All Articles Tagged "money saving tips"
Every woman knows that having the money to pay for the things you want is one of the best feelings in the world. It may even rank higher than finding those designer shoes you want for 70 percent off.
If you’re looking for ways to get your finances on track or simply save more cash now, Tiffany “The Budgetnista” Aliche has got you covered. As author of The One Week Budget, The Live Richer Challenge and visionary behind the Live Richer Challenge Movement, Aliche has helped thousands of women take control of financial futures. Here are her top tips for helping women–especially moms–to start saving cash now.
Tip 1: Don’t feel Ashamed
When I ask women what was the number one lesson that you learned (from my book and course); nobody says anything about money. The answers they share are “don’t give up,” “you’re not alone,” and “you can do it.” The problems I really help people solve are really learning how to ask for help and getting over any shame.
Lesson: Don’t let your fear keep you from getting started on your financial goals. Everyone has to start from the beginning.
Tip 2: Visualize Your Goals
If you write down your goals or create some kind of physical representation you increase the chance of attaining those goals by about seventy percent. I have the women in my program do a vision board of what exactly do they want out of life and then how can we use money as a tool to get there. If I gave you a plane ticket to fly anywhere in the world, and you’re like “I don’t know where I want to go,” then the plane ticket doesn’t matter. Creating a vision for yourself and being clear about your goals is essential for success.
Lesson: Physically writing down your goals or creating a vision board drastically increases your chances of achieving them.
Tip 3: Create Money Buckets
A money bucket is just an online only savings account that allows you to easily save and measure your money, like rain in a bucket. The beauty of having an online only savings account is you can create as many categories or buckets as you want or need. I have one for my travel, one for my house and one for a car. You could have one for birthdays, vacations and if you are a mommy, you might have one labeled sports for your kids’ activities. You can open as many savings accounts as you would like and then name them so that you would know exactly what the money is earmarked for.
Lesson: Being specific about what you’re saving money for makes it easier to track your savings.
Tip 4: Remove Temptation
Another great thing about having an online only bank is that it helps if you get tempted to spend the money. Let’s just say, if you are at Target and you see something cute that might make you want to dip into your money bucket. Unless you are willing to sleep at Target for two to five business days, you can’t make an impulse purchase. Because it takes two to five business days to transfer money from your online only savings account back to your regular checking you don’t impulse buy. Since there are no physical banks it forces use your money only for the goals you were saving for.
Lesson: Eliminating the chance for making impulse purchases will allow you to ensure you only dip into your savings went absolutely necessary.
There is a great website, Magnifymoney.com that actually rates banks for savings and other financial products. What I love about them is, they do not take money (from banks to be rated). So Magnify Money will rate a bank A, B, C, D, and F, based upon what they really believe about the bank. So you can search for a bank that will give you the highest interest rate on your savings with no surprises.
Lesson: You’re bank shouldn’t be the only ones profiting from your money. Choose a bank with the best interest rate, so your savings grows even faster.
Tip 6: Be A Savings Ambassador
When it comes to the Live Richer Challenge, I encourage women to share (what they learn). My goal is to help the women who work with me know that they are an ambassador. You’re not just learning for yourself; you are learning for your sisters, your nieces, your nephews and your children. That it is your job to teach them what I have taught you.
Lesson: You should help prepare those around you for financial success by sharing what you’ve learned about saving and budgeting.
Tip 7: Seek Out Help
One of my goals is to always be a resource for women to get free help should they need it. To get started, I would encourage women to go to livericherchallenge.com, and sign up. Then the next thirty-six days, you’ll get one free easy financial task in your inbox. And at the end of thirty-six days, you’ll have a new money mindset, a new budget, a new savings plan, a credit plan, a debt plan, beginning insurance plan and an investment plan all for free. And even better, you will be invited to join my private forum, where there are 12,000 women, just like you who are helping each other towards their financial goals. With all of that available there is no excuse not to get on financial track right now.
Lesson: The best day to start saving was yesterday. The next best day to start saving is today. Don’t wait any longer.
Men may think that dating only costs them money since they (often) pay for the meal, movie tickets, drinks—you name it. But it’s no budget activity for women, either. Think about it this way; if we weren’t going out on dates, we could be at home watching Netflix and drinking $2 bottles of wine. Now that is a budget activity. But anytime we need to get ready for a date, get to that date, and pay for the aftermath of that date, we spend money. Men may pay for the meal on the first date, but women tend to go on more first dates, and our little expenses add up. Here are money saving tips for women who date a lot.
When you’ve got a best friend who is a coupon-clipping freak, first you call her crazy, but then you start to get jealous when she begins shipping you boxes of free, name-brand products ‘just because she had some extras.’
What I’ve learned from my bestie is that it’s easier than ever to save on everyday products and services and so worth it…but you have to know the tricks.
Here is a list of ten things that you’re paying too much for:
- Name-Brand: Whether its beauty products, pain relievers, clothes or other everyday items, give new products and brands a chance. Snagshout.com, a new social deals website, provides consumers with deep discounts on new products in exchange for reviewing the product on Amazon. Most of the deals are between 30-90% off of regular retail price for Snagshout users who are willing to try the product and leave an honest review within two weeks of purchase.
- Cell phones: There is no need to be locked in to a phone contract when same benefit, no-contract options are available. GIV Mobile is a no-contract wireless provider offering unlimited plans starting at just $20 per month. Utilizing T-Mobile’s 4G LTE network, GIV Mobile’s five affordable unlimited no-contract plans allow users to have fast and reliable connections from nearly anywhere in the U.S. They are also the first consumer conscious, no-contract service dedicated to giving 8% of every customer’s monthly plan amount to a non-profit charity of the customer’s choice.
- Hygiene Products: Toothpaste, deodorant, shampoo and conditioner can rack up the grocery bill. You should never have to pay full price. As all of these items go on sale periodically throughout the year. Score the most savings by purchasing several at a time during the price drop to last until the next sale. This can save you money and disappointment the morning of running out.
- Haircuts: Haircuts can be expensive, especially if your cut requires you to frequent the salon more than a few times a year. Luckily, there are plenty of ways to save money and still get a great cut, like visiting a salon training facility, or even cutting your own.
- Meat: Whether you’re shopping for one person or for a family of six, buying groceries isn’t cheap, especially when it comes to meat. Thankfully there are tips to help stretch your dollar for one of the most overpriced grocery items in stores, like keeping your eye on the expiration date or having the butcher slice the meat for you.
- Movies: Movies are incredibly pricey, especially if you aren’t aware of available movie theatre discounts. Fortunately, there are plenty of deals that you can score without putting a lot of effort into the search, just let the deals come to you! Enjoying a movie in the comfort of your own home can save even more cash; with RedBox rentals starting at $1.60, that adds up to about six movies at home for less than the price of one in the theatre.
- Late Payments: You’re definitely paying too much for late payments, because you can cut those out entirely. Unnecessary payments made to the bank after an accidental bounced check or an overdraft start to add up. Keep track of your account balance and spending habits to avoid unnecessary fees and save money in the long run. Follow these banking tips, or try a site like Mint – your wallet will thank you later.
- Water: Bottled water is marketed as a fresh, chemical-free alternative to tap water. However, it isn’t any different from the water from the kitchen sink. While it might be convenient, bottled water is costing you a significant amount of money that could be put toward an at-home water filter. Plus, the negative impact that plastic bottles have on the environment is nothing to take lightly.
- Cable: With Netflix and other online sites for streaming TV shows online, cable is not a necessity. However, if you enjoy kicking back on Sundays watching your favorite NFL teams go head to head, you can always borrow some advice for discounts with your cable provider to pay a little less than you currently do.
- Electricity: Keeping electric devices plugged in, especially when not in use, can increase an electric bill. For some customers, these “phantom charges” make up 10% of the bill! Learn ways to cut the cost, and in turn, be more energy efficient.
It is always a good time to reevaluate your finances. Whether that means saving more, investing or getting to a real level of discipline – we could all use a few changes in our money habits. As mothers, we know all too well how funds change once a child is born and each year brings upon new expenses from daycare to college. But, that does not give us an excuse to be careless with the money we try to keep in the bank as well.
Allow us to introduce you to one woman, Tiffany “The Budgetnista ” Aliche, who has helped over 10,000 women save $1.5 million dollars and author of Amazon bestseller The One Week Budget. Aliche shared her tips with Black Enterprise (BE) on just how we can get to live richer and save more – sounds too good to be true, but it isn’t! Aliche started a Live Richer Challenge on January 5 to help women “face financial fears and live richer,” the challenge brought in participants from the U.S., Kenya, China all for one goal.
See what and how these women accomplished the challenge and more:
BE: What inspired you to start the Live Richer Challenge?
Tiffany : The idea to start the Live Richer Challenge came to me in January 2014. In the beginning of the year, most people realize that their financial challenges need to be addressed. During that time I received messages from women all over asking for help. Some of these messages were urgent. Some women were unable to support themselves and their children, some were in dangerous situations, while others were ashamed of their financial situation.
I did my best to help these women individually but soon became overwhelmed. It was then that I formulated the Live Richer Challenge. I wanted to help the maximum amount of women in the most efficient way possible. I wanted the women to form a community where they could begin to help each other. I wanted to provide this service for free to women because I did not want to be an additional financial burden.
BE: How exactly does the challenge work?
The Live Richer Challenge is a free, online financial challenge created to help 10,000 women achieve seven specific financial goals in 36 days. Over a five-week period, challenge participants discover how to shift the following:
Week 1: Money Mindset
Week 2: Budgeting & Savings
Week 3: Debt
Week 4: Credit
Week 5: Insurance & (beginning) Investing
Final Day: LIVE RICHER!
Once the challenge begins, participants receive a daily task delivered to their email for a period of 36 days (5 weeks). These simple task are designed to help each woman accomplish the weekly goals.
BE: When the challenge is over, how do you recommend that women make saving a part of their day-to-day lifestyle?
Challenge participants learn how to develop a savings plan during Week Two. In order for savings to become part of the day-to-day lifestyle, women taking the challenge first learn to create a budget and reduce excess spending. Women are then taught to automatically transfer their savings to an online-only bank account called Money Bucket. The beauty of Money Bucket is that it takes two to five business days to transfer money back to a regular checking account. The wait curbs impulse spending.
BE: What have you observed to be women’s biggest or most common mistake in handling our finances, and how do we overcome it?
The most common mistake I see women make is not starting. When they finally realize they need to start, they’re ashamed and overtaken by fear. This fear paralyzes them, so they continue to delay. It’s a vicious cycle.
To break this cycle, during Week One (Money Mindset), participants learn to set aside shame and ask for help. Through the Live Richer forum, they interact with other women who are experiencing similar challenges. The forum provides support and accountability. These are two key factors in overcoming common financial mistakes.
We could all use a few new ways to save, especially if you’ve gone from a two-income household to one or have a new bundle entering the family. And while we often think there must be ways to save, we often forget to actually do the research to find out what small things we could be doing differently. Now, you don’t have to worry about it because we’ve done the research for you.
Some of these you may have already begun doing and others may spark you to make a phone to your insurers and/or Sallie Mae to realize what your options are. Being financially stable helps bring a better quality of life and a better quality of life brings more happiness to your life – we could all use this. So let’s get to the savings with these 1o tips to cut those bills down.
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According to a new survey from investment firm T. Rowe Price, parents have more money talks with their sons than with their daughters.
The study included children ages 8 to 14 and its results were rather surprising. Fifty-eight percent of boys said their parents talked to them about goal setting, a number that’s nearly 10 percent more than that of girls. This coupled with the fact the two-thirds of children whose parents talk about money often said they felt smart about money as compared to only 37 percent of children with parents who don’t talk about finances often might prove that parents should be a little more proactive when discussing money matters with their kids.
Not only do topics such as these prepare your children for success in areas such as math and economics, but it also is foundational in their long-term financial practices and success. This is proven with another result of the survey, which says that children are significantly more likely to save for college if they’ve talked about it with their parents.
Moms and dads weighed in on the money topic too and their results, too, suggest a difference in the way they handle money matters with their sons and daughters with 80 percent of single-child boy parents saying they believe their sons understand the value of a dollar versus only 69 percent of single-child girl parents being able to say the same about their daughters. This study suggests that many parents use financial topics as teachable moments for their male children, but not so much when it comes to their girls.
T. Rowe Senior Financial Planner, Judith Ward says talking about money with your kids, no matter what their gender, is synonymous with investing in their future, “If you want to invest in your kids’ futures, start by talking to them about money weekly,” she says. She continues, “The correlation between the frequency of conversations about money and kids’ smart financial decision-making is undeniable.”
The “money made simple” website, Moneychutney.com gives parents 5 ways to discuss and initiate savings with your children
Start them young: The earlier, the better for this fundamental, beneficial habit.
Give your child a piggy bank: And they suggest doing so around 3-4 years old. This gets children in the habit of saving small amounts early on in life.
Reward your child for saving with a treat: No, the treat doesn’t have to be money. Give your child a new toy or a special prize. Get creative while reinforcing the importance of saving.
Set goals: Give them a savings goal and monitor their progress. Does he or she want to buy a new bike? Make them save up for it. Giving them something to look forward to in the end brings some excitement to the savings process.
Teach them the importance: Don’t just force saving on your children. Teach them the benefits of having extra money in the bank for emergencies, investments and other major financial obligations.
Mamas, do you currently talk to your children about finances? How important do you feel money discussions between parents and their children are?
Taking control of your finances doesn’t have to be overwhelming. In fact there are some things you can do to get your finances in order that will take just a few moments–in fact, 10 minutes or less.
Take a minute or two to change all your financial passwords. “If it seems as if high-profile corporate cyberattacks have become the norm, you’re not alone in your thinking. In the last year, Target announced that 40 million customers’ credit card numbers had been stolen, and eBay encouraged its 145 million users to change their passwords following a major hack,” reports LearnVest.
Protecting your identity is priceless.
Call your credit card company and ask for a better interest rate. If you have been paying your bill regularly, call and negotiate a better rate and most likely you will get it. You maybe able to get your APR knocked down a couple of percentage points, which will save you money.
Not to be morbid, but do your loved ones know what to do if you become incapacitated? Make out a living will. Unfortunately, many people don’t have living wills, particularly baby boomers. According to an Associated Press/LifeGoesStrong.com poll, 64 percent of boomers (people born between 1946 and 1964) say they don’t have a health care proxy or living will, reports USA Today.
“Since it spells out your end-of-life medical wishes, a living will is designed to take the burden off loved ones from having to decide if you’d want expensive, life-sustaining treatments—and can help keep conflict between family members at bay,” reports LearnVest. You can download a form from the Internet. You can do so at a site like Everplans. Just research what the requirements are in your state. Having a living will can wind up saving you and your family a lot of expenses.
Clips coupons. Every Sunday take 10 minutes and scour the coupons section of the newspaper and pull out ones for products you use. You can wind up saving a pretty penny with coupon clipping. There have been times when I’ve gotten money back during grocery shopping, especially on double coupon day at my local supermarket. Seems small, but every bit counts.
Earth Day offers us the perfect time to look at our lives as well as our carbon footprint. Are we doing everything we can make sure this planet is in good shape for the next generation? Heck are we even doing the bare minimum to make sure it’s in working order for us now?
Here’s a look at some eco-friendly money saving tips you can put into action right now.
The time has come for us to ready our wallets for the upcoming holiday season. Even though my little guy is not here yet (he’ll arrive in January), I can only imagine how expensive the holidays get for families. Forget trying to have your children dodge those tempting toy commercials, they can’t even step outside the door without being tempted to scream “Ma, I want that!” Even if you don’t give in to their every want (and we shouldn’t), that doesn’t mean that things won’t start to add up. Just thinking about visiting family members, the costs of accommodations and even holiday decorations we plan to put up around our house are making me cross my eyes with a bit of frustration. Why do things have to be that darn expensive?!
The best thing we can all do is take a chill pill, maybe have a glass of wine and begin planning (if you haven’t already) for the season. Here are some holiday shopping tips that will hopefully allow you to save some of your hard earned cash.
- Budget, budget, budget. I kinda don’t like the “b” word the same way I don’t like the “d” word (diet, that is), but boy, can it keep you in check. Many of us don’t have Oprah’s kinda of money where we can gift everyone we know something fabulous and that’s okay. Create a holiday budget of how much you can spend within your means, and by that I mean not relying on your credit card. There’s no need to go into debt trying to please everyone.
- Create a buying list. Just because you talk to all of your friends and co-workers doesn’t mean you are obligated to give them something for the holidays. Make a priority list of people who you strongly feel you need to buy something for. Assign each person a monetary amount to make sure you don’t go over board.
- Put what you can away. Even though we are only getting closer and closer to the holidays, that doesn’t mean we should throw our hands up in the air and blow through all of our money. If you haven’t started putting something away for future purchases, you really need to and fast.
- Purchase in batches. One of the biggest mistakes you can make is while holiday shopping (unless it’s for accommodations and airfare) is to buy too much too soon or at the very last minute (things may be sold out). You can bet that many stores will offer some sort of mega sale post Thanksgiving which is when most wait to make their purchases. This will help prevent potential drops in pricing to make sure you can get your money’s worth. However, do look out for deals in December–especially for gift recipients who are close by (don’t have to worry about shipping and it getting there on time).
- Consider layaway. Girl, there is nothing wrong with layaway! If you are notorious for dipping into your savings you should consider this alternative.
- Compare prices. Don’t just take a company’s word that they have the lowest prices in town; do some comparison shopping. Chances are you will find the same thing somewhere else for less–and don’t forget to check online because it might be cheaper than buying in the stores.
- Look to social media. Check out companies’ social media sites like Facebook and Twitter for special promos they toss out to their followers. This is a great way to score an extra coupon or code to make shopping a little easier on your wallet.
We have come to that wonderful time of year when our children get super excited for potential gifts, and we parents have mini breakdowns in the closet thinking about how much things will cost. We have now entered the official countdown which means it’s time for us to get our plans in order to make sure we get the best deal possible. Here are some tips on ways to save up for holiday travel that will hopefully help your family.
- Save what you can, when you can. This should be a cardinal rule that we all live by. No one expects us to have all the money up front for our endeavors, which means putting money away will be our saving grace. Hopefully you have already started to plan ahead by putting away something for the holidays. If you haven’t there’s no time to start quite like now. Maybe this means no eating out or leisurely activities to help grow your savings account – any little bit will certainly help.
- Be flexible. Heaven only knows how excited grandparents and other family members get around the holidays, but this does not mean we should fall into the pressure of traveling at a certain time. Of course our aim is to spend the holidays with them but if that means cutting a trip a little short or traveling during non-ideal times to make it happen, so be it. Having a flexible schedule will open up more potential deals that can make the prices a little easier to bear.
- Travel off peak. Call me crazy but traveling off peak with the kiddos can really save you money. Take the red eye for example. Yeah, some parents might be against traveling with their children so late, but if they would be sleeping anyways why not save some dough? Traveling off peak doesn’t just mean the time of day; traveling at the beginning of the week tends to be the more affordable ticket.
- Do your research. Sherlock Holmes ain’t got nothing on mamas who know how to search for family deals! Rather than settle for prices on a particular website, keep sleuthing for even better deal options that would benefit your family. Check third-party sites like Orbitz along with the actual airline’s website because you never know what opportunities they have available. And should you purchase your tickets in advance, always check back on the price as some companies provide rebates should the prices drop.
- Consider alternate methods. If flying looks to be too pricey for your family then do consider alternative methods that include driving and even the train. Yes, you will be in a confined space with your clan for a longer period of time, but think about the savings to get you through potential hiccups. It’s also a good idea to plan activities to make traveling easier on everyone.