A thriving niche business in the West End that makes wheelchair and stretcher accessible paratransport vans in a 13,000 square foot Gilbert facility is ready to expand.TCI Mobility takes stripped down cargo vans and customizes them for corporate purchasers — like transportation companies, airport shuttles, prison vans and assisted living transports.The business is the brainchild of Steve Hoffman and Scott Weinstein, mobility dealers who began the operation [...]
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الأحد، 10 أبريل 2016
Seven Spring Spending Traps (and How to Avoid Them)
Spring is here, and you know what that means. It’s time to enjoy the beautiful weather — and hold on to your wallet. Because as the Earth renews itself and new life springs forward, we tend to seek out some form of renewal in our own lives, too — whether it’s new curtains or a new car. Other times, all it takes is a sale on sandals or warm-weather gear to incite a spring spending spree that wreaks havoc on our finances.
Spring money mishaps are all too common, says Leanne Jacobs, holistic wealth expert and author of “Beautiful Money” – and for myriad reasons.
“For some of us who live through long and cold winters, the first signs of spring can lead to spending more than we earn,” says Jacobs. “When spring hits, we can momentarily lose our money management mind and our focus on good spending habits.”
Just as the holiday season offers ample and easy ways to spend more money than you should, spring has spending traps, too. If you want to avoid dropping extra “green” this spring season, here are some common pitfalls to avoid:
Spring Spending Trap No. 1: New Outdoor Furniture and Decor… Just Because
Have you ever walked into your favorite home store at the end of winter and noticed all the beautiful outdoor furniture, grills, and décor on display? After a cold and ugly winter, it can be extremely tempting to upgrade your outdoor cooking station, buy some new patio loungers, and upgrade your ugly old shade umbrella. And that’s especially true if you’ve already seen your neighbors doing it!
To avoid this trap, only visit Lowe’s or Home Depot if you have to, says financial counselor Lacey Langford — and only with a list in hand! Having a list of things you actually need is a smart way to prevent unplanned purchases any time of the year, but that’s especially true in springtime. When you want to deviate from that list, ask yourself : “Do I really need this?”
And if you already have outdoor furniture and décor from last year, try sprucing it up before you consider buying new. “Think about if you can touch up the old furniture by cleaning it or painting it to bring it back to life,” says Langford. With outdoor furniture, a can of metallic spray paint or even just a good scrubbing can work wonders.
No matter what, you should always try to renew and refresh the stuff you have before splurging on something new. Not only will you avoid spending that extra money, but you’ll create less waste as well.
Fight the urge to splurge on fun and whimsical outdoor furniture after a long winter. Photo: The Home Depot
Spring Spending Trap No. 2: A New Spring Wardrobe
With warmer weather approaching, all of your favorite stores are in the midst of rolling out new tanks and tees in all of the hottest colors. Jean Chatzky, financial editor of NBC’s Today Show and host of the “Her Money” podcast premiering April 11, says the spring weather can be like a siren song for shoppers looking to spruce up their wardrobes.
To avoid going overboard – or buying things you don’t need – Chatzky recommends going through last spring’s wardrobe to take stock of the clothing you already own.
“Rotating your closet — putting the warm weather clothes out of sight in cold weather and vice versa — really helps here,” she says. “When you change your closet, you see many things you forgot you had. They look new. And that can help quell the urge to shop.”
Spring Spending Trap No. 3: Organization Overload
Kim Anderson of Thrifty Little Mom says even spring cleaning can be costly in her neck of the woods. When most people prepare for a good spring clean, she says, they head out and buy tons of cute baskets, bins, and containers to organize all their stuff. (The Container Store, anyone?)
Anderson says this is the exact opposite of what we should be doing. Instead of buying more stuff to organize all the crap we have, we should first go through all of our stuff and decide what to keep, donate, or purge.
“Once you have purged your house, consider selling the items you can sell and donating the rest,” says Anderson. By that point, you’ll probably have some extra baskets and storage containers that you can use to organize the remaining stuff you actually want to keep.
The bottom line: Don’t spend time or money organizing stuff you don’t really want in the first place.
Spring Spending Trap No. 4: Going Overboard with Spring Gift-Giving
For some people, spring can be an exercise in gift-giving, says Mike Catania, CEO of discount code site Promotion Code. With Mother’s Day, Easter, and high school and college graduations all falling within a span of two months, it’s easy to go overboard if you’re not keeping track.
That’s why it pays to put some thought into your gifts before spring hits – and that’s true for all of your planned spring gifts. “Delivered flowers, while gorgeous, can put a significant dent in your budget,” says Catania. “Retailers know that you want the best flowers for your mother and they’re going to make you pay for it. A dozen roses for your mother and mother-in-law can easily set you back $100.” Graduation gifts can be costly as well depending on the type of gift – and how many – you buy.
The best way to avoid overspending on spring gifts is to plan ahead. Start shopping early and plan to purchase modest but thoughtful gifts that will last a lifetime or fulfill some purpose. With retailers marking up last-minute gifts with vigor, it always pays to plan ahead.
Spring Spending Trap No. 5: Wasting Your Tax Refund
Of all the spring spending traps out there, treating your tax refund as “free money” is the worst, says Howard Dvorkin of Debt.com.
“It’s not free – it’s yours,” says Dvorkin. “If someone robbed you at gunpoint of $500, then handed it back to you the next day, would you consider that “free money?”
If you’re in debt, Dvorkin begs you to see your tax refund as a ticket to freedom instead of a windfall. “You should spend a tax return on reducing debt, which actually is like free money – because you save on those high interest payments,” he says.
If you do feel the urge to splurge, Chatzky recommends wasting no more than 10% of your tax refund. That way, you can treat yourself while putting the remainder of your refund towards savings or debt.
“Then, change your withholding and your automatic contribution to your retirement plan simultaneously so the amount in your paycheck stays the same going forward but the amount you’re kicking in for your future is supercharged,” says Chatzky. Instead of loaning that money to Uncle Sam, you’ll be investing it in your own future — and you won’t even feel the difference in your paycheck.
Spring Spending Trap No. 6: Gym Memberships You Don’t Use
After spending the winter under thick sweaters, long-sleeve shirts, and leggings, you might find you’re still lugging around that winter muffin top. And with swimsuit season just around the corner, many people see spring as their last chance to get their butt in gear and get to the gym.
But that can be a costly mistake, says Jean Chatzky. “As soon as the thermometer tops 50 degrees on a regular basis, you can comfortably put your gym membership on hold and get outside,” she says. “Whether you’re running, walking, or biking or whatever, it generally costs much less.”
If you don’t have a gym membership already, try exercising outside before you make that investment. And if you’re able to pause your current gym membership temporarily or even cancel it, there are huge savings to be had while the weather is warm and inviting.
Spring Spending Trap No. 7: Buying a New Car
As the warm weather hits, car dealerships are in a fury – and for good reason. Painfully aware of the fact that you’re dying for a sweet new ride (and maybe even a convertible), they’re already scheming up ways to pull you in.
Drive down any town’s main commercial strip and you’ll see red carpets rolled out at the local dealerships. They’ve got balloons on the cars, giant banners promoting their latest deals, even bounce houses for the kids. Some dealerships are even rolling out 0% APR promotions — and, of course, the absolute worst idea in auto financing: 84-month car loans.
While these deals on wheels can be tempting, remember that dealerships will do almost anything to part you with your money. If you already have a car that reliably gets you where you’re going, just look the other way.
The best thing you can do is just avoid dealerships altogether. They can’t lure you in if you never give them the opportunity.
Final Thoughts
Spring is all about new beginnings. It’s a time of renewal, and the perfect chance to ditch bad habits and create new ones. If you want to stay on track this spring, it’s wise to get on a budget and stay on a budget. Don’t let the warm weather lure you into spending more than you planned, and don’t try to keep up with the Joneses and their new cars, lawn furniture, or wardrobe.
The temptation will always be there, but you’re the one in control. Use the warm weather to rejuvenate your dedication to financial wellness, and you’ll thank yourself later.
What spring spending traps are you trying to avoid this year?
The post Seven Spring Spending Traps (and How to Avoid Them) appeared first on The Simple Dollar.
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How I Saved $1,774 in 10 Months Without Even Trying
Saving money is really freaking hard.
Even though I’m naturally frugal, I’ve never been great at putting aside money for anything other than travel.
As of a year ago, I didn’t have an emergency fund, and was barely saving for retirement.
I knew that wasn’t smart, so I finally set up automatic contributions to my Roth IRA.
But I still didn’t have an emergency fund.
To remedy that, I needed savings to A) be automatic, otherwise I’d never do it, and B) live in a separate account, otherwise I’d probably blow it (in the best way possible) on traveling.
I procrastinated and procrastinated…
Until I heard about a new tool that reviews how much money you have in your checking account, and automatically sets aside an amount you can afford every few days.
I signed up 10 months ago, and haven’t looked back. Here’s how it works.
The Mindless Way I Saved Nearly $2K
So how did I finally start my emergency fund?
This magical tool analyzes your income and spending to automatically figure out “when and how much is safe to save based on your lifestyle.”
Unlike automatic transfers from your bank account, Digit doesn’t take out the same amount every week or month.
Instead, it monitors your account and spending patterns, and “moves a few dollars from your checking account to your Digit account, if you can afford it” every few days.
The amounts generally vary between $5 and $50, according to Digit, but I’ve seen them go as high as $61 and as low as 70 cents.
Once the money is transferred to your FDIC-insured Digit savings account, it stays there until you need it.
When that day comes, send Digit a text or submit a request via the website or app, and it will send the money back to your checking account the next business day. You can transfer money as frequently as you like, with no minimums and no fees.
Access Digit on its web platform, or via its iPhone or Android apps. You can use it in conjunction with more than 2,500 banks and credit unions nationwide, but isn’t yet available internationally.
My Digit Review: What I’ve Saved
I joined Digit in May 2015. So far, I’ve saved $1,774.88.
If I stopped being lazy and referred five friends to the tool, I could earn an additional $25, which would push me over the two grand mark.
It might be obvious, but worth noting: The more you have in your checking account, the more you’ll save.
After I increased my income by accepting a full-time writing job here at The Penny Hoarder, my checking account balance was consistently higher. Digit calculated it could remove more money — and my savings quickly ballooned.
That’s the beauty of Digit’s system; it constantly adjusts to your cashflow. If it’s low, your savings will increase more slowly — but every little bit adds up!
Is Digit Right for You?
What works for me won’t work for everyone.
So, is Digit right for you?
If you want precise control of your money at all times, no.
Because I use Digit, my checking account’s balance is constantly changing, which is OK with me. But if you want more control, this might not be the tool for you.
That being said, Digit makes it easy to stay on top of things: You can get your savings or checking balances with a simple text, and receive alerts whenever money is transferred.
I opted out of the frequent notifications because I thought they were annoying, but they might provide peace of mind for some.
If your checking account balance is frequently near zero, no.
Digit will cover the fees if it overdrafts your account (up to two times per customer), but it’s probably not a good fit if your checking account is always on the verge of empty.
Besides the fact overdrafting is a pain in the neck, Digit won’t be able to save you much if your balance is really low.
If you’re nervous about giving a website access to your bank account, no.
For Digit to work, you need to connect your checking account.
I trust Digit because it uses “state-of-the-art security measures,” and my info is “anonymized, encrypted and securely stored.” Also, funds are FDIC-insured up to $250,000.
If you want to earn interest, no.
This is probably Digit’s biggest drawback.
Since it doesn’t charge any fees, Digit earns money by investing your money and keeping the interest for itself.
For me, the interest I’d earn in a savings account is already so minimal, I’m happy to let Digit keep the change. It’s worth it to not have to consciously save money (because it’s pretty much impossible for me).
Plus, Digit gives you quarterly Savings Bonuses, which are “based on your average Digit balance over the last three months.” You’ll get 5 cents for every $100 you’ve saved.
If you want to save money without thinking about it, YES.
I couldn’t be happier with my Digit experience so far.
I mean, how could I not be? I have nearly two grand in my account. My emergency fund still isn’t where I want it to be, but it’s eons better than nothing.
I’m going to let it keep growing, and I’ll eventually transfer it into an interest-bearing account.
For the moment, though, I like having it separate and out of sight — it means I won’t spend it on a plane ticket.
Want to give it a try? Click here to learn more about Digit.
Your Turn: Have you tried any automatic savings tools?
Disclosure: You wouldn’t believe how much coffee The Penny Hoarder team goes through. This post contains affiliate links so we can keep the grinds stocked!
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post How I Saved $1,774 in 10 Months Without Even Trying appeared first on The Penny Hoarder.
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