Back to school season is in full swing for kids everywhere, which may leave some stay-at-home parents feeling empty nest vibes. Why not become a parentpreneur (parent and entrepreneur) and start a small business from the comfort of your own home? Sure, it can be a little stressful in the beginning to grow the business […]
The post How to Start a Small Business at Home appeared first on The Work at Home Woman.
Sometimes it makes you dress up for it, wake up early for it or even wait in line for days. But this time, Chick-fil-A has decided that you’ve been through enough already. You’ve earned the free chicken.
Now through Sept. 29, the restaurant is offering a free eight-count order of fried or grilled chicken nuggets when you log in to or create a Chick-fil-A One account.
All you have to do is download the Chick-fil-A One mobile app and create an account, or log in to an existing account. That’s it! The offer will automatically appear in the My Rewards section.
This is an effort to highlight the chain’s newly designed app and rewards program. You can now rise through its ranks from member to Silver member and then to the coveted Red membership.
And you can finally earn points for all those catering orders you put in when you’re too busy to cook a casserole for the church potluck. Lookin’ at you, Martha.
This is the easiest time you’ll ever have getting that peanut-fried — or grilled — goodness for free, but you have to log in or create an account by Sept. 29.
And if you’re wondering if your time is better spent cow tipping, eight nuggets would cost you $3.55 for fried and $4.25 for grilled. So not only are you getting a better deal with the grilled nugs, you’ll also potentially avoid heart disease, which is a total bank account drain.
Jen Smith is a staff writer at The Penny Hoarder. She’s a vegetarian and 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.
It’s expensive to buy and own a car — the American Automobile Association (AAA) pegs the cost of owning a vehicle at a whopping $8,469 a year, or more than $700 a month. But most of us need one to get around; in much of America, it’s just a fact of life.
Still, that doesn’t mean we need an expensive car. While AAA takes into account everything from car insurance and tires to gas and parking, the lion’s share of that annual expense comes from the depreciation of the vehicle (your car payment) and loan interest.
Buying a basic, reliable automobile — or better yet, a used version of the same — is a great way to meet your transportation needs while making a big dent in that yearly expense. After all, why pour so much money into something that, unlike a home or your retirement savings, is all but guaranteed to be a losing investment?
With that in mind, we’ve compiled our updated 2018 list of the best used cars for simply getting around. We placed a premium on reliability and fuel efficiency — you want to get where you’re going cheaply and without problems. We also considered safety ratings, but disregarded data related to design and performance. Finally, we divided each car’s raw score by its price to get a sense of which models will offer you the most reliable miles per buck.
We’ve focused only on 2014 and 2015 models. This is for two reasons:
Dependability ratings are based on studies performed by JD Powers and Associates; prices are based on Kelley Blue Book’s fair purchase price for a base model with common options such as air conditioning and power windows. (Jump down for a full explanation of our methodology here.)
Because our rankings are weighted to reward reliability and fuel efficiency, the 2015 Nissan LEAF, Nissan’s plug-in electric vehicle (PEV), took top honors among all the other cars on this list — at any price. And that’s even after we included the anticipated $5,500 cost of a replacement battery, typically required after about eight years or 100,000 miles. That said, a fully electric plug-in certainly isn’t for everyone.
The LEAF shines for those who need a cheap, reliable way to go back and forth to work each day or run errands around town. You’ll never have to pay for gas again — nor for oil changes or a lot of other car maintenance costs you’ve come to expect. It could be the ideal commuter or second car.
But with a limited range of just 84 miles, it’s unlikely to replace the family sedan for road trips or weekend getaways — at least, not until electric charging stations grow more commonplace. (It’s also worth noting that federal tax credits don’t apply to the purchase of a used electric vehicle, according to Edmunds — and those same incentives can make buying a brand-new LEAF surprisingly cheap.)
With great gas mileage, safety, and dependability — plus a rock-bottom price — the 2015 Chevy Cruze is our top pick for a conventional used car, by a long shot.
Not surprisingly, this is the big sweet spot for a reliable, no-frills ride. If you’re looking for a dependable, fuel-efficient way to get from Point A to Point B — with just enough room for a couple of kids and groceries — you shouldn’t have to pay more than $15,000.
Compact Japanese and Korean cars dominate this genre, with some notable exceptions: If the Chevy Cruze is too small for your lifestyle, your best bet for a cheap, reliable ride among American-made cars might be the 2015 Chevy Malibu or the 2015 Chevy Trax. For those who crave more elbow room or luggage space, the Malibu is one of the larger cars on this list, while the Trax is a compact crossover SUV — and both boast surprising fuel efficiency for their size.
When you get above $15,000, we’re no longer talking about just getting from A to B. Most of these vehicles offer something just a bit more — whether it’s more cargo or passenger space for large families, or even just some extra oomph. But they still rank among the most reliable and affordable 2014 and 2015 models.
Dependability scores are out of a possible 10, from JD Power & Associates 2018 and 2017 Vehicle Dependability Studies, in which car owners were asked to rate and report problems with their 2015 and 2014 vehicles over the past three years across four categories: Overall Dependability, Powertrain, Body and Interior, and Features and Accessories. For our purposes, cars had to score a 9 or 10 to be considered.
Miles per gallon (MPG) scores were calculated by adding EPA city and highway fuel-efficiency estimates and dividing by 10. (So a car with 25 city/35 highway MPG would score a 6.0.)
Safety scores refer to the National Highway & Transportation Safety Administration’s (NHTSA) overall safety ratings, where 5 is the best rating.
Raw score reflects each car’s total points in the above categories.
Prices shown are the “Fair Purchase Price” according to Kelley Blue Book — or what you should expect to pay, after some negotiating, at a used car dealership — in the Boston area in September 2018.
To get each car’s Overall score, we divided its raw score by the fair purchase price, then multiplied that by the number of useful miles remaining (assuming an average lifespan of 150,000 miles). That amounted to 100,000 miles for 2015 models and 85,000 miles for 2014 vehicles.
Figures reflect the base model (e.g., for the Honda Civic, we looked at the LX model). Prices assume a car is in good condition or better, with roughly 50,000 miles on it, and includes such common comforts as air conditioning and power steering, but not other extras like sunroofs.
That said, if you’re really just looking for a reliable engine attached to some wheels, you can often save about a thousand dollars or more by buying a bare-bones model without A/C, cruise control, or power locks and windows. But take it from someone who lived without power steering for six years: It’s well worth the price!
Even an inexpensive car is one of the bigger purchases you’ll ever make. It’s also one that, like a mattress or couch, is likely to have a major impact on your day-to-day life because of how often you use it.
That means it’s critical to invest some time researching your purchase.
Start with sites like, Cars.com, and Kelley’s Blue Book, which offer invaluable treasure troves of data and expert reviews, and allow you to compare the specs of multiple models side by side. Consumer Reports also offers in-depth, authoritative reviews of thousands of cars; if you don’t have a subscription, you can often find back issues at your local library.
Also consider just how old of a car you’re willing to buy. A newer car will cost more to insure each month, while an older one may rack up more repair and maintenance costs each year. At around 60,000 miles, most warranties start to phase out, and some cars may require expensive bits of maintenance — a new timing belt, for instance — between 60,000 and 100,000 miles.
Once you’ve narrowed down a few models you like, search the inventory at nearby dealerships, and/or online classifieds such as Craigslist if you’re comfortable buying from a private seller. Here are a few more tips when it comes time to buy a used car:
If you can secure an auto loan from your own bank or credit union, take that to the dealership. It’s one more bargaining chip in your favor — you won’t be reliant on their loan department, and they may even try to beat that interest rate to win your business. If you can pay in cash, you’ll be a more attractive buyer – and you won’t have the burden of a car payment for the next few years.
Whether you’re buying from a dealership or a private seller, this is your primary bargaining chip. If you have a car that still functions, you’re in no immediate rush to buy, and you’re free to look elsewhere for a better deal. If you’re unhappy with the seller’s terms, walk away.
Print out your research from or Kelley Blue Book, and walk into the dealership armed with a fair purchase price for your vehicle of choice. Show them your research and make it clear that that’s what you’re willing to pay. They may try to steer the dialog away from the actual purchase price, focusing instead on monthly payments (and 72-month or even 84-month loans).
Don’t let them: This is just a smokescreen to disguise the true cost of the car.
While we’ve become conditioned to buy things online sight-unseen, a used car is a different animal. Make sure you test drive a car in various situations before buying it — to make sure it feels right to you, and to uncover any potential problems. For example, if it starts shaking at higher speeds, you’ll want to take it to a mechanic to see how serious the issue is.
Obtaining a CarFax or similar report is an easy, fairly cheap way to check a car’s title and accident history using its vehicle identification number (VIN). A car that’s been in a serious accident could have hidden problems, and you don’t want to pay for them.
Between work and kids, it can be tough to squeeze in a daytime trip to the dealership — especially if your current car goes kaput and you can’t wait until the weekend. But try to shop in daylight whenever possible.
We bought our last used car late in the evening, after work — we needed wheels, pronto — and we failed to notice a number of minor dents and scratches on the exterior. We were even mildly surprised by the color when we finally saw it in the light of day — and you don’t want to be surprised by a used car!
Kelley’s Blue Book offers some helpful advice on conducting a thorough self-inspection of any used car you’re considering; for instance, look for uneven tire wear or cracks on the engine block.
However, it you’re still unsure, you can take the car to a mechanic you trust for an inspection. It’s well worth the money to learn whether the car has any obvious mechanical flaws — and how much you can expect to pay for repairs if so. Even if the problem isn’t a deal-breaker, you still may be able to use that information to negotiate a better price.
Finally, it’s worth noting that buying a used car is generally your best value, but don’t just assume that’s the case — do some research.
For one thing, the sharp, first-year depreciation of new cars that you always hear about — how they lose up to 30% of their value as soon as you drive off the lot — is against the MSRP, or the retail sticker price. Hopefully you know by now that no one pays sticker price for a new car, so that figure can be a bit inflated. (Edmunds estimates that most new cars lose about 19% of their value vs. the actual purchase price in the first year. Granted, that’s still a terrible deal, but it’s not quite so bad as we often hear.)
Plus, with brands that hold their value better than others — such as Toyota or Honda — the “used” discount isn’t as pronounced, so it can make sense to compare new prices as well. This is especially true during major promotional periods such as Labor Day or Presidents Day sales, when dealers may be under pressure to meet a sales quota.
For instance, Kelley Blue Book’s fair purchase price for a 2015 Honda Civic LX sedan is $13,073; the fair-market price of a new 2018 model, meanwhile, is $17,928, even before any current incentives. So by buying used in this case, you’re only getting a 27% discount — and giving up the bulk of your warranty plus four years and 50,000 miles of wear and tear on the vehicle to get it. Consider whether that trade-off is worth the savings.
More by Jon Gorey:
The post The Best Used Cars for Simply Getting Around appeared first on The Simple Dollar.
But in an interesting turn of events, instead of forking over an additional three bucks for that green goodness, someone will actually pay you to eat it.
Researchers from four universities are looking for 1,000 participants willing to eat avocados for six months in the name of science.
The study — The Habitual Diet and Avocado Trial — aims to determine whether or not regular consumption of avocados has an effect on weight loss and distribution of body fat.
The four participating universities are Loma Linda University in California; University of California, Los Angeles; Tufts University in Massachusetts; and Pennsylvania State University. Each location is accepting 250 applicants who are able to regularly visit the lab on site.
Note that Loma Linda has received a high volume of interested applicants and has stopped accepting phone calls at this time; it might reopen enrollment later.
The study participants will be split into two groups: members of the first group will be required to eat one avocado every day for the six-month period. Members of the other group have to limit its avocado consumption to two per month.
*Fingers crossed you get the first group.*
And if you’re worried about breaking the bank paying for that many avocados, relax — the researchers will supply the goods.
In addition to free avos for six months, participants will also get a cash payout in the end.
The study’s main site lists the pay as $300, but a Tufts University page lists it as $1,045 plus an additional $25 for completing the initial screening. That means that pay may differ based on which university you are participating at, so be sure to ask when you reach out for screening.
Ready to snag a spot? Keep reading for the study qualifications.
Here some of the criteria for interested applicants:
If you’re in the group that eats an avocado daily, you will also be required to visit the lab every two weeks to pick up your trial items — aka your free avos.
And here’s another qualification for the study that might knock some devout avocado eaters out of the running: You can’t participate if you are currently eating more than two avocados per month.
I don’t know about y’all, but I’m pretty sure I’ve had at least two avocados in the last week alone.
If you meet the criteria and want to earn some extra cash for indulging in guac over the next six months, you’ll need to do an initial phone screening. Check out the HAT site for the participating locations and corresponding contact information.
And if you’re one of the lucky participants who gets to eat an avo a day, I suggest you branch out from the standard avocado toast and try your hand at some new recipes — particularly the avocado margarita.
Kaitlyn Blount is a staff writer at The Penny Hoarder. She regularly eats avocado toast and doesn’t own a house. Coincidence? *DUN DUN*
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 “budget” is a six-letter dirty word, but it doesn’t have to be.
You may be aware that you need a budget to help you reach your long-term financial goals, but many people don’t know where to begin to create an effective budget.
A budget is one of the most critical financial tools you can wield.
Everyone can benefit from having a defined budget, no matter the age or income.
How you manage your money dictates how you live your life, and it will either hinder or help you to reach your dreams.
Whether you’re on the brink of bankruptcy, examining your estate plans, or suppressing your spending, I’ve got you covered.
Read on for my guide to managing your money every step of the way.
First things first, let’s talk about the top 5 mistakes people make when it comes to managing their finances so you can avoid them.
According to a 2013 Gallup report, only one in three people creates an extensive budget (even fewer actually stick to it), which means two-thirds of Americans have no idea where their money is going.
With a plan in place, you can avoid the pitfalls related to spending more than you earn.
There are a number of underlying reasons people don’t create budgets, one being the assumption that budgeting is too difficult.
Luckily, with financial advisors like myself offering advice and recommendations for free budgeting tools, creating your own budget is easier than ever.
Along those lines, people avoid budgeting like the plague because, even with the aid of streamlined budgeting services, it takes time and effort.
It’s easy to fall into the trap of putting your budget off until tomorrow, which, as you know, never comes (otherwise, you’d have a budget).
Even if your current income is substantial, ends are meeting, and debt is getting paid down, you need a budget.
Life can change in an instant, and if you aren’t budgeting, your finances aren’t secure.
It’s as simple as that.
Convinced yet? Let’s move on.
In order for a budget to work, it has to fit your personality and lifestyle, and your family’s.
If you have a more casual attitude about money, completely denying yourself any cash for free-spending purposes could doom your budget.
You may have to allow at least a small percentage of the budget for discretionary spending.
But keep in mind that the goal is to reform your spending habits, not give you a license to mow through every cent you’ve saved.
Without going too far, you have to partially construct your budget around preferences – yours, your spouse’s, and even your children’s.
Perhaps you’ve heard of the term yo-yo dieter, a person who has a long history of on-again, off-again dieting (I’m the perfect example since I go from strict paleo one week to chowing down six doughnuts the next.)
Though they have a desire to lose weight, they lack the will or the discipline to stick to it.
What makes this trend even worse is the fact that yo-yo dieting can actually cause the dieter to gain more weight than they lose over the long-term.
The same could be true of you when it comes to budgeting.
You have a strong desire to get control of your finances, but you lack the discipline and/or the commitment to implement a budget and stick with it for more than a few months, or even a few weeks.
And, much like a yo-yo dieter, a yo-yo budget can leave you in worse financial shape than when you started.
Though you may be able to lighten your budget after a year or so, when you first begin you’ll have to be very strict – something like a Budget Boot Camp – which will force you to make radical changes in your life.
But even if you get past the Boot Camp phase, you still have to retain the basic elements of your budget for the foreseeable future.
No backsliding is allowed!
Since expenses tend to rise and fall from one month to the next, your budget will not work if there isn’t a certain amount of flexibility built into it.
When there is a surplus in your budget, bank it to have available to shore up the months when your expenses are higher than normal.
Some months simply have more expenses than others, and they seem to come out of nowhere.
In other months you can actually fall off the wagon – you spend more than you should, and it puts you in a bit of a hole.
That’s actually normal; as long as it doesn’t happen too often, and as long as your budget has enough flexibility to work around it, you’ll be fine.
Just make sure you aren’t constantly relying on the flexibility of your budget to continue those bad spending habits.
Likewise, plan for contingencies.
While it’s fairly easy to build a budget around fixed monthly expenses like your house payment and debt payments, you still have to make an allowance for contingencies.
For example, if you are driving two cars and both are over five years old, you should make a monthly allowance for car repairs, even and especially in the months where none are required.
Budgets need balance.
If you’re spending too much on certain expenses and not enough on others, the imbalances can eventually cause you to abandon the budget entirely.
For example, If you are allocating too much money to pay off credit card debt and not putting any money into savings, or spending too little on groceries, you could be sabotaging your budget.
If you want to make your payments more effective, take out one of the best credit cards for balance transfers and zap that debt into oblivion with 0% interest for a year or more.
Maybe you can get along without balance for a few months, but if it takes a couple years or more to pay off your credit cards, you will more than likely abandon your budget long before that happens.
On the opposite end of the spectrum, you might need to scale back your entertainment and miscellaneous budget to pay off debt and cushion your savings account.
If you’re spending more than you’re making, creating a budget and trying to live within it is a complete waste of time. You have a more fundamental issue that will have to be resolved first.
If your expenses are higher than your income, you have three choices:
Once you get your income and expenses in balance, then you’ll be ready for a budget.
How you budget is totally dependent on your unique circumstances, needs, and financial goals.
Whatever stage of life you find yourself in, read on for my tips to managing your money like a pro.
If you’re the average person looking to take charge of your finances, here are the steps you need to take to get on the path to success.
The first step in creating a budget is understanding where you are right now.
Look at all of your banking accounts, credit cards, debts, buried jars of money in the backyard, and any sources of income.
You should also spend at least one month tracking all of your spending and see where your money is going.
You can get a better idea of larger trends, though, if you follow your money for two or three months.
You can use a ledger or notebook to record income and expenses, but it might be easier if you use personal finance software or sign up for a free budget application.
Assign each expense to a category. Be sure to track the cash you spend, as well as purchases made with debit and credit cards.
If you have a smartphone (and who doesn’t?) tracking your spending has never been easier.
Apps like Mint and Personal Capital make budgeting as easy as looking at your phone.
The apps will connect with your bank accounts and credit cards and automatically separate your spending into different categories.
They’ll then display your spending habits in easy to read graphs.
After you have taken the time to track your income and your expenses, it’s time to review how your money is moving through your bank account.
Look at the categories where you are spending the most (it might surprise you!).
Reviewing your spending will help you identify areas of concern before you make your budget, as well as help you realistically allocate where your money should go each month.
If you’re spending more than you earn each month, you’re not alone. A review will help you see where you need to cut back and get back in the black.
Paul Moyer, founder of Savingfreak.com and one of the leading resources on money saving techniques says, “The two most common areas of overspending are food and entertainment, like going to the movies.”
Just knowing how much you’re spending in certain areas can have a huge impact on your finances and give you the ability to rein in some overspending habits you might not have known about.
Next, you need to determine what your needs are. These are items you can’t live without (a new TV doesn’t fall into the “needs” category).
You should make sure your budget first covers items like food, shelter, and clothing, as well as transportation to work.
Also, recognize your obligations and bills.
Make sure debt payments are made, as well as utility payments and other important obligations.
You should also designate some financial goals.
If you want to build your emergency fund or save more for retirement (more on those later), incorporate these goals into your budget.
Each person will have a different set of financial goals depending on their financial situation and their desires.
You will be more likely to stick with a budget if it helps you reach your financial goals.
When you create a budget, it becomes obvious that you need to make choices.
Before you budget in for wants like entertainment, you need to make sure needs and financial goals are covered.
List all of your needs and wants in order of importance.
Your food, clothing, gas money, etc. will all be at the top, and things like buying a pool will be at the bottom.
Be realistic.
The good news is, you’ve created a budget. The bad news is, it’s probably going to be wrong.
More than likely you have overestimated in some spending areas and underestimated in other areas.
But don’t worry, the longer you stick with the budget, the better you will become and guessing how much you’ll spend in all the categories.
After you have created your budget, it’s should not be set in stone.
Think of your budget as a fluid, living creature you should continue to review and adapt as your life changes.
If you have trouble saving money, the best way to ensure that you stick to your savings plan is to make your saving automatic.
With just about every bank account, you can create an electronic money transfer which will take money from one account to add to a savings account.
This is an excellent way to prevent you from spending the money you should be saving.
You can schedule these transfers to happen at any time, but it’s best to do it shortly after your regular paycheck will be deposited.
The sooner your money is put into savings, the less likely you are to spend it on a non-budgeted item.
Budgeting for recurring expenses is easy.
Things like power bills, gas money, and water bills are hard to forget, you pay them every month, but don’t forget about those expenses that only come around once or twice every year.
These expenses could be car insurance payments, health insurance, membership fees, and more.
If you have anything like this, build these costs into your budget but divide them into monthly payments on your budget.
If you pay your car insurance bi-annually, then divide that number by six and start saving for it every month.
One of the most common problems people face when making a budget is not having an emergency fund built in.
Because you can’t see into the future, it’s impossible to budget for all of your expenses every month.
You never know when a pipe is going to bust, your car will need repairs or a heater will go out.
Many financial experts agree that an emergency fund should be around $1,000 to account for any financial surprises.
Having a separate account for your emergency fund will help prevent you from spending it on accident (or on purpose).
Don’t create your budget and then forget it.
Creating a budget is important, but using it is more important.
Put your budget in a place where you will see it every day.
Print it out and tape it to the fridge or your front door.
You don’t have to review it every day, but knowing it’s there is important.
It isn’t always going to be easy to stick to your budget, but it can have excellent rewards.
If you become frustrated with sticking to your budget or begin to feel deprived of enjoying certain things, remind yourself of the financial goals you’ve set.
If you’re saving for a new car, put a picture of the car out to encourage you to stick with the budget.
Being on a budget means you will have to say no to spending sometimes.
You may have to say no to your favorite type of junk food at the store, going to the movies, or going out to lunch with your coworkers.
Having a budget is great, but it’s useless unless you stick to it.
Who said budgets can’t be any fun?
Make sure that you include a few bucks at the end of your budget as “blow money” or “fun money.”
This is a just a small portion of your income that you can use for anything you like. Having the extra spending money makes sticking to a budget a little easier.
Learn to treat yourself from time to time with this extra money (but don’t spend more money than you’ve budgeted).
If your main money management goal is to get out of debt, you’ve come to the right place.
There are a series of steps you can take today to get on your way to reaching financial freedom.
The basic budgeting tips above are the place to start, but if you’re in debt, you have a few additional steps to take.
Once you’ve taken a hard look at all of your debt, you may find yourself wondering if there is a way to lessen the load before you start paying it off.
One way to lighten your burden is refinancing.
If mortgage rates are better today than they were when you purchased your home, you could save by refinancing.
Is student debt suffocating you?
With a site like SoFi or LendEDU, you may be able to refinance your private student loans to get better interest rates and more reasonable repayment terms.
You can also consolidate your debt, combining your personal loans and credit cards to get lower interest rates, which will speed up your detour from debt.
Get the card, transfer all your high-interest debt, and crush it during the APR free period.
Choose an option like the Discover it® card and you’ll get a 21-month APR free period, plenty of time to get to work on that debt.
In addition to paying off your debt, you can earn some awesome rewards on your purchases with the card, which can also be used to pay down your debt.
It’s a win-win!
The go-to method of debt repayment proposed by finance guru Dave Ramsey is straightforward and motivating, with tangible results.
Here’s how it works:
And repeat until you’re debt free.
While it might not technically be the quickest method, it’s hard to argue against it being the most motivating.
Like a snowball, your debt repayment picks up momentum and takes off.
The debt avalanche takes a slightly different approach to debt repayment, encouraging you to tackle your debt in order of interest rates rather than balances.
You pay everything you can on your highest interest rate rather than your highest balance and make minimum payments on the rest.
This track to financial freedom will take longer, but you’ll save more money by tackling your highest interest first.
If you’re trying to cut back on your poor spending habits, I have some surefire strategies to help you succeed.
Yes, you need food to survive, but what food?
Getting takeout twice a week is not a need.
You can reduce your grocery bill by planning healthy meals and cooking at home.
Be honest about where your money is going, and be realistic about your adjustments. These moves aren’t always fun, but they are necessary.
Some financial experts say you waste as much as 15% of your income each month (do you really need that cup of coffee every morning?).
The money is probably there, and a budget can help you put it to better use, providing you with a solid foundation for a better financial future.
Every dollar that comes into your possession should have a destination in your budget.
To help you achieve that zero-based budget, you need to be intentional with every one of your purchases.
Have you ever gone to the grocery store with no list and walked away with a cart full of junk food and a dent in your budget? So have I.
Something as simple as making a grocery list and sticking to it can be a game changer.
The more specific you can get with how much your non-essential purchases will cost, the easier it will be to stick to your budget.
Think less whimsical, more willful.
When you’re having problems sticking to your spending limits, it’s time to start “cash envelopes.”
With the cash envelope system, all you’ll need is several large envelopes to put money in.
Designate each envelope as a different expense, i.e. a gas envelope, groceries envelope, entertainment envelope, etc.
The money you put in each envelope is the allotted amount you are allowed to spend on that category for the month.
Once the money is gone, you have nothing left to spend in that category.
Cash envelopes are one of the best ways to live within your budget.
As Paul Moyer suggests, “any area that you continually overspend should be switched to cash envelopes.”
Period. This is a concrete way to follow your budget and keep track of your spending.
Budgets are awesome. They bring order to chaos, sanity to spending, and freedom to your finances.
In a perfect world, you could budget for everything. But in reality, life happens unexpectedly.
Otherwise, there would be no need for emergency funds.
Read on for advice on dealing with the unexpected that your budget just can’t cover.
When you burst onto the entrepreneurial scene, you probably didn’t plan to one day file for bankruptcy from the debt your business incurred.
Or plan for your family to be hit with a devastating illness that sends your medical bills through the roof.
Nor did you expect you and your spouse to lose your jobs almost simultaneously with a mortgage, credit card debt, and student loans beating down your back door.
But life happens.
If you’re facing financial ruin and considering bankruptcy, here are a few factors to think about:
Generally, bankruptcy is not the solution I recommend for dealing with debt, but what if you’ve already filed and find yourself in the limbo I like to refer to as a credit timeout?
If you’re currently bankrupt, take this time to budget wisely with the tips above.
Track your dollars to a t and come out of your debt discharge with savings and solid credit.
You can do it!
What if you’ve kept track of your finances over the years and paid down your debt responsibly but unexpected legal expenses hit?
Let me give you a few legal expenses which could (but hopefully won’t) befall you.
10 years ago, you skipped down the aisle in wedded bliss, now you’re trudging to the court in a dreaded divorce.
The dissolution of a marriage impacts more than your love life, as anyone who’s divorced knows. Here are a few costs to expect, some weightier than others:
Manage your post-divorce debt with the budgeting tips here and land on your feet.
You might not think yourself to be the typical target of a lawsuit, but here’s the truth.
Whether you’re a billionaire or a babysitter, if an unfortunate situation unfolds under your eye, at your hands, or on your property, innocent as it may be, you could be at fault legally.
Rather than start with a list of awful scenarios (we’ll get to those in a moment), I’m going to start with the good news.
Although litigious cases aren’t always something you can account for and cover, there are some affordable ways to protect yourself.
Beyond the basics of required policies like auto, renter’s, and homeowner’s insurance, you can buy an umbrella policy to extend your coverage.
You should also purchase homeowner’s or renter’s insurance to cover your property in the event that someone sues you for what happened on your property.
Let’s look at a few situations covered by umbrella insurance, a list that should give you an idea of some legal costs you could be held responsible for in court:
Those are the primary categories of umbrella insurance coverage, but here are a few more places you could incur legal costs in court:
No one is completely safe from legal liability. At the very least, make sure your auto insurance and homeowner’s or renter’s insurance is substantial.
If you’re wealthy and your daily business dealings put you at an added risk, you might want to invest more in protecting your assets.
And if you’re a landlord or business owner, you absolutely need to consider an umbrella policy to provide the additional coverage you need.
Budget wisely. If you would benefit from a policy offering legal protection, do your research, get quotes, and add affordable coverage to your expenses.
One of the most important preparatory financial steps you can take is estate planning.
Here are some basic steps involved in estate planning:
Planning for your imminent death may be morbid, but it’s the best way to ensure your spouse and descendants receive the inheritance you have in mind for them.
I have loads of advice on the best life insurance and investment strategies to benefit your estate and your descendants the most.
We never know what tomorrow holds.
Do your research and start thinking now about your will and who would best serve as executor.
Maybe you aren’t trying to leave an inheritance, but figuring out how to spend one you’ve just been given.
It’s a wonderful feeling when a windfall of money lands in your lap, but it can also be a daunting one.
Maybe you’re on top of managing your expenses, or maybe you aren’t.
Either way, adding tens or hundreds of thousands of dollars to the equation at once and deciding where they fit is complicated.
How exactly you distribute your newfound funds depends on your situation, but overall, there are a few do’s (and don’ts) when it comes to managing an inheritance.
When tax time comes, are you cool and collected or frazzled and frantically trying to file on time?
With a federal income tax guide, you can determine how you should file and know exactly what information you’ll need to provide.
Beyond your income, here are 10 taxable items you may not be aware of:
With an understanding of how your funds are taxed, you can invest wisely and save money on taxes.
Ready to get started?
I’ve dedicated years to researching and reviewing the best tools on the market to help you thrive.
There are tons of apps for everything from budgeting to investing to filing taxes.
Take a look at some of the awesome resources I’ve compiled to manage your money like an expert.
With your newfound money management expertise, you’re on your way to financial success.
What are you waiting for?
Use the tools above and start making gains with your money management today.
The post How To Make A Budget appeared first on Good Financial Cents.
“The most important thing you can do is treat looking for a job as a job,” says Frank Grossman, who hosts a weekly job-seekers support group for the Philadelphia Unemployment Project. “You are in essence working for yourself.”
So you shouldn’t be rolling out of bed and filling out a couple of online applications, then spending the afternoon watching YouTube videos. Instead, you should be waking up, getting dressed and ready to start job hunting by 9 a.m. — and you should stay on task until the usual time you’d leave work.
So if you’re unemployed or spending your weekends looking for a new job, here are some tips and a schedule to follow while on your quest to find gainful employment.
When success strategist Carlota Zimmerman starts helping someone find a job, she warns that job hunting can be an isolating experience. Even sitting in a crowded coffee shop, filling out online application after online application — often with no replies for days, weeks or possibly ever— can weigh heavily on a person’s psyche.
That’s why Zimmerman encourages job seekers to keep an “action diary,” a notebook or Google Doc in which job hunters plan and record what they accomplished that day. The diary is a way to make sense of the chaos during the job hunting process.
Start each day with a goal of completing five positive acts, Zimmerman says. These acts can include updating your resume and LinkedIn profile, setting up networking meetings with industry colleagues or submitting online applications. That way when you’re feeling discouraged about your job search, you have a record of everything you’ve accomplished.
“It's a way of keeping your panic and anxiety at bay,” she says. “By writing it down, you're reminding yourself, ‘OK, I did something purposeful today.’”
Some people have a hard time wrapping their head around the idea that a job hunt can take months to complete. That’s why Zimmerman reminds people that they’re not robots and that they shouldn’t put so much pressure on themselves to find a job immediately.
“Human beings are sensitive,” she says. “So treat yourself with some care, delicacy and respect.”
To avoid burning out, take time to exercise, see friends and pursue your hobbies in the evenings or during the weekends. That way, you’ll be mentally refreshed and prepared to start the next day’s job search or go into a job interview with confidence.
We combined tips and strategies from job-hunting experts to create a schedule you can follow. This outline is flexible, so feel free to customize it to suit your needs. But no matter what schedule you decide to follow or what personal goals you set each day, be sure to stick with what works for you.
This means you’re showered, dressed and ready to work. No pajama bottoms. If you don’t have a suitable workspace in your home, go to a coffee shop or a public library.
This is your time to write down the goals you wish to accomplish today. Remember to be realistic. Don’t tell yourself “I’m going to apply for 10 jobs today” when you know it takes you a long time to fill out those electronic application forms.
Spend the next 90 minutes searching job boards for positions you wish to apply to that day. Also consider messaging people in your industry to set up networking coffee dates or make tweaks to your resume and cover letter needed for a particular job.
Step away from the computer for 15 minutes. This is not a time to start scrolling on social media. Use this break to take a walk around the block, do a quick chore or pour another cup of coffee.
Start applying to the jobs you found on job boards that match your skill set. Respond to any email replies you’ve received.
Take a break and enjoy your lunch. Side note: If job hunting outside the house is a better fit, then pack a lunch the night before and eat it wherever you work.
Continue to apply for jobs, search for networking functions in your area and complete any positive acts that will help your job search.
Step away from the computer. Maybe try meditating, starting a load of laundry or doing some stretches.
Finish the day strong by completing any job applications you need to hit your goals.
Write down everything you achieved today. Include the positions and companies you submitted applications to, who you connected with for upcoming networking functions, etc.
Now that you’ve successfully completed your goals for the day, it's time to take the rest of the evening off and relax. Fix dinner. Exercise. Spend time with family and friends. De-stress and recharge so you can be fresh in the morning.
The biggest benefit of searching for a job when you already have one is that there’s no pressure to find work. Even though you hate what you’re doing eight hours a day, you’re paying your bills and eating. When career counselor Helen Godfrey helps people who want to switch jobs but who are unmotivated after a grueling day at work, she reminds them that things will stay the same if they don’t make change happen.
“Even the act of looking gives them hope because they see there are choices [out there],” Godfrey says. She encourages people to set aside time each day to do the following:
You can also use the hourly schedule above to leverage your weekends and devote more time to finding a new career. Whether you’re employed or not, job hunting is the worst job in the world, Zimmerman says. But remember, it’s temporary.
“A successful job search is about being in a healthy, positive mental space,” she says. “It's about believing in yourself, believing in your skills and having some kind of a plan.”
Matt Reinstetle is a staff writer at The Penny Hoarder. When he was blindsided in a layoff, he stuck to a plan of submitting three applications a day. About a month later he accepted a job offer.
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.
