Saving Money

26 Week Money Challenge: Build Your Savings Faster

January 11, 2019 By James Hendrickson Leave a Comment

A few years ago when I first heard about money challenges, I thought they might just be another opportunity for people to humblebrag about their money. However, since then, I’ve tried money challenges myself and now believe they’re actually effective in reaching savings goals.

Whether it be a fitness challenge or a money challenge, internet challenges help millions of people reach their goals. This is why I created the 26 week money challenge, which helps you build up to saving a quarter of your income.

How Money Challenges Work

Before learning about the 26 week money challenge, you should be aware of how money challenges work. Money challenges are typically online challenges which help people save more money. Many people start with the 365 Day Money Challenge or the 52 Week Money Challenge. These money challenges usually have you save a certain amount of money each day or week and slowly increase it over time. S0metimes the process doesn’t work for everyone, so, like me, others have decided to design personalized money challenges.

The 26 Week Money Challenge

When you hear the words “26 Week Money Challenge” you might think of the bi-weekly money challenge. However, this version of the 26 Week Money Challenge simply takes place over half a year (or 26 weeks). Like other money challenges, you can start at any time of the year and simply follow the week-by-week organizational chart below. (I’ve filled it out with my first 26 Week Money Challenge, based on a $1,000 per week salary).

Unlike many other money challenges, the 26 Week Money Challenge helps you increase the amount you save week-by-week through percentages instead of dollar amounts. Week one you’ll save 1% of your week’s salary, 2% week two, 3% week three and so on. After the end of the 26 Week Money Challenge, you’ll be saving approximately a quarter of your salary (which is a commonly recommended gauge on how much you should be saving). After the challenge is over, you can simply continue saving at the level you end up with at the end of the challenge.

Click here for a blank, downloadable version of the 26 Week Money Challenge.

Other Money Challenges to Try

If the 26 Week Money Challenge above doesn’t seem like it’s for you, don’t worry. No one’s financial needs are the same. There are plenty of other money challenges out there for you to try. Over the years, internet users have adjusted the original money challenges to better suit their saving needs. Here are just a few money challenges you might want to try:

It seems like there’s a money challenge out there for everybody. No matter which way you do it, deciding to save money is one of the most important decisions you’ll make… even if it’s just a couple dollars a day.

A Savings App Can Help

Money challenges are easy ways to get your savings started. However, you can also try a savings app that automates the process for you like Digit. For instance, first, choose a money challenge, then supplement your savings with an automated approach like the digit.co app.

Digit.co is a favorite because its super easy to use. Just sign up and let the program analyze your checking account. It will then make small automated withdrawals which don’t impact your spending and sweeps them into an account you control. It is a super easy way to save money without a lot of effort. Click here to check it out.

Have you ever tried a money challenge or savings app? Did you have success? Share with us in the comments below.

Photo Credit: 401K 2012

How to Save Money on Makeup

January 10, 2019 By Justin Weinger Leave a Comment

For most girls, one of our favorite hobbies is trying new makeup products. We’re always keeping up with Kylie Jenner, trying to find out what new foundation she is wearing to keep her face matte during the summer, what lipstick she wore at the concluded red carpet awards, and more.

Makeup is a girl’s second love (the first being diamonds), and this explains why we love trying different looks.

However, one of the challenges of trying to keep up with the latest makeup is that things can get quite expensive fast. What can you do to stay in vogue without spending thousands on makeup?

Read on for our top six tips for saving money on makeup.

Experiment with Multipurpose Products

Monochromatic makeup looks (wearing a single color on your cheeks, lips and eyes) usually trend during the summer. However, finding a lipstick, blush and eyeshadow all of the same color can be nearly impossible. Moreover, even if you find them, the costs of the individual items can be high.

If you would like to rock the monochromatic look but on a budget, consider multi-use products. We’re talking about things like lipsticks, liquid eyeshadows, and stick blushes that can be used on different parts of your face for a monochromatic look but with just one item.

Note: Before experimenting with multipurpose products, confirm that they are eye- and lip-safe.

Research and Shop for Dupes

For makeup enthusiasts, it seems like new beauty products are released every day. You probably know some Instagram or YouTube beauty influencers that regularly review some trendy products hyped as “limited editions”. The tag is just another way of getting you to pay more for the items.

Not all makeup products promoted by influencers are worth getting. Moreover, for those that you really feel will make a difference in your makeup regimen, there are always cheaper alternatives.

If you are dying to try a particular product, find out what makes it so special to you. Is it the fancy packaging? Does it have a sleek applicator? Are you mesmerized by its color?

After identifying what’s so unique about it, research online for a cheaper alternative that has the attributes you are looking for. The cheaper makeup versions are known as dupes.

When you use a dupe, you will get the same effect of the trendy makeup but at a cheaper cost. Dupes are also great alternatives for limited makeup versions that have been sold out.

Check Outlet Sales

When it’s time to upgrade or expand your makeup collection but you don’t necessarily have any particular products in mind, shop around. Many high-end makeup kits are sold at discounted prices at different stores. The outlets may carry famous brands as well as little-known ones. The latter are a great addition if you wish to get out of your comfort zone with some new styles.

You’ll have to do some research to get discounted makeup, especially if you are not familiar with the products you want to buy. Hop on the internet to learn more about the specific makeup products you may want to add to your collections.

Save with Rewards Programs

Another way of saving money on makeup by signing up for rewards programs offered by your favorite stores. Nearly all large beauty stores have a loyalty or rewards program in which customer can get points whenever they shop. The points are redeemable for free products or discounts. Generally, the more you shop, the more rewards you are eligible for.

If you usually shop online, sign up for your favorite stores’ newsletters. Most stores send special offers and announcements on limited edition makeups to their newsletter subscribers. You can also follow the stores’ Facebook and Instagram accounts to get announcements about new products or promos.

Invest in Beauty Tools

You should have an essential collection of beauty tools in your makeup kit. A powder brush, liquid foundation brush, and an eyeshadow brush are not enough. You could save more on makeup if you have additional tools such as an eyebrow spoolie, eyeshadow blending brush, and a foundation sponge.

Having a comprehensive set of beauty tools will make it easy to create any makeup look, even if you have fewer and cheaper products. If you have been feeling stuck on your makeup routine, consider adding a few new brushes.

Only Buy What You Need

Finally, buy only what you need. You do not have to keep up with a trend if you don’t like it. Makeup is an individual art and you should purchase what will enhance your looks.

Before buying makeup, think of whether you will actually love wearing it. If you are buying a quality product, there is no loss in spending a little more on if it will last longer.

Follow the tips above to save money on makeup. For more frugal style tips, check out this article on layering to create new outfits!

5 Tips to Save Money on Dog Food

January 10, 2019 By Justin Weinger Leave a Comment

While you’d want to feed your dog on the best meals in the market, there is a risk that you’ll be overwhelmed by the high-cost implication. On average, maintaining a dog requires you to spend approximately $446 annually!

However, the cost will vary depending on several factors including the average cost of living in your region, the size of your dog, and the type of meals that you’d like your dog to take.

While the feeding cost may appear high, we encourage you to look for alternatives that fall within your budget. This article will offer tips on how you can save money on dog food without compromising the meal’s quality.

Capitalize on Free Samples — It Works!

Most companies give free samples to their potential clients to enable them to discern the benefits of using their products and not the competitor. You’ll get to use this product without paying a coin!

You can visit various websites that list companies with free samples to offer. Once you sign up, you’ll get your free samples and feed your dog accordingly. Alternatively, you may consider contacting your favorite manufacturer directly. All you need is to identify your potential dog feed supplier and contact them.

In most cases, the marketing team will gladly respond to your message. The company will require that you register with them using your email address and respond to several survey questions. Once you’re through with the process, you’ll get free samples to feed your dog and give them the feedback after several weeks or months depending on the number of samples awarded.

You may also check with your veterinarian. They might have dog food that they could be willing to share with you. However, you should be wise in the way you approach this issue to ensure that you don’t sound too desperate!

Here’s a weird tip: Check Target’s weekly ad for products that come with a free gift card. Some products, like electronics, come with free gift cards–especially in December. You can use the savings to make dog food less costly.

Buy Dog Food in Large Quantities

Buying dog meals in large quantities offer you an opportunity to get discounts thus better prices. You need to look for shops that sell the meals in wholesale terms around your area. Once you identify your favorite store, you should visit them and discuss the terms of purchase. Ensure that you push for better discounts since you’re willing to purchase large quantities of dog meals.

However, you should be careful to ensure that you only buy that which will be used up before the expiry date. Many people wrongly assume that dogs can eat anything, including expired meals; this is untrue. Always ensure that you feed your dog using fresh meals!

Buy Cheap Food

While you’ll spend less when you choose this method, you’re likely to get poor quality dog feeds! It’s not recommended to compromise on the quality due to cost.

However, you can get high-quality brands that are competitively priced. Before you purchase the dog meals, you should research to ensure that you understand the reason for the low pricing. If you realize that some nutrients are missing, you should avoid buying it.

Also, you should always avoid foods with too many preservatives, food coloring, and other junk content. Always check the label to ensure that you buy the best dog meals for your dog.

Remember that poor quality food may lead to health complications in your pet. As such, you may be trying to save some coins today only to spend triple of the savings tomorrow on veterinarian bills!

Make Dog Food at Home

If you have disposable time, this would be the best method. It ensures that you get the best quality meal at a reasonable cost. The DIY techniques help you to keep proper records of your dog’s health and you would comfortably account for the meals in case anything goes wrong!

Also, the method allows you to know the specific constituents of the meals that work the best for your dog and those that don’t. As such, you have the opportunity to take control of your pet’s health status.

If you need recipes, you can always check online. If in any doubt, it’s always advisable that you consult your vet for guidance.

Seek Advice from Other Dog Owners

You should always ask around before buying dog meals. Take the advantage of the experiences of other people by asking them relevant questions that will inform your decision on the type of food to buy.

Some people will advise you to buy in large quantities while others will refer you to specific stores. However, before you believe the reviews, you should always undertake an independent research. Always feed your dog a balanced diet, but take heed not to go broke doing it!

Get Organized: A Bullet Journal Tracker Can Change Your Life

January 10, 2019 By Amanda Stewart Leave a Comment

Staying focused is key to reaching your goals, whether they be financial goals, career goals, or otherwise. Many people search for the right organization technique to stay on track and be productive. In more recent years, the bullet journal tracker has gained popularity in helping individuals focus and make their dreams come true.

What is a Bullet Journal?

Bullet journals, or BuJo for short, were created by Ryder Carroll. Carroll was a digital product designer and author living in Brooklyn. As a child, he was diagnosed with learning disabilities and needed to find different ways to find his focus and be productive. For him, a bullet journal did the trick. After experiencing how a bullet journal changed his life, he decided he would help others by sharing his ideas.

Now bullet journals have evolved into many different ways to track progress, plan events, and even organize finances. The best part of using a journal this way is you can make it anything you want it to be.

How to Use a Bullet Journal Tracker

First, you’ll need to buy a journal and decide what you’ll be tracking. Of course, every page in your journal can have a different project focus. However, you may want to dedicate entire journals to track specific things (i.e., finance journal, weight loss journal, etc.).

Next, create an index for your bullet journal. This will be where you log what is on each page, so it’s easier to find the page you want to work on. Then you’ll decide what you want to track first.

Some individuals organize their bullet journal by goals. For instance, if you want to drink 100 ounces of water every day, you’d color in or otherwise mark the days you met this goal.

You can also use a bullet journal tracker for your bills, debt, or savings. To do this, draw charts to track your progress toward meeting each goal.

Other things you might consider tracking in a bullet journal include a deep-cleaning schedule, a daily gratitude list, your daily mood, fitness goals, food and water, and even books you’d like to read throughout the year.

Where to Find Free BuJo Page Ideas

For the most part, bullet journals are a product of your own imagination. You can put whatever you dream up to track and follow on the page. There aren’t any printable pages for your bullet journal. However, there are plenty of places on the web to discover inspiration for your bullet journal tracker.

Pinterest: Pinterest is by far the best place to look for bullet journal inspiration on the internet. No matter what you are looking to track in your journal, Pinterest probably has an innovative way for you to organize it. Simply search “bullet journal tracker for personal finance” or whatever you’re looking to track in the Pinterest search bar, and you’ll find hundreds of ideas.
The Habit Journal: You can also buy a bullet journal tracker that comes with already-made pages. These are typically a bit more expensive to buy but can help you organize your journal if you are having difficulty thinking of page decoration.
Online forums: On top of Pinterest, there are also a number of online forums centered around bullet journaling. If you’re looking for ways to organize a specific project or goal, you can always reach out to one of these communities for ideas.

Organization and focus are both important in reaching your goals. For some people, a bullet journal tracker helps them see progress and outline a good route to get where they want to be.

Readers, have you ever used a bullet journal? What did you use it to track?

Save an Extra $3,339.75 This Year With the 365 Day Nickel Challenge

January 10, 2019 By Amanda Stewart 21 Comments

Participating in a money challenge is a great way to bolster your savings account. However, the popular 52-Week Savings Challenge can be intimidating, mainly because some of the weekly amounts can feel pretty high when you look at them on a chart. But, by breaking it down and starting small, you can accomplish the same thing without some of the stress. All you need to do is take it one nickel at a time.

The Origin of the 365 Day Money Challenge

Back in 2014, we decided to look for ways to make the 52-Week Savings Challenge a bit more accessible. Instead of large weekly deposits, participants only need to focus on small amounts each day.

This approach made the 365 Day Money Challenge a massive hit, especially since it’s relatively simple to adjust. If you want to save up more than $3,300 in a year, complete the challenge with nickels. If you don’t have that much to spare, you can use pennies and still save about $668.

How the Money Challenge Works

The premise of the 365 Day Money Challenge is simple. If you are using nickels, on day one you deposit $0.05 into your savings account. Then, you add $0.05 to your deposit on day two, making that deposit worth $0.10, bringing your total savings to $0.15.

On each subsequent day, you add a nickel to the previous day’s deposit. That means, on day 10, you deposit $0.50. On day 100, your deposit is $5.00. On the last day, number 365, your deposit is $18.40.

While the daily amounts seem small, they add up fast. At the end of the year, if you participate every single day, you’ll have a whopping $3,339.75 in your savings.

What Could You Do with $3,300?

Think about what you could do with over $3,300 each year. You could replace your living room furniture, buy a high-end computer, head out on a great vacation, or simply make Christmas shopping incredibly affordable.

Using the challenge to create or build your emergency fund is also a great decision. Similarly, $3,300 is a nice down payment on a vehicle or could make saving 20 percent down for the purchase of a home easier to manage.

If you want to help your child pay for college, $3,300 a year for a full 18 years is $59,400, not including interest. If you put the money into a 529 plan, the value will be much higher when it is time for your child to head to school.

Make It a Family Affair

While saving using the nickel strategy might be too much for your children, many kids can use the same plan and substitute pennies for nickels. With this approach, the largest deposit is just $3.65, which can be more manageable for youngsters. But, they still get to save up a decent amount of cash, having around $668 when the challenge is over.

If you want to instill good savings habits in your children, consider having them start with the penny challenge or another money challenge for kids. Then, as they get older, they can transition to the nickel challenge.

Additionally, there is nothing to say that you can’t increase the level of challenge yourself. If your income can support it, consider using dimes instead of nickels. You’ll be happy you did.

Using a Money-Saving App as an Alternative

If you prefer to try to save money with an app, you might want to consider using one like Digit. All you have to do is install digit.co, and it’ll analyze your savings account balances. It will automatically place small withdrawals into a savings account for you – money you probably won’t even notice. Once you activate the app, it requires almost no effort and you’ll be on your way to building your savings account. Check it out at digit.co.

Do you have a favorite money challenge? Share it 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.

Social Security Accounts for 66% of Retirees’ Primary Income

January 9, 2019 By Amanda Stewart Leave a Comment

It’s no surprise millions of senior citizens depend on Social Security income to pay their monthly bills. However, the number of retirees who rely on Social Security as their primary source of income is steadily increasing. In fact, approximately 66 percent of seniors believe it will be their primary source of income throughout their golden years.

Why You Can’t Depend on Social Security Income

You may be thinking, “well, isn’t that what Social Security is for?” Many Americans don’t realize that Social Security isn’t designed to replace your income. Instead, it is supposed to supplement your retirement income. On top of Social Security, you should have retirement accounts (like a 401K or IRA), investments, and/or a pension to fund your day-to-day expenses.

When it boils down to it, Social Security benefits will only replace about 40 percent of your pre-retirement income. Considering most retirees need about twice that to live a comfortable life in retirement, relying on Social Security as your primary source of income may be a grave mistake when it comes to your financial well-being. Not to mention, future cuts in retirement benefits are still a possibility.

Social Security was only ever meant to prevent poverty in older Americans. Typically, someone’s Social Security benefits will cover basic needs, such as housing, food, utilities, clothing, healthcare, and transportation. However, it won’t cover any entertainment or enjoyable aspects of life. Who would want to live in retirement that way?

How to Financially Survive Retirement

The key to financial success in retirement is finding ways to boost your income before (and after) you leave the workforce. For those who are still working, you still have time to contribute to savings, 401K, and IRA accounts. It also isn’t too late to chat with a financial advisor about investing some of your cash.

Retirees who depend on Social Security still have options to boost their income during their golden years. You can always try a part-time job. Consider consulting in your former field, working for a nonprofit you support or turning a hobby into a small business. For instance, seniors who enjoy crocheting or knitting can make extra money selling items on Etsy or at pop-up markets.

You can also take a look at your assets and see if any of them may serve as a secondary source of income as well. If you have extra space in your home, consider renting it out. You may also look for items you have around the house that are of value that you can sell.

Bottom Line: Don’t Rely on Social Security

Even now Social Security benefits are barely enough to keep retirees afloat, and two-thirds of the retired population heavily rely on them. Looking into the future, those benefits could disappear as early as 2034. The only way to prevent yourself from living in poverty during retirement is searching for new ways to make more money to add to any benefits you’re receiving.

For those who haven’t retired yet but are concerned Social Security benefits won’t be around when they retire, it is never too late to start saving and prepping for your life after you leave the workforce. Start a retirement account as soon as possible.

Readers, do you currently collect Social Security? Do you have supplemental income?