Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
If you’re not a natural-born saver, you might believe that the key to becoming a good money manager is willpower and deprivation. The thinking with this is that if you just grit your teeth, force yourself to forgo temptations, and record every penny, then you’ll become more responsible with your money.
The only problem with that theory is that reliance on willpower is doomed to fail. As anyone who has tried an extreme budget (or diet) can tell you, we all have a tendency to rebel against too-strict rules, even when they are self-enforced.
A better plan is to work on improving your willpower since studies have shown that practicing willpower in one part of your life makes it easier to resist temptations in seemingly other unrelated areas of your life.
Here are four non-financial habits you can adopt to become a better self-regulator. [ continue reading… ]
We all know that our credit score is very important when it comes to our financial health. When you’re applying for a loan, your credit score can be the deciding factor in not just getting the funding or not, but the number also dictates how much interest you ultimately have to pay. Yet, many people don’t have a clue how their credit score is affected. Do you?
There are many factors that go into your credit score, including payment history and credit-to-debt ratio. And you might not even realize it but many things you do every day affect these factors. Sometimes, we hurt our credit scores without even knowing it. Here are five things you might be doing that are ruining your credit score: [ continue reading… ]
I will be honest because personal finance must involve an honest conversation. Though some personal finance sites might compare needing a budget to needing air or food, I don’t plan to be that melodramatic.
I will, however, emphasize that I think budgets are essential to maintaining financial order in your life.
A budget can be as simple as you make it: add up your fixed expenses (car payment, rent, utilities, savings, etc.) and subtract that amount from what you make, resulting in how much you have to spend on food, gas, and other expenses. Or, you can make your budget more detailed and try to account for each of these things and give yourself a ceiling amount, which you try to stay under each month. For this budget, if you have money left over at the end of the month, you can choose to spend it or roll it over to the next month’s budget.
Regardless of the way you choose to organize your budget, the point is to make sure to have one because it can make your financial life a lot easier. Even if you mess up and have scratch marks (or lots of “Select All” and “Delete” options chosen in your queue of actions) all over your budget, again, the point is to have a budget and that you are trying to make it work. [ continue reading… ]
A financial survey from 2019 showed that 53.3% of U.S. households are dual-income. The key reason this is becoming the norm is obvious: we think we ‘need’ more money. With inflation not seen in decades, a possible recession on the horizon, and an uncertain stock market, it’s no wonder many couples believe two full-time incomes are necessary these days.
If we took a closer look at an average family’s income, bills, and spending habits, we’d frequently find that the way these incomes are being used isn’t necessary or financially advantageous. Instead of increasing our financial security, additional income often becomes an excuse to increase our standard of living – a sneaky phenomenon called lifestyle inflation. Americans are particularly bad at saving money – about 25% of us don’t have any savings at all, and roughly half of us haven’t saved anything for retirement.
You might think you can’t afford to if you’re living off two incomes and still can’t seem to save money. You would be wrong in most cases, though. Many families are finding new financial freedom by constraining their budget to just one of their incomes. The transition may be hard, but the financial pay-off can be tremendous. Here are five reasons dual-income families should live off one income and ‘bank’ the second. [ continue reading… ]
For all the self-proclaimed frugalistas out there, saving more is the name of the game. The more money you save, the better. A frugal lifestyle is centered on the fact that you should spend less, but is that always the right thing to do? Not necessarily.
It’s worth the money to spend a little more for quality over quantity sometimes. Think of the expense as a long-term investment. While you’re spending a little more upfront initially, you can reap the benefits for much longer. Let’s take a look at five things you should always spend more on:
Clothing & Shoes
Clothing and shoes are two things we always seem to be shopping for since we need to find something to wear whether it’s an event we have to go to or due to the changing seasons. It’s very tempting to go ahead and buy the cheapest you can find, but if you think about it, the less expensive item isn’t going to last you very long. Have you ever bought a cheap t-shirt only to have it shrink during your first wash? If you spent more on a high-quality shirt, it probably would’ve lasted you longer. This is especially true for shoes where spending more will save you from foot pain later on. [ continue reading… ]
Running as a method of exercise is popular for many reasons. It burns a high amount of calories per minute, it’s something you can do alone or with friends, and you may already have most of the gear needed to get started immediately. Eventually, though, the most important piece of running equipment wears out and will need to be replaced.
I’m talking about the running shoes. Unfortunately, these can be surprisingly expensive. Good running shoes can cost anywhere from $60 to $200 or more. Here are some tips to help you buy the right running shoe at a great price and get the most life out of that shoe as possible.
What’s Your Type?
The first thing any runner should do is to have their stride analyzed. Buying the wrong running shoes can cause discomfort and frustration at best. At worst, you may end up paying for a doctor’s bill to diagnose and treat an injury. I speak from personal experience.
Most running specialty stores will do this for free by having a customer run on a treadmill. The employees at these stores are trained to look at your stride and tell you what kind of shoe would be most comfortable. Getting the right shoes will also prevent injury. You can then try on shoes to find brands and models that you like and are within the price range that you can afford.
Once you’ve done that, stop. Do NOT buy the shoes yet. Make note of the brand and model shoes that you liked because it’s time to go bargain hunting. [ continue reading… ]
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