Budgeting for the rest of us

Category: Budgeting

  • How to Determine Which Debt to Pay First

    How to Determine Which Debt to Pay First

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    Between credit card debt, car loans and student loans, deciding which one to pay off first can be a challenge. But you got to start somewhere, right?

    There are no strict rules when it comes to setting up a debt payment plan but there are certain strategies to help you save more money over time and get out of debt as quickly as possible.

    Today, let’s talk about the different debt payment strategies to consider depending on your goals.

    Paying off debt in order of interest rate.

    From a financial perspective, it’s smarter to pay off the debt with the highest interest first, to save you more money in the long run. However, this can be discouraging for some people since this will be most likely your biggest debt and will take a little while before you pay it off completely.

    Paying off debt in order of balance.

    That being said, you can consider the other side of the coin – paying off first the smaller debts that you can finish faster. The satisfaction from wiping off a debt will definitely give you the hope and motivation to stick with the plan.

    Paying off debt in order of credit limit.

    Lastly, you might want to consider paying off credit cards first and prioritizing those that are near their credit limit if your goal is to improve your credit score, which is important if you want to qualify for lower interests in the future.

    So these are the three considerations to ponder on when considering which debt you need to tackle first. Regardless of which strategy you choose, the key is to stick to your plan.  What’s important is that you’re doing something instead of just letting your debts pile up and accrue more interests.

    Just be patient, persevere and trust the process. You can do it!

     

  • How to Manage Your Subscriptions to Save Cash

    How to Manage Your Subscriptions to Save Cash

    Pixabay (link is to TrackMySubs.com)

    Today, it seems like every type of business have subscription-based services. Aside from the staples such as Mobile phone service, Wi-Fi, home security, people these days have subscriptions to streaming entertainment, weekly meal plans, grocery deliveries, random subscription boxes, digital libraries, dating and photography apps, online storage and so much more.  Just imagine how much Americans spend on all of these?

    An article on USA Today, states that most Millennials spend at least $200 a month on subscriptions.  Whew, that’s a lot of money for an average person, don’t you think?

    And according to a survey that was conducted by Waterstone, majority of the respondents underestimated the amount of money they spend on subscriptions, which means that most Americans are unaware of what they are actually paying for.

    So why are you spending so much money on subscriptions that you don’t even remember signing up for?

    To avoid recurring payments for subscriptions that you never even use, here are 5 helpful apps and websites to help you manage all your subscriptions with ease:

    1. Bobby

    This Apple-exclusive app shows you all the current services you signed up for, the fixed costs, and the total amount you need to pay each month for all your subscriptions.  It supports all currencies and allows you to add subscriptions of any possible payment cycle.  And of course, you get notified when your bill is due or when your free trial is about to end.

    However, you have to enter each subscription manually because you can’t link your bank or Paypal account to the app (yet), which in my opinion is more secure and safe.

    2. SubscriptMe

    Sadly, this app is also for Apple users only.  Just like Bobby, it’s a subscription tracker and a bill reminder at the same time.  But for this app, there’s no need to manually enter each subscription (but you can still do).  The app will just scan your iPhone and inbox to track all active subscriptions.  SubscriptMe is the “subscription tracker” of choice for those of you who can’t remember the services you signed up for.

    3. Track My Subs

    Good news for those of you who don’t own an Apple device because this website is similar to the two apps mentioned above.  Track My Subs shows you exactly how much you spend ) on recurring bills and alerts you when it’s payment time.  The website is free if you are only managing up to 10 subscriptions; more than that, you have to pay a fee.

    4. True Bill 

    True Bill (available on iOS & Android) does more than just helping you manage and remember your subscriptions.  First, it automatically requests refunds when your bank charges you an overdraft or late fee.  Second, it can negotiate bills for you without any hassle.  And last, it can cancel unwanted services or fraudulent subscriptions on your behalf.

    You need to provide access to your bank and Paypal accounts though.  Don’t worry, the company uses the highest security protocols to not put your data at risk.

    5. Trim

    This web-based service is a rival to True Bill.  It does everything that Bill can do – it can monitor your subscriptions, send notifications for payments, automate ways for you to save more, and cancel your subscriptions for you.  However, if the cancellation requires additional work like making calls on your behalf, you will be charged a fee of $6.

  • 5 Ways to Save On Your Kids’ School Lunches

    5 Ways to Save On Your Kids’ School Lunches

    The amount of money you spend on your kids’ lunches can easily add up if you’re not being smart and careful, especially if you are sending more than one child to school.

    I understand that some of you might just want to buy pre-packaged snacks or have your kids buy their lunch at school for convenience, but this can easily blow up your budget and let’s not forget that these types of meals aren’t really that healthy.

    Don’t worry, we can still do something about that.  With careful planning, there are numerous ways to provide your kids a decent, healthy lunch without spending too much time everyday preparing it and most especially, while saving you dollars.

    1. Get your kids involved with the menu planning.

    This isn’t just a fun bonding activity with your kids, it’s also a brilliant way to make sure that their packed lunches won’t just go to waste.  Because sending them with a meal that they don’t like will just end up in the trash (in goes your money too).  But of course you can’t just give in to what they tell you.  Both parents and children need to compromise in finding healthy food items that they will enjoy eating.

    When the meals are already planned ahead, shopping gets done more effectively.  There’s a lesser chance of buying ingredients and food items that will not be consumed.

    2. Shop for deals.

    While doing your grocery shopping according to your planned menu is a smart move, shopping for deals and working your meal plans around those items is smarter.  When deals are available, it’s wise to take advantage of them to save some bucks.

    3. Buy in bulk.

    Buy food items such as dried goods, granola bars, crackers, cookies and other snacks in bulk and just pack them yourself in smaller sizes.

    4. invest in reusable containers and bottles.

    Single-use containers, juice boxes and even paper napkins are examples of hidden expenses that quickly add up without you noticing.  So ditch those and opt for cloth napkin and quality reusable containers and bottles.

    Insulated lunch boxes and containers may be expensive but it’s a good investment that will last for multiple school years.  With this kind of lunch boxes, your kids can enjoy a hearty meal like a hot soup and pasta.

    Here are some cute ones that your children will never find boring.




    5. Meal prep in advance.

    If you are worried about how much time it takes to prepare a healthy packed lunch for your little ones, meal prepping their lunches all at once and ahead of time is a great way to not just save time, but money as well.  Get all the prep done on the weekend or whenever you have time, so you don’t have to worry about slicing your fruits and veggies or cooking the meals while rushing to do other things during the week like homework, laundry, etc.

    I hope you found these ideas helpful.  I’m sure your kids (and your budget too!) will appreciate the time and effort you spend on preparing their healthy and hearty school lunches everyday.

  • The Best Budget Planners for 2018

    The Best Budget Planners for 2018

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    BUDGET – a five letter word that we all need in our financial lives.  Yes, we know that Budgeting is the number one key to financial freedom.  However, it has earned a reputation for being tedious, challenging and time consuming, which can be discouraging for others.

    Well, it doesn’t have to be.  With the right budgeting tool, money management becomes more effective, efficient and enjoyable.

    There’s a variety of budgeting tools to choose from – smartphone applications, Excel spreadsheets, notebooks and planners, to name a few. (more…)

  • The Best Coupon Sites to Save you Money

    The Best Coupon Sites to Save you Money

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    Couponing is one of the many ways to save on shopping, whether you’re buying groceries, clothing items, electronics, luxury brands, services, and so much more.

    Now that the holiday shopping season is already here, it’s time to put those couponing skills to good use.  But for those who have zero idea on where to get them, you can get coupons from a variety of sources – magazines, newspapers, online, a product’s packaging, etc.  But aint nobody got time for searching through magazine and newspaper pages. (more…)

  • 5 Ways to Eat Healthy On a Budget

    5 Ways to Eat Healthy On a Budget

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    A lot of you may want to start eating healthy but is hesitant to do so due to a tight budget.  But who says cleaning up your diet means cleaning up your wallet too?

    Eating healthy doesn’t have to be expensive.  With these helpful strategies, you can maintain a healthy diet without breaking the bank. (more…)

  • 5 Frugal yet Meaningful Ways to Give Gifts this Holiday Season

    5 Frugal yet Meaningful Ways to Give Gifts this Holiday Season

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    In between traveling, back to back parties and shopping for gifts, the holiday season can get pretty overwhelming.  Sadly, gift-giving can sometimes become time-consuming, financially stressful and can easily turn into an obligation, rather than being a heartfelt gesture.

    Don’t let society pressure you into spending tons of money on lavish gifts because gift-giving doesn’t mean luxurious and expensive.  It’s all about showing appreciation to the people who’ve touched your life. (more…)

  • 7 Ways to Help You Organize Your Financial Life Physically & Electronically

    7 Ways to Help You Organize Your Financial Life Physically & Electronically

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    Having an organized financial life does wonders to your budget and savings.  This also makes your financial goals much easier to achieve.  Do you want to be debt-free?  Build your dream home?  Begin with organizing your finances.

    Well, it sounds easy but let’s admit it, that’s a huge commitment and a tedious task to keep up with.  But with the help of these easy-to-follow ways, you can stay organized and always on top with our finances. (more…)

  • 8 Easy Ways to Refresh your Finances Now!

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    Did you know that 80% of New Year’s resolutions fail by February?  We still have less than three months before we welcome another year but we don’t have to wait for New Year’s Eve to give our finances a makeover.

    Whatever you are waiting to begin, do it now.

    That said, here are 8 practices that will significantly improve and refresh your finances. (more…)

  • How to Save Money During Halloween

    How to Save Money During Halloween

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    Did you know that there will be 179 million Americans planning to celebrate Halloween this year and are expected to spend $9.1 billion for this spooky holiday?  It seems that the figures keep growing year after year – in 2016, consumers were expected to spend $8.4 billion and $6.9 two years ago.  Wow, Americans truly are passionate about the Halloween festivities.  (National Retail Foundation)

    But not every American who wants to celebrate Halloween would want to shell out tons of cash for costumes, candies, decors and travel. (more…)