Young Adult Money — If you hate clipping coupons as much as Kristi, then this post is for you. She says “coupons are not worth the time.” Mostly because she ends up leaving them at home or crumpled up somewhere like the diaper bag or her purse — or they expire. I agree with her.
Instead, sign up for your local store’s membership card if they offer one. This card automatically gives discounts on certain posted items. You won’t get that discounted price without the card. She also recommends comparing prices. One local store may have better prices on eggs or milk, while another store has great prices on meat. If you can’t live without coupons, she recommends downloading a mobile coupon app.
When Life Gives You Lemons, Add Vodka — Kayla believes the first step toward “effective financial management” is tracking your expenses. After all, how can you manage your finances if you don’t know where they’re going. And the best tool for this purpose is a budget.
She recommends that you write down all your expenses and collect all your receipts. This way you’ll understand what your spending money on, besides the obvious monthly expenses such as a car payment or rent. Maybe you’re overspending at the grocery store, or a local restaurant. She also provides tips on cutting expenses, which are valuable.
Debt Free Guys — We’re big emergency fund advocates at Debt.com. So are the Debt Free Guys, but they’re cautioning people about spending that fund. That’s because many people waste the money on situations that aren’t really an emergency. As an example, they describe a costly situation they recently went through with their car. It cost over $900 but they didn’t tap the fund.
They plan on repairing the car and paying off the debt when they save enough money. That’s smart, as long as you have another vehicle or local transportation available. They say an “unexpected loss of a job or medical issue” is a real emergency. I agree. Here’s information on what to do in an emergency when you have no fund.
Ready for Zero — Kayla compares maintaining an exercise regimen with maintaining a healthy financial lifestyle. She says “success is built from the same foundation: positive habits molded from persistence.” So be persistent with good financial habits.
My favorite habit is number four. Don’t spend money frivolously. Think carefully about the purchase before you take out your credit card. Credit card debt and overspending in general causes more financial heartaches than most any other expense. She says before you make the purchase, ask yourself three questions. Go find out what those questions are.
Money Talks News — One reason college students are having a hard time paying off their loans is they can’t find jobs. Sometimes it’s because jobs are simply scarce, other times it’s because there are no jobs in the fields they majored in. So Karla found the top money-making majors.
The winning major this year is engineering. In fact, engineering majors, such as petroleum and nuclear engineering, scored four out of the top five. Debt.com also mapped out the best and worst colleges for your money. We also provide an analysis on the best companies that will pay for your college through tuition assistance programs.