Category: Personal Finance

Millennials are stuck in a weird financial situation.

Currently, Millennials are between their mid-thirties and late teens. This is the age group that commits reckless behavior or is in the beginning stages of buying a house and excelling in their career.

We’re at the point where Millennials should start investing. Our consumerism society makes it easy to spend money. Trends such as crazy food, fashion, technology, and travel can eat away at your bank account.

Living the luxury life isn’t wrong — you have to share something on your Instagram, right? But there are ways to develop good savings habits so you can do more fun things during these crucial moments in life.

Here are some wealth planning tips, specifically for Millennials.

Stop Going Out So Much

Millennials are at the party age. This is a common age group where you want to drink and have a good time. Even though our parents give us the judgmental glare, they can’t deny they went through the same phase, too.

But party days are no longer rummaging through your parents’ liquor cabinets or buying some alcohol at the nearby liquor store.

Millennials want to go out. They want to drink fancy cocktails. They want craft beer. They want wine and specialty food.

All of this adds up, and you’re left with an empty bank account and bad wealth planning.

If you want to save money, you can agree to hardest part about saving is saying ‘no’ when a friend asks you to join them at a brewery or an expensive cocktail lounge.

This doesn’t mean you can never go out. But limit the number of times you go out.

Instead of going out every weekend, make a day once a month to go out with friends. Or save going out for special occasions, such as a birthday or other life event.

Don’t Buy the Latest Technology

Once Apple and other major tech companies announce the new iPhone and other gadgets, Millennials flock to the store to be the first ones with the gadget.

And phones aren’t the only gadgets. Video game consoles, games, tablets, and smart TVs are perfect examples of expensive tech that Millennials completely eat up.

But this habit can ruin your bank account. However, there’s a difference between an investment and a novelty purchase.

Say you have an older smartphone that’s starting to decrease in quality. It loads slow, the battery dies quickly, and you’re unable to properly use your apps. Therefore, it’s time to buy a new phone.

But rather than splurge on the latest phone, you’re wealth planning. You take about six months and save for it.

Or, you lease the phone through your cell phone carrier. This way, a small charge is added to your cell phone bill and you don’t have to put down a lot of money.

But you don’t have to buy the latest gadgets when they’re immediately released. You’re putting down a lot of money at one time, resulting in a low balance bank account or risk of being in debt.

Get in the Habit of Actually Saving

While cutting down on expenses is great advice, Millennials need to be taught wealth planning. And once you do, this habit will come naturally.

Start by saving $20 a week. By the end of the month, you’ll at least have $80. After a year, you’ll have about a grand saved.

Don’t have $20 each week to save? Start saving some loose change. Even putting away 50 cents a day equals almost $100 in your savings.

Building a savings account doesn’t require several thousand in the bank. Even an extra $500 will prepare you for a dire situation and an unexpected expense.

Depending on your bank, you can set up automatic savings that transfer a certain percentage of the money in your checking to your savings.

But if you want to start saving for your future and for retirement, you need to really be responsible.

Open up a separate retirement account. Invest in stocks or bonds so your savings can accumulate faster. If your employer offers retirement savings or a 401k, take advantage of those benefits.

And whatever you do — don’t touch that money unless you retire. Consider opening a special account that charges you a large fee if you take any money out.

Saving money can mean having a small savings account or a retirement account that will last you a lifetime. The most important thing to do is save money, regardless how you do it.

Make Smart Purchase Decisions

It’s inevitable — you’ll have to splurge occasionally.

Even when trying to save, the burden of Christmas presents and birthday gifts is still upon you. Even small purchases make an impact; how often did you forget to go to the grocery store and opt to just eat out?

But when you do splurge, make the most of it. Meaning, be smart about your purchases. Making impulse and last-minute spending decisions could leave you in debt. Instead, think of purchases that matter.

For major purchases, such as buying a car, make sure you research the car and test it out. Don’t settle for the hot sports car — buy a car that will last you years.

Be sure to understand the lease, your interest rates, and if the new car will affect your insurance.

For smaller purchases, make sure you’re spending well. Meaning, don’t buy clothes unless you need to. A perfect example: say your new job requires a certain dress code and you don’t have many clothes in that category.

When going out to eat, avoid appetizers and upgraded side options. Only eat out at nice restaurants during special occasions.

Time to Get Better at Wealth Planning

With the way Millennials are spending, it’s easy to be broke or fall into debt. Make smart purchasing decisions and start saving.

There are many money saving options that create a rainy day fund and helps prepare you for retirement. The longer you procrastinate to save, the harder it will be. Start saving today and be prepared for anything life throws at you.

For more money-saving tips, visit our blog.

Camping is a great budget-friendly activity for people of all ages. But if you don’t know what you’re doing, it’s easy for a supposedly inexpensive trip to turn into a major expense.

That’s why we’re breaking down what you need to know to keep your next camping trip affordable. Keep reading to learn 8 great ways to save money camping this year!

1. Research Camp Sites

One of the most expensive parts of any camping trip is renting a site for the night. But a little research can make it one of the easiest ways to save money camping.

While fancy private campgrounds can run as much as a hundred dollars or more a night, there are also plenty of cheap sites available, if you know where to look. In fact, in some areas, you may even be lucky enough to find a free campsite.

To save money on your campsite, start by considering what type of site you need.

For instance, many campgrounds charge extra for sites that offer electricity and water and sewage hookups. If you’re staying in a tent, you won’t need the hookups, unless you need to bring an electric fan or heater.

Choosing a primitive site without these amenities will likely land you a cheaper rate.

You can also save money camping by looking for campgrounds in national or state parks. They may not be as fancy as some private campgrounds. But staying in a park is a great way to get even closer to nature, and to save a few bucks on your nightly stay!

2. Simplify Your Meals

Another great way to save money camping is by simplifying your meals.

While it can be tempting to try out the latest recipe you find online, consider all of the things you’ll need to whip up that complicated recipe while camping.

Besides just ingredients, you’ll also need stoves, pans, utensils, cooking spray, and more.

If you don’t have a lot of experience with camp cooking, it can be easy to get overwhelmed.

Choosing simple meals, like hot dogs roasted over a fire or foil dinners, will not only save you money and stress but is also a fun camping activity.

Don’t just limit yourself to camping recipes. Simple recipes that you would make at home, like these chicken sliders, work great for camp cooking too!

3. Shop Around for Gear

Camping gear can be expensive.

From tents and stoves to sleeping bags, lanterns, and more, the costs add up quickly.

To save money camping, it’s essential to shop around before you buy.

If you’re starting from scratch, with no gear, start by finding the right basics. While name brand gear may offer additional features, there are plenty of areas that you can save money on.

For instance, a cheap flashlight and matches will work just as well as an expensive lantern and a fancy lighter.

You could also save money camping by looking into renting gear or borrowing it from friends rather than buying. If you’re camping for the first time, this is a great way to try it out before you start investing in your own gear.

When it comes to buying gear, an important tip to help you save money is to research each item before you buy.

Reading online reviews and doing your research to learn more before you buy will help ensure that you’re choosing gear that won’t give you trouble or wear out right away.

4. Invite Your Friends

Going camping on your own can be a liberating experience. But it can also be expensive.

Going it alone means buying all of your own gear and paying for a campsite, food, and gas on your own.

Inviting along some friends and splitting the costs is a great way to save money on your next trip.

5. Try a Few Camping Hacks

A quick internet search will reveal countless counting hacks.

Some of these help keep you safe, such as hacks for identifying poisonous plants or avoiding attracting bear and other wildlife. Other hacks help keep you comfortable and happy, like using foam tiles on the floor of your tent.

But other hacks are great for saving money camping.

For instance, a light stick dropped in a gallon of water can be a great alternative to a lantern. A straw cut into sections, filled with toothpaste, and sealed off is much cheaper than buying travel-sized toothpaste tubes.

6. Repurpose Throw-Away Items

To avoid paying for expensive camping gear, look for ways repurpose items that you would normally throw away instead.

A plastic coffee container makes a great waterproof can for storing toilet paper while camping. Empty tick-tack containers are an easy way to bring along spices without paying for small bottles.

You can even use dryer lint to start fires, rather than store-bought starters!

7. Skip the Tech

Outdoors stores offer all kinds of tech that they promise will improve your next camping trip.

But you don’t need GPS watches, action cameras, or other devices to enjoy your trip. In fact, skipping out on this gear is a great way to avoid distractions while camping, leaving you to enjoy nature, your friends, and an escape from the hustle and bustle.

8. Go Natural

If critters and crawlers aren’t your favorite things, you likely drop a lot of money keeping them away each time you go camping.

But there are plenty of natural alternatives that are both effective and inexpensive.

A small bit of sage added to your campfire is a great way to keep mosquitoes away. A bar of Irish Spring soap in your tent will keep mice and other small rodents away.

Save Money Camping With These Simple Tips

Camping trips don’t have to break the bank.

Use these simple tips to help you save money on your next camping trip.

Are you still struggling to pay for all of the trips you’re dreaming of? Check out this guide to learn about some part-time jobs that can allow you to earn extra income in your free-time!

Do you have a budget set for moving to your new home?

Most people only allocate money for mortgage payments.

But, when you buy a home the list price isn’t your only expense.

This article breaks down extra costs you must include in your budget.

Have a Budget Set to Cover Closing Costs

Closing costs are the catchall term used to describe fees charged by the lender.

These costs will vary based on your:

• Lender
• Loan Type
• Location
• Professional Services

Lender Fees

Regulations require lenders be clear about all fees. Examine your documents. You should understand any extra costs related to your mortgage.

Many lenders have the new homeowner pay property and mortgage taxes upfront. You may pay several months or a year’s worth of taxes at closing.

Mortgage companies, banks, and brokers charge an origination fee for processing the loan application. Origination fees are also added to refinanced mortgages. The fee is usually 1% of the loan value.

The lender fees aren’t the only added expenses.

Loan Types

A conventional loan with less than a 20% down needs private mortgage insurance to protect the lender. That costs more.

A Federal Housing Administration (FHA) loan with a low down payment needs an upfront insurance premium. This premium is often 1.75% of the loan value.

If you get a Veteran Affairs (VA) mortgage loans you may not need mortgage insurance or a down payment, but you will need to pay a funding fee. It’s usually 1.25 to 3.30% of the loan value.

Location

Every year Bankrate does a survey of closing costs in the United States. The analysis includes 10 lenders in every state.

The 2017 results show the average closing costs for a $200,000 home with a 20% down payment ranged from $1,700 to over $2,500.

You can see the state-by-state closing costs results here.

Other location-related expenses are taxes and association fees. If the home seller pre-paid taxes or association fees, you’ll have to reimburse them.

Professional Services

Home Inspection
Don’t skip a house inspection. There’s thrifty, and then there’s foolish.

A home inspection costs a few hundred dollars. It can reveal an expensive problem such as termite or flood damage, or faulty wiring.

Many lenders require an inspection. Some don’t. Regardless, have a thorough home inspection done so you know the true condition of the house.

If the home inspection finds a major problem, you can negotiate the cost of repairing it or walk away from the sale.

Land Survey
Some states ask for a survey to verify the lot size. This is an added expense.

Attorney Fees
If a lawyer prepares or reviews the sale documents, that’s an extra cost.

Professional Movers
The price of transporting belongings depends on how far you’re moving, and how much stuff you have. Moving out of state or across the country will cost more than across town.

If you hire professional movers, estimate your cost based on hourly rates. For example, a two-bedroom apartment moved across town will take 3 people about 6 hours.

Read this article on more service expenses so you have your budget set for closing.

Plan Ahead for Closing Costs

All the closing fees are due at the time of sale. Plan ahead with an online closing costs calculator to figure out how much money you need.

Want more ideas for ways to save money when you move? We’ve got what you need to make your move a success.

There are all kinds of reasons why you might want to take out a loan.

Maybe you want to go back to school now that your kids are a little bit older. Perhaps you want to build an addition onto your house to make room for a new arrival. Maybe you need a new car to get your kids to and from soccer practice.

However, if you have bad credit, getting that loan can sometimes be pretty tough.

But despite what you might think, there are options out there. In this post, we’ll tell you everything you need to know about how to find the best loans for bad credit.

The financial future you want is possible. You just have to know where to look to find it.

Try Online Installment Loans

The first option on our list of loans for bad credit?

Online installment loans.

First of all, online installment loans often let you borrow more money than other options allow. You’re paid this money in installments (in most cases, once a month.) This helps you to increase your credit score while also preventing you from spending the money carelessly.

So, if you struggle to control your desire to splurge, installment loans are a wonderful option.

This means that you’ll also have a longer period over which to repay the loan — but that’s an advantage if your current cash flow is less than you’d like it to be.

Most online installment loans bad credit also offer a more flexible repayment schedule. As long as you have an American bank account and have proven a reasonable ability to repay the loans, you’ll be approved.

Best of all?

In the majority of installment loan applications, no credit check is required. Additionally, you won’t be asked to divulge detailed information about your finances. The application is incredible simple, and only takes about ten minutes to fill out.

In most cases, you’ll see your first installment payment within 24 hours of your approval.

A Loan from a Credit Union

If your credit is less than stellar, you know firsthand how difficult it can be to get approved for a loan by a bank.

Luckily, there are other options.

Another one of the most popular loans for bad credit? Credit union loans.

While you’ll still need to provide a certain amount of financial information, and demonstrate a reasonable repayment ability, credit union loans are a great possibility for those with bad credit.

To get the loan, you’ll need to become a member of a credit union. This too, isn’t nearly as complicated as it might sound. All you really need to do is demonstrate that you live near the credit union, or that you work in a certain field approved by the union.

This means that pretty much anyone will be accepted for membership, as long as you find a credit union where you meet the membership criteria.

So, how are these credit unions able to grant you loans even if you have truly awful credit?

It’s because they operate as non-profit entities, so they can undercut the costs and interest rates of banks.

Plus, because they’re used to working with individuals on a more personal basis, you’ll likely receive much better customer service than you would at a large bank branch. You’ll also have to pay less fees and penalties, which can make the process much more of a financial possibility.

Keep in mind though, that loans from a credit union will often have shorter repayment periods than installment loans. Additionally, the amount of money you’re able to borrow will likely be less than you can get from an installment loan.

Apply for a Home Equity Line of Credit

If you’re a homeowner, you’ll have a nice leg up when it comes to getting loans for bad credit.

This is because you’ll be able to use what’s called a home equity line of credit (also known as a “HELOC.”)

Of course, this means that your home will serve as collateral. So, that means it’s incredibly important to really think about this choice, and to be honest with yourself about your ability to make repayments.

If you have a minimum of a 20% stake of equity in your home, you’re eligible for a HELOC. You’ll also need to prove to your lender that you have a strong record of employment.

If approved, you’ll be able to take out a line of credit on your home that’s tax-deductible. The interest rate will be much more manageable than other options, and you’ll be able to use the money for anything you like.

Look for “Bad Credit Loans”

In your search for loans for bad credit, you might come across something simply titled “bad credit loans.”

However, this option is last on our list for a reason. Only go for this choice if you’ve been denied the other loan types we’ve listed.

Why?

Because this is the type of loan where it’s easy to get trapped in a debt cycle. This is because these loans come with seriously high interest rates that make it challenging to get out of debt.

However, the majority of people who apply for these loans are accepted, even if you have bad credit.

Want More Advice About Loans for Bad Credit?

As you can see from this post, you have far more options than you might think when it comes to securing loans for bad credit.

However, it’s always important to make sure that you’re borrowing money because of a real need, not because of a want. Speak with your partner and talk about how you plan to stick to your repayment schedule.

One of the best ways to make sure you’re always on top of your bills? By looking for other ways to save money.

That’s where we come in.

Spend some time on our website to connect with the best deals and discounts for everyday items. Also, be sure to check out our money-saving tips.

Now is the time to secure your financial future, for both you and your children. We’re happy to have helped you take the first step.

Dying to get away, but afraid your wallet can’t handle it?

There’s an app for that!

Vacations can be expensive, but with careful planning, you can make the trip of your dreams a reality. Of course, stressing about money won’t make for a very relaxing trip. Hopefully, our list will provide you with the perfect travel budget app to help you plan ahead and avoid having to think about expenses come vacation time.

Buy This, Not That

It’s easy to get carried away when everything you see is new and exciting. But when you get home with an astronomically expensive handmade Turkish rug or an authentic Scottish kilt, you might realize you’ve put yourself in the red.

Try one of these apps to help you create and stick to a budget.

Trip Wallet

This is the perfect travel budget app. Whether you are spending the weekend in a log cabin or exploring Rome, this travel expense tracker app has your back.

Log your receipts on the app’s “Quick Add” screen to keep track of your daily spendings. At the end of each day, you’ll get a detailed spending report along with a comparison to your budget to help you stick to the plan. The app costs $4.99, but there is a free version that allows you to track up to 25 items.

Trabee Pocket

Trabee is particularly helpful if you are traveling out of the country and switching between currencies. It allows you to categorize your spendings as cash or credit, so you can keep track of exactly how much you are putting on your card.

Using credit can be a great option when traveling thanks to all the bonus points, but without a tracker, it is easy to get carried away. Trust Trabee Pocket to keep you in check.

Of course, if you’re already working to repair your credit, sticking to cash might be the better option. Need help getting your credit back up to speed? Check out this review of CreditRepair.com.

Cheap Flights

You don’t want to spend all your money before you even get there!

Flight prices can vary drastically based on lots of factors. Here are a few apps to help you determine the best time to buy.

Hopper

A travel budget app for planning and booking flights, Hopper is easy to navigate and free to use. You can compare airline prices on just about all the airlines (Southwest and JetBlue are two exceptions), and the app makes recommendations on the best time to buy. You can even set up alerts to keep track of how the prices are changing while you’re waiting for the perfect time to purchase.

Kayak

Probably the best known budget travel app, Kayak compares the prices of most major airlines, and if your dates are flexible, helps you pick the cheapest time to fly. Though its alerts aren’t quite as easy to use as Hopper’s, Kayak earns extra points for its abilities to search for rental car and lodging deals as well.

Affordable Places to Stay

Finding a clean and comfortable hotel can be difficult, especially on a budget. With these apps, however, you can find a great place to stay without breaking the bank.

Hotel Tonight

If you don’t get anxiety waiting until the last minute, this app could be your saving grace! Hotel Tonight provides great last-minute-only deals for booking hotels. It’s easy to navigate, and you can book your room directly through the app.

Airbnb

Airbnb is a great option if you’re looking to get the most bang for your buck, especially if you book a room with a kitchen. It’s easy to throw away your money on meals, but cooking at home won’t leave quite the same dent in your pocket. Plus, you’ll get to enjoy the true experience of wherever it is you’re visiting if you stay in an actual authentic home.

DIY Travel Planning

A travel agent? No, thanks. With all these resources at your fingertips, your phone can do the work.

Travelzoo

This fantastic travel budget app searches for the best deals on meals, activities, and ways to get pampered. If you are looking for an all-in-one app, Travelzoo also finds good deals on flights and lodging.

PackPoint

This app is designed to make sure you never forget a thing. Based on the length of your trip, the weather at your destination and the activities you have planned, PackPoint creates a personalized list of what – and how much – you need. It’s like a free personal packing assistant.

Making Road Trips Fun

Road tripping can be a great way to save money on airfare and rental car fees. Here are some apps to make the most of your time on the road.

GasBuddy

GasBuddy lets you search for nearby gas prices – as well as gas prices up ahead. Gas prices vary largely by state, so if you know where to fill up, you can protect your wallet. Plan your gas stops, and you’ll never find yourself stuck getting the expensive stuff.

Audio Books by Audiobooks

Need a good pass time for the long haul? If you don’t want to pay for a fancy audiobook subscription, the vast free books section on this audiobook app should keep you occupied for miles.

Keeping the Memories

If you’re going to make the plunge and plan your dream vacation, you are definitely going to want to have something to show for it. After all, isn’t part of the fun coming home and sharing your incredible new experiences with your loved ones?

ProCamera

Want the best photos but can’t afford that fancy DSLR camera? ProCamera is a pretty cool way to go, and at $6.99, it’s the best option for your wallet. The app helps you make the most of your phone’s camera and has capabilities beyond what’s already in the built-in camera.

A Travel Budget App for Everything

When you’re working multiple jobs to pay off that debt, a break isn’t just nice; it’s necessary. These apps are at your disposal (often for free) and help make traveling on a budget possible.

Planning to cook from your AirBnB or do laundry to avoid those checked baggage fees? Check out these coupons to keep the savings coming.