Get the latest tips and tricks to help you save money effectively
Swagbucks is a free online rewards program that earns you money by taking surveys, watching videos and downloading games. Does it work? Read our review.
We love our pets, but that doesn’t mean we have to go broke for them to be well-fed.
Here are several tips for finding the best inexpensive and free summer activities and programs for your hyperactive kids.
Learn what to put into a hurricane survival kit, so you can be the most prepared ahead of time should disaster strike your area.
Boost your savings with these tips and tricks.
From food to bathing suits, there is no reason to pay top dollar to celebrate.
If working on that budget made you procrastinator of the year; here are 10 awesome no-fail Fathers Day gifts you can have delivered just in time for Dad!
That little student ID card can get you big savings, on everything from new cars to your next meal.
There are a few ways to cut back on spending hidden in your policy.
Investing is one of the best ways to create wealth. Money Girl and Chris Hill from The Motley Fool discuss common investing barriers and the best investment to own for long-term financial success.
Before your trip, don’t forget to buy travel insurance. This often-overlooked coverage is a bargain for the big benefits.
Many Americans are offered one through work but don’t take full advantage.
A typical savings account can’t yield the same results.
Opting for a used car is a cheaper alternative to financing a new one. But they can come with mechanical issues and even a higher theft rate.
One way is to get pre-approved. Another way is to fly to Florida — really.
A car is one of the biggest purchases you can make. Here are a few ways to get your money’s worth over time.
Most households in America have Prime, but how can you make it worth it?
FAFSA got a makeover, and the process is simpler for low-income families.
Hint: Only the last one involves books.
There are plenty of good deals out there if you just take time to sniff them out.
When you plan ahead and opt to travel during a different season, saving money on vacations isn’t that hard.
Hotel costs are rising — but you can still take an affordable trip without sacrificing a comfortable room.
From using airline credit cards to intentionally getting bumped off a flight, here’s how to save on airline travel.
We’d do anything for our furry friends — including break the bank. But that doesn’t mean we have to.
This Craigslist alternative pays you for your old electronics.
These financial bloggers share their secrets that they use themselves.
Don’t rely on those dates on your groceries — most foods are safe to eat at least a week after what they say.
Savings and emergency funds are a must, but setting aside every penny isn’t.
You may be tempted to buy the bigger house — but don’t forget all the extra costs that come with it.
You don’t have to spend that much money to wish someone well.
You can save money by having some household items sent directly to your door.
Buy used items and sell what you have when your baby’s outgrown them.
The app allows you to spend your leftover change on debt. It’s a game “changer.”
Save on everything you need to have more for what you want while traveling.
From prescription drugs to home ownership, tech startups are trying to make money by saving you money.
Rather than saving energy, daylight saving time prompts us to spend more money.
It’s one of the largest purchases you’ll ever make. But saving significant dollars isn’t hard.
Your home isn’t the only thing that needs cleaning. Take a look at your financial situation to declutter your money by following these steps…
Forget breakfast in bed. You can order these great Mother’s Day gift ideas without getting out of bed.
The price of buying groceries from home starts with a Prime membership, not to mention delivery fees.
Don’t blow your budget when you blow up bad guys.
If you’re convinced that all thrift store clothes are shabby, it’s time to fine-tune your shopping style.
If you’re serious about staying out of debt, step away from the chocolate-covered walnuts.
If you think Black Friday is the only day to save big, think again. Presidents’ Day Sales are another great opportunity to get even bigger savings on items you actually need for your home and family.
This is a nasty flu season, but you don’t have to spend big to avoid it.
You’ll be surprised how many people will strike a deal that saves you money.
Nearly one-third of Americans say it’s too hard for them to save money due to high costs of living, including rent, food, and utilities. Most Americans didn’t save any money last year.
Actually, you can save even more than that by using these novel and credible websites.
Here’s how to work out your money and your muscles at your local gym.
Learn to be loyal while avoiding the betrayal – because not all loyalty programs are loyal to YOU.
Anytime you can set up a system to work without you, it’s more likely to work. If you have to remember to set aside money each month before you spend it, it’s less likely to occur. So, you want to make savings automatic.
The best idea is to ask your HR department to split the Direct Deposit for your paycheck. Allocate 5-10% of your income to deposit directly into your savings account while the rest goes to checking. This way, you don’t even have to think about setting money aside. Otherwise, set up a recurring monthly transfer from your checking to your savings account.
Your first savings goal should be to have a $1,000 balance that you maintain in your main savings account. This should be the minimum balance that you try to keep in the account so you have funds to cover most emergencies. Then you can use the funds if your car breaks down, you have an expensive home repair or an unexpected medical bill.
As you’ll see below, this is not the full financial safety net you need. But it’s a good, solid first milestone that you can aim to achieve.
A true emergency fund is big enough to cover all your bills and necessary budgeted expenses for up to 6 months. This means you can be out of work due to unemployment or a medical issue for half a year without facing financial distress. You don’t have to rely on high interest rate credit cards to cover your expenses or take out costly payday loans.
Total up all the necessary expenses in your budget and multiply by three. This gives you the next savings milestone you should aim for after your basic $1,000 emergency fund.
A traditional savings account typically has an interest rate of less than 1%. In fact, 1% is considered a “high rate” when it comes to savings accounts. The problem is that such a low rate means it takes a long time for your money to grow. You’ll be lucky if you ever achieve your goals with such little growth.
In order to save money effectively, you must make those savings grow effectively. This means you need better growth rates than your basic savings account can offer. Without more robust investment tools, it will be hard to achieve stable long-term savings.
If you don’t like the risk of the stock market and you prefer to start small, look to cash equivalents first. Cash equivalents refer to any investment that you can easily convert to cash. This actually includes basic checking and savings accounts, as well as investments like Money Market Accounts and Certificates of Deposit.
Money Market Accounts function like savings accounts, except they usually have higher minimum balance requirements. The applied interest rate is usually higher, too. In fact, most MMAs work on a tiered rate system. This means the more you save and the higher your account balance, the higher your rate of return, too.
CDs are a type of short-term investment that also offer better rates for saving. You deposit a certain amount of money that matures over a certain term; typically, terms range from one week up to five or ten years. At the end of the term, you withdraw the money or let it roll over for another term. This type of savings can be good to hit specific goals like we will describe below.
Think about savings in terms of specific goals that you want to reach. For instance, you would have your basic savings and emergency fund, long-term retirement savings, and then savings that you allocate for certain purposes. This will help you save strategically and ensure the money doesn’t get spent.
So, let’s say you want to buy a car next year. You have $3,000 in savings that you want to use for the down payment. If you put that money into a 12-month CD, it can grow for a year and it’s not sitting in your savings account where it can get spent. Allocating savings this way helps ensure you can pay for specific goals with less need for financing. You can also pay for things like vacations without high interest rate credit card debt coming home with you.
