Saving Money

5 Ways to Use Social Media to Save Money

July 30, 2020 By Tamila McDonald Leave a Comment

Social media platforms are popular for a slew of reasons. They create opportunities to connect with family and friends, and can provide users with a wealth of entertainment options. Plus, by embracing the right approach, it’s possible to use social media to save money. If you want to know how social media can help you keep your budget in check, here’s five ways to use social media to save money.

1. Follow Your Favorite Brands and Retailers

Many companies share information about sales on their social media platforms. At times, they even distribute coupons, including some discounts that are exclusive to social media users.

By following your favorite brands and retailers, you can stay informed about money-saving opportunities. Whether it’s a discount code, a special event, or anything else, you’ll be one of the first to find out.

Just make sure that the deals don’t cause you to buy something you wouldn’t have otherwise. A sale doesn’t mean you saved money if you purchased an item you didn’t need and would typically skip; that means it cost you instead.

2. Follow Thrifty Thought Leaders

Social media accounts run by thrift thought leaders can be an excellent resource. Often, they share tips based on ways they’ve been able to save, allowing you to benefit from their experience.

If you aren’t aware of any thrifty thought leaders, start by looking for popular savvy shopping and coupon bloggers. That can often be an ideal way to get going, ensuring you discover some accounts that can help you keep more money in your pocket fairly quickly.

3. Join Second-Hand Selling Groups

Many social media platforms support the creation of groups. In some cases, people gather based on their physical location, creating a way to sell second-hand items to individuals nearby.

Facebook’s Marketplace is a prime example of a sort of virtual garage sale. It can give you access to a variety of intriguing items at prices well below retail. However, it certainly isn’t the only option available, so feel free to explore what pops up in your area and see if what you can find.

4. Learn About DIY

A popular social media category is DIY. Whether it’s handling home repairs, updating furniture, or upcycling items you would usually throw out, there’s someone talking about it online.

By following DIY-related accounts, you can learn how to maintain your home for less. You might also discover some low-cost decorating options, or how you can flip old items to earn cash on the side.

5. Snag Freebies

Many social media accounts actually give away stuff for free on a regular basis. Sometimes it’s large brands handing out samples. On occasion, it’s a blogger that finished a product review, and they want to reward a lucky reader with a free product while also driving traffic to their site or profile.

Precisely what’s available and when varies. However, you may be able to find out about opportunities by searching for hashtags like #freebie or #sweepstakes.

Ultimately, social media can save you money, but only if you use it properly. By following the tips above, you can snag discounts, learn about deals and DIY, and more, ensuring your time online offers you more than entertainment, but some chances to save, as well.

Do you know of any other ways that people can use social media to save money? 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. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

You Really Can Save Money With Solar Panels

July 22, 2020 By Tamila McDonald Leave a Comment

Solar panels can seem like an ideal energy solution. Once the system is in place, you may be able to kiss your electric bill goodbye. In some cases, you can even send excess energy back to the grid, allowing you to make money from your solar panel system. However, installing solar panels is expensive. On average, homeowners pay about $23,500 to install a system.

Even with the federal investment tax credit (ITC) – which is worth 26 percent of the installation cost in 2020 and 22 percent in 2021 – and various state or local rebates, there’s usually still a big deficit. If you are wondering, do solar panels really save you money, the answer is often yes. Here’s how.

Accounting for the Tax Credits and Rebates

The value of the tax credit does alter the financial deficit you have to overcome, so it needs to be factored into this equation. Suggesting you pay the average of $23,500 for an installation, you would receive a tax credit of $6,110. That means you are effectively out of pocket $17,390 instead.

In some cases, you can also deduct a state or local credit. You could be eligible for rebates worth several hundred or several thousand dollars, reductions in your state income taxes, or both, depending on where you live.

You’ll have to research solar incentives in your area to determine their value, as they vary dramatically from one area to the next. If you have trouble finding information, you may want to check with state agencies, municipal offices, or your electricity utility to see if they can point you in the right direction.

The Average Electric Bill

In the United States, the average electric bill is just shy of $118 per month, or $1,416 a year. Suggesting that your solar panel installation covers 100 percent of your electricity needs, causing your energy bill to fall to $0, you would recoup the remaining cost of your solar system in a little over 12 years ($17,390 / $1,416 ≈ 12.28).

However, it’s important to note that you could get your money back sooner. First, utility rates generally rise. For example, between 2020 and 2021, residential electricity prices are expected to go up by 2.8 percent on average. If the cost continues to increase at a similar rate, you could cover the cost of your solar system in less than 11 years.

It’s also important to note that some areas have electricity bills far above the average. For example, Connecticut comes in near $153 per month, while Alabama is just above $150. In Hawaii, $168 per month is the average, which is a full $50 a month above the national average. People living in those areas may recoup their costs faster, allowing them to benefit from their solar system relatively quickly.

Maintenance Costs

Like most home systems, you do have some costs to shoulder for maintaining your solar panels. Typically, an annual inspection and professional cleaning will run you about $300 total. Initially, these costs slow down how fast you’ll recoup the amount you spent on the system, as $300 represents between two-and-a-half months of energy bills savings, on average.

However, even taking that into account, that doesn’t mean you don’t come out ahead. Solar panel systems can last 25 to 30 years in many cases. At times, they’ll be functional far beyond that. Even if you factor in the maintenance costs into the equation, you’d still pay off the system in a bit more than 15 years, suggesting that the cost of electricity remains unchanged (which isn’t likely). Since the energy rates tend to go up, paying it off in about 14 years is plausible.

In that case, you’d get at least ten years where you’re coming out ahead. At today’s energy rates, that means you’d pay $11,160 less than you would otherwise, suggesting you pay $300 a year for maintenance.

Profiting from Your Solar Panels

At times, the answer to do solar panels really save you money isn’t just “yes.” Why? Because it is actually possible for solar panels to make you money.

This goes beyond basic net metering programs. With traditional net metering, excess electricity that you send back to the grid generates utility bill credits. You can use those credits to pay for electricity should you use any provided by your utility, such as if there’s a particularly cloudy month or your needs happen to exceed your production.

However, some utilities will actually pay you for the excess instead of just issuing credits. This is relatively rare, so it may not be available in your area. Additionally, most utilities buy power at the wholesale rate, which is less than the retail rate. That can actually make bill credits more valuable, suggesting that you could potentially need them.

Conditions Relating to Credit

It is important to note that there can be a variety of other conditions relating to any credits. For example, they may not build up indefinitely. Some states, cities, or power companies require that the credits reset annually, or that they only be stored for a rolling 12-month period, with the newest month’s credits replacing the oldest month’s credits on a revolving basis.

If you are potentially producing more energy than you’ll use, speak with your local power company. They will be able to discuss any available programs, ensuring you can take advantage of what’s available or, if you have more than one option, you can choose the approach that’s best for you.

Have you installed solar panels? If so, have you experienced a savings? If not, have you considered adding solar panels to your home or business property to save money? 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. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

How Much Interest Can You Make on a USAA Savings Account?

July 19, 2020 By Trey LaRocca Leave a Comment

USAA has established a reputation for competitive service and perks for members of the military and their family. There are a few different options that military families have, but USAA is one of the most popular. One of the many aspects of banks and credit unions that people search for is the interest on savings accounts. While savings accounts aren’t the best way to grow your money, it’s nice to know that your money will grow even if you don’t touch it. So, how good is USAA savings account interest? It depends on your situation, and here’s how:

Savings Account Options

USAA offers two main options when it comes to savings accounts. There is the regular USAA Savings Account, and the USAA “Performance First” Savings Account. There are two main differences between the two accounts:

The minimum deposit required to start the account
Interest rate scaling

As of today (07/18/2020), the minimum deposit for the traditional USAA savings account is only $25. In stark contrast, the minimum deposit for the “Performance First” account is $10,000. With the vanilla account, you get the same 0.05% APY on the money in your account regardless of how much you hold. On the other hand, the “Performance First” account offers interest rate scaling that rises at different landmark account balances.

Performance First Rate Scaling

The way that the PF savings account scales is as follows:

$0 to $24,999 gets an APY of 0.05% (Equal to the regular account)
$25,000 to $49,999 gets an APY of 0.1%
$50,000 to $99,999 gets an APY of 0.15%
$100,000 to $249,999 gets an APY of 0.2%
$250,000 to $499,999 gets an APY of 0.25%
$500,000 to $999,999 gets an APY of 0.55%
$1 million or more gets an APY of 0.58%

As you can see, interest rates gets more aggressive as you store more money. This makes sense, as the more money you give them, the more they can invest and build on themselves. While this seems like a good reason to store a bunch of money in your USAA savings account, there may be another way to look at it.

Should I Save With USAA?

My answer is: No. While banks like USAA offer extremely competitive perks to military families, I don’t think USAA savings account interest is one of those. You can easily find widely available accounts that will give you a better return on your savings. For example, Ally Financial offers a high-yield online savings account that currently offers 1% APY on all balance tiers. This means that, no matter how much you hold with Ally, you will make 1% APY on your money. That is higher than every single tier with USAA.

With that said, I honestly don’t think you should use savings accounts as your primary method of saving at all. While a small emergency fund is great, you should use the articles below to better utilize the money you hold.

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. Homeownership 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, but it also 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.

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. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

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