State debt across the U.S. has surged to new highs, posing serious challenges for residents. When states carry debt that outpaces revenue, it often creates financial strain, leading to budget cuts and the possibility of tax increases.
This burdens consumers with rising living costs and skewed debt-to-income ratios. To shed light on this fiscal challenge, World Population Review delves into the national debt landscape, analyzing government debt levels across different states. Read the rest
It’s easy to overspend around the holidays. I know that when I’m armed with wish lists from kids and family members, I have a hard time avoiding the shopping frenzy that seems to take place every time I leave the house. After all, those sales are tempting and who doesn’t need that third coffee pot at such a steal of a deal? If that’s your struggle too, not to worry! Today I’m sharing my favorite tips to save money this holiday season so that you don’t have to spend the month of January getting caught up on bills. Sound like something you need? Well then, let’s get started.
Links for This Episode
- Check out these DIY Resources and Templates
- Download your FREE Holiday Budget Worksheet
- Join the Financial Fix Up Membership
Podcast Episode Recommendations
- #32: How to Have Stress-Free Money Conversations with Family
- #31: So You Can’t Afford Christmas This Year, Now What?
- #30: How to Create and Stick to a Holiday Budget
- #8: 3 Simple Ways to Create Your Family Grocery Budget
Grab Your Financial Fix Up Planner Today
Here’s the deal: in order to achieve your long-term financial goals, you have to have a budget that works for you and your family. That means, getting super clear on your income, expenses, and total debt payoff amounts, so you can make any necessary changes and begin to see progress. That’s exactly what the Financial Fix Up Planner is designed to help you do. With step-by-step instructions to set up your budget, monthly challenges to keep you on your toes, menu planning resources, and space to reflect on your goals, you’ll have everything you need to pursue your dream of financial freedom. Sound like something you need? You can grab your copy today at lemonblessings.com/planner and take back control of your family finances. Once again that’s lemonblessings.com/planner for your copy of the Financial Fix Up Planner.
7 Simple Ways to Save Money This Holiday Season
Well hey there and welcome to the Financial Fix Up Podcast. I’m your host, Sarah Brumley, and if you’re anything like me, the holiday season brings a mix of joy and financial stress. Between those wish lists from kids and family members and all of the ‘deals’ that flood our inboxes, it can be so easy to overspend and then have to start the new year in debt and catching up on bills and really just not in a good spot financially. But if you recall from a couple of episodes ago, this year we’re doing it differently, right? And that’s exactly why I want to share a few of my favorite tips to help us save money as we navigate this season. Because it is possible to have a memorable holiday without feeling that financial strain – it just might take a little forethought.
So without further ado, let’s just jump into my tips.
Tip #1: Plan Your Budget Wisely
And my first tip is to plan your budget wisely. This should come as no surprise to you if you’ve been a podcast listener for any length of time, but the key to success really does come down to having a budget in place, having that solid plan in place down to the dollar so that you know exactly what you CAN spend for each gift, event and gathering. So take the time to create a plan that you can stick to throughout the holiday shopping season. Trust me, it’ll make it easier for you to avoid overspending because you can consult the budget to determine if a purchase is financially feasible.
And if you need help getting this in place, grab my FREE Holiday Budget Template by heading to lemonblessings.com/holiday. Who knows? It might just be the best gift you give yourself this year!
Tip #2: Question “Sale” Items
My second tip is to question “sale” items. Here’s the deal, sales are meant to be tempting. Even if the price isn’t “too good to be true” a small chang in price combined with some flashy advertising is designed to draw you in and make you spend more money. That’s why it’s important to make sure you know that you’re REALLY getting a deal on the items you purchase.
Make sure to check the ads ahead of time – sometimes different stores will have different prices, so make sure you know where to grab the item for the best deal. Then compare the “sale” price to the regular price and determine if your purchase is really as good of a deal as you think it is. Another thing to consider is that just because something is on sale, doesn’t mean it’s what you need. A lot of times we are tempted to purchase items in the holiday season just because there are more sales and it seems like things are better priced, but if that item isn’t part of your holiday budget, it’s probably better to leave it behind – sale or no sale.
Tip #3: Consider a “Gift Formula”
Tip number three is to consider a gift formula and I’m really speaking to the parents out there, but I’m guessing this could work for anyone at any stage of life. The thing about parents is that, if we can, we tend to overspend on our kids. That’s a big challenge to overcome, so using a gift formula can help you stay on track financially and “bonus!” it might also help eliminate the clutter around your home that often results from unnecessary gifts.
A popular example of this could include giving:
- Something to wear
- Something to read
- Something they want
- Something they need
Of course, you can adjust it to make it work for your family situation, but by sticking to a formula, you can prevent yourself from overbuying no matter how tempting it might be to pick up just one more gift for the kids.
Tip #4: Skip the Christmas Cards
Tip number five to save money this season is to skip the Christmas cards. This is a tip that I personally don’t like because I LOVE LOVE LOVE sending and receiving Christmas cards. We use them as decor throughout our home and I start addressing and filling out my cards in early October so they are ready to mail right after Thanksgiving.
But I did just chat with a friend and she told me that’s one of the things she had to cut from her budget this year in order to make it all work. So, if it’s not in the budget, then it’s okay to say no. The idea behind the cards is to provide cheer for all the parties involved, but if they’re stressing you out, just let them go.
Tip #5: Look for Secondhand Treasures
The next tip is to consider secondhand purchases. Sure, there’s a pretty good chance your loved ones won’t be happy with ratty t-shirts or sweaters from your local thrift store, but the truth is that – if you’re willing to put in the work – it can be fun to cash in on secondhand deals and, if it’s done right, you can save a lot of money. Things like popular electronics, bikes, home decor and other items can be found in like-new condition at yard sales and secondhand shops or even on your free neighborhood trade groups. This is especially true when you have little ones who won’t notice if the item is new or not. Don’t spend the money if you don’t have to.
The key is to look for items that are lightly used or unopened. And don’t limit it to non-clothing items either. One year I was able to purchase my daughter a full outfit with tags still on from our local thrift store. It turned out to be her favorite gift of the year and cost significantly less than it would have if I’d paid the retail price.
So, definitely be on the lookout for those types of gifts.
Tip #6: Give Back Instead of Shopping
Another tip for saving money this holiday season is to give back instead of shopping. The truth is that when you dedicate your time to volunteer activities, whether that’s with your church, a local school, or a non-profit, you’ll be far less likely to overspend because you won’t be out at the mall or Target considering those amazing deals you just can’t leave behind. So, fill your time with those types of activities and you might just save some money along the way.
Tip #7: Snooze Promotional Emails
My final tip is to snooze those promotional emails. Remember when we talked about advertisements designed to draw you in so that you spend your hard-earned money? I don’t know about you, but in the months and weeks leading up to the holidays, the number of promotional emails I receive increases exponentially. If you find yourself in the same situation and those emails prey on your emotions and make you want to spend, then it’s time to snooze them from your favorite brands until after the holidays. And truly, if you’re struggling with them now, you might even want to unsubscribe completely so you can start the year with a clean inbox.
And while it’s not an email, I think there’s merit to removing apps from your phone that cause similar issues. For me, the Amazon app is just too convenient, so there are times I take it off of my phone and only use it when I sit down to my desktop computer. So, just something to consider.
How Will You Save Money This Holiday Season
So, there you have it – my seven tips to help you save money this holiday season. And I think it’s important to remember that saving money doesn’t have to be a huge gesture. Even little savings can make a big difference, so take them where you can get them.
Of course, if you don’t have a holiday budget in place just yet, that’s the first step. Make sure to grab my FREE Holiday Budget Worksheet to get that up and running so you can have the most successful holiday season yet. You can find it at lemonblessings.com/holiday or by following the link in the show notes.
Whatever you decide, just know that I’m cheering you on! You’ve got this! Have an amazing day and I’ll chat with you again next time!
The post 7 Simple Ways to Save Money This Holiday Season appeared first on Lemon Blessings.
Discover has been around for decades. Most people know about its credit cards, which were first introduced in 1985 by Sears. At the time, it was novel because it had no annual fee and offered cardholders a higher-than-average credit limit.
Today, Discover Bank (FDIC# 5649) is headquartered in Greenwood, DE. It offers a wide range of bank accounts, from savings, checking, and CDs to loans and credit cards.
At a Glance
- 4.00% APY
- No fees
- No miminum balance requirements
- Checking account, money market, and CDs are also available from Discover.
Who Should Use Discover Online Savings
If you are in the market for an online savings account, Discover is a solid choice. It consistently has a high interest rate and there are no fees.
The drawback is that there are no physical branches, so you’ll have to access the account through the Discover website or via the mobile app. You also can’t deposit cash.
Discover Alternatives
| Savings APY | 4.00% APY | 1.00% APY | 4.00% APY |
| Monthly fee | $0 | $0 | $0 |
| Minimum balance | $0 | $0 | $0 |
| Learn more | Learn more | Learn more |
Table of Contents
Discover Bank Online Savings
Discover’s High Yield Savings account earns 4.00% APY with no minimum balance requirement. Interest is calculated daily and applied to the account monthly.
The account doesn’t charge a monthly fee or any other kind of fee. There is no excessive withdrawal fee, stop payment fee, returned item fee, or insufficient funds fee.
There are several ways to deposit money into this online savings account, such as direct deposit, online transfer from a checking account, mobile deposit, and mailing a check. However, you cannot deposit cash at Walmart like with the checking account.
If you set up direct deposit, you can receive your funds up to two days early with Early Pay.
Other Discover Bank Accounts
Discover offers a full range of bank accounts with a few (good) twists.
Checking Account
Discover’s checking account has no fees and no minimum balance requirements. Also, its Cashback Debit card allows you to earn 1% cash back on up to $3,000 in spending per month on your debit card (see website for details). Cashback on a debit card is rare.
Since it’s an online bank, depositing cash is a little more difficult. Discover allows you to deposit cash at any Walmart in the U.S. for free. You can add cash up to four times per day, or seven times per week and the money will be available in your account in about ten minutes.
The ATM network is huge – 60,000 locations – and they use Allpoint and MoneyPass’s networks.
You can also enable Balance+, which acts as overdraft protection. This feature allows you to use your debit card to overdraw the account up to $200 with no fees. To qualify for Balance+ you must have direct deposit of at least $200 per month for two months.
You can also receive your direct deposit up to two days early with Early Pay.
Money Market Account
The money market account earns 3.80% APY for balances under $100,000 and 3.85% APY for balances of $100,000 and above. There are no fees or minimum balance requirements on this account.
You will receive a debit card with this account and can access the account at over 60,000 ATMs for free. Like the checking account, you can deposit cash at any Walmart in the U.S. for free. If you have direct deposit to this account you can get your direct deposit up to two days early.
Certificates of Deposit
Discover offers several CD terms, all with competitive interest rates. To open a CD, there is no minimum deposit. The interest rates are as follows:
- 3-month: 2.00% APY
- 6-month: 3.90% APY
- 9-month: 4.00% APY
- 12-month: 4.10% APY
- 18-month: 3.80% APY
- 24-month: 3.60% APY
- 3-year: 3.50% APY
- 4-year: 3.40% APY
- 5-year: 3.40% APY
As with most CDs, there is a penalty if you withdraw funds before the end of the term. For example, CDs with terms less than 1 year have a penalty of 3 months simple interest, and CDs with terms between 1 and 4 years have a penalty of 6 months of simple interest.
Discover Bank Fee Structure
Discover Bank doesn’t charge very many fees for its bank accounts.
- No monthly maintenance fee on any deposit account (checking, savings, money market, or CDs)
- No minimum balance on checking, savings, or money market accounts
- No fee on ATM withdrawals in-network (60,000 ATMs) on checking or money market accounts
- No fee on check reorders on checking
- No fee on online transfers on checking, savings, or money market
- No fee on online billpay for checking and market
If you’ve ever made an “excessive number of withdrawals” from a savings account, you were probably upset by the fee. It’s Regulation D limits the number of transfers you can make from a savings account. Well, Discover does not charge you a fee for that. They also don’t charge one for a stop payment or insufficient funds.
Discover Mobile Banking Smartphone App
Discover has a mobile banking app that is on par with any other online bank out there. Anything you would want from a branch or online is available – you can check your account, make transfers, find an ATM, and even deposit checks with mobile deposit.
If you have an Apple Watch, Discover Mobile is available on that too. You can access your account, get reminders, and Cashback Bonus notifications.
The mobile banking app gets 4.5 stars on Google Play and 4.9 stars on the App Store.
Discover Alternatives
Capital One 360
Capital One, another bank known for its credit cards, also has some attractive banking options. The Capital One 360 checking has no fees or minimum balance requirements and earns 0.01% APY. When comparing this against Discover’s checking account, you’ll have to balance earning a bit of interest against getting 1% back on your debit card purchases.
Capital One also has a savings account that earns 4.00% APY with no fees. It also offers a wide variety of CDs with competitive rates, but no money market account.
Here’s our full review of Capital One’s 360 Savings account.
American Express
Ameican Express offers a rewards checking, a high-yield savings account and CDs. The checking account earns 1.00% APY on your balance. Compared to Discover’s checking account, this likely earns more as it earns interest on your whole balance, not just what you spend on your debit card. There are also no monthly fees and no minimum balance requirements.
It also offers a high-yield savings account that earns 4.25% APY with no monthly fees or minimums. It also has a variety of CDs with competitive interest rates with no minimum balance requirements.
Ally Bank
Ally Bank is an online bank that offers a checking account and a high-yield savings account which earns 4.00% APY. Neither account charges a monthly fee or have minimum balance requirement.
Ally also offers several different types of CDs with attractive rates and it also has a money market account.
Is It Worth Getting?
If you do not have an online bank, Discover’s online savings account is a solid choice.
It has a competitive interest rate, nice range of certificates of deposit terms and rates, plus it offers a checking account reward – a rarity. They check all the boxes and add a cherry on top.
Their Cashback Debit account product is one of the biggest advantages. You do not see debit rewards very often and 1% cash back on up to $3,000 in purchases each month is very generous.
If you already have an online bank that you like, Discover Bank is similar (the rewards checking is nice but 1% of the maximum $3,000 is only $30, may not be worth switching). Discover Bank has no minimum balance or maintenance fees so it won’t cost you anything – plus you still get a high-interest rate on the account so you don’t lose out there.
Lastly, if awards are important to you, they have a 5 Star Rating Safe & Sound from Bankrate and a 5 Star Rating from Nerdwallet.
You can contact Discover Bank by calling 1-800-347-7000, and they accept general correspondence at Discover Bank, PO Box 30416, Salt Lake City, UT 84130.
The post Discover® Bank Online Savings Account Review appeared first on Best Wallet Hacks.
In a world where managing money wisely can make all the difference, financial literacy is the key to unlocking a wealthier, more secure future. Whether you’re a novice or already familiar with the basics of personal finance, there are always new strategies and insights to discover. One of the easiest ways to enhance your financial literacy is by diving into books written by experts. Here are seven essential reads that will teach you how to take control of your finances and build lasting wealth.
“Rich Dad Poor Dad” by Robert Kiyosaki
Kiyosaki’s classic book, “Rich Dad Poor Dad,” is a must-read for anyone looking to improve their financial literacy. The book contrasts the mindset of Kiyosaki’s two father figures—one rich, one poor—and the lessons he learned from both. It breaks down complex concepts into simple, relatable stories that resonate with readers of all ages. This book will change the way you think about money, investing, and building financial independence.
“The Total Money Makeover” by Dave Ramsey
Dave Ramsey’s “The Total Money Makeover” is a game-changer for those looking to overhaul their financial habits. The book offers a step-by-step plan for paying off debt, building savings, and achieving financial freedom. Ramsey’s straightforward advice and tough-love approach make it easy to understand and implement. It’s a perfect guide for anyone serious about gaining control over their financial future.
“The Intelligent Investor” by Benjamin Graham
If you’re interested in mastering the stock market, “The Intelligent Investor” by Benjamin Graham is an essential read. Graham’s principles focus on value investing, teaching readers how to make smart, long-term investments based on data rather than emotion. This book will deepen your financial literacy by providing a solid foundation in investing strategies that stand the test of time. Warren Buffett himself has praised this book as one of the best investment guides ever written.
“You Are a Badass at Making Money” by Jen Sincero
Jen Sincero’s “You Are a Badass at Making Money” offers a refreshing, no-nonsense approach to financial literacy. Her witty, motivational style encourages readers to shift their mindset and adopt a wealth-building attitude. Sincero shares personal anecdotes and practical tips for overcoming self-doubt and financial roadblocks. It’s a great pick for those who want to boost their confidence along with their bank account.
“Your Money or Your Life” by Vicki Robin
“Your Money or Your Life” by Vicki Robin dives deep into the connection between time, money, and happiness. This book challenges readers to reassess their relationship with money and focus on what truly matters. Robin’s nine-step program is designed to help readers achieve financial independence while finding joy in simpler, more intentional living. It’s a transformative read for anyone aiming to align their finances with their values.
“I Will Teach You to Be Rich” by Ramit Sethi
Ramit Sethi’s “I Will Teach You to Be Rich” is a straightforward guide to financial literacy, packed with practical advice and actionable tips. Sethi covers topics like automating your finances, optimizing your credit cards, and investing smartly. His humorous, relatable writing style makes complex financial concepts easy to grasp. This book is perfect for young adults looking to build a strong financial foundation early on.
“The Millionaire Next Door” by Thomas J. Stanley and William D. Danko
“The Millionaire Next Door” reveals the surprising traits and habits of America’s millionaires. Stanley and Danko show that most millionaires live frugally and prioritize investing over spending. This book is an eye-opener for anyone who thinks wealth is all about flashy cars and expensive clothes. It’s a must-read for those wanting to understand the principles of financial literacy that lead to true wealth.
Taking Your Financial Literacy to the Next Level
Reading these books is a great way to boost your financial IQ and take control of your financial future. Each offers unique insights and actionable advice that can help you build wealth and achieve your money goals. Whether you’re just starting out or looking to refine your skills, these essential reads are a valuable investment in your financial education.
The post Boost Your Financial IQ: 7 Essential Books to Master Money Management appeared first on Clever Dude Personal Finance & Money.
If you’ve ever watched extreme couponers fill their carts without breaking the bank, you’ve probably wondered how they do it. The secret isn’t just in collecting coupons; it’s also about having smart shopping list ideas that maximize savings. By knowing what to buy and when, you can make the most of every coupon and get the biggest bang for your buck. Here are ten savvy shopping list ideas to help you save big on your next haul.
Stock Up on Non-Perishable Essentials
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When it comes to extreme couponing, non-perishable items are your best friend. Products like pasta, canned goods, and rice have long shelf lives and are often included in coupon promotions. Keep an eye out for deals and stock up when you can combine coupons with a store sale. Having these pantry staples on hand not only saves you money but also cuts down on last-minute trips to the grocery store.
Hunt for Household Cleaning Products
Household cleaning products can eat up a big chunk of your budget if you’re not careful. Brands frequently offer coupons for items like dish soap, laundry detergent, and disinfecting wipes. Add these to your shopping list ideas when planning your extreme couponing haul. By stacking store promotions with manufacturer coupons, you can often score these products for next to nothing.
Don’t Forget Personal Care Items
Personal care items such as shampoo, toothpaste, and deodorant are often the stars of extreme couponing. These products frequently have high-value coupons that can be paired with store sales for huge savings. Make sure to add these essentials to your list, especially when you see a “buy one, get one free” deal. With the right coupons, you might even get them for free or just pay the sales tax.
Look for Snacks and Breakfast Foods
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Snacks and breakfast foods are another category where couponing can really shine. Cereals, granola bars, and chips often come with generous discounts, making them perfect shopping list ideas for couponers. Watch for store specials that coincide with national promotions for even deeper discounts. It’s a great way to keep the pantry stocked without overspending, especially if you have kids.
Include Frozen Foods on Your List
Frozen foods can be a lifesaver for busy families, and they’re often included in coupon promotions. Items like frozen vegetables, pizza, and ready-made meals are great to add to your list when they’re on sale. Check your coupon apps and flyers for matching offers to maximize your savings. Stocking up on these items can help you prepare quick meals without breaking your budget.
Be on the Lookout for Baby Supplies
If you have a baby at home, you know how quickly diapers and formula can drain your wallet. Adding these items to your couponing shopping list ideas can lead to massive savings. Look for store rewards programs and manufacturer coupons that give you the best deals. By planning ahead, you can stockpile these essentials and save big over time.
Add Pet Supplies to Your List
Pet supplies like dog food, cat litter, and treats can also be costly, but they often come with valuable coupons. Keep an eye out for offers on your favorite brands and include these items on your extreme couponing list. Stores frequently run promotions on pet products that can be combined with coupons. Saving on these essentials means more room in your budget for other needs.
Remember to Check for Seasonal Items
Seasonal items like holiday decorations, sunscreen, and back-to-school supplies often go on sale with big discounts. This is where you can get creative with your shopping list ideas and stack up on these deals. By using coupons on already reduced seasonal products, you can score incredible savings. It’s a smart way to get ready for the next season without paying full price.
Buy in Bulk When Possible
Buying in bulk can be intimidating, but it’s a key strategy for extreme couponers looking to save. Items like toilet paper, paper towels, and canned goods are great to buy in larger quantities when you have the right coupons. Bulk purchases reduce the per-unit cost, especially when combined with promotions. Just make sure you have the storage space at home to handle your haul.
Consider Including Organic Products
Many people assume that extreme couponing doesn’t work for organic products, but that’s not true. Brands are increasingly offering coupons for organic and natural items like snacks, cleaning products, and even produce. Add these to your shopping list ideas when planning your next couponing trip. You can save money while still sticking to your preferred lifestyle and dietary choices.
Make the Most of Your Next Haul
With these shopping list ideas, you can approach your next couponing trip with confidence and a plan. It’s all about finding the right deals, using your coupons wisely, and stocking up on essentials. Happy shopping and get ready to watch those savings add up!
The post 10 Extreme Couponing Shopping List Ideas to Save Big on Your Next Haul appeared first on Grocery Coupon Guide.
Most people start their financial adventure by creating a standard account, which they only use for checks and deposits and are not looking for savings accounts and specific features they may offer. Many of these individuals let their money sit in these accounts until it reaches a certain amount, at which point they start looking at other possibilities for savings accounts. Since their financial situation is either already solid or almost stable, it goes without saying that people would want the greatest savings accounts available at this point. They are now opening an account as a means of saving money.
Most likely, you are also thinking about opening a savings account. There are specific things you need to search for if you are doing that. First and foremost, you should remember that the bank where you have your normal account does not always have the greatest savings accounts. The stakes are higher with a savings account since banks must provide interest on your deposits. The greatest bank for your savings account will, of course, be the one that can provide you with the best interest rate. However, there are a few more things to think about here.
Here are the four key considerations you should consider while searching for banks offering the finest savings accounts.
(i) Naturally, the interest rate must be your first consideration. It would help if you chose the bank that offers you the highest interest rate because it is the bank that will be paying you interest. Although it should not be the only thing you consider, this should be one of the main factors you focus on.
(ii) The amount the bank requires you to deposit to open the account is the second item you should verify. Because different financial institutions have different limits, you should examine their written brochures or ask them directly.
(iii) You must maintain a certain amount in the bank each month because these are savings accounts. This sum is referred to as the minimum deposit. It gives the idea of savings accounts additional significance by serving as a sort of security for the bank and assisting you in saving that sum. However, you must determine if you can afford to maintain this minimum deposit with the bank, as you will be subject to an extra fee if your total deposited amount falls below this threshold.
(iv) The quantity and frequency of withdrawals from the savings account may also be restricted. Check if that satisfies your requirements. You can withdraw more money from some banks than they permit, but a fee will be associated.
(v) As common with most savings accounts, you should verify the notice period before withdrawing. If this time frame is excessively long (up to three months in some banks), the account might not be appropriate for your needs.
Therefore, selecting the finest savings accounts is not a simple undertaking because there are several factors to consider. However, you will likely make a better choice if you know what to consider. If you are looking for an account that pays better interest rates than your local bank or credit union, consider MARCUS by Goldman Sachs. Currently, Marcus is paying 4.10%, and you can get an extra 0.25% for three months using the above link to open an account.
If you have children or grandchildren, it is a good idea to consider opening an account while they are younger so that you can teach them the importance of setting aside funds for future uses, such as buying things that are important to them. This will expose them to saving for more expensive desires, the power of compound interest, and how their money can always work for them. For more information, see my earlier post on children’s savings accounts.
The post The Top 5 Features of a Savings Account first appeared on Kirk G. Meyer.
Regardless of what we are learning, researching or practicing people often use the terms and concepts of efficiency and effectiveness interchangeably. I’m guilty of this. This often happens when we talk about personal finance concepts as well. But these two concepts are not the same. Let’s break them down, and better understand what it means to be both efficient and effective. Especially when it comes to our financial goals.
Efficiency: Being efficient is about doing things right. It means getting the most out of your resources with the least waste. For example, automating your savings or optimizing your budget can help you save money efficiently.
Effectiveness: Being effective is about doing the right things. It means achieving your goals and desired outcomes. But this can even mean by using more resources. For instance, saving for retirement or investing wisely can help you achieve your financial goals effectively.
Why They Don’t Always Go Hand in Hand
Efficiency and effectiveness can sometimes be at odds with one another. For example, automating your savings is efficient, but if your savings strategy doesn’t align with your long-term goals, you might not have enough money for retirement, emergencies, or that new pointy guitar you’ve had your eye on for months!
Similarly, cutting costs to save money is efficient, but if those cuts affect your quality of life or prevent you from investing and growing your wealth, the long-term impact could actually be negative.
Common Misunderstandings in Personal Finance
Many people make some common mistakes when it comes to money management. Here are just a few things to keep in mind:
- Don’t just focus on saving money. Make sure your savings strategy aligns with your goals. Like retiring at 50, or buying pointy guitars.
- Don’t cut costs to the bone. Make sure you’re still able to live a comfortable life. Hello Netflix!
- Don’t ignore your investments. Make sure you’re investing in a way that will help you grow your wealth.
Confusing Efficiency with Effectiveness
Many people think that being efficient means they’ll automatically be effective in achieving your financial goals. Ah-Ha! There’s the gotcha! Because this is not always true. If you’re good at managing your day-to-day finances for example, you might still miss out on opportunities to grow your wealth by investing or reach big financial milestones like properly setting up a retirement account.
Neglecting One for the Other
This is where it can be kinda confusing. But follow me here. If you only focus on being efficient, you might miss out on ways to make more money or reach your financial goals faster. But if you only focus on being effective, you might spend too much or waste your money, making it hard to stick to your financial plan. Right?! This can totally be confusing!
Efficiency and Effectiveness in Personal Finance
Striking the Right Balance with Budgeting
Let’s take a look at some examples that help illustrate the differences, and how we can use efficiency and effectiveness together. An efficient budget might track every dollar you spend to save money, but an effective budget makes sure you’re spending enough towards your financial goals, like saving for retirement, paying off debt, or that damn pointy guitar.
Efficient Budgeting: You carefully track every expense and cut out things you don’t need, like daily lattes, saving $100 a month.
Effective Budgeting: You not only cut out unnecessary expenses but also save $200 a month for your 401(k) and use that $100 you save to pay off high-interest debt, which helps you reach your financial goals faster.
When it comes to saving for retirement, you want to make sure you’re doing everything you can to make the most of your money.
Efficient Investing:
Set it and Forget it: Automate your contributions to your retirement accounts so you don’t have to think about it.
Keep it Simple: Choose low-cost index funds or ETFs to save money and make your investments grow.
Effective Investing:
Spread Your Wings: Diversify your portfolio by investing in different types of assets to reduce risk and increase your chances of success over time.
Keep an Eye on Things: Regularly review your investment strategy and make changes as needed to stay on track with your retirement goals.
Let’s say we have this woman, Sarah. She sets up automatic monthly contributions to her 401(k) and makes sure her portfolio is well-diversified. She’s also working on paying off her high-interest debt to save on interest charges. Setting up automatic payments to avoid late charges, and keeps her credit score in good shape. She is being effective and efficient with this plan.
By combining efficiency and effectiveness, you can make sure you’re on the right track to managing your finances and achieving your financial goals, like a secure retirement, for example. By doing things like creating a debt repayment plan that tells you how much to pay towards each debt and when you’ll be debt-free.
Why Understanding the Difference Matters
Mixing up efficiency and effectiveness can lead to financial plans that don’t work or waste your time. By taking steps to better understand balancing both, you can make sure your financial habits save you money and help you reach your long-term goals.
Achieving Financial Harmony
Use efficiency to streamline your financial processes.
Use effectiveness to make sure your financial processes are working towards your goals.
Take Control of Your Financial Future
Don’t let confusion between efficiency and effectiveness mess up your financial journey. Start by looking at how you are currently managing your money. Are you just managing your money well, or are you also making smart choices to reach your goals? Try to find a balance that works for both.
Here are some action steps to get started in being both, effective and efficient when wanting to take control of your money.
- Take a Look at Your Finances: Review your budget, savings, and investment plans to see where you can improve both efficiency and effectiveness.
- Set Clear Goals: Write down your short-term and long-term financial goals, like building an emergency fund, saving for retirement, paying off debt, or buying the pointy guitar.
- Make Changes: Implement efficient practices like automating your savings and investing in low-cost funds, while also making sure these practices are working towards your financial goals.
- Seek Professional Advice: Don’t hesitate to reach out to a financial advisor, coach or counselor. They can help you create a well-rounded plan that balances efficiency and effectiveness.
What do you think? Are you ready to rock your finances? Keep those horns up my friends. Please share this with others you think would find value. Thank you for jamming!
The post Understanding Efficiency and Effectiveness Is Key to Financial Success. appeared first on Heavy Metal Money.
The topic I learned the most about when studying for Certified Financial Planner (CFP) certification was tax planning. As I began working with clients, I realized this is the area I had the most to continue to learn if I wanted to truly master it. So I recently took Part 1 of the IRS enrolled…
The post Know the Flow, Pay Less Tax appeared first on Can I Retire Yet?.
Are you feeling overwhelmed by Black Friday sales already? Learning how to budget for Black Friday shopping is your key to scoring amazing deals without breaking the bank. Each year, more shoppers are discovering that a solid budget plan is crucial for success.
Smart shoppers know that with the right tools and strategies, you can save hundreds while staying completely debt-free. Imagine walking away from Black Friday with everything on your list and zero financial regrets.
Ready to become a Black Friday budgeting pro? Let’s dive into the strategies that will help you make the most of your holiday shopping budget!
Key Takeaways
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- Create a detailed Black Friday shopping budget by listing essential purchases and setting spending limits for each category
- Use cash-back apps and tools like Rakuten to earn up to $30 bonus on your Black Friday purchases
- Track your holiday spending with budgeting apps like YNAB and Rocket Money to avoid overspending
- Plan your shopping strategy in advance by researching deals and comparing prices across retailers
- Take advantage of early sales and online shopping to get the best deals while staying within budget
Why You Need a Black Friday Shopping Budget
Black Friday can be overwhelming, with retailers competing for your attention and endless “deals” promising massive savings. Without a proper budget, it’s easy to overspend and start the holiday season in debt.
The combination of time-limited offers, doorbusters, and marketing tactics can lead to impulse purchases that derail your financial goals.
How to Create Your Black Friday Shopping Budget
1. Assess Your Current Financial Situation
Before diving into Black Friday shopping, take a close look at your finances:
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- Review your monthly income and expenses
- Check your savings and emergency fund
- Calculate how much disposable income you can allocate to Black Friday shopping
- Consider any upcoming bills or financial obligations
2. Make a Priority Shopping List
Create a detailed list of items you want to purchase:
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- Essential items you’ve been waiting to buy
- Holiday gifts for family and friends
- Replacement items for household necessities
- Nice-to-have items (if budget allows)
3. Research Prices and Set Category Limits
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- Look up regular prices for items on your list
- Research historical Black Friday prices
- Set maximum spending limits for each category
- Add a 10% buffer for unexpected deals
Understanding Black Friday Shopping Psychology
The Science Behind Sales and Spending
Black Friday creates a perfect storm of psychological triggers that can lead to overspending:
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- Scarcity mindset from limited-time deals
- Fear of missing out (FOMO) on exclusive offers
- Social proof when seeing others shop
- Dopamine rush from finding deals
How to Stay Focused and Avoid Impulse Buys
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- Create a “cooling off” period before large purchases
- Use price tracking tools to verify actual savings
- Set phone reminders of your budget limits
- Shop with an accountability partner
Tools to Help You Stay on Budget
Rakuten: Earn Cash Back While You Shop
One of the smartest ways to stretch your Black Friday budget is by using Rakuten. Here’s why:
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- Get a $30 bonus when you sign up and spend $30 within 90 days
- Earn cash back at over 3,500 stores
- Automatic savings with the browser extension
- Quarterly payouts via check or PayPal
Pro Tip: Install the Rakuten browser extension before Black Friday to automatically activate cash back at participating online retailers.
YNAB (You Need A Budget): Master Your Holiday Spending
YNAB‘s four-rule method is perfect for Black Friday budgeting:
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- Give every dollar a job: Allocate specific amounts for each shopping category
- Embrace your true expenses: Plan for both Black Friday and upcoming holiday expenses
- Roll with the punches: Adjust your budget as deals become available
- Age your money: Use last month’s income for Black Friday shopping
The average YNAB user saves $600 in their first two months – imagine what you could save during Black Friday!
Rocket Money: Track and Control Your Holiday Spending
Keep your Black Friday budget in check with Rocket Money:
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- Monitor all your spending in one place
- Track Black Friday purchases across multiple stores
- Identify and cancel unnecessary subscriptions
- Save up to $720 annually on subscription costs
Sequin: Smart Rewards for Self-Care Purchases
If your Black Friday shopping includes self-care items or beauty products:
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- Earn up to 6% cashback on beauty and wellness purchases
- No credit card debt – uses debit to help you stick to your budget
- High-yield checking account (up to 3.06% APY) for your shopping fund
- Access to financial education resources and community support
Making the Most of Your Budgeting Tools
Maximizing Rakuten for Black Friday
Before Shopping:
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- Install the browser extension
- Review special Black Friday bonus offers
- Compare cash back rates across stores
- Add items to wish lists at participating retailers
During Shopping:
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- Verify cash back activation before checkout
- Stack store coupons with cash back
- Screenshot cash back confirmations
- Track pending cash back amounts
Advanced Tips:
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- Use the mobile app for in-store cash back
- Check for increased rates on specific categories
- Combine with store loyalty programs
- Watch for limited-time bonus offers
YNAB Strategies for Holiday Shopping
Setting Up Your Budget:
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- Create specific Black Friday categories
- Set up “wish farm” categories for large purchases
- Track historical spending patterns
- Build in buffer categories for unexpected deals
Using YNAB’s Four Rules Effectively:
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- Rule 1: Allocate specific amounts for each store
- Rule 2: Break down large purchases into monthly amounts
- Rule 3: Adjust categories as deals become available
- Rule 4: Save throughout the year for Black Friday
Rocket Money’s Budget Tracking Features
Before Black Friday:
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- Review current subscriptions
- Cancel unnecessary services
- Set up spending alerts
- Create custom budget categories
During Shopping Season:
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- Track real-time spending across accounts
- Set up merchant-specific alerts
- Monitor for duplicate charges
- Track shipping and return deadlines
Sequin’s Smart Shopping Benefits
Maximizing Cash Back:
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- Plan beauty and wellness purchases
- Stack rewards with store promotions
- Time purchases for maximum returns
- Use high-yield checking for shopping funds
Creating a Month-by-Month Black Friday Preparation Plan
Three Months Before (September)
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- Start saving in a dedicated account
- Research historical prices
- Sign up for retailer newsletters
- Install shopping tools and extensions
Two Months Before (October)
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- Create an initial shopping list
- Set up budget categories
- Compare prices across retailers
- Join store loyalty programs
One Month Before (November)
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- Finalize shopping list
- Set spending limits
- Research early bird deals
- Create store-specific strategy
Advanced Black Friday Shopping Strategies
Deal Stacking Techniques
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- Combine store coupons with cash back
- Use discount gift cards
- Apply loyalty points
- Stack manufacturer and store rebates
Price Protection Strategies
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- Know store price match policies
- Save receipts and price screenshots
- Monitor post-purchase price drops
- Understand return policies
Technology Tips for Better Deals
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- Use multiple devices for checkout
- Set up auto-fill information
- Create wishlist alerts
- Use price-comparison extensions
Special Considerations for Different Types of Purchases
Electronics and Appliances
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- Research model numbers carefully
- Compare warranty options
- Consider extended protection plans
- Factor in installation costs
Clothing and Accessories
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- Check size charts carefully
- Understand return policies
- Factor in shipping costs
- Consider seasonal timing
Home Goods and Furniture
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- Measure spaces accurately
- Calculate delivery fees
- Check assembly requirements
- Verify stock availability
In-Store Shopping Strategies for Black Friday
Planning Your Store Visits
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- Research store opening times and special hours
- Map out store locations and optimal route
- Check store-specific policies and rules
- Plan parking strategies for busy locations
Managing Door-Buster Deals
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- Prioritize highest-value items
- Get store layout maps in advance
- Know item locations within stores
- Have backup plans for sold-out items
Safety and Comfort Tips
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- Dress comfortably for long lines
- Bring water and snacks
- Keep valuables secure
- Maintain social distancing when possible
Store Navigation Tactics
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- Start from the back of the store
- Use less crowded entrances
- Know alternative checkout locations
- Use store apps for inventory checking
Expanded Electronics and Tech Purchases Guide
Research and Preparation
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- Verify model numbers and specifications
- Compare features across different versions
- Check professional review sites
- Monitor pre-Black Friday price trends
Understanding Tech Deals
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- Identify previous-generation models
- Compare bundle values
- Research store-specific variants
- Check included accessories
Protection and Support
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- Compare warranty options across retailers
- Understand manufacturer coverage
- Research extended warranty value
- Check technical support availability
Installation and Setup
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- Calculate professional installation costs
- Research DIY installation requirements
- Consider mounting or furniture needs
- Plan for software setup time
Long-Term Considerations
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- Check upgrade possibilities
- Research repair options
- Consider future compatibility
- Calculate operating costs
Post-Black Friday Financial Recovery
Assessing Your Shopping Success
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- Calculate actual vs. planned spending
- Track pending cash back and rewards
- Document lessons learned
- Update budget categories
Planning for Future Sales
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- Create a year-round savings plan
- Set up dedicated shopping funds
- Build a shopping emergency fund
- Track annual sales cycles
Managing Returns and Exchanges
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- Know return deadlines
- Track shipping labels
- Monitor refund processing
- Update budget allocations
Building Long-Term Shopping Habits
Year-Round Savings Strategies
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- Use cash back tools consistently
- Monitor price trends
- Build an emergency shopping fund
- Track seasonal sales
Developing Smart Shopping Skills
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- Research before buying
- Compare prices regularly
- Read reviews carefully
- Understand store policies
Final Thoughts: How to Budget for Black Friday Shopping
Successfully budgeting for Black Friday shopping requires planning, discipline, and the right tools.
By using resources like Rakuten for cash back, YNAB for budgeting, Rocket Money for spending tracking, and Sequin for smart rewards, you can make the most of Black Friday deals while staying within your budget. Remember, the best deals are only worth it if they fit into your overall financial plan.
Start preparing your Black Friday budget today by signing up for these helpful tools:
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- Join Rakuten for your $30 welcome bonus
- Try YNAB’s 34-day free trial
- Download Rocket Money to track your spending
- Open a Sequin account for cash back on self-care purchases
Happy shopping, and remember – the best Black Friday deals are the ones that don’t break your budget!
Disclosure: This post contains affiliate links. When you purchase through these links, we may earn a commission at no additional cost to you. We only recommend products and tools we trust and use ourselves. Thank you for supporting The Budgetnista!
The post How to Budget for Black Friday Shopping | Save More in 2024 appeared first on The Budgetnista.
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The forecast is calling for heavy precipitation in the next few days, right in time for the new year. Most of us are still in vacation mode, and parents with children are probably wondering how they’ll entertain their children while school is still out. Unfortunately, the cold means there’s no garden to tend to, and unless you’ve installed cold frames and planned for a winter harvest, there’s nothing to pick from the ground. On fair days, when the weather has calmed and the sun is out, it’s an ideal time for outdoor activities like tobogganing, hiking, and skating. What happens when the snow falls fast and fills the streets and yards to the brim, though? Some stay holed up inside with a good book. Others play games or enjoy binge-watching Netflix. On days like those, there’s no opportunity to dig in the dirt. But whether you’re a parent wanting to entertain the kids or an adult looking for something different to do, there is one thing you can harvest after a winter storm. Snow!
My mother was, once upon a time, a preschool teacher. She still works with children and is a true kid-at-heart. I was recently reminded of an activity she used to do with her students and one that we would do at home. When the snow was fresh, we’d pop outside and find an undisturbed mound of the stuff and ‘harvest’ it for baking.
Yes. You heard that correctly. We’d bake a snow cake. The texture is dense, like a pound cake, and the taste was never really it’s shining attribute. But the fact that we were baking with snow was the real spectacle. I asked my mother to share her recipe with me so I could share it with you today on this New Year’s Eve. It’s a fun recipe to try with kids, and it sure beats feeling bummed about the lack of warm gardening-ready weather.
Snow Cake
- 1 cup of sugar
- 1/2 cup of butter (margarine can be substituted)
- 1/2 cup of milk
- 2 tsp baking powder
- 2 cups of flour
- 1 cup of snow**
Directions
- Preheat oven to 350F
- Mix all ingredients until the batter is smooth
- Pour into a baking pan of your choice
- Bake for 30 to 40 minutes
- Remove from oven and let cool
- Add your favorite icing
**Make sure to scoop up fresh, clean snow.
Please feel free to share photos of your snow cake or stories of making this recipe with your kids I’d love to see and hear them.
The post Frugal Family Activity: Snow Cake appeared first on Frugal Gardening.