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What To Stop Wasting Money On

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If you are trying to save money for something special, or are just struggling to meet a budget, figuring out ways to cut expenses can be a challenge. But, there are tons of little things we spend money on that we don’t realize are pointless cash sinks. Check out this post by JL Penner at Frugal Living Mom for things to stop buying today that will save you hundreds (even thousands) in the future:

-Bottled water. Get a washable bottle and use tap water.

-Brand names- spending money on a label is a waste.

-Entertainment- be on the lookout for cheap date ideas, like hikes and picnics.

-Credit card interest- use credit cards only for emergency and pay it off as quickly as possible.

Photo Credit: FrankieLeon 

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Eating Healthy On A Dime

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It’s sad, but in America, fatty, sugary, processed, greasy food is so much cheaper and more readily available than healthy food. Why spend $50 buying organic produce, whole grains, and lean meat when you can swing through the drive thru and buy burgers for the whole family for less than $10? It’s one of the reasons why we have such a problem with obesity, diabetes, and heart disease: people just can’t afford to eat healthily. However, if you’re looking to make changes to your lifestyle, there are plenty of ways to save on natural, wholesome food. Check out this post by Amy Livingston at Money Crashers for tips on eating healthy on a budget:

-If you are looking to shop organic, know and understand all the labels. Always look for a USDA organic seal.

-Shop store brands instead of brand name foods. Aldi, Walmart, and Target all have their own organic product lines that are cheaper than alternatives.

-Always be on the lookout for sales and coupons.

-Try the bulk bins at stores like Whole Foods.

Photo Credit: Suzette 

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Is Debt Consolidation Actually A Good Idea?

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I see them all the time on TV- the commercials aimed at people drowning in debt. Student loans, house payments, credit card debt. car loans, business loans, check advance loans, back taxes- these places seem to have everything covered- and with one easy call, they will magically lower your payments to mere pennies a day. These debt consolidation services sound almost too good to be true. And…. well, that’s usually because they are. Check out this article by Carmen Chai at Card Synergy if you’ve been tempted to consolidate:

“…Consolidation is just a temporary bandage for a bigger problem.”

People often turn to debt consolidation because their spending gets out of hand and they can’t manage the repercussions, Bossler says. It’s typically a knee-jerk reaction as the debtor grasps at straws, but it doesn’t address how their lifestyle sunk them into debt. You also need to do your research on your consolidation options before you jump in headfirst.

Photo Credit: Simon Cunningham 

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Finding Your Affordable Dream Home

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Knowing how much home you can afford is the first step in buying a house. An easy way to get a ballpark estimate is by getting pre-qualified for a loan (note- not the same thing as pre-approval, which is necessary if you want to make any serious offers). If you’re just starting out on your home buying journey, figuring out your budget is the first thing that needs to happen before you even start looking at houses. Check out these tips at Better Money Habits for finding a home that you love (and that you can afford). Be sure to look at the whole infographic, it has a really detailed breakdown of mortgage costs, how to budget, and finding out your debt to income ratio.

Photo Credit: Striatic 

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Another Reason To Replace Your Windows

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It’s no secret that old, outdated windows can really cost you on energy bills. If they’re letting all your cool air escape in the summer, what’s the point of having them? Yes, sometimes replacing old windows and doors can get costly, but in the long run, it will most likely save you big time. There’s also another great reason to upgrade: tax breaks! Check out this post by Maggie Dokic at Active Rain for more info:

-If you installed new windows or doors in 2014, you may be able to claim up to $500 in tax credits.

-For doors, you can claim up to a $500 credit.

For windows and skylights, you can claim only up to a $200 credit. (That’s total — not per window.)

10% of expenditures, up to a lifetime $500, for all energy improvements combined.

Save receipts and labels.

File IRS Form 5695.

Photo Credit: Allen McGregor 

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What Will Make Your Mortgage Approval Take Longer?

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In this seller’s market, it’s important to give yourself every advantage and be the most attractive buyer possible. The best way to do this is by getting pre-approved for your mortgage. Sellers do not want to waste their time with people who don’t have the funds. That’s why having your approval delayed can seriously hurt your chances of scoring your dream home. Check out this post by the Zillow team at Yahoo Homes for the biggest mistakes that will delay your approval:

-Excluding details of your financial profile

-Not providing every single piece of documentation

-Confusing approval with pre-approval

– Not sharing home offer details with the lender

Photo Credit: Heiko Klingele 

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Is There Life After Debt?

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There are so many guides out there on how to get rid of debt. Almost everything I write on here, in fact, is about paying off your mortgage faster, getting out of student loan and credit card debt, and improving your credit score. But what happens when you have no more debt? You’ve paid off all your assets- your house, your car, your credit cards, and any other loans. So, now what? What do you do with your money now, besides enjoy it? Check out this article by Lisa Rowan at The Penny Hoarder for advice:

-Celebrate! Throw a party for yourself, and invite your best friends. You’ve earned it.

-Have a purpose for your money after debt. Choose a new financial goal to focus on- either on maxing out your 401k, getting into investing, or having a certain amount in your savings account. Seeing your savings grow can be more satisfying than seeing your debt shrink.

-Make big plans- Go on a second honeymoon. Travel. Focus on your passions.

Photo Credit: Stock Monkeys 

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Dining Out Less

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I hate to admit it, but I go out to eat wayyyy too much. It’s honestly my biggest expense, besides housing. I just don’t feel like I have the time to cook all my meals, and who wouldn’t rather have a real burger than some kind of hamburger helper? The problem is, eating out every day is way more expensive (and way more unhealthy) than buying your own ingredients and cooking. So, if you want to stop going out to eat, either for your bank account or for your health, check out this post by Missy Rakes at Graceful Little Honeybee for tips:

-Create a weekly menu plan/ shopping list, and stick to it

-Keep nutritious snacks in the car/at work to avoid impulsive drive thru decisions.

-Do some freezer cooking. Taking a few hours a month to prepare home cooked meals for the freezer is a great way to save money and avoid eating out on busy nights

Photo Credit: ebruli 

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