Back when I worked as a nurse, I never would have imagined I could earn six figures a year. With the measly 2 – 3 percent pay raise I got each year, I would be lucky if I were making $60,000 a year. To increase my income, I knew that I would either have to […]
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Investors looking for something different may find themselves drawn to the IA (Investment Association) specialist sector, which consists of funds that simply don’t fit anywhere else
This fascinating area contains a mix of funds and strategies, according to Darius McDermott, managing director of research ratings agency Fund Calibre.
“From Korean equity funds to those investing in gold, agriculture, Chinese currency fixed income, US mortgage-backed securities, or healthcare – anything goes,” he says.
It’s a fair point. Analysis of the sector’s constituents reveals funds focused on a huge variety of unrelated areas and with totally different investment objectives.
You’ll find global infrastructure funds sitting alongside those specialising in agriculture, Latin America, resources, Russia, corporate debt, Europe, India and commodities.
This vast spread makes it virtually impossible to compare funds on a like-for-like basis – a fact that’s acknowledged by the IA.
“Performance ranking of funds within the sector as a whole is inappropriate, given the diverse nature of its constituents,” it states.
The main benefit of the IA specialist sector is that it can give investors exposure to very specific themes, according to Gavin Haynes, managing director of investment management firm Whitechurch Securities.
“This may be an individual sector or a niche investment market,” he says. “It is a great way to add satellite holdings to core investment themes and increase diversification.”
There’s certainly plenty of choice. With more than 200 available funds, including some hidden gems of more esoteric investment themes, there are opportunities for exciting growth prospects.
Mr Haynes also points out that the number of funds in the sector has increased significantly over the last few years, due to increasing demand from more sophisticated investors.
“Active fund management houses are also needing to come up with more ingenious ideas for investment themes to attract investors,” he says.
To illustrate the point, he highlights the wide range of individual emerging markets that could be of interest to longer-term investors.
“Some individual sectors also look appealing, such as financials and healthcare, while the high oil price means energy sector exposure is worth considering,” he adds.
“With more than 200 funds, there are some exciting growth prospects”
Mr Haynes cites the Polar Capital Healthcare Opportunities fund as an example, pointing out how its managers, Gareth Powell and Daniel Mahoney, have built a strong track record since 2007.
“Although healthcare stocks have underperformed recently, with an ageing population it is a strong long-term growth theme,” he explains.
UK investors currently have £55.4 billion in IA specialist, although the sector was the worst in terms of retail sales in the last quarter of 2017 and the first of 2018.
Adrian Lowcock, investment director at multi-manager Architas, attributes this lack of enthusiasm to the volatile nature of the asset classes that can be found within specialist.
In particular, he points out that oil and commodity funds have been doing well in recent months, while Russia-focused funds have suffered.
“Given markets have become more volatile and the outlook less confident, investors are arguably avoiding specialist calls because they are more volatile, and looking instead for diversification and protection,” he says.
It’s true that many of the funds within IA specialist can be affected by problems such as political unrest and the health of individual export markets.
This means they can be risky and not suitable for everyone, warns Patrick Connolly, a certified financial planner with advisory firm Chase de Vere.
“While these have the potential to produce stellar returns, the flipside is that they can also be hugely volatile and leave investors with significant losses,” he explains.
As a result, it’s not unusual for such funds to be sitting at either the top or bottom end of the performance tables.
“Over the past year, the top-performing fund in the sector has produced a positive return of 26%, while the worst fund has lost 17%,” Mr Connolly says.
The difference over longer time periods is even more marked. “Over three years the best has made 74%, while the worst has lost 17%, and over five years the top fund has gone up 128%, while the bottom fund has lost 43%,” he adds.
Mr Connolly insists that the performance data illustrates that investors must be aware of the potential risks they are taking by investing too heavily in such portfolios.
“Each of the funds should be analysed individually and compared against a relevant benchmark, depending on where the fund invests and what it is trying to achieve,” he says.
Mr Connolly adds that large exposures should only be considered by higher-risk investors and suggests there are viable alternatives for those who are rather less gung-ho.
“You can get exposure to specialist areas through broad-based investments, such as diversified equity funds that include areas such as healthcare, financials, energy and technology.”
The aim of this fund, celebrating its 16th anniversary, is long-term capital growth through investment primarily in central and eastern Europe.
Colin Croft, who was co-manager before taking the helm in 2014, looks to identify situations where a company’s earnings potential is unrecognised. This may be due to management actions, developments in the business sector or long-term structural shifts that result from technological or sociological change.
The investment style is not constrained by fixed sector and country allocations, with Mr Croft making decisions after meetings with companies as well as their suppliers and competitors.
At present, the fund’s largest geographical exposure is to Russia (48.1%), followed by Poland (16.1%) and Turkey (14.6%).
Financials accounts for the largest sector allocation (38.2%), followed by oil and gas (34.4%), with other areas, including basic materials and consumer goods, all with less than 10% each.
As for individual stocks, Lukoil, the Russian energy company, is the fund’s largest holding, with 9.6% of assets under management.
Gavin Haynes, managing director at Whitechurch Securities, suggests it’s an interesting recovery play that’s suitable for contrarian investors with a higher tolerance for risk. “It has a focus towards Russia and Turkey, which are two of the most out of favour emerging markets, but fund manager Colin Croft is a shrewd stock picker,” he says.
| Year | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Fund percentage movement in year (%) | -2.95 | -28.1 | -5.32 | 56.99 | 12.18 |
| Value of £100* (£) | 97.05 | 69.78 | 66.06 | 103.71 | 116.35 |
*£100 invested on 1 January 2013. Source: FE, 5 June 2018.
| Manager | Colin Croft |
| Launch date | 16 September 2002 |
| Total fund size | £101 million |
| Minimum initial investment | £500 |
| Minimum top-up investment | £250 |
| Intitial charge | 0% |
| Ongoing charge | 2% |
| Performance fee | None |
| Contact details for retail investors | 0800 561 4000 |
ROB GRIFFIN writes for the Independent, Sunday Telegraph and Daily Express
There are things you already know you need to save for, and others that you’ll wish you’d been saving for when it’s too late.
If you want to avoid taking out payday loans, personal loans or going into credit card debt, you need short-term and long-term savings.
For the purposes of this article, a short-term savings account is for money that will only stay in the account for a short time, and a long-term savings account is for money that will sit for a long time.
Still with me?
The definitions of long and short are relative, but short-term savings is typically money you’ll spend six months to three years out, and long-term savings is usually money you won’t touch for more than three years.
You can (and should) include saving for both long-term and short-term expenses every month in your budget. You never know when you’ll need your savings, and having money set aside can determine whether a situation is a crisis or just an inconvenience.
This account is where you sink funds for things like vacations, biannual auto insurance payments and holiday gifts. It can include money for goals like a buying a new laptop or a down payment on a house. It’s also for occasional unplanned expenses like repairs, replacements or low-cost medical emergencies and procedures.
A short-term savings account should be easily accessible. That means you should be able to withdraw cash from it or instantly transfer it to your checking account online.
You can estimate how much some things, like vacations and gifts, will cost so you’ll know exactly how much to save. In case of emergencies, it’s recommended that you have three months of expenses saved.
You can use the savings component of your checking account, but I find the more you see the money, the easier it is to spend it. To limit that temptation — and earn a little interest — you can put it in a high-yield savings account.
High-yield savings accounts can return up to 2%, which isn’t much, but it’s better than the 0.06% most banks give, and your money will still be easy to access.
Long-term goals can include saving for a car, home repairs or retirement goals that require savings beyond tax-sheltered account limits. It can also include your emergency fund for large medical bills, expensive procedures or savings in case of a job loss.
Like short-term expenses, some long-term expenses can be budgeted for and some can’t. You’ll want to have three months of your regular expenses saved in this account, too, in addition to whatever other goals you’re saving for.
You actually don’t need to have a second account for long-term savings, but if you want to maximize your savings, you can keep this fund in a taxable investment account.
This is just a regular ol’ investment account, minus the tax benefits of 401(k)s and IRAs. What this account lacks in tax benefits, it makes up for in flexibility. You can open one with any brokerage company and withdraw from it at any age, for any purpose, with no penalties.
The reason it’s a good place for your long-term savings: You’ll be able to access the money within three days, which makes it a little hard to “accidentally” spend, and it earns whatever your investments earn. (Stocks produce an average real return around 6.8% annually, although any investment has risks.)
Companies like Vanguard, Fidelity and Schwab offer taxable accounts you can save in. In this type of account, you’ll want to withdraw as infrequently as possible so that interest can compound and hopefully make you more money.
That said, if you expect to need the money anytime soon, save it in your short-term savings account.
If you’re concerned about losing money, consider a certificate of deposit, or CD. Like checking accounts, CDs are insured by the FDIC. Interest rates are typically higher than what you’d earn from a savings accounts, but lower than what you’d earn from investments. The drawback is you typically have to stay vested in the CD for anywhere from three months to five years before you can touch your money.
And if saving for your kid’s college is one of your long-term savings goals, look into a 529 college savings plan. These plans allow you to choose investments for your child’s future tuition, and contributions are exempt from federal income tax.
Ideally, you’d add to your retirement AND both your long- and short-term savings accounts every month, but that’s not possible for everyone.
A simple emergency fund of at least three months’ worth of your bare minimum expenses is where you need to start. Then you can start saving for the rest of your goals and building out your emergency fund to six months of expenses.
Jen Smith is a staff writer at The Penny Hoarder. She gives money saving and debt payoff tips on Instagram at @savingwithspunk.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Now that you’re a grown-up, you no longer get rewarded for just doing the things that are expected of you — like, for instance, paying bills on time.
Not until now, anyway. MoneyLion, a free app for managing your personal finances, will reward you for things like paying your bills and monitoring your credit — even just setting up an account in the app.
Much like that childhood allowance, it’s basically bribing you to be good.
You’ll earn points in the app’s rewards program, and you can redeem them for gift cards to more than 15,000 retailers, including places like Walmart, Applebee’s and Amazon.
You can connect MoneyLion with all your bank, credit card, student loan and other financial accounts. Based on your income and spending patterns, it offers personalized advice to help you save money, reduce your debt and improve your credit.
So if credit cards aren’t your thing, MoneyLion is like having a rewards credit card without the temptation to overspend. Once you earn 2,500 points, you can redeem them for a $25 gift card (for example to Starbucks, Target, Bass Pro Shops or thousands of other retailers or restaurants).
You can earn points for tons of stuff you do in the app. You’ll get rewards for signing up for a MoneyLion account and taking actions like the following:
That’s 950 points just to get started with the app. If you want to take it a step further and work on paying down debts, for example, MoneyLion can help with a loan to consolidate your debt and potentially reduce your interest rates. And it’ll reward you for that, too!
Once you sign up for MoneyLion’s free credit monitoring, it’ll check to see that you’re keeping up on your bills. Every month you pay your bills on tIme, you get another 50 points.
Take all these steps, and you could earn your first $25 in rewards in about five months — and build healthy financial habits along the way.
So, pay your bills on time, and get rewards.
Now that you’re a grown-up like the rest of us, this is how you earn your allowance.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. Now that he’s a grown-up, he tries to pay his bills on time.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
For many people, especially those of us who live in rural communities, Amazon offers an easy way to get what we need, from clothing to electronics to groceries.
No matter where you live, it’s pretty cool to be able to simply order what you need and have it arrive on your doorstep a few days later.
As awesome as it is to save money shopping on Amazon, getting stuff for free is even better.
Who doesn’t love free stuff? Here are our favorite freebies you can get from the online retailer.
If you love music, check out the free album listings on Amazon. Simply sort the list by price, making sure to select the “low to high” ranking feature, and you’ll see all the free options first.
You’ll see music from all genres, so you can find something to enjoy regardless of your taste — from Christmas collections to metal albums.
Enjoy a huge library of free, downloadable MP3 singles. When we checked, there was everything from Blondie to She & Him to the Tbilisi Symphony Orchestra.
If you subscribe to Amazon Prime, you'll find even more songs you can download for free!
If you're at the cutting edge of the music scene (or want to be), check out the deals under “Artists to Watch.”
Amazon editors select a number of albums they think are likely to be big this year, and you can find them here.
If you’re an Amazon Prime member (including with a 30-day free trial), you can score these albums for free. Otherwise, you can get them at a special discount from their regular price.
Once you pay for your Amazon Prime membership (or snag a 30-day free trial), you can watch more than 40,000 free movies and TV shows via Amazon Instant Video.
Grab something new to read or take a chance on a new author.
Every day, new freebies pop up in the listings. Some are permanently free ebooks, which the author offers in hopes that you’ll buy the next book in the series, while others are limited-time deals.
Check out the top 100 free ebooks or sort ebooks in any category from low to high prices to see what's available. You’ll see tons of options, from books of vegetarian slow cooker recipes to romance novels to career planning books to mysteries.
Another perk of Amazon Prime membership (or again, the free trial) is that you can borrow one new book to read on your Kindle each month out of the 800,000 in the Kindle Owners’ Lending Library.
It's not just a collection of unpopular books that don't sell. The library includes more than 100 bestsellers; for example, it has the full collection of Harry Potter books.
Just as you can borrow or lend a paperback book to a friend, you can also lend an ebook.
This little-known service allows you to share a Kindle ebook purchased from Amazon with a friend for 14 days. The borrower doesn't even need to have a Kindle; they just need to download a free Kindle reading app.
To loan your book, go to the product page from your Amazon purchase and select the “loan” option. Once it's loaned to a friend, just like a paperback, you'll be unable to read it until it’s returned. You can only loan each book once, so think about who you’d most like to share it with!
When you order physical products, you generally want to receive them as cheaply and quickly as possible.
If you're an Amazon Prime member, you’ll get free two-day shipping on every order. Even if you’re not a Prime member, just bundle your orders so they add up to more than $25, and Amazon will give you free regular shipping.
You can redeem credit card points from a number of different cards (including Amazon.com Rewards Visa Card, Citi ThankYou Rewards, American Express Membership Rewards, Cashback Bonus from Discover and Chase Ultimate Rewards) right on Amazon.
Simply select “points” as a payment method when you check out. You don't need enough points to pay for your full order; if you only want to use points to cover a portion, you can specify that option.
Keep in mind that points cannot be used for all products on Amazon. Kindle downloads, AmazonFresh, Subscribe and Save, and pre-orders are all exempt. But if you do a lot of shopping on Amazon, you might prefer to earn credit card rewards you can redeem there!
In college? Sign up for Amazon Student to enjoy great benefits only available to students. You can try the program for six months for free, and then it becomes a half-price Amazon Prime membership.
You’ll get free two-day shipping, photo storage, streaming TV, movies, music, and other benefits (though music, movie and TV benefits are excluded during the six-month trial period).
Another cool benefit? You’ll get $10 for each other student who signs up using your link!
Enjoy a three-month free trial of Amazon Cloud Drive’s unlimited storage plans for your photos, videos and files. You can also share photos a number of ways, including Facebook and email.
If you’re a Prime member, you’ll get unlimited free photo storage as well as 5GB of storage for videos and other files.
Kristen Pope is a Jackson Hole, Wyoming based writer and editor.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
If you’ve paid for utilities for a few years, chances are you already know these bills can get way out of hand. I’ve known people here in Florida who’ve been slapped with electric bills exceeding $500 during the peak of summer!
Every bit counts when you’re trying to keep those costs down, so here are some tips and tricks that can add up to big savings.
Utilities are the services used to run your home, which include water, electric and gas. Some may consider phone, internet and other services utilities as well, but we’ll just stick to the first three.
Because your electric bill is the main one that can get out of hand, we’ll start with how to lower that.
Whether you’ve fallen victim to paying nearly half your rent or mortgage just to keep the lights on, or you’re just starting out and want to know what to expect, try these tips for cutting back your electric bill.
Let’s face it, air-conditioning vents aren’t pretty. You may feel inclined to place furniture in front of them, which is no big deal as long as you leave some space. My family learned this the hard way when we kept our couch too close to the vent, and our air conditioning would freeze up and pump out hot air until it eventually gave out — whoops!
Filters need to be changed regularly. When they get clogged up with dust, dirt and pet hair, the airflow becomes blocked, making your air-conditioning unit work harder until it decides to call it quits. Change out those filters every month or so, and use your vacuum’s brush extension to brush off and suck up that dust.
The same goes for your outdoor unit: Trim back bushes and remove any debris touching the unit, leaving at least a foot of space for it to work its magic.
I’ve been adjusting my thermostat before I leave my home ever since I began living alone and became responsible for all of the bills.
What I’ve learned is to avoid setting the temperature too high, or at least too far above what you’d consider a comfortable temperature. If the temperature is set too high, your unit will have to work even harder to cool the place down when you get home. This drives your power bill up and can also stress the unit, and no one needs added stress — not even your air-conditioning unit.
If you own a home, you can really put it on autopilot by investing in a programmable thermostat that adjusts the temperature according to the schedule you set. And if you have a relationship with Amazon’s Alexa, you can get a smart programmable thermostat and use voice control to adjust the temp while you’re home.
Fans use way less energy than central heating and cooling systems, blades down. (Get it? Hands down?)
Ceiling fans can save you money on utilities both in the summer and winter, because most come equipped with a switch to change the rotation direction — set them to counterclockwise in summer to bring down the cool air, and clockwise in the winter to pull cool air up and push warm air down. They’re especially useful if you live in a top-floor apartment that’s blasted by the sun during the peak of summer. Trust me, I know.
If you can’t invest in ceiling fans or are renting from a landlord who refuses to install them, not all hope is lost. Just get some pedestal fans. They also use way less energy so you don’t have to turn down that thermostat any lower than it needs to go. Some even come with remote controls — oh, technology, how I love thee.
I’ll admit, I’m guilty of leaving EVERYTHING plugged in — and the TV on for the pets, because I feel like a bad parent for leaving them alone all day. But apparently, unplugging EVERYTHING is a big help in reducing your electric bill, because plugged-in appliances can draw in what is called a “phantom charge” — yup, there really are ghosts in your home.
Considering the amount of technology we rely on in our homes these days, these phantom charges could be driving our power bills way up.
Unplugging everything before work sounds like a whole lot of extra effort to add to my already rushed mornings, so ordering some smart power strips and extension cords may be a pretty good investment.
Also, your electrical outlets could be letting cool air escape while pulling warm air in (and vice versa), so socket seals are another way to save on energy. And if you have sockets you’re not using, consider outlet plug covers for a complete seal.
By fancy, I mean blackout curtains that block out light and noise while keeping cool or warm air from escaping, allowing you to set your thermostat a few degrees higher or lower than you normally would.
Unless you’re a night owl (or a vampire) and get all your sleep during the day, there’s no need to get these for every window in your home. Just buy them for the ones getting the most sunshine throughout the day or leaving room for drafts during winter.
Your home’s ductwork and attic can also be allowing warm or cool air to escape, and there are a couple of obvious signs when they’re in need of repairs.
If you can see the support beams in your attic, your attic needs more insulation. As for ductwork, seeing dust is actually a good thing. If you see parts of your ductwork that aren’t collecting dust, this means air is leaking out of the joints and seals, and it needs to be patched up.
The Department of Energy’s website has more in-depth instructions for how to insulate your home, and you can find plenty of DIY tutorials on YouTube. However, insulation takes skill to install, and recommendations vary by climate, so it’s really best to hire a professional to inspect and do the work for you.
The Department of Energy’s website says that replacing your home's five most frequently used light fixtures or bulbs with energy-efficient bulbs, like halogen incandescents, compact fluorescent lamps (CFLs) and light-emitting diodes (LEDs), can save you $45 a year.
Which one you choose depends on how much you’re willing to spend, how often you’re willing to replace them and your lighting preferences; however, the general consensus across the interwebs is that LEDs are the way to go. Of course, these generally cost more, but they save more energy and last longer than the other two options, so the investment may be worth it.
There’s no need to replace every light bulb in your home at the same time. Just replace them as they burn out, that way your energy savers can be money savers from the start.
I first encountered dryer balls when I was doing laundry at my sister’s. I assumed they were meant to prevent static and wrinkles, but apparently they do more than that.
Dryer balls can actually cut drying time by up to 25%. So not only can you save a little bit of money, you can also cut down your chore time.
They could have saved me quite a bit of money when I lived in an apartment complex. The cost was a quarter per 10 minutes of drying time, and it took at least an hour to dry a load. I died a little inside every time I had to go get quarters…
Heating and cooling systems, refrigerators, ovens and washers and dryers cost quite a bit of money upfront, but investing in energy-saving options will save you money in the long run.
Because these big-ticket appliances are an investment, you might need to budget and save money ahead of time.
You can also check out the best times to buy new appliances by keeping track of big sales and new model releases. The best sales usually fall around holidays, including Memorial Day, Fourth of July, Labor Day, Veterans Day and Black Friday.
Many brands also run sales with deeper discounts when they’re planning on rolling out new models, which usually happens in September, October and January. (The exception is refrigerators, which usually make their new model debuts in May.)
If you’re comfortable making these buying decisions online or simply like to avoid crowded stores, you can find discounts on all appliances year-round. However, shipping costs can add up, so be sure to shop around and compare prices.
You may even be able to find upgraded used appliances on sites like eBay, Craigslist, OfferUp, LetGo and Facebook’s Marketplace, and at donation centers like the Salvation Army.
In Florida, we can go from “Oh, what nice weather we’re having!” to “Holy fireballs, Batman, is the sun trying to kill us?!” in a single day.
As usual, it started to heat up between March and April, and I noticed my power bill slowly creeping up. By May, the Florida sauna had officially activated, and my bill jumped to $120 — a $30 increase in just one month. Luckily, my power company offers something called budget billing that averages my bills to create a flat-rate bill with no surprises.
During the nicest time of year, when I can actually open my windows and let in some fresh air, my power bill sits at a manageable $50 to $60. Now I’m paying a flat $76 a month, and I don’t have to worry about my bill getting out of hand as we get closer to the hottest months of the year.
Check your power company’s website, or call the company to discuss what it has to offer.
Unless you’re living in a household with several other people or your home has leaks, you don’t have to worry as much about your water bill getting out of hand. But there are a few things you can do to shave some dollars off that bill, while going green to protect the environment.
Who said it isn’t easy being green? Oh yeah, Kermit. But he’s a fake frog.
So if you’re interested in learning how to save money on your water bill — and making Kermit a liar — then follow these seven tips.
Remember when mom used to yell at you for letting the water run while brushing your teeth, or doing the dishes, or for sleeping in the shower? (I know I wasn’t the only one guilty of falling asleep in the shower during my high school years. Or was I?)
Well, she wasn’t just saying that because it’s a “mom thing”; it was because she was paying the water bill. So now that you’re the one paying, get in the habit of turning the water off while brushing your teeth. You can take it a step further by turning the water off between lathering yourself and your hair up in the shower (and not sleeping with the water running).
You would think a big appliance like a dishwasher takes a lot of water to run, but it actually uses less water than washing dishes by hand — and apparently it does a better job of sanitizing, too. If you ask me, any reason not to hand-wash my dishes is a win.
This doesn’t mean you should run the dishwasher every time there are a few dishes loaded up — make sure it’s a full load to be the most cost-effective.
My dad was a big fan of “This Old House,” so I’ll take any home improvement recommendation if it comes from Bob Vila.
Vila has a simple trick to saving water when flushing that doesn’t involve dropping a couple hundred bucks on one of those water-saving toilets: Simply fill a couple of plastic soda bottles with an inch or two of pebbles or sand, and fill them up with water. Then, screw on the lids, and put them in the toilet tank. Make sure they’re away from all the operating mechanisms.
Not only are you saving water per flush, but you’re recycling, too! Being green is getting even easier.
There are a few ways you can conserve while doing laundry.
First, be sure you have a full load, rather than washing several smaller loads. Then, be sure to wash that full load on cold, which will help save energy.
According to Consumer Reports, washers and detergents have evolved to the point that it’s perfectly fine to wash everything on cold — even your whites. The only exception is when someone in the household is sick or when washing soiled clothes and linens. Then, be sure to turn the temperature to hot or warm, and use bleach if possible.
Finally, feel free to skip that extra rinse. Just be sure you’re not using more detergent than you need. Not only will you save money on water (and detergent), but your clothes will smell better, too.
Find and repair any leaks, whether they’re from dripping faucets or toilets. According to Vila, running toilets send gallons of water down the drain on a daily basis. Before you call that expensive plumber, check out YouTube. There are a few video tutorials on how to fix a running toilet yourself.
Also, when turning off faucets, be sure you’re turning them off all the way. One night, I found my cat in the bathtub drinking from my leaking faucet. Before sending my maintenance request, I tried turning the handle as far as it could go, and it turned out that was all I needed to stop the drip.
If you have multiple people using water in your home every day, replacing your showerheads and faucets with water savers can be a great investment. There are plenty of options for water-saving showerheads, like this one that purges cold water when the water is turned on, and then restricts the flow once the water heats up.
For replacing faucets, Vila recommends looking for those labeled as WaterSense certified. Because the costs can be high, be sure to shop around.
The default temperature for water heaters is 140 F, which wastes between $36 and $61 a year, according to the Department of Energy.
According to the DOE, lowering the temp to 120 F is perfectly fine for the majority of the population. If you or a member of your household has a chronic respiratory disease or a suppressed immune system, though, it may be best to keep your water heater set to the default temp.
Some utility companies can be sneaky and increase their rates during the day, which are considered peak hours. They might say it’s to encourage conservation, but we all know everyone needs to make money.
If your water and/or power company charges different rates depending on the time of day, consider doing some chores at night. Running your washer, dryer and dishwasher at night can help you avoid being charged the higher rate and save you money on both your electric and water bills in the long run.
This is also a great way of getting into the habit of loading up that dishwasher after dinner, so you won’t have to soak or scrub those leftover dishes before loading them up in the dishwasher — saving even more on water costs.
A quick way to tell if your power company charges two rates is to look at your outdoor meter for two rows of numbers. This article gives tips on how to read and understand electricity meters, and this article gives tips on understanding your water bill with a breakdown of how you’re being charged.
But if you’re unsure of whether your utility companies charge different rates, your best bet is to check their websites or just give them a call.
Now that you’re armed with all of these handy tips and tricks for saving money on utilities, let’s see just how much you can save.
Jessica Gray is an editorial assistant at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
A two-year degree costs more than $3,500 per year on average, according to the College Board. A four-year degree from a public school? You’re looking at almost $10,000 per year. And — take a breath — a private school degree? $34,740. Every year. For four years.
And that’s just the average from 2017.
Whether your child is considering community college, a state school or the Ivy League, higher education is costly. We have more than $1.4 trillion in student loan debt to prove it.
Where to from here? No one can be sure, although data shows college prices aren’t rising as quickly as in previous years. To be on the safe side, expect tuition and fees to rise about 3% per year before accounting for inflation.
If you’re thinking ahead about the costs of sending your child or grandchild to college, I realize I may have sent you running for a paper bag to gasp into. But by using these strategies in advance of their college years, you can figure out the best way to support your favorite student financially.
Try not to think about saving for your child’s college education in a silo. Instead, think of it alongside your other financial goals.
Tackle high-interest credit card debt before thinking about your children’s futures. Then prioritize your retirement savings. Remember that your kids can take out loans and get scholarships to help with school costs, but you can’t take out loans or get scholarships when you’re ready to retire.
If you’re confident the rest of your budget is healthy, you can start adding college savings to the mix. You don’t have to plan to cover every dollar of your child’s education.
Even if you start when your child is 10 years old and put away $100 per month, you could save at least $9,600 to contribute toward their education by the time they go to college.
Play with a college savings calculator to determine what’s reasonable for your family, and remember that you can always adjust how much you choose to save over time.
Want that college fund to go further? Open a 529 savings plan. Available in all 50 states and Washington, D.C., these savings programs are available for anyone to open and contribute to. The accounts are exempt from federal income tax as long as you use the withdrawn cash for tuition or room and board.
There are two options for 529 savers: lock in current tuition rates by purchasing “prepaid” credits at participating schools, or open a regular 529 savings account where your money gets invested while you contribute. For more on the different types of plans, see our guide to 529 plans.
The downside of a 529 savings plan is that it can only be used for college expenses. If your child ends up not attending any form of postsecondary institution, you can name someone else as a beneficiary — or even use the balance for your own education.
But if you take the cash out for any reason other than postsecondary education, you’ll pay federal taxes on the amount plus a 10% federal tax penalty.
How much should you save for your child’s college education? The right number is as unique as your family is.
A 2017 survey of nearly 2,000 parents by Fidelity Investments found that 72% of parents were saving for their children’s college educations. Parents planned to cover 51% of college costs from family savings.
That’s generous! But it’s not exactly optimistic. Still, 85% of parents expect their kids to graduate with student debt.
Meanwhile, a 2017 report by Sallie Mae revealed that families are actually covering about 23% of college costs from parent income and savings.
Start talking about college plans when your child enters high school. Ask them about their ideas, dreams and goals — and expect them to fluctuate during their teen years. Their career goals in ninth grade could be vastly different from their plans as they prepare to graduate high school.
During these conversations, be open about your family’s ability to pay for college.
Being honest about your financial commitment can help your child manage their expectations about college costs and what your family can afford to contribute.
College years looming? Don’t wait until the last minute to look into financial aid options.
Attend informational sessions at your child’s school or local library, and talk with other parents who already have kids in college.
It’s important to fill out the FAFSA — the Free Application for Federal Student Aid — even if you think you earn too much to be eligible. The FAFSA is a gateway to consideration for grants, loans, need-based scholarships and even work-study jobs. It’s used at two-year and four-year institutions, and even some vocational schools.
Your estimated family contribution determined by the FAFSA may seem high, but it’s not an indicator for how much you’ll actually pay once aid has been granted.
About 85% of full-time college students receive some form of federal financial aid.
As your child fills out college applications during senior year of high school, encourage them to apply for scholarships, too. You don’t need straight A’s to be eligible for many awards, and there’s something for students in every course of study.
This article contains general information and explains options you may have, but it is not intended to be investment advice or a personal recommendation. We can't personalize articles for our readers, so your situation may vary from the one discussed here. Please seek a licensed professional for tax advice, legal advice, financial planning advice or investment advice.
Lisa Rowan (@lisatella) is a senior writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
But much like the time you demanded your family call you Princess Butterfly Unicorn, IHOb has started responding to IHOP again.
The ruse was all to promote its new burgers, but now that IHOP is celebrating its 60th birthday, it’s conveniently changing its name again.
You’re not 5 years old, IHOP. You’re 60.
Now, IHOP is trying to resolve your trust issues by giving you 60-cent short stacks — consisting of three buttermilk pancakes — on Tuesday, July 17 from 7 a.m. to 7 p.m.
This deal is dine-in only at participating locations, and valid for one per customer.
You might remember our post from last year’s birthday promotion for 59-cent short stacks, so if you can’t make it this year, I’m sure you’ll be able to snag yourself some 61-cent pancakes next year.
Jen Smith is a staff writer at The Penny Hoarder. She gives money saving and debt payoff tips on Instagram at @savingwithspunk. She loves pancakes.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
I mean, I tried teaching my grandma how to use her new smartphone once (and then about 10 more times after that). That experience was all I needed to understand I would never make a career for myself in tech support.
But some people out there are made for the IT support life, and Google wants them to lean into it.
That’s why, as the need for qualified IT support professionals grows, Google is offering an accelerated course designed to get people into the workforce in a matter of months.
Recently, Google began offering an online IT support certificate course.
The course is part of the Grow with Google initiative, which was created to provide people with tools, education and events to help expand their skills and grow their careers and businesses.
Over the span of several months, the IT Support Professional Certificate program trains workers to troubleshoot tech issues using realistic scenarios, interactive assessments and hands-on labs. By the end of the course, participants are expected to be ready for an entry-level job in IT support — no degree necessary.
Throughout the course, students will learn the fundamentals of IT support — everything from customer service and networking to operating systems and security.
The online course costs $49 per month, and learners should expect to commit about eight to 10 hours per week over eight months — although it looks like you can skip ahead to the graded assessments if you’re already experienced in parts of the course content, so you may be able to complete the certificate in a shorter time frame.
Google is also offering need-based financial assistance to more than 10,000 people to ensure greater access to the program.
After the course is completed, participants will be given ongoing support as they search for a job, and can opt to share their information directly with employers hiring for IT support positions — (companies like Hulu, Bank of America, Sam’s Club, GE Digital and, of course, Google).
Beginning this fall, Google will also offer for-credit IT support certificate classes at more than 25 community colleges in California, Illinois, Michigan, New York, Ohio, Texas and Wisconsin. To facilitate the process, Google is giving a grant to JFF, a workforce-development nonprofit, which will help community colleges integrate this course into their usual IT offerings.
The course will be offered at community colleges as either a new standalone course or as a part of an existing IT course. A few of the colleges will also offer the course through their continuing education or noncredit programs. The colleges may choose to offer the course online or in a hybrid format that combines classroom and online learning.
Students can expect to pay the same as they would pay for similar courses at their local college, and the certificate will be provided at no extra cost.
The primary advantage to taking the course at a community college is that you’ll receive college credit, said Deborah Kobes, a director at JFF.
In addition, students will receive academic support and more hands-on instruction.
In the college course, in addition to the hands-on teaching, instructors may utilize the Coursera platform in place of a textbook and may use the assessments or tests from the online component to evaluate students’ progress.
“On the other hand,” Kobes said, “a student who enrolls in the certificate on their own would watch the Coursera videos and complete the assessments in the platform independently, without supplemental instruction and/or support from a college.”
Whether you choose to take the fully online course through Coursera or an in-person class at one of the participating community colleges, the IT support certificate and skills learned will be the same, Kobes said.
While not all of the community colleges have announced their involvement publicly yet, here are the ones we know are offering the IT support certificate course this fall:
California: Las Positas College, Cabrillo College and Diablo Valley College
Michigan: Grand Rapids Community College, Macomb Community College and Jackson College
New York: LaGuardia Community College, Monroe Community College and Mohawk Valley Community College
Ohio: Zane State College, Lakeland Community College, Eastern Gateway Community College, Stark State College, North Central State College, Cuyahoga Community College and Lorain County Community College
Texas: Lone Star College and Collin College
Forty thousand students have already enrolled in the online program, but Google estimates there are 150,000 open IT support positions waiting to be filled. These positions come with median salaries of about $52,000, and most don’t require a college degree, according to the company.
What they do require is a little bit of experience, and that’s what this certificate course aims to provide.
Tech association CompTIA projects 1.8 million new tech jobs will be created between 2014 and 2024 but says there aren’t enough people with computer-science degrees entering the workforce to keep up with that high demand.
Companies are growing increasingly frustrated with the lack of IT support workers graduating college and the delay in getting qualified professionals into the workforce. To combat this, many are creating their own courses to accelerate the process and provide trainees with more job-specific training and real-world skills. The U.S. Chamber of Commerce Foundation recently launched its Talent Pipeline Management Academy, which seeks to equip more people with usable skills more quickly.
If you’re interested in going through the course and becoming a tech-support professional, you can go here to get more information about the program and sign up.
Grace Schweizer is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Yep, your home just became the newest honorary inductee into the Ivy League — joining the list of long-established and highly regarded universities that includes Harvard, Yale, Brown, Princeton, Columbia, Cornell, Dartmouth and the University of Pennsylvania.
So how did your humble abode with its decided lack of lecture halls and libraries come to receive such an honor, you ask?
Because anyone can now take online courses offered by Ivy League universities for free from the comfort of their living room (or bedroom, your pick) — without being enrolled at one of these highly selective universities.
The courses are offered on a variety of platforms across the internet and span several subjects: computer science, business and management, art and design, science, health and medicine, education and teaching, mathematics, humanities and engineering.
So far, between the eight schools, more than 430 classes have been created. Of those, 344 are currently active. All of them are listed on Class Central, although once you select a course, you may be taken to a different site like edX or Coursera to actually sign up.
They’re all completely free to take online, and while you won’t actually receive college credit for them, you will have a chance to learn specialized skills and understand more about the world around you with course materials designed by Ivy League instructors for an elite group of students.
Some of the courses do offer an opportunity to receive a certificate at the end, but you’ll have to pay a small fee. (Fifty dollars to $90 looks like the general range, and some of the platforms allow you to apply for financial assistance). If you choose to forgo the certificate and just want to learn the information, those same courses are free.
The details of each course are listed on the sign-up page, so you’ll know things like how much time you should plan to dedicate to the class each week and how many weeks a course is expected to take. Some of the courses are self-paced, but some have a set start and end date.
You can also see student reviews of the courses, along with an overview and brief syllabus. Each class includes a mix of reading materials, videos, tests, quizzes, discussion forums and assignments.
If you want to browse the course options and pick a class or three to sign up for, you can see the full list of available courses here.
Now, whether you join a sailing team is entirely up to you (and no, there’s not an online course for that offered here).
Grace Schweizer is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
If you’ve ever wished your kids could stay little forever, here’s one more reason time should freeze and keep them young always.
Build-a-Bear Workshop is having a special promotion Thursday, July 12, when customers can buy a bear — or any other plush toy in the store — by paying their age in dollars.
If you’re familiar with Build-a-Bear, you know those customizable stuffed animals don’t come cheap. You can really snag a deal if your 2-year-old gets, say, a $24 bear for $2.
But before you load up your car with the kiddos and head to the mall, here’s what you need to know about this promotion. First, you have to make sure you sign up for Build-a-Bear Workshop’s Bonus Club, because this deal is only valid for Bonus Club members.
Signing up is free and simple, and you can even sign up in the store on the day of your visit. You can always opt out later. But if you’re a repeat customer, you can earn rewards points for your spending, plus get the scoop on future promotions and special deals.
You’ll also want to keep in mind that outfits and accessories are sold separately and aren’t part of this deal. And this special sale is for in-store purchases only, so don’t expect to pay your kid’s age if you’re buying online.
Another note: Don’t waltz in right before the store closes and expect to get your full pick of everything Build-a-Bear sells. This promotion is based on what merchandise is in the store at the time of your visit. Get there early for the best selection.
Regarding ages — if your child is under 1 year old, you’ll still have to pay $1. That’s the minimum sale price. But if you happen to be buying a bear without a little one in tow, the maximum you’ll pay for one bear is $29 even if it’s been awhile since your 29th birthday.
The store will be going by the honor system, so no need to track down your kid’s birth certificate. And if you have multiple kiddos, bring them all. According to the frequently asked questions for this promotion, all children who are accompanied by an adult who’s a Bonus Club member can get in on this deal.
Nicole Dow is a staff writer at The Penny Hoarder. She just Googled to find her nearest Build-a-Bear Workshop. 
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
