Category

Saving

Feb 26
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5 Ways to Fund Your Savings Account When Living Paycheck To Paycheck

By Money Management, Saving No Comments

With a tight budget, it can be a challenge to add to a savings account on a regular basis. And while the world is busy buying stuff and spending money, many people are looking for ways to fund their emergency / opportunity savings accounts.

So, here are 5 ways to take BREAK the traditional ways to save and build up your emergency / opportunity savings fund with ease.

B = Be a DUALpreneur (Monetize Your Talents)

If you are a full-time or part-time employee and still need extra cash; instead of getting a 2nd job, consider being a DUALpreneur (Employee and Entrepreneur) by monetizing your talents. Whether you can cook, clean, teach, tutor, fix things, etc., you can turn your talents into cash with an entrepreneurial venture. Despite what most people think, getting started doesn’t take a lot of money. Some people start off with Network Marketing, while others sell their products using etsy, pinterest or Instagram. Once you start making extra cash, save most of it or as much as possible to build up your emergency / opportunity savings fund.

Related Article: 3 Money Tips When Starting a Side Hustle

R = Refund (Tax Refund That Is)

If you are one of the lucky ones that get a hefty Tax Refund each year, put most or at least half of it in your savings account. I’m not telling you not to spend any of it. Just spend a small portion, pay off a few bills and stash the rest of the cash in that emergency / opportunity savings fund.

E = Evaluate Spending

One of the reasons why many people have minimal or no savings is because they spend it all. However, evaluating spending, using apps like MINT, will help identify where we the money is being spent and areas where spending can be reduced and transfer to the savings account. Starting off with ten dollars a week can eventually turn into stashing $100 or more a month to the emergency / opportunity savings fund.

A = Automate Savings

Sometime we just forget to transfer money into our savings account. Set up a direct deposit of a specific amount to the savings account through your employer or use apps like Digit or Qapital to automate your savings. This is the best way to consistently build up your emergency / opportunity savings fund.

Related Article: 4 Mobile Apps To Help Manage Your Money With Ease

K = Keep the Change

Many banks offer a simple way to add money to your savings account by transfer the difference between what you spend to the nearest dollar. For example, if you spend $1.65, it will round the transaction up to $2.00 and transfer the 35¢ to your savings account. This is a great way to automatically add cash to your emergency / opportunity savings fund.

Using these 5 strategies will help you increase your emergency / opportunity savings fund faster and with stress free, even if you are living paycheck to paycheck.

Feb 25
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5 Simple Steps to Save Successfully

By Money Management, Saving No Comments

By Tammy Greynolds, America Saves Communications Coordinator

America Saves Week (February 25 – March 2, 2019) is an annual opportunity for individuals to assess their savings and take financial action. America Saves’ mantra – and the focus for America Saves Week – is simple: Set a Goal. Make a Plan. Save Automatically. When you know what your current financial picture looks like, you can be more proactive in setting yourself up for future success.

Try these four simple steps during America Saves Week to help yourself save successfully:

  1. Assess Your Savings.

Like your health, you should assess your savings annually to make sure you’re savings priorities are on the right track. Complete this simple 12 question assessment to find out your current standing and help you plan for the future.

  1. Evaluate your Savings Preparedness.

Check off your savings accomplishments on the Saver Checklist to further evaluate where your savings habits need strengthening for your future goals.

  1. Take the America Saves Pledge.

Those with a savings plan are two times as likely to save for emergencies and retirement than those without one. Join the nearly 400,000 American Savers who have already committed to save. When you make the pledge, you can choose to receive text message tips and reminders to help you save towards your goals.

  1. Make Your Savings Social.

Are you on Twitter or Facebook? Join America Saves in encouraging your friends, family, and colleagues to save this week. Better yet, join one of the five – yes, five! – Twitter chats that America Saves will be a part of this week to get real-time savings tips and advice.

 

 

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

Feb 14
Love0

Stop Overspending in the Name of Love For Valentine’s Day!

By Love and Money, Money Management, Saving No Comments
(Image: iStock.com/belchonock)

(Image: iStock.com/belchonock)

Valentine’s Day is the official holiday for celebrating love. However, because it’s almost exclusively a commercial holiday, it is also about spending money. This combination often leads to bad money decisions, because it encourages emotional spending out of love, obligation, and even guilt.

Before you get caught up, listen up: Love is not a legitimate excuse for irresponsible spending. So, choose to avoid these unloving financial behaviors for Valentine’s Day:

Do Not Spend More Than You Can Afford

Being overly generous when money is tight does nothing good for the giver or the receiver. More importantly, don’t get caught up in trying to impress your friends and relatives. Honesty, including financial honesty, is key to any healthy relationship. So, don’t pretend to have money you don’t have by playing the “big spender” role.

Do Not Use Love as a Justification for Emotional Spending

Love is not about making financial decisions with your heart, instead of your head. Even though emotional spending can give a temporary high, it can also lead to guilt, buyer’s remorse, and even resentment between partners. Many a relationship have been destroyed by this cycle.

Do Not Blackmail Your Sweetheart Into Spending

Never pressure anyone to purchase financially irresponsible Valentine’s Day gifts, in order to “prove” their love to you, or worse, to impress your friends and family.

Giving and receiving as an expression of love is not about price tags, but about meaning. The most meaningful gift does not have to cost an arm and a leg, and an expensive gift without meaning will be soon forgotten, on top of being a waste of money.

To be financially responsible without coming off as cheap or insensitive, take my advice:

Do Not Wait Until the Last Minute!

Desperation or impulse spending nearly always results in spending more money than intended, or getting a less than ideal gift—or worse, both. People can tell when you didn’t put thought into their gift, no matter how much you spend at the last minute. The key to getting the best products and services for the lowest prices is to plan your purchases and shop for them in advance. This also gives you more options, including shopping online, with enough time to order items for arrival before Valentine’s Day, without incurring hefty shipping charges.

Budget for Valentine’s Day, as You Would for All Gift-Giving Occasions

If you can, take the time to get buy-in, and manage the expectations of your Valentine. Openly discuss what you can and can’t afford in advance, and set mutually agreed upon spending limits that fit into your respective budgets.

Use the Most Powerful Aphrodisiac: Your Imagination

Instead of a big expensive purchase, think of a thoughtful, affordable gift, along with romantic ways to make the day special. Invest your time and attention instead of more money. Often, overspending is really just an expensive cop-out to avoid investing genuine emotion and true meaning into Valentine’s Day.
Focus on four areas:

  1. Things you can personally do for your sweetheart.
  2. Things you can do together.
  3. Things you can make for your Valentine.
  4. Places you can go together.

For example, gift your partner with a spa day, with you personally giving the mani/pedi, massage, shampoo, and several hours of your undivided attention. If you are artistically inclined, compose a song, or dedicate a handmade book of poetry or an original painting to your Valentine. How about enrolling in a class together, such as ballroom dancing, which could enhance your sense of teamwork and ensure you are in each others arms at least once a week. Of course, this kind of stuff will take thought, planning, preparation, and time (see “Do Not Wait Until the Last Minute!” above) to pull off.

The Bottom Line: Spending irresponsibly is no way to say “I love you,” even on Valentine’s Day. No one who really loves you would want you to do it. With advance planning and communication, you can have Valentine’s Day romance without blowing your finances.

 

Originally appeared on BlackEnterprise.com.

Written by Alfred Edmond, Jr. 

 

Feb 01
Love0

[Video] Ways to Fund Your Emergency Savings Account

By Money Management, Podcast, Saving No Comments

The importance of having an emergency fund was proven by the recent government shut down. The shut down lasting over 30 days, left federal workers without pay put many in financial hardship.

Establishing and maintaining a emergency fund, with up to 6-12 months six months of your annual living expenses, is critical for financial wellness.

Black Enterprise just released a new podcast “Your Money Your Life” hosted by Alfred Edmond, Jr. It was such a pleasure to be the guest expert for this episode.

I answered questions of where to get the money to finance your emergency fund.

Listen and share!

Share your tips on how to finance an emergency fund below.

Dec 20
Love0

How To Save Money During The Christmas Holiday

By Money Management, Saving, Shopping No Comments

It is that time of the year where people are scrambling around in all of the retail stores, buying gifts and going out of their way for the upcoming Christmas holiday. Everyone has their Christmas lists ready to go and bombarding the retail stores early, in hopes of getting some deals on the gifts they have had in mind for weeks for their loved ones. Some people are pushing their household expenses aside and spending much-needed money just to satisfy one day.  What do you do to make sure that you aren’t “robbing Peter to pay Paul” or borrowing money after it is all over? In spite of wanting to see another person happy, gift giving should not supersede the necessary bills that need to be paid on a monthly basis.

Christmas Holiday Saving Tips

It’s Only One Day

Keep in mind that it is only one day and that your kids (nor your spouse) need everything that they’ve asked for and desire at this time. You don’t need to buy every single thing they’ve asked for in order to make it a great day.

Get Out Early

If you are insistent on buying gifts, be sure to get out early to catch some of the sales. You may run into some things at discounted prices.

Think Dollar

Shop early for your Christmas dinner meal and purchase things that are on sale at the grocery store. Go to the Dollar Tree or Family Dollar to buy seasonings, pie fillings, canned goods and many different kinds of holiday decor at a lower price. If you have small children, Family Dollar has a nice selection of toys that you can get that are nice but inexpensive for kids of all ages. Everything doesn’t need to be name brand but affordable.

Shop Online

Shopping online for products is a good idea because you can budget better mentally, save time by not being in long lines at a physical store. Remember to keep in mind how much something will cost down the road at an extended date.

Just Say NO!

SAY NO! Your kids and everyone else don’t need everything that they asked for concerning Christmas. You can always buy things after the holiday or on their birthdays. You will find that things go on sale after the holidays.

Get Gift Certificates

You can always give people gift certificates and allow those family members to pick out their own stuff.

Stay On Budget

Stay on your budget and pick a certain amount to spend and leave the rest of the money at home. You can’t spend extra or unnecessary money if it is not in your pocket or purse.

Nov 24
Love0

101 Ways to Save a Dollar a Day

By Money Management, Saving One Comment

Finding it hard to stash away money to build up your savings? Saving money is not always about putting money away. It is also finding ways to spend less so you can keep more of your money. Katie Femia of PremeditatedLeftovers.com shares 101 ways to save a dollar a day.

Are you one of those people who thinks it is impossible to save money? Perhaps no matter how hard you try, you feel like you can just never get ahead. Well saving money does not always mean stashing away twenty or fifty dollars at a time. Most of the time, the best financial safety nets are built just one dollar at a time. There are hundreds of ways to save a buck and over time, those dollars can really add up. Still not convinced? Below, you will find 101 ways to save $1.00 a day. In many cases, these tips and tricks will save you much more than $1.00 a day. But in each case, if you can set $1.00 aside for savings you can easily save $30 a month, or $360 a year. Now that is some easy and significant savings! If you are ready to start setting some money aside for a rainy day, take a look below at 101 ways to save $1.00 a day. You may just be inspired to start today.

101 Ways to Save $1.00 a Day

1. Find a free RedBox rental code online and rent a flick for free.

2. Bring your own soda to work and skip the vending machine.

3. Pour some homemade coffee in a thermos and skip the drive thru tall latte.

4. Pack your lunch instead of eating out.

5. Make a point to redeem at least one $1.00 off coupon per day.

6. Make your own greeting card instead of buying one.

7. Spend a few minutes calling your insurance company requesting a new quote.

8. Shop the manager mark downs at your local grocer. Substitute as many items in on your list that you can with mark down items.

9. Skip the retail store and make a purchase from your local thrift store instead.

10. Re-gift an item you have not opened yet but is still in great shape.

11. Spend a few minutes calling your credit card companies to get your interest rates lowered.

12. Replace one beverage a day with water.

13. Try fixing something yourself instead of hiring help. Watch a youtube.com video if you need some help.

14. Barter with a friend for services instead of paying cash.

15. Replace one household cleaner with a simple yet effective vinegar and water mixture.

16. Hit up a matinee flick instead of an evening flick.

17. Replace one of your regular grocery items with generic.

18. Wash your car yourself instead of taking it through a car wash.

19. Skip the dry cleaners and get out your iron to do the job.

20. Hit golf balls at a local park for free instead of the driving range.

21. Omit running errands one day a week to save on gas.

22. Find a free book download on Amazon instead of paying for one.

23. Buy printer ink refills instead of buying new ones.

24. Carpool one day a week to save even more on gas.

25. Use generic shampoo instead of your salon brand shampoo one day a week.

26. Enjoy a meatless dinner one day a week.

27. Spend a few minutes calling your cable company to renegotiate your bill.

28. Learn to groom your own dog. A youtube.com video can help you with this.

29. Use cash instead of a credit card and you are already saving by not having to pay interest.

30. Take one survey a day on sites such as Swagbucks to earn gift cards you can use on future retail store purchases, thus saving you money you would spend out of pocket.

31. Buy some of your most commonly used household items in bulk.

32. Trade clothing with a friend to expand your wardrobe.

33. Cook something from scratch.

34. Play a board game instead of going out for the evening.

35. Dry your own fruit and veggies with a dehydrator and avoid pricey grocery store snacks.

36. Start your own window herb garden and avoid costly grocery store herbs.

37. Do your own manicure instead of heading to the salon.

38. Use a self tanner instead of buying a tanning bed package.

39. Rent a carpet cleaning machine instead of paying a crew to do it.

40. Hang a load of clothes … (click here to read more of Katie Femia’s 101 Ways to Save a Dollar a Day)

 

Originally Published November 9, 2014