Saving Money

25+ Best Memorial Day Deals and Freebies for 2019

May 23, 2019 By Christina Majaski Leave a Comment

Here’s to a three-day weekend that culminates with a day of honoring the men and women who have served our country. Many retailers, restaurants, and entertainment venues get into the spirit and offer holiday promotions. Here’s a list of some of the Memorial Day deals and freebies you might want to check out.

Memorial Day Deals and Freebies for 2019

Deals and freebies aren’t limited to dining out. Here are some other deals on entertainment and shopping that you might also want to check out.

Shopping

Best Buy

Save up to 40% on household appliances including microwaves, washers, dryers, and refrigerators. Purchase two or more major household appliances with a total of $1,500 or more, and receive a free $100 gift card.

Crate & Barrel

Outdoor furniture and outdoor entertaining are currently marked down by up to 40%. You can also take up to 60% off Zwilling Cutlery, up to 35% off Ballarini fry pans, and up to 60% off select Calphalon electric kitchen appliances.

Dell

Save up to $400 on laptops, 2-in-1 systems, desktops, and all-in-one computers. XPS and Gaming PC systems will be marked down up to $1,550. Gaming monitors, UltraSharp monitors, and gaming accessories will be marked up to 40% off. Save up to 50% on audio equipment, 25% on 4K Smart TVs and home theater products and 30% on PC accessories.

Gap

Save up to 50% off all merchandise online — plus if you use the promo code WARMUP at checkout, you can get another 20 percent off. Shop in-store to save 40% off everything.

Home Depot

Home Depot will offer storewide savings, including 40% off patio furniture and products, 30% savings on hardware and tools, and savings of up to 40% off with special deals on appliances.

Ikea

Take 20 – 25% off mattresses over $150, all outdoor furniture, cushion covers, and decorative cushions, select natural fiber baskets, and SUNDVIK cribs. Take 15% off all custom countertops (in-store only).

Lowe’s

Now through June 5, save up to 40 percent on appliances and up to 30 percent on patio furniture, grills, and outdoor power equipment. Veterans get an additional 10 percent discount on Memorial Day (and all year long) at Lowe’s.

Macy’s

In addition to sales up to 40% on swimwear and home goods, 5/22 through 5/27 are Star Money Days, where you will receive $10 in star money for every $50 spent. Use the promo code MEMDAY at checkout to save an additional 15 to 20 percent off prices that are already discounted.

Mattress Firm

Save up to $700 on all name-brand mattresses, and with any order of at least $499, get a free adjustable base that is worth up to $699. This offer is available while supplies last, through the end of Memorial Day.

Overstock

Save up to 70 percent on the entire store, with free shipping. Select rugs, living room furniture, patio, and garden furniture, bedroom furniture, and dining room pieces are discounted an additional 20 to 25% throughout the weekend.

Sears

Save up to 40% on appliances in the Summer to Save Memorial Day Parade sale. You’ll also get an additional 10% off purchases of $399 if you pay with your Sears card.

Target

Take up to 30% off home and patio items.

Wayfair

Save up to 70 percent on mattresses, bedding, and dining furniture and up to 65 percent on living room and patio furniture. You’ll also find coffee and end tables marked up to 60% off as well as GE appliances up to 35% off.

World Market

Save 15 percent and get free shipping on orders over $99 when you use the discount code MEMORIAL15 at checkout.

Food and Restaurants

Denny’s

Get Free delivery 5/24 through 5/27 at participating Denny’s locations.

Firebirds

Veteran, Active Duty Service Members, or Gold Star Family receive a free meal on Monday, May 27th, when dining with another guest. Free entree must be equal to or less than the purchased entree. Must have a military ID.

Logan’s Roadhouse

Logan’s Roadhouse is offering a free American Roadhouse meals to Active Duty military members and Veterans on Monday, 5/27 from 3 pm to 6 pm. Not available in NC, SC, or Augusta, GA locations.

McCormick & Schmick’s

Active-duty military and veterans, along with Gold Star spouses and parents, get a free lunch or dinner entree on Memorial Day.

Ninety-Nine

Buy one meal, get a veteran or active duty military member’s meal for free on Memorial Day.

Outback

Take 10% off your entire check using online code MEMDAY10 when ordering, or print the coupon to take into the restaurant.

Twin Peaks

Both past and present members of the armed forces can receive a free meal on May 27.

Entertainment

Blue Star Museums

From May 18 until Labor Day, more than 2,000 museums in the U.S. will offer free admission to active duty members of the military, veterans, and their families.

California’s Great America

Throughout Memorial Day weekend, both past and present members of the military will receive free admission to Great America.

Carowinds

Carowinds, a theme park located in North Carolina, will be giving all current and former members of the United States military free admission Memorial Day weekend (May 26 and 27).

Cincinnati Zoo

All members of the military, past and present will receive free admission to the zoo on Memorial Day, July 4th, and Veteran’s Day.

Colonial Williamsburg

U.S. military active duty, veterans, and their immediate dependents will receive free admission from May 24 to May 27.

King’s Dominion

King’s Dominion is offering free admission to all active, retired and veterans over Memorial Day weekend. Family members may purchase tickets online at a discounted price of $29.99.

Virginia Aquarium

Throughout May, active military and veterans with valid ID will receive 50 percent off admission on Sundays and Mondays.

Check back for more Memorial deals and freebies throughout the weekend.

5 Ways for a New Graduate to Start Saving

May 10, 2019 By Susan Paige Leave a Comment

Image: Pexels.com

Life after graduation is just the beginning of another long journey ahead. It can bring you a whole new world of opportunities and responsibilities that school may not have taught you or prepared you for.

As much as you’ll be searching for jobs to kick-start your career, it is also important to have a goal of being financially independent. For you to be able to take control of your finances, here are five ways for you to start saving this early on:

1. Create a budget. This is the first step when you start handling your money. You should understand where it’s coming and where it should be going. It is extremely impractical to spend all your paycheck in takeout food just because you don’t have time to cook or splurge it all in clothes shopping. Establish and stick to a monthly budget to ensure long-term financial health. If you are always on the go, smartphones are one of the most effective ways to stay on track of your finances.

2. Start saving money. Everyone knows it’s important to save money. You’ll never know when you’ll need cash for a rainy day so it’s best to be prepared for that. If you feel that you’re going to be challenged in saving, you can set up automatic debit. That way, it’s easier to not count the money that isn’t in your hands. There are also other ways for you not to be tempted to touch your money unless you need to. You can open up a time deposit or a CD account. To get the best value for your money, you can always research and check out time deposit rates or CD rates 2019 to ensure that your hard-earned money is also gaining enough interest to your liking.

3. Pay your bills on time, especially student loans. This is one of the reasons why it’s important to track your expenses and allot money for these types of payment. If you are living on your own, you have to consider utility bills as well as loans to pay on a regular basis. Never miss out or be late on a payment – it can negatively affect your credit score and you will have to deal with late fees. Also, consider paying off student loans more than the minimum so that you can pay it off sooner. The sooner you pay off your loans, the sooner you can have extra money to put in your savings, retirement or even vacation fund.

Image: Pexels.com

4. Plan for retirement. It may sound crazy to consider retirement this early, after all, you just graduated, but it’s never too early to start saving up for retirement. If your employer offers a 401(k), take advantage of this offer since it’s basically free money. Or, you can automate your savings so that a portion of your paycheck can go into your retirement savings account.

5. Live within your means. When you start working, there will be lunch outs, happy hours, dinner or brunch with friends or co-workers and it’s perfectly okay to go and socialize. Keep in mind to not overspend since doing this on a daily or weekly basis can bust your budget, fast. Check out deals or promos available so that when you do treat yourself, you can still enjoy responsibly.

If you don’t have the means to embrace these tips altogether, that’s perfectly okay. Just pick out one or two so that you can get started to a financially responsible post-graduate life. Welcome to adulthood!

56 of the Best Mother’s Day Freebies and Deals of 2019

May 8, 2019 By Jackie Cohen Leave a Comment

If you haven’t yet gotten a gift for your mom, you’re in luck: there are plenty of great sales you can check out in time for this Sunday’s holiday. And if you’re looking into treating her to a meal, there are plenty of deals at restaurants too. Here are 56 of the best Mother’s Day freebies and deals.

50+ Mother’s Day Freebies and Deals for 2019

According to the National Retail Federation (NRF), Americans will spend a record-breaking $25 billion honoring their moms on Mother’s Day this year. Fortunately, you don’t have to spend a lot. Not only are there numerous deals and discounts at several retailers and restaurants, but there are also quite a few freebies.

With all of the restaurant promotions out there, you would do well to assume that anywhere you want to dine this year will be busy, so make reservations ahead of time. Also, keep in mind that participation and pricing may vary by location and franchise. Contact your local restaurant to confirm details.

99 Restaurant & Pub

Order from a special menu on May 11 and 12, featuring Twin Petite Filet Mignon, fresh New England Baked Scallops, Colossal Lobster Rolls, specially priced cocktails and beverages, and more.

Another Broken Egg Cafe

Moms dining here on Mother’s Day will receive a $10 Brunch Buck (redeemable on next visit, May 13 through 26).

Applebee’s

Get a $10 bonus card free (redeemable through August 11) with the purchase of any $50 gift card through June 30. Also, $1 margaritas are available for the entire month of May.

Arooga’s Grille House & Sports Bar

Moms eat free on Mother’s Day with purchase of equal or greater value – dine-in only. (Offer not available in East Brunswick, NJ).

Baskin-Robbins

Now through May 12, save $3 on any ice cream cake order of $15 or more when you redeem the Mother’s Day coupon available on Baskin-Robbins’ website.

Bahama Breeze

Get two free dine-in gift cards for $10 apiece when you buy a $50 gift card; the first free card is valid May 27 through July 31 and the second one is good from July 1 through August 31.

Baker’s Square

When you buy a $25 gift card through June 16, you get a $5 coupon card (redeemable June 26 through August 9).

bd’s Mongolian Grill

For every $25 gift card you buy before June 30, receive a free $5 bonus card (redeemable through June 30).

Beef ‘O’ Brady’s

Moms eat for free on Mother’s Day with purchase of equal or greater value up to $10.

Benihana

Purchase $50 in gift cards through May 12, and receive a free $10 promotional card (redeemable May 13 through June 16).

BJ’s Restaurant

For every $50 BJ’s eGift Card purchased through May 12, the purchaser receives a free Pizookie® bonus card (redeemable for one free Pizookie® May 13 through June 15). Also, all moms get a free commemorative wine glass on May 11 and 12 while supplies last.

Bojangles

Make it a magical Mother’s Day with heart-shaped bo-berry biscuits available only Mother’s Day weekend.

Bravo

Buy $100 in gift cards through June 16 and receive a $25 bonus card (redeemable June 17 through August 31). Also, enter for a chance to win a once-in-a-lifetime trip for two to Southern Italy (contest ends May 12).

Brixx Wood F ired Pizza

Get 1/2 Priced Bottles of Wine on May 12.

Burger 21

Free burger for Mom on Mother’s Day with any kid’s meal purchase. Also, purchase $20 in gift cards and receive a free small fry or shake reward (redeemable on your next visit).

Carrabba’s Italian Grill

The restaurant has a special menu for Mother’s Day weekend, and doors will open at 10:30 am on Mother’s Day. Also, receive a $10 promotional card (redeemable May 13 through July 19) when you buy $50 in gift cards through June 16.

Carvel

Get $2 off any cake 48 oz. or larger; $3 off any sheet cake; offers valid through June 10.

Cheesecake Factory

For every $50 ecard purchased online (up to $200) through May 12, receive a $10 bonus ecard.

Fogo de Chao

Moms receive a complimentary dining card on May 12 (redeemable May 13 through July 11. Also, receive a $25 bonus ecard (redeemable June 17 through August 29) for every $125 in online gift card purchases through June 16.

Grubhub

Satisfy Mom’s cravings with delivery from popular neighborhood restaurants and chains with $10 off your first order.

Joe’s Crab Shack

Celebrate mom with a special four-course meal on Mother’s Day for $35.99; meal includes appetizer, side salad, entrée, and dessert.

Mimi’s Caf é

The restaurant is serving a three-course meal on Mother’s Day starting at 11:00 am, $19.99 for adults and $10.99 for kids — including appetizer, entrée, and dessert.

O’Charleys

Purchase $25 in gift cards through May 12 and receive $10 in rewards (redeemable June 17 through August 18).

Olive Garden

The Olive Garden will open early at 10:30 am on Mother’s Day. Plus, receive a $10 bonus card (redeemable June 1 through June 30) with every $50 in gift cards purchased by May 12.

Outback Steakhouse

Treat Mom to a meal fit for a queen with a special menu available May 8 through 12. Plus, purchase $50 in gift cards through June 16 and receive a free $10 gift card (redeemable May 13 through July 19).

Panera Bread

Purchase $50 in gift cards through May 31 and receive a free $10 bonus card (redeemable June 1 through June 30).

PF Chang’s

Purchase $50 in gift cards through June 19 and receive a free $10 bonus card (redeemable June 20 through July 31).

Spaghetti Warehouse

Free Spaghetti and Meatballs on May 12 with purchase of a Mother’s Day Meal and the coupon available on the Spaghetti Warehouse website (offer not available in Columbus, OH).

Texas Steakhouse

Treat Mom to Texas Steakhouse on Mother’s Day, and she will receive a voucher for a free entrée redeemable on her next visit. Also, if you buy a $50 gift card online, for a limited time a $10 bonus voucher will be emailed to you.

TCBY

Moms get a free six-ounce frozen yogurt on Mother’s Day.

TGI Fridays

Purchase $25 in gift cards through June 19 and receive $5 in Bonus Bites (redeemable July 1 through August 31).

Wienerschnitzel

Moms get a free meal on Mother’s Day consisting of a chili dog, small fries, and small soda.

Mother’s Day Gifts

1-800-Baskets

Use promo code WOW20 at checkout to save to 20% on Mother’s Day gifts; free shipping on select items.

1-800-Flowers

Use promo code 25MOM at checkout to save 25% on flowers.

Bath & Body Works

Use promo code MOMSDAY at checkout by May 10 to get a Mother’s Day tote featuring 8 spring essentials for $30 with any $30 purchase; buy 3 get 3 free on select body care items; get 2 Concentrated Room Sprays for $12; get 5 Wallflowers Fragrance Refills for $23.

Bed Bath & Beyond

Promotions include:

35% off Brookstone® Outlast® down comforter while supplies last
30% off Calphalon® griddle and grill pans through May 26, plus receive a $50 bonus gift card with select Calphalon® items
25% off select Corningware® bakeware through May 13
20% off Breville® toaster ovens through May 15
Up to $100 off Dyson vacuums through June 3
Save $50 with a Google Home Hub purchase and get a Google Home Mini
$100 off KitchenAid® Artisan® mixer through May 12
$30 off Instant Pot duo through May 13; $30 off Keurig® K-Cafe™ through May 12
Free shipping on orders over $39

Best Buy

Save $50 on the Apple Watch Series 4; purchase $100 in gift cards through May 11 and receive a $10 savings code (redeemable through May 11).

Charming Charlie’s

Save 50% off select beauty products; free shipping on orders $59 or more.

DSW

Earn a $10 bonus card (redeemable June 6 through 27) when you purchase $50 in gift cards, or $25 bonus card when you purchase $100 in gift cards, through May 12; free shipping on orders of at least $35; save up to 70% on women’s shoes marked as clearance items; other styles have savings ranging from 20% to 70%.

From You Flowers

Use promo code 050 at checkout to save 15% on purchases.

FTD

Order by May 10 and save up to 25% off; select bouquets listed up to half off.

Gourmet Gift Baskets

Select items eligible for free shipping.

Hallmark

Save up to 50% on gifts and cards with Mother’s Day themes.

JC Penney

Buy $75 in gift cards through May 12 and receive a coupon for $10 off $10 (redeemable May 13 through May 27).

Jewlr

Save up to 75% on select Mother’s Day gifts; receive a free gift with each purchase; shipping is free to all 50 states.

Kay Jewelers

Save 30% on everything in the store, and up to 50% off clearance items through May 12; free shipping for orders over $50.

Kohl’s

Use promo code MOMSDAY10 at checkout to get $10 off when you spend at least $50 on Mother’s Day gifts
Use promo code JEWELRY20 at checkout to get up to 20% off select styles of women’s jewelry
Use promo code WATCHES10 at checkout to get 10% off women’s watches
Free shipping with $75 purchase; offers valid through May 12

Macy’s

Free summer tote bag and 6-piece gift with $37.50 Lancôme purchase
Three additional gifts with $75 Lancôme purchase
Free full-size cleanser with $125 Lancôme purchase;
Six full-size pieces and travel-size primer only $45 with any Lancôme purchase
Use promo code MOM at checkout to save up to 20% in select departments
25% off Michael Kors items; 35-50% off select jewelry
Free shipping on all orders over $75

Mass age Envy

Buy three 60-minute customized facial sessions for just $150 (redeemable starting May 12).

Murad

Use promo code GIFTBOX at checkout to receive a gift box when you spend at least $35 by May 12
Use promo code SMOOTH or RADIANT at checkout to receive one of two free mini duos with $65 purchase, or enter DOUBLEDUO at checkout with $100 purchase to receive both, through May 31
Use promo code ONTHEGO to receive a free TSA-friendly wristlet with purchase of any 2 travel-size essentials through May 31
Free shipping with any order of at least $50

Pandora

Several pieces of jewelry are on sale, and many clearance items are up to 30% off.

Reebok

Sitewide sale 30% off all apparel, footwear and accessories, plus use promo code MOM at checkout to receive additional 30% off.

Target

Use promo code BEAUTY at checkout to receive $5 gift card with purchase of $20 in select beauty and personal care items through May 18
Use promo code SHORTS20 at checkout to receive 20% off select women’s shorts through May 11
Receive $5 gift card when you buy three select Neutrogena skincare items through May 11
Receive a free 3-piece Neutrogena brush set with the purchase of at least $15 on Neutrogena cosmetics through May 12
Receive a free Covergirl striped makeup bag with purchase of at least $15 on Covergirl cosmetics through May 18
Save 20% on select jewelry and accessories as well as top fitness brands
Save 25% on patio items
Buy three select women’s tees and tanks for $20 through May 18

Plus various sales sitewide and throughout stores.

West Elm

Save 20% on select dining furniture; save 25% on select bedding, rugs, curtains, pillows, throws, and bath items; save up to 40% on outdoor furniture and decor; enter code BESTBUDS at checkout to save 15% on select vases with purchase of Bouqs Bouquet; save up to 60% on various clearance items sitewide and throughout stores.

Williams Sonoma

Save up to save up to 20% on select outdoor cooking and dining essentials; save up to 50% on select cookware; save up to 50% on Nespresso coffee and espresso makers; save up to 60% on select electronics; save up to 75% on various clearance items; plus get free shipping on all orders over $49.

Zales

Save up to 50% sitewide and throughout stores; save up to 60% on various clearance items; order by May 10 for free shipping on most items.

Readers, please share with us your experiences with any of the Mother’s Day deals we’ve listed. And if you see any we’ve missed, please let us know by posting about it in the comments section below.

Are Seniors Saving Enough to Retire Comfortably?

May 8, 2019 By Tamila McDonald Leave a Comment

Most people have the best intentions when it comes to saving money. However, as they experience financial challenges, tossing cash into a savings or retirement account becomes less of a priority. Instead, immediate needs take priority. For seniors, this mentality can keep them from being able to retire comfortably or, for some, they may have to put off retirement indefinitely.

Putting Off Saving

For many older adults, not saving enough is usually self-described as their biggest financial mistake. This can include anything from not putting money away for emergencies or suitably saving for retirement.

While it is possible to make up for the lost time when it comes to saving for retirement, it does make the situation harder to navigate. Late-savers don’t get all of the benefits of long-term compound interest, so they have to make larger deposits to offset any missed opportunities.

Concerns About Retirement Savings

Most Americans are worried that they won’t have enough to retire comfortably when the time comes. While many will have access to Social Security, providing them with at least some amount of income later in life, that alone typically isn’t enough to cover what they will need in retirement.

In 2019, the average senior who qualifies for Social Security benefits receives $1,461 a month. Over the course of a year, that’s only $17,532 in income. While that amount is $5,042 over the poverty line in the 48 contiguous states and DC, most would agree that living on that amount would be incredibly difficult.

On average, Social Security only replaces around 37 percent of an earner’s pre-retirement income. As of the first fiscal quarter in 2019, the median income for a person working full-time, based on data collected by the Bureau of Labor Statistics, was $905 a week, or $47,060 a year.

Without additional savings, being comfortable in retirement might not be possible.

A “Comfortable” Retirement

Often, seniors need closer to 80 percent of their pre-retirement income covered to live comfortably. While many assume that their expenses will decrease after retirement, many don’t experience a dramatic decrease. In fact, some may see their costs stay the same or even increase, depending on factors like healthcare costs and how much they spend on leisure activities.

Based on the yearly median income amount of $47,060, this means seniors should expect to need at least $37,648 annually after they retire (based on the 80 percent metric). After deducting the average Social Security payment, that leaves a shortfall of $20,116 each year that needs to come from another source.

Those who were born in 1953 are hitting full Social Security retirement age – for them, 66 – this year. With an average life expectancy, based on CDC data, of 78.7 years, that would mean 12.7 years would be spent in retirement, theoretically. That $20,116 annual shortfall, over that period, would total up to $256,108.20. And that relies on the notion that 80 percent of the median yearly income is enough to sustain them and that they don’t live longer than the average life expectancy.

Additional Savings Are a Must

For those with a high-cost medical issue or who wish to have more money available during their golden years, then additional savings is a must. Now, one method to increase income as a senior is to wait until age 70 to begin accessing Social Security benefits. The monthly payment increases by 2/3 of 1 percent for every month that a person waits until they reach age 70 (an 8 percent increase annually).

At age 70, that means the retiree gets 124 percent of their original benefit amount each year. If the person would qualify for the average $1,461 a month at full retirement age, that means they could get about $1,812 a month instead of delaying until age 70, which is around a $351 monthly ($4,212 yearly) increase. However, that is still a far cry from what a senior likely needs to be comfortable.

Planning for a Comfortable Retirement

Making up for the remaining shortfall can be difficult, but it isn’t impossible. If you are age 50 or older, you can save up to $24,500 each year in an employer-sponsored 401(k). Additionally, putting up to $6,500 in an IRA is allowed. Depending on how long the money can sit in the account and the return rate, that can put a serious dent in the shortfall.

However, even if you can’t max out your retirement, every bit you can save makes a difference. It’s always better to sock away something than do nothing. When working toward savings there a number of service available via the Internet to assist you. That said, it is wise to be vigilant when using online services and to make sure you practice online safety for retired seniors.

Additionally, working to pay off debt and reduce your expenses can help you make your retirement more comfortable. If you have fewer costs, you won’t need as much money to maintain your lifestyle. Plus, over time, you might be able to make more space in your budget for additional savings, ensuring your golden years are as bright as possible.

Are you on your way to a comfortable retirement? Are you worried you haven’t saved enough to support yourself in retirement? 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.

Inexpensive Alternatives to Store-Bought Greeting Cards

May 6, 2019 By Shannon Christman 7 Comments

Happy Birthday, Mothers’ Day, Fathers’ Day, Grandparents’ Day, Valentine’s Day, Sweetest Day, Hanukkah, New Year, Easter; Merry Christmas; Get Well; In Sympathy for the Loss of Your Loss of Parent, Child, Pet, Marriage; Get Well Soon; Thank You for Your Gift, Hospitality, Help; I Love You; I Miss You; I Just Want To Say Hello – and the list of greeting card occasions and sentiments goes on.

The cost of staying in touch can add up, as can the piles of cards you receive from your friends and family. Most cards get thrown out soon after they’re received, so why not consider alternative ways to celebrate and commemorate those occasions that traditionally require a card? Make your greetings stand out from the rest and send sentiments that your friends and family will remember and appreciate:

1. Buy a ream of card stock and use it to design your own cards or allow your children to design some. Even if you send a traditional store-bought card, tuck in some of your children’s artwork for a personal touch. The photograph in this article is an excellent example or some card stock that has been dressed up.

2. Send a fun postcard or a postcard from a place you visited with the recipient. Postcards save on postage as well as purchase prices.

3. For thank-you notes, take a photograph of yourself using the gift, add a note of thanks on the back, and tuck it into an envelope or glue it to card stock to create a postcard.

4. Send an e-card instead of a traditional card.

5. Send a coupon booklet – buy one for a fast food place the recipient enjoys or make a booklet of coupons for babysitting, chores, or time spent together (offered by you, the sender, to the recipient).

6. Send the cash equivalent of what you would spend on a card. I’ve once read about a woman who always sent her grandkids what she would have spent on cards, which provided a great lesson in personal finance and was appreciated much more than the cards.

7. Make a phone call or write a long letter. In place of sympathy cards, write about the things you most appreciated about the deceased and share some fond memories you have of him or her.

8. Mail a sheet of stickers or coloring book to children with a note on the cover of the book / packaging of the stickers.

9. Send the recipient a flat magnet, either chosen for him/her at a store or designed by you to suit the occasion. (Craft shops and office supply stores often sell magnetic tape and business-card-shaped magnetic backings that can stick to your design.)

10. Make a bookmark to send to a reader (or, if giving a book as a gift, tuck one inside it instead of using a card).

11. Write a funny, personalized poem or draw a calligraphy acrostic (JOHN – Joy-filled, Open-minded, Helpful Neighbor) about the recipient to give as a birthday greeting. For birthday greetings that are hand-delivered, you can also tape coins to card stock in the shape of the birthday boy/girl’s age. (The weight of the coins adds extra postage costs.)

12. For Valentine’s Day or an anniversary, tape a note to a sentimental paper souvenir your loved one didn’t realize you saved, such as a program from a high school football game in which your sweetheart played or a ticket stub from the first movie you saw together.

Whatever you decide to send, be sure to check postal regulations to find out if the size, shape, or weight requires extra postage so that your greeting doesn’t arrive postage due. Once you send a few specially chosen greetings in place of store-bought greeting cards, you may even find that your thoughtfulness is building stronger relationships as you build a bigger bank account.

Photo credit: Deborah S.

Is Putting a 20% Down Payment on a House Realistic?

May 6, 2019 By Cortni Marrazzo 31 Comments

I understand the argument behind the advice of putting at least a 20% down payment on a house purchase. No one wants to pay private mortgage insurance and the idea of getting two different loans to avoid it isn’t that great either. I imagine if you are a previous homeowner and have some equity from a previous house to put down on a new one, a 20% down payment is very feasible, but what about first time home buyers?

Saving Up The 20% Down Payment has Huge Opportunity Costs

In the area that I currently live, the average home price is about $175,000 for a decent starter home. That’s actually a pretty low price compared to where I grew up across the state, where you can’t get a decent starter home for under $275,000. Let’s say someone wanted to buy a home for the first time. A 20% down payment for an average house in each area would be $35,000 and $50,000 respectively (and that doesn’t even include closing costs) Who has that kind of cash readily available? Not many people. So the advice many are given is to save up and wait.

Let’s look at what that would look like. Say you are able to save $500 a month towards your down payment. You are able to knock down your costs and pull aside that much every month. It would take you almost 6 years of saving $500 a month in order to afford the 20% down payment in the less expensive city and over 9 years to afford the one in the pricier area.

What if you were able to save $1,000 a month? Then it would take you 3 years and 4.5 years respectively. But saving $1,000 a month is quite difficult when you are trying to fund a retirement account and live day to day. Especially for up to 9 years. Most first home buyers are younger – probably in their 20s. In the best case scenario, you need to save for 3 years – in the worst case, it would be 9 years (this is assuming you already have a sizable emergency fund to take care of unexpected expenses).

It is even harder when you start looking at this from a market standpoint. House prices will rise. I don’t care what the housing market looks like now – eventually, the values will rise again. Let’s say values rise at a conservative 1% per year. In 3 years, each “average” house will cost at least $5,500 and $8,500 more, respectively. In 9 years, each house will cost at least $16,000 and $25,000 more, respectively.

Everyone who finally reached their 20% down payment goal will now need more money than originally thought for the down payment of a home that is now more expensive. Not to mention the money lost on throwing away rent rather than building equity (however small that amount may be in the first few years). Add to that the tax deductions missed and the missed opportunity to profit from the market’s increasing values. Ouch! Those numbers aren’t pretty. You have to spend money on housing either way – why not get some benefits from it?

Chances are, if you are saving a huge chunk of money each month for a large house down payment, you aren’t contributing the max to your retirement account. Your early investing years are the most critical for your future because of the wonderful concept called compounding interest. You could lose some very valuable interest time by waiting to invest (or increase your investment amount).

It Is Perfectly Reasonable To Buy A Home For Less Than 20% Down

Perhaps there are some people for which putting a 20% down payment on a house is not only possible but also a perfect fit for them. I personally don’t know any of those people and am not one of them. We chose to buy our house with no money down and use our monthly extra to invest more, stock up our retirement fund, fund our emergency savings, and make improvements to our house that will increase the value when we go to sell.

The funny thing is that our mortgage is not outrageous, we are not struggling to keep up with our payments and we are not in jeopardy of defaulting on our loan. The fact of the matter is that there are people who are a high risk to mortgage companies who will likely default on their loan if they get into a house with no money down. But there are also responsible people who will pay their mortgage on time every month who just want to have a choice of what to do with their extra money and how to best use it.

Can You Get A Mortgage For Less Than 20%?

Yes. You can get a mortgage for less than 20% down. The best way to find out if you can do this is to start making calls. You’ll want to talk with a mortgage broker. Probably you’ll want to talk with several. A good starting place might be USAA (they have great customer service) as well as your local credit union. Stay away from the bigger banks, they sometimes have incentives that are perverse (for example, by pushing low money down loans or adjustable rate mortgages).