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Start Saving For Retirement Today

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Whether you’re 18 or 38, it’s never early enough to start thinking about saving for retirement. In fact, the earlier you start, the more you will save (duh!). If you’re already in your mid-late 20s, or even early 30s, and haven’t started thinking about retirement yet- start today! You don’t need to have debts paid off and a perfect credit score (or even a full time, high income career) to start saving. Check out this post by Adeline at Frugal Fanatic for tips on jumpstarting your retirement funds today, and truly enjoying your golden years with no stress in the future:

-Have a plan- How much will you save a month, exactly? Will you be investing? What date will you talk to your employer about opening a retirement account?

-Employer contribution- make sure they are matching the maximum!

-Start saving with automated withdrawals.

-Put any extra money towards retirement!

Photo Credit: J Elliot 

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Mortgage Rates Sink

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Good news for those looking to buy a house soon- mortgage rates have sunk since the end of August 2015. According to this article by Amber Nelson at the Mortage 101 Blog:

During the week ended August 27, 2015, the average rate on a 30-year fixed rate mortgage (FRM) sank to 3.84 percent, excluding fees, down from 3.93 percent the previous week and down from 4.10 percent the year before.

They speculate that this decline may have to do with events of “economic chaos” in China, and that it could continue to stay at this rate, or possibly decrease even further. Home buyers, keep an eye out, and don’t be afraid to ask for a new quote each day, since rates fluctuate so quickly! Don’t forget to lock in a low rate while you can!

Photo Credit: Marc Falardeau 

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It’s The Most Wonderful Time Of The Year…

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It’s almost Fall, which according to some department stores, means that it’s time to start getting ready for Christmas. While I personally think it’s still too early to decorate for Christmas (wait your turn! It’s time for Halloween!), it’s not too early to start saving for gifts! I have a big extended family, with 30+ cousins, and we get each of the little ones a present each year. That can really add up! My mom has started buying one or two gifts per paycheck- we’ve gotten about 5 so far. That’s one good way to start buying gifts, rather than spending hundreds of dollars on Christmas Eve. For more tips on saving for the holidays now, check out this post by Lori at Grocery Shop for Free:

-Have a yard sale, and sell all your summer junk. Put the proceeds towards buying gifts!

-Stop eating out- One dinner a week for a family of 4 is about $40-$50. That’s $200 a month in savings!

-Change your insurance policies- if you haven’t looked at what you’re paying for in a few years, take some time to shop around and make sure you’re getting the best deal.

Photo Credit: Mighty June 

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Habits Of People Who Are Debt Free

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You’d expect debt free people to be lavish spenders, after all- they no longer are paying hundreds of dollars a month towards credit card bills or other debts. However, usually just the opposite is true. Debt free people got to be that way because most of them are frugal spenders who are careful with their money. Try adopting these habits by Carlie Kercheval at SarahTitus.com, and see if it helps diminish your debt:

-Don’t waste money- debt free people remain frugal once they’re out of debt. Download money saving apps, clip coupons, and eliminate unnecessary expenses.

-Don’t go into debt needlessly- financing a home, a car, or an education are basically givens. But some people go into debt because they want to buy something, but don’t have the money. Don’t do that.

-Don’t neglect building your savings- you don’t need to be debt free to build up your savings account, and people keep building their savings before AND after they are debt free.

Photo Credit: Lauren McKinnon 

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Investing for Beginners

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I’ve always been somewhat of a gambler. I like playing the lottery, slot machines, and blackjack. Las Vegas is one of my favorite places in the world! The prospect of making easy, fast money is alluring to me- like it is to most people. Unfortunately, usually gambles like that don’t pay off, and you end up losing money (though, on my last trip to Vegas, I came out about $50 ahead!) Most people would be more interested in a surer thing. Ladies and gentlemen, welcome to the stock market. Of course, there are riskier investments with more return, but a smart, diversified portfolio will grow your money in the long run. If you are interested in getting into the stock market, you have a lot of research to do if you don’t want to go through a broker (who will take his own cut). This article by Gogirl Finance at Levo is a good place to start:

-Educate yourself about the relationship between risk and return. Stashing your cash under a mattress isn’t going to make it decrease, but it isn’t going to make it increase either.

-Just start doing. Often, the best way to learn is by doing. Have some extra money allocated for this purpose, and buy a few shares of your favorite company, or start using your 401(K).

-Sit back and let your money work for you. Even if you only earn 3 percent on your $500 investment, you’ll have $672 in ten years. That’s much more than you would’ve had if you left that in your checking account.

Photo Credit: Alberto Carrasco-Casado

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When Should You Hire A Financial Expert?

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Navigating the worlds of personal finance, taxes, loans, and investments can be harrowing- especially if you are just starting out and have no previous experience. But, how do you know when to DIY it (thank you, Google! ), and when to actually shell out the cash for a financial adviser or other expert? Well, this guide by Dailyworth at Popsugar Finance is a great place to start:

-Credit Repair- DIY. Many “credit repair” businesses are scams. You can repair your credit by maintaining several lines of credit, paying bills on time, and reducing debt.

-Investments- DIY. Choose low cost index funds that mimic the market. Many places provide free asset allocation worksheets.

-Taxes- hire a pro. Tax law is complicated and changes constantly: it’s the pro’s job to stay on top of it. A good tax person can also show you the best ways to minimize your bill.

Photo Credit: US Army Africa 

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The Ultimate Wedding Freebie Guide

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My best friend is getting married next October, and she’s given me the… well, honor, of being her maid of honor! I couldn’t be more excited! I love her and her fiance, and I can’t wait to see them start their lives together. I also really love the theme and color scheme she’s picked out (Fall, country, purple and orange. Just a touch of Halloween). Now, being maid of honor means I have a front seat to all wedding planning- and the costs. And let me tell you, it is not cheap. Even though they have a fairly conservative budget, you really have to look hard for tasteful things that stay in your price range. That’s why I love this list by Stacey at the Six Dollar Family. Here are some FREE things you can claim now for your big day:

Free Printable Wedding Planning Charts

Printable Invitation Kits

 FREE Wedding Gown (for brides who are in the military, or who are marrying spouses in the military.)

Free Wedding Website for you and your fiance

I have a few tips of my own as well! My friend is using some of these, and I’m most likely going to do as many as possible when I get married:

-Check out local Bridal shows- tickets are usually around 10 bucks. They often have tons of freebies, samples, discounts, and giveaways.

-Save money and DIY- my best friend and I are making almost all of her wedding decorations. Paper flowers and decorated pumpkins, here we come!

-Don’t be afraid to DIY the food as well, or have someone close to you cook! You can save thousands on catering that way. Ditto with the cake. Or, consider having a “cake only” wedding, but let guests know in advance- and don’t schedule it around dinner time.

-Have guests take their own photos, then let them upload them to Facebook and Instagram. No photographer required.

-Less guests= cheaper venue and catering. Pare your guest list down to only immediate family and close friends.

-Try looking at thrift stores, department stores, or online to save on dresses. However, be wary of buying a dress online- sometimes, it’s not what it looks like in the pictures. Read reviews, and buy in advance to try it on and make sure it’s what you want- and make sure they have a forgiving return policy!

-Let bridesmaids/groomsmen pick out their own clothes to save them money. Mismatched bridesmaid dresses all in the same color scheme often look amazing! Just make sure to preview the look before the big day.

-National and State Parks often do not charge if you are looking for a free wedding venue, though you may have to pay a small permit fee and guests will pay any parking fees. Other free/cheap venue ideas: churches, campgrounds, city parks, or a home or backyard.

Photo Credit: Prayitno

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Things You SHOULD Splurge On

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Living frugally doesn’t mean dooming yourself to a life of blandness and boredom- it just means budgeting your money wisely and knowing where everything goes. In fact, by living frugally, you are able to afford more extravagant splurges later on, rather than wondering why all your money disappears from fast food and unplanned Walmart/Target visits. I try to budget myself carefully, but I also make sure that “fun money” is a part of my budget! I set aside $50 a month to blow on random stuff- book store visits, date nights, and whatever else. Also, I decide on a splurge item that I really want each month, and build that into my budget as well. In fact, I have a board on Pinterest called “Treat Yo’Self,” full of things I don’t really need, but that I plan on buying. This month, I went on a mini shopping spree at Bath and Body Works and got myself all kinds of fancy lotions to pamper myself with. Last month, I got myself a new board game. And that’s ok! Because it was planned, and because I knew I could afford it.

For things that you actually should splurge on, check out this post by Honey Smith at the Get Rich Slowly blog. She recommends building “fun” money into your budget too, as well as loosening the purse strings when it comes to celebrating milestones, like graduation or weddings. Here’s her list of fun things you can get for under $50 that won’t break the bank next time you feel your money burning a hole in your pocket:

-Dinner and a movie

-A mani/pedi- around $30, and not just for ladies!

-A nice perfume or cologne- A splurge with some staying power. Buy some fancy perfume, break it out on special occasions.

-A scented candle

-A good book. Go ahead and get the hardcover, especially if it’s one you’ll want forever.

-A video game- can keep you entertained for DAYs, and only for about $50.

-Save for a day trip/weekend vacation.

Photo Credit: Fing’rs 

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