald Leave a Comment

For many of those who get ahead financially, it doesn’t happen by accident or chance. Instead, they develop amazing financial habits, allowing them to make progress toward their goals and secure their futures. Luckily, regardless of where you are today, anyone can embrace their routines. With a bit of effort and diligence, you, too, can create better money habits. If you don’t know where to begin, here are five tips to get you started on the road to a more secure financial future.

1. Always Pay Yourself First

The principle behind paying yourself first is simple; if you transfer money into your savings account before you do anything else, you’ll always do it. You’ll never end up in a situation where there isn’t enough to make it happen, as bolstering your savings will universally be your first move each and every payday.

For many, this is the best approach. It’s easy to have good intentions, vowing to save whatever is left over when the pay period comes to a close. However, when you go that route, the chances that you’ll choose to spend that money instead rise dramatically.

By moving your cash into savings right away, you avoid temptation. Plus, you make saving (and, subsequently, your future) a priority, and that can make a big difference.

2. Practice Mindful Spending

Many people spend money on a whim. They see something intriguing and decide to toss it in their cart, all without giving it much of a second thought.

While the occasional splurge isn’t a bad thing, it is problematic if you’re doing it without any consideration. Complacency can come back to haunt you, especially on the financial front.

Instead of making a purchase reflexively, strive to be mindful of your spending. Before you get anything that isn’t a genuine need, reflect on the item or service. Consider whether buying it moves you toward your larger goals or aligns with your priorities. If the answer is “yes,” then it could be alright to proceed. But, if the answer is “no,” you may want to skip the purchase.

3. Tracking Is a Must

Trying to live without a basic budget or insight into your spending patterns usually leads to trouble. A lack of understanding about where your money needs to go as well as where it’s going can be detrimental, especially if you are falling short of your financial targets, frequently miss payments, and aren’t moving toward your goals.

When you don’t have a budget or track your spending, you may not realize what is happening to your income. Often, once people take a look, they are startled by how much they are spending in certain categories.

By tracking your obligations and spending, you are creating opportunities for positive change. You’ll know where your money should be going and where it’s actually ending up. If something isn’t aligning with your objectives, then you can choose to handle the situation differently.

4. Automate What You Can

Automating your finances is usually a smart move. If you set up an automatic transfer from your checking account to your savings that aligns with every paycheck, paying yourself first becomes easy. You won’t have to worry about remembering, which removes a significant burden.

Then, if you set up automatic bill payments, you can ensure that you don’t forget to pay a critical bill. Not only can this give you peace of mind, but it also preserves your credit. A single missed payment can reduce your credit score dramatically, potentially by 110 points initially. Plus, that stays on your report for seven years. To make matters worse, you may also owe the lender a late fee, adding insult to injury.

Automating means you don’t have to worry about whether your bills are being paid. As long as you have enough in the bank to cover the cost, your payments will handle themselves.

5. Send More to Your Debts

Paying even a little bit extra to your debts can make a massive difference over time. If you have any cash to spare, send it to your highest-interest debt. That way, you can chip down the balance faster, allowing you to pay less in interest over time.

Once you get that debt handled, redirect that payment (including the extra amount) to your next highest interest debt. Then, repeat that process until you are debt-free. That process is called the debt avalanche, and it’s an incredibly popular method for handling debt while paying the least amount in interest along the way.

If you need a quick win, then the debt snowball method is a viable alternative. You’ll pay a bit more in interest along the way, but you’ll conquer your first debt faster. As a result, you might have an easier time maintaining momentum, and that can matter both in the short- and long-term.

By overcoming your debt, you are improving your financial life. When you have fewer obligations, you need less money to live. Then, you can send more to savings, get a house faster, or even retire earlier. Achieving your financial goals will be easier, making it worth the effort it takes to pull it off.

Do you have any other tips that can help someone develop better money habits? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Making Use of “Extra” Unemployment Money

June 10, 2020 By Trey LaRocca Leave a Comment

Due to the coronavirus epidemic, unemployment payments have seen a pretty hefty increase. The CARES act implemented an extra $600 per week for unemployment recipients, making the weekly payouts go up as high as $1,050. This is much more money than many of these unemployed workers were making while employed, and this calls for some discussion.

While many sites are talking about the moral implications, we aren’t here to drag you down with that. Rather, if you’re one of these lucky people, we are going to show you the best uses of your extra cash. With all of the stress surrounding you right now, it is time to figure out how we can better your life through it all.

Emergency Savings

First things first, the main takeaway from this epidemic has been the importance of liquid savings. Retirement funds are great, but if you don’t have liquid cash for emergencies, you could end up in some seriously sticky situations. So, start by making sure that you can get at least $1000 in savings.

If you are already there, or pretty close, you should try to load up the savings until you have enough to cover 3 months of rent and bills. This will ensure that you don’t have to fear for your livelihood if emergencies come up later on down the road when you are back at your normal pay. The peace of mind itself is worth the effort here.

Pay Off Debts

If you have a couple thousand on credit cards, it is time to take care of that. Got a car that is almost paid off? Let’s get that handled as well. If you are making more than you made at work, then dedicate all of that extra to paying off your debts. It may seem like a bit of a buzzkill, but getting these payments off your back will make your regular salary feel bigger. This is because it won’t be bogged down by monthly expenses related to your debts.

There is nothing like the freedom of finally being out of debt, and the extra money in your pocket each month is a sweet bonus. The cherry on top of it all is the interest you won’t have to pay on things such as credit cards. Do yourself a huge favor, and get the debtors off of your tail.

Buy a Cheap Car With Cash

If you don’t have a vehicle right now, then you may want to get one. As we have discussed before, all you need is a few grand to get yourself a great ride. There are vehicles that are reliable, comfortable, and even fast in the $2,000-5,000 range. This shouldn’t be too hard of a range to afford if you’re making almost $1,200 more each paycheck. Once you have done this, you will be one of the lucky few to get out of this with a new (to you) ride. Even luckier, you won’t even have a car payment! This one is really only if you need a car, or can get rid of your old one without losing money. For example, I sold my 2011 BMW 328i during this quarantine so I could ditch my payment. What I ended up with was a beautiful $4,000 1996 Corvette.