Social Security recipients who have lost a spouse may be eligible for a higher monthly payout if they switch to survivor’s benefits. But many recipients are unaware of this fact. That ignorance could cost them tens of thousands of dollars over the course of their retirement, according to an audit by the Social Security Administration’s Office of the Inspector General. The audit found that of 100…
Source: moneytalksnews.com
A key financial decision people struggle to make is how to allocate savings for multiple financial goals. Do you save for several goals at the same time or fund them one-by-one in a series of steps? Basically, there are two ways to approach financial goal-setting:
Concurrently: Saving for two or more financial goals at the same time.
Sequentially: Saving for one financial goal at a time in a series of steps.
Each method has its pros and cons. Here’s how to decide which method is best for you.
You can focus intensely on one goal at a time and feel a sense of completion when each goal is achieved. It’s also simpler to set up and manage single-goal savings than plans for multiple goals. You only need to set up and manage one account.
Compound interest is not retroactive. If it takes up to a decade to get around to long-term savings goals (e.g., funding a retirement savings plan), that’s time that interest is not earned.
Compound interest is not delayed on savings for goals that come later in life. The earlier money is set aside, the longer it can grow. Based on the Rule of 72, you can double a sum of money in nine years with an 8 percent average return. The earliest years of savings toward long-term goals are the most powerful ones.
Funding multiple financial goals is more complex than single-tasking. Income needs to be earmarked separately for each goal and often placed in different accounts. In addition, it will probably take longer to complete any one goal because savings is being placed in multiple locations.
Working with Wise Bread to recruit respondents, I conducted a study of financial goal-setting decisions with four colleagues that was recently published in the Journal of Personal Finance. The target audience was young adults with 69 percent of the sample under age 45. Four key financial decisions were explored: financial goals, homeownership, retirement planning, and student loans.
Results indicated that many respondents were sequencing financial priorities, instead of funding them simultaneously, and delaying homeownership and retirement savings. Three-word phrases like “once I have…,", “after I [action],” and “as soon as…,” were noted frequently, indicating a hesitancy to fund certain financial goals until achieving others.
The top three financial goals reported by 1,538 respondents were saving for something, buying something, and reducing debt. About a third (32 percent) of the sample had outstanding student loan balances at the time of data collection and student loan debt had a major impact on respondents’ financial decisions. About three-quarters of the sample said loan debt affected both housing choices and retirement savings.
Based on the findings from the study mentioned above, here are five ways to make better financial decisions.
Rethink the practice of completing financial goals one at a time. Concurrent goal-setting will maximize the awesome power of compound interest and prevent the frequently-reported survey result of having the completion date for one goal determine the start date to save for others.
Do more of anything positive that you’re already doing to better your personal finances. For example, if you’re saving 3 percent of your income in a SEP-IRA (if self-employed) or 401(k) or 403(b) employer retirement savings plan, decide to increase savings to 4 percent or 5 percent.
Decide to stop (or at least reduce) costly actions that are counterproductive to building financial security. Everyone has their own culprits. Key criteria for consideration are potential cost savings, health impacts, and personal enjoyment.
Almost 40 percent of the respondents were saving nothing for retirement, which is sobering. The actions that people take (or do not take) today affect their future selves. Any savings is better than no savings and even modest amounts like $100 a month add up over time.
Use an online calculator to set financial goals and make plans to achieve them. Planning increases people’s sense of control over their finances and motivation to save. Useful tools are available from FINRA and Practical Money Skills.
What’s the best way to save money for financial goals? It depends. In the end, the most important thing is that you’re taking positive action. Weigh the pros and cons of concurrent and sequential goal-setting strategies and personal preferences, and follow a regular savings strategy that works for you. Every small step matters!
Source: feeds.killeraces.com
Change has to start somewhere, and for many people that change is easier to make if the starting point has some meaning. It can be a birthday, an anniversary, or any other date with some symbolic weight. Most commonly, people choose the beginning of the new year.
If you’re looking for some New Year’s resolutions that will truly change your life, consider adjusting your financial strategy. Here are five things you can do in 2021 to take your money game to the next level.
Interest rates are at near-historic lows, which makes this the perfect time to refinance your debt. Refinancing means switching your loans from your current lender to a new lender in order to take advantage of a lower interest rate. Refinancing can save you thousands of dollars, depending on the original interest rate and total balance.
 For example, letâs say you have a $200,000 30-year mortgage with a 5% interest rate, and you refinance to a 3% interest rate. Your monthly payment will be $244 lower, and youâll save $31,173 in total interest over the life of the loan.Â
You can refinance auto loans, personal loans, and even student loans. However, if you have federal student loans, you may want to hold off on refinancing. Refinancing a federal student loan converts it into a private student loan. This means youâll give up extra perks and benefits like income-driven repayment plans and deferment and forbearance options.
If you have credit card debt, you can pay less interest by transferring the balance to a new card with 0% APR on balance transfers. These special discounts usually last between 12 to 18 months, during which time you wonât be charged interest on the credit card balance.
For instance, letâs say you have a $5,000 balance on a card with a 17% APR. If you only make the minimum payments, youâll pay $1,223.61 in total interest. If you transfer that balance to a card with 0% APR for 12 months and repay the balance in that time, you wonât pay any interest.
There is often a small fee associated with balance transfers, around 3% of balance transfers. For example, if you transfer $5,000, youâll pay a $150 fee. That still leaves a net savings of $1,073.61 in the scenario outlined above.
One of the best things to do for your budget in 2021 is to decrease fixed expenses like your car insurance, internet, cable, and cell phone. Call those providers and try to negotiate a lower rate.
 Go through your transactions for the past few months and write down all the recurring subscriptions like Netflix, Amazon Prime, and DoorDash. Then, group them into categories like âfrequently use,â âsporadically useâ and ârarely useâ. Consider canceling anything you rarely use.
 See if you can get a better deal on your most popular subscriptions. For example, if you and your significant other both pay for Spotify Premium, get a Spotify Duo account instead, and save yourself $83.88 a year.
Most people are missing out on an easy way to earn money through your bank account. You could be leaving hundreds of dollars on the table if you still have a traditional savings account.
According to the FDIC, the current average interest rate on a savings account is 0.05%. Many high-yield savings accounts offer rates between .40% and .60%.Â
Letâs say you have $10,000 in a savings account with .05% interest. After one year, youâll have earned $5.04 in interest. If you moved that amount to a high-yield savings account with .5% interest, you would earn $49.92 in interest over that same time period.
If you’re not investing for retirement yet, this might be the most important financial resolution you can make. Thanks to the power of compound interest, you can start investing now and see huge growth by the time youâre ready to retire.
IRAs and 401(k)s are the two main retirement accounts. Anyone can open an IRA, while only those who have access to an employer-sponsored 401(k) can open one.
 If you’re not sure how to invest in your retirement account, consider hiring a qualified financial planner through the National Association of Personal Financial Advisors (NAPFA).
If youâre not ready to work with a financial planner, you can use a robo advisor like Betterment or Wealthfront, which will create a portfolio based on your age, income, and expected retirement age. Robo advisors have low fees and are designed to help beginner investors.
First, start small. Pick one habit to change at a time. If you try to accomplish five goals at once, you’ll burn out quickly and give up.Â
When you decide on a resolution, break it up into smaller, more manageable tasks. For example, if your goal is to talk to a financial planner about investing, break it down into the following steps:
1) Research financial planners through NAPFA
2) Send introductory emails to three financial planners
3) Choose the one that seems like the best fit
4) Schedule a consultation
Give yourself a deadline to accomplish each of these tasks, and ask a friend to hold you accountable.
Another tip is to tie your resolutions to a bigger goal. Like dieting or starting a new exercise plan, changing your financial habits is hard. If you’re used to grabbing lunch with your co-workers every day, bringing leftovers from home instead will seem like a huge change.
The key is to imagine the future version of yourself who will benefit from the changes you make today. If your goal is to open and contribute to a retirement account, imagine yourself as a senior citizen living comfortably.
When youâre tempted to skip this monthâs retirement contribution to buy concert tickets, think about your future self, what youâd want for them and how they would appreciate your sacrifice. It can also help to remember some of the financial mistakes you’ve made in the past, and how much easier your life would be right now if you had made a different choice.
The post The 5 Best Financial New Year’s Resolutions appeared first on MintLife Blog.
Source: mint.intuit.com
Money may not be the most romantic topic of conversation for couples sampling wedding cake and planning honeymoon adventures, but the way a couple approaches it can be a strong predictor of a marriage’s long-term success. Several studies have actually found that money is a top cause of stress in relationships.
But finances don’t have to cause friction for you and your soon-to-be spouse. A survey conducted by MONEY Magazine found that individuals who trust their partner with finances reported feeling more secure and having fewer arguments. Learning how to talk about money before you get married can be key to developing that financial confidence in your own relationship.
How do I talk about money before getting married, you ask? As you prepare to tie the knot, consider these five money questions to ask before marriage:
One helpful way to talk about money before marriage is to sit down as a couple and take inventory of all the debt and assets you’re each bringing into your long-term commitment. This includes everything from student loans and mortgages to savings and retirement accounts. You may also want to get into the nitty gritty of your salaries and monthly expenses. Putting all of the details into a spreadsheet or an app that helps you manage your money can allow you to see your full financial picture.
While using this exercise as a way to talk about money before marriage may feel like a lot of work, it will come in handy when it’s time to make financial decisions, such as deciding what percentage of your joint income should go toward building an emergency fund, saving for retirement and paying down debt, explains financial expert Ginita Wall, co-founder of the nonprofit Women’s Institute for Financial Education.
“If one person in the relationship is maxing out her 401(k) contributions but eventually learns her husband is putting nothing toward retirement, it could become an issue,” she says. “An open dialogue that ensures that there will be no surprises about money, or any other topics for that matter, is important for a great relationship.”
Another way to talk about money before marriage is to consider whether you want to combine bank accounts, keep them separate or do a combination of both. The decision depends on each person’s preferences and the needs of the couple.
Dr. Bonnie Eaker Weil, a relationship therapist based in New York City, believes that having one joint account, but also guilt-free separate accounts for spending, can be helpful for many couples.
Keeping a joint account, she says, can provide a clear window into a family’s complete financial situation so the couple can make financial decisions accordingly. “This demonstrates that the couple is working together toward long-term financial goals,” she says.
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The guilt-free separate accounts, on the other hand, give both individuals “freedom to make small purchases as needed,” Weil adds.
As you’re addressing this money question to ask before marriage, know that in some cases, couples could benefit from keeping their investments separate.
“If two people have wildly different investment styles,” Wall says, “they just might decide to invest their money in their own ways.”
When deciding how to talk about money before you get married, consider having an open discussion about how your parents handled moneyâincluding what you think they did well and what they could have done betterâand how this has influenced your financial expectations and goals, Weil says. This is a valuable, but often overlooked, component of how to talk about money before you get married.
In many cases, an adult’s upbringing shapes his or her financial goals.
“If you grew up vacationing at the shore, chances are you might aspire to own a shore house as an adult,” Weil says. “This can become problematic if your spouse would much rather have a mountain house. Talk about where your goals originate from and then work toward making compromises.”
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Individuals who trust their partner with finances reported feeling more secure and having fewer arguments.
Your financial situation today may be significantly different from your financial situation tomorrow. While it’s impossible to predict exactly what the future holds for your finances and lifestyle, there are ways to talk about money before marriage to lay the groundwork for decisions you may ultimately face. If you plan to have children, for example, you may want to discuss how career and financial priorities may shift. Will both spouses maintain their working arrangements? Will someone pick up more work or scale back?
Weil says other money questions to ask before marriage that could impact your long-term financial plans include:
While the answers to these types of questions are personal and will vary from couple to couple, Weil says the most important rule is ensuring couples address them early on so there’s a clear understanding of how to handle each situation when it arises.
While determining how to talk about money before you get married is an important milestone, ongoing communication is necessary. Weil believes it’s constructive to have a weekly money dialogue, while other experts, like Wall, say sitting down for a casual money meeting once a month is a good rule of thumb.
Choose a meeting frequency that works for you and stay committed to your schedule. This signals to your partner that your finances are important and that you’re willing to set aside the time to talk about joint objectives, Wall says.
When it’s time to meet, run through any financial concerns that may have popped up since your last conversation, as well as any financial goals or factors that could have an impact on financial planning for young families.
When differences arise during these talks, Weil suggests trying to walk in the other person’s shoes to understand his or her perspective. Being mindful and polite, as well as listening, are among the best ways to talk about money before marriage and beyond.
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“An open dialogue that ensures that there will be no surprises about money, or any other topics for that matter, is important for a great relationship.”
Money can carry a lot of emotions, and Wall says that a lot of financial arguments aren’t actually about money.
“It’s often about equality, being respected, being listened to or being loved,” she says.
If the same types of arguments seem to resurface, it could indicate underlying issues about power and cooperation that couples should handle together, Wall explains.
While every marriage is bound to have some financial conflict now and then, starting a partnership off with these money questions to ask before marriage could help you get off on the right foot. Learning how to talk about money before you get married can also help align your financial hopes and dreams for your happily ever after.
The post 5 Money Questions to Ask Before Marriage appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
Do you want to know, “What can I do as a side job?”
Today, I have a list of over 80 possible side hustle ideas for 2021. With these side jobs, you can make extra money in 2021.
So, what is a side job? I say side job meaning something that you do on the side of your regular job.
Side jobs are sometimes called side hustles, and the idea is that you put some of your extra time towards making more money.
You can find side jobs online, side jobs from home, side jobs outside your home, and pretty much wherever else. There are many different options when it comes to finding side jobs for extra money.
Over the years, I have spent a lot of time making extra money through side hustle jobs.
In fact, I paid off my $38,000 student loan debt in just 7 months by side hustling. I did several of the things on the list that you are about to read through.
Learning how to find a side job changed my life in a crazy way — it helped me to stop living paycheck to paycheck, pay off my debt, and leave my day job to pursue my job as a full-time blogger.
And, this is why I talk about making extra money through a side job so much — because I believe that it can change your life for the better.
What I like so much about the ideas on this list is that there is something for everyone. There are really so many different options. While I have included over 80 different side job ideas, there are many, many more out there. You can find something to fit your lifestyle, interests, and the amount of time you have to dedicate towards earning more money.
Whether your goal is to pay off your debt, stop living paycheck to paycheck, start saving for retirement, plan an amazing vacation, or something else, finding a side hustle idea in 2021 can make that a reality.
Making extra money through a side job can help you:
What some people don’t realize about making extra money is that it doesn’t have to take all of your time. You can dedicate as much or as little time to it as you want. I started this blog on the side of my full-time job. It took a lot of work, but I was in control of when I worked.
That’s one of the reasons I love blogging and many of these other side jobs. Many of them are very flexible and let you pick your schedule. Below you’ll find great options if you work full time, are a parent, are in school, etc.
Besides starting a successful side hustle, there are some great small ways to earn extra money. The point is, there are so many ways to make money on the side with a full-time job that there is no reason not to start now.
Related content on how to make extra money:
There are so many side jobs that can be found online these days. The internet has introduced more possibilities, many of which have extremely flexible schedules.
Working an online side job allows you to create your own business in your spare time or work remotely for a company. These are some of the flexible options for 2021.
For me, I love being able to work online as it allows me to have a flexible schedule, there is no commute, and I simply enjoy working from home more than working in an office.
Below are ways to work an online side job:
If you’re looking for a side job, one possibility is to create a side business for yourself.
The ones you just read about above are online side jobs, but many of the ones in this section require in-person work. Not everyone wants to work online, and these side jobs will get you outside of the house and earning money.
For me, my side business of creating a blog actually turned into a full-time business for myself. And, I am so happy that I made that choice!
Here are some side business ideas:
Online side jobs are becoming more and more popular, but you can still make good money with more traditional part-time jobs.
I know many people who have part-time side jobs, and they love that they are low-commitment ways to make extra money.
You can find a part-time side job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), and so on.
There are so many different types of items that you can sell to make extra money.
You may be able to find things around your home that you can sell, or you may even search for items online or in-person to buy and resell for a profit.
If you’re already employed and not interested in starting a side hustle, by starting an online business, or taking on a part-time job, you can still learn how to earn more at your current job.
Of course, I can’t include every single side job in this blog post, as there are way too many options to list in one place. But, here are some more that didn’t fit one of the categories above.
If earning $1,000 a month or more is your financial goal, there are lots of different approaches.
You can run Facebook ads for small businesses, deliver food for Postmates, start a freelancing side job, and more. Or, you can combine several smaller side jobs.
If you are willing to put in the work, starting a blog is something that can help you earn $1,000 a month or more. It takes time to grow your blog, but with time and effort, you can well exceed $1,000/month in blogging income.
There are so many different ways to make money on the side in 2021, and I just gave over 80 different ideas.
Look through the options above and make a list of the ones that interest you. Think about what skills you have, how much time you want to dedicate to your side job, and how to get started with each option.
There are honestly options for anyone, no matter how much time you have to spare. And remember, even just a $100 extra a month can begin to make a dent in your debt, can be invested for your future, or help you stop living paycheck to paycheck.
If you have any questions about finding a side job, I recommend heading to 10 Of The Most Common Questions About Having A Side Job.
Some of the questions I answer in that blog post include:
Out of the side jobs listed above, which one interests you the most? Which side job would you like to learn more about?
The post 80+ Best Side Job Ideas To Make Extra Money in 2021 appeared first on Making Sense Of Cents.
Source: makingsenseofcents.com
The post 50 Ideas To Help You Get Out of Debt! appeared first on Penny Pinchin' Mom.
When it comes to trying to get out of debt, I’ve seen and heard it all. Â From the person who gets three jobs to the guy who sold his dream car – just to make it all happen. Â It got me to thinking – what are some of the craziest ideas out there to help you find your way out of debt?
I decided to make a fun post about the craziest ideas people have tried just to try to get their debts paid off. Â The funniest thing is that these really do work! Â Who knows? Â Maybe one of these will inspire you too!
Things are that – just things. Â They don’t define us, and they don’t always make us completely happy. Â My husband and I sold so many items when we were trying to get out of debt that we were able to raise more than $1,000. Â The thing is – I can’t even remember what we sold (which proves that they were things we obviously did not really need). Â Here are some unconventional ideas of things you can sell:
1. Hair.  This may sound bizarre, but people will pay for long hair!  Crafters often use it for making dolls, so they will pay to buy it.  You will need to have at least 10″ or more to sell, and the price will vary greatly. You can visit eBay to learn more and get started.
2. Toilet paper / paper towel rolls. Â Have you been on Pinterest and seen the number of craft projects which require a paper towel or toilet paper tubes? Â They are all over the place!
You can get onto local sites such as Wallapop, Craigslist or even visit eBay and list your products for sale. Â It may sound crazy, but it actually can work.
3. Gift cards. Â If you get a gift card for any reason, be it a return or even a gift, you can turn around and sell the card. Â You won’t get quite face value for it, but you also can at least get paid cold hard cash.
They don’t have even to have the full value on them. Â For instance, if you had a $100 gift card to your favorite sporting goods store, but you only have used $26.48, you can still sell your card, and another person can use the remaining balance.
Visit Raise.com to learn more about placing your gift cards up for sale.
4. Daily Deal vouchers. Â Did you buy a deal on LivingSocial and haven’t yet redeemed the voucher, you can sell it.
5. Â Sell things you don’t need. Â Use eBay, Craigslist or LetGo to sell the stuff you do not need anymore. Â Go through your home and decide what you need and what you could sell to raise some quick funds to pay off your debt!
These are things that just make sense and most people think about…but you may not have thought of every one of them!
6. Â Budget. Â Of course, it seems this should go without saying, but it is not always obvious. If you don’t have a budget, you have no control of your money. Â Learn How to Create a Budget.
7. Coupons. Â Start using coupons to save as much as you possibly can at the grocery store. Â Then, use the amount you save to pay towards your debt! Read more about How to Use Coupons.
8. Change where you shop. Â If you live near an Aldi, start to buy groceries there. Â Skip the clothing store and find consignment stores to find gently used clothes. Â Read more about How to Shop at Aldi.
9. No more dinners out.  This is a tough one, but it works.  Best of all, its not something you will have to give up forever!  Just think, if you spend $100 or more a month dining out that is more than $1,000 to pay towards your debt in just one year!
If you do have dinner out, skip the soft drinks and go for water instead, which is free! Â Make sure you also pass on the appetizers and consider splitting a larger entree to pay less.
10. Give up your hobbies. Â If you are an avid golfer, you might give that up for some time and use the monthly dues to pay towards debt.
11. Menu plan. Â By planning your meals, you not only know what you will have for dinner, but it also helps you plan your shopping trip. Â That ensures you have all you need on hand when you get ready to cook all of your meals – saving you from running to the store for that “one item,” which often leads to more. Â Read more about How to Create a Menu Plan.
12. Ask for rate reductions.  Contact your creditors to see if they would lower your interest rate at all. This is not always something that works, but it is definitely worth a few calls to see if it won’t work for you. Learn the tricks to asking for a rate reduction.
13. Avoid paying monthly fees. Â If your bank charges monthly fees, ask them to waive them. Â If they will not, consider moving to another one which offers free banking. Â Even $5 a month is $60 a year that you are giving to them, just to have your account.
14. Keep the change. Â I always use cash. Â I don’t even pay with change. Â If the total is $6.42, I hand over $7 and keep the change. Â I roll all of this once a year and usually have quite a nice amount saved up. Â Best of all – I never miss it!
15. Â Overbudget. Â This is a fun way to get extra money. Â We may budget $300 for groceries every two weeks, but I will do what I can to keep my shopping way under this amount. Â Then, I take anything left over at the end of that two weeks and save it (you could use it towards your debt). It’s a fun way to challenge yourself to see how little you can spend!
16. Â Change insurance. Â Make some calls to find out of you can get a better rate on your auto and home (renter’s) insurance. Â You can sometimes find a better deal by bundling or even by increasing your deductibles a bit.
17.  Skip the evening movies.  If you love to visit the movies try the matinee instead!  You can usually pay less by catching the afternoon show. Make sure you pass on the snacks too, as those can add up quickly!
18. Â Don’t buy books. Â Instead of buying books, visit the library or get free Kindle books. Â No need to buy them at all, when there are ways you can get them for free! Â Find out more ways to get free books.
These are ideas which do not work for everyone, but have worked to help others get out of debt very quickly!
19. Stop retirement contributions. Â If you are in debt, you might want to take that 15% you were saving for retirement and throw it all towards your debt. Â As soon as you are debt free, you can start that contribution again (and maybe even do more than that to other accounts).
20. Cancel cable completely. If you really want to go drastic, you need to take all steps necessary to do so. Â Cable can run more than $100 (or even more than $150) per month. Â If you can cut out cable entirely, you might quickly free up $100 or more every single month!
21. Sell your car. Â If you are leasing a vehicle, that is a simple way to throw money away, as you will never own it. Â Turn in the vehicle and then take out a loan to purchase a much older car, where you will pay less per month. Â Best of all, you will own it in a few short years!
If you have an expensive vehicle, you can also sell that and then purchase an older car, which will reduce your monthly overhead (and possibly taxes and insurance).
22. Move. Â If you are renting or even if you own your home, consider downsizing to pay less each month. Â I know many people have opted to sell their home and use any income to pay towards debt, and then they rent until they are debt free. Â Then, they save to get the house of their dreams, which they can purchase debt free!
23. Â Turn off your home phone. Â This can run $30 or more a month. Â Just use your cell phone and cancel your home service.
24. Downgrade your cell phone. Â Try to reduce the data you use to see if you can’t lower your monthly payment on your cell phone. Â Stick with your home internet for most of your data usage, and you can use your phone less and less and rack up the savings.
25. Â Swap services. Â Instead of paying for babysitting, exchange time with another couple. Â You watch their kids for free, and they can do the same for you. Â You might be able to swap your tutoring for haircuts or your lawn mowing for handyman repairs.
26. Â Make gifts. Â Instead of buying people gifts for birthdays and holidays, consider making them yourself. Â You could even offer a “service” gift where you will babysit once a month for a year, etc. Â Find a way to give from the heart instead.
27. Â Budget bill your utilities. Â If you can, arrange for budget billing with your services. Â This can make it easier to include your budget and will avoid those swings in the summer or the winter when certain utilities may be more expensive.
28.  Drop the gym or country club.  If you have a membership of any sort, just cancel it.  If you work out at the gym, try to find free videos you can follow at home or create your own workout plan. If you like to golf, go with a friend instead of paying for your membership.
29. Â No more coffee trips. Â Make your coffee at home each morning and cancel that run through the drive-thru.
30.  Take your lunch.  It is great to go out to lunch every day, but pack your lunch, and you’ll ensure you eat up leftovers. Not only will you waste less food, but you’ll also save a nice chunk of money every month.
31. Â Carpool. Â Take turns driving to work and save money on fuel and also wear and tear on your vehicle.
32. Â Set up no spend months. Â This is a tough one, but see if you can go a few weeks without spending anything more than you need to survive. Â That means no dining out. Â No entertainment. Â No clothes. Â Just food and fuel and that’s it!
This is a bit different than working from home. Â These ideas help you make a bit more money just doing things you might already do – like search the internet, shop, etc. Â These sites will pay you money to do just that. Â Then, turn around and apply anything you make towards your savings.
33. Swagbucks. Use this site to get paid for doing searches and other things you normally do online!  Click HERE to learn more about Swagbucks.
34. Sell crafts on Etsy. If you are good at crocheting, woodworking or anything at all, look at selling your wares on Etsy. It is a simple platform and the costs are very low, which allows you to keep most of what you make from each sale.
35. Rent a room in your home. Â If you have a walk-out basement, consider renting out the space to make more money. Â Just check with your local laws and homeowner’s association to ensure this is allowed before you jump in to start this one.
36. Sell stocks. Â If you have investments, considering selling them and using the proceeds to pay towards your debt.
37. Give music lessons. Â If you know an instrument or you can sing, consider selling your time to help teach others.
38. Tutor. Â Find your expertise and teach others. Â You never know who you might be able to help!
39. Start a blog. Â You may not get rich with your blog, but it can turn into a nice stream of income! Â Learn more about How to Start a Blog.
40. Â Visit garage sales and upcycle. Â Find items very inexpensive at a yard or garage sales. Â Put in some elbow grease, paint and creativity and turn them into something you can sell for a profit. Â Check out flea markets and farmer’s markets for larger items and for places where you can sell your items.
41. Â Find holiday work. Â When the holidays roll around, many stores hire employees for a short 6 – 8 week period. Â Sign up and put in some extra time after your regular job and make some extra cash you can use to pay down your debt.
42. Â Become a mystery shopper. Â This is a great way to get some things for free. Â This is not a way to get rich but is an excellent way to get some of the things you need for free (which allows you more money to pay towards your debt).
43. Become an eBay master. Â Purchase items on clearance or at deep discounts and then sell them for a profit on eBay. Â You can still offer prices which are less than in the store, but more than you paid.
44.  Ask for a raise. Don’t be afraid to ask for one. Make sure you share the additional work or responsibilities you’ve taken on as a reason why. Or, if it has been a while since you last had a raise, you can mention that too.  It never hurts to try.
45. Â Sell an eBook. Â If you are an expert in any field, or if you love to write, create a book you can sell on Amazon!
While there are things that you can physically do to save or to make money, you need to get your brain into the right mindset too.
46. Â Make your goal visible. Â If you want to get out of debt so you can afford to save for a vacation, tape a photo of the destination where you see it each day. Â It could be on your office wall, bathroom mirror or the refrigerator.
47.  Learn to be happy with less.  Sure, a new TV might be fun to own. It could be enjoyable to go out to dinner.  However, do you need those things?  Probably not.  Find a way to be happy spending time at home spending no money at all, and you’ll realize how much those things don’t matter.
48. Â Learn to say no. Â You may need to tell friends you can’t go out to dinner. Â It may mean telling the kids that they can’t get that treat at the grocery store. You may need to say to yourself that you do not need to grab that afternoon latte. Â Learning to say no can easily keep more money in your pocket.
49. Â Give more. Â This may seem crazy, but it actually works. Â When you give more of yourself to others, you feel better. Â Best of all, giving is not always financial. It can mean your time or even your prayers.
50. Surround yourself with the right people. If your friends encourage you to spend money, then you might want to distance yourself from them (at least until you can get better control over your finances and self-control). Â Find other people who think like you do so that they can encourage and build you up.
There you’ve got it. Â Fifty ways to help get you out of debt! Â Which are you getting ready to try?
The post 50 Ideas To Help You Get Out of Debt! appeared first on Penny Pinchin' Mom.
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Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authorâs alone, and have not been reviewed, approved or otherwise endorsed by the issuer.
If left unchecked, extensive amounts of credit card debt can cripple your finances. The good news is there are many ways to handle debt, though each requires a dedicated effort on your part. But if you can manage to consolidate credit card debt, you will reduce your burden relatively quickly. In the process, youâll avoid the exorbitant interest rates that accompany most credit cards. Below we take a look at some of the most effective techniques you can use to make this goal a reality.
Find Out Your Credit Score
Before you can work on improving your credit and minimizing your debt, you have to know where you currently stand.
Many credit card issuers allow cardholders to see their FICO® credit score free of charge once a month, so check out if any of your cards include that free credit score. The three major credit bureaus â TransUnion, Experian and Equifax â also give out free annual credit reports. If thatâs not enough, websites like Credit Karma⢠and Credit Sesame provide a free look at your credit score and reports as well.
It is vital to review your credit report with a fine-tooth comb to ensure the accuracy of the information. If you find errors be sure to let the credit bureau in question know so the issue can be eradicated as soon as possible.
Zero Interest Balance Transfer Cards
Although it might seem counterintuitive to apply for another credit card to lessen your debt, a zero interest balance transfer card could really help. These cards typically include an introductory 0% balance transfer Annual Percentage Rate (APR) for six months or more. This ultimately allows you to move debt from one account to another without incurring more interest. However, once the introductory offer concludes, any leftover balances will revert to your base APR.
These offers arenât totally free, though. Most cards also charge a balance transfer fee thatâs usually between 3% and 5% of the transfer. Even with this initial payment, you will almost always still save money over leaving your debt where it stands currently.
If you want to consolidate credit card debt, here are three different balance transfer credit cards you could apply for, with varying introductory interest rates and transfer fees:
Balance Transfer Credit Cards Card Intro Balance Transfer APR Balance Transfer Fee Chase Slate 0% APR for first 15 months; then 16.49% to 25.24% Variable APR, depending on your creditworthiness No fee for first 60 days; then $5 or 5% of each transfer, whichever is greater Citi Double Cash Card 0% introductory APR for 18 months from date of first transfer when transfers are completed within 4 months from date of account opening; then 15.49% to 25.49% Variable APR, depending on your creditworthiness $5 or 3% of each transfer, whichever is greater BankAmericard® credit card 0% APR for first 15 billing cycles; then 14.49% to 24.49% Variable APR, depending on your creditworthiness No fee for first 60 days; then $10 or 3% of each transfer, whichever is greater Take Out a Personal Loan
The thought of taking out another loan probably doesnât sound too appetizing to consolidate credit card debt. But a personal debt consolidation loan is one of the speediest ways to rid yourself of credit card debt. More specifically, you can use it to pay off most or all of your debt in one lump sum. That way, your payments are all merged into a single account with your lender.
The APR and length of the offered loan and the minimum credit score needed for approval are the main factors that should go into your final decision on a lender. By concentrating on these three components of the loan, you can map out what your monthly payments will be. As a result, you can more easily implement them into your financial life.
Applying for a personal consolidation loan can have a detrimental effect on your credit. Unfortunately, most institutions will run a hard credit check on you prior to approval. However, many online lenders donât do this, which might ease your mind depending on the severity of your debt situation.
These loans are available through a wide variety of financial institutions, including banks, online lenders and credit unions. Here are a few examples of some of the most common debt consolidation lenders:
Common Debt Consolidation Lenders Banks Wells Fargo, U.S. Bank, Fifth Third Bank Online Lenders Lending Club, Prosper, Best Egg Credit Unions Navy Federal Credit Union, Unify Financial Credit Union, Affinity Federal Credit Union Auto or Home Equity Loan
If you own assets like a home or car, you can take out a lump-sum loan based on the equity you hold in them to consolidate credit card debt. This is a great way to reuse money you paid toward an existing loan to take care of your debt. When paying back your auto or home equity loan, youâll usually pay in fixed amounts at a relatively low interest rate. Even if this rate isnât great, itâs likely much better than any offer youâd receive from a card issuer.
Equity loans are technically a second mortgage or loan, meaning your house or car will become the loanâs collateral. That means you could lose your house or car if you cannot keep up with your equity loan payments.
Create a Budget
To build a budget, you first need to figure out your approximate monthly net income. Donât forget to take into account taxes when youâre doing this.
You can then start subtracting your variable and fixed expenses that are expected for the upcoming month. This is where you will likely be able to identify where youâre overspending, whether itâs on food, entertainment or travel. Once youâve completed this, you can begin cutting back where you need to. Then, use your surplus cash to pay off your debt one month at a time.
It shouldnât matter if youâre dealing with substantial credit card debt or not. A monthly spending budget should always be a part of how you manage your finances. While this is likely the slowest way to eliminate debt, itâs also the most financially sound. At its core, it attempts to fix the problem without taking funding from an outside source. This should leave very little financial strife in the aftermath of paying off your debt.
Professional Debt Counseling
Perhaps since youâve found yourself in serious debt, you feel like you want professional help getting out of it. Well the National Foundation for Credit Counseling® (NFCC®) is available for just that reason. The NFCC® has member offices all around the U.S. that are certified in helping you consolidate credit card debt.
These counselors wonât only address your current financial issues and debt. Theyâll also work to create a plan that will help you avoid this situation again in the future.
Agencies that are accredited by the NFCC® will have it clearly displayed on their website or at their offices. If youâre not sure where to look, the foundation created an agency locator thatâll help you find a counselor nearby.
Borrow From Your Retirement
Taking money early from your employer-sponsored retirement account obviously isnât ideal. Thatâs means borrowing from your retirement is a last-ditch alternative. But if your credit card debt has become such a handicap that itâs affecting all other facets of your life, it is a viable option to consolidate credit card debt.
Because you are technically loaning money to yourself, this will not show up on your credit report. Major tax and penalty charges await anyone who has trouble making payments on these loans though. To make matters worse, if you quit your job or are fired, youâre typically only given 60 days to finish paying it off to avoid incurring a penalty.
Tips To Consolidate Credit Card Debt
Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authorâs alone, and have not been reviewed, approved or otherwise endorsed by the issuer.
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New financial advisors need something to help them stand out. Consequently, the AAMS does just that. Designed for newcomers to the financial advice business, the AAMS trains advisors to identify investment opportunities as well as help clients with other financial goals. It also gives more experienced advisors a fast and simple way to learn more about asset management and improve their credentials. Hereâs how it works.
AAMS Defined
An Accredited Asset Management Specialist (AAMS) can advise clients on college savings, taxes, and retirement savings. The course and tests for this certification are designed to ensure advisors can assist clients with their complete financial needs. It emphasizes evaluating the clientâs assets and making appropriate recommendations.
The AAMS certification is granted by the College for Financial Planning, a unit of the Kaplan Company. The college oversees a large number of financial certification programs, including the Certified Financial Planner designation, one of the most valued certifications in the field.
AAMS Certification Requirements
To receive an AAMS, students first have to complete a 10-module education program provided by the College for Financial Planning. Then they have to pass an examination. Finally, they must agree to abide by a code of ethics and promise to continue their education.
The courses are online and can be delivered in self-study or instructor-led formats. Courses are open-enrollment, therefore students can begin at any time without waiting for the next session. The 10 modules cover the following material:
1.:The Asset Management Process
2. Risk, Return & Investment Performance
3. Asset Allocation & Selection
4. Investment Strategies
5. Taxation of Investments
6. Investing for Retirement
7. Deferred Compensation and Other Benefit Plans
8. Insurance Products for Investment Clients
9. Estate Planning for Investment Clients
10. Fiduciary, Ethical, and Regulatory Issues for Advisors
The College of Financial Planning provides everything necessary to study for and complete the modules and take the test. Students have access to the study materials and tests through an online portal.
Streaming video lectures, audio files, and interactive quizzes also can be found through the collegeâs site. Meanwhile, students can access live classes online and contact professors with questions and issues.
The AAMS Test
To get the AAMS certification, students have to pass just one test. However, they have to make their first attempt at the test within six months of enrollment and pass it within a year.
The fee for the first attempt at taking the test is included in the course tuition. There are no prerequisites for signing up to take the AAMS course.
Time and Money Requirement
Tuition for the AAMS courses is $1,300. This includes the fee for the first attempt at passing the certification exam. It also includes all needed course materials. Each additional attempt costs $100.
Students employed with certain financial services firms may be able to get tuition discounts. The college may also provide scholarships.
The College for Financial Planning recommends students plan to spend 80 hours to 100 hours on the course. Since the course is self-study, this amount of time is flexible.
To maintain AAMS certification students have to commit to completing 16 continuing education credits every two years. Also, continuing education has to cover one or more of the topics covered in the AAMS coursework.
AAMS certificate holders also have to agree to follow a professional standard of conduct. As a result, they have to maintain integrity, objectivity, competency, confidentiality and professionalism in providing financial services.
AAMS Certificate Holder Jobs
AAMS certificates are generally earned by entry-level workers in the financial advice business. Consequently, AAMS holders are typically trainees. In some cases, they may provide support services to more experienced and highly credentialed advisors.
The AAMS designation does not confer any special powers or privileges. Instead, itâs an optional credential that students may obtain to advance their careers and enhance their knowledge of financial advice.
Comparable Certifications
In addition to the AAMS, the College for Financial Planning offers an Accredited Wealth Manager Advisor (AWMA) certificate. This is a somewhat more advanced designation. As a result, it requires a course equivalent to three graduate level college credits and requires 90 hours to 135 hours to complete.
Chartered Mutual Fund Counselor (CMFC) is sponsored by the Investment Company Institute along with the College of Financial Planning. It is similar to the AAMS certificate except it focuses on mutual fund assets.
Accredited Financial Counselor (AFC) is a general personal finance advice certificate from the Association for Financial Counseling and Planning Education. First, it requires 1,000 hours of financial counseling experience. Secondly, it demands three letters of reference. Finally, applicants must both complete coursework and pass an exam.
Bottom Line
The AAMS designation is usually for newly minted financial advisors, but even experienced pros can use it to bulk up their credentials. The courses and tests associated with the AAMS teach advisors how to evaluate assets and make recommendations.
While this certification doesnât give an advisor any real powers, itâs a sign that they can identify investment opportunities specific to their clients. Above all else, it can be a great relief to a client who has a child going to college or a retirement house on their wish list. As a result of obtaining an AAMS, and advisor can point them toward the right investments for their goals.
Investing Tips
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Like any goal, making it in life financially is a matter of developing good everyday habits.
That doesnât mean you need to overall your entire lifestyle and start sticking to a draconian budget starting tomorrow.
Small, incremental changes in the way you manage your moneyâsuch as trimming back some of your recurring bills and putting just a little bit more into savings each monthâcan, over time, significantly grow your net worth.
Success may not happen overnight, but financial wellness is worth working for.
Here are some ideas that can help put you on the road to a better financial life.
One of the simplest ways to improve your financial health is to take a closer look at exactly where your money is going each month.
Consider tracking expenses for a month or so, and then making a list of how much youâre currently spending monthly on essential and non-essential items.
You may want to list them in order of priority, and then look for places where you could potentially pair back, or, in some cases, completely eliminate the expense.
spending habits is to put yourself on a one-month spending freeze, during which you avoid buying anything that isnât a must.
If that seems too challenging, you might want to pick a single category (such as clothing or shoes) or a specific store to stay away from for 30 days.
To help stay motivated you might keep track of the money you didnât spend during your freeze and then put it to use paying down debt, starting an emergency fund, or saving for a downpayment on a home or other short-term financial goal.
This can result in more money in the bank (or fewer bills) at the end of the month.
And once you start seeing the payoff of not giving in to impulse buying, you may find yourself spending less even after the freeze is over.
Setting up automatic withdrawals from your bank account to pay all of your bills helps ensure those bills get paid on time.
And, when it comes to improving your financial life, paying bills on time can have a pretty significant impact.
For one reason, it helps you avoid paying interest and late-payment fees.
It could also help improve your credit score. Thatâs because a significant portion of your credit score is based on payment history. In fact, itâs weighted more than any other factor.
Having a good credit score is important because it can help you qualify for the best interest rates on credit cards and loans, including a home mortgage.
Even if you think you can always plan for retirement later, the sooner your start, the easier it is, and the more youâll have when you do retire.
If youâre not yet maxing out your 401k contribution at work (which takes money out of your paycheck before taxes), you may want to increase it by just 1%.
You likely wonât notice the difference in your paycheck. But given the power of compounding interest (when your investments earn returns, those returns get reinvested and start to earn returns as well), that small increase can net more significant gains over time.
You may want to set up a timeline for when you want to bump it up another percentage point after youâve gotten used to the 1%.
If you donât have a 401k at work, you may want to look into opening an individual retirement account (IRA), keeping in mind that there are limits on how much you can put into retirement savings each year.
What is it about plastic that can make your brain think youâre not really spending money?
One way to curb unnecessary or mindless spending is to leave your credit cards at home and only carry the amount of cash you have budgeted to spend that day, or week.
When you can literally see your money going somewhere, you may find yourself becoming much more intentional in the way you spend it.
It can also be more difficult to get into debt when using cash, which could, in turn, pay off later by helping you avoid high interest credit card payments.
You may not be able to snap your fingers and get a raise at work, but it might be possible to increase your income in other ways.
For example, is there a way to turn one of your hobbies, skills, or interests into some extra funds?
Maybe a favorite local business could use some help managing their social media account or designing or writing copy for their website.
Babysitting a neighborâs kids, cleaning houses, walking dogs, or running errands for an older person are also options.
Or, you might consider taking up a side gig with flexible hours, such as driving, delivering food, helping people with small tasks, or personal shopping through one of the many on-demand service apps.
Unless youâre looking very closely at your bank statements each month, you might not even be aware of the fees your bank may be charging every month for your checking and savings accounts.
These could include service fees, maintenance fees, ATM fees (if you go outside their network), minimum balance fees, overdraft/insufficient funds fees, and transaction fees. Over time, those little dinks can make a major dent in your account.
If you notice that youâre getting hit with one or more bank fees, you may want to consider shopping around for a less expensive bank, or switching to an online-only financial institution.
Because online financial institutions typically donât have the same overhead costs banks with physical branches do, they generally offer low or no fees.
To start a savings routine, consider opening up a high-yield savings account or cash management account, and then setting up automatic, monthly transfers from your checking account into this saving account.
By having a set amount automatically transferred every month, you wonât have to think about (or remember to manually make) this transactionâitâll just happen.
Itâs perfectly okay to start smallâeven small deposits add up.
Before long you may have enough for an emergency fund (i.e., three- to six-months worth of living expenses just-in-case), a down payment, or another savings goal.
Having too much debt can hurt your chances of achieving financial security.
Thatâs because when youâre spending a lot of money on interest each month, it can be harder to pay all of your other expenses on time, not to mention grow your savings.
Getting rid of debt can have long-range consequences as well.
credit utilization ratio, which shows the amount of available credit you have, you could improve your credit scores. And that, in turn, could make it easier to qualify for lower-interest loans and credit cards in the future.
While knocking down debt may seem like a mountain to climb, choosing a simple debt reduction strategy may help.
Since credit card debt typically costs the most in interest, you might consider chipping away at these debts first, and then move on to the debt with the next-highest interest rate, and so on.
Another approach is to pay the minimum toward all your accounts, and then pay any extra you can afford toward the debt with the smallest balance. When that debt is wiped out, you can move on to the next smallest balance, and so on.
If you can qualify for a lower interest rate, another option might be to take out a personal loan that consolidates all those high-interest debts into one more manageable payment.
Making it financially doesnât necessarily mean bringing in a huge paycheck or coming into a windfall (although those things donât hurt).
Financial wellness is more about being able to live within your means, while also being able to put some money into savings or investments each month
Making a few incremental changes, such as putting just 1% more of your paycheck into your 401k, or siphoning off an extra $100 into a savings or cash management account each month, can slowly but surely help you build your net worth.
Taking steps to improve your financial well-being can seem overwhelming. But with a SoFi Money® cash management account, you can track all your spending and saving with a single dashboard. Itâs also easy to set up automatic transfers to savings accounts for different goals, all while earning competitive interest.
Not a fan of fees? SoFi Money doesnât have any account fees, monthly fees, or many other common fees. Plus, withdrawing cash is fee-free at 55,000+ ATMs worldwide.
Learn more about how SoFi Money can make it easy to save, spend, and earn all in one place.
SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFiâs ATM policies are subject to change at our discretion at any time.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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