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saving

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.




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.

Dec 26
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10 Financial Resolutions for the New Year

By Investments, Money Management No Comments

The New Year is a great time to overhaul your financial life for the better, and one excellent place to start is by making good resolutions that can help get you closer to your money goals.

Joshua Kennon, Investing or Beginners Expert, shares ten financial resolutions for the new year that we should consider adding to our agenda.

Financial Resolution 1: Know What You Want

Have a clear, concise financial goal for the year. It isn’t good enough to say, “I want to have my credit card paid down and more money in the bank”. Instead, you should say something like, “I have the balance on my credit card paid down to $0, over $5,000 in my savings account, and a fully funded IRA.”

Financial Resolution 2: Prioritize Your Debts

Not all debt is equal. Make a list of your liabilities and organize them by the annual interest rate. Those with the highest rates (most likely your credit card debt) should be paid off immediately. It does no good to invest money while you are paying 19%+ each year. In a lot of cases, the wisest course of action is to sell any certificate of deposits, savings bonds or other cash holdings and use them to pay the balance. Why? If you owe $10,000 on your credit card and pay 19% interest annually ($1,900 per year), while at the same time, own a $10,000 certificate of deposit at a bank, paying you 4% interest ($400 a year), you would actually save yourself $1,500 a year by paying the debt!

Financial Resolution 3: Open an IRA

If you haven’t done so already, open an individual retirement account (or IRA for short). Your financial planner or accountant should be able to tell you whether a Traditional or Roth IRA is better for you. Both offer important tax advantages that can add up to a significant amount money by retirement.

Financial Resolution 4: Enroll in an Automatic Savings Plan

Automatic savings plans are now offered for everything from brokerage accounts to government bonds. Simply call your broker and tell them you want a certain amount of money withdrawn from your checking or savings account each month, on a certain date, and deposited into your investment account. This way, you are forced to save because the cash is drawn directly from your bank before you can get your hands on it. Investors can often sign up for ASP’s through a company’s direct stock purchase plan. In these instances, the money is withdrawn and used to purchase additional shares of stock in the particular company. The United States government offers a similar service to those interested in investing in savings bonds.

Financial Resolution 5: Close Unnecessary Accounts

Banks and financial institutions charge fees for everything under the sun. Is it really necessary to have several credit or checking accounts? Although there are exceptions, in the vast majority of cases the answer is a firm no! To put things into perspective: imagine your bank charges you $8 each month for your checking account. In thirty years, that $8 will have added up to more than … (continue reading 10 Financial Resolutions for the New Year by Joshua Kennon)

Nov 24
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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

Mar 03
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[Video] Women and Money

By Money Management, Women's Wealth No Comments





On International Women’s Day 2017, Experian hosted a special Twitter Chat and Live Panel to discuss Woman and Money. The Tweetchat, called #CreditChat, featured Celebrity Financial Consultant, Economic Empowerment Educator, author, speaker and founder of MadamMoney.com, Tarra Jackson; and Writer for Student Loan Hero, Shannon McNay.

During the live panel discussion, the guest experts focused on how Women can #BeBoldforChange with their Money. Check out the video replay for their cool Simple Strategies for Financial Success for Women.

Experian hosts #CreditChat (Twitter chat) every Wednesday at 12:00 PM Pacific Time / 3:00 PM Eastern Time.