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Electric vehicles bring plenty of appeal, but some of their drawbacks don’t become obvious until you imagine how they fit into your everyday routine. Factors like charging access, travel habits, and long‑term upkeep can reveal challenges that aren’t immediately clear when you’re first drawn to the benefits. 1. Cold Weather Performance Electric cars often experience … Read more
Inheriting a parent’s IRA can bring a 10-year withdrawal deadline and potential tax consequences. Planning distributions across multiple years may help beneficiaries manage taxable income and avoid a last-minute scramble – Shutterstock An inheritance can arrive with a deadline attached, and an inherited IRA is a prime example. If you inherit a traditional IRA from a parent, federal tax rules generally require you to empty the account within 10 years, potentially turning a generous inheritance […]
Say you’re going to freeze your overripe bananas or wait a full day before buying something online, and you might get a few eye rolls. Frugal living tips can sound silly, small, or a little too simple to make a difference. But the simple ones are usually the ones people actually stick with, and they’re the ones that add up. Nobody has to know about your system. You just get to enjoy keeping more of what you earn. Here are nine frugal living tips that might make people laugh, along with why they work. If a few sound out of touch for your life, that’s okay. The best frugal tips are the ones that work for you. Keep the Old Fruit Why people laugh: Nobody wants to save spotty bananas. Why it works: Those bananas you bought on sale, the ones no one eats even though your kids swore they were their favorite food, don’t have to go in the trash. Freeze them and you have really cheap snacks and smoothies ready to go. Keep frozen fruit and vegetables on hand, too, so you can throw together a quick smoothie or side dish in a pinch. Less food waste means less money wasted. Make Everything in Your Online Cart Wait 24 Hours Why people laugh: It sounds like a game of chicken with yourself. Why it works: Impulse spending depends on the moment. When you leave an item in your cart for 24 hours before buying, the urge often fades and you realize you didn’t need it. There’s a bonus, too. Companies will often email you a coupon code for the items you left behind, hoping to tempt you back. If you still want the item tomorrow, you may get it for less. Turn Down the Heat and Put on a Sweater Why people laugh: “You’re wearing a sweater indoors?” Why it works: The house doesn’t need to be warm enough to walk around in a t-shirt and bare feet in the middle of winter. Dropping the thermostat a few degrees and layering up with a thick sweater costs almost nothing and takes a bite out of your heating bill all season. Decide How Much Your Kids Need Before the Season Starts Why people laugh: It sounds like a lot of planning for a few pairs of pants. Why it works: Before each season, I decide how much of each clothing item my kids need and only buy that amount. Sales used to make me overbuy, and I’d end up with a closet full of things we didn’t need. Now I shop with a number in mind. If some of it can come from hand-me-downs, even better. Wear Hand-Me-Downs Why people laugh: Some people see secondhand as a step down. Why it works: My kids and I wear really lovely hand-me-downs. You can trade with other families or shop at thrift stores to get nice clothes for yourself and your kids. Kids outgrow things fast, so
We discuss how to plan for financial goals 5-10 years away. These goals are neither long-term enough to include equity nor short-term enough to avoid equity completely. Financial goal planning is all about setting the right priorities. If my need is within five years, it would be prudent to avoid all equity. Equity returns are… The post How to Plan for Financial Goals 5-10 Years Away appeared first on freefincal.
Share to Facebook In today’s Budget, the Chancellor announced a £100 cash payment for around 20 million households in council tax bands A to D. The government says it will be paid straight into people’s bank accounts. On the face of it, that sounds simple and well targeted. Lower bands, smaller homes, more help. But there’s a quirk in how council tax works that most people have never heard of. And it means some of […]
Frugal living isn’t only about clipping coupons or skipping the daily latte. A lot of it comes down to deciding what you’re no longer willing to pay for. Think about it. Most of us spend money out of habit, convenience, or stress, not because we truly want it. Frugal folks who keep more of their paychecks have simply stopped paying for a handful of everyday things, and most say they don’t miss any of it. Here are 13 things frugal people quit paying for. You don’t have to stop all of them. Pick the ones that make sense for your life and let the rest go. Cleaning Help Keeping your house clean is one of the easiest ways to save money every month. In our house, we clean one floor together every Sunday, and we often turn it into an activity. Being organized helps, too. The less clutter you have, the less time it takes to clean, and the easier it is to skip the cleaning service. Takeout When Life Gets Busy Takeout is usually a stress purchase. You’re tired, nothing is defrosted, and ordering feels like the only option. Frugal people avoid this by keeping their freezers stocked. When you cook, double the recipe and freeze half. Soups freeze well and are perfect for this. Freezer meals are especially handy before a big holiday or when you’re expecting a baby. Treats From the Bakery Bakery runs add up fast. We don’t go to bakeries. Instead, we find something fun to make with the kids at home. With a little planning and creativity, you can make so many meals and treats yourself, and the kitchen project is half the fun. Books I love the library. A library card is one of the best ways to live cheaply, and I don’t buy books anymore. If you have a Kindle or another e-reader, you can also find tons of free e-books online. I use my library’s Libby app to download free books to my Kindle anytime. Name-Brand Groceries Frugal people look for value, not name recognition. Buy generic brands by default, and only reach for the name brand when you have a coupon or know the product is significantly better. You likely won’t notice a difference on most pantry staples, and the savings add up every trip. Full-Price Groceries The number one way to save money at the grocery store is to plan your meals around what’s on sale, not the other way around. When you find a great deal, buy extra. Meat and chicken are perfect for this. When they’re on sale, ask the butcher to cut them into smaller pieces, then wrap each one separately and label everything clearly. Buying large amounts of meat is usually cheaper than buying individually cut pieces. When you can, stack a coupon or a cashback deal on top. Extra Trips to the Store The more time you spend in a store, the more likely you are to
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Some money-saving habits get called outdated. Hanging laundry on a rack, borrowing books instead of buying them, wearing hand-me-downs, cooking dinner from whatever was on sale. Plenty of people have written them off as too much work or too old-school. But with grocery bills, utility bills, and just about everything else costing more, these habits are looking pretty smart again. They’re simple, they’re cheap, and they work whether you live frugally by choice or because you have to. Here are 11 old-fashioned frugal habits that are quietly making a comeback. Some will fit your life right away. Others may feel out of touch, and that’s okay. The best frugal tips are the ones that work for you. Hang Your Clothes To Dry Using a drying rack to hang your clothes will save you money on your electric bill. It also makes your clothes last longer, so you need to replace them less often. That’s a lot of reasons to make the switch. If a full rack in the living room isn’t your thing, start with just the heavier items like towels and jeans, which cost the most to dry. Use the Library (For More Than Books) Having a library card is one of the biggest ways you can live cheaply. I don’t buy books anymore. If you have a Kindle or another e-reader, you can download free books from your library’s Libby app any time of day. And books are just the start. Many libraries also offer games you can borrow, discounted passes to museums, and plenty of other free or cheaper perks. If you don’t have a card yet, get one. Wear Hand-Me-Downs My kids and I wear really lovely hand-me-downs. You can trade clothes with other families or shop at thrift stores to find nice things for you and your kids. One trick that helped me: before each season, I decide how many of each clothing item my kids need and only buy that amount. Sales were causing me to overbuy until I set it up this way. Eat at Home and Get Creative We experiment at home. We don’t go to bakeries; we figure out something fun to make with the kids instead. You can make so many meals and treats at home with a little planning and creativity. It costs far less than takeout or the bakery counter, and it turns into a family activity. Stock Your Freezer Keep your freezer full of meals so you don’t reach for takeout when you’re stressed or overwhelmed. When you cook, double the recipe and freeze the extra. Soups freeze well and are perfect for this. Freezer meals are especially helpful before a major holiday or when you’re having a baby. And if you have the space, a large freezer can pay for itself in six months or less. A garage or covered patio works if you have an outlet nearby. Don’t toss those slightly browning bananas, either. Freeze them for cheap smoothies and snacks.
Recently I joined a Facebook Group called Buy Nothing. At first, I thought maybe it was a type of bartering platform or re-sell market like Offer Up. Maybe it even had something to do with Buy Nothing Day, Buy Nothing Month, or No Spend November. But, as I read more, I realized the group wasn’t about any of these. The Buy Nothing Project (buynothingproject.org) was started in 2013 by a few ladies from Washington state […]
Buying fresh fruits and vegetables shouldn’t have to take up half your grocery budget. But if you’ve been paying attention to produce prices lately, you know how quickly things add up. A few apples, a container of strawberries, some lettuce, and a couple of peppers can cost more than you expected. And it’s frustrating when you spend that money only to have some of your produce go bad before you get around to eating it. […]
I recently had the opportunity to join Christine Benz and Amy Arnott for Morningstar’s The Long View podcast. We discussed my new book and a variety of themes relating to cybersecurity, as well as how to keep ourselves (and our family members) safe as we age. Mike Piper: Scammers Are Getting Smarter. Is Your Financial Security Keeping Up? Other Recommended Reading Final Regulations Clear the Path for Debit/Credit Card Payments to IRS from Martha Waggoner […]
California Gov. Gavin Newsom and Democratic lawmakers approved an estimated $14.3 billion in annual tax and fee increases during the 2025-26 legislative session, according to a report from the California Tax Foundation. The changes include a tax on digital software sales, limits on business tax credits and a renewed tax on health plans, with some costs potentially passed on to consumers. Read the rest