Saving Money

Why Every Adult Should Have a Toolbox

June 30, 2020 By Trey LaRocca Leave a Comment

So much of our money is spent getting other people to do things for us. This can eat away at our budgets, and perpetuate a glaring weakness in our lives. No matter what your experience is with tools, it is vitally important that you have them. With the internet serving as an all-powerful learning resource, there is no excuse to go without a decent toolbox. There are many different ways that this will improve your life, and your financial standing. TO help make those clear, I’m gonna list the highlights for you. So, without further adieu, this is why every adult should have a toolbox.

Home Repairs

Little things go wrong at the house all the time. Finicky light switches, broken toilets, clogged plumbing, and any number of other little things can bring $100+ bills with an electrician or plumber. Once you realize how little you really need, in the way of both tools and experience, you will be kicking yourself. A screwdriver and some pliers may be all you need for that light switch. A decent wrench set and some cheap replacement parts can fix most basic toilet issues, clogs being easily fixed with a metal snake. These are just a few of the many issues that can be solved with a decent toolbox. Home ownership is expensive enough, it doesn’t need to be made worse with costly repairs. The cost of tools will never compare to the bills you will receive down the road without them– trust me.

Automotive Maintenance

With homes, you can often wait until something goes wrong to break out your tools. Cars are much different, and this can be a good thing. You can keep some extremely major, and expensive, issues from arising with your vehicle by equipping yourself to deal with routine maintenance. Oil and fluid changes, brake service, and basic diagnostics are all cheap to accomplish, and easy to learn. As a result, you’ll be saving hundreds, potentially even thousands, of dollars a year on car issues. It also helps you avoid the headache of wondering when a mechanic is trying to upsell or scam you. Automotive mechanics, especially at big chain operations, are notorious for trying to make you spent far more than you should. That, along with labor costing around $80-120 per hour, is reason enough to learn a few things on your own.

Confidence and Peace of Mind

This may be the most important, as intangibles tend to be. It is hard to truly understand the peace of mind that comes with being equipped to handle these issues until you are. The feeling of knowing that if your car acts up, you know how to handle it. The feeling of knowing that when the roof leaks, it won’t be leaking for much longer. All of this contributes to an overall reduction in daily anxieties, and a major boost in your self-confidence. Not only does it make you less anxious, it makes you feel so accomplished to be able to point out all of the things you have fixed. Nothing quite compares to putting in some sweat equity, and getting a much-needed job well done.

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10 Creative Ways to Save Money on a Tight Budget

June 26, 2020 By Kathryn Vercillo Leave a Comment

When I was making extra income, it seemed easy to save money. However, the pursestrings have tightened up lately. It’s not nearly as easy to save money on a tight budget. It feels like every penny that comes in is already budgeted to go pay for something. It feels challenging. But if you want to be smart about money then you need to be up for the challenge. There are creative ways to save money on a tight budget.

Of course, there are plenty of money saving tricks out there. What makes the ten items below unique is that they emphasize creativity. Therefore, not only are you saving money, you’re also exercising your creativity. Doing so helps us in myriad ways. If you’re feeling stressed about finances, turning your attention to your creativity can help relieve that stress. Think about that as you explore these creative ways to save money on a tight budget:

1. Use Every Food Item In Your Home Before Buying More Food

Many of the people that I know took on some version of this challenge when COVID-19 hit. Mostly, they didn’t wan to go to the store during the initial phases of shelter-in-place. Therefore, they decided to use only what was already in their refrigerators, freezers, and pantries.

As the weeks wore on, some of them gave in and went to buy essentials. However, one of my friends stuck to the goal of getting rid of absolutely every food item in her house before making something new. She had to come up with some extremely creative dishes in order to make that work. It was inspiring to watch her food journey on Instagram.

I am not typically this creative in the kitchen. But I do spend a lot of money on food. Taking on this challenge could be a great way to save money on a tight budget. People who enjoy playing in the kitchen might also find the creativity of this money-saving method quite relaxing.

2. Meditate / Practice Mindfulness

Mindfulness is the act of paying attention to everything happening in the present moment, including your thoughts about what is happening, without judgment. Meditation is a more formal practice that can include mindfulness.

You might not think about mindfulness as a means to save money on a tight budget. However, stress and financial strain often lead to impulsiveness and reckless money decisions. When you practice mindfulness, you de-stress. This gives you the time and space and sense of tranquility you need to make smart financial decisions.

For example, imagine that you’re working extra hours trying to earn more money. Everything has gone wrong that day. You’re overwhelmed. You want to buy a bottle of wine a big pizza for comfort. However, a bottle of wine and pizza are not within your budget. Stressed, you don’t care. With a mindfulness practice, you may be able to recognize the craving for comfort for what it is and find a free way to soothe yourself instead.

3. Re-Evaluate Your Values

Oftentimes we waste money on things that aren’t aligned with our deeper values. Take the time to examine your deepest values. Make your financial decisions from that place. I value creativity, which is one reason I’m focusing on creative ways to save money on a tight budget, rather than typical money-saving tips. Sure, I think it’s good to save money, but what I value is doing it creatively. Focusing on the creativity part helps me stick to the plan.

Let’s say that one of your values is connecting with your partner. You have date night when you spend a lot of money getting food to eat or going out somewhere. However, when you emphasize the value (connecting), you can make choices that don’t cost so much money without feeling like you’ve sacrificed anything.

Take some time to journal about your values. Ask yourself repeatedly, “and what is underneath that?” Make sure that you’re listing your true, authentic values, not values that someone else thinks you should have. Then, brainstorm a list of ways to focus on those values while saving money.

4. Use Music as Timers to Reduce Waste at Home

Susan Paige recently wrote an article here on How to Save Money, No Matter How Long the Recession Lasts. She discussed lowering energy and water bills, which is something I always do when trying to cut costs. But she added a tip that I’d never considered: play a favorite song while showering and get out when the song ends. The idea is that you save water, and therefore money, by keeping your showers as short as a favorite song.

I love this idea. And I think you could apply it to so many different areas of the home. For example, get the house vacuumed during the duration of one song. If you’re desperately hot and must use a fan, try using it for the length of only one album then turning it off. These little tricks could help you save money on a tight budget. Plus, adding that music to your daily life is going to make your little rituals and routines so much more enjoyable.

5. Take Up a Creative, Free Hobby

Spend your time doing something you love that doesn’t cost anything. The more time you spend doing that, the richer your life will feel. Sure, you need to save money on a tight budget so that you can pay bills. But if you feel like you’re suffering in the meantime then you’re never going to want to stick with your savings. If you fill your days with joyous activities like making music, reading, and creating collages then you’re going to feel more fulfilled. Here’s a list of free and inexpensive hobbies to get you started.

6. Cancel All Paid Entertainment

Once you start engaging with hobbies that you love, you won’t even have time for Netflix, cable TV, and whatever other entertainment subscriptions you pay for. Get bold. Cancel them all. Reduce your data plan and limit your screen time. Use that time creatively instead.

7. Barter

While not the most innovative suggestion, bartering can be one of the most creative ways to save money on a tight budget. It’s tempting to just buy whatever you need (or want). If you can’t persuade yourself not to make the purchase, at least try to get creative with bartering. Think about ways that you can swap or trade with others. Get rid of something you don’t want in order to get what you do. Or offer a creative service that you enjoy providing for a product or service that you need. Apply your creativity in this area and you might find that it’s actually fun to see how many things you can get for “free” just through bartering.

8. Emulate a Money-Saving Mentor

Do a little bit of research to find someone from history or contemporary times that can be your money-saving mentor. Then take some time to really dive deep into learning more about them. Don’t spend money on this activity, of course. Use free online resources (such as podcasts or your library) to access information about them. Imagine that you are writing their biography and must learn as much as possible about them. Find ways to emulate them in your own life. This will give you fresh ideas and inspiration for how to save money on a tight budget. Invoke your mentor in mind when you have a tough money decision to make.

9. Cut Your Own Hair

COVID-19 shutdown a lot of hair salons so many people were forced to do this anyway. Perhaps you’re relieved if your salon has opened back up. But is that where you need to spend your money? Get creative learning how to cut your own hair. Have fun with it. This can be a great way to save money on a tight budget. And, if you decide you really like it, maybe you can even earn some extra money cutting other people’s hair for them.

10. Have Others Support Your Creativity on Patreon

I have a Patreon account. People subscribe for $1 – $50 per month. They are patrons of my art. In exchange, they get certain rewards. At the $1 level, they get a creative newsletter put out just for subscribers. At the $15 they get handmade cards that I have collaged for them. At the $25 they get a box of ephemera and art supplies. What do you enjoy doing creatively that other people might want to support? After all, earning money is as good as – or better than – trying to save money on a tight budget.

What do you do to save money on a tight budget? Share thoughts in the comment section.

How to Save Money When Shopping Online: Simple Tips by PissedConsumer.com

June 24, 2020 By Susan Paige Leave a Comment

new year savings goal

The power of the internet shouldn’t be underestimated. During an era of key social change, social media platforms and websites have a lot of power. They disseminate important information. For example, you might read reviews to find out which companies you do and don’t want to shop with. If you do like reading company reviews, are you familiar with PissedConsumer.com? [Read more…] about How to Save Money When Shopping Online: Simple Tips by PissedConsumer.com

Skipping the Extra Bedroom Could Mean Having $500K More in Retirement

June 15, 2020 By Amanda Blankenship Leave a Comment

An extra bedroom has become a fairly common (and acceptable) waste of space in your home. According to Finder.com, there are 34 million more bedrooms in America than there are people. However, the habit of purchasing extra space for your home could seriously be costing your retirement savings.

How an Extra Bedroom is Killing Your Retirement

Typically, spare bedrooms are largely unoccupied. Sometimes they house a lightly-used home office or an extra bedroom for company when they come to town. In general, your spare room doesn’t get more than two weeks’ worth of use per year.

Here is a piece of advice: just buy a pullout couch for your guests and downsize. In metro areas, a four-bedroom house is about $100,000 more expensive than a three-bedroom (plus the interest on your mortgage).

Let’s get a little more specific. In Boston, for example, the median price for a four-bedroom house was $540,000, while a three-bedroom sat around $380,000. Assuming a 20% down payment and a 30-year fixed mortgage rate of 4%, that is a difference of over $600 per month.

Now you’re probably thinking, “what about in smaller cities?” Well, there is still potential for savings. In Las Vegas, four-bedroom homes are $80,000 more expensive. Chicago home buyers will save $100,000 opting for the smaller space.

Breaking Down the Potential Savings

If six figures in initial savings isn’t enough to motivate you to give up the spare room, don’t worry. As mentioned above, in a city like Boston, this could equate to $600 per month in savings. That amount of money could make it possible to live in a better area and still be within budget. It could go towards paying off debt and help you reach financial freedom earlier.

Best of all, it could add serious funds to your retirement. If you invest the extra $600 per month and earn 5% per year, you will have an additional $500,000 stowed away by the time you pay off your home. Boomers closer to retirement may not be excited about moving, but downsizing by one single room could offer six figures of added retirement security (or extra trips with your grandkids).

Younger families focused on giving their kids their own bedrooms may think downsizing isn’t for them either. Making your children share a room doesn’t make you a bad parent and it can give you the financial freedom to spend more money and time with them.

No matter how you look at it, Americans are wasting money on extra bedrooms in a big way. In some cases, it could cost them their retirement. Readers, would you consider giving up your spare room to help pump up your retirement savings?

8 Money Saving Ideas You Should Use Now

June 12, 2020 By Kathryn Vercillo Leave a Comment

There are countless lists of money saving ideas out there. Some of them are simple. Others are complicated. It truly is worth exploring all of them. Try them out and see what works for you. That said, here are eight of the simplest money saving ideas that you can start using today:

1. Cancel One Monthly Subscription

You probably subscribe to a variety of different things with monthly fees. For example, you might subscribe to streaming television shows, an online fitness membership, or a food delivery service. Cancel one of those things right now. Then automate your savings to transfer that same amount of money directly into your savings account once per month. You were already spending it so you won’t notice the sacrifice. Nevertheless, the savings will add up.

2. Reduce the Cost of One Monthly Bill

Once or twice a year you should renegotiate the price of your monthly bills. Consider your phone bill for example. Here are some ways that you might lower your phone bill:

Change your plan to a lower priced option.
Cancel extra services that you don’t use. For example, do you pay for international calling when you don’t need it?
Call your cell phone service provider and ask about current deals.
Switch to a new provider that offers a better rate.

If you’re ambitious about saving, try to cut back at least $5 of every monthly bill (cable, Internet, utilities, etc.)

3. Rethink Your Automobile

If you can go car-free, do it. You’ll make money by selling your car. You’ll save money by not spending on gas, insurance, and car payments. If you can’t go car-free, reduce your car usage. You might naturally be using your car less during shelter-in-place anyway. If you are, you might be able to get a discount on your auto insurance by changing your plan.

There are a lot of great money saving ideas when it comes to transportation. Sell the family’s second car. Trade your car in for a cheaper one that uses less fuel. Use rideshare apps or public transportation or ride a bike. Figure out what will work for you.

4. Cut Back on Screen Time

This is one of the best ways to reduce energy use at home which saves you money on your electric bill. Unplug all electronic gadgets and chargers for a period of time each day. Use low-energy settings when you do use screens. Reducing screen time is good for your mental health and your utility bill!

5. Declutter and Sell What You Don’t Need

Decluttering is another at-home activity that’s good for your mental health as well as your pocketbook. You can sell what you declutter. Put the extra cash in savings. There will be some items that you can’t sell. However, there are money saving ideas to use those items as well. Upcycle them, gift them, or swap them with others to save money.

6. Reduce Food Spending

Food is a large chunk of most people’s budget. If you can reduce your food spending, you can save a lot of money. Here are 50 ways to save money on food. Pick one or two and make that change today.

7. Stop Buying Things You Don’t Need

This is one of the most obvious money saving ideas out there. And yet, it bears repeating. Stuck at home and restless during quarantine, many people are shopping online more now than ever before. Think twice before you add an item to your online shopping cart. If it’s not a necessity, don’t buy it.

8. Use Coupons and Shop Around

If you do have to make a purchase, do it thoughtfully. Always look for a coupon or promo code. Shop around to get the best price. There are so many ways to compare prices and get discounts when shopping online. There really isn’t any reason to pay full price for anything!

What are your top three favorite money saving ideas? Share in the comments!

3 Great Ways to Save Money Every Month

June 11, 2020 By Justin Weinger Leave a Comment

When economic times are tight and employment is uncertain in the world, it becomes even more important to look for creative ways to save money every month. Soaring rental prices, the high cost of utilities and every day expenses for food, gasoline and parking can really take a bite out of anyone’s take home pay. By changing some of your habits and spending patterns, you’ll find that you could be saving a lot of money month after month. Much of our spending in life is almost pre-programmed and we seem to follow a pattern that repeats itself endlessly. When we alter our focus and really think about our spending, it helps us adapt a new way of approaching things.

Follow the 30-Day Rule

One thing sure to wreck the monthly budget is when we suddenly crave an item and make an impulse purchase. Sometimes it’s a smaller item but another month we may desperately want that giant, big screen TV. Fortunately, there’s a way to modulate those desires by putting a temporary pause in the buying process. Follow the 30-day rule and your approach will look like this. When you really crave an impulse purchase make yourself hold off and take the money you would have spent on the item and put it in your savings account. Then wait 30 days. If you still want the item then, you can buy it.

Save Time and Money Online

Increasingly, it’s easy to take care of things online. Instead of driving across town for appointments, wasting gas and lots of your time, look for alternative ways to do the same things online. For instance, if you need an appointment with a primary care doctor you can now do that affordably through a telemedicine service where you meet the doctor in a video call and can handle everything from home. If you are a resident of Missouri, you can also get your medical marijuana (MMJ) card online in minutes. Once you visit the web site and answer a few simple questions, you will be immediately connected to a doctor that can evaluate your situation and give you the MMJ certification you need. From there, you simply fill out the state forms and your Missouri medical marijuana card will be on its way.

Take Online Cooking Classes

One of the best things you can do to reduce spending is to learn to cook from scratch. It’s much healthier for you and by buying raw ingredients, fresh fruits and vegetables you will save money every time you go to the grocery store. Processed foods and canned items may look convenient but they give you almost no value for the money you spend on them. To make it more fun, set a goal of exploring a new ethnic cuisine every two months. For instance, there’s a wonderful grandmother from Michoacán who has a YouTube channel where she shows you how to prepare traditional Mexican dishes. The food you make will be much better for you; your pocket will benefit and you will be proud of your new cooking skills too. It’s a win-win!