Tag: saving

Saving on Landscaping

by Advantage One, posted in Home Buying, Lifestyle, Tips & Best Practices, Uncategorized

For the green-thumbed homeowner, there are few things as pleasurable as running fingers through soft, moist earth, catching sight of the first flowering buds of spring and inhaling the scent of freshly cut grass.

Tending to a lawn and garden can get expensive. Between seeds, fertilizer and gardening supplies, costs can be high enough to take the pleasure out of lawn care.

Here are 10 creative ways to save on landscaping, so you can have your well-tended lawn and your budget, too.

1. Plant perennials

Go green with your garden by choosing plants that flower year after year. You’ll have to pay more out of pocket when you first plant these blooms, but the cost-free plants you’ll have each year will more than make it worth the price.

2. Make your own compost

Mulch and other soil products may keep your garden healthy, but they’re not as kind on your wallet. Save money by going the DIY route with compost. All you need is a designated outdoor bin to collect your old fruit and veggie peels, plant clippings and dead leaves. After a few weeks, you should have a pile of nutrient-rich soil ready to give your garden the boost it needs to grow and glow.

3. Grow and trade

For a colorful variety of flowers, plant perennials that grow and multiply quickly, like hostas or daylilies. Within a few years, you should have more of these flowers and plants than you need. Then, you can trade them with friends and neighbors for new and interesting plants.

4. Propagate your plants

Grow your garden by helping your plants propagate. You can do this by separating an already growing plant into two and replanting; rooting a leaf or rooting a small stem with leaves. You can propagate new plants in soil or in water. Find out more about propagating here.

5. Choose plants that are natural to your region

For lower-maintenance plants, choose species that grow naturally in your area of the country. You’ll save on extra watering, soil correction and special plant food.

6. Shop the end-of-season sales

The plants in the nursery and home improvement store won’t look too attractive in the fall, but that doesn’t mean they’re useless. Plants that look wilted now can grow beautifully in the spring, as long as the roots are alive and well. Best of all, you can score these healthy plants at bargain prices.

While you’re shopping during the fall sales, you can pick up discounted potted plants, planters, gardening tools, lawn chairs and more.

7. Leave your grass clippings

Looking for an easy and cost-free way to improve your lawn? You already have one! Just leave your grass clippings on the lawn after mowing instead of cleaning them up. The clippings will break down quickly, adding organic matter and nutrients to your grass.

8. Don’t cut your lawn too short

Shorter grass attracts more weeds and will need more herbicides. Higher grass will shade out those pesky weeds while also developing a deeper root system, thus requiring less watering. Keep your grass at 2- 2 ½ inches for best results.

9. Pay attention to pH

It’s important to measure and control the pH level of your lawn. If the ground is too acidic or alkaline, your plants and grass won’t absorb nutrients, no matter how much fertilizer you feed them. Ideally, pH levels on lawns should be between 6.5 and 7. If your lawn’s pH level is too high or too low, you can add lime or sulfur to correct it.

10. Save extra flower seeds

Bought too many seeds to plant this year? No worries; you can save them for another year! Most flower seeds will keep well if stored in a cool and dry place. You can even buy seeds in bulk with plans to save the extra for a more cost-effective purchase.

Gardening is fun and rewarding — and it doesn’t need to cost a lot of money. Use our tips to cut back on landscaping costs without compromising on the health of your lawn.

Your Turn: How do you save on landscaping costs? Share your best tips and tricks in the comments.

Learn More:
bhg.com
houzz.com
www.policygenius.com

Simple Steps to Start Saving

by Advantage One, posted in Budgeting, Lifestyle, Saving, Tips & Best Practices

Everyone knows how important it is to regularly put money into savings, but research shows that 25% of Americans have no emergency savings at all.

Don’t let this be you! If you’re ready to start saving, but you don’t know where to begin, Advantage One Credit Union can help. Here are seven simple steps that can get you on the fast track to building your nest egg today:

Step 1: Set a goal

It’s always a good idea to work backward when setting up a plan.

Take a few minutes to think over your long-term and short-term savings goals. These can include saving for retirement, a dream vacation or covering a large purchase like a recreational vehicle or a new phone. Make sure to assign a dollar value for each goal.

It’s important to note that, when you actually start putting money into savings on a regular basis, it’s best to start with building an emergency fund that includes three to six months’ worth of living expenses before moving on to other saving goals.Outlining your more personal goals before you get started will help motivate you on your journey toward saving.

Step 2: Start tracking your expenses and income

Determine exactly how much money you need to get through each month. For three months, keep a paper or digital record of each of your expenses and all streams of income.

As you complete this step, be sure to include seasonal and occasional expenses. Calculate an estimated annual expense amount for these costs and then divide it by 12. Add this value when factoring your monthly expenses.

At the end of the three-month period, review your expenses and income to see how much money you really require to live on each month.

Step 3: Trim your expenses

If you find that your income exceeds your expenses by a generous amount, you’re in a good place and you can skip to the next step.

If your expenses are greater than your income or the numbers are too close for comfort, it’s time to scale back. Look for ways to trim your expenses without feeling the pinch. Start with your biggest non-fixed expense, and move from there, cutting costs wherever you can.

The money you trimmed from your expenses can be used for savings.

Step 4: Create a budget

With your newly trimmed expenses, you’re ready to create a monthly budget. Using your list of monthly expenses and income, designate an appropriate amount for each monthly expense. Be sure to include savings in your budget — as if it were actually an expense.

When working through this step, you can go the old-fashioned route and use pen and paper for a detailed budget, or use a budgeting app, like Mint or YNAB.

Step 5: Choose your savings tools

With your numbers all worked out, you can move on to choosing a place to park your savings.

It may be a good idea to choose a separate location for your long-term and short-term saving goals.

For long-term savings, look for a savings option that offers an attractive interest rate, like a share certificate at Advantage One Credit Union or an IRA for retirement savings. Keep in mind that you may not be able to open a long-term savings account immediately if you don’t have the amount of funds required for your minimum initial deposit.

Short-term savings are better off in an account that allows for easy access and some monthly transactions if needed, like a checking account or money market account at Advantage One Credit Union.

Step 6: Make it automatic

You’ve got your numbers worked out, and if all goes well, your savings should start growing today.

Unfortunately, though, impulses can sometimes get in the way of our best intentions, holding us back from reaching our goals. Keep this from happening to your savings by making them automatic. Ask us about setting up an automatic transfer from your checking account to your savings account so you never forget to feed your savings again.

Step 7: Review and adjust as necessary

Your savings plan is good to go! Remember, the earlier you start, the more interest your funds will accrue.

While you may have automated your savings, that doesn’t mean you can set it and forget it. Be sure to review your budget every now and then and to check whether you should adjust the amount allocated for savings.

Your Turn: What are your saving tips for beginners? Share them with us in the comments.

Learn More:
thebalance.com
nerdwallet.com
lifeandabudget.com

6 Mistakes People Make In Their 20s And How To Fix Them

by Advantage One, posted in Budgeting, Tips & Best Practices

Young black woman sitting on floor slumped against wall staring dejectedly at tablet in her right hand and holding credit card in her left hand.Like many people, you may have blown through your 20s making financial decisions that served you well in the moment, but may not have been particularly responsible. Dinner out several times a week, credit card bills you barely looked at and luxury cars way beyond your budget—life was practically a party!

But now, the party’s over. You’ve woken up in your 30s and realized that all that overspending is going to cost you big—and it’s going to cost for years to come.

Luckily, there’s hope. It’s not too late to fix the financial mistakes we all make when we’re young and blissfully ignorant.

Here are six of the most common mistakes people make in their 20s and how to fix them:

1.) The mistake: Racking up credit card debt
Maybe you were broke while in college, but desperate for a good time, so you swiped your way through vacations and nights out on the town. Or maybe you knew you were falling into the debt trap to cover student-related needs on a shoestring budget. Unfortunately, it didn’t just go away like you’d hoped.

The fix: Stop using your credit cards
It’s time to be an adult and own up to your mistakes. Learn how to say no to impulsive purchases and to live within your means. Create a budget to help monitor and track your discretionary spending instead of mindlessly plowing through your paycheck each month. Stop swiping your credit cards and stick to debit or cash only. Don’t let those credit card bills get any higher!

2.) The mistake: Ignoring your credit score
Aside from being the gateway to endless spending, aggressive credit card balances have probably handicapped your credit score, making it difficult or impossible to obtain a personal loan. A poor score will also burden you with an unfavorable interest rate for the loans you do qualify for. And that means you’ll be paying off the mistakes of your 20s for years to come.

The fix: Know your score and pay down your credit card debt
It’s never too late to fix a credit score. Begin by monitoring your score. You can order a complimentary credit report once a year from each of the three major credit agencies at annualcreditreport.com. If you are enrolled in Online Banking at Advantage One, we offer free credit monitoring through our partner, SavvyMoney. You can also check out your score on sites like CreditKarma.com and Bankrate.com. This will give you an idea of what you’re working with as you work on climbing out of financial hardship.

Next, work on paying off credit card debt instead of only making the minimum payments each month. Look through your credit card bills and crunch some numbers until you know exactly how high your credit card debt really is. Then, choose one bill to pay down first and begin making the maximum payment your budget will allow. Once you’ve paid it off, divert all those funds onto the next bill until it’s gone and repeat until you have no more debt. Paying down your debt and minimizing the utilization rate on your credit cards will greatly improve your score.

3.) The mistake: Skipping student loan bills
When you’re facing a debt in the tens of thousands of dollars while earning an entry-level salary, it’s tempting to just pretend it doesn’t exist. Unfortunately, though, that’s the worst thing you can do for your loan and your credit.

The fix: Work it into your budget
Call your lender to work out a more feasible payment plan. You can also check if you qualify for a student loan forgiveness program. Most importantly, make your student loan payments a part of your debt payment plan so you never miss a payment.

4.) The mistake: Neglecting your retirement
Planning for your decades-away retirement may be one of the last things on your list. However, starting to fund your retirement later in the game means missing out on years of compound interest gains.

The fix: Think of it as a fixed expense
Don’t think of retirement savings as an extra; think of it as a necessary, fixed expense that belongs in your budget like your rent and phone bill. Work with the most you can afford and max out your contributions to an IRA or your company’s 401(k) plan.

5.) The mistake: Not having an emergency fund
Life’s great—who needs to think about emergencies? Unfortunately, you do. Scrambling for funds to pay for a large medical expense or to live off of during an unexpected layoff can be a nightmare. Turning toward credit cards to help you get through a rough time can also be the beginning of a debt cycle whose effects are felt for years to come.

The fix: Start small
Experts recommend socking away 3-6 months’ worth of living expenses, but if that’s just not possible for you, start small. Work with whatever you can to make monthly contributions to an emergency fund. Set up an automatic monthly transfer so you never forget. It’s best to keep your emergency money in an account that offers an attractive earnings rate but allows you to withdraw funds without paying a penalty. An Advantage One Savings Accounts could be a good choice. Call, click or stop by to speak to us about setting yours up today.

6.) The mistake: Not creating financial goals
It’s understandable not to have your entire life planned out yet, but it’s important to set some financial goals.

The fix: Create goals now
Take some time to set some financial goals. Do you want to buy a house within the next decade? Do you dream of opening a business? Are you hoping to retire at 55? Having a concrete goal in mind will help you stick to your budget and manage your money responsibly.

Messed up while in your 20s? It’s not too late to get your finances on track! Follow our tips for a financially sound future.

Your Turn:
How did you fix the financial mistakes of your 20s? Let us know in the comments!

SOURCES:

https://money.usnews.com/money/blogs/my-money/articles/2018-10-25/how-to-recover-from-financial-mistakes-made-in-your-20s

https://www.thebalance.com/how-to-fix-money-mistakes-in-your-twenties-2385529

https://www.mybanktracker.com/news/fix-financial-mistakes

6 New Year’s Resolutions For A Financially Improved You

by Advantage One, posted in Tips & Best Practices

syellow sticky note on computer keyboard next to planner that reads," New years' Resolutions 2019"Here are our top six resolutions you can commit to that will really add up over the course of a year.

  1. Increase your savings. Even if it’s only by 5%, every little bit adds up.
  2. Cut out one impulse purchase a week.
  3. Trim your electricity bills by making sure your appliances are all running efficiently and conserving as much energy as possible.
  4. Increase your marketability by learning new skills or broadening your knowledge in your chosen field.
  5. Pay down your debt by making it a priority.
  6. Spend less on groceries. Do whatever it takes to make it happen: coupon more, cash in on rebates, and shop the sales.

Your Turn:
Have you made any significant financial resolutions over the past year? Share them with us in the comments!

Rising Interest Rates

by Advantage One, posted in Saving, Tips & Best Practices

Report showing rising interest rate dataInterest rates have been steadily increasing over the last year. So, if you’re thinking of taking out a large loan in the near future, you might be waiting until those rates start going down again.

Here’s why that might not be the best idea.

Interest rates will continue to rise
Experts predict interest rates on financial products will continue increasing throughout the year. It’s not looking great for those who are taking out a short-term loan, either. Experts claim 2018 will see three interest rate hikes, each being 0.25%. If you need to borrow money, it’s best to do it sooner rather than later.

The inflation factor
Unemployment rates are down, but wage growth continues to crawl at an almost nonexistent pace. This, in turn, leads to limited price growth, which keeps the inflation rate stagnant. However, the feds are expecting wage growth to finally kick off in 2018, setting into motion an uptick in inflation and price growth.

The government wants to stay ahead of any surge in inflation. They do so by increasing their interest rates even before there is clear evidence of an inflation peak.

Financial institutions and credit card companies pattern their own interest rates after the government’s rate. Therefore, it’s best to work on aggressively paying down outstanding debt you have before you’re hit with increased interest rates.

Government deficits
Long-term interest rates have been rising since December. This is largely due to the growing government deficit that’s linked to recent tax cuts. The pending two-year budget plan will put the government even deeper into the red, likely causing those rates to climb even higher.

Mortgages
Mortgage interest rates are now at an all-time high; they are currently close to 4.6% and are up more than .20% from a year ago.

For the most part, mortgage rates are linked to bond yields. When bond yields rise, so do mortgage rates. The recent tax overhaul caused investors to favor stocks over bonds, and consequently, mortgage rates have been climbing since September.

Some experts are predicting a turnaround for mortgages in 2018, with the rates possibly dipping below 4% sometime this year. However, all agree that by year’s end, the mortgage rate will settle at 4.5%.

No one can be certain of anything, though, and waiting until the rates drop might prove to be pointless. In fact, you might even end up paying a higher rate for that delay.

The good news
Experts predict a great year for returns on savings, especially CDs. Some claim an average one-year CD will yield a 0.7% return by the end of 2018. So, if you’ve been thinking about opening a share certificate or other savings options, talk with [credit union] to get started.

Volatile economy got you stressed? Call, click or stop by the credit union. We’ll guide you through any financial turn!

Your Turn:
What steps are you taking in the current financial climate? Tell us all about it in the comments!

SOURCES:

https://www.kiplinger.com/article/business/T019-C000-S010-interest-rate-forecast.html

https://www.google.com/amp/s/www.bankrate.com/finance/mortgages/interest-rates-forecast.aspx/amp/

https://www.google.com/amp/s/www.bankrate.com/mortgages/analysis/amp/

What Does a 529 College Savings Plan Cover?

by Advantage One, posted in Budgeting, Saving

 

529 college savings plans are only eligible for spending on certain expenses

Jjar of money labeled collegeThe cost of attendance at American universities is skyrocketing year after year, with a college education now costing up to six figures. 529 college savings plans offer a tax-free way to save money for your education. However, there are a few conditions since the money is tax-free, including what you can spend that money on. Here are a few of the qualified expenses included in the plan.

Tuition and education fees
Of course, the most obvious college expense is tuition. Any of your 529 savings money can be applied toward basic tuition. Many colleges charge mandatory fees such as application fees and additional course fees, and your savings plan can be used on those as well.

Keep in mind that your savings plan can only contribute to mandatory fees. Writer for Washington’s Top News, Nina Mitchell, warns against the use of 529 savings funds for fraternity and sorority membership dues or club and activity fees. “These are considered extracurricular and are not eligible,” says Mitchell.

Textbooks, computers and school supplies
Alongside the rise of tuition prices, textbook prices are also increasing each year. According to Brian Boswell, contributor at Forbes.com, your savings plan can be applied toward textbook rentals and purchases each year. You can also put your savings money toward school supplies, including items like pencils, pens, backpacks and notebooks.

Modern-day education often requires students to have their own personal computers or laptops. With advancing technology, laptops are more expensive than ever. Laptops and desktop computers can be purchased through your 529 savings plan, says Boswell, easing the burden of buying new, up-to-date technology. Printers are also covered under the plan.

Room and board
Your housing costs as a student are covered under your 529 savings plan as well. Whether you live in a campus dorm and are paying for student housing, or if you pay rent off-campus, your savings money can be used for your rent and utilities. While you’re a student, your savings money can also be applied to your dining plan and grocery costs.

However, Boswell explains there is a catch to off-campus living, “To be considered qualified, [off-campus living] costs must be less than or equal to the room and board allowance from the college’s cost of attendance figures. If the total cost living off-campus exceeds the school’s allowance, the student would have to pay the difference using funds from another source.”

If your university charges a fee for internet usage, or if you live off campus and have to purchase an internet package yourself, you can pay those expenses out of your 529 savings plan. Additional software deemed necessary for your education is also covered.

Disability equipment
If you have a disability that requires medical or mobility equipment, you can purchase those items with the money in your 529 savings plan, says Boswell. These items include wheelchairs, prosthetics and transportation costs.

Saving and paying for college tuition alone can be stressful enough, but having to worry about additional school-related expenses just adds to the frustration. Luckily, these expenses are all covered under your 529 savings plan. Consult your tax advisor regarding your personal situation and the possible impacts and benefits of this type of program.

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

Guide to Investing in Your 20s

by Advantage One, posted in Tips & Best Practices

Laying the groundwork for a lifelong investment strategy

Young man in front of a blackboard with financial notes on itYou have finally graduated college and, after finally finding a full-time job, can start paying back those student loans. Retirement seems like it is in the distant future and you are more concerned with living paycheck to paycheck. But it is never too early to start preparing for your future by establishing sound financial footing and taking early investment steps.

Save money
The first step to investing is to align your spending habits with your investment plans by carving out a chunk of every paycheck for savings. While you might not feel that you have the current flexibility to put away any money, the earlier you make saving an uncompromisable habit, the easier it will be to increase your investments long-term.

According to Charles Schwab Foundation president Carrie Schwab-Pomerantz in an interview with Forbes, people in their 20s should be budgeting for and saving at least 10 percent of their annual income. While this may seem excessive, the more you have saved early on, the more it will compound over the next 50 years. Not to mention, it is a solid step to increasing your savings rate to 20 percent in your 30s.

Pay off your debts
Get out from underneath the oppressive thumb of student loan and credit card debt as quickly as possible by establishing an aggressive debt repayment plan. According to Stacy Rapacon of Kiplinger, the longer you let debt linger, the further it will set your finances back in the form of greater interest payments and lower credit scores. The sooner you repay your debts and free yourself from crippling interest payments, the more money you’ll have to invest in your future.

Fund your retirement
It is never too early to start setting aside money in your retirement fund, especially since the years will only compound how much you will have in your account by the time you retire. Rapacon of Kiplinger calculates that if you invest $100 a month as a 25-year-old, assuming an 8 percent return and quarterly compounding, you’ll have around $346,000 by the time you turn 65.

Investing money in a retirement fund now is even more essential because of your employer’s matching program. Arielle O’Shea of NerdWallet highly suggests taking advantage of your employer’s generosity by contributing to any available retirement plan, such as a 401k, especially if your employer offers a matching percentage.

If you don’t have access to a company-based 401k, Forbes’ Samantha Sharf recommends investigating the option of starting a Roth IRA or Roth 401k that taxes your contributions now but lets those contributions grow tax-free for the rest of your lifetime.

Take risks
Those who do invest in their 20s often do so conservatively because they don’t want to see any of their hard-earned money lost, but that also limits the potential for their investments to grow. According to O’Shea, “Many millennial investors make the mistake of avoiding risk even though it helps them over a long timeframe.” Thus, to reach your target retirement financial goals, it is important to allocate much of your portfolio to stocks over bonds. While there may be more short-term drops, Vanguard analyses show that it is the way to get a better lifelong annual return.

Get advice
If you are not sure what the best investment options are for you, or would like additional clarification on what investing involves, it never hurts to ask for advice from an advisor who can help you map out a financial plan that spans. O’Shea of Nerdwallet recommends even opening an account with a robo-advisor that will give you basic insights into your current plan and offer advice on the next steps.

Your gut feeling may be to wait to invest and spend your money elsewhere while you are young, but the more aggressively you save and invest your income now, the better prepared you will be for retirement.

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

Tips for Saving for Your New Car

by Advantage One, posted in Budgeting, Saving, Tips & Best Practices

Hands holdinga jar of moneyIdeas for affording that hot ride you have always wanted
It’s a common situation: your current car is on its last leg and you have your heart set on a new model that will last longer, look better and have more features. Unfortunately, your bank account isn’t on your side and is limiting your options. Instead of disregarding your financial limitations, find ways to overcome them by saving money and shopping wisely so you can eventually afford that dream vehicle.

Determining your financial goal
Before you establish a plan of action, it is vital to fully evaluate your current financial situation and what your goal is; a clear understanding will help you effectively plan how to reach your goal.

Once you identify which vehicle you want, you can estimate how much a down payment would cost. Ronald Montoya of Edmunds suggests that 20% of the total cost of the vehicle should be your down payment (resulting in a lower monthly cost), but that if you cannot comfortably afford that amount, a 10% down payment with GAP insurance mitigates risk while keeping money in your pocket.

Jamie Page Deaton of U.S. News & World Report emphasizes the importance of considering the ongoing price of monthly vehicle costs, such as repayments, insurance and maintenance. Depending on your cost of living and pre-existing debt, these expenses should not exceed 15-36% of your monthly take-home pay. Ensure you have a secure income to afford these monthly costs after you drive the car off the dealership lot.

Saving money on daily expenses
Now that you’ve established a target amount of money to save for both the down payment and monthly fees, you can analyze your current spending habits and find ways to trim your daily expenditures and divert the difference into a savings fund.

Trent Hamm of The Simple Dollar outlines dozens of methods for cutting expenses. For instance, consider using public transportation or carpooling to work. Cancel your unnecessary memberships, subscriptions or paid services. Buy bulk, generic, non-perishable items from the grocery store and make your own meals instead of eating out. Other ideas include shopping at thrift stores, selling unused items, consolidating your loans, lowering home thermostats, unplugging electronics and pausing your travel plans.

Getting the best deal on the car
Saving money isn’t just about having enough cash in your bank account; it’s equally imperative to ensure you’re getting a deal on the vehicle you are purchasing. There are methods for knocking some numbers off the sticker price to ensure you are paying the lowest possible amount rather than simply handing over your hard-earned money at the first price presented.

Kerry Hannon of Forbes offers nearly a dozen ways women can save on a new car; all of the methods can be used by men, too. Time your purchase so that you can take advantage of a seasonal sale, a reduced price on last year’s model or a rebate program. Do your research and have a clear idea of what the car’s value is and what competing dealerships in the neighborhood are offering for the same model. Don’t be afraid to negotiate; hold firm on the target price and don’t get drawn into add-ons or upgrades.

Another way to get a better deal on your car is by improving your credit score and thus receiving a better deal on financing. Investigate all your financing options and find the best loan offer that is best for you, whether that’s through your bank, a local credit union or the dealership.

With a solid plan and frugal spending habits, you will eventually be able to afford that new car without putting your finances at risk.

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

Cool Ways to Save Extra Money

by Advantage One, posted in Lifestyle, Saving, Tips & Best Practices

A little creativity and thought can save you a lot of money
Couple Saving MoneyThere are many ways to save a little extra money each month, some of which have added benefits beyond financial ones. Have a little fun and get some great additional perks with these five out-of-the-ordinary ways to save extra money.

Forgo cable
With the popularity of Hulu, Netflix and other streaming services, cable isn’t considered a necessity anymore. These streaming services even produce their own shows that you can’t watch anywhere else. Plus, their fees are just a fraction of the average monthly cable bill—services like Apple TV only cost a flat fee up front for the device.

Another way to get media on the cheap is to dust off that old library card. Many local libraries are part of a network from which you can rent a vast selection of DVDs, TV series boxed sets, CDs and books. Even better, it’s absolutely free—as long as you return everything on time.

Socialize cheaply
Instead of going to the movies on date night or heading out for drinks with your pals, look for free activities happening in your area.

“Many cities offer a host of free activities, especially in the summer months. Use social media tools and the web to find listings for community activities and make your date night a little cheaper,” wrote money blogger Nicole Graham on LifeHack.org. “This will also push you to do something new or different, which will broaden your horizons and help you meet new people.”

You can also host your own social events. Save on menu items, tax, tips and parking by hosting a potluck supper. Or organize a clothing swap—it can be a fun, intimate event; and you can all get some free new outfits out of the deal.

Eat at home
Maybe your apartment is too small to host a potluck, but you can still plan your meals ahead and cook at home for yourself in order to pocket some cash.

“Taking a few hours every weekend to grocery shop and meal plan for the week will definitely save you money, as dining out is the No. 1 expense for most households,” said Brittney Castro of CNBC. “By eating at home, you save money that would otherwise be spent on tax and tip—and you usually save calories, too.”

If you do eat out—maybe it’s a special occasion or a reward—at least try to order take-out rather than dining in or getting food delivered. You won’t have to pay the double-fee of tipping the driver AND paying the delivery charge.

Get crafty
Take to Pinterest, beauty blogs and more to find cheap, easy-to-make and oftentimes eco-friendly cleaning or beauty supplies. These online resources can also give you cool ideas for repurposing items around the house or crafting in general, so finding a new hobby out of the deal is yet another advantage.

Charge yourself for bad habits
Quitting vices, such as smoking, can save you a ton of money. But the actual process of kicking the habit can save you some money as well. On LifeHack.org, Graham recommends labeling a jar with your designated bad habit and placing a certain denomination of money in the jar every time you find yourself partaking in said bad habit.

As if watching exclusive media content, hanging with friends, helping the planet or bettering yourself could get any better—with these tips, you can save money while you’re at it!

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

Cut These Costs TODAY

by Advantage One, posted in Budgeting, Lifestyle, Tips & Best Practices

Man buying groceriesHave you ever unexpectedly found out you’re quickly going to have less income? It’s enough to throw you into a panic. But the best way to get through hard times is to take a few deep breaths and put a plan together. Check out these common targets for quick and effective expense cuts.

Food
You might find it obvious that evenings dining out at fancy restaurants probably aren’t the best idea when experiencing a budget crunch. But think about your groceries too. Consider avoiding the higher-priced stores and stocking up on the basics at the more reasonably priced spots. You might find that cooking at home and taking your lunch to work saves you lots of money and ends up being healthier too.

Cable/Movies/Rentals
If you’re like most people, your visual entertainment comes from multiple sources. You may watch movies on cable, in the theater, via rental or online. In crisis situations, it’s best to focus on watching movies at home and using one particular way to do it. In other words, if you have both Netflix and premium movie channels, it’s probably time to go with one or the other.

Phone plans
It’s nice to use a smart phone to be able to look up information on the go, but you could probably make do without the data plan if you had to. Did you know that you could also be on a prepaid smart phone plan? Call your service provider to ask them to perform an analysis on which plan is best for you. You might be paying for more than you actually need. Also consider eliminating your house phone if you have one.

Gym
It’s important to get some stress-relieving exercise during this trying time, but there’s no reason why you should have to spend money to do it. Brainstorm ways to be active without having to fork over a big chunk of your paycheck. The main thing is to just get moving!

Shopping as entertainment
One activity that could put you in the trouble zone is shopping for fun or to ease tension. “I won’t buy anything, I’ll just browse” too often can lead you down the path of unnecessary spending. Eliminate leisure shopping or other activities that put you in temptation.

Gas
Is it an option to work from home more? Can you carpool or combine your errands into fewer trips? If your family has multiple vehicles, can you sell one and share the remaining?

Insurance
With the ease of using the Internet to compare rates, the insurance business is much more competitive than it used to be. Shop around for the best deals on any type of insurance you have—auto, home, life, etc. Check into bundling these with one company to save even more. How is your credit score? This might affect the cost of certain insurances. Also be sure to ask about discounts you might apply for, and the option of raising your deductible in exchange for a lower monthly payment.

Utilities
Think of ways to stay warm or cool more efficiently. Put on more layers in the colder months and spend more time outside during the warmer times. Be conscious of turning everything off and even unplugging electrical items when you leave a room.

Habitual items
When you have a comfortable financial situation, it’s easy to buy coffee, cigarettes, alcohol and convenience store snacks without thinking too much about it. But in these tighter times, think about what you are really getting out of these purchases and if there are expenses that are more important.

Taxes
If you have more money taken out of each of your paychecks than is necessary in order to get a large income tax refund check in the spring, you are over-paying the government each month. Cut this expense by using the IRS withholding calculator to determine the appropriate amount to have withheld from each paycheck.

None of these cost-cutting measures alone is guaranteed to immediately solve all cash flow issues, but in concert they can potentially save you hundreds of dollars per month.

Used with Permission. Published by BALANCE Includes copyrighted material of BALANCE.