5 Steps to Take Before Making a Large Purchase

Have you been bitten by the gotta-have-it bug? It could be a Peloton bike that’s caught your eye, or maybe you want to spring for a new entertainment system, no matter the cost. Before you go ahead with the purchase, though, it’s a good idea to take a step back and follow the steps outlined here to be sure you’re making a decision you won’t ultimately regret.

Step 1: Wait it out

Often, a want can seem like a must-have, but that urgency fades when you wait it out. Take a break for a few days before finalizing a large purchase to see if you really want it that badly. For an extra-large purchase, you can wait a full week, or even a month. After some time has passed, you may find that you don’t want the must-have item after all.

Step 2: Consider your emotions

A bit of retail therapy every now and then is fine for most people, but draining your wallet every month to feed negative emotions is not. Before going ahead with your purchase, take a moment to identify the emotions driving the desire. Is this purchase being used as a means to fix a troubled relationship? Or to help gain acceptance among a group of friends, neighbors or workmates? Or maybe you’re going through a hard time and you’re using this purchase to help numb the pain or to fill a void in your life. Be honest with yourself and take note of what’s really driving you to make this purchase. Is it really in your best interest?

Step 3: Review your upcoming expenses 

What large expenses are you anticipating in the near future? Even if you have the cash in your account to cover this purchase, you may soon need that money for an upcoming expense. Will you need to make a costly car repair? Do you have a major household appliance that will need to be replaced within the next few months? By taking your future financial needs into account, you’ll avoid spending money today that you’ll need tomorrow.

Step 4: Find the cheapest source 

If you’ve decided you do want to go ahead with the purchase, there are still ways to save money. In today’s online world of commerce, comparison shopping is as easy as a few clicks. You can use apps like ShopSavvy and BuyVia to help you find the retailer selling the item at the best price.

Step 5: Choose your payment method carefully

Once you’ve chosen your retailer and the item you’d like to purchase, you’re ready to go ahead and make it yours! Before taking this final step, though, you’ll need to decide on a method of payment.

If you’ve saved up for this item and you have the funds on-hand for it now, you can pay up in cash or by using a debit card. This payment method is generally the easiest, and if it’s pre-planned, it will have little effect on your overall budget.

If you can’t pay for the item in full right now, consider using a credit card with a low interest rate. Most credit card payments have the added benefit of purchase protection, which can be beneficial when buying large items that don’t turn out to be as expected. Before swiping your credit card, though, be sure you can meet your monthly payments or you’ll risk damaging your credit score.

Another option to consider is paying for your purchase through a buy now, pay later program. Apps, like Afterpay, allow you to pay 25% of your purchase today, and the rest in fixed installments over the next few months. This approach, too, should only be chosen if you are certain you can meet the future payments.

Large purchases are a part of life, but they’re not always necessary or in the buyer’s best interest. Follow these steps before you finalize an expensive purchase.

Your Turn: What steps do you take before finalizing a large purchase? Tell us about it in the comments.

Learn More:
thesimpledollar.com
thebalance.com
fool.com
moneywise.com

Get Good With Money: Ten Simple Steps to Becoming Financially Whole

Title: Get Good with Money: Ten Simple Steps to Becoming Financially Whole

Author: Tiffany Aliche

Hardcover: 368 pages

Publisher: Rodale Books

Publishing date: March 30, 2021

Who is this book for? 

Anyone looking to take charge of their personal finances, get their spending under control and learn how to live with financial wholeness.

What’s inside this book?

  • The 10-step formula for attaining financial security and peace of mind that was created and perfected by Aliche, AKA “The Budgetnista.”
  • Checklists, worksheets, a toolkit of resources and advanced advice from money-management experts.
  • Real-life examples to bring financial lessons home.
  • Actionable steps for taking charge of your credit score, maximizing bill-paying automation, savings and investing and calculating your life, disability and property insurance needs.

5 lessons you’ll learn from this book: How to achieve and maintain financial wholeness through a series of financial improvements.

  • How to create the game-changing “noodle budget.”
  • How to see your credit score as a grade point average.
  • How to practice mindful budgeting and spending habits.
  • A simple calculation to help you retire early.

3 questions this book will answer for you: 

  • How can I determine if my money problem is that I don’t earn enough or I that I spend too much, and how do I fix either issue?
  • How can I learn to make a habit out of saving for a rainy day?
  • How can I protect my beneficiaries’ future?

What people are saying about this book:

  • “Aliche can take the most complex of money concepts and distill them into something relatable and understandable. No matter where you stand in your money journey, Get Good with Money has a lesson or two for you!” — Erin Lowry
  • “Get Good with Money helps you put all the pieces of your financial life together without making you feel overwhelmed or ashamed about your circumstances. Whether you need to budget better, slash debt, and save more money or learn to invest, boost your net worth, and build wealth, Tiffany Aliche offers great advice to let you know you can do this, sis!” — Lynnette Khalfani-Cox
  • “I’m so inspired by Tiffany Aliche’s own story of digging out of deep debt and building back her credit and her cash flow. Get Good with Money will soon have you believing in your own ability to set yourself up for a life that’s rich in every way.” — Farnoosh Torabi

Your Turn: What did you think of Get Good With Money? Share your opinion in the comments.

Learn More:
amazon.com
goodreads.com
getgoodwithmoney

Save Money When Shopping Online

With tens of thousands of people still out of work and the economy still limping toward a recovery, wise spending remains important. And with huge parts of life still happening on your screen, for many, this means saving on online shopping.

Here are some tips for saving money when shopping online:

Wait on every purchase 

Online retailers purposely make it quick and easy to buy the stuff in your cart. Outsmart them by waiting between choosing your purchases and actually purchasing them. This trick serves a dual purpose: First, you may find you don’t really need or even want the item after a few days. Second, the retailer will almost always email a coupon for you to use for the “forgotten items” in your cart.

Outsmart dynamic pricing

Dynamic pricing is one of the most powerful tools merchants use to get online shoppers to spend more. It involves using sophisticated algorithms and tracking to show shoppers prices based on their location, browsing history and spending patterns. Retailers learn each shopper’s price point and show them products in that range.

Fortunately, you can outsmart dynamic pricing by following these tips, especially when shopping for items with a wide price range, like airline tickets.

  • Clear your browsing history and cookies or shop with your browser in incognito or private mode.
  • Log out of your email and social media accounts.
  • Choose localized websites of international brands instead of being redirected to the U.S. site.
    Time your purchases right

Believe it or not, there’s a method to the madness of online pricing. Learning how to crack the code can help you unlock substantial savings.

Sunday’s your day to score cheap airfare, with Mondays being the most expensive day to book your tickets, according to Airlines Reporting Corporation.

Bookworms are best off shopping for new titles on Saturdays, as this is when Amazon and Barnes & Noble launch most book sales.

Shopping for a new laptop or desktop computer? Major retailers, like Dell and Hewlett-Packard, distribute coupons each Tuesday.

For most other purchases, it’s best to wait until the end of the week for the best deals. According to Rather Be Shopping, most stores roll out discounts and special deals on Wednesdays, Thursdays and Fridays.

Layer coupons

You may already be in the habit of never completing a purchase without doing a quick search for coupons, but even when you have those coupons on hand, there’s a technique that will guarantee the best savings.

Always use a promo code before a discount coupon. A promo code will take a specified percentage off your entire purchase while a discount code will take off a dollar amount. For example, say you have a 15% off promo code and a $5-off coupon to use on a $100 purchase. First use the promo code to shave $15 off your purchase. Next, apply the discount to bring your total down to just $80. If you’d do it the other way, you’d save less money.

Ask for price-drop refunds

Discovering that an item you purchased yesterday has just dropped in price can be incredibly frustrating; however, some companies take the edge off by offering to refund the price difference within a specific time-frame. Amazon, for example, gives a grace period of seven days from the delivery date to claim discount refunds. You can use camelcamelcamel.com  to monitor price changes on the retail giant’s website.

Use multiple emails for discounts

Many online retailers offer one-time promo codes for new customers, but you can be a new customer more than once. All you need is a different email address.

Don’t shop alone

Take advantage of the many apps, websites and browser extensions that can help you save money every time you shop online. Here are just a few you may want to try:

  • PriceGrabber – Use this app to compare prices on millions of products to find the best deal.
  • Rakuten – Shop your favorite retailers through this site for instant kickback cash.
  • Ibotta – Shoot a photo of your receipt for rebates that will go right back into your pocket.
  • Retailmenot.com  – Check this site for discounts and coupons you may have missed.

Online shopping just got cheap again!

Your Turn: How do you save money when shopping online? Share your best tips with us in the comments.

Learn More:
lifehack.org
blesserhouse.com
people.com
rather-be-shopping.com

How to Celebrate Valentine’s Day on a Budget

Love is in the air and the money is flowing like heart emojis. According to the National Retail Federation, the average American spends $221.34 on Valentine’s Day each year. That’s a lot of money to spend on a one-day celebration!

Lucky for you, there are ways to enjoy a romantic evening with your partner without going into debt. Here’s how:

Work with a budget

Instead of spending mindlessly and regretting it afterward, designate a budget for all your Valentine’s Day expenses, and be sure to stick to it. In addition to helping you keep costs under control, working out a budget in advance will allow you to choose how to spend your money. You may decide to spend more on a gift and less on dinner, or maybe you’d rather skip both of these and splurge on a fun activity instead. Best of all, a preplanned budget means there will be no regrets spoiling the memory of your special day.

Shop smarter with a sales app

Check out shopping apps, like ShopSavvy or PriceGrabber, to score deals on that dream Valentines’ Day gift. The apps help you compare prices at online and in-store retailers, locate coupons for items you’re searching for and even bring up cash-back options to put money back into your wallet. Why pay full price when you don’t have to?

Save on flowers

Did you know that Americans spend close to $2 billion on Valentine’s Day flowers each year?

Save on those beautiful blossoms with these tips:

  • Shop for flowers at Costco, Trader Joe’s or Aldi. You’ll find great deals on fresh flowers that will outlast the cheaper ones you might find at street vendors.
  • Don’t buy flowers online. They’re unlikely to last well through the shipping and delivery process.
  • Use the food. The small packet of flower food that comes along with your blossoms will help them last longer and stay vibrant and fresh — but only if you use it.

Bring down your dinner costs

Don’t break your budget on a romantic dinner for two.

First, consider dining in. Yes, we know your kitchen table isn’t the hottest place in town, but you can find another area in your home and turn it into a special spot for a special meal. Consider laying down a blanket in front of the fireplace for a picnic-inspired experience, moving a small table into the living room or even setting up a cozy corner in a rarely used room in your home, such as a storage room or guest bedroom. Cook up a storm, or order in — you’ll still save on restaurant costs by forgoing beverages, gratuities and other add-ons you end up blowing money on when you eat out.

If you or your loved one are really looking forward to dining out, make it less expensive by learning how to beat the psychological tricks that restaurateurs play on diners to get them to spend more:

  • Look left. Restaurant owners strategically place the most profitable items on the menu in the right-hand corner — the spot most people look to automatically.
  • Say the price out loud. Notice the lack of dollar signs on the menu? It’s a trick to get you to spend more. Make the price real in your mind by saying it out loud.
  • Ignore the decoys. Restaurants famously place popular dishes near ridiculously overpriced items on the menu to make diners believe they’re getting a great deal. Your weapon against this trick is to completely ignore the most expensive item on the menu.
  • Dumb it down. Reading a restaurant menu can sometimes feel like reading French — even if you’re eating Italian. When choosing what to order, isolate the actual item on the menu instead of getting lost in all those descriptive phrases.
  • Take no notice of negative space. Another restaurant trick that gets diners to spend more is to create a pocket of empty space around high-profit items on the menu. This draws the eye to where the restaurant owner wants it to go and gets you to spend more than planned.

Celebrate late

If you dare, postpone your Valentine’s Day celebrations by a day or two for steep savings on all related expenses. You’ll find Valentine’s Day candy and greeting cards on clearance, gifts already marked down, and you won’t have to pay inflated restaurant prices for the same meal.

Use these hacks to plan the perfect Valentine’s Day on a budget.

Your Turn: How do you save on Valentine’s Day costs? Share your best tips with us in the comments.

Learn More:
clark.com
rd.com
nerdwallet.com
mentalfloss.com

Save Money This Holiday Season with These DIY Gift Hacks

Love the holidays but hate the Santa sticker shock that follows? No need to spend your way into debt this Christmas. Keep costs down and make the holidays more meaningful by gifting your loved ones with personalized homemade presents. From pamper-me packages crafted with care, to home décor that costs just a few dollars, to home-baked goodies that say “I love you,” the sky’s the limit when you DIY! Here are 13 homemade gift ideas from across the cyber-verse to get you started.

Sugar cookie sack

Everyone loves pulling freshly baked cookies out of the oven, but who wants to bother with measuring and mixing all those ingredients? Make it easy for your loved one with this adorable sack of sugar-cookie mix. Decorate the sack to make it personal, and you’ll have a heartwarming gift costing less than $10.

Fleece blanket

Help your friends and family gear up for winter with a cozy fleece blanket. If you’re handy with a needle, you can design a deluxe version of this fuzzy piece of heaven; otherwise, keep it simple, sweet and oh, so cheap.

Pedicure kit

Has your friend been pining for a pedicure? Gift them with all they need to make their nails sparkle with a “for your mistletoes” nail kit! Fill a $7 Mason jar with polishes, filers, a buffer and everything else they need for a spa-at-home experience.

Wall clock

Dress up a flat circle of wood with some beautiful material, attach a clock kit and voila — homemade designer décor for just a few dollars! This clock makes the perfect gift for the friend who’s just moved into a new home or dorm room. Learn how to make your wall clock here.

Bubble bath gift set

Who doesn’t love a relaxing bubble bath? This gift makes it possible with a complete bubble bath kit, including chocolate, bath salts, a candle, soaps, a pouf and more. Learn how to create your own at Sugar and Charm.

Instagram picture frame

Round up your friend’s best Instagram snaps of the year with this creative desktop frame. This gift will make them smile all year long.

Infused vodkas

Flavor your own vodkas and give your friends a unique gift they’ll enjoy for days to come. Choose between classic flavors or experiment with brave new ideas, like spicy citrus and cucumber tarragon. Get the tutorial for infused booze here.

Money tree

Who says money doesn’t grow on trees? Give the gift of cash with an adorable holiday-themed presentation by rolling up stacks of bills into tree boughs. Learn how here.

Recipe box

This one is for the friend who dreams of starring on “Chopped.” Fill this personalized, decorated recipe box with their own best recipes and add a few new gems for their collection. They’ll think of you every time they cook up another storm. Check out Club Crafted to get the full tutorial.

Snowball bath bombs

Bath time is fun again with these peppermint-infused bath bombs! Package inside plastic ornaments for a real holiday treat.

Rainbow candles
We’re all spending more time at home these days, and what better way to light up a cold winter evening than with these gorgeous rainbow candles? All you need for these eye-catching creations is a bit of time and some old crayons.

Painted picture frames

Dress up dollar-store picture frames with colored chalk paint for the perfectly memorable gift. Learn how at Make Your Mark.

Reindeer gift card holder

This holiday-themed card holder is the perfect present for that friend who owns a collection of gift cards and needs a place to keep them safe. You can also use it to dress up a gift card and make it more personal. It’s made out of leftover toilet paper rolls and basic craft materials you likely already have at home.

Keep the stress out of the holidays this year with our DIY gift hacks. It’s all the shared love with none of the debt. Plus, creating these gifts will keep you busy as you ride out a quarantine or avoid crowded malls during these pandemic times. Who knew holiday gifts could be so much fun?

Your Turn: What’s your favorite DIY gift hack? Share it with us in the comments.

Learn More:
homehacks.co
goodhousekeeping.com
fabricpaperglue.com

HisandHerMoney.com

When two people with opposite money views marry, it’s the ultimate in “He said, she said.”

He wants to save every penny so they can afford their dream house within the next five years, and she would rather live it up today while pushing off their dream a little longer.

She wants to budget every dollar to track everything they buy, and he thinks they can trust themselves to keep within their spending limit without accounting for every single purchase.

He thinks golf clubs with a four-digit price tag are a reasonable want, and she thinks they’re a ridiculous luxury reserved for the very wealthy.

And on and on it goes.

For Talaat and Tai McNeely, a pair of high school sweethearts ready to take their relationship further, the money differences were more than just an occasional spat — they were an obstruction standing between the couple and marriage.

As the McNeelys share on their blog, hisandhermoney.com, here’s a sampling of some of the financial issues they were dealing with before they married:

  • Do we let our credit scores dictate if we are compatible for marriage?
  • How will our previous money habits play a role in our marriage?
  • Do we merge our finances?
  • How can we work together to become better at life and win with money?
  • Am I a loser because I have now made my debt problems my future spouse’s problems?
  • Can I change, or is my past really who I am?
  • Should I have a secret account just in case our money situation gets worse?
  • How will we purchase a home? Do we put it in both of our names and risk not having a low interest rate due to the lower credit score?
  • Do I have to take full responsibility for our finances simply because I’m better at it?
  • Will we have to rely on two incomes to run our home?
  • What will our lives look like five years from now?

Despite one partner being debt-free and the other carrying $30,000 in debt, the McNeelys decided to get married. They knew the financial road ahead could be bumpy, but they were prepared to weather the storms together for the sake of their relationship.

Today, after years of struggling to chart their own joint money path, the McNeelys are completely debt-free, have paid off their mortgage and run a 6-figure business online. They have learned enormous life lessons on their journey toward financial wellness, and they generously share these lessons on their blog, podcasts, videos and through their private community of couples seeking financial guidance.

The couple is passionate about helping others overcome their financial differences and build a better relationship and a better future together. Check out hisandhermoney.com to learn their secrets.

Your Turn: How do you and your partner deal with money differences? Tell us about it in the comments.

Learn More:
paychecksandbalances.com
hisandhermoney.com

Tips From Popular Money-Saving Experts

Easy ways to save money each day

We all want to save money.MoneySavingTips_Featured While it’s a struggle for many, there are lots of simple ways to sock a few — or more — extra bucks away each month. Take a cue from some of these money-saving experts to find out a few easy ways you can cut back on expenses and start saving for whatever it is life throws your way.

Cook your own meals
If you find yourself going out to eat a lot, it might be a good time to evaluate your cooking skills.

“Cooking for yourself can be fast and easy, as well as surprisingly cheap,” explains Maura Judkis, writer, editor and Web producer in Washington, D.C. “Try online recipe finders for meals that use what you already have in your fridge. Make enough for a few days, and then use the leftovers in sandwiches for work the rest of the week. Eating at your desk could save you more than $100 a month.”

Be specific about your goals
When you’re particular about where you want to be financially, it will be easier to actually reach those goals. For instance, determine where you’d like to be financially when it comes to having money set aside for putting your kids through college, your vacation fund or the account for emergencies.

“Your needs will take precedence over your wants, with short-term needs being the top priority,” says Kiplinger contributing editor Cameron Huddleston. “Then you can set goals to meet those needs — and fulfill your wants.”

Use coupons — on everything
“You already know to look for coupons when shopping for groceries, clothes, toys and home goods, but what about all those other items in your budget? A quick Internet search could help you save big bucks on everything from medicine to dental care to car repairs and pet care,” says Andrea Woroch, a nationally recognized consumer and money-saving expert, writer and TV personality. “Consider this example: I was picking up a prescription at CVS when I decided to search Google for any possible deals. Voila! I found a voucher that will end up saving me $480 on a 12-month supply!”

Get rid of cable
Did you know that cable bills will soon be averaging $123 a month, or $1,476 a year, according to a study by NPD Group?

“With services like Hulu, Netflix and Amazon Prime, you can now watch your favorite TV shows and movies for a fraction of the cost of cable TV,” says Brittney Castro, CNBC contributor and founder and CEO of Financially Wise Women. By cutting out cable and switching to a more inexpensive service, you can have that money to put toward other financial goals.

Utilize your own skills before hiring a professional
You might be more handy than you think.

“When it comes to home repairs, don’t be afraid to try to fix things yourself. Even if you aren’t the handy type, small jobs like fixing running toilets and patching drywall will cost you over a hundred dollars to hire a professional,” says Jefferson, site founder of See Debt Run. “You owe it to yourself and your wallet to try to find a step-by-step guide online, and at least give it a good try to do the work yourself.”

Remember that a little bit goes a long way
Putting aside money in crafty ways will help you save a little bit each month — and even a little bit can add up quickly.

“When you’re able to eliminate a major expense, put half the savings into your new account,” notes Mary Rowland, writer for WomensDay.com. “When you finish paying for your car, for instance, save one half of the car payment each month. Or suppose you save $75 a week on child-care expenses when your kids start school. Put $37.50 per week into a savings account. That will build up really quickly!”

Regardless of how you do it, start saving more and see how quickly your savings account starts growing. Find out how we can help you save money today.

Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.