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Money Management

May 06
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Cool Money Saving Tips for Teachers

By Money Management, Saving No Comments

We love Teachers! And despite their modest (and agreeably lower than they deserve) salaries, many Teachers still want cool stuff for their classroom, without going broke.

So, we found these cool Money Saving Tips for Teachers from WeAreTeachers.com.

Personal Finance Tips

1. Claim your educator tax deductions.

When you file your taxes this spring, don’t miss those educator tax deductions! There’s a $250 above-the-line deduction for classroom supplies (which means no need to itemize, holla!), as well as a tuition and professional development deduction if you’ve been continuing your own education. Sure, we wish it were larger, but don’t leave money on the tax table. Learn more here.

2. Track your expenses to reduce monthly bills.

“Get your finances under control by recording everything you spend. Get a spreadsheet going and take a few minutes a day to write things down and check your receipts. Once you’ve done that, you will know exactly what you’re spending your money on and where you can save so that you do not throw money away.” —Carolyn B., via WeAreTeachers Facebook

3. Build up an emergency fund.

“Every year, expect that unexpected expenses will come up, so you need an emergency fund. Set up an automatic transfer to savings of a little bit each paycheck, $100 or so, that you do not touch unless it’s really an emergency.” —Samantha C., via Facebook

4. Open a tax-sheltered annuity to increase retirement savings.

“A 403(b) tax-sheltered annuity will help you save more for retirement. I’m 20 years in, and I have saved more than $200,000 beyond my pension so far. Every little bit helps!” —AnnMarie D., via Facebook

 

CREDIT CARD TIPS

5. Choose credit cards wisely.

It is easy to slide into credit card pitfalls—the plastic is just so enticing. When deciding to open a new card, pay major attention to the interest rate. Make sure you are aware of whether it has a fixed rate or variable rate; typically fixed-rate cards are a more stable choice in the end, even if variables seem low at the start to reel you in. If the rewards are reeling you in, ruthlessly consider which rewards you will really use.

6. Pay off debt one account at a time.

If your credit card debt has piled up to more than you can easily pay each month, it is time to stop all credit card spending and start paying down the balances. Itemize your existing credit card debt and focus on one account at a time for the easiest strategy to reduce debt painlessly. In the meantime, use only your debit card. Here’s how to make it happen step-by-step.

CLASSROOM SUPPLY SAVINGS TIPS

7. Don’t be shy about mining your village.

Before you buy, always ask your colleagues and teacher friends if they have items you can have or borrow. Veteran teachers might be looking to downsize through donation. “Go ahead and ask your fellow teachers for unusual things. My co-workers are used to my emails asking for all sorts of crazy things for my class!” —Sharon Beth H., via Facebook

8. Ask parents to help with classroom supplies.

If you can, involve your students’ parents in supplementing classroom supplies before you supplement via your own wallet. At the beginning of the year when parents visit the classroom for open house and back-to-school nights, let them know which items you can use. And throughout the year, send home voluntary wish lists for items you’re low on in the classroom. You may be surprised by the level of parent participation when you make specific requests.

Need more ideas? Here are six more teacher tips on stretching your supply budget.

9. Seek out grants and supply-donation programs.

Time equals money, so take the time to apply for school-supply donation programs, as well as state and local union grants. Some programs our readers recommend are NEA Foundation grants, DonorsChoose.org and Kids in Need Foundation.

10. Ask local businesses for donations for the classroom.

You also can ask businesses and restaurants in your community to donate supplies for your classroom. They may have wholesale and bulk items they can spare, and they may appreciate the tax write-off. “Local businesses, restaurants and even fast-food places have donated to my classroom in the past. Parents are a great resource for locating those friendly businesses and pro-education business owners too.” —Gwen B., via Facebook

SHOPPING TIPS

11. Plan all meals.

That chai latte on the way to work, lunch take-out orders and restaurant visits add up … way up! One of the easiest ways to increase your cash flow is by planning and making all of your meals yourself. “Meal planning changed my life! I meal-plan every Sunday evening, and now I bring my lunch and snacks to school and keep all drinks in my room to stop vending machine spending. Planning like this keeps me out of the store too!” —Sarah I., via Facebook

12. Cut your grocery bill in half.

No, you don’t have to become consumed by coupons or set up a room in your house to store 3,000 bottles of Worcestershire sauce. But there are easy strategies for reducing your grocery bill. Use these tactics to plan your grocery spending with as much care as you plan your lessons.

13. Don’t be afraid to negotiate when shopping.

We all know that negotiation is important when buying a big item such as a car, but did you know that you can negotiate the price of practically anything? Check out these savvy tips for bringing the price down on everyday purchases.

14. Use those teacher discounts!

Think beyond the craft-store bonus (besides, we’ve established that you’re cutting back on buying classroom extras, right?) and really pay attention to the discounts and rewards you can get when you shop through NEA Click and Save. NEA members can save big bucks every time you need new shoes, workout gear, toys, cosmetics, eyewear, event tickets and more!

Plus, make sure you check out this ginormous list of educator-only discounts on classroom supplies, books and magazines, electronics, entertainment, travel, and much more. You’ll be surprised by how many places will give you a discount just for being a teacher!

EXTRA INCOME TIPS

15. Look for summer earnings.

Finding a paid position for those two to three months of summer break can be an ideal way to get ahead of your finances and survive that summer paycheck. If you need a breather from the classroom, look beyond summer school for other places to land your perfect summer job.

16. Seek out tutoring opportunities.

After-school and weekend tutoring can be surprisingly profitable, whether through your district’s homebound student program or via private programs. Teachers all over the country report making anywhere between $20 and $100 per hour through various tutoring jobs. Check with your district and local tutoring companies, and post your services within your community.

17. Monetize your hobby.

Turn your passion into profit! If you’re already exercising your creativity, you might as well reap the possible financial rewards of a part-time business. If you’re an education blogger or classroom resource creator, sign up for Teachers Pay Teachers to offer your original lesson plans and craft guides for sale online. If you craft for pleasure, open an Etsy site to sell your art to others.

…(Continue reading 20 Best Money Saving Tips for Teachers via WeAreTeachers.com)

Apr 26
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4 Mobile Apps to Help Manage Your Money with Ease + a Bonus

By Money Management No Comments

Managing money can feel like a tedious task. And for some, creating a budget could be very intimidating if never taught how to do it. In the age of modern technology, using a bank ledge seems like the ice age. So, since majority of the world lives on their smart phones (thanks to Social Media Apps like Facebook and Twitter), here are four mobile apps that can help you manage your money with ease.

BUDGETING

Mintmint is an awesome app that links all of your bank/credit union, investment, credit card, loan, etc. account into the app so you can see your entire financial picture. Mint allows you to categorize your transactions so you can see exactly how much you spend and on what; as well as helps you create budget based on your spending trends. Mint also has a bill payment feature to automate paying your bills and great information and tips on ways to save, invest and budget. Click here to learn more and get started.

 

INVESTING

Acornsacorns app is an investment app that allows people to get started investing with as low as $5. You can manually transfer money or have a recurring amount deposited into your Acorns account towards your personalized stock portfolio. The app can also automatically invest your spare change from debit or credit card purchases called “roundups.” Once the roundups reach $5, it withdraws the money and invests it in your personalized stock portfolio. Click here to learn more and get started.

CASH BACK SHOPPING

Ebatesebates is a free online Cash Back Shopping app with 2,000+ of the world’s top online stores that pays a bonus to attract new, valuable customers through app and website. Ebates sends “Big Fat Checks” to your mailbox, your PayPal account or your favorite charity. Ebates is a great app to get cash back shopping the way your normally do online through the app. Click here to learn more and get started.

 

 

 

SAVING 

DigitDigit-desktop-account-610x377 is a cool app that automatically transfers cash from your checking account to a “rain day fund” savings account. This is a great app for people that find it a challenge to save money. Just connect your checking account to allow Digit to analyze your income and spending, and it finds money it can safely set aside for you. Every day, Digit analyzes if it can move some money from your checking account to your Digit savings account, without transferring more than you can afford. It also has a no-overdraft guarantee to ensure that you don’t overdraw your account because of the transfer. If necessary, you can transfer the money from your Digit savings account back to your checking account. Click here for more information and to get started.

UPDATE: Digit announced April 12, 2017 that was going to change to a fee based platform and only charge $2.99 per month. Thousands of people have saved so much cash and they live by this app.

qapital save(BONUS) Qapital is another great app that automatically transfers cash from your checking account to a “whatever you want to save for” account, but is a FREE alternative. Qapital also has a “round up” function that rounds up your purchases to the nearest dollar and automatically transfers the difference to the savings account. To ensure that transfers do not cause an overdraft to your checking account, Qapital pauses the transfers until you have at least $100 in your linked checking account. This is another app to help you save your spare change for a awesome Savings Goal, like Vacation.

These are just a few apps that I use to manage my money with ease that may help you as well. For more money lessons, click here to check out my free Madam Money Class.




Apr 02
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Easy Financial Spring Cleaning Tips

By Money Management No Comments

It’s SPRING!!!

Yes! It’s that time again.  Out with the old to make room for the new!  Spring is the season of newness!  Time to put away all of the winter clothes and blankets and bring out or make room for the Spring and Summer stuff. If you are planning to do some spring cleaning this year, are you planning to do some Financial Spring Cleaning?

Financial Spring Cleaning is just as, if not more, important as Spring Cleaning in your home and closet. Here are a few tips on Financial Spring Cleaning with your Paperwork, Wallet, Credit Report and Budget.

Spring Cleaning Your Financial Paperwork

FILE ESSENTIAL DOCUMENTS / SHRED NON-ESSENTIAL DOCUMENTS.

If you have a desk, filing cabinet, drawer or box full of old bank statements, checks, bills, or other financial documents, sort through them carefully and keep only the important documents that you know you will need to reference at a later date.

Do NOT just throw the documents away in the trash. If you do, you are begging to be a victim of Identity Theft.  If you do not own a shredding machine at your home or do not have access to one at your job, take your shred box to a local Shredding Company.  They are awesome!  Just dump, watch it get shredded and drive away! Search for a local Shredding Company or ask your local financial institution if they do Shred Events.

GO GREEN / PAPERLESS.

Most financial institutions encourage their customers to sign up for electronic statements. This is more cost effective for them because they save money on paper, ink, postage and mail service. This is beneficial to you because you don’t have to worry about more paper coming in the mail.

Don’t fret! If you need to have a hard copy of your statement to audit or review, you can simply print you statements via online banking.

Spring Cleaning Your Wallet

REDUCE THE PLASTIC.

If you have more than one debit or credit card in your wallet, you may be setting yourself up for over spending. Or worse, you may give that thief who stole your wallet access to all of your money and credit. Save the planet and just PICK ONE already!

Only having one debit or credit card in your wallet to use for a purpose is the best way to control spending.

USE CASH!

A wallet is for cash!  Keep cash in your wallet to see exactly how much you are spending.  This may help you with a new financial reality check.

Spring Cleaning Your Credit Report 

GET IT FREE!

Before you decide to apply for credit anywhere, you should know your credit status.

[ctt template=”8″ link=”BZP8E” via=”yes” ]Lenders should NOT know your financial reputation before or better than you! [/ctt]

Being afraid of what is reporting is no excuse for not getting a copy of your credit report.  You should know what creditors are saying about you. You never know … the information they are reporting could be false.  You will want to nip that in the bud sooner than later.

You can get a FREE copy of your credit report at least once a year at www.AnnualCreditReport.com or by calling (877) 322-8228.

SET THE RECORD STRAIGHT!

If there is false information reporting on your credit report, it is your obligation to set the record straight and get it corrected.  Creditors are not going to notify you that they are reporting information incorrectly!  This is YOUR financial reputation we’re talking about.

It will suck when you are declined for a loan because of information that is incorrect. Each credit reporting company (Equifax, Experian and TransUnion) has an online process to dispute incorrect information. They also provide detailed instructions on how to dispute information via mail as well.  Again, get started at www.AnnualCreditReport.com.

Spring Cleaning Your Budget

GET IT TOGETHER! 

If you do not have a written budget, this is the time to get it together.  Once you see where your money is going money, it will help you make better financial decisions.

UPDATE IT!

A budget or spending plan is a living and breathing document. There are some things that may have changed within a year, which may require changes to your budget. So, if you do have a budget established, now is the time to review it and update it as necessary.

Who knows, you may have a few extra bucks to save or to pay off another debt. Better yet, treat yourself if you were able to stay on target with your budget! You deserve it.

Mar 31
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What to Do When You Can’t Afford to Pay Your Bills

By Debt Management, Money Management No Comments

One of the most horrifying experiences for me was struggling with money and not being able to pay my bills.  The fact is that there are many people and families who are experiencing some very difficult financial situations.

Although there is no magic pill or “one size fits all” method to fixing financial struggles or “financial dis-eases,” based on my experience with financial struggles, here are a few tips to help you get started.

Tip # 1: Assess the Problem

The most important step is to assess why you can’t pay your bills.  This could be because of a job loss, a pay cut, increase in fixed expenses, unexpected medical bills, an expensive mistake or poor spending habits.  After understanding the cause of the problem, the next phase of this step is to write out your budget. You may see that you are spending more than you make.  By writing this down in detail, you will understand your fixed verses flexible expense.

Tip # 2: Fix the Problem

Once you understand what the problem is, you can now begin the process of fixing the problem.  Most of the time problem is overspending.  If this is your issue, the best cure for this financial dis-ease is financial abstinence by eliminating the use of credit cards or unsecured lines of credit.  Also, cut back on eating out and reduce or eliminate flexible bills like cell phone, land line phone, cable or any other unnecessary expenses.

RELATED ARTICLE: Brilliant Budget Tips to Eliminate Credit Card Debt

However, many people aren’t overspending at all.  They may not be making enough money and their income does not meet their baseline budget of their fixed expenses.  If this is your issue, it is now a matter of increasing your income.  Finding a part-time job or establish a home-based business can generates that extra income needed.

RELATED ARTICLE: Make Extra Money With These 4 Side Hustles

Here are few more ways to handle challenging financial situations:

Ask your family or friends for a loan or gift to assist you during your short-term struggle.

Make sure that you only ask them once and make it clear that it is a gift (you do not have to pay it back) or it is a loan (you will pay back).  If it is a loan, establish the payment arrangements and make sure you pay them back on time.  Don’t be that family member that everyone ignores phone calls from because they know you are just going to ask them for money.

Contact your creditors.

Contact your creditors to explain your temporary financial hardship and request to skip a payment for the month to get back on your feet or to modify your payments, permanently or for a limited time.  Many financial institutions have a loan modification program.

Contact a debt management organization, like CCCS.

Contact a debt management organization, like Consumer Credit Counseling Services (CCCS) to assist you with communicating with your creditors to reduce your monthly payments.  There are many organization out there, some free and some with a minimal fee.  Be sure to do your research before you commit to their services and program, especially if they are requiring a fee up front.  It is recommend that you find a non-profit debt management organization that does not charge a fee to assist you.

Learn your legal options.

When all else fails and you have honestly tried everything stated above as well as other tips you’ve learned, another last resort option may be bankruptcy.  “Bankruptcy is a tool, nothing more, nothing less” says Bankruptcy Attorney & Trustee Angelyn Wright of The Wright Law Alliance, P.C.  When used appropriately it can be the financial major surgery necessary to rebuild your financial well-being and give you a Fresh Start.  If you are considering this option, make sure you understand what bankruptcy is and does.  When done the wrong way or with the wrong attorney, it may put you in a worse financial situation than you are now.  Get educated and ask questions before you proceed with caution.

Based on personal experience, as well as observing and working with others who are dealing with and have resurrected from financial struggles, your financial situation can change if you are willing to work hard enough and can be disciplined.

Mar 29
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#IMO (In My Opinion): What You Need to Know about LYFT’s IPO

By Investments, Money Management No Comments

On Friday, April 29, 2019, the ride-share company, Lyft, made it’s trading debut on NASDAQ (Market Symbol: LYFT) at almost $90 per share ($87.24 to be exact). With all of hype around Lyft’s IPO (Initial Public Offering), my money brother Kevin Williams, II of BuildingBread.com and I had a conversation about it.

We discussed Lyft’s income performance, how to research the company, what their stock price might do and if it is a good investment.

Watch the video and share you perspective below.

 

Feb 27
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6 Easy Emergency Savings Set Up Tips

By Money Management, Saving No Comments

Having an emergency savings fund can save you from significant financial hardship.

[ctt template=”8″ link=”Q2Ozl” via=”no” ]“… for money to save you, first, you must save it.” – Kevin O’Leary of Shark Tank[/ctt]

Financial experts agree and recommend that consumers should work to have three to six months of living expenses saved for emergencies, in addition to long-term savings. Three to six months of monthly expenses saved may seem like a significant and unattainable amount, but it is possible. Here are 6 Easy Emergency Savings Set Up Tips.

Make a Commitment.

One of the hardest part of saving is not the act of saving, rather, it is making the conscious commitment to save on a consistent basis. Making a commitment to save is the first step in establishing an emergency savings account. Once you are mentally ready to save, the act of saving will become easier. Start by taking this Pledge to Save by America Saves.

Determine how much is needed.

Simply add up all of your monthly expenses and multiply that amount by the number of months (ex. three or six months). This will tell you what your emergency savings goal should be. You can also use this Emergency Savings Calculator to determine how much you should save. Knowing the amount needed for your emergency savings fund is the first and most important step.

Take baby steps.

The total emergency savings amount may seem big and intimidating, but don’t let that number discourage you from saving. “How do you eat an elephant?” The answer of “One bite at a time” applies to saving as well. Break your big emergency savings goal into realistic and reasonable bite size goals.

For example, if your total emergency savings goal amount is $10,000, break that goal into smaller goals of $2,500 per year over four years. This makes that big intimidating goal into a SMART (Small, Meaningful, Achievable, Repetitive, and Trackable) Saving Goal.

Automate your savings.

The easiest way to stay on track with your emergency savings goal is to automate your saving. Set up direct deposit of a percentage of your paycheck or a specific amount per pay period into a savings account.

[ctt template=”8″ link=”2bmMN” via=”no” ]Automating your savings will help make your saving repetitive and consistent.[/ctt]

Make emergency savings account inconvenient to access.

Avoid having your emergency savings account at the same financial institution where you have your checking account. Open a savings account at another bank or credit union that you cannot easily access into but is accessible when necessary and needed.

Also, avoid getting an ATM or debit card for that account to eliminate the temptation of tapping into it.

Don’t tap that asset!

Sometimes, unexpected expenses or shopping temptations happen. However, not all unexpected expenses are emergencies. Avoid using your emergency savings account as an overdraft account when you do not have enough money in your checking account.

[ctt template=”8″ link=”YbMse” via=”no” ]Reverence your emergency savings account and protect it so that it will be enough when a true emergency arise.[/ctt]

Building a true emergency savings fund takes time, persistence and consistency. It will not happen overnight or even over a year, but it will happen if you stay the course. Establishing and growing your emergency savings fund can be achievable and fun when you use these six easy emergency savings set up tips.

 

Join the 30 Days to Financial Freedom Challenge. It’s a free, online financial coaching resource.