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8 Ways to Save Money on Date Night
Whether you’re cozying up on the couch together with a bottle of wine or headed out to the trendy restaurant everyone’s talking about, date night is an essential part of most relationships.
“Date nights are important because they give new couples a chance to get to know each other and established couples a chance to have fun or blow off some steam after a rough week,” says Holly Shaftel, a relationship expert and certified dating coach. “Penciling in a regular date can ensure that you make time for each other when your jobs and other aspects of your life might keep you busy.”
There’s just one small snag. Or, maybe it’s a big one. Date nights can get expensive. According to financial news website 24/7 Wall St., the cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.
When you’re focused on improving your finances as a couple, finding ways to spend less on date night is a no-brainer. But you may be wondering: How can we save money on date night and still get that much-needed break from the daily grind?
There are plenty of ways to save money on date night by bringing just a little creativity into the mix. Here are eight suggestions to try:
1. Share common interests on the cheap
When Shaftel and her boyfriend were in the early stages of their relationship, they learned they were both active in sports. They were able to plan their date nights around low-cost (and sometimes free) sports activities, like hitting the driving range or playing tennis at their local park.
If you’re trying to find ways to spend less on date night, you can plan your own free or low-cost date nights around your and your partner’s shared interests. If you’re both avid readers, for example, even a simple afternoon browsing your local library’s shelves or a cool independent bookstore can make for a memorable time. If you’re both adventurous, check into your local sporting goods stores for organized hikes, stargazing outings or mountaineering workshops. They often post a schedule of events that are free, low-cost or discounted for members.
2. Create a low-budget date night bucket list
Dustyn Ferguson, a personal finance blogger at Dime Will Tell, suggests using the “bucket list” approach to find the best ways to save money on date night. To gather ideas, make it a game. At your next group gathering, ask guests to write down a fun, low-budget date night idea. The host then gets to read and keep all of the suggestions. When Ferguson and his girlfriend did this at a friend’s party, they submitted camping on the beach, which didn’t cost a dime.
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The cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.
To make your own date night bucket list with the best ways to save money on date night, sit down with your partner and come up with free or cheap activities that you normally wouldn’t think to do. Spur ideas by making it a challengeâfor instance, who can come up with the most ideas of dates you can do from the couch? According to the blog Marriage Laboratory, these “couch dates” are no-cost, low-energy things you can do together after a busy week (besides watching TV). A few good ones to get your list started: utilize fun apps (apps for lip sync battles are a real thing), grab a pencil or watercolors for an artistic endeavor or work on a puzzle. If you’re looking for even more ways to spend less on date night, take the question to social media and see what turns up.
3. Alternate paid date nights with free ones
If you’re looking for ways to spend less on date night, don’t focus on cutting costs on every single date. Instead, make half of your dates spending-free. “Go out for a nice dinner one week, and the next, go for a drive and bring a picnic,” says Bethany Palmer, a financial advisor who authors the finance blog The Money Couple, along with her husband Scott.
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4. Have a dateâand get stuff done
Getting stuff done around the house or yard may not sound all that romantic, but it can be one of the best ways to save money on date night when you’re trying to be budget-conscious. And, tackling your to-do listâlike cleaning out the garage or raking leavesâcan be much more enjoyable when you and your partner take it on together.
5. Search for off-the-wall spots
If dinner and a movie is your status quo, mix it up with some new ideas for low-cost ways to save money on date night. That might include fun things to do without spending money, like heading to your local farmer’s market, checking out free festivals or concerts in your area, geocachingâoutdoor treasure huntingâaround your hometown, heading to a free wine tasting or taking a free DIY class at your neighborhood arts and crafts store.
“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over,” Ferguson says.
6. Leverage coupons and deals
When researching the best ways to save money on date night, don’t overlook coupon and discount sites, where you can get deals on everything from food, retail and travel. These can be a great resource for finding deep discounts on activities you may not try otherwise. That’s how Palmer and her husband ended up on a date night where they played a game that combined lacrosse and bumper cars.
There are also a ton of apps on the market that can help you find ways to save money on date night. For instance, you can find apps that offer discounts at restaurants, apps that let you purchase movie theater gift cards at a reduced price and apps that help you earn cash rewards when shopping for wine or groceries if you’re planning a date night at home.
7. Join restaurant loyalty programs
If you’re a frugal foodie and have a favorite bar or restaurant where you like to spend date nights, sign up for its rewards program and newsletter as a way to spend less on date night. You could earn points toward free drinks and food through the rewards program and get access to coupons or other discounts through your inbox. Have new restaurants on your bucket list? Sign up for their rewards programs and newsletters, too. If you’re able to score a deal, it might be time to move that date up. Pronto.
8. Make a date night out of budgeting for date night
When the well runs dry, one of the best ways to save money on date night may not be the most excitingâbut it is the easiest: Devote one of your dates to a budgeting session and brainstorm ideas. Make sure to set an overall budget for what you want to spend on your dates, either weekly or monthly. Having a number and concrete plan will help you stick to your date night budget.
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“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over.”
Ferguson says he and his girlfriend use two different numbers to create their date night budget: how much disposable income they have left after paying their monthly expenses and the number of date nights they want to have each month.
“You can decide how much money you can spend per date by dividing the total amount you can allocate to dates by the amount of dates you plan to go on,” Ferguson says. You may also decide you want to allot more to special occasions and less to regular get-togethers.
Put your date night savings toward shared goals
Once you’ve put these creative ways to save money on date night into practice, think about what you want to do with the cash you’re saving. Consider putting the money in a special savings account for a joint purpose you both agree on, such as planning a dream vacation, paying down debt or buying a home. Working as a team toward a common objective can get you excited about the future and make these budget-friendly date nights feel even more rewarding.
The post 8 Ways to Save Money on Date Night appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
What Is A Blog, How Do Blogs Make Money, & More
What is a blog and how does it work? Can you really make money blogging? How much do bloggers make?
Over the years, I have received many questions about blogging. People want to know what is a blog, how they work, is it really a way for people to make money, and so on.
I completely understand all of the questions. While blogging has now been around for more than a decade, it’s still a fairly new way to earn money. I still have people give me funny looks when I tell them what I do for a living.
But, I didn’t really know what a blog was when I first started mine. I had absolutely no idea what I was doing.
I didn’t know how people made money from blogs or anything else like that.
Pretty much everything I learned about blogging was through trial and error, and I made a lot of mistakes over the years, haha! Honestly, it’s because of those mistakes that I’m where I am right now.
My life has completely changed because of blogging. I was able to quit a job I didn’t love, I travel full-time, and I can retire pretty much whenever I want.
It’s funny to think about how far I’ve come, especially since I had no idea what blogs even were.
Back then, I also never realized that you could learn how to earn money blogging. I don’t think I even looked into it because that was never my goal when I first learned how to start a blog. I certainly never thought blogging would drastically change my future, but I’m so glad I gave it a shot.
I had so many questions when I started my blog, and I learned 99% of what I know the hard way – by making mistakes.
I know that many new bloggers probably have some of the same questions I had because I receive hundreds of emails a day from readers asking how to start a blog, how to make a living through blogging, and more.
Today, I’m going to help you by answering some of the most common questions I receive about blogging.
Some of the questions I talk about include:
- Is 2021 too late to start a website/blog?
- How do I come up with a blog name?
- What blogs make the most money?
- How do you design a blog?
- How many views do you need to make money blogging?
- How many blog posts should I have before launching?
- How do I get my blog noticed by Google?
- How long until a blog makes money?
- How do blogs make money?
- How do bloggers get paid?
I know that blogging can seem scary in the beginning, but remember that most other bloggers were in the exact same place you were when they started.
Blogging, just like any other hobby or job you start, takes time to learn what you’re doing. You have to do research, read about what other people have done, and learn as you go.
For some people this can be frustrating at first, but good things always do take time.
Blogging isn’t as easy as it looks from the outside. Even the most successful bloggers still spend time learning how to do new things. I am constantly signing up for new courses and learning from other people.
Even though it takes time and can feel difficult, blogging is something you can do. You can earn money blogging so that you can work towards living the life you want.
One of the reasons I love blogging so much is that you can do it all on your own time. You don’t have to learn everything at once. You can start your blog and grow it at your own pace.
While there is no 100% guarantee that you will be able to earn a full-time living by blogging, I know many bloggers who are full-time and are very happy with it.
Content related to what is a blog:
- 12 Free Resources To Grow Your Blog Fast
- How I Successfully Built A $1,000,000+ Blog
- How To Quit Your Job And Become A Full-Time Blogger
What is a blog? And your other top questions about blogging.
What is a blog?
Before we begin, I want to go over what is a blog definition and some other basic blogging questions.
A blog is a website.
Google’s definition of a blog is, “a regularly updated website or web page, typically one run by an individual or small group, that is written in an informal or conversational style.”
A blog is content that is written on a website. It usually consists of articles, like the one you are reading right now.
What is a blog used for? Blogs can vary from person to person.
You may create a blog to journal, to teach on a topic, to sell something, to tell a story, and so on. There’s no exact rules about what your blog has to be used for.
What is a blog post? Blog posts are individual entries on a blog. Blog posts usually include text, but they can also have photos, videos, infographics, and more.
An example of a blog post is what you’re reading right now. There is a title, its own URL (that’s the web address), and text where I share in depth information.
Is 2021 too late to start a website/blog?
No, it’s not too late, and you haven’t missed out.
The online world is still so new, and each year there are new ways to monetize and grow your blog.
For example, it wasn’t until the past few years that companies and advertisers started realizing the value of online influencers, such as bloggers, and that means even more opportunities to earn money blogging.
Before that, companies mainly wanted to advertise with celebrities, but it is shifting to bloggers and other online influencers (such as Youtubers and Instagrammers!).
The online world is a huge place and it is just going to keep growing. Every blogger earns a living in slightly different ways, and everyone has a different message and story. Plus, there are so many different ways to earn money blogging, and the options have continued to change and grow since I started blogging.
Of course, because the blogging world keeps changing, there will constantly be new things for you to learn, but that will probably always be the case for managing any kind of business.
So, if you are thinking about starting a blog, today is the day. Don’t let your fears hold you back any further! You can find my free How To Start a Blog Course here.
How do I come up with a blog name?
Deciding on a name for your blog is probably one of the hardest parts of blogging.
Even if you know exactly what you want to blog about and have some articles written, deciding on your blog’s name may be stopping you from actually creating your website and launching it.
I don’t remember how I came up with Making Sense of Cents, but I’m glad I did. It is still catchy, and I receive compliments on it to this day.
Coming up with a blog name shouldn’t lead to stress, so here are my tips for deciding on a blog name:
- Make it easy. My blog name isn’t the easiest for people to spell, and even I sometimes jumble it when I’m spelling it. So, my top tip would be to make sure that your blog name is easy for people to type or spell out loud. I’ve seen blog names that are extremely long, contain words that are difficult to spell, and so on. Instead, you should make it as easy as possible for your readers to find you.
- Think about what you’ll be writing about. Think about the topics you want to write about, who your target audience is, and more, and then jot down descriptive words that are related to each. Brainstorming like this is a good way to come up with a blog name!
- Use a thesaurus to find similar words. If your first or second choices are taken or if you want to see if there are some catchier sounding blog names, using a thesaurus can help you with some new ideas.
- Make it catchy. You may want to think of something funny, use alliteration, or something else to make your blog name catchy and memorable.
- Use your name. If you don’t want something catchy and/or if you think you’re not creative enough, then just use your name. It’s super easy that way, and more and more people are starting to do this.
See, creating a name for your blog can be easy!
What blogs make the most money?
There are many different types of blogs that make money, and you can monetize nearly any kind of blog.
So, how do you determine what to write about?
There is no right or wrong answer to this question. I always recommend creating a blog around a topic that you are passionate about, that you are an expert in, that you like, or something else along those lines.
This can make blogging feel fun instead of like a chore.
You can blog about several topics or you can blog about one specific thing, such as personal finance. For me, I cover a ton of different topics here on Making Sense of Cents. I talk about personal finance, life, travel, RVing, sailing, self-help, and more.
Some things that you may want to think about when choosing your blog topic include:
- What are you passionate about? I always recommend that you start by thinking about what you love doing. Perhaps it’s a sport that you really love, crafts, cooking, managing money, travel, or something else. Whatever it is, blogging about your passion is great because that will show in your writing, and your readers will enjoy reading your posts.
- What blogs do you enjoy reading? If you are thinking about starting a blog, I’m assuming it’s because you probably enjoy reading blogs yourself. If that’s the case, then you may want to think about which blogs you really enjoy reading and possibly blog about something similar.
- What are you an expert in? Now, you don’t need to be an expert in your blog’s topic to earn money blogging (more on that below in the next section), but if you are an expert at something, then this could be a topic that you blog about. There are many successful “How-To” websites because people love to learn new things through blogs. And, there is probably something you could teach (everyone’s an expert at something, even if you don’t realize that yet!). Think about the questions your friends and family are always asking you about, topics that you enjoy helping others with, and so on.
- What things do you like learning about? Like I said above, you don’t need to be an expert in a topic to blog about it. People LOVE reading blogs from people who are learning or trying new things. This is because everyone has to start somewhere, and people love following the journey and seeing how something is actually done. So, if you are learning how to earn money blogging, for example, that could be where you start your blog. You can write about all of your mistakes, talk about what you’ve learned, show how you have tried and reviewed different options, and so on.
To learn how to make money with a blog, your blog can be about anything and/or everything. It’s entirely up to you.
Below is a list of possible blog examples and blog topic ideas. The list doesn’t end here either. Choose one, all, or some. It’s all up to you.
- Lifestyle
- Home
- Family
- Finance
- Crafts
- DIY
- Small business
- Outdoor activities
- Fitness and health
- Food
- Inspiration and advice
- Animals
- Travel
- Games
- Relationships
- School
- Electronics, and more!
That’s the beauty of having a blog – it can be about anything and you can still earn money from it.
There are a few topics I would avoid if you aren’t an expert, like blogging about legal issues, tax issues, or medical advice. You could get someone in a lot of trouble if you gave them the wrong information.
What is the best blogging platform to make money?
Your blog should be self-hosted if you want to earn money blogging. This is actually one of the first things you should do.
I recommend that you start on self-hosted WordPress (this tutorial will help you start your blog the correct way). I cannot say this enough, but I do not recommend Blogger or WordPress.com (you want the self-hosted version, which is WordPress.org – confusing, I know). Buying that $10 domain name from Blogger or GoDaddy does not mean you are self-hosted either.
Unless you self-host your blog, advertisers, companies, and readers will still know you are on Blogger or free WordPress, and that can look unprofessional. Plus, your blog can be deleted at any time and for no reason if you are using a free version, which actually happened to me. Even though you may save some money in the beginning, not being self-hosted can hurt your chances of earning money through your blog.
Seriously, just trust me. Go with self-hosted WordPress, and it will significantly increase your chances of monetizing your blog.
If you want further proof, take a look at my past income reports. You can tell that my blogging income didn’t take off until I switched to WordPress. That right there is a lot of proof that being self-hosted on WordPress is the way to go!
To recap, the positives of being self-hosted on WordPress through Bluehost include:
- Your blog will look more professional meaning you will increase your chances of making money online.
- You will have complete control over your blog.
- You own your blog, and it can’t be deleted for any reason.
How do you design a blog?
To create your blog, I recommend heading to my tutorial: How To Start A WordPress Blog On Bluehost.
After that, you will have three options when it comes to designing your blog:
- Designing your blog on your own
- Paying someone to design your blog
- Purchasing a premade theme (the quickest option and surprisingly affordable)
I usually recommend that a new blogger purchase a premade blog design, such as through Beautiful Dawn Designs. She provides great premade designs for just $45 and this is probably the easiest and quickest design option.
How much do I have to spend before I can earn money blogging?
When I first started my blog, I spent almost NOTHING on blogging expenses.
I spent less than $100 the first year and not too much more in the second year.
In fact, I probably went a few years when I was only spending about 1%-2% of my revenues on blogging expenses.
Now, some of my expenses include:
- My computer
- The actual blog (design, hosting, etc.)
- Courses, guides, and ebooks
- My email (newsletter) list
- Virtual assistant and editor
- Technical management
- Transaction fees
But, you do not need to spend money on all of these things to earn money blogging.
Learn more about my expenses at My Complete List of Monthly Expenses for a Multi Million Dollar Blog.
How many views do you need to make money blogging?
You do not need millions of pageviews per month to earn money blogging, but if you want to increase your income, it will be important to increase your page views.
Every blog is different, and it isn’t always the blogs with the largest number of readers that make the most money. That’s because once you understand what your readers want, understand how to effectively reach out to companies for partnerships, and know how to charge the correct rate, you can make a good income online in many cases, regardless of the amount of pageviews you receive.
But, if you want to increase your pageviews, here are my tips:
- Publish high-quality blog posts. Readers come back to blogs with high-quality and helpful posts. I recommend that your blog posts be at least 750 words, but more wouldn’t hurt either. The majority of my blog posts are around 1,500 to 3,000 words (this one is close to 5,000 words!).
- Be active on Pinterest. Pinterest is one of my top traffic sources. To increase your pageviews with Pinterest, I recommend creating great images, making sure the description and title of your images are catchy, pinning regularly, and only pinning long images. I use Picmonkey to edit all of my images and Tailwind to schedule them.
- Be active on other social media sites. Social media lets you interact with your audience more and can help you expand your audience. Besides Pinterest, you may want to check out Facebook, Twitter, TikTok, Instagram, Snapchat, Youtube, and others.
- Post regularly. If you want to earn money blogging, you should publish something at least once a week. Going for weeks or months at a time without a blog post can lead to readers forgetting about you.
- Network with other bloggers. You should look at other bloggers as friends and colleagues, not competition. This means you may want to interact with them on social media, reach out to them via email, attend conferences, and more. Of course, be genuine and give more than you take.
- Guest post. Guest posting is a great way to reach a new audience and helps build partnerships with other bloggers.
- Make sure it’s easy to share your content. I love sharing posts on social media, but it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content. This could mean making your social media icons easy to find, having all of the info input that is needed for sharing (title, link, and your username), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times). No one wants to share a blog post when it sounds like you’re screaming at them.
- Create catchy headlines. The title of your post is a major factor influencing whether readers click over or not. I like to use the CoSchedule Headline Analyzer to help me with my headlines.
- Learn SEO. SEO (search engine optimization) is not something I could teach in such a small section, but I recommend doing your research and learning more about what it is and how it can help you.
- Make it easy for readers to browse. If you want more pageviews, you should make it as easy as possible for readers to read your other blog posts. Readers should be able to easily find your blog homepage, categories, tags, search bar, and so on. Also, I recommend including links for related posts in every single one of your blog posts.
How often should I blog?
I recommend publishing a blog post at least once a week.
This is because consistency is important when it comes to blogging.
I started out publishing short blog posts a few times a week. Now, I try to do just one long blog post each week. I find that works best for me and Making Sense of Cents.
Others may decide to blog every single day, and some may try every other day. It all depends on what you would like to do.
How many blog posts should I have before launching?
I recommend simply just launching your blog with one blog post. You can continue to add more as you go.
I recommend this because you won’t have a ton of readers in the beginning anyways, so just getting started is going to be your best plan of action.
Too many people overthink this question, which just delays them from actually starting their blog.
What is the ideal length for a blog post?
The ideal length varies. I usually recommend that a blog post be at least 750 words.
For Making Sense of Cents, my blog posts are almost always at least 2,000 words, and I have written some huge whoppers (like this one) that are around 5,000 words too.
The ideal length for your article will depend on your niche, and the topic that you are writing about.
How do I get my blog noticed by Google?
For your blog to be found on Google search results, you’ll want to learn about Search Engine Optimization (SEO).
You can sign up for The SEO Starter Pack (FREE Video Training) – Level up your SEO knowledge in just 60 minutes with this FREE 6-day video training.
- The exact template that helped my site earn $95,000 in affiliate income last year
- How I grew my blog to over 80,000 page views a month in 14 months
- How to Optimize a Blog Post for SEO
How long until a blog makes money?
This is a hard question to answer, and it’s also one of the most common questions I receive.
As you can tell from my past income reports, it took me nearly a year of blogging to start earning a few hundred dollars a month from my blog. After two years of blogging, I was earning several thousands of dollars a month, which was all on the side of my day job.
I know some bloggers who were making thousands of dollars a month after just a few months of blogging. There are bloggers out there who began a year or two after me and are making hundreds of thousands of dollars a month. There are also other bloggers who aren’t making any money at all.
As you can see, blogging is not a get-rich-quick scheme and there isn’t a timeline for when you will start to earn money blogging. However, if you are serious about it, you never know what it may turn into.
It all depends on you, the effort you put into your blog, whether you have the time to learn how to monetize your blog, and more.
How do blogs make money?
There are several ways to earn money blogging, including:
- Affiliate marketing – I recommend signing up for 10 Easy Tips To Increase Your Affiliate Income to learn more
- Blog sponsorships
- Display advertising
- Product sales
- Staff writing
I go in depth on each way monetization method here – How To Earn Money Blogging: Your Top Questions Answered.
How do bloggers get paid?
Many of you are interested in blogging, but you aren’t sure where the income actually comes from.
How does the money actually get to you?
You receive blogging income from whoever is paying you.
- If it is affiliate marketing you are providing, then you are paid by the company that makes the product or service. When someone buys something or signs up through your link, that’s when you get.
- If someone is paying you to place an advertisement on your website, then you get paid by the company who you are advertising for.
- If you are publishing a sponsored post, then you are paid by the company who is sponsoring that post.
- If you have display ads on your website, such as with Google Adsense, then you are paid by Google or by any number of other companies.
There are many companies and blogging networks out there that you can use to earn money blogging, and they usually pay you through PayPal or with a check in the mail.
What blogging ebooks and courses do you recommend?
It takes a lot of work to grow and build a successful blogging business!
If you want to earn money blogging, then you may want to look into buying ebooks and/or courses that will teach you about the topics that will help you become a better blogger from the very beginning. Plus, there are many blogging secrets that you just can’t find by searching the internet. So, by taking a course or reading an ebook, you will learn the exact steps to take to help you succeed.
I’m almost always taking new blogging-related courses because I know that there is always something new to learn.
Here are the ebooks and courses that I recommend for bloggers:
- Making Sense of Affiliate Marketing. I share my exact strategy and tips in this very informative online course. If you’re a blogger, then you NEED this course. I show you exactly how to make passive income from blogging, even while you’re sleeping.
- 21 Strategies I Used to Increase My Monthly Page Views from 17k to 400k+ in 10 Months. Lena Gott’s guide is full of great information on how to increase your blog’s page views. If you are feeling stuck or if you are a new blogger, check out this resource! Lena went from 17,000 monthly page views to 400,000 and shares all of her best tips in this guide.
- Making Sense of Sponsored Posts. I launched this course with my sister, Alexis of Fitnancials, in 2018 to help bloggers earn money through sponsored posts. Between the two of us, we earn around $20,000-$30,000 a month from sponsored posts. We teach finding sponsorship deals, maintaining partnerships, and how to always make sure that you are helping your readers.
- My favorite Pinterest course is Pinterest Traffic Avalanche. This course shows you how to get free traffic from Pinterest to your blog. You’ll learn about Pinterest SEO, how to set up Rich Pins, how to create viral content, how to make Pinterest images, all about group boards, and many other valuable Pinterest strategies.
- If you want to learn about Facebook ads, I recommend reading How One Blogger Grew His Blog to Over 2 Million Visitors In A Year.
The blogging ebooks and courses above will help you to create a successful blog. They will show you how to master Facebook, get crazy traffic from Pinterest, grow your blogging income, and more.
If blogging is so great, then why doesn’t everyone do it?
I hear questions like this pretty often. I also get a lot of people asking me, “If it’s so easy, why don’t you just start multiple blogs and make even more money?”
Blogging is not printing money.
It’s not a scam, and it’s not a get-rich-quick scheme.
Learning how to earn money blogging is work, and just like with all jobs – not everyone wants what you want.
And, for every successful blog out there, there are probably hundreds of bloggers who will never earn money blogging. While you can earn money blogging, not all bloggers will.
It would be like saying that 100% of people who start a business will see success. That is just never going to happen – businesses fail, business owners have a change of heart, and others just don’t find it enjoyable.
I know I am always talking about the positives of blogging, but I also like to mention how it’s not the easiest.
After all, if blogging was easy, then everyone would do it and everyone would make thousands of dollars a month.
But as you know, that’s not the case.
Not everyone is going to earn money blogging because it is WORK! Most new bloggers quit just a few months in. A few months is not enough time to see if your blog will be successful. It took me six months before I started to earn money blogging, and I only earned $100. Now, I have made over $5,000,000 from my blog over the years.
It’s funny/weird to think about what life would be like if I would have quit back then.
Just like you, I went from asking “what is a blog?” to where I am now. And, I’m constantly learning new things about blogging and that is one of the reasons why I enjoy it so much.
Once you realize that blogging is hard, you will be ahead of 99% of everyone else in the game. Don’t assume, like most people do, that blogging is easy money.
Starting a blog can be difficult. But, all bloggers start at the same point.
I remember being so lost when I first started my blog. I had to learn everything the hard way – it sure was difficult at times.
But, I have always really enjoyed blogging. I think that is so important when it comes to this type of business – you either need to have passion in your blog and/or passion in what your blog allows you to do in your free time (such as travel or spending more time with your family).
Have other blogging questions?
Don’t fret!
I have other blog posts similar to this one where I have answered many other blogging questions.
Please head to How To Earn Money Blogging: Your Top Questions Answered for answers to questions such as:
- How does a blogger network with other bloggers?
- What processes do you have with new blog posts?
- In what ways can I start making money from a blog?
- What is affiliate marketing?
- What are sponsored posts?
- What is display advertising?
- Can I create my own product to sell on my blog?
- Do you have to pay taxes on blogging income?
- Where do you get your photos from?
- Why do I need an email list for my blog?
- How do you think of ideas for new blog posts?
I was going to include all of those questions here but that would have made this blog post well over 10,000 words!
What other questions do you have about blogging?
The post What Is A Blog, How Do Blogs Make Money, & More appeared first on Making Sense Of Cents.
Source: makingsenseofcents.com
What’s a Good Credit Score?
Your credit score is incredibly important. In fact, this number is so influential on various financial aspects of life that it can determine your eligibility to be approved for credit cards, car loans, home mortgages, apartment rentals, and even certain jobs. Knowing what your credit score is, and what range it falls under, is important so you can decide what loans you can to apply for, and if necessary, if steps need to be taken to improve your score.
So what constitutes a good credit score?
The Credit Score Range Scale
The most common credit score used by lenders and other business entities is the FICO score, which ranges from 300 to 850. The bigger the number, the better. To create credit scores, FICO uses information from one of the three major credit bureau agencies – Equifax, Experian or TransUnion. Knowing this range is important because it will help you understand where your specific number fits in.
As far as lenders are concerned, the lower a consumer’s number on this scale, the higher the risk. Lenders will often deny a loan application for those with a lower credit score because of this risk. If they do approve a loan application, they’ll make consumers pay for such risk by means of a much higher interest rate.
Understand Your Credit Score
Within the credit score range are different categories, ranging from bad to excellent. Here is how credit score ranges are broken down:
Bad credit: 630 or Lower
Lenders generally consider a credit score of 630 or lower as bad credit. A number of past activities could have landed you in this category, including a string of late or missed credit card payments, maxed out credit cards, or even bankruptcy. Younger people who have no credit history will probably find themselves in this category until they have had time to develop their credit. If you’re in this bracket, you’ll be faced with higher interest rates and fees, and your selection of credit cards will be restricted.
Fair Credit: 630-689
This is considered an average score. Lingering within this range is most likely the result of having too much “bad” debt, such as high credit card debt that’s grazing the limit. Within this bracket, lenders will have a harder time trusting you with their loan.
Good Credit: 690-719
Having a credit score within this range will afford you more choices when it comes to credit cards, an easier time getting approved for various loans, and being charged much lower interest rates on such loans.
Excellent Credit: 720-850
Consider your credit score excellent if your number falls within this bracket. You’ll be able to take advantage of all the fringe benefits that come with credit cards, and will almost certainly be approved for loans at the lowest interest rates possible.
What’s Your Credit Score?
Federal law allows consumers to check their credit score for free once every 12 months. But if you want to check more often than this, a fee is typically charged. Luckily, there are other avenues to take to check your credit score.
Mint has recently launched an online tool that allows you to check your credit score for free without the need for a credit card. Here you’ll be able to learn the different components that affect your score, and how you can improve it.
You’ll be able to see your score with your other accounts to give you a complete picture of your finances. Knowing what your credit score is can help determine if you need to improve it to help you get the things you need or want. Visit Mint.com to find out more about how you can access your credit score – for free.
Lisa Simonelli Rennie is a freelance web content creator who enjoys writing on all sorts of topics, including personal finance, investing in stocks, mortgages, real estate investments, and anything else to do with the world of economics.
The post What’s a Good Credit Score? appeared first on MintLife Blog.
Source: mint.intuit.com
How to Prepare for the End of Your Unemployment Benefits
Before the coronavirus reached the U.S., unemployment was low and few could have anticipated a global pandemic. However, as the pandemic and ensuing recession took hold, a record-breaking number of people filed for unemployment benefits to stay financially afloat.
âCOVID-19 led to an incredible number of American workers being without work,â says Julia Simon-Mishel, an unemployment compensation attorney. âAnd itâs caused a huge need for individuals to file for unemployment insurance.â
Unemployment insurance, or unemployment benefits, can offer an essential lifeline. But if youâve never accessed these benefits before, you may have questions about how they work. You might also be asking: What do I do when my unemployment benefits run out and Iâm still unemployed?
This article1 offers tips about what you need to know about filing an unemployment claim. It also addresses the following questions:
- How do you prepare for the end of unemployment benefits?
- Can your unemployment benefits be extended?
- What can you do when unemployment runs out?
- Can you refile for unemployment after it runs out?
If youâre just getting ready to file or need a refresher on the basics of unemployment benefits, read on to have your questions answered.
If youâre already collecting benefits and want to know what happens once you reach the end of the benefit period, skip ahead to âSteps to take before your unemployment benefits run out.â
Common questions about unemployment benefits
Experiencing a job loss is challenging no matter what. Keep in mind that youâre not alone, and remember that unemployment benefits were created to help you.
While theyâre designed to provide financial relief, unemployment benefits are not always easy to navigate. Hereâs what you need to know to understand how unemployment benefits work:
What are unemployment benefits?
Unemployment insurance provides people who have lost their job with temporary income while they search for and land another job. The amount provided and time period the benefits last may vary by state. Generally, most states offer up to half of a personâs previous wages in unemployment benefits for 26 weeks or until you land another full-time job, whichever comes first. Requirements and eligibility may vary, so be sure to check your stateâs unemployment agency for guidance.
How do you apply for unemployment benefits?
Depending on where you live, claims may be filed in person, by phone or online. Check your state governmentâs website for details.
Who can file an unemployment claim?
This also may vary from state to state, but eligibility typically requires that you lost your job or were furloughed through no fault of your own, in addition to meeting work and wage requirements. During the coronavirus pandemic, the government loosened restrictions, extending unemployment benefits to gig workers and the self-employed.
When should you apply for unemployment benefits?
Short answer: As soon as possible after you lose your job. âIf you are someone who has had steady W2 work, itâs important that you file for unemployment the moment you lose work,â Simon-Mishel says. The longer you wait to file, the longer youâre likely to wait to get paid.
When do you receive unemployment benefits?
Generally, if you are eligible, you can expect to receive your first benefit check two to three weeks after you file your claim. Of course, this may differ based on your state or if thereâs a surge of people filing claims.
2020 enhancements to unemployment benefits for freelance and contract workers
In early 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. In addition to other benefits, the CARES Act created a new program called Pandemic Unemployment Assistance. This program provides unemployment benefits to independent contractors and other workers who were typically ineligible. That means that if you donât have steady W2 incomeâfor instance, freelance and contract workers, those who file 1099s, farmers and the self-employedâyou still may qualify for unemployment benefits.
âThat program is a retroactive payout,â Simon-Mishel says. âIf youâre just finding out about that program several months after losing your job, you should be able to file and get benefits going back to when you lost work.â
Because legislation affecting unemployment benefits continues to evolve, itâs important that you keep an eye out for any additional stimulus programs that can extend unemployment benefits. Be sure to regularly check your stateâs unemployment insurance program page for updates.
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“Itâs really important to keep on top of all the information out there right now and be aware of what benefits are available to you.”
Steps to take before your unemployment benefits run out
In a perfect world, your job leads would become offers long before you reached the end of your unemployment benefits. But in reality, thatâs not always the case.
If youâre still unemployed but havenât yet exhausted your benefits and extensions, you may want to prepare for the end of your unemployment benefits as early as possible so you donât become financially overwhelmed. Here are four tips to help you get through this time:
Talk to service providers
Reaching out to your utility service providers like your gas, electric or water company is one of the first steps John Schmoll, creator of personal finance blog Frugal Rules, suggests taking if youâre preparing for the end of unemployment benefits.
âA lot of times, either out of shame or just not knowing, people donât contact service providers and let them know what their situation is,â Schmoll says. â[Contact them to] see what programs they have in place to help you reduce your spending, and basically save as much of that as possible to help stretch your budget even further.â
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Save what you can
To help prepare for the end of your unemployment benefits, a few months before your benefits end, Schmoll suggests cutting back spending as much as possible, focusing only on necessities.
âIf you can try and save something out of the benefits that youâre receiving while youâre receiving themâit doesnât matter if itâs $10 or $20âthatâs going to help provide some cushion,â Schmoll says. Keep those funds in a separate account if you can, so youâre not tempted to spend them. That way youâre more prepared in case of an emergency.
If you hunkered down during your period of unemployment and were able to save, try to resist the urge to splurge on things that arenât necessary.
âThere might be temptation to overspend, but curtail that and focus on true necessities,â Schmoll says. âThat way when [or if] you receive an extension on your benefits, you now have that extra money saved.â
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Seek additional financial aid
If you find that your savings and benefits arenât covering your expenses, and youâre reaching a point where you no longer qualify for benefits, look into other new benefit programs or features designed to help during times of crisis.
For example, there are programs across the country to assist people with rent or mortgages, Simon-Mishel says. Those programs are generally designed to keep those facing financial hardship from losing their home or apartment. You may need to show that you are within the programsâ income limits to qualify, or demonstrate that your rent is more than 30 percent of your income. These programs vary widely at the state and even city level, so check your local government website to see what might be available to you.
As you prepare for the end of your unemployment benefits, explore which government benefits or government agency may be best suited for your needs.
Keep up with the news
During economic downturns, government programs and funds often change to keep up with evolving demand.
âItâs really important to keep on top of all the information out there right now and be aware of what benefits are available to you,â says Simon-Mishel. âYou should closely pay attention to the social media of your state unemployment agency and local news about other extension programs that might be added and that you might be eligible for.â
Options for extending your unemployment benefits
If youâre currently receiving benefits, but theyâll be ending soon, youâre likely wondering what to do when your unemployment runs out and asking if your unemployment benefits can be extended. Start by confirming when you first filed your claim because that will determine your benefit end date.
If youâre wondering, âCan you refile for unemployment after it runs out?â the answer is yes, but youâll have to wait until your current âbenefit yearâ expires. Note that a benefit year is 12 months from when you file a claim. If you filed at the beginning of June, for example, you generally can’t file again until the beginning of the following June.
You may get 26 weeks of unemployment benefits, depending on your stateâs rules at the time. Most states extended the payout period to 39 weeks in the wake of the COVID-19 crisis. Check your stateâs website for the particulars on what to do when your unemployment runs out.
If your claim is still active but youâll be in need of additional financial relief after your unemployment benefits run out, here are your options:
File for an unemployment extension
During extraordinary economic times, such as the coronavirus pandemic, the federal government may use legislation like the CARES Act to offer people more benefits for a longer period of time, helping many people concerned about whether unemployment benefits can be extended.
For example, in 2020, for most workers who exhaust, or receive all of, their unemployment benefits, a 13-week extension should automatically kick in, Simon-Mishel says. This would bring you up to 39 weeks total. However, if more than a year has passed since you originally filed and you need the extension, you will likely need to file a short application provided by the government. Details vary by state.
As youâre determining what to do when your unemployment runs out, reach out to your unemployment office. Itâs important to do this before your benefits expire so you can avoid a missed payment. You can also confirm youâre eligible and that you can refile for unemployment after it runs out.
Ask about the Extended Benefits program in your state
Can unemployment benefits be extended beyond that? In periods of high unemployment, you may qualify for a second extension, depending on your state.
âAfter those [first] 13 weeks, many states have added a new program called Extended Benefits that can provide another 13 to 20 weeks of unemployment when a state is experiencing high unemployment,â Simon-Mishel adds. This means you may be able to receive a total of up to 59 weeks of unemployment benefits, including extensions. The total number of weeks of unemployment you may receive varies based on your state and the economic climate.
Itâs hard enough keeping up with everything as you prepare for the end of unemployment benefits, so donât worry if you donât have your stateâs benefits program memorized. Visit your stateâs unemployment insurance program page to learn more about what benefits are available to you.
Beyond unemployment benefits
While life and your finances may seem rocky now, know that youâre not alone. Remember that there are resources available to help support you, and try to take things one day at a time, Schmoll says.
âRealize that at some point your current situation will improve.â
If you find that your benefits arenât covering all of your expenses, now may be the time to dip into your cash reserve. Explore these tips to determine when itâs time to use your emergency fund.
1 This article is not legal advice and should not be construed as such. Eligibility for unemployment benefits may be impacted by variations in state programs, changes in programs, and your circumstances. If you have questions, you should consider consulting with your legal counsel, at your expense, or seek free assistance from your local legal aid organization.
Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
The post How to Prepare for the End of Your Unemployment Benefits appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
Standard vs. Itemized Deduction: Which One Should You Take?
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Standard versus itemized deduction: Which one should you claim? If this question is weighing heavily on your mind as you file your taxes, now that all the new tax reforms have taken effect, let this guide help you decide.
Itemizing your deductionsâparticularly if you’ve bought a home recentlyâcould save you major bucks when you file. But, more than ever, you need to understand what you can and can’t do. We’ll break it down to help you make the decision on whether to select a standard or an itemized deduction.
What is the standard deduction?
The standard deduction is essentially a flat-dollar, no-questions-asked reduction to your adjusted gross income. When you file your tax return, you can deduct a certain amount right off the bat from your taxable income.
For 2019, the standard deduction is $12,000 for single filers and $24,000 for married couples filing jointly. (The standard deduction nearly doubled as a result of the Tax Cuts and Jobs Act, which went into effect in 2018.)
Here are some of the benefits to taking a standard deduction:
- It allows you a deduction even if you have no expenses that qualify as itemized deductions.
- It eliminates the need to keep records and receipts of your expenses in case youâre audited by the IRS.
- It lets you avoid having to track medical expenses, charitable donations, and other itemizable deductions throughout the year.
- It saves you the trouble of needing to understand the fine nuances of tax law.
What are itemized deductions?
Although claiming the standard deduction is easy and convenient, choosing to itemize can potentially save you thousands of dollars, says Mark Steber, chief tax officer at the Jackson Hewitt tax service.
âDonât be lulled into thinking the standard deduction is always a better answer,â Steber says. That advice especially applies to homeowners.
âBuying a home has the single largest impact on your tax return,â he adds, noting that a home purchase is âan anchor item that can move someone into the itemized taxpayer category.â
Itemizing your deductions may enable you to deduct these expenses:
- Home mortgage interest (note the exceptions below)
- Real estate and personal property taxes (note the cap below)
- State and local income taxes or sales taxes (but not both)
- Gifts to charities
- Casualty or theft losses
- Unreimbursed medical and dental expenses
- Unreimbursed employee business expenses
Why itemizing often makes sense for homeowners
Under the new law, current homeowners can continue to deduct interest on a total of $1 million of mortgage debt for a first and second home. But new buyers can deduct interest on only $750,000 for a first and second home.
It’s still possible that if you own a home, your mortgage interest alone might exceed the standard deduction, says Steve Albert, director of tax services at the CPA wealth management firm Glass Jacobson. In this case, it’s a no-brainer to itemize your deductions.
This is particularly true if you bought a house recently, since most mortgages are front-loaded to pay mortgage interest rather than whittle down the principal (which is the amount you borrowed).
For instance: If you have a 30-year loan for $400,000 at a fixed 5% interest rate, in the first year of your mortgage, you’ll pay off only $5,901 in principal and a whopping $19,866 in interest.
That alone exceeds an individual’s standard deduction of $12,000 deduction for 2019. So if you’re filing taxes this year, itemizing would make total sense.
Plus: If you bought your house in 2019 and paid pointsâwhich are essentially a way to prepay interest upfront to lower your monthly mortgage billsâthese points count as mortgage interest, too, amounting to more tax savings.
On the other hand, if you’ve owned your home for a while, then your mortgage interest may not amount to much. By the 25th year of that same $400,000 loan, you’ll pay only $6,223 in interest.
However, keep in mind that your property taxes of up to $10,000 are an itemized deduction, tooâand combined with mortgage interest and other deductions, could push you over the top into itemizing territory.
Itemized vs. standard deduction: Which is right for you?
Not sure how much you paid in mortgage interest and property taxes last year? To get a ballpark, you can punch your info into an online mortgage calculator.
Also, early in the new year, your mortgage lender should have mailed you a mortgage interest statement (Form 1098) showing the total you paid during the previous year.
âAnd if you had your property taxes impounded in your loan, your taxes will appear on your 1098 as well,” says Lisa Greene-Lewis, a CPA and tax expert at TurboTax.
Another DIY approach for seeing whether your combined itemized tax deductions are higher than your standard tax deduction is to fill out the IRS Schedule A form, which outlines all federal itemized deductions line by line.
You can also consult an accountant (you can search for a tax professional in your area using the IRS directory of tax return preparers). But as a general rule, if you bought a home recently, you could be a prime candidate for itemizing, so don’t let these potential savings pass you by without checking!
The post Standard vs. Itemized Deduction: Which One Should You Take? appeared first on Real Estate News & Insights | realtor.com®.
Source: realtor.com
Home Buyer’s Guide: How to Purchase a Property, From Start to Finish [Free Download]
Purchasing a home is both exciting and a major milestone in your life, so you’ll want to be prepared for what to expect to avoid a stressful process. Having an in-depth look at the buyer’s journey can help you make informed and confident decisions.
From finding a real estate agent, negotiating offers to getting your keys on closing day, we’ve outlined all the steps of a home buyer’s journey in our free Buyer’s Guide, which you can download here.
The Buyer’s Guide will cover the buyer’s timeline from meeting an agent to preparing for closing day. We’ve outlined the 8 steps in a home buyer’s journey below.
1. Working With An Agent
Every city is filled with thousands of agents, but not all are equal. We believe it is important to choose an agent that you feel confident with. Before you commit to working with an agent, make sure you have a good understanding of the knowledge and experience they offer. It’s important that you ask your questions before making the decision to work with them.
2. Financing Your Purchase
Before you set a budget and start looking for a home, you’ll have to understand what costs to expect when purchasing a home. Here are some of the major costs involved:
- Deposits
- Down payments
- Mortgage insurance
- Closing costs
You’ll also want to calculate a rough estimate of the down payment that you will be expected to pay. Depending on the price of your home, your minimum down payment can range from 5% to 20%. If you’re interested in learning more about how to finance your home, you can get our free Financing Your Purchase guide here.
3. Searching For A Home
An important part of searching for a home is understanding how the home will fit with your needs and your lifestyle. You’ll want to consider home ownership as well as different types of properties and features.
Types of Home Ownership
- Freehold Ownership
- You purchase the home and directly own the lot of land it sits on
- Condominium Ownership
- For condos, you own specific parts of one building: titled ownership of your unit, along with shared ownership in the condo corporation that owns the common spaces and amenities
- Co-Op Ownership
- You own an exact portion of the building as a whole and also have exclusive use of your unit
Types of Properties
- Detached houses
- Semi-detached houses
- Attached houses
- Condos and apartments
- Multi-unit
Tip: Depending on your budget and desired location, you may need to be flexible to find a home that meets your needs. By being willing to trade some features for others, you’ll have more options to choose from.
4. Negotiating An Offer
When you are making an offer to purchase a home, the purchase agreement should include the essential components listed below. Your agent can help put together an offer that is compelling, while safeguarding your interests and puts you in a competitive position to secure your new home.
You’ll also have the opportunity to choose the conditions that you’ll want in your offer. Some of these may include a home inspection or a status certificate review.
5. Financial Due Diligence
Whenever you make an offer on a house, you need to provide a deposit to secure the offer. The deposit is in the form of a certified cheque, bank draft, or wire transfer; it’s held in trust by the selling brokerage and is applied towards your down payment if your offer is successful.
There are two types of deposits:
- Upon acceptance
- The deposit is provided within 24 hours of the seller choosing your offer
- Herewith
- The deposit is provided when the offer is made
6. Property Due Diligence
To firm up a deal or educate yourself more on the state of the property, you’ll likely want to have a home inspection if you’re purchasing a house. If you’re purchasing a condo, then your lawyer will review the building’s status certificate.
Home Inspection
A home inspector will assess elements of the home such as the walls, windows, plumbing, heating and roof to judge the condition of the home. This process is non-invasive and is essential to help provide buyers with a good idea of the home’s current condition and the confidence of putting in an offer.
Tip: The home inspector will provide a summary of suggested work along with a minimum budget estimate for the repairs needed.
Status Certificates
If you’re purchasing a condominium, you’ll need to obtain a status certificate from the condo board or management for your lawyer’s review. This document will include valuable information about the condo’s budget, legal issues, reserve fund, maintenance fees and future fees increases – and the lawyer can help identify potential red flags
7. Preparing For Closing
Before the big day, you’ll want to keep a checklist of what to do ahead of time. Some of these include:
- Review your contract
- Complete a final walkthrough of the home
- Purchase home insurance
- Meet with your lawyer
- Know how much cash you’ll need
- Secure cash required for closing
8. Closing Day
Closing Day is when you’ll finally get the keys to your new home! In addition to bringing the cash required for closing, you’ll have to sign a few more documents which will include:
- Mortgage loan
- Title transfer
- Statement of adjustments
- Tax certificates
For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Buyer’s Guide here.
The post Home Buyer’s Guide: How to Purchase a Property, From Start to Finish [Free Download] appeared first on Zoocasa Blog.
Source: zoocasa.com
Money Moves to Make in Your 20s, 30s, and 40s
Reaching your twenties is an exciting milestone for most as it means youâve officially entered adulthood. Along with that milestone comes new responsibilities and worries that we didnât picture when our teenage selves dreamed of turning 21. We imagined our college graduation, moving into our first apartment, and launching our new career. That vision didnât include dealing with student loan debt, taking on a low paying entry-level job, or having to confront that despite spending 4 years in college, youâre still unsure how the world of personal finance actually works.
Itâs easy to dismiss it all because well youâre a 20 something, and youâll have plenty of time to play catch up. The reality is that each decade plays an important role in our future financial health. Take the time now to learn about your money and follow the money moves outlined below to put yourself on a path of lifelong financial success and eventual freedom.
Money Moves to Make in Your 20âs:
Learn How To Budget
Building a budget doesnât have to be overly complicated or time-consuming. Itâs actually the first step in putting yourself in control of your finances because it means you know where your money goes each month. The good news is that there are lots of apps and online tools that can make the process a breeze. Consider a system like Mint that will connect to your accounts and automatically categorize your spending for you. The right budgeting tool is simply the one youâll stick with long term.
Pay Off Debt
Debt isnât all bad. It may be the reason you were able to earn your degree, and a mortgage may help you one day buy a home. It can also quickly overrun your life if you arenât careful. Nowâs the perfect time before life gets more hectic with family commitments to buckle down and tackle any loans or credit card balances so you can be debt-free going into your 30âs.
Build a Cash Cushion
The financial downturn caused by the pandemic has reminded the whole world of the importance of having an emergency fund. We donât know what life is going to throw at us and having a cushion can help you navigate the uncertain times. Though itâs not all about having a secret stash of cash to deal with the bad news of life (medical bills, car repair, layoff), it can also be about having the cash to seize an exciting opportunity. Having savings gives you the freedom and security to deal with whatever life brings your way – good or bad.
Understand Credit
Your credit score can dictate so much of your life. That little number can play a big role in the home you buy, the car you drive, and even the job you hold as some employers (especially in the finance world) will pull your credit. Itâs important that you check your credit report and score (also available through Mint), learn how itâs calculated, and work to improve it.
Money Moves to Make in Your 30âs:
Invest For Retirement
Now that youâve spent your 20âs building the foundation for your financial life, itâs time to make sure youâre also tackling the big picture goals like saving and investing for retirement. I typically recommend that clients save 10% to 15% of their annual income towards retirement. That may seem like an insurmountable goal, but starting small by saving even 1 to 3% of your salary can make a big difference in the future. Also, make sure to take advantage of any matching contributions that your employer may provide in your retirement plan. If, for example, they offer to match contributions up to 6%, I would try hard to work towards contributing at least 6%.
Buying Your First Home
Buying your first home is a top goal for many, but it also seems to be getting increasingly more difficult especially if you live in a major city. The most important steps you can take is to improve your credit score, pay down high-interest debt, and be aggressive about saving for a down payment. Saving 20% down will help you qualify for the best loan terms and interest rate, but there are still home loans available even if you arenât able to save that much. Just be realistic with your budget and what you can afford. Donât let a lender or real estate agent determine what payment will fit into your budget.
Be Covered Under These Must-Have Insurances
Youâve spent the last several years building your savings and growing your family. Itâs now crucial that you have the proper insurance coverage in place to protect your assets and your loved ones. Life and disability insurance are top of the list. Life insurance doesnât have to be expensive or complex. Get a quote for term-life that will last a set number of years and protect your partner and children during those crucial years that they depend on you. Disability insurance protects your income if you become sick or injured and are unable to work. Your earning ability is one of your biggest assets during this time, and you should protect it. This coverage may be offered through your employer, or you can request a quote for an individual policy.
Invest in Self-Care and Well Being
Mental health is part of self-care and wealth. Most people donât talk about how financial stress and worry affect their overall health. When you can take care of yourself on all levels, you will feel healthier and wealthier, and happier. But it is not easy. It takes work, effort, awareness, and consciousness to learn how to detach the value in your bank account or financial account from your self-worth and value as a human being. When you feel emotional about your money, investments, or the stock market, learn ways to process them and take care of yourself by hiring licensed professionals and experts to help you.
Money Moves to Make in Your 40âs:
Revisit Your College Savings Goal
As your kids get older and prepare to enter their own journey into adulthood, paying for college is likely a major goal on your list. Consider opening a 529 plan (if you havenât already) to save for their education. 529 plans offer tax advantages when it comes to saving for college. There are lots of online resources that can help you understand and pick the right plan for you. Visit https://www.savingforcollege.com. This is also a great time to make sure you’re talking to your kids about money. Give them the benefit of a financial education that you may not have had.
Get Aggressive with Retirement Planning
Your 40âs likely mark peak earning years. Youâll want to take advantage of your higher earnings to maximize your retirement savings especially if you werenât able to save as much in your 20âs and 30âs. Revisit your retirement plan to crunch the numbers so you’ll be clear on what you need to save to reach your goal.
Build More Wealth
Youâve arrived at mid-life probably feeling younger than you are and wondering how the heck that big 4-0 got on your birthday cake. We typically associate being 20 with being free, but I think weâve got it wrong. There is something incredibly freeing about the wisdom and self-assurance that comes with getting older. Youâve proved yourself. People see you as an adult. Your kids are getting older and your finances are more settled. Nowâs the time to kick it up to the next level. Look for ways to build additional wealth. This may mean tapping into your entrepreneurial side to launch the business youâve dreamed of or buying real estate to increase passive income. Nowâs also a great time to find a trusted financial advisor who can help guide your next steps and help you plan the best ways to build your wealth.
Revisit Your Insurance Coverage
Insurance was crucial before, but itâs time to revisit your coverage and make sure youâre protected especially if you decide to launch a business or buy additional real estate. This is also where a financial advisor can help you analyze your coverage needs and find the policies that will work for you.
Consider Estate Planning
Estate planning (think wills, trusts, power of attorney) isnât the most fun / exciting topic. It involves imagining your gone and creating a plan for the loved ones you leave behind. It is also often overlooked by adults in their younger years. Itâs easy to assume estate planning is something the wealthy need to do. It really comes down to whether you want to decide how your life savings will be managed or if you want a court to decide. Itâs also crucial for parents with children who are minors to select a guardian and have those uncomfortable conversations with their family members about who would care for the children if the worst were to happen. Itâs also a good time to visit this topic with your own aging parents and make sure they have the proper documents and plans in place.
Whether you’re in your 20âs, 30âs or 40âs, it can be easy to put off planning your finances especially in the middle of a pandemic. Most of us are busy, and itâs easy to tell yourself that youâll have time to work on a goal in the future. Commit to setting aside one hour each week or even each month to have a money date and review your finances. Donât let yourself reach a milestone birthday (30, 40) and regret not being farther ahead. Follow these money moves now to seize control of your financial future.
The post Money Moves to Make in Your 20s, 30s, and 40s appeared first on MintLife Blog.
Source: mint.intuit.com
When Should you Drop Full Coverage on your Car?
Full coverage car insurance covers you for most eventualities, but it is also expensive. You get what you pay for, and in this case, what you pay for is liability coverage, collision coverage, and comprehensive coverage.
The question is, how essential are all of these coverage options and at what point do they become surplus to requirements?
Your insurance coverage is never set in stone. You can increase your coverage as needed and drop coverage when it is no longer needed. Staying on top of everything is just a case of making the right choices at the right time.
What is Full Coverage Auto Insurance?
There are several different types of auto insurance, each covering you for something different. The most important cover is something known as liability insurance, which spans bodily injury and property damage and covers you when you injure another driver or their property.
Liability insurance is required in nearly all states and there are minimum coverage limits in all of them. To make sure you are legal, you need to meet these limits. If you want additional liability cover to protect your personal assets, you can pay more and aim higher.
Collision coverage and comprehensive coverage are also required if you want full coverage car insurance. With collision insurance, you are protected against damage caused to your own property, whether that damage is the result of a road traffic accident or a collision with a wall or guardrail. As for comprehensive insurance, it protects you against vandalism, theft, weather damage, and most of the things not covered by collision insurance.
A full coverage policy should also include some personal injury protection (PIP) cover, whether in the form of medical payments coverage or personal injury protection coverage. Both are designed to help you with medical bills and other expenses resulting from personal injury, while PIP goes one step further and covers you for transportation costs, childcare expenses, and loss of work.
All of these options are part of a full coverage insurance policy. There are also many additional coverage options and add-ons, but these aren’t necessarily part of a full coverage policy and, in most cases, need to be added for an extra cost. These options include:
- Uninsured/Underinsured Motorist Coverage: Minimum cover car insurance won’t protect you if you are hit by an uninsured driver. It has been estimated that as many as 13% of all drivers on US roads are not insured and, in some states, this climbs as high as 25%. With uninsured motorist coverage, you will be protected for such eventualities.
- Gap Insurance: When you purchase a brand new car on finance, the lender will often insist on gap insurance. A car depreciates rapidly and if that depreciation drops the value below the balance of the loan, the lender stands to lose out. Gap insurance protects them against such an outcome and covers the difference to make sure they get their money back if the car is written off.
- New Car Replacement: A new car replacement policy will do exactly what the name suggests, providing you with a new vehicle in the event your current one is written off. Depending on the insurer, there will be limits concerning the age of the vehicle and the number of miles on the clock.
- Roadside Assistance:Â With roadside assistance, you will be covered for essential services if you break down by the side of the road. It typically includes tire changes, fuel delivery, towing, lost key replacement, and more.
- Pet Injury:Â What happens when your pet gets injured during a road traffic accident? If you have pet insurance, they will be covered through that. If not, many providers will give you a pet injury insurance add-on.
- Rental Car Reimbursement:Â If your car is stolen or getting repaired, rental car reimbursement coverage will help you to cover the costs of a short term rental. This insurance option is often fixed at a daily sum of between $50 and $100 and lasts for no more than 30 days.
- Accidental Death: A type of life insurance that focuses on accidents, paying a death benefit to a beneficiary when a loved one dies in an accident.
When to Drop Full Car Insurance Coverage
The value of the car you drive, along with your insurance rates and your driving record, will impact whether or not you should drop full coverage auto insurance. Take a look at the following examples to discover when this might be the right option for you:
1. Your Insurance Premiums are too High
If your car insurance rates are higher than the size of a payout following an accident, it might be time to trim the fat. Insurance is a gamble, a form of protection. You pay a small sum of money in the knowledge that you’ll be covered for a large sum if something untoward happens. But if you reach a point when your premiums begin to exceed the potential payout, it’s no longer useful.
2. You Have an Old Car
The lower your car’s value, the less you need full coverage car insurance. If you’re driving around in a car that costs less than $1,000 and you’re paying $2,000 for the pleasure, you may as well be throwing your money down a wishing well.
In the event of an accident, you’ll have a deductible to pay and that deductible could be near the value of the car. In such cases, it will nearly always make more sense to stick with minimum insurance and to just scrap your car if anything serious happens.
3. You Have a Large Emergency Fund
An emergency fund is a sum of money you keep to one side to cover you for emergencies, including job issues, medical bills, broken appliances, and car troubles. If you have such a fund available, you have a few more options at your disposal and can consider dropping full coverage.
It will save you money in the long term and if anything happens in the short term, you still have options and won’t be completely financially destitute.
Bottom Line: When It’s Needed
While there are times when full coverage is unnecessary and excessive, there are also times when it is essential. If you have a new car, for instance, you should get all of the cover you can afford, otherwise, you could be seriously out of pocket following an accident or theft.
Â
When Should you Drop Full Coverage on your Car? is a post from Pocket Your Dollars.
Source: pocketyourdollars.com
How to Build Good Credit in 10 Painless Steps
If you want to whip your finances into shape, hereâs a good New Yearâs resolution: improving your credit score.
A lot of New Yearâs resolutions fail because theyâre so extreme. Think of all the bonkers weight-loss and money-saving goals that surface at the start of every year.
This resolution is different. No extreme measures are required. But there arenât any shortcuts. Building good credit is a goal you need to commit to 12 months a year.
How to Build Good Credit in 10 Steps
Ready to make 2021 the year you finally prove your creditworthiness? Or are you looking to recover from a 2020 setback? Hereâs how to build good credit in 10 steps.
1. Stay on Top of Your Credit Reports
Itâs essential to monitor your credit reports, especially if you received a hardship agreement from a lender due to COVID-19. Under the CARES Act rules, lenders are supposed to report your account as paid in full while the agreement is in effect, as long as you werenât already delinquent. But mistakes happen. Even in normal times, about 1 in 5 credit reports contained inaccurate information.
Through April 2021, you can get one free credit report per week from each bureau. (Typically, youâre only entitled to one free credit report per year from each bureau.) Make sure you access your reports at AnnualCreditReport.com, rather than one of the many websites that offer âfreeâ credit scores but will make you put down your credit card number to sign up for a trial. File a dispute with the bureaus if you find anything you think is inaccurate or any accounts you donât recognize.
Your credit reports wonât show you your credit score, but you can use a free credit-monitoring service to check your score. (No, checking your own credit doesnât hurt your score.) Many banks and credit card companies also give you your credit scores for free.
If the bureaus agree to remove information from your credit reports, expect to wait about 30 days until your reports are updated.
2. Pay Your Bills. On Time. Every Single Month
Yeah, you knew we were going to say this: Paying your bills on time is the No. 1 thing you can do to build good credit. Your payment history determines 35% of your score, more than any other credit factor.
Set whatever bills you can to autopay for at least the minimums to avoid missing payments. You can always pay extra if you can afford it.
A strong payment history takes time to build. If youâve made late payments, theyâll stay on your credit reports for seven years. The good news is, they do the most damage to your score in the first two years. After that, the impact starts to fade.
3. Establish Credit, Even if Youâve Made Mistakes
You typically need a credit card or loan to build a credit history. (Sorry, but all those on-time rent and utility payments are rarely reported to the credit bureaus, so they wonât help your score.)
But if you have bad credit or youâre a credit newbie, getting approved for a credit card or loan is tough. Look for cards that are specifically marketed to help people start or rebuild credit. Store credit cards, which only let you make purchases at a specific retailer, can also be a good option.
4. Open a Secured Card if You Donât Qualify for a Regular Card
Opening a secured credit card is one of our favorite ways to build a positive history when you canât get approved for a regular credit card or loan. You put down a refundable deposit, and that becomes your line of credit.
After about a year of making your payments on time, youâll typically qualify for an unsecured line of credit. Just make sure the card issuer you choose reports your payments to the credit bureaus. Look for a card with an annual fee of no more than $35. Some secured card options we like (and no, weâre not getting paid to say this):
- Discover it Secured
- OpenSky Secured Visa Card
- Secured Mastercard from Capital One
5. Ask for a Limit Increase. Pretend You Never Got It
Increasing your credit limits helps your score because it decreases your credit utilization ratio. Thatâs credit score speak for the percentage of credit youâre using. The standard recommendation is to keep this number below 30%, but really, the closer to zero the better.
If you have open credit, ask your current creditors for an increase, rather than applying for new credit. That way, youâll avoid lowering your length of credit, which could ding your score.
The downside of a higher credit limit: Youâll have more money to spend that isnât really yours. To get the biggest credit score boost from a limit increase and avoid paying more in interest, make sure you donât add to your balance.
Donât believe the myth that carrying a small credit card balance helps your credit score. Paying off your balance in full each month is best for your score, plus it saves you money on interest.
6. Prioritize Credit Card Debt Over Loans
Tackling credit card debt helps your credit score a lot more than paying down other debts, like a student loan or mortgage. The reason? Your credit utilization ratio is determined exclusively by your lines of credit.
Bonus: Paying off credit card debt first will typically save you money, because credit cards tend to have higher interest rates than other types of debt.
7. Keep Your Old Accounts Active
Provided you arenât paying ridiculous fees, keep your credit card accounts open once youâve paid off the balance. Credit scoring methods reward you for having a long credit history.
Make a purchase at least once every three months on the account, as credit card companies often close inactive accounts. Then pay it off in full.
8. Apply for New Credit Selectively
When you apply for credit, it results in a hard inquiry, which usually drops your score by a few points. So avoid applying frequently for new credit cards, as this can signal financial distress.
But if youâre in the market for a mortgage or loan, donât worry about multiple inquiries. As long as you limit your shopping to a 45-day window, credit bureaus will treat it as a single inquiry, so the impact on your score will be minimal.
9. Still Overwhelmed? A Debt Consolidation Loan Could Help
If youâre struggling with credit card debt, consolidating your credit card debt with a loan could be a good option. In a nutshell, you take out a loan to wipe out your credit card balances.
Youâll get the simplicity of a single payment, plus youâll typically pay less interest since loan interest rates tend to be lower. (If you canât get a loan that lowers your interest rate, this probably isnât a good option.)
By using a loan to pay off your credit cards, youâll also free up credit and lower your credit utilization ratio.
Many debt consolidation loans require a credit score of about 620. If your score falls below this threshold, work on improving your score for a few months before you apply for one.
10. Keep Your Credit Score in Perspective
All the credit-monitoring tools out there make it easy to obsess about your credit score. While itâs important to build good credit, look at the bigger picture. A few final thoughts:
- Your credit score isnât a report card on the state of your finances. It simply measures how risky of a borrower you are. Having an emergency fund, saving for retirement and earning a decent living are all important to your finances â but these are all things that donât affect your credit score.
- Lenders look at more than your credit score. Having a low debt-to-income ratio, decent down payment and steady paycheck all increase your odds of approval when youâre making a big purchase, even if your credit score is lackluster.
- Donât focus on your score if you canât pay for necessities. If youâre struggling and you have to choose between paying your credit card vs. paying your rent, keeping food on the table or getting medical care, paying your credit card is always the lower priority. Of course, talk to your creditors if you canât afford to pay them, as they may have options.
Focus on your overall financial picture, and youâll probably see your credit score improve, too. Remember, though, that while credit scores matter, you matter more.
Now go crush those goals in 2021 and beyond.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to DearPenny@thepennyhoarder.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Source: thepennyhoarder.com
How to Make Better Financial Decisions
A key financial decision people struggle to make is how to allocate savings for multiple financial goals. Do you save for several goals at the same time or fund them one-by-one in a series of steps? Basically, there are two ways to approach financial goal-setting:
Concurrently: Saving for two or more financial goals at the same time.
Sequentially: Saving for one financial goal at a time in a series of steps.
Each method has its pros and cons. Here’s how to decide which method is best for you.
Sequential goal-setting
Pros
You can focus intensely on one goal at a time and feel a sense of completion when each goal is achieved. It’s also simpler to set up and manage single-goal savings than plans for multiple goals. You only need to set up and manage one account.
Cons
Compound interest is not retroactive. If it takes up to a decade to get around to long-term savings goals (e.g., funding a retirement savings plan), that’s time that interest is not earned.
Concurrent goal-setting
Pros
Compound interest is not delayed on savings for goals that come later in life. The earlier money is set aside, the longer it can grow. Based on the Rule of 72, you can double a sum of money in nine years with an 8 percent average return. The earliest years of savings toward long-term goals are the most powerful ones.
Cons
Funding multiple financial goals is more complex than single-tasking. Income needs to be earmarked separately for each goal and often placed in different accounts. In addition, it will probably take longer to complete any one goal because savings is being placed in multiple locations.
Research findings
Working with Wise Bread to recruit respondents, I conducted a study of financial goal-setting decisions with four colleagues that was recently published in the Journal of Personal Finance. The target audience was young adults with 69 percent of the sample under age 45. Four key financial decisions were explored: financial goals, homeownership, retirement planning, and student loans.
Results indicated that many respondents were sequencing financial priorities, instead of funding them simultaneously, and delaying homeownership and retirement savings. Three-word phrases like “once I have…,", “after I [action],” and “as soon as…,” were noted frequently, indicating a hesitancy to fund certain financial goals until achieving others.
The top three financial goals reported by 1,538 respondents were saving for something, buying something, and reducing debt. About a third (32 percent) of the sample had outstanding student loan balances at the time of data collection and student loan debt had a major impact on respondents’ financial decisions. About three-quarters of the sample said loan debt affected both housing choices and retirement savings.
Actionable steps
Based on the findings from the study mentioned above, here are five ways to make better financial decisions.
1. Consider concurrent financial planning
Rethink the practice of completing financial goals one at a time. Concurrent goal-setting will maximize the awesome power of compound interest and prevent the frequently-reported survey result of having the completion date for one goal determine the start date to save for others.
2. Increase positive financial actions
Do more of anything positive that you’re already doing to better your personal finances. For example, if you’re saving 3 percent of your income in a SEP-IRA (if self-employed) or 401(k) or 403(b) employer retirement savings plan, decide to increase savings to 4 percent or 5 percent.
3. Decrease negative financial habits
Decide to stop (or at least reduce) costly actions that are counterproductive to building financial security. Everyone has their own culprits. Key criteria for consideration are potential cost savings, health impacts, and personal enjoyment.
4. Save something for retirement
Almost 40 percent of the respondents were saving nothing for retirement, which is sobering. The actions that people take (or do not take) today affect their future selves. Any savings is better than no savings and even modest amounts like $100 a month add up over time.
5. Run some financial calculations
Use an online calculator to set financial goals and make plans to achieve them. Planning increases people’s sense of control over their finances and motivation to save. Useful tools are available from FINRA and Practical Money Skills.
What’s the best way to save money for financial goals? It depends. In the end, the most important thing is that you’re taking positive action. Weigh the pros and cons of concurrent and sequential goal-setting strategies and personal preferences, and follow a regular savings strategy that works for you. Every small step matters!
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