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"We buy things we don't need with money we don't have to impress people we don't like" _Dave Ramsey , The Total Money Makeover
"I’ll leave you with one financial hack that might disappoint you, but it’s the only hack that works and it works incredibly well in finance. You want to do well with finance? Spend less money than you make and be patient. That’s 90% of what finance is, and if you can actually do those, you have a black belt in finance. It’s the only hack that I think really truly works in a way that moves the needle." Morgan Housel from All The Hacks podcast episode
“The most important thing to note is that cutting your spending rate is much more powerful than increasing your income. The reason is that every permanent drop in your spending has a double effect: it increases the amount of money you have left over to save each month, and it permanently decreases the amount you’ll need every month for the rest of your life.” Mr Money Mustache
"You should never ever — not ever– pay bank fees. Shop around and choose checking and savings accounts without fees. With so many banks to choose from now, they are very competitive. Better yet, use a local credit union." Clark Howard
1) KNOW YOUR WHY: Should I pay debt, save or invest?
1) KNOW YOUR WHY: Should I pay debt, save or invest?
How much money do I need to earn to pay my bills and cover my essential spending?” This is your basic income required, and you should ensure you can continue to produce this amount
Future Self Tool is designed to help financial educators, coaches, and counselors motivate and support the people they serve toward their longer-term financial goals, using exercises that strengthen their connection to their future selves.
How One Couple Saved $1 Million By Age 70 Despite Starting Very Late
How To Save and Invest the Clark Howard Way
Why should we save? How much should we save?
Should I Pay Down My Mortgage or Save More for Retirement?
Make These Moves Now to Hit Your Money Goals
How to Grow Your Very Own Money Tree
A Time To Prioritize Savings Over Debt Repayment
Should I Pay Off Debt, Save Money or Invest?
Should You Save Money or Pay Down Your Debt?
Saving Money is More Important Than Paying Off Debt
My Cliffs Notes on How to Make, Save and Invest Money
13 Things You Need to Reach Your Money Goals (Hint: It's Not Money) - Centsibly Rich
Successfully Setting Monetary Goals
50 Ways To Improve Your Finances By 1% ChooseFI
How to Get Started Saving for Retirement in Your 20s, 30s and 40s
How Does Opportunity Cost Factor into Your Finances?
2) How much to save
2) How much to save
Shaq once blew through $1 million in under an hour, but now he saves 75% of his income
What Percentage of Every Paycheck Should You Save?
Are You a Prodigious Accumulator of Wealth?
How Much of Each Paycheck You Should Save or Invest
How Much You Should Have in Your Savings Account at Every Stage of Life
Savings by Age: How Much to Save in Your 20s, 30s, 40s, and Beyond
Are You on Track? Financial Planning Goals for Every Decade of Your Life
3) Where to put your cash
3) Where to put your cash
Put Your Idle Cash Here Before Interest Rates Drop Further, Clark Says
High-Yield Savings Account (HYSA) Calculator: Use our free calculator to see how much money you can save and grow in a high-yield savings account.
Best Banks for Customer Satisfaction
To determine if an institution is FDIC-insured, you can ask a representative of the institution, look for the FDIC sign at the institution, or use the FDIC’s BankFind tool. Learn more about FDIC deposit insurance and which financial products are covered.
Why One Bank Account Isn’t Enough
Why Big Banks Are a Bad Place for Your Cash
Where To Put Your Money When You’re Saving for a Big Purchase
How To Switch Banks in 4 Simple Steps
Getting Higher Returns on Your Cash
High-Yield Savings Account (HYSA) Calculator
How Many Financial Accounts and Companies Are Too Many?
12 Ways To Stop Modern-Day Bank Robbers and Protect Your Account From Hackers
Is It Worth Chasing the Online Savings Account With the Highest Interest Rate Each Month?
Tricks for Stashing Small Savings (So It Doesn't Disappear)
Why You Need More Than One Bank Account
Where To Put Your Money When You’re Saving for a Big Purchase
This ATM Mistake Could Be Costing You Every Time You Withdraw
Credit Unions Fail More Often than Banks. Are Your Deposits Fully Insured? NCUA vs FDIC Insurance.
When you have >250K in savings
Can You Keep More Than $250,000 in a Bank and Get FDIC Insurance?
Your Financial Starter Kit: 4 Accounts Every Young Adult Needs | BankrateGot Cash? What to Do with Extra Money
A Smart System for Saving for Larger Purchases
Choosing the Best Savings Strategy for Your Financial Goals
Why You May Need Multiple Checking Accounts
The 10 Worst Banks With the Lowest Ratings
How to Make 'Pay Yourself First' Work for You
Why You Should Never Use a Debit Card To Pay for Anything
Want to save money and avoid problems with your autopays? Follow these seven steps
Using Compound Interest to Boost the Rate of Return on Your Savings
Tricks for Stashing Small Savings (So It Doesn’t Disappear)
The 9 Best Short Term Investments for Any Savings Goal
How Many Bank Accounts Should You Have?
Save places to find online banks: Bankrate.com
The Best Place to Order Checks Online
10 Tips to Get More Bang From Your Bank
Where To Put Your Money for the Short Term
The 5 Bank Accounts Everybody Needs
How To Open a Bank Account in 6 Easy Steps
Where To Put Your Money When You’re Saving for a Big Purchase
This Mistake at the ATM Could Be Costing You $240 a Year
How Many Bank Accounts Should You Have? Is it Good to Have Multiple Bank Accounts?
How Many Bank Accounts Should You Have?
12 Types of Fees Banks Charge and How to Avoid Them
How Many Bank Accounts Should You Have?
It’s Time to Find a Better Rate on Your Savings
How To Write A Check - 5 Easy Steps | Bankrate.com
6 Ways To Automate Your Finances
How to Automate Your Savings in 6 Easy Steps
Automatic Bill Pay: How It Works and How to Do It Safely
Why You Should Never Sign Up for Overdraft Protection
10 Banks With the Lowest Ratings in America — Is Yours on the List?
Switch Banks in 4 Simple Steps
8 Tips For Choosing A New Bank | Bankrate
Sinking Funds Explained: How To Afford Everything
To open a saving-checking-spending account with no fees try Blue Bird-American Express-Walmart account. Bluebird is a financial account with flexible features and convenient money management tools to help you get more from your money. Bluebird offers many great features like FREE Direct Deposit, Online & Mobile Bill Pay***, FREE ATM Access at MoneyPass® ATMs, Mobile Check Deposit***, Family Accounts, and Membership Benefits.
Why credit unions are a smarter choice
Credit Unions And Banks -- Whats The Difference?
Find a credit union near you using Credit Union Locator - MyCreditUnion.gov
Online banks and credit unions offer the best returns on savings accounts. MagnifyMoney looked at hundreds of offers to find the best for you...use to reduce your debt with balance transfer or lower interest rated.
FDIC: The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $250,000; by identifying, monitoring and addressing risks to the deposit Insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
If you ever have a problem with banks file a complain with the Consumer Financial Protection Bureau (the bank is obligated to answer to them by law): Consumer Financial Protection Bureau
QUOTES:
A Savings Account Caution: Regarding the tip about using multiple savings accounts to manage the budget. I suggest caution, though, about using a separate bank account for vacation/splurge funds or other funds. As account total is depleted through withdrawals, bank fees can further deplete the total unless the account is "free." I do the same thing without a separate bank account, using the "sink fund" concept. In my Quicken accounting program, I have "holds" (aka sink funds) for all my regular expenses, amortized over the year, including discretionary spending like vacations, and I "deposit" money in all the "holds" every first of the month to account for all these expenses. Once I have moved money to all my "holds," I know how much money is left for the month that is not attached to usual expenses. I also put aside in a separate "hold" money for the last half of the month, so that I don’t get ahead of myself! This method has worked well for me for years. Janey from Dollar Stretcher Tips
A Strategy for Making It on Social Security: I live solely on my Social Security and this is how I maximize my savings: I keep a base amount of $1,000 in my checking account as a mini-emergency fund, then when my Social Security check drops, I transfer everything over that $1,000 into one of my savings accounts. I have a local one for anything I need to pay off immediately, or an online high-yield savings one for anything else that can take a few days. I then pay my bills from my Social Security amount and what is left is how much I have to play with for the rest of the month. This has worked for me for as long as I've been on Social Security, which is 16 years. There's almost never a month that I don't have something to transfer to savings/emergency fund, usually several hundred dollars. I just recently needed to have my car painted and was able to pay for it all in cash. Billie from Dollar Stretcher Tips
PODCASTS:
Don’t do business with big banks. 3/27/23: The Irony of Today's Banking Crisis THE TRUTH ABOUT YOUR FUTURE with Ric Edelman Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-truth-about-your-future-with-ric-edelman/id1603081576?i=1000606112349
4) Cut expenses
4) Cut expenses
How To Manage Your Monthly Subscriptions To Save Money
17 Ways to Save Money on a Tight Budget
Follow This Rule To Always Stay Ahead of Your Finances
8 Simple Steps to Frugality: Spend Less and Enjoy Life More
7 Types of Subscriptions You May Want To Cancel Today
The One Resolution Almost Everyone Should Have This Year: cut spending
5 Reasons To Lower Your Fixed Living Costs
Simple Tricks for Controlling Overspending
The less you need to live off, the less you need to save up/earn!
How To Squeeze Every Last Drop From Household Products
Cutting Expenses Doesn't Equal Saving Money or Reducing Debt
The best side gig is spending less
Cutting Expenses Doesn’t Equal Saving Money or Reducing Debt
10 Ways to Stop Impulse Spending
103 Things to Do on a Money-Free Weekend - The Simple Dollar
How to Stop Living Paycheck to Paycheck in 8 Steps
HOW TO BE A BETTER MONEY WASTER For anyone who wants to throw cash around, here are some effective ways to waste your money.
The ABCs of Frugality Ok, let's be honest. Rising costs and lowered incomes are putting pressure on our budgets. The traditional virtue of New England thrift is essential. All of us will be required to design a financial regimen, one that protects our families and our homes. This isn't new. It has been done in the not too distant past. We can and will do it. Of course, the Frugal Yankee has a few pointers to help you. They are the ABCs of Frugality. The first step is relatively easy, but in its simplicity lies the core of smart planning. Here then, are 8 simple rules to spending less and enjoying life.
QUOTE:
Don't Buy That!: There are many things that people simply don't have to buy. We all know, for instance, that one can get materials from the library for free, but I keep lists of books, videos, and periodicals and regularly go through the library catalog with my list. A surprising number of new titles are in there. I never buy compost, potting soil, and very seldom, seedlings. I can easily do this myself. (Learned through library garden books). Remember that perennials produce year after year with little effort. I do everything I can on my computer that would cost me more at the store. I make my own business documents, greeting cards, flyers, labels, calendars, etc. Share, share, share! If you are only going to use something briefly and infrequently, see if you can borrow it. This is especially good if you are considering a purchase. Mary D. from Dollar Stretcher Tips
5) Save money
5) Save money
6 Ways Home Automation Systems Save You Money
Why You Don’t See Results From Your Money-Saving Efforts
13 Fees That Are a Total Waste of Your Hard-Earned Money
10 Benefits of a Cash-Only Spending Plan When Paying Off Debt
How To Make 'Pay Yourself First' Work for You
How To Save Money: Spend Less & Build Your Savings
35 Extreme and Unusual Ways To Save Money
Why You Don’t See Results From Your Money-Saving Efforts
Tricks for Stashing Small Savings (So It Doesn't Disappear)
6 STEPS TO ESTABLISHING A SPENDING & SAVINGS PLAN
How To Be A Good Steward Of The Money Left Over After Your Necessary Expenses.
5 Ways To Live Below Your Financial Means
35 Simple Ways To Save Money Every Month
How to Start Saving When Money Is Tight
The More You Know, The Better You Save
The Easy Money Tip That Saves Thousands
The Boring Facts Behind Saving $100K in 2 Years
How Much Should You Save Each Month?
Use the 'Law of Supply and Demand' to Save Thousands
5 Ways to Save up $500,000 in 15 Years
71 Ways to Save Money This Summer
Online Shopping Guide: How to get the best price possible ...: To find the best prices every day, shop on the right browser. Did you know the browser or device you shop on can affect the price you pay? Some major retailers employ 'dynamic pricing' to serve different prices based on the browser you shop on.
America Saves America Saves is a campaign coordinated by the nonprofit Consumer Federation of America (CFA) and is dedicated to helping individuals save money, reduce debt, and build wealth. Consumer Federation of America
7 Things That Prove Cheaper Isn't Always Better
5 Steps to Reducing Financial Stress
You Should Never Buy These 12 Things New
TIPS
1) Only go shopping when you really need something. Avoid impulse buying, Don't waste money buying things you don't really need.
2) Wait until you have the money before buying. Avoid debt. Avoid using credit.
3) Sleep on it... give it a cooling period and you will find out if you really need or want what you intend to buy
4) Maintain what you have already (cars, tools, computer, clothes) they will last longer and will save you tons of money.
5) Be an environmentalist: renew, reuse, recycle
6) Keep things longer before discarding them
7) Learn to DYI. If there is something you can do with some extra effort give it a try. Take a class, check You tube.
8) Anticipate needs and start your research before hand to get best deals
9) Research your purchases: find best value, quality durability. Read reviews and ratings. Use consumer reports.
10) Buy things that have a multipurpose
11) Do a comparison shop. When in the store use apps like BuyVia, Shopkick, ShopSavvy and Shopular and scan bar codes or QR codes to compare prices, get discounts and score coupons.
12) Learn to bargain... ask for discounts. You can ask for discount if paying cash, buying in bulk, buying a scratch and dent if there is a sale coming or a sale went off, buying something already opn sale you can ask for further discounts.
13) Buy used or refurbished. Decorate your home with free or gently used furniture. Try online craigslist, eBay, Facebook, freecycle.org. Try local thrift stores like Goodwill or Salvation Army, consignments shops, garage sales, swap meets, flea markets
14) Transition from using credit cards to paying cash only
15) Know the difference between wants and needs
16) Keep track of your expenses and start reducing them slowly one step at a time
How to Waste Money with Your Everyday Habits:
How to Waste Money with Your Everyday Habits:
Drive across town to save two or three cents on gas.
Buy grocery name brands instead of cheaper store brands.
Pay full retail price for clothes, furnishings, or other items instead of waiting for sales.
Buy bottled water.
Disregard ATM fees.
Pay hefty overdraft fees because you don’t bother to keep track of your bank balance.
Forget to change your furnace filter.
Don’t bother to maintain your car or house.
Be disorganized about taking care of bills on time, so you pay late fees.
Pay for premium cable TV packages with channels you rarely watch.
If you can’t afford something now, pull out the plastic. When you don’t pay a credit card bill in full at the end of the month, high interest rates can quickly double or triple the price of anything you buy.
Gamble. Online gambling, slot machines, gaming tables, and lottery tickets are all good ways to get rid of extra cash.
Speed. This is a three-for-one deal. You’ll use extra gas, pay $100 or more for a speeding ticket, and end up with higher car insurance premiums
QUOTES:
QUOTES:
Just Ask!: With the quarantine, it's hard to do much shopping. Sure, I could order online, but you don't always know for sure what you're getting without seeing it. So I began a neighborhood swap group. Whenever one of us needs something, we put out a group text saying what we need. It could be a garden tool or kids clothes. Sometimes you can borrow it for nothing. Other times you'll buy what you need. This is working so well that we'll keep it up after the virus is cured. Zoe from Dollar Stretcher Tips
The Importance of Knowing When to Buy: I always mark the date I open large sundry items, such as cleaners, cotton balls, toothpaste, shampoo, etc. I started doing this out of curiosity because some things seemed to last forever even though I used them constantly, like buying bulk shampoo. By checking the date I first started using an item, I can better gauge how many I need to keep on hand or how many extra to buy when I come upon a sale.This has saved me money because I always seemed to buy extra items when they were on sale and ended up with a lot more items than space. Now if I come upon a sale and know that I have an extra item on hand (I keep a spreadsheet of my extra items in my planner in my purse), I know I can let that sale slide and wait for a sale closer to the time we should we running out of that item. Lisa from Dollar Stretcher Tips
No more overbuying: On your PC, phone, or however you keep notes, make a folder or list and call it something like "Shopping for the Year." Now start on day one of the month and track how much toilet paper your family uses in one month. Now time this amount by 12. This will help you determine how much you need for the year. Add a few extra rolls in case one is sick and needs more, or company comes over. You can do the same with paper towels, laundry detergent, dryer sheets, soap, shampoo, and most anything else that you buy regularly. Then you can stock up once a year (ideally during a big sale). This helps you better budget your money, plus you save trips to the store to get these things by not running out and having to go buy more. It is kind of like having the store in your home. Delma of Heflin, Alabama The Dollar Stretcher Tips
TECHNICAL COLLEGE SAVINGS: at a technical college people can get a variety of services for much more cheaply than in the community. They can:
visit our dental hygiene department and get their teeth cleaned and x-ray'd with student hygienists under the supervision of a dentist.
get their cars or motorcycles worked on in our automotive or motorcycle departments.
buy floral arrangements from student florists.
buy baked goods (including loaves of bread) from student bakers.
visit our restaurant run by student chefs.
All students are supervised by licensed or certified professionals. If there's a technical college near you, you may be able to get some great deals! Amy G from Dollar Stretcher Tips
More Quotes:
I've started paying myself a $10 penalty every time we eat out. :) - WhatMommyDoes.com
We do No-Spend Weekends where we take what we normally would spend (an average of $50) and put it towards our travel savings. - FitnPoor.com
All our "found" money goes in a piggy bank. We then set monthly purposes for side hustle money (mortgage, travel fund, etc.) - ShePicksUpPennies.com
Every time we do a load of wash we put $2 in a jar. (Insert "laundering money" punchline here.) Although technically earmarked for a replacement washing machine at some point, the cash recently went toward the purchase of a new fridge... You could also do it with other things, such as "put a dollar in the kitty every time you make a pot of coffee at home and pour some into your travel mug to take to work" or "put $20 in the jar every time you decide to eat leftovers instead of ordering that takeout or pizza." (Editor's note: Donna's daughter, Abby, currently has $560 saved up doing this $2 laundry trick already!) - Donna Freedman
I play around with compound interest calculators a lot, haha. It makes me super motivated to invest/save as must as possible. - TheFreedomFromMoney.com
Digit of course! - Valerie Rind
We live off one income and have the other income directly deposited into our savings account. This way we don't even see my income. - ReluctantLandlord.net
I treat my savings like a monthly expense and then pay the account interest if I don't make the payment on time. It gives great accountability. - DebtRoundup.com
When I get a discount on a bill (insurance, internet, cell phone), I set up and automate savings transfers. - CoupleMoney.com
I don't store credit card information online and I keep my wallet downstairs. :) - WalletHacks.com
"Money isn't going to last forever," says former NBA star Shaquille O'Neal. "You've got to save it, you've got to invest it and you've got to be smart." ..
And one of my all-time favorite pieces of advice, "When you "save" money, be sure it actually goes in the bank account and doesn't just disappear into general spending." Amen, IPickUpPennies.net!
The "List": I have found that by keeping lists in my planner of things that I want to buy, I am less likely to buy something out of impulse. I have a list of things I want to buy for the home and a list of things I want to buy for myself and family members. This way I can plan them into my budget, and when birthdays or Christmas rolls around, I have plenty of ideas. This is especially helpful to stop impulsively buying toys for my kids. I have found that part of the reason for impulsive spending is that I want to buy something now, when I see it, before I forget about it later. By writing it down immediately, I'm not thinking about the item all the time, and I know that I can always buy it later. L. from Dollar Stretcher Financial Independence
Saving the Savings: I have found a successful way to make sure my monthly savings actually get saved. I know my budgeted amount for all of my utilities. When it comes time to pay my bills, if I come in under budget, I immediately transfer any difference between the actual utility bill and the budgeted utility payment into my savings account. For example my average monthly water bill is $100. If I have not used as much water that month, the actual bill might only be $92. After paying the bill online, I immediately transfer $8 into my savings. This way I actually keep the full amount saved, and because I never touch it, it stays in (or should I say gets to) my savings account. Also, it motivates me to cut back on my utilities. Last year I actually saved quite a bit with this system. Jasmine
Money-Saving Neighbors: I try to get a neighbor (or neighbors) to go in with me on anything that I do. If I'm renting a power washer, I ask my neighbors to go in on the rental fee. If I'm getting my carpets cleaned professionally, I see if anyone else is interested and ask if we can get a multi-purchase discount. Most people are planning on doing the same things, so we all win! Robin from Dollar Stretcher Tips
The Big Benefit of No-Money Days: I have a dry erase calendar on my refrigerator. Using my own special codes, I mark off the days during which I spend NO MONEY. I draw a sun on the days when I totally pay off a bill. It might seem silly to some, but I find it motivating to see how many days in a row I can have a "no money" day (other than paying regular bills). Marsha from Dollar Stretcher Tips
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