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Are lower expectations the key to a successful retirement? We demand a lot out of retirement. What if the key to a successful retirement is lower expectations? We spend a third or more of our life retired. After all […]
A reader asks, “Sir, what return should I use while planning for retirement? I wish to retire by age 55. I am currently 35”. Many people make two mistakes while planning their finances. The first common mistake is presuming that equity mutual funds provide a 12% (or more!) return and utilising that figure to calculate… The post What return should I use while planning for retirement 20 year away? appeared first on freefincal.
Hand soap: Photo from Pixabay/Petra Recently, I was walking with a friend who described how recent inflation has hit her family hard. She said that during the last week of the month, she and her husband are essentially out of spending money and have to be very intentional not to spend a penny. They contribute to savings and retirement accounts, and she mentioned she could reduce the amount they’re saving, but she doesn’t want to. So instead, she’s become extra frugal, especially toward the end of the month! This is something I’m super familiar with. There have been lots of times when I’ve had spending freezes (both by choice AND by necessity), so I get it! Dave Ramsey used to have a term for this: having more month than money. It’s so relatable! I guess I’ve been traveling down memory lane lately, because my last post was about unexpected medical expenses and the relief of being able to pay them (that hasn’t always been the case for me!). This conversation with my friend about needing to scrimp and save and how to get by during the last week of the month brought back all the feels. Memory triggered For some reason, this conversation triggered a memory from nearly 20 years ago, when I was about 25 years old. I was in grad school, broke as a joke, and doing my best to scrape by. I distinctly remember a trip to visit my paternal grandmother, who lived out of state and whom I didn’t see very often – maybe once every couple of years. At her house, I noticed that she had Bath & Body Works soaps in every bathroom, from her kitchen to her utility room! Yes, even the utility room had fancy B&BW soap! I remember the feeling as I washed my hands in the bathroom one day. It wasn’t envy, per se. It was more of a deep sense of sadness and self-pity. I remember thinking I could never afford such a “luxury.” At the time, my budget limited me to strictly to the cheapest hand soap, about 69 cents at the time if I recall correctly. And even then, I would buy the big refill bottle because it was cheaper per ounce and refill the dispensers instead of buying new ones when they ran out. As dramatic as this probably sounds, I remember tearing up and feeling financially hopeless. I was living on rice and beans (and spoiler alert… I’d be living on rice and beans for a looooong time to come) and felt sorry for myself that I couldn’t afford even the simple luxury of nice hand soap. Not to mention anything bigger! Comparison is the thief of joy Most of my peers were buying their first homes by that time, while I’d have to wait nearly a decade to buy mine. Friends had graduated college, been in their jobs for a couple of years, and were starting to get their first raises and promotions. I
The average American spends nearly $1,300 – $1,400 per year on their cellphone plan. If you look at your own plan, chances are it’s a noticeable portion of your monthly bills. Your cellphone charges are probably higher or at least… Source
Looking for a more reliable way to reduce your cell phone bill? It could be time for you to switch wireless carriers. Fortunately, cheap cell phone plans abound. Prepaid plans generally cost less than monthly plans, especially if your usage… Source
When I started Hill Media LLC in 2016, I opened a business checking account with PNC Bank because that’s where I already handled my personal banking. At the time, that felt like the easiest option. I needed a business checking account, PNC was familiar, and I could walk into a branch if I needed help. After about three years, though, I started running into issues. My PNC business checking account didn’t connect as smoothly with […]
Most people switching wireless carriers are looking for the same two things: decent coverage and a lower monthly bill. Boost Mobile is built around both. This wireless carrier offers no-contract unlimited 5G plans starting at $25 per month, with price-locked… Source
Your bank sends you a letter about debt consolidation. Your credit card app has a banner for a balance transfer. A friend mentions she combined all her loans into one payment and “finally feels like she can breathe.” You nod along, but you’re not totally sure what any of it means or whether it would actually help you. Debt consolidation gets talked about a lot, but it rarely gets explained well. Here’s what it actually […]
I’m a frugal nerd and every week I entertain myself by making detailed plans for a $20 weekly grocery budget for a family of four: $20 total, not per person. 4 adults. Lots of meat. Lots of fresh vegetables. My usual method is to spend only $15 a week, holding $5 back to save towards […] The post $20 a Week Family of 4 Grocery Budget – WITH MEAT – Yes, it is possible in […]
Frugal living in today’s economy looks very different than it did ten years ago. There was a time when frugal living was viewed as a quirky lifestyle choice. People pictured coupon binders, homemade laundry detergent, growing vegetables in the backyard, and saying “no” to things others considered normal. Living frugally was often treated like a hobby… or even a little extreme. Many people also consider ‘frugal living’ as a way of life that’s only for […]
Save, invest, prosper with My Own Advisor. How much do you need to retire on $8,000 per month? In previous posts on my site, I highlighted how much you need to save to retire on $5,000 per month AND $6,000 per month AND even $7,000 per month for a couple. I’ll link to those detailed case studies at the end! But what… Early retiree thanks to DIY investing in stocks and ETFs. The article How […]
Most people keep a box of Alka-Seltzer around for one reason. An upset stomach. Maybe heartburn after a big meal. Maybe indigestion after eating something you probably shouldn’t have. Maybe that regrettable second helping that seemed like a great idea at the time. But here’s the thing most people don’t realize: Those little fizzy tablets have been pulling double duty for decades. Long before social media was filled with cleaning hacks, homeowners were finding creative […]
Vacation: it’s all you’ve ever wanted. After all, you have to get away! But saving for a summer vacation isn’t necessarily a straightforward thing if you’ve never done it before. Here are five steps that will ensure you have plenty of cash to spend on your dream vacation. Stay on track with your summer travel goals using this easy-to-use savings tracker that helps you monitor your progress and stay motivated every step of the way. Download Now! Set a Destination and a Vacation-Specific Budget Where you’re going is going to make an enormous impact on how much you can spend. Once you know your destination, build your budget around that: consider expenses like food, lodging, transportation, and maybe even gifts to bring back for friends and family. Make this budget separate from your usual budget and don’t forget to err on the higher side to give yourself flexibility on your trip. Take control of your travel finances with this easy-to-use travel budget printable. Plan, track, and enjoy your trip without money stress for free! Get it here! Devise a Plan for Savings Your next step should be to figure out how you’re going to meet your budgeting requirements. Calculate how much to save each month in advance of your vacation. So if your trip costs $1,200 and you’re planning to go in six months, you’ll need to save $200 a month. It’s good to have a separate savings account for your vacation fund, or use a dedicated app to keep track of it, so your vacation money isn’t mixed in with your regular spending. If you haven’t yet built your first $1,000 in savings, this is your sign. It’s easier than you think, especially with a plan and a little accountability. Join the $1,000 Savings Challenge and get the free kit to help you visualize, track, and celebrate every dollar saved. Cut Out Unnecessary Expenses How are you going to save that money? There are technically two ways, and one is to cut back on certain expenses, like dining out or subscription services. Consider using the “50/30/20 rule” as a guideline: allocate 50% of your income to needs, 30% to wants, and 20% to savings. This is an approach that works well beyond saving for a vacation, so you may want to adopt it for the everyday. Even small changes, like skipping that morning coffee and making it at home instead, can add up and make a big difference to your final vacation fund total. Look For Other Sources of Income The second way is to supercharge your savings with an alternative source of income. This could be anything from dog walking to freelancing for a site like Fiverr or Upwork. If you don’t have the time or energy to add more work to your plate, that’s completely understandable, and you can still do something as simple as having a yard sale or selling things on Etsy or eBay. Get creative! You’d be surprised what you can