Saving Money

5 of My Favorite Personal Finance Books

May 6, 2021 By Rachel Slifka Leave a Comment

People sometimes ask how I got into personal finance. The simple answer is by reading. Admittedly, I didn’t know much about money as a young adult. It wasn’t until I graduated college and found myself struggling to pay off my student loan debt that i decided to pick up my first personal finance book. Since then, I’ve been hooked! Here are 5 of my favorite personal finance books.

1) Rich Dad, Poor Dad by Robert Kiyosaki

Rich Dad, Poor Dad is unique for it’s conceptual descriptions. If you’re interested in wealth building versus simply earning more money, then this is the book for you.

Kiyosaki describes growing up with his father (the Poor Dad) and his friend’s father who was a business owner and mentor (the Rich Dad). In his book, he compares the thinking of his Poor Dad versus his Rich Dad and the lessons he has learned from both.

What I like the most about this book is the story behind it. It’s not a book that spews advice and facts to you. It’s concepts are very simple, but they are effective, and it’s an enjoyable read.

2) Total Money Makeover by Dave Ramsey

Although he can be controversial, there’s no doubting Dave Ramsey knows his stuff when it comes to money. Total Money Makeover was one of the first books I read when I was paying off debt, and I used most of his tactics to pay off my student loans.

If you’re struggling financially and aren’t sure where to start, this is a great book. Ramsey’s “baby-steps” map out the exact next step to take. His snowball method for paying off debt has helped thousands of people become debt-free. Defi8nitely worth the read!

3) Hustle Away Debt by David Carlson

Looking to make more money? Or, start a business in your spare time? Then read Hustle Away Debt by David Carlson.

Carlson, who runs the popular personal finance site Young Adult Money, has been a side-hustler for years. In his book, he talks about how to leverage a side hustle along with your day-job to pay off debt.

Personally, I was inspired by the site Young Adult Money to start my freelance writing side hustle in order to pay off debt. Eventually, I actually started writing for Young Adult Money as part of my side hustle! Without Carlson’s site and book, I wouldn’t have been able to pay off my student loans as soon as I did!

4) The Psychology of Money by Morgan Housel

Most people think about the math behind the money, but what about the psychology? The Psychology of Money by Morgan Housel discusses the behaviors associated with personal finance.

If you understand the basics of money, but are interested in why we spend the way we do, then this is a must-read for your list. It’s fascinating to understand the behaviors behind our relationship with money.

5) You are a Badass at Making Money by Jen Sincero

Jen Sincero has a few books in this series, but You are a Badass at Making Money is one of my favorites. If you are looking to increase your income but aren’t sure you can, Sincero’s book is for you. It’s an easy and fun read, and Sincero is genuine and approachable. If you doubt your ability to make more money, then give this book a chance!

10 Companies That Send Out Free Coupons

April 26, 2021 By Vicky Monroe Leave a Comment

Using coupons is free and can save you an average of $30 to $50 per week. That’s an extra $1,560 to $2,600 per year you can invest or put toward debt. So if you don’t currently clip coupons, you should definitely start.

The Sunday newspaper and grocery circulars are decent places to look for coupons. But you’ll usually save the most money by contacting companies that send out free coupons in the mail. Believe it or not, many big brands like Chobani and Crayola will give you a big stack of high-value coupons with long redemption windows if you ask for them.

Here are ten companies that are known to give coupons and free product vouchers to loyal customers on request.

SC Johnson

SC Johnson owns over a dozen popular brands including Glade, Ziploc, Scrubbing Bubbles, and Windex. So if you want to save on cleaning supplies and other household essentials, then fill out their contact form and request some coupons. They’re usually pretty generous—one blogger received a stack of a dozen $1 off coupons for various SC Johnson brands like Off! and Shout, plus $2 off any product from Kiwi.

Unilever

Unilever owns 400 brands including Hellman’s, Lipton, Dove, Klondike, and Ben and Jerry’s. Just like SC Johnson, they might send you a dozen $1 off coupons if you reach out and tell them how much you love their products.

Horizon Organic

Organic products are better for your family, but buying them can get expensive. Luckily Horizon Organic will send you some coupons to offset the cost of their delicious, healthy dairy products if you ask.

Hostess

If you have a sweet tooth and love Hostess desserts like Twinkies and Donettes, then you’ll be happy to know they’re one of the companies that send out free coupons in the mail. They’ve been known to give coupons and vouchers for free products to their loyal customers on request.

Hot Pockets

Sadly Hot Pockets doesn’t issue coupons very often. But they may send you some if you email them and tell them that you’re a big fan of their products.

Crayola

School supplies aren’t cheap, especially if you have multiple kids you need to shop for. Before you stock up on crayons and art supplies, ask Crayola if they’d be willing to send you some coupons.

Chobani

Chobani sells delicious coffee drinks, Greek yogurt, non-dairy creamers, and more. If you ask them for a discount, they might send you coupons or even a voucher for a free product.

Cottonelle

If you have a big family that goes through toilet paper fast, ask Cottonelle for a discount. They often send out $2 off coupons to customers on request.

King’s Hawaiian

Another one of the companies that send out free coupons is King’s Hawaiian. They usually send a couple $1 off coupons alongside a handwritten note and some helpful recipe cards.

Mrs. T’s

If you tell Mrs. T’s how much you enjoy their pierogies, they might send you a couple of coupons, a voucher for a free product, and some cute stickers.

Although it takes some work to email companies individually and ask for coupons, it might just pay off. Some companies will not only give you coupons but also vouchers for free products and company swag like stickers. So if you want to save a lot of money on your grocery bill, start emailing your favorite companies and ask them for discounts.

Saving Money on Groceries

Smarter Shopping – How to Save Up To 80% on Your Online Purchases Using Effective Discounts

How to Get Mcdonalds Discount Coupons

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.

Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

3 Money Rules I Live By

April 7, 2021 By Rachel Slifka Leave a Comment

There’s a ton of financial advice out there. How do you know what will actually work for you? As a personal finance geek, I’ve jumped on board and tried just about every financial trend and pieces of wisdom. Some tips worked for me, while a lot didn’t. But when it’s all said and done, here are the 3 money rules I live by, no matter what.

Money Rule 1: Check in on your finances daily

First on my list of money rules – I check in on my finances daily. I set this rule for myself when I was a recent college grad. I wasn’t earning much money, and I carried several thousand dollars of student loans. While it was definitely tempting to put my head in the sand and ignore my financial situation, I decided to face it head on. No matter how ugly my finances looked, I made it a point to check in on my accounts daily.

This step may seem small, but it was single handedly the best thing I have ever done for my finances. By checking in daily, I got a real-time snapshot of exactly where I’m sitting. That helped drive my spending decisions during the day. After all, that $5 latte loses its appeal when you see how else you could use that money.

Checking in daily also kept me motivated towards my financial goals. Once I started making a tiny bit o progress in paying off my student loan debt, my motivation increased. Seeing progress is key!

Money Rule 2: Never carry a credit card balance

Fortunately, I implemented this rule in my life early enough to never have had credit card debt. I am an avid credit card user. I use the points to pay for travel and vacations. However, I made it a point to never carry a balance on my credit cards, and I’m glad I did.

Credit cards have insanely high interest rates, making it extremely difficult to get out of debt. Instead of relying on credit cards in an emergency, I worked to build my emergency fund. Even when I was in student loan debt, I kept my emergency fund. Even a small, $500 emergency fund can save you when you need it.

Money Rule 3: Pay cash for large purchases

Out of all my money rules, this is likely the most debatable, but I always pay cash for large purchases. Most large purchases, such as cars, furniture, or home improvement expenses will allow you some sort of financing option. The interest rate, if you choose to finance, is typically pretty low here, so most people choose to finances versus pay cash for these types of large expenses.

So why do I always pay cash? The primary reason is I simply don’t like owing anyone anything. Once I paid off my student loans, the only debt I had was my mortgage. It feels liberating to own something outright and not have to worry about making payments on it.

Get your FREE trial of Simplifi by Quicken. You work hard for your money. Now let’s make it work hard for you.

Secondly, I can use cash as a bargaining tool. For instance, I can walk into furniture with a $2,000 budget and see a couch for sale for $2300. By having cash, I can make quick decisions and offers. Most of the time, I can get that $2300 couch for $2000 simply because I can pay in cash and leave today with the item. Not everyone will bite at a cash deal, but it’s fun to use this tactic to try to negotiate the best price!

Is It Possible to Save Too Much For Retirement?

March 19, 2021 By Tamila McDonald Leave a Comment

If you’ve been saving for retirement for years, working diligently to build up that nest egg. You can end up with a substantial balance. At times, this is precisely what people want. As it gives them a strong sense of security for their golden years. However, if your retirement savings is really getting up there (or will if you stay on your current path). You may be wondering if you’ve taken it too far. If you’re trying to figure out is it possible to save too much for retirement. Here’s what you need to know.

App	Fees and Minimum	Best for:
Betterment	0.25% per year no account minimum	Saving for retirement
Ellevest	$1-$9 per month no account minimum	Retirement especially for women
Personal Capital	Free	Planning retirement

Is It Possible to Save Too Much for Retirement?

Technically, there isn’t a single answer to the question. is it possible to save too much for retirement? Ultimately, every person’s situation is different. So your financial situation and broader goals play a big role.

How much you need to save largely depends on how you envision your retirement and the amount of financial security you feel you need. If you want to travel in luxury, move to a higher-cost area, or otherwise afford the finer things in life during your golden years, having a higher retirement account balance could make that possible. Similarly, if you anticipate rising costs, may have to deal with the financial impact of a serious medical condition, or expect other monetary challenges, a bigger balance may be best.

If you hope to retire as early as possible, having more available in a combination of traditional retirement accounts and other kinds of savings or investments can be a smarter move. Additionally, some people want to have savings that they can pass down to loved ones. In this case, more retirement savings is a way to do that.

However, if you imagine a more modest retirement, then overfunding means missing out today without a reasonable justification. Plus, if you prioritize retirement over paying down high-interest debt, creating a solid emergency fund, or addressing certain other needs or issues that impact your present or near future, then you could be putting yourself in a financial bind that could lead to severe consequences.

How to Figure Out How Much Retirement Savings Is Right for You

If you want to avoid saving too much for retirement, you need to do some planning today. Usually, your first step is to determine what kind of life you’d like to lead in your golden years. This needs to include everything from where you’d prefer to live and how you want to spend your time, along with estimating your future medical costs and similar potential expenses.

Additionally, you need to determine when you hope to retire. You may also want to factor in whether you’d like to work part-time after leaving your main career, as that means having a source of income during retirement.

You can also consider the mental and emotional impact of having a substantial retirement account. For some, the peace of mind that comes with a high balance makes the extra savings worthwhile. For others, it means being able to loosen up as they get older, potentially giving them more cash for other goals, charitable giving, and more.

Examine The Ramifications

Finally, it’s also wise to examine the ramifications of saving more now. If putting a certain amount of money aside for retirement means you’re struggling today or aren’t achieving your short-term goals, you need to factor that into the equation.

Ultimately, it is technically possible to save too much for retirement. However, where that line is varies from one person to the next. In the end, you need to understand how much cash it’ll take to support your preferred retirement and handle any expenses that come with your target lifestyle, aging, and more. That way, you can set aside the proper amount for you, ensuring you can also live well during your middle years while securing your future.

Do you think it’s possible to save too much for retirement? Is saving too much for retirement even a concern for you? 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. Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

Why Hiring a Professional Saves You More Than Cheap DIYs

March 19, 2021 By Kathryn Vercillo Leave a Comment

Sometimes it makes sense to DIY projects for your home. It can be a terrific creative outlet. And sometimes it saves you money. However, if you’re doing it just to be cheap, it’s important to know that oftentimes hiring a professional saves you more.

Good Reasons to DIY

The DIY movement is amazing. Thanks to YouTube and other online tutorials, you can learn to DIY just about anything you want. And often, doing it yourself is fun. Here are some good reasons to think DIY before hiring a professional:

You’re looking for a creative outlet.
The project uses some skills you already have.
The DIY option is organic or otherwise healthier than store-bought options.
You’re working on something that it’s okay if you do it wrong.

Why Hiring a Professional Saves You More

That last point above is one of the most important considerations when you’re deciding whether or not to DIY something. What happens if you do it wrong? How much will a big mistake cost you?

For example, if you want to DIY an art project for your living room wall, the cost of mistakes is probably a small one. If you want to paint the whole house yourself, the cost of mistakes is a bit higher. And if you want to do actual construction work to the living room, any mistakes you make yourself can be very costly.

Therefore, if you know that you don’t have the skills to do a project right, then you might want to recognize that hiring a professional saves you more money than doing it yourself, messing it up, and having to find a way to repair it.

To this end, hiring a professional saves you more because:

You don’t pay up front for a bunch of materials that you have to replace later anyway.
There’s not a bunch of time wasted learning how to do something that a professional can do in a jiffy.
You don’t have to pay a professional to fix the mistakes after you’ve already spent money trying to do it yourself.
Moreover, you avoid really costly mistakes. After all, if you hire a professional and they make a mistake, that lost cost is on them. On the other hand, you have to pay for all of your mistakes.

Regrets and Stress Can Be Costly

Hiring a professional saves you money outright. But it also saves you a lot of stress. Even if the stakes are low, you might find it stressful to DIY a project. You have a vision in mind but when you try to execute it, it goes all wrong.

Sure, you can still hang that art piece, sit on that newly upholstered furniture, or use the DIY invention you came up with. But if you’re not happy with it, then you’ll feel regretful every time that you look at it. Every time, you’ll wish that you just hired a professional to do it the way that you wanted to do it. And that regret and stress can take a toll on your overall sense of wellbeing.

Over time, feeling unhappy in your home can lead to mental health challenges and even physical tolls that end up costing you money. So, if you really love to DIY and it’s a true joy for you, then take the chance. But if you’re just trying to save money then make sure you understand that sometimes hiring a professional saves you more.

Where To Hire Professionals?

Check out these marketplaces for professionals and freelancers.

Platforms	Best For:
Fiverr	Finding Freelancers
Bark	Finding Unique Freelancers
Appjobs	Gig Economy Professionals

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.

Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

Saving Money On Utility Bills

February 25, 2021 By Joe Wallace Leave a Comment

Right now everybody wants to know about saving money on utility bills. The Texas winter weather debacle is a powerful reminder that it’s a very good idea to make sure your home is not robbing you of hard-earned money. The spikes in natural gas demand drove prices higher and people were suddenly forced to reckon with thousand-dollar-and-up utility bills.

When the power comes back on for these people, it’s entirely likely they’ll be wanting to learn how they can save money in the future with their utility bills, having been badly burned by things they didn’t see coming.

Chime gets you paid up to 2 days early with direct depositˆ- Make the switch today

Taking Stock Of The Home

After the initial shock of that dissipates, many homeowners and renters alike–myself included–want to double down on the efficiency of their homes to avoid losing money for preventable reasons.

My own version of this started by checking all my windows. Sure enough, mine were drafty. And it was below freezing outside when I checked, so you can imaging how that must have felt–realizing I’d been letting money literally blow away because of poorly sealed up windows.

Once I fixed that, I started looking at other things around the house; that drippy faucet suddenly had my full attention. The fact that my fridge needs to be turned up VERY high to keep my food cold means either I’ve got an overstuffed fridge (sometimes I do) OR a unit that needs to be maintained properly.

One area I was already thankfully squared away in? My thermostat. It’s one of the “smart” thermostats which have programmable timers and other functions designed to increase the energy efficiency of the home. This is an investment well worth making. If you have a “dumb” thermostat and own your own home, seriously consider one of these.

Saving Money On Utility Bills With Gadgets

One of the last things I did after fiddling with my already-fancy environmental controls (fancy for ME, this is one of the typical systems and not a “Cadillac of A/C and heating”) I immediately made the rounds of the house cleaning out the ductwork and grills, closing some and opening others to help maximize the airflow where it’s needed.

One thing I am glad I don’t have to change–most of my appliances are already those with Energy Star ratings. This is a good thing.

I don’t have any numbers to give you regarding how much all of this might save me–after all, this is a project I embarked on in the last week or two at the time of this writing. But the whole exercise left me feeling like my efficiency was on the rise and my money-wasting problems where the utilities are concerned are–with a bit of luck–fading in the background.

If you have never taken stock of your home in this way, don’t delay–you could be spending a lot more than you think unnecessarily.