You probably don’t want to waste this cash and use it unwisely. If you’re looking for some wise ways to use $50k in cash, you’re definitely in the right place.

In this blog post, I’ll walk you through some great options to help you make the most of your money and even grow it.

Is $50k a Lot of Money?

$50,000 is a sizeable amount of cash and you’re wise if you’re trying to think carefully about how to use it. There are tons of ideas, but not all of them are helpful.

What is $50k in money?  Depending on how you received your funds, you may have to account for taxes, fees and other deductions. Still, you can accomplish one or several goals with this amount of money, so let’s consider starting with some of those goals.

Think First…Set Some Goals

To make the best decision on which ways to use $50k in cash, take a moment to reflect on your life and goals. Most goals we set for our lives to require finances and investing wisely. Is there something you’d like to do and accomplish within the next few years?

How could this money help you bring your goals to fruition? Approaching the decision from this mindset can prevent frivolous spending, so you don’t regret the choices you make with your funds.

Related: How to Achieve Goals You Set This Year

Where Can I Put My 50k in Cash?

Where you put your money depends on how soon you plan to use it. You shouldn’t keep the cash in your regular checking or savings account for long so it doesn’t get used on expenses that aren’t a priority.

You may want to transfer some of the funds to a high-yield savings account so it can earn interest. Long-term options such as transferring money to a CD or a brokerage account may also be a good idea, but it depends on your plans.

As you decide how liquid (or not liquid) you’d like this money to be, here are some solid ideas to help you make good use of 50k in cash.

1. Pay Off Debt

Paying off debt is always a good option whenever you have extra money or can budget for additional debt payments. According to an Experian study, the average American has $96,371 in consumer debt. This includes everything from credit card balances and student loans to car loans, personal loans, and mortgages. That’s a huge burden!

Consider using some of your cash to pay down high-interest debt. This isn’t the most exciting way to use the money, but you’ll be setting yourself up for success by freeing up more cash flow. Plus, you’ll save on interest you could be paying long-term if you don’t pay down your debt quickly.

2. Boost Your Emergency Fund Savings

Americans need a solid emergency fund more than ever. While financial experts recommend setting 3 to 6 months of expenses aside for emergencies, I understand that this can be challenging for most families.

I teach an online masterclass to help people save a full emergency fund quickly. But one of the best ways to boost your savings is with windfalls, bonuses, or other unexpected cash. If you receive or accumulate 50k in cash, consider using some money to build a full emergency fund.

Related: Emergency Fund Tips: How to Grow Your Account Fast and Where to Start

3. Invest in your IRA 

An IRA or individual retirement account is a great way to invest for retirement outside of your 401(k). I’ve personally never had a 401(k) as an option, so I’ve used different types of IRAs instead to save for retirement.

Right now, the maximum annual contribution limit for a traditional or Roth IRA is $6,500. With $50k in cash, you can easily max out your IRA for the year as well as your spouse’s account to boost your retirement savings.

4. Invest With a Brokerage Account

A brokerage account is an investment account that allows you to buy and sell different types of securities such as stocks, bonds, ETFs, and mutual funds. A brokerage account holds your investments and follows an index such as the S&P 500.

The great thing about brokerage accounts is that there is no maximum amount you can contribute each year. There are also no withdrawal fees or penalties to withdraw funds. Meanwhile, retirement accounts like 401(k)s have maximum contribution limits. Several financial institutions offer brokerage accounts such as Charles Schwab and Vanguard.

Related: How to Start Investing in Stocks With No Regrets

50k Invested For 10 Years

Want to see how much your $50k investment could be worth in 10 years? I love using this free compound interest calculator from Investor.gov. Over the past 10 years, the stock market had a positive return rate of 9.5%. But I plugged a more conservative return rate of 7% into the calculator.

As you can see, if you invested $50,000 and didn’t contribute anything additional for 10 years, you’d still have almost $100,000 with an average 7% rate of return.

5. Invest in Real Estate

Depending on the real estate market in your area, $50,000 can go a long way if you want to invest in property. This amount is enough to put 20% down on a $50,000 home. Or, you can buy a fixer-upper and use the money to make home upgrades.

Some real estate investor even purchase properties out of town or out of state if the prices are better. You’ll likely need to do a lot of research and educate yourself before investing in real estate. However, this can still be a way to build wealth or even start a real estate investing business.

Best Way to Invest $50k in Property

There are several ways to invest $50k in property. You can use it for a down payment, invest in home upgrades, or even buy a fixer-upper in cash.

You can also consider investing in commercial property through crowdfunded real estate projects.

6. Fundrise

Fundrise is a crowdfunded real estate platform that allows you to diversify your portfolio by teaming up with other investors to fund commercial and residential projects.

Fundrise is a long-term investment and the company does charge a 0.15% investment advisory fee. I also like how the company shares return rates from previous years right on the website for transparency.

7. Invest in Government Bonds 

Bonds are a lower-risk investment than stocks because you are loaning someone else money, and they pay it back plus some interest. Government bonds are a debt security that’s issued by the government, which helps support government spending.

These bonds are low risk since they’re backed by the government, and some pay interest quarterly. I probably wouldn’t invest the entire $50,000 in government bonds but this is an option to try out if you think it could work for you.

8. Save For a Home Down Payment

Homes are expensive and $50,000 down payment could be a sizable contribution to help you become a homeowner.

Buying a home also comes with many other expenses, such as closing costs, moving costs, home repairs, and so on. You may want to use some of this money to save for furniture or home upgrades you know you’ll need.

With a home purchase, I always advise people don’t spend more than 30% of their income on home costs each month. Even if you have a $50,000 cash cushion or down payment, it’s important to make sure you can afford the home and live comfortably.

9. Build a Profitable Niche Website

If you’ve always wanted to start a niche website – whether a blog or e-commerce site – you can easily do this for way less than $50,000. Niche sites are great because you can grow your traffic and monetize your site with display advertising, affiliate marketing, sponsored content, and even products.

First, you’ll need to think of a good theme for your website and perform some market research to narrow down your niche and target audience. Then, you will need a self-hosted website. I like Bluehost and Hostgator personally, and they are both affordable options.

With some funds to invest in the project, you can hire

Related: How to Make Money with a Blog or Niche Site

10. Start a Business

Have you been thinking of starting a business? This could be another great way to use $50k in cash. Lack of funding is something that holds a lot of entrepreneurs back from pursuing their venture.

Take some time to carefully plan out your business, perform market research, and plan for startup expenses. You may even want to utilize free resources from the SBA such as business mentorship and grant resources as well.

11. Travel

You may want to travel or book the trip of a lifetime when you have $50k in cash. There’s nothing wrong with this as long as you’re not drowning in debt and have a stable financial situation. I wouldn’t recommend traveling to Australia for a month when you have no emergency fund and $10,000 of credit card debt.

However, you could easily split the money up like this:

• $7,000 to pay off your credit cards and a personal loan
• $10,000 to top off your emergency fund
• $5,000 to $8,000 on a fun family trip
• $10,000 to retirement savings or investments
• The remainder toward general savings or other goals

Related: 9 Ways to Make Money While Traveling

Best Tips and Tricks to Plan a Frugal Last-Minute Vacation

12. Put Money Into a CD

A certificate of deposit of CD is a bank product and savings tool that helps you earn interest on your money. The only catch is that you can’t withdraw your money from the account before the term ends unless you pay a penalty fee.

However, CD terms can range from as little as 3 months to 5 years or more. CD rates are also very high right now, with many banks offering 4% or 5% interest. While I couldn’t recommend putting the entire $50,000 into a CD, you can consider this option for some of the money if you want a low-risk investment.

13. Bonus Ideas: How to Double $50k

Want to double 50k in cash? There are several ways to put your money to work from you and actually grow $50,000 to a bigger amount.

• Invest it. As you can see from my example above, investing in the stock market can likely double your funds in 10 years. And that’s if you let it sit and do nothing.
• Flip a house. If you’re interested in real estate investing and can find quality partners, you may be able to double your money by flipping a property. This will require a ton of work but can be worth it for the right person.
• Start a rental business. Rental businesses are great because you typically can buy your items once and rent them out several times. You will need to invest in things like insurance and other costs, but this is a strategic way to double your investment.
• Invest in other small businesses. Make money from supporting someone else’s success. Even if you don’t have an awesome business idea, you can participate in peer lending and invest in a business that is profitable to get a nice return.

These are just a few creative ways to double $50,000. Which ideas appeal to you or what would you add? Also, how would you best use $50k in cash?

The post 13+ Wise Ways to Use $50k in Cash first appeared on My Debt Epiphany.

The post 13+ Wise Ways to Use $50k in Cash appeared first on My Debt Epiphany.

Saving $5,000 in less than a year is a great goal if you’re looking to save up for a down payment on a home, book a dream vacation, or even save to pay for a large purchase such as furniture or appliances in cash.

The key to saving money is to give yourself a realistic timeline. If you’re wondering how to save $5,000 in 6 months, here’s what you need to know.

How to Save $5,000 in 6 Months

Whether you want to save money quickly to grow your emergency fund or purchase a car in the future, it’s very doable with the right strategy.

Yes, your income matters, but it’s not the only factor, and you don’t need to be rich or earn six figures.

Here are some specific steps to help you get started.

Break It Down

Whenever I have a big financial goal that requires me to save aggressively, I love to break the goal down. I’d actually recommend this method for other types of goals too.

Imagine someone saying they want to lose 60 pounds in one year and get healthy. This can seem daunting, but when you break it down to just 15 pounds every 3 months, the goal seems more doable.

Be sure to use this same method when determining how to save $5,000 in 6 months.

Monthly Savings to Reach $5,000 in 6 Months

Saving $5,000 in 6 months is $833.33 per month. Or, consider it $416.66 every two weeks. If you want to track things weekly, that’s $208.33 per week.

This breakdown answers the popular question: how much do I need to save a month to get 5,000?

Since this is such a specific goal, you know the exact amount you need to save each month or week to reach it.

Setting aside $200 per week may sound like a lot, but it does seem less intimidating than coming up with a lump sum of $833 extra each month.

Related: 10 Easy Financial Goals You Can Meet This Month

How to Save Your First $1,000 This Year

Start Using a Budgeting App

Once you’ve broken your goal down into more reasonable chunks, you’ll want to start using a budgeting app ASAP. Getting on a budget is key for any financial goal, but a budgeting app can be extremely helpful.

You’ll want to get very serious about tracking your income and expenses. I’m not against using a written budget or a budget binder. In fact, these tools have really helped me a lot in the past.

However, if you’re trying to maximize savings in a short timeframe, budgeting apps can be extremely helpful because they tend to catch things we don’t see or forget about.

Earlier this year, my husband and I started using Simplifi by Quicken. It’s an excellent budgeting app for several reasons:

• We each get our own separate logins and can connect all our financial accounts to view in one place
• This app tracks your balances, transactions and cashflow – Cashflow is KEY is you want to round up extra money to save each month
• Simplifi also helps remind you of upcoming bills and holds you accountable for goals you set

One of my favorite things about Simplifi is the Spending Plan section. This is where you can create your budget and adjust spending goals. As the month goes on, the app syncs your transactions and helps you keep up with spending to see if you’re going to exceed a budget category.

Also, the visual aspect is amazing if you’re trying to focus on honoring your budget to free up more money to save.

Another feature I love is the Watchlist. You can add a specific retailer or expense category and have the app “watch” your purchases to motivate you to keep your spending under control. I like to watch my Amazon purchases with this feature.

Simplifi is just one of several budgeting apps. I encourage you to explore options to see what works for you whether it’s Mint, Every Dollar, or another budgeting tool.

Related: Budgeting With a Low Income, Yes It’s Possible

What is a Reverse Budget?

How to Get Your Spouse on Board With Budgeting

4 Common Budgeting Mistakes to Avoid Making

Get Strategic About Earning More Money

Once you have your budget under control and you can clearly see where your money is going and limit overspending, it’s time to focus on earning more money. Saving $208 per week or $833 per month won’t happen by accident.

You will likely need to focus on increasing your income. Luckily, there are so many ways to do this these days, especially if you’re willing to offer a service or do some work online.

Start with higher-paying extra income opportunities that don’t require much startup costs or materials. Doing things like taking surveys online wouldn’t work at all because you’d never be able to earn enough to save $5,000 in 6 months with this option.

Instead, look to options such as delivering food, helping small businesses with social media, writing online, walking dogs, or pet sitting.

Also, you can consider doing things like helping people move on weekends, babysitting or cleaning houses.

Put all the money you make from your side hustle directly into a savings account to avoid spending it.

Related: 20 Ways to Make Extra Money Today

How I Make $7,000 Per Month With a Side Hustle

5 Legitimate Ways to Earn $1,000+ per Month

5 Things You Can Do NOW to Save $5,000 in 6 Months

Learning how to save $5,000 in 6 months comes down to taking specific action steps to help you limit spending and maximize savings.

Here are 5 things you can do now to improve your progress.

1. Switch Your Grocery Store

I know that grocery prices have increased, but you can still switch stores and find other ways to save on your grocery bill. My husband and I just found this out recently.

We went from spending just $350ish per month on groceries a few years ago to $800 per month recently. Talk about inflation!

I probably never would have realized how much we were spending had it not been for Simplifi tracking our spending so specifically. However, we made some changes and got our new budget down to about $550 to $600 per month. That’s $200+ in monthly savings.

To get similar or even better results:

• Consider doing most of your shopping at discount stores so long as you compare prices. I used to always go to Aldi to save money on groceries, but after comparing prices,I found that Aldi doesn’t always have the lowest prices. Gather a list of discount grocery stores in your area and look at their sales and comparison shop.
• Start using a meal plan. Planning out meals in advance will save you so much money and time. We start our meal plan at home by going through the cabinets to see which food items we can use to create meals. Bonus Idea: Never run out of affordable food ideas with the $5 Meal Plan.
• Use coupons and savings apps. If you haven’t already, consider using apps like Shopkick, Ibotta, and Fetch Rewards to save money on store items and earn cash back. Trust me, these savings really add up!

Related: How to Save Even More Money on Groceries With Fetch Rewards

How to Save Money With Shopkick

Foods That Help You Keep a Low Grocery Budget

2. Limit Dining Out to Once Per Week

Dining out is fun but also so expensive at times. Try to limit dining out to more unique and intentional experiences only while you work on saving $5,000 in 6 months. Prioritize sticking to your meal plan and eating a majority of your meals at home while also bringing lunch to work.

Then, plan to have a family dinner at a restaurant once per week or meet up with a friend for a meal and to catch up.

To stay motivated in this area, calculate how much you currently spend in dining out and takeout meals. According to the Bureau of Labor Statistics, Americans spend around $3,000 annually on dining out.

Some people spend even more than this. But imagine if you could cut back and spend just a third of that amount. You’d instantly have $2,000 in savings.

3. Downgrade Your Subscriptions

Cutting out any subscriptions (even if it’s just temporary) can help jumpstart your savings as well. Review transactions for the past 2 months and make a list of all your recurring expenses.

Aim to cut out 90% of your subscription services, delivery apps, and other unnecessary purchases. Then, divert all the money to savings instead.

4. Start Selling All Your Old Stuff

Selling unwanted items from your home is another great way to boost your income and savings. Go through each room of your home and be honest about what you don’t want and won’t be using. Then, start listing items online using Facebook Marketplace, Offer Up, and other sites.

You’d be surprised and what people will buy used if you take quality pictures and price your items competitively.

I’ve sold everything from clothes, rugs, shoes, furniture, and home decor online for extra cash.

Related: Side Hustles Explored: Selling Items on Amazon and eBay

5. Get a Side Job to Earn More

I know this isn’t always doable for some people, but the simplest answer to the question: how to save $5,000 quickly? is to get a side job. It’s important to be realistic about the time and energy you can dedicate to a side job each week.

You can start by doing something that pays you at least $100 per week.

Then, you can lower your spending to save enough $100 to $150 per week.

Together, this will provide you with enough money to save $833.33 per month or $5,000 in 6 months.

We actually had to do something similar last year when my husband and I needed to come up with an extra $1,000 per month. The situation was temporary, but my husband was able to get a flexible side job on Saturdays and worked from around 7:30 am to 3 pm.

The job paid him $20 per hour plus tips so he’d earn around $160 to $250 per week by only working one day. Not bad for a side job.

Don’t Forget to Make it Automatic

Make things easier on yourself by setting up automatic transfers to grow your savings quickly. Once you have a plan in place to increase your cash flow, choose an amount you want to set aside each paycheck or each month.

I like to keep my savings in a high-yield savings account at a separate bank. That way, it’s not super easy to access but I’m still able to get to it when I need to.

Setting up automatic transfers will give you peace of mind knowing that you’re savings are on autopilot and you’re getting closer to meeting your goals.

How Can I Save Money Fast in 6 Months? 

Saving a large amount of money in a short timeframe is not easy. Now that you know how to save $5,000 in 6 months, you will need to make some sacrifices and stay the course.

When you reach your goal, though, it will be well worth it. Start by getting on a clear budget that allows you to prioritize savings and consider using a budgeting app to make these more visual.

Have you ever tried to save a large amount of money in less than a year? What has been the most helpful piece of advice for your situation?

The post How to Save $5,000 in 6 Months first appeared on My Debt Epiphany.

The post How to Save $5,000 in 6 Months appeared first on My Debt Epiphany.

Most people fall for the myth that saving money has to be a drastic action but the truth is that every little bit counts.

I’m sure we all would like to save more money and luckily, there are plenty of ways to save on expenses today and in the future. Here are 70 effective ways to generate savings today and tomorrow.

Enjoy!

Ways To Save Money When Living Paycheck to Paycheck At Home

1. Flip the Switch

Leaving the lights on in a room that’s not in use is an overlooked way to save money. My son used to be scared of the dark so we spent years leaving a hallway light on. Eventually, we just got some nice string lights to hang up in his room at night and that did the trick plus it was way more efficient energy-wise.

Another trick you can try for a nightlight is battery-powered holiday lights. They usually have a timer on them so they will automatically shut off each night after a few hours.

Be sure to turn off all lights when you’re not using them and you’ll see an improvement in your energy bill cost.

2. Decorate On A Dime

The dollar store is a treasure trove of great finds! Check it out for decorative pieces or items that can help you create D-I-Y decor. Check out the YouTube channel Do It On A Dime for great dollar store decoration ideas!

3. Rent Out a Spare Room (House Hack)

Renting out space in your home, whether short or long term, can help you save money by significantly reducing your monthly mortgage payments.

Related: How to Make Extra Money Renting Out Space in Your Home

4. Take Control

A ton of money is wasted each year through poor home temperature control. Update to a smart thermostat and utilize its advanced programming to help you save energy.

5. Don’t Power Trip

Did you know that you have phantoms in your home? Most electronics that are plugged in but turned off cause phantom power drain. 

Try using a smart power strip to conserve the power use of plugged-in electronics or simply unplug electronics that don’t need to be run 24/7.

6.  Replace Furnace/AC Filters

Filters are only supposed to be used in your system for a few months. Some people forget which isn’t good for your furnace or air conditioner and forces it to work a lot harder then it needs to. Changing the filter every 1-3 months can not only save you money, but also extend the life of your system and improve the air quality in your home.

  7. Stay One Step Ahead

Of the seasons that is! Winterize and/or summer-proof your home through a range of methods such as checking your windows and roof installation and cleaning out your gutters and downspouts.

These are great ways to save you money and headaches from massive repairs and high energy use bills.

8. Replace Your Lightbulbs

Replace your incandescent and older light bulbs to extremely energy-efficient LED bulbs. They are also long-lasting, durable, mercury-free and cost-efficient so they are well worth getting to light up your home.

9. Stop Wasting Water

Another resource that’s wasted a lot in homes? Water. To cut your water bill significantly install low-flow fixtures, run full loads in the dish and clothes washer, take fewer baths and more showers. 

Want to take efficiency to the max? Use a timer for showers to control water use as well.

10. Turn Down The Heat

Lower your hot water heater temperature a few degrees and you’ll save a bundle! Even though it still hasn’t warmed up much in our area, we don’t keep the heat on all day. Instead, we just dress warm in the house and open the curtains so the sun can get through.

11. Shop Around

Mortgage rates are competitive so you should shop around for when the time is right to ensure you get the best deal. You can also shop around for better insurance rates using resources like The Zebra and compare prices for your cell phone service.

12. Downsize

When it comes to clutter, Americans are crushing the stats. Decluttering your home not only can help with physical, emotional and mental clarity, but it can help you save money from having to store all these things while earning some extra money.

If you have Netflix, turn on Tidying Up with Marie Kondo and get inspired to declutter your home. Who knows, maybe you’ll even find some items you can sell for extra cash.

Ways To Save Money On Entertainment

13. Utilize Free Community Resources

When you have a library card! Visit your local library to borrow books, videos and other media forms for free. We also have a free little library in our neighborhood where you can borrow and donate books.

14. Use Coupon and Discount Sites

Every time I want to do something fun with my friends or family I always check out discount sites like Groupon and Local Flavor. You can find discounts on restaurants, local attractions, services, products, and more.

15. Challenge Yourself with a No Spend Weekend

A no-spend weekend will help you stick to your budget but it also doesn’t mean you have to be bored the entire time. Get creative with activities in and outside of your home. Pull out old games you haven’t played in a while, make a delicious dinner with food from your pantry, and go on a long hike to explore a new trail or state park in your area.

Related: 75 Free Things To Do This Weekend

How to Have a Successful No Spend Week

16. Bundle Up and Cancel Streaming Services

Yes, that’s right. While everyone is telling you to switch to streaming services like Netflix, ESPN, and Disney Plus, I’m actually recommending you limit the number of services you have. If you sign up for multiple streaming services, you could be paying as much as you would for cable. 

Narrow down which service you like best and stick with that or see if you can bundle. For example, Hulu has partnered with Disney Plus to offer both services to users for one low fee.

17. Be Open to Sharing

To save even more money, go in on a subscription for Netflix or Hulu with a friend or neighbor. I know Netflix will allow you to stream from multiple devices. 

Ways To Save Money On Food

18. Learn How to Cook With Fresh, Whole Foods

Ordering takeout is nice to do every now and then, but it’s important to know how to cook if you want to save money while living paycheck to paycheck. With helpful websites and YouTube channels that share different recipes, you’ll find some great tips, learn new cooking techniques, and be able to feed your family well for less. 

Related: Best Clean Eating Grocery List for Newbies

Frugal Meal Ideas That Are Easy to Prep

19. Pack Your Lunch

After you cook your amazing dinner at home, pack a lunch of leftovers for work instead of buying lunch to save money on costly daily lunches. Or, just plan out what foods you want to bring to lunch then prepare and pack everything the night before. 

Get into a routine of bringing your lunch to work and it will quickly become second nature.

20. Skip the Coffee Shops, Make Coffee At Home

If you love having some java in the morning to get your day going, make your coffee at home instead of picking it up from a gourmet coffee shop. While it seems like a minimal daily expense, coffee purchases add up quickly!

You don’t have to completely cut out Starbucks runs, but you can easily limit them by investing in a decent coffee maker and brewing your own lattes at home.

21. Take Advantage of Price Checking Policies

Most grocery stores offer the option of price matching to save on groceries and goods. This is a great and underutilized way to save a lot of money at the cash register!

22. Use a Cashback Rewards Site

While you may not want to go to the level of those you see on the show Extreme Couponing, but you don’t have to in order to save money on groceries. Instead, use a cashback rewards site like Fetch Rewards to get rebates on foods you normally buy at your favorite stores. 

This is an effortless way to save money at the store so be sure to check out my review below to see exactly how Fetch Rewards works.

Related: How to Save Even More Money on Groceries With Fetch Rewards

23. Have a Potluck

Hosting dinners and events can get expensive if you do it often enough. Still, you don’t have to limit fun times with your family or friends. Have a potluck with friends or family every month instead and keep being social without it burning a hole in your pocket every time.

24. Stock Up

We run a lot of errands especially on weekends. One thing you can do is carry snacks and drinks in the trunk of your car so you don’t feel tempted to buy them for marked up prices at gas stations (You can buy them from wholesale warehouse club stores like Costco).

25. Meatless Mondays

Meat can be expensive so this is a fun way to slash your grocery spending and try some new recipes out.

26. Eliminate Food Waste

We also save on food waste by using resources like Eat By Date. We also shop for groceries every 2-4 weeks which helps us save on food overall since I’m not in the store every week buying stuff.

27. Plan Out Meals

Meal Prep may take a bit of time, but it’s well worth it and will help you save money in the long run. In fact, planning meals actually saves me a lot of time and stress during the week. Check out these $5 Meal Plan if you’re looking for ideas and freezer meal prep options to help you get started.

28. Make A List Based On Your Meal Plan

Don’t go grocery shopping on an empty stomach and without a list! Creating a grocery list will help you stick to your budget and reduce your picking up impulse items that add up fast.

Before you leave the store, check your receipt to ensure errors aren’t made. This happens more than you think and can cost you more than you intended to spend.

29. Buy Your Favorite Foods in Bulk

Take advantage of awesome bulk stores and wholesale warehouses such as Costco. You get a substantial discount when you pay for larger amounts of items at once plus it saves you weekly grocery shopping time.

30. Get A Green Thumb

It’s easy to plant your own vegetables and herbs so if you have the space (herbs can even be grown in your home), set up a garden to help you reduce your grocery bill.

Ways To Lower Your Shopping Costs

31. Bulk Order Your Necessities Online

We order all of our toiletries for the month via Amazon Subscribe and Save. This is a free Amazon feature that lets you ‘subscribe’ to receive certain products each month, every 2 months, or quarterly. 

You save 5% automatically, but when you subscribe to 5 or more items you’ll save 15% per item. This allows us to save big on items we use all the time like toothpaste, soap, toilet paper and avoid overspending when shopping at the store.

32. Local Resale Options

For my first apartment, I was able to get all my gently used furniture for just $50 from a local furniture bank. Now, I typically buy some of my furniture around major holiday sales, used online, resale shops and places like Habitat For Humanity. I’ll admit, I’ve also grabbed some pretty great finds that have been on the curb in my neighborhood for garbage day.

33. Christmas In July

Why wait until the next holiday season to stock up on gifts?! Do holiday shopping right after the season or in the off months to get great clearance deals.

Related: Debt Free Christmas Challenge

34. Buy Household Items With Free Gift Cards

There are some household items that you just have to get each month. Why not save money on these purchases by using free gift cards? You can earn free gift cards by taking surveys online during your spare time with sites like Survey Junkie and Opinion Outpost.

Related: An Honest Review: Can You Really Make Money Taking Online Surveys?

Survey Junkie Review: Make Extra Money with Survey Sites That Are Worth Your Time

35. Earn While You Spend

Start using Swagbucks, Rakuten, and other rewards programs to save money and earn cashback. I use cashback rewards programs to automatically save for Christmas each month. I use programs like Swagbucks and Rakuten to earn cashback and rewards that I add to my holiday savings account.

Related: Rakuten (Ebates ) Review: Earn Cashback For Everyday Shopping

Side Hustles Explored: Simple, Low Effort Ways to Make Money

My easiest strategy is downloading the Swagbucks search browser extension. It works just like Google and you can actually earn points for searching online (something I do for work often during the day). Those points can be redeemed for gift cards or cash via PayPal. I can also use this strategy to earn free gift cards for dining out and coffee shops.

36. Recycle & Reuse

When it comes to buying clothes, check out resale shops before buying from big box stores. ThredUp is an awesome online consignment that is well worth a look for fantastic and well priced secondhand items. Also, try setting up a clothing swap in your neighborhood and do some trading!

37. Only Bring the Cash You Need

If you’re afraid you may overspend at the store or when you go out, try bringing on the cash you need in your wallet. Leave your debit card at home. That way, you can’t go over budget. I’ve been using a cash budget for some of my spending categories for the past 2 years and it’s helped a ton.

Related: The Ultimate Guide to Budgeting

38. Use the 48-Hour Rule

Sometimes we spend money based on emotional impulse then regret the purchase later or find it was unnecessary. The next time you’re thinking about buying something, use the 48-hour rule. Sleep on the idea of making the purchase for at least 48 hours. Reassess whether you truly want or need the item at the end of that time period.

If you haven’t thought about the item much in the 48-hour period, it may be best to just not buy it.

39. Milk Your Birthday

Utilize all free gifts and offerings from stores and restaurants on your birthday! Most companies offer something a great birthday perk if you sign up for their mailing list or subscribe to their apps so don’t miss out on doing so for your favorite brands.

Related: Birthday Freebies Roundup

40. Simply Ask

You never know until you ask but discounts are sometimes available. Be sure to ask if there are additional markdowns (usually given for items that will be final sale) you can take advantage of. 

41. Read Reviews Before You Buy

Don’t forget how important reviews are to helping you save money! Take a look at a few reviews before you buy products, especially big-ticket items. Sometimes people share great coupon codes in there as well!

Ways To Lower Your Most Common Bills

42. Make It Automatic

Setting up automatic bill payments will help you avoid late payment fees and lowering your credit score.

Related: I Raised My Credit Score By 150 Points, Here’s How

43. Become The Negotiator

Negotiating medical bills is another thing I’ve started doing that helps a ton. Speak to your medical company administration team and see if you can work out a lower payment or a suitable payment plan.

Related: How to Keep Medical Bills From Going to Collections and Save Your Credit

44. Switch to Term Life Insurance

If you’re paying for life insurance you could be overpaying. Term insurance is pure insurance without bells and whistles which means you pay much less.

Grab a free quote from Bestow, a tech company that’s shaking up the life insurance industry. You’ll find out in seconds how much coverage you can get and how much you’d pay. 

Related: 7 Reasons To Get Term Life Insurance

45. Switch to a Family Phone Plan

Consolidate your phone bill -If multiple people in your household have a cell phone, see if you can get a family plan or switch to an affordable prepaid company to lower the bill. 

Most of the popular prepaid cell companies use a cell service from leading well-known companies (Sprint, Verizon). If you all have different plans, see if you can switch to the same service plan and use the ‘bring your own phone option.

46. Shop For Cheaper Internet Service

You may or may not have other options for internet in your area. You never know until you search and compare. Some internet providers will let you try the service for 30 days and switch companies or upgrade or downgrade if you need to.

For example, Xfinity offers prepaid internet starting at $40 per month.

47. Avoid Getting Into Long-Term Subscription Contracts

You want to be able to cancel services as you see fit so be sure to read the fine print. For example, your gym membership may come with a 12-month commitment while others allow you to cancel with just a 30-day notice. 

Another example would be home security companies. My husband and I unknowingly got locked into a 3-year contract which prevents us from canceling the service to free up more money without paying a high fee.

48. Exercise at Home For Free

Start working out at home instead of at the gym and save money on your membership. You can download free fitness apps or check out YouTube channels like 305 Fitness or Jillian Michaels. 

49. Consider Cheaper Housing

A good rule of thumb is to keep your housing expenses lower than 30% of your income. This means, if you bring home $3,500 per month, your housing costs shouldn’t be more than $1,050. This is a nice threshold to keep in place because it ensures you’ll have enough money to cover other important expenses. 

Explore your options and see if you can find affordable housing in your area whether that means renting a no-frills apartment or getting a roommate. If you live in an expensive city, you may want to move to the outskirts of town or the surrounding suburbs to save money. 

Related: 10 Cheap Housing Alternatives

How We’re Avoiding Becoming House Poor

Money-Saving Tips (Personal Finance)

50. Stop Paying Bank Fees

Reduce your banking fees by switching to a no or low fee bank account. I’ve been using Capital One 360 for several years now and I love how they have no fees and allow me to keep several checking and savings accounts open.

51. Monitor Your Bank Account to Avoid Going Overdraft

Limit and control your auto withdrawals to make sure you don’t go into the negative and have to deal with over withdrawal fees. Some banks will even let you set up overdraft protection.

52. Use Credit Cards Wisely to Get Points

If you use rewards credit cards, use them wisely as often as you can to save even more points and cash back. For example, I have a general cash back card that I use to for some regular monthly expenses. I use my cash rewards to help pay for travel and holidays. 

Related: Credit Cards Are Not Evil: Don’t Make These Common Credit Card Mistakes

53. Cash Is King

We use the cash envelope system for our flexible spending categories. It’s easier to stay on track when budgeting with cash because you don’t have anything extra once the envelope is empty so you make it work and spend more mindfully. 

At first, I was using just plain white envelopes, but I ordered some fun colorful ones on Amazon that I can reuse every month.

I was able to get some fun, reusable budgeting envelopes on Amazon for cheap.

54. The Countdown Is On

Another thing I like to do is budget down to zero each month. I used to leave extra money in my budget without assigning it a job but I found it more effective to budget and set a plan for every dollar of income that comes in. 

There are awesome ways to help you keep track of your budget. I recommend tracking your finances with a spreadsheet or my worksheet bundle and mapping out your monthly goals using a planner like the Living Well Planner. Both will help you get your budget down to zero each month!

55. Start Investing Spare Change

A fun way that I like to save and invest (outside of automating) is by using apps like Acorns. Acorns rounds up spare change from my purchases to the dollar and invests the difference. For example, If I spend $4.30 at Starbucks, Acorns will automatically invest $0.70 (rounding it up to the nearest hour). I hardly miss this money but it adds up over time.

56. Establish Sinking Funds

My bank allows me to have multiple savings accounts where I can save for planned expenses like travel, our pets, large household purchases, and car repairs. I call these sinking funds and contribute a portion of our income into these ‘buckets’ monthly. I love seeing the account balances grow!

Related: How I’m Rebuilding ALL My Sinking Funds

57. Monitor Your Credit

Monitoring your credit score is crucial if you want to maintain a good credit score. Securing lower prices for major purchases such as a car or a mortgage rate can save you thousands. Be sure to keep on top of your credit score with the free app Credit Sesame. It will help you ensure you save money in the long run. 

Related: I Raised My Credit Score By 150 Points, Here’s How

58. Start a Savings Challenge

Challenge your friends and family to start saving spare change with you. You can set a goal to save $1 a day, every $5 bill you have, or any other savings challenge to help you stash money away more easily.

Related: Best 5 Money Challenges To Improve Your Finances

59. Refinance Student Loans

Are your student loans a heavy load? To help you save money on payments refinancing may be a good option. Check out these student loan refinance companies like LendEdu to see if this could work for you. 

Ways To Save Money On Transportation

60. Give Your Car a Break

Rather than spend money on filling up your car with gas try an alternative such as walking, biking or public transportation. If you have to drive then try carpooling instead!

61. Keep Up With Maintenance

Take your car in for service appointments and preventative maintenance. Keep up with car maintenance – I found this article to be a great example of how keeping up with car maintenance can save you lots of money over time.

62. Ask Your Employer For a Transportation Stipend

I know this may not work for everyone, but it’s worth exploring if you do a lot of commuting for work. One of my first jobs was a paid internship and once they found out I would be commuting since I lived further from the office they offered to pay for my train fare.

This easily saved me $300/month. If your employer can’t cover your commuting costs, see if they’d be willing to provide a small transportation stipend or even reimburse for mileage.

63. Shop Around For Car Insurance Rates Every 1-2 Years

Regularly shop around for lower car insurance rates to make sure you’re always getting the best deal. 

64. Wash And Clean Your Own Vehicle

Taking your car to a car wash or getting it professionally detailed sounds nice but is probably not a necessary expense to have when you’re living paycheck to paycheck. All you need is a bucket of water, soap, and a rag to wash your own car at home.

You can also vacuum your car out for around $1 at most gas stations.

Ways To Save Money On Health & Beauty

65. Start Cutting Your Own Hair

Going to the salon is always fun but it can be a drain on your wallet. Learn how to cut your own hair and your family’s hair to save a bundle.

66. Have a DIY Spa Day

There is no reason why you can’t relax in a luxurious way at home! Do DIY spa days in the comfort of your own bathroom. Check out this article filled with awesome inexpensive spa ideas to create a fun spa day at home!

67. Switch to a Health Sharing Ministry If You Can’t Afford Insurance

Back when I couldn’t afford health insurance and when I became self-employed, I used a health sharing ministry to cover medical expenses for myself and my son. (I’ve used both Liberty Healthcare and Christian Healthcare Ministries).

68. Stop Spending Money on Unhealthy Habits

If you are looking to save money and your health, quitting bad habits such as smoking, drinking or other vices will be a big help to your savings.

69. Switch to Dual-Action Products

Look for products that offer multiple functions such as a two in one cleanser or a moisturizer that does double duty.

70. Practice Self Care at Home For Free

Don’t let your budget lead you to put yourself on the back burner. I love these free self-care ideas for moms but anyone could benefit from them really.

Related: Self-Care: My New Not So Guilty Pleasure to Spend Money On

Summary

Living paycheck to paycheck can make you feel limited in terms of how fast you can pay off debt and what you can save. The key is to get creative with your budget and how you manage money.

Start with these 70 tips if you’re looking to save and also realize that living paycheck to paycheck doesn’t have to be your future. Take steps to start building up your emergency fund, increasing income, and taking specific action steps to improve your financial situation.

Also, check out my Budget Beyond Your Paycheck worksheet bundle to help you stay on track.

What ways do you like to save money?

The post 70 Ways to Save More Money While Living Paycheck to Paycheck first appeared on My Debt Epiphany.

The post 70 Ways to Save More Money While Living Paycheck to Paycheck appeared first on My Debt Epiphany.

Everyone should have emergency savings but an emergency fund for homeowners is crucial. I bought a house a little over a year ago and when we were in the process of preparing for homeownership, I definitely focused more on saving for a down payment and closing costs.

I knew I needed an emergency fund, but it wasn’t top priority for some reason. This turned out to be a big mistake because although my first year as a homeowner was pretty peaceful, recent months have left me clinging to my emergency fund for dear life.

Within a few weeks, I had my car break down ($400 to fix), realized we needed to buy a new stove ($630), and had some semi-urgent plumbing issues to take care of ($1,200).

As you can see, these everyday issues cost around $2,230 and it all happened in a matter of a few weeks. Life is like that sometimes. So as a homeowner, it’s especially important to prepare and build a large emergency fund.

Common and Unexpected Expenses For Homeowners

If you own a home or are looking to buy a house, it’s important to understand all the expenses you will be responsible when it comes to maintenance and repairs.

I knew that homeowners paid for all costs associated with the home, but there were plenty of expenses that I didn’t even think about or wasn’t prepared for. Some costs include:

• Annual maintenance services (for things like your furnace, HVAC, plumbing etc.)
• Contractor service fees (it often costs money just for someone to come out to look at your home and assess a problem)
• Roofing, siding, and windows
• Foundation work
• Weatherproofing basement or crawl space
• Lawn care (weeding, mowing, landscape design)
• Tree trimming and removal
• Insulation (attic, garage, etc.)

Not to mention, there may be cosmetic things that you wish to do to update your home. When we first moved in, I immediately had new flooring installed. While my dad helped with this, it still cost us around $700 or so.

We also updated our half bath, painted and removed some trees. I was literally shocked that is would cost us around $300 to remove some trees last summer. We still have a ton of work to do on our yard.

So How Big of an Emergency Fund Do Homeowners Need?

After hearing about all my unexpected expenses so far and seeing what you could potentially be paying for homeowner you may be wondering how much should really be in your emergency fund.

My short answer is: as much as possible.

I try to stay away from telling people how much to save or buy but when you have a home, you do want to set aside at least 6-8 months of basic expenses. It may sound like a lot but trust me, it’s worth it.

Another thing you want to do is pay off as much debt as possible before buying a home. This will help free up more money for you to build your emergency fund quicker. Before buying a house, my husband and I paid off his credit card debt, my student loans, and both of our car loans. This knocked out at least $700 in monthly minimum payments allowing us to save more for our home.

Tools to Help You Save

Saving money is a habit and you can do it easily when you use the right tools. For starters, you want to make sure your bank allows you to set up automatic recurring savings transfers.

That way, you can set money aside regularly without even thinking about it. Huntington Bank offers the  Savings Goal Getter^SM tool on The Hub for their savings and money market accounts. You can set up two types of savings goals: Emergency Fund and Savings Goals. With the Savings Goals option, get specific and narrow down up to 10 specific savings goals that you have, large or small.

Huntington Mobile App Savings Goal Getter View

If you wish to build an emergency fund as well with this feature, the emergency fund will be prioritized first before you can add to the savings goal. Then, your funds will be directed toward your other savings goals after you hit your ideal emergency fund balance.

Huntington Savings Goal Getter

I like having the option to save for multiple goals because we have a few sinking funds as well and all of our savings don’t go straight to the emergency fund account.

Also, set a deadline for meeting your emergency fund goal to motivate yourself. Savings Goal Getter also serves as a guide by showing you how much you need to save per week to stay on track.

What To Do In the Meantime

The toughest time can be when emergencies arise and you haven’t fully funded your emergency fund. Not to mention, as a homeowner you may be constantly replenishing your fund.

I saw one source recommend that homeowners save around 20% of the purchase price in an emergency fund. If you were thinking about putting 20% down, that’s like a double down payment – a ton of money! Whether you’re thinking of saving that much or not, these tips will help you get ahead and prepare for the unexpected.

Continue to Live on Less Than You Earn

If you’ve been reading my blog for a while you know I live by this. Living below your means allows you to avoid debt and often have money left over after you get paid. There’s just so much peace of mind that comes with keeping your living expenses low.

This is the main reason why we bought a house that was below our means and also had extra room if we want to rent some space out. This allows us to save more and cash flow some home repairs and maintenance costs when they come up. 

Cut Some Bills

I am always looking for ways to cut bills and expenses. We shop around for auto insurance every few months and we recently lowered our health costs since we hadn’t been to the doctor in a while.

For the car repairs and new oven I mentioned earlier, we actually were able to lower our expenses and earn extra money to cover them as opposed to going into our emergency fund.

By the time the plumbing issue came up, our finances were already tight so we did actually draw from our emergency fund. Still, it was so relieving to know we could fall back on that money.

Feed Your Account With Windfalls

We all get windfalls whether it’s a refund check from a utility bill company, a bonus at work, or a tax refund.

Put this money directly toward your emergency fund and act like you never had it to spend in the first place…because you didn’t.

Make Some Extra Money

Making extra money is always an option to help you cover planned and unplanned expenses. It can also help increase your emergency fund. Learn more here on Huntington.com

My husband drives for ride-sharing companies sometimes and I take on freelance writing and virtual assistant jobs. We also do focus groups sometimes and earn cash back from shopping rewards sites.

Final Thoughts

Building an emergency fund for homeowners should be top priority. If you’re looking to buy, make sure you have a large emergency fund (6-8 months of expenses or more) saved up before you start the process.

Even if you can only put 5% or 10% down on a home and not the recommended 20%, it’s still best to hold onto your large emergency fund balance because you will need it.

Consider using banking tools like Huntington’s Savings Goal Getter tool to help you track your savings and make steady progress. If you are ever feeling overwhelmed, especially after encountering an unexpected expense, Huntington has many resources to help guide you in the right direction.

It all comes down to being disciplined and making sure that you’re hitting your weekly or monthly savings goal no matter what. Lowering your expenses and earning more money can help you in the meantime until you hit your ideal balance.

To help even further, I’ve put together a 4 part masterclass called ‘Build A Full Emergency Fund…FAST’ and it’s dedicated to all things emergency fund! We’ll dive into all the areas needed to get your emergency fund to where you want it to be fast.

We’ll discuss things such as your personal ‘why’ for building a full emergency fund, what you should and shouldn’t use emergency savings for, how many months of expenses you should set aside for your own personal situation and SO much more. I am also including great bonuses that will help you beyond the masterclass. Join the masterclass here!

The post How Big of An Emergency Fund Do Homeowners Need? first appeared on My Debt Epiphany.

The post How Big of An Emergency Fund Do Homeowners Need? appeared first on My Debt Epiphany.

Saving money is very convenient too and much better for your wallet and your financial goals. By planning ahead using savings strategies, we can save money on many daily purchases we tend to make and enjoy convenience in most cases. Let’s put more money back into our pockets by saving money on these 50 common expenses many people tend to pay regularly.

1. ATM fees

Take a bit of extra time to withdraw money from your bank’s ATM and save on the cost to withdraw your own cash or if your bank has a mobile app, use it to find an in-network ATM near you.

2.Banking Fees

Don’t pay to manage your money at a bank. Find banks that offer free banking or bank online for free like CapitalOne 360. Earn $25 when you open a free checking or high-yield savings account.

3. Change-Counting Machines

Many of us like to keep our loose change in a jar and let it collect over time. Once it’s full, don’t pay machines to count it for you, go to your bank to deposit your savings or have it exchange for cash.

4. Utility Bill Payment Fees

Skip the line at the currency exchange or grocery store and pay online using checking account or debit card. Some companies charge to use a debit card, so schedule e-check payment, which is typically free.

5. Credit Card Interest

Maintaining a balance on your card usually you to pay interest each month. Try to pay off your credit card balance in full each month or send more than the minimum payment. As always, use your credit cards responsibly.

Related: Best Strategies and Tips to Crush Credit Card

I Raised My Credit Score By 150 Points, Here’s How

6. Gas Station Food and Snacks

Although it may be convenient, prices are always marked up when compared to other stores. So take the time to shop for food in advance at your grocery store and pack emergency snacks in your car. Also, try Ibotta which is one of my favorite apps to use to save money on groceries, clothes, household goods, etc. Just scan your receipt with your phone and start saving money. You can earn $10 instantly with Ibotta as long as you use the app within 7 days of signing up.

Related: How I Avoid Expensive Work Lunches (and How You Can Too)

7. Pumping Premium Gas

Some vehicles may not require premium gas, which is the most costly of the gasoline grades. Stop trying to be fancy, check the owner’s manual, and save.

8. Wasting Gas Due to Low Tire Pressure

You may not know this, but having low tire pressure affects your mileage significantly. Save gas and money by improving your gas mileage by simply checking your tire pressure and maintaining it at the proper level.

9. Single Car Washes

Many car wash places offer a flat monthly rate for unlimited washes, so check with your local car wash to find out if they offer a monthly rate and cash in on a clean car. Or, you can get a discount when you pump your gas.

10. Lottery Tickets

According to the Powerball, the odds hitting the jackpot are 1 in 292,201,338.00, and CNN cites that Americans spent $70.15 billion in 2014. Let’s save our hard-earned money.

11. Bottled water

Unless you live in an area where potable water isn’t safe, don’t waste your money on bottled water. Often times, it’s simply bottled tap water. Buy a reusable water bottle or invest in a quality water filter, and save (plus you’ll reduce plastic waste).

12. Coffee

A daily cup of joe adds up if you purchase it at places like Starbucks and Dunkin Donuts. Save by brewing at home.

13. Cigarettes

It’s a tough addiction to beat, but it is a very expensive to purchase cigarettes daily. Aside from causing deadly health effects, according to Time, smoking can cost you $1 to $2 million in a lifetime. Make an effort to better your health and wallet.

14. Garbage bags

If your area doesn’t charge for using plastic bags, reuse the ones you get from shopping as garbage bags. I do this all the time.

15. Plastic bag fees

For those living in an area where stores charge for plastic bags (*cough cough Chicago*), bring your own reusable one. Those cents add up!

16. Gift Bags/Wrapping

Reuse bags from previous occasions if they are still in good condition. We started doing this last year and no longer have to run out and by $3+ gift bags when we go to events or parties.

17. Greeting Cards

Take some time to make your own personal cards or send an eCard and skip on the expense.

18. Travel Size Toiletries

For the frequent traveler, you should buy empty travel containers and refill with shampoo, lotion, etc. as needed.

19. Magazine and Newspaper Subscriptions

Save money and paper by keeping up with free online news services.

20. Paying For Premium Streaming Music Services

In the digital age of music, don’t pay for premium services. Streaming companies like SoundCloud and Spotify allow you to listen to music for free.

21. Buying Books

If you’d like to truly own a book, then save on the paper and extra cost by purchasing the digital version, or go to your local library and check them out for free.

Another cost effective option is signing up for Audible. When you sign up you receive your first 30 days and your first audiobook selection for free.

After your trial period your low monthly membership fee gives you one credit a month to use for a new audiobook choice. Also, you can cancel your membership at any time and you get to keep the audiobooks you already selected. It’s definitely worth signing up for so check it out today.

22. Library Late Fees

Remember to return all materials on time. It’ll save you money and allow for other library patrons to enjoy the material in a timely manner. If you do have library fees, wait for a month when they accept canned goods as a payment method (usually around the holidays).

23. Brand New Video Games

Skip the early release and commotion of having the latest video game. Save major bucks by purchasing a used version of the game online or at stores like Game Stop.

24. In-App Purchases

Gaming apps are meant to entertain, and while most of them are free, don’t fall for the “purchase bonus lives” trap. In-game purchases add up.

25. New Phone Chargers

If you forget your charger and your phone needs to be charged, some time you’ll be inclined to purchase a new one, but it can be costly or even poor quality. Always keep your charger handy, look for a charging station where you’re at, or simply ask to borrow one.

Another way to save money is having a backup battery power pack on hand. The Anker PowerCore 10000 is a bestseller because of its portability, power capacity and price point. Having one near you will definitely be a lifesaver.

26. Batteries

Save on disposable batteries and purchase rechargeable ones. They can last up to two to three years.

27. Pens

Many offices, banks, insurance companies, etc, give them away for free. Save them and skip on the purchase.

28. Paper

Unless you’re a student, you probably don’t really need to buy a lot of paper – reuse already printed pages and use both sides.

29. Insurance

Be sure to get the best rate for your individual needs, whether it is car, health, home or life insurance.

30. More House Than You Need

While some families “grow into” their homes, sometimes less is more. Save on mortgage and the possibility of purchasing more for a larger home. Downsize and save.

Related: Non-Traditional Housing Alternatives to Consider

31. Leaky Faucets

If you pay for water utility bill, according to the EPA, fixing leaky faucets saves you 10% on your bill. By ignoring it, you not only lose money every day it goes unfixed, but you also waste clean water, at a rate of 10,000 gallons per year.

32. Cool Drafts

Save on heating and electric bills by fixing drafts and keep the warmth and cool in your home during the winter and summer.

33. Unnecessary Data Phone Plans

Unless you need unlimited data for work, you should not spend much on your cell phone bill. I save a ton of money on my cell phone bill by using a prepaid phone plan.

34. Leaving Electronics Plugged In

Even though you may not use them often, electronics that are plugged in still consume energy. Unplug appliances you don’t you often and keep other electronics on a power strip, turning them off when not in use.

35. Fast Food Restaurants

Improve your health and wallet by not eating fast food often. It may be cheap, but it adds up, especially if you eat out a few times per week. Instead, spend the money and the time to grocery shop and prepare meals.

If you’re going to eat out, a great way to save money and earn money at the same  is by purchasing dining out Groupons through Ebates/Rakuten. You get the opportunity to earn cashback through Ebates/Rakuten and Groupon will find you a great deal so it’s a win/win!

Related: How to Eat Well For Only $300 a Month

36. Buying lunch

Sometimes you’re running late for work and don’t have time to pack a lunch. Buying lunch often costs much more than preparing and bring a meal to work. Spend some time planning, purchasing and preparing meals ahead of time so they’re ready to go, even when you’re in a hurry.

37. Prepared grocery store meals

When you do go grocery shopping, sometimes the already-prepped sub or diced fruits and veggies tempt you to buy them and save time, but you’ll be paying top dollar for those products. Plan a list ahead of time and buy the individual food items, then spend the time prepping them yourself in order to save.

If you have trouble making grocery lists and figuring out what you’re going to eat each day, I’d highly recommend trying out the $5 Meal Plan so you can receive healthy meal plans and recipes to your inbox.

Another option I highly recommend is  My FreezEasy. This is a fantastic guide for your freezer meal making. You’ll get detailed recipes, complete shopping lists, instructional videos and more while saving yourself time, money and hassle.

Related: Foods That Help Keep Your Grocery Budget Low

38. Expiration Dates

Sometimes, expiration dates may not reflect the true shelf life of a product. Don’t waste food (and money) by throwing out a product which may still be fine to consume. Check out Eat By Date and see for yourself the true shelf life of your groceries.

39. Vending Machine Snacks

Not only are these snacks typically unhealthy (there goes your healthy habit), they are typically much more expensive than their grocery store counterparts. If you find yourself buying vending machine snacks, try to save the money instead and see how much you have leftover at the end of the month. You can probably invest it

40. Brand Name Items

Save money by skipping on the brand names, like medicine, toiletries, and certain foods. Remember that healthier options with fewer additives may cost more and in that case they may be worth it. Otherwise, generic is the way to go.

41. Buying Smaller/Single Packs

Products like toilet paper and soap have a long shelf life, so save on purchasing those often and buy in bulk.

42. Purchasing Paper Towels/Paper Napkins

You are purchasing these to eventually throw them out. Save on the waste and save money by buying reusable, washable towels and napkins. Your wallet and the environment will thank you.

43. Paying Extra For Night Time Movie Showings

Primetime showings are typically 2x higher than those during the day. Go to morning matinees or take advantage of weekly specials ($5 movie nights during the week).

44. Movie Theater Food

Often times, movie theater food can cost more than the ticket to get in. Try to keep food purchases to a minimum when you can or eat a filling meal before you go see a movie.

45. DVDs and On Demand

Instead of spending money on purchasing the movie, subscribe to streaming services and find an alternative or go to your local library.

46. Club/Bar Full Cover Charges

While having a spontaneous night out is fun, if you RSVP when possible, arrive early, or take advantage of online ticket sales, you can skip out on paying in full at your favorite nightlife places.

47. Transportation

When you’re heading out and can’t or don’t want to drive, consider calling Uber or Lyft instead of calling a cab so you can save money on the ride. You can use my link to get $20 off your first Uber ride.

48. Stuff on You Birthday

Your birthday is one of the best days to score free stuff like meals, drinks, desserts, tickets, services, etc. I wrote a whole roundup post on birthday freebies a while ago.

Related: Birthday Freebies Roundup

49. Kids Meals When Dining Out

When you do dine out and if you have kids with you, be sure to take advantage of ‘kids eat free’ specials. Most restaurants have specific days of the week when they offer free kids meals.

50. Pet Food

You may not be able to cut out this expense completely if you have pets, but you can score free cans of pet food with coupons occasionally so you won’t have to spend as much.

Another option is checking out Chewy. You will find all the things you need for your pet at lower prices. They also have great daily deals and frequent discount offers to help you save even more. 

As you can see, there are many ways to save big on everyday expenses. How do you plan on cutting back and keeping more money in your wallet?

The post 50 Everyday Expenses You Need to Stop Spending Money On first appeared on My Debt Epiphany.

The post 50 Everyday Expenses You Need to Stop Spending Money On appeared first on My Debt Epiphany.

It’s important to save money and avoid touching it in case you really need it. I’m the type of weird person who feels guilty for using my savings for justified reasons and I know that’s not helpful.

So long story short, after holding onto my emergency savings for several years and continuing to stash money away, I ended up having to spend about half of the money in my EF one month. Ouch!

Becoming a homeowner is more expensive than I thought, and I regret to admit that I pulled from my EF to cover non-emergency expenses like extra materials that we needed to fix up our home. It was better than the idea of taking out debt, but now I’m faced with the responsibility of replenishing my account and I want to do it fast. I don’t want to run the risk of being faced with additional unexpected expenses that I can’t afford so my goal is to top off my emergency fund by the end of this year.

An emergency fund is just one helpful line of defense I’d recommend having to protect yourself from financial turmoil. The thing is, no one wants to spend years and years building their emergency fund. Here are some effective ways to help you get started and you grow your emergency fund FAST.

Make a Commitment

The first thing you need to do if you want to reach any financial goal is to make a commitment to prioritize it above anything else. If building your emergency fund ASAP is your current goal, you’ll need to focus in on it and choose the amount you want to end up saving and give yourself a deadline.

Open up a separate savings account if you haven’t already and set up automatic transfers. I keep my emergency fund in a high-yield savings account at Capital One 360 where it earns a competitive interest rate which helps grow my balance.

Paying yourself first will be a crucial action to take to ensure you stay on track. Oh, and you’ll need to make some sacrifices too. I’m sure you’re probably thinking no duh Chonce, but you really have to mentally prepare yourself for the change.

This may mean saying no to certain things or cutting back in other areas of your spending.

Related: Why You Need a Full Emergency Fund

50+ Expenses You Can Cut ASAP to Save Money

30 Ways to Save Money When You Live Paycheck to Paycheck

Budget For Savings

After you’ve committed, be sure to adjust your budget to accommodate your aggressive savings goals. Add a savings category to your budget or increase your current savings rate to speed up the process.

See which expenses you can cut or reduce even if it’s temporary. If you use a spreadsheet system like me, you can easily play around with the numbers and adjust your spending categories to see how much you can afford to set aside.

A healthy and specific budget is going to be key in all of this and keep you on track while you work toward your big goal

Related: Learn how to budget correctly here

How to Save Money in Almost Every Area of Your Life

The 50-30-20 Budget Plan: What Is It and How Does It Work?

Why and How to Create an Annual Budget

Find One-Time Extra Income Opportunities

Don’t just settle for your budgeted amount when it comes to making savings contributions. If you want to reach your emergency fund goal fast, consider increasing your savings rate by finding one-time income opportunities.

Usually, summers are slow for blogging and freelance work, but I picked up a few freelance projects this summer that are keeping me super busy. I have to get better at managing my time but on the bright side, I’ll be making extra money that can go directly toward savings.

You can do this too if you’re trying to grow your emergency fund fast. See if there are any one-time gigs or projects you can do for extra cash.

I’m not going to lie, freelancing gigs are one of the best ways to make a lot of extra money quickly. You can write one-off guest posts on other sites, do a few photography shoots, sell your graphic design services on Fiverr, offer consulting services, or even do some VA work to make thousands in a short amount of time.

The best part is that you don’t have to stick with it forever. Just make enough money to top off your emergency fund and give yourself some better peace of mind.

Related: 80+ Extra Income Ideas That Don’t Suck

22+ Websites That Pay Writers for Guest Posts

How to Create Extra Streams of Income on a Low Budget

Sell Your Old Stuff

You probably saw this one coming. Selling your old stuff is a classic way to make extra money quickly. When it comes to growing your emergency fund fast, you don’t want to waste time selling the old junk you have.

You want to sell the nice, big-ticket items that are going to make you a lot of money. If you have small appliances, furniture, TVs, or electronics, these items will get you the most bang for your buck.

Good-quality clothes, shoes, and books are still nice to sell but you’ll have to sell a lot more to earn a substantial amount.

One of the best places to sell items online nowadays is the Facebook Marketplace. I’m a frequent Facebook Marketplace shopper and I’m often raving on social media about all the great deals I find.

If you have really nice and in-demand items, they will sell quickly on the Facebook Marketplace and you’ll be able to reach your emergency fund goal quicker.

Related:  How to Make Money Selling Items on Amazon and eBay

Use Windfalls and Bonuses

It’s feels so good to receive unexpected money like work bonuses and tax refunds. Since you weren’t expecting the money in the first place, you can avoid the temptation of wanting to spend the money.

My husband gets the opportunity to earn a bonus each month at his job and it’s kind of fun because we never know how much it will be. Yet, we know that we don’t plan to spend it and will just throw it into our savings account.

Tax refunds and end-of-year work bonuses can provide a major boost to your emergency fund balance.

A windfall I’m not counting on but would definitely put in my savings account is a security deposit check from our old apartment. If you move out of a rental, don’t forget to follow up on your security deposit to see if any of it will be returned to you. Like I said, it’s not something to count on, but it’s a nice way to bump up your savings if you get one.

If you don’t get any of your security deposit back, your landlord should still provide you with an itemized list of the repairs your deposit money went toward within a reasonable time frame from you moving.

Get a Regular Side Hustle or Second Job

As Dave Ramsey always claims on his radio show, “you can earn a couple hundred to a thousand dollars a week delivering pizzas on the side”.  If you don’t like that idea, there are plenty of ways to make extra money with an ongoing side hustle or second job.

Some of my favorite options are creating your e-printables and selling them on Etsy, freelancing, testing websites, tutoring online, babysitting, dog walking, and becoming a virtual assistant.

All of the above will help you earn hundreds extra per month. Those are just a few ideas but there are so many options out there. You just need to be willing to take action and try them out. Once you find the most lucrative side hustle for you, stick with it and be disciplined with your spending to grow your emergency fund fast.

Related: How to Get Started With Freelance Writing

How to Become a Virtual Assistant

This Pinterest VA Earns $1,200 per Month: Here’s How

Take The Emergency Fund Class

***To help even further, I’ve put together a 4 part masterclass called ‘Build A Full Emergency Fund…FAST’ and it’s dedicated to all things emergency fund! We’ll dive into all the areas needed to get your emergency fund to where you want it to be fast.

We’ll discuss things such as your personal ‘why’ for building a full emergency fund, what you should and shouldn’t use emergency savings for, how many months of expenses you should set aside for your own personal situation and SO much more. I am also including great bonuses that will help you beyond the masterclass. Join the masterclass here!

Now I want to hear from you.

Do you ever feel guilty for whatever reason when you use your savings? Are you trying to rebuild or grow your emergency fund fast? What steps are you taking?

The post Emergency Fund Tips: How to Grow Your Account Fast and Where to Start first appeared on My Debt Epiphany.

The post Emergency Fund Tips: How to Grow Your Account Fast and Where to Start appeared first on My Debt Epiphany.

As I return back to my more ‘frugal by necessity’ roots, I’m super interested in trying out new apps and tools that can help me meet my goals. Shopkick is just one of these apps.

Shopkick is really a must whether you’re making online purchases or going to physical stores to buy groceries or items for your household. So how does Shopkick work and how can it help you as much as it’s helped me? It’s super easy, but first, let’s start with the basics

What Is Shopkick?

Shopkick is a fun and easy way to score free gift cards for the shopping you already do. Need to run to the store for cleaning products or garbage bags? Shopping online for electronics? Or, are you doing your weekly grocery run?

Using Shopkick can help you earn rewards for all these daily store runs or the online shopping you do. Shopkick doesn’t disrupt your daily schedule at all which is what I appreciate.

The app uses its own currency called “kicks”. You can earn kicks by performing in store actions which include:

• Simply walking into the store
• Scanning items with your phone
• Purchasing products and uploading your receipt

When you’re shopping online, you earn kicks for every $1 spent. How Shopkick works is similar to other rewards apps that pay you rebates to shop. Or, you can compare it to a typically cash back credit card that rewards users for purchases in specific categories.

But with Shopkick, you can visit your favorite stores locally and online and earn kicks. Some of these retailers include (but aren’t limited to):

• CVS
• Walgreens
• Sam’s Club
• Walmart
• Target
• Ulta Beauty
• Bed Bath and Beyond
• Dollar General
• Kroger
• Publix

***Start off with an instant reward of $5 in free kicks when you sign up and enter my promo code: EPIPHANY

How to Use Shopkick

Shopkick has two main features: Nearby and Online.

The Nearby feature lets you earn rewards when you visit local stores. You’ll earn kicks by just walking into the store, scanning certain products, and even by uploading your receipt.

You’ll need to turn on your location settings to earn kicks this way. I just allow location tracking while I’m using the app only and not when I don’t have the app open and this does the trick.

In order to earn kicks with your receipts, you can claim kicks for certain products found in the app under the store you’re visiting. Then, just upload your receipt to verify that you made those purchases.

The online feature awards you with kicks per $1 spent. Just open the app and click on your store of choice to see the kicks reward offer. Then, just click ‘Shop Online’ and it will redirect you to the online store to do your normal shopping.

There’s no need to add any special codes or do anything else. Once you’ve made your purchase, your kicks earned will be reflected in you Shopkick balance.

Additional Ways to Earn

You can also earn kicks by linking a credit or debit card in the app. Just use your linked card to pay for purchases at participating retailers and you’ll get kids for every dollar your spend. Just be sure to choose the ‘credit’ option if you’re checking out with a debit card.

Another option to earn kicks is to use the Discover tab in the app which allows you to browse more offers and watch short videos to earn kicks.

How Much Are Kicks Worth?

Kicks add up to actual cash rewards. About 250 kicks = $1 and you can start redeeming your kicks for gift cards once you have 500 kicks. Keep in mind that the minimum amount required to redeem may vary per retailer though.

There are 40+ gift card options to choose from including PayPal, Target, Walmart, Starbucks, and Amazon. When you earn kicks through retailers, you may see them pending but Shopkick will let you know when they’re available to be added to your account. This is usually within 24 hours.

Shopkick Codes

I have a promo code for Shopkick that gives you your first $5 in kicks for free. Just download the Shopkick app, login, and add the promo code: EPIPHANY to get your $5 reward.

Is Shopkick Legit?

Yes, Shopkick has been around since 2009 and paid out rewards to millions of people across the country. In 2019, Shopkick was acquired by Trax, the world’s leading provider of computer vision solutions and analytics for retail.

Shopkick is headquartered in San Mateo, California and has an A+ rating with the Better Business Bureau.

How to Get Started with Shopkick

Thinking of giving Shopkick a try? It’s pretty easy.

1. Just start by downloading the app in the Google Play or App Store.
2. Then, you’ll be prompted to create a log in via email, Facebook, or Gmail.

3. Be sure to make sure your settings allow you to use the Nearby feature to earn kicks. You also may want to opt in to receiving notifications about deals and offers so you boost your kicks.

4. Start shopping and earning kicks!

Don’t forget to earn your free $5 in kicks!

Once you’re logged in. Click on the blue box that says ‘Friend referral’ and add my promo code: EPIPHANY to earn your free bonus.

Final Thoughts

As you can see, if you’re not using Shopkick, you’re missing out. You’re already shopping at local stores or making purchases online. Shopkick makes it easy to earn rewards for your everyday spending.

Plus, I find this app to come in really handy around the holidays to help me earn kicks on all of my shopping so I can earn gift cards and cash via PayPal.

But I encourage you to try it out for yourself to see how it works. Be sure to use my promo code, EPIPHANY, when signing up to get your $5 bonus. Don’t forget to let me know what you think!

The post How Does Shopkick Work? Save Money and Earn Rewards first appeared on My Debt Epiphany.

The post How Does Shopkick Work? Save Money and Earn Rewards appeared first on My Debt Epiphany.

Slowly but surely, lifestyle inflation will creep up and it has the potential to ruin you financially, burying you in piles of debt and keeping you from your long-term goals.

An undeniably real thing many college grads will experience (including me) is the rush of going from an internship or job in college (or no job) to suddenly having a steady paycheck, paying you more money than you’ve likely earned in your entire life.

If you’re not disciplined, there’s a good chance that you’ll soon grow accustomed to your new-found income; by itself, this isn’t bad, but as you continue to earn more, it leaves you in a position to start racking up debt and buying stuff just because you “can”.

If you want to retire early (or maybe even at all), nipping lifestyle inflation in the bud will help make sure that you can live an enjoyable life now and also hit your goals.

Here are the four best ways to battle lifestyle inflation and save money.

Quit Comparing Yourself To Others

There’s only one person you should be comparing yourself to, and that is yourself in the past. Keeping up with the Joneses is a surefire way to spend more than you save and let lifestyle inflation in.

When that neighbor has that shiny new toy, something inside of us envies that and makes you want it. It’s human psychology; you want what you can’t have. Whenever I want something that I deep-down know I can’t afford or shouldn’t buy, I think about what I need to give up in return.

Take for example the neighbors who roll into their driveway on a Tuesday night with a brand new Mercedes fresh off the production line.

If the only person you’re comparing yourself to is yourself, then you’ll be less likely to care about what your neighbors have and more likely to care about making sure you’re making progress on your goals.

It’s one of the best ways to battle lifestyle inflation!

Doing this also means caring less about stuff and caring more about what provides meaning and value in your life – likely things like friendships, relationships, and experiences over having the latest iPhone or Mercedes.

This brings me to my next point.

Skip The Lease Or New Car, And Buy Used

Americans buy an insane number of cars with debt. Over $1 Trillion in auto loans is a staggering number, and financing a car – or leasing one – is putting yourself on the hook for a depreciating “asset” (some would say cars are a liability).

I’m not recommending that everybody totally skip the car and take public transportation or bike everywhere. If you can do that, great. It’s an awesome alternative, and walking/biking will help you stay in better shape but quite frankly it’s just not realistic.

Buying used, however, is very realistic and will save you thousands and thousands of dollars, especially when you repeat that process every time you need a new car.

I bought my car lightly used back in 2015. I chose a newer vehicle than what I probably could have gotten away with, but we’re now down to 1 car between the two of us and have no immediate plans of buying a second one.

Making the conscious effort to figure out our schedules on one vehicle was a little bit tricky, and it’s not always the most convenient thing. That’s where Uber/Lyft comes into play.

Instead of making a $300-$500 car payment, you could instead use that money for many things like beefing up your emergency fund or investing.

Paying more than you need to for a car is one of the easiest financial mistakes to make, especially if you go to college and land a nice “real” job afterward, but staying within your means and paying cash for a decent used car will put you in a much better position down the road.

Related: Why Do You Need a Full Emergency Fund?

Bank Your Raises, Bonuses, And Tax Returns Immediately

If you get a raise or an annual bonus at work, or you get a tax refund, saving it instead of spending it will make sure you don’t count on it as part of your ‘regular’ income.

These things aren’t guaranteed. While nothing ever is a slam-dunk, raises, bonuses and tax refunds are rarely things you can rely on with much consistency, so it makes sense to treat them a little differently.

Admittedly the raises will be a little more difficult to deal with in this way psychologically, but they’re pretty easy from a mechanics standpoint.

If you get a raise that increases your bi-monthly paychecks by $75 each, just adjust your automatic savings up by $150 once the raise kicks in. At first, this may seem to be totally against the point of working hard to get a raise, so starting it at something like $100 will let you enjoy a little bit of your raise now and still move you ahead on the savings.

Be as aggressive as you can with these. The more you can save now, the more you’ll be able to enjoy compound growth and the freedom your money buys you later.

The same goes if you get a new job in which you’re making more money. If you go from a job making $50,000 a year to a new job making $65,000, your paychecks will undoubtedly increase; make sure you increase your savings if you don’t want to blow your extra income on something silly.

Related: How to Find An Employer Who Can Afford to Pay You More 

Increase Your 401(k) Contributions

This is one of my favorite secret weapons. If you have a 401(k) (or similar) retirement plan through work, it’s an easy trick.

In addition to bumping up your savings when you get a pay increase, bumping up your 401(k) contributions by 2-3% each year will help you inch toward your goal.

At some point, you’ll be able to max out your 401(k) and, since the change is gradual, likely, you won’t feel it too much in your take-home pay. Doing this will help you sock away $18,000 each year, and the sooner you start the better.

This isn’t exactly the quickest way, but it’s definitely effective. Make sure that at a minimum you’re always contributing at least the company match (if applicable), and then bump up each year after that.

Related: 9 Tips for Preparing for Retirement

Have Debt But Want to Invest? Here’s What You Need to Know

Conclusion

You now know about some of the best ways to battle lifestyle inflation and save money!

Lifestyle inflation can creep up on you and cause havoc on your finances so you need to get in front of lifestyle inflation and stop it from happening to you.

It’s not a bad thing to buy things for yourself but you need to decide when it’s enough.

Simply, be mindful of how much you are spending and what you are spending on to make sure it’s really worth it. This is the key to managing your money like the rich!

What tips and tricks do you use to battle lifestyle inflation? Do you have specific tools you use or is this purely a head-game?

The post 4 Best Ways to Battle Lifestyle Inflation and Save Money first appeared on My Debt Epiphany.

The post 4 Best Ways to Battle Lifestyle Inflation and Save Money appeared first on My Debt Epiphany.

Receiving a lump sum or money can feel good, I know, but it’s important to resist lifestyle inflation and use that money to improve your life overall.

Here are seven smart moves you can make with your tax refund to help improve your life and get ahead financially.

1. Pay Off Debt

Of course, this is a great use for a tax refund. It’s hard to stay motivated during debt payoff so when a chunk of money comes along like your tax refund, you can make put a serious dent in one of your balances.

Technically, I’m supposed to still have a car loan since I financed my car in 2014 with a 5-year loan. Instead of spending $233 each month on a car that was depreciating in value each month and paying a crap ton of interest, I decided to use my tax refund to decrease my loan balance and make extra payments to pay my car off three years early.

Now, I am loving the ‘no car loan’ life and the fact that I can keep more of my money. If you are planning to pay off some debt with your tax refund, I’d recommend that you make your payment as soon as your tax refund hits your account so you don’t accidentally use it for something else.

Related: Staying Motivated During Your Debt Payoff Journey

2. Build Up Your Savings

Having a fully funded emergency fund is so important. If your car breaks down, you lose your job or get sick, your savings can be a lifesaver. It’s important to have at least 3 months of expenses stashed away so if you don’t, using your tax refund to boost your savings is a great strategy.

I use CapitalOne 360 to house my emergency fund. It’s a high-yield online savings account that allows my money to earn interest each month while it’s sitting there waiting for the next unexpected expense.

I’d highly recommend putting your emergency fund in an online high-yield savings account because The Performance Savings Account at CapitalOne has a 3.30% interest rate while most brick and mortar banks offer savings accounts with pathetic interest rates like .02% so your money never really earns anything as it sits in your account all year.

Related: Emergency Fund Tips: How to Grow Your Account Fast and Where to Start

3. Use It As a Down Payment on a Home

If you’re planning on buying a house, you may have to come up with a big down payment depending on the market in your area. Your tax refund can help ease that financial burden or even jumpstart your house down payment fund and motivate you to deposit more each month.

When you buy a house, it’s best to put at least 20% down in order to avoid private mortgage insurance (PMI) which can add up each year.

If you’ve been meaning to refinance your home, you can also use your tax refund to help cover the costs of the process. If refinance mortgage rates are low, this could be a great option if you’re looking to save money on your existing mortgage with a lower interest rate.

Related: Non-Traditional Housing Alternatives to Consider

4. Invest It

Ahh investing. Did you know that YOU can become a millionaire on an average salary as long as you start investing early and strategically? Don’t believe me? Plenty of people have done it.

When it comes to investing, there’s really nothing better to do if you want to build wealth and retire someday. I know retirement may seem like it’s far away, but the key with investing is to use all the time you have to let compound interest work and grow your money.

You’ll never be younger than you are today, so I’d advise you to start investing what you can now. Your future self will thank you.

If you’re interested in getting started with investing and building wealth, this post will definitely help you out. → How to Start Investing in Stocks With No Regrets

Related: Have Debt But Want to Invest? Here’s What You Need to Know

5. Home Repairs

Home repairs can be expensive and add up quickly. But upgrades and repairs can make your home a more comfortable place to live and even increase its value.

If you’ve been meaning to renovate your home or repair something that has been on your to-do list for a while, your tax refund can help so you don’t have to use your credit card or take out a loan.

Related: 10 House Projects You Can Do For $100 or Less

6. Treat Yo’Self to a Relaxing Vacation

There’s nothing wrong with doing something special for yourself every now and then. Going on a vacation doesn’t have to cost an arm and a leg but for some people, there’s often not enough time or money to go on vacation.

If you’ve already established your emergency fund and paid off some of your debt, using some of your tax refund to fund a little getaway wouldn’t be a horrible idea.

Vacationing is great for your mental health and can make you feel refreshed and ready to tackle the rest of your goals upon your return. To save money on travel, you can go on a weekend trip or stick to a domestic location.

Related: 10 Ways to Afford a $1,000 Vacation

7. Invest in Yourself

Investing doesn’t always have to relate to the stock market. You should always prioritize investing in yourself first because it can pay off big time. There might be a course or training program you’d like to sign up for if you’re looking to learn a new skill.

You may need new equipment or tools for your job or side hustle which would put your tax refund to good use. Whatever your goals are, be sure to invest in yourself from time to time so you can take your progress to the next level and become successful.

There are a number of smart ways to use your tax refund if you usually receive one this year.

At the end of the day, you just need to focus on using it to improve certain aspects of your life as opposed to blowing it on materials things you won’t even remember next year.

However, you shouldn’t get into the habit of spending the money before you receive it (since it could vary) and you should always focus on using the income you already have to boost your finances.

Establish a realistic budget, automate your savings, pay off debt, and commit to spending less than you earn. That way, your tax refund will just be considered extra and not a necessity to get by.

Will you be getting a tax refund this year? If so, how so do you plan to use it?

The post 7 Smart Moves to Make With Your Tax Refund first appeared on My Debt Epiphany.

The post 7 Smart Moves to Make With Your Tax Refund appeared first on My Debt Epiphany.

Life is unexpected and the last thing you want to do is be unprepared in the event that a financial emergency arises. Saving your first $1,000 can seem like a daunting task, but with a few tips and strategies like the ones I’ll share below, you will be saving like a pro in no time.

Join a Savings Challenge

I don’t know about you, but challenges prompt me to get competitive with myself and strive for the best. Doing a challenge with a group of people also motivates me to succeed and hold myself accountable.

The 52-Week Savings Challenge has garnered popularity as a good way to reach your $1,000 savings target in 12 months or less. By following that method, you start off with saving $1 the first week, then $2 the second week, then $3 the third week, and so on.

Eventually, you will have saved $1,378 by the time you reach the 52nd week. Check out an example here.

There are other 52-week savings challenges to try as well and you can always modify your contributions like if you wanted to start saving $20 on week 1 for example.

With these types of challenges, it’s easy to start off, but the immediate results can be discouraging especially if you try the basic 52-week savings challenge as you would only have $10 saved after four weeks, $36 after eight weeks, and $78 after twelve weeks.

In order to see results quicker, you can always flip the starting amount and start by saving $52 the first week, $51 the second week, and so on. By the time the twelfth week rolls around, your savings account will be $558 richer and more than half-way towards that thousand-dollar goal.

Once you reach the twelfth-week mark, you can continue to decrease each amount by a dollar, or you can reset and start with $52 yet again, and have another $558 in three months’ time.

The key with these challenges is just to get into the habit of saving consistently. Each week you’ll get closer and closer to your goal and by the end of the challenge, saving money will be a regular habit for you.

To help boost your savings, you can sign up for Digit to automate more contributions and save more effortlessly. Digit is $2.99 a month, but if you truly struggle with saving, the small fee may allow you to make some serious progress.

Add Up Your Side Hustle Income

While your current earnings can add up once you start implementing savings goals and methods, establishing a side hustle can generate extra income that can help you reach your goal faster.

Finding a part-time job and saving all of the earnings can quickly add up. You can also pick up flexible gigs like babysitting, walking dogs, selling items on Amazon or eBay, freelancing, tutoring etc.

However, you need to be disciplined with the extra income as it can be tempting to splurge or spend it. This is why you should set up a direct deposit, or deposit your check, directly into your savings account. Once it is out of sight, it is out of mind.

Related: 80+ Extra Income Ideas That Don’t Suck 

How to Make Money Taking Surveys (7 Top Sites to Try)

10 High-Paying Part-Time Work From Home Jobs

22+ Websites That Will Pay Writers For Guest Posts

Save Lump Sum Payments

Consider saving lump sum payments such as a tax refund, work bonus or any other unexpected windfall. Getting a large refund could indicate that you’re overpaying a bit on your taxes so first make sure you’re not.

If you do get a refund, use it wisely and to improve your financial situation instead of fund a shopping spree.

You can also use income from bonuses and tips at work or even gift money to boost your emergency fund. If you received a raise last year, dedicate the extra earnings to savings until you reach your goal. Sometimes, adding a larger amount to your savings account could motivate you to keep going.

Related: 7 Smart Moves to Make With Your Tax Refund

Cut Current Spending

Earning extra income is always a great way to save, but another to help you reach your goal is to analyze your current expenses and determine where you can save some of your hard-earned money. I’ll never get tired of recommending that people cut their expenses.

Even when you think you’ve cut your expenses down, they can easily rise back up again every few months so you must consistently audit your spending.

As long as you pay for internet, you can find many affordable ways to cut your expenses right online especially when it comes to entertainment and watching TV. We actually have both Netflix and Hulu and still pay less than we would if we had cable TV.

I’m a big advocate for using Groupon for entertainment and online services like Netflix and Hulu provide top-tier programming and original series, as well as network and cable series, providing an alternative to cable and satellite services.

• You can also save on costs including other utility bills and your grocery bill.
• By being conscious of energy consumption and shutting off unnecessary lights and other electronics you can save on your monthly electric bills.
• Your grocery bill can shrink by buying generic brands where possible. Canned goods, frozen veggies, and breakfast items are typically carried by different brands which allow for you to choose and save.

By implementing simple changes to your life you can reap the benefits of being financially savvy.

I even made sacrifices like avoiding any travel and skipped a vacation during the year in which I saved up $2,000 for my emergency fund. Once you start building your savings account up, you’ll start to feel that peace-of-mind that comes with knowing that you and your family will be financially prepared for the unexpected.

You’ll be able to keep a roof over your head, have food in your fridge, handle unexpected medical bills, fix your car when you need to, and so much more without having to stress out about money. It all starts with saving up that initial $1,000 balance.

Related: 50 Everyday Expenses You Need to Stop Spending Money On

How My Family of 3 Cut Our Grocery Bill Down to $300 Per Month

How to Make Your Paycheck Last Two Weeks

Why I’m Choosing a Staycation Over a Vacation

How did you manage to save up your first $1,000 or how do you plan to?

The post How to Save Your First $1,000 This Year first appeared on My Debt Epiphany.

The post How to Save Your First $1,000 This Year appeared first on My Debt Epiphany.