Budgeting

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!

Getting Your Finances Back On Track After The Holidays

January 27, 2020 By James Hendrickson Leave a Comment

Are you feeling the “holiday hangover”?

We’ve packed up our decorations, taken down the lights, and started making checklists for spring cleaning. And for many Americans, there’s one other post-seasonal chore to take care of: budgeting.

Between gifts and garlands, dinners out and decorations, it’s easy to overspend during the holidays. CNBC reported that 78% of Americans spend more than planned between Thanksgiving and Christmas, often in the form of credit card payments. When the new year rolls in, we’ve got a lot to catch up on.

Holiday debt is stressful, but not insurmountable. With careful planning, you can get back on top of your finances – and avoid falling into the same trap next year. Here’s how:

Tally Your Receipts. Crunching numbers – especially debt payments – isn’t something we look forward to. Don’t be discouraged. Sizing up your finances now will save you money and heartache in the long run.Start by writing down all your holiday charges. Beside each, list the minimum payment, interest rate and due date. Pay your most expensive debts – those with the highest interest rates – first. Credit card debt, which can charge 20% interest or more, will usually take priority.
Build a Budget. How much are you spending on groceries each month? What about utilities? Insurance? How much is left over, and where does it go? What percentage of your income goes to savings? To debt payments? When?A budget can help you answer these questions and more. List your expenses and schedule debt payments, starting with holiday expenses. Make it your goal to wipe out all your holiday debts by April, and you’ll have a clean slate for the rest of the year.
Track Your Spending. People who track of their spending do a better job managing it. Consider using a pen and paper, an app or a spreadsheet to write down how much you spend every day. You’ll think more critically about what you are shelling out, how you spend it and when you spend it.Tracking your spending allows you to pinpoint your spending habits. A lot of times people make small expenditures on entertainment, dining, or personal care without realizing the long term cost. If you track your expenses on a daily basis for 30 days, you’ll better understand where your money is going. You will also develop a better mindset around managing your finances including when you spend your money and how you should organize your finances to prevent unnecessary costs.
Cut Costs. Whittle down nonessential spending – think restaurants, coffee, monthly subscriptions – and then look for ways to save on essentials. Little changes like cooking at home, watching for sales and turning down the AC, or turning off the lights when you’re not at home can save plenty in the long term. Digital banking apps offer 24/7 account access to help you keep track of your finances. For example, regional banks like Axiom Bank’s online checking generally offer hassle free registration and have a full set of online budgeting tools.
Think Ahead. Don’t make the same mistakes twice: Start planning for next year’s holidays now. Set a spending limit, shop sales for gifts, and set aside a little money each month for travel expenses, holiday meals or expensive presents.

For more on this, here is a great interview with CFP Bobbi Rebell, on how to raise money to pay off your holiday debt.

Axiom Bank N.A., a nationally chartered community bank headquartered in Central Florida, provides retail banking services, including checking, deposit, and money market accounts. It also offers commercial banking services, treasury management services and commercial loans for real estate and business purposes.

Disclosure of Material Connection: This article was made possible by Axiom Bank. Savingadvice.com only recommend products or services we believe will add value to our readers. We are disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

For more great articles on managing your money, read these:

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Need To Save Money? Don’t Adjust The Thermostat at Night

3 Cheap Weekend Getaway Tips

January 23, 2020 By Trey LaRocca 1 Comment

It’s the first month of the year, and it is time to plan out those vacation days. The problem is, one relaxing week-long trip with family or friends can eat up all of your allotted time. The good news is, you won’t have to give up the Big One in order to get more breaks throughout the year. Oftentimes, the best (and cheapest) way to go is a nice weekend escape somewhere local. Now, we don’t want to spend a fortune on a trip a couple hours away. In order to maximize your time off this year, here are some great tips on your cheap weekend getaway!

Room Rentals (Avoid Hotels!)

Hotels are great on those big trips. when you’re blowing your vacation budget, you don’t want to be in somebody else’s house with somebody else’s rules. For a few days, though, room rentals can be the perfect way to maximize value. Websites like Airbnb and Homeaway are great tools to find a place to stay anywhere you want to go. Pick a weekend outside of major tourism periods, and you can get a perfectly comfortable spot for $50-100 per night.

The More the Merrier

Nothing is better than a weekend out on the town with a bunch of your closest friends. Getting more people to come along doesn’t just maximize fun, it also lowers the financial burden on each of you. Getting group rides and group rentals for lodging makes it super cheap to get lost for a couple of days. Not only does it make the big costs go down, but it also opens up more free entertainment opportunities like group games at the rental house. when even staying in can feel like a party, the urge to empty your wallet out at the bar just disappears. Odds are you aren’t the only one feeling limited by your PTO allowance, and pitching a cheap weekend of fun to your coworkers shouldn’t be too hard.

Go Someplace Quiet

If your goal is for a more intimate escape with just you and your partner, quiet is the way to go. Not only are cozy little mountain/beach towns the ultimate romantic excursion, they are also filled with free things to do. It usually doesn’t cost much, if anything, to go hiking on a beautiful windy alpine trail. Not one for exercise? Laying on the beach is totally free, and grocery store picnic food is dirt cheap. Going to places that aren’t known for restaurants, theaters, or other expensive attractions makes it much less necessary to break the bank. Plus, sometimes the best way to unwind from your typical workload is to just sit back and relax, enjoying some fresh air and gorgeous views. A quiet weekend getaway is a cheap weekend getaway!

Healthy Grocery Shopping Tips: Keep You (And Your Wallet) Lean!

January 15, 2020 By Trey LaRocca Leave a Comment

There is a popular myth floating around this country that you cannot eat healthy on a budget. Well, I’m here to bust that myth. Good news for some, bad news for those who needed an excuse to keep buying dry ramen and sugary cereal. Don’t worry, this list isn’t going to take away all flavor from your diet. Quite the contrary, these grocery shopping tips are going to help you make delicious and nutritious food without breaking the bank. For those with alternative diets, things get a little tougher. This guide, though, should fit the bill for the majority of readers.

Hunt for Meat Deals

This one doesn’t apply to a few of you, but for the rest, it is vital. Meat is one of the best and most efficient sources of vitamins and macronutrients, and really helps shape the meals you’re cooking. Wit that said, you aren’t going to be shooting for ribeye and New York strips every trip to Walmart. Chicken is a great starting point, as deals can get as low as $2/lb on chicken breast. With very little inedible tissue, chicken breasts are the cheapest and most versatile cuts in the meat section. With beef, you’ll want to keep your eyes out for cheap-yet-flavorful cuts like top round and tri-tip. If your grocer or butcher has a butcher’s cut or “hanger steak,” that is about the best value you can find. As far as pork goes, it is all pretty cheap.

Rice and Beans, Beans and Rice

Universal staples, rice and beans are always cheap and always a bulk-buy favorite. Snag a 10-pound bag of rice and use it often. Black and red beans are my favorite, and playing with the seasoning can make these two ingredients feel new every time. Make sure you keep that spice cupboard a little varied, and make sure to include some veggies as well. Throw in whatever protein you purchased, and you’ve got a great full meal already!

Don’t Buy Veggies/Fruit Without a Plan

We have all done it. Maybe you had one killer beef and broccoli recipe, and got a little ambitious with how much of that mini-tree you’d actually eat. Maybe you were super determined to start eating more salad, and now you’re staring at a bag of sticky, brown romaine lettuce. The point here is this: If you don’t have a specific meal plan for every bit of veg you buy, don’t buy it. You are on a budget, and you can’t afford to have fresh food going to waste. Choose wisely, and make sure any extras you purchase are things you’d eat alone (and even raw) so you can snack through the excess. Choices like this include carrots, bananas, apples, and other snackables that you can toss into a lunch bag with confidence.

In Summary

This isn’t at all meant to be a complete guide to healthy shopping. Rather, incorporating these tips into a legitimate meal plan will keep your costs down without reaching for the junk. Following these rules exactly will keep you full, but you will want to throw in other ideas to keep it fresh. Know what your needs are, and if you have kids, make some concessions to make sure they eat enough. The main idea here is to give you confidence that your thin budget doesn’t have to harm your health.