The 60/30/10 budget turns the traditional rules of budgeting upside down. Instead of focusing on discretionary spending, this budgeting rule emphasizes sprinting toward our financial goals. And although the 60/30/10 rule budget won’t work for everyone, many could use it to take their finances to the next level. Here’s what you need to know about the 60/30/10 rule budget.

What is a 60/30/10 budget?

The numbers in the 60/30/10 each represent a percentage of your financial plan.

• With this system, you will use 60% of your take-home pay to build your savings or even an early retirement account, invest, save up for a down payment, or repay debt.
• Next, you will spend 30% on your needs. These might include food or frugal meals, rent or mortgage payments, utilities, healthcare, and transportation like car payments.
• Finally, you use the remaining 10% of your budget to pay for discretionary spending. These wants might include new accessories, a spa day, or other ways to pamper yourself. You may also spend money on hobbies, entertainment, or other non-essential expenses.

Who is it ideal for?

After seeing the percentages, you might be curious to know who would thrive under the 60 30 10 rule budget. Ambitious savers are best suited for this budgeting style, especially if they have an ultimate lifetime money plan that includes a big money goal.

If I have big financial goals, then prioritizing saving might seem right.

For example, let’s say I want to pay off a large amount of debt fast. Putting 60% of my take-home pay towards that goal will help me achieve that goal faster.

Another example is anyone interested in achieving FIRE; Financial Independence Retire Early. It is no secret that those seeking FIRE must save a significant amount of money.

Pros and cons of a 60/30/10 budget

As with all financial choices, there are some advantages and disadvantages to sticking with the 60/30/10 idea. Here’s a closer look at the pros and cons you should consider before diving in.

Pros

Let’s start with the pros of the 60/30/10 rule budget. This idea has some significant upsides.

Faster progress toward financial goals

The most obvious advantage is that you’ll accelerate your timeline for any financial goals. Whether you want to build emergency fund savings or save money for a big-ticket item, saving 60% of your income in your savings accounts will help you accomplish that more quickly.

Disciplined spending on what excites you

You can still have fun with your spending. But you’ll need to be intentional and only spend on things that really matter to you. It helps to determine what your wants truly are when using the 60 30 10 rule budget.

For instance, if I really value traveling but instead usually spend my extra money on coffee and shopping, then I would need to change my spending. I would stop spending on those categories and focus on saving for my next vacation.

Motivation to boost your income in creative ways

If you want to boost your discretionary spending within the rule, you must increase your income. It could be the perfect way to stick to your side hustle.

The budgeting rule can help you accomplish your financial goals. Plus, it helps you uncover what type of discretionary spending is truly important to you.

Cons

Of course, there are also some downsides to consider. An extreme budget like this isn’t for everyone.

Limited discretionary spending options

Depending on your wants, it might be challenging to cut back on your discretionary spending. Some people prefer a more luxurious lifestyle and this budgeting method restricts those types of purchases.

For example, if you’re used to spending half of your income on discretionary expenses, it will be a major adjustment. But you can do it if you really want to prioritize your money savings goals!

Adjustments to your lifestyle

You may need to cut back on the needs in your life to keep it within the 30% rule. It might include cutting back on housing through house hacking or transportation and car expenses. Also, eating at home versus dining out and finding ways to drastically cut expenses.

It is clear that you might need to make some cuts to your spending within this budget. You’ll need to decide for yourself if the cutbacks are worth it.

The math may not work for your income right away

Unless you have a very large income, this budget could be challenging without some major lifestyle and financial changes.

For instance, even if you make $10,000 a month, your expenses would still need to be very low ($3,000) for this to work. So if you have this income and your expenses are $5,000, you would need to switch up some percentages or drastically change your lifestyle.

To make this work, you can either increase your income, decrease your expenses, or both.

How do you set up a 60 30 10 rule budget

If you want to move forward with a 60/30/10 rule budget, here’s how to set one up. Check out the following guidelines:

Step 1: Determine your take-home pay

The basis of the 60/30/10 budget is your take-home pay. It includes the money you earn after you account for taxes. 

If you are an employee, it may be as easy as looking at your paycheck to determine your salary. But if you are an independent contractor or business owner, it can be more difficult to nail down your take-home pay and monthly income.

The IRS offers a free tool to help you determine how much you should expect to withhold for taxes. But if you run into questions, it is a good idea to talk to a tax professional to help you determine exactly what your take-home pay is.

Step 2: Allocate to your financial goals first

Once you determine your take-home pay, it is time to allocate 60% of the funds to your financial goals. The best part is that your financial or savings goals will be entirely unique to your situation. You may decide to build an emergency fund, start investing, or pay off debt from credit cards or student loans.

Before you take any action, take some time to find and choose examples of financial goals that align with your future.

Perhaps you want to start investing. That’s a great step! But you should consider what your long-term goals are to ensure you make investments that will work for you.

As an example, one of my major savings goals is retirement. Let’s suppose I need to save $1,000,000 to reach my goal. Based on my current income and this budget, it might take about 20 years to reach this number.

But now I have a financial goal with a number, a time limit, and a long-term plan.

In addition, I should determine what investments will be best for my retirement goal in 20 to 30 years.

Step 3: Take care of your needs

Next, you will use 30% to cover your needs. Necessities encompass the essentials of life. Some examples include housing, utilities, food, groceries, transportation, and healthcare.

You may need to shop around to build a lifestyle that fits within 30% of your income.

For example, you might decide to drive an older car or choose to cook at home more to save money. In addition, you may get a roommate in order to reduce your house payment.

Step 4: Spend the last 10% on things you want

Last but not least, the remaining 10% of funds is to be spent on things that you want.

Whether you want to take a lavish vacation or upgrade your simple wardrobe to a more extravagant one, you’ll know what your spending limits are.

Don’t be tempted to skip spending on the things you want. It is important to treat yourself to the things that matter to you. Otherwise, it can be easier to let the entire budgeting plan fall apart.

Expert tip: Focus on having specific savings goals

Since you aren’t going to be spending as much money with this budget, it’s important that your savings goals feel very worthwhile to you. They need to be specific to your situation and also things that are very fun or interesting.

For instance, I really value being a home owner, so saving a down payment will be worthwhile.
Or perhaps you want to travel the world for a year and save a lot for retirement.

No matter what, make sure your goals are important to you. Also, be sure to use vision boards or create mini goals in order to stay focused.

What to avoid with this budget

There are several things you should avoid including being caught unaware by unexpected expenses. Since the percentage for necessities with this budget is low, there isn’t much room for error. Beware of increases in necessities like housing costs or groceries due to how inflation affects a household, etc.

Another thing to remember is not to confuse or mxi up your categories, like what is essential and what is extra non-essential spending. Remember your percentages and keep spending in check!

Last, don’t take on extra credit card debt, as it can be too much to handle. I find that not increasing my debt burden helps me to pay things off in a timely manner and can make this budget work long-term.

How does the 60/30/10 budget differ from the 50/30/20?

The difference between the 60/30/10 budget and the 50/30/20 budget are the percentages. The 50/30/20 budget was created by Elizabeth Warren and her daughter, Amelia Warren Tyagi. The idea is that 50% of your income pays for expenses and needs, 30% is for wants, and 20% is for savings.

The 50/30/20 budget is easier to achieve for many people because it is less extreme. With this approach, you save 20% of your income instead of 60%.

However, many people now believe saving more is better, especially with the rising cost of living. So it’s really up to you what percentage you feel is best to save or invest. You may lean more towards a higher saving percentage, or you might choose to spend more on living expenses, depending on your unique situation.

Is the 60/30/10 budget right for me?

The rule is an enticing choice for anyone who wants to improve their financial situation. Before you jump in, take a minute to be realistic about your current income. If you have a lower income, this plan might be too extreme at first.

Ultimately, this budgeting strategy is possible for everyone. However, you may need to consider increasing your income through a unique side hustle. Or making major cuts to your spending on big-ticket items like housing and food.

Of course, there are many other types of percentage budgets that you can try first if needed to get in the groove of saving.

For instance, the 70-20-10 budget, 30-30-30-10 rule, 50/30/20 budget, or the 80/20 rule are great budgets to start with.

If these don’t suit you, you could move back to the 60 30 10 rule budget! The main thing to remember is to pay yourself first so you are sure you save money before spending it.

What is a 60/30/10 rule example?

Let’s look at a couple of actual monthly budgets using this system. Suppose my monthly income is a net pay of $5,000. Next, I’ll divide it into categories. 60% of $5,000 is $3,000, 30% is $1,500, and 10% is $500.

In this scenario, I could save $3,000 for a down payment and an emergency fund. I would pay my bills with $1,500, including rent, groceries, and insurance. Then, $500 would be mine to use as I like.

For example, I might go to the movies or go on a weekend getaway.

You can see how this type of budget works better if you have a larger income.

For instance, let’s say the budgeter has a take-home pay of $12,000 per month. That gives much more money to pay bills and more to save. You would save $7,200 (60%), use $3,600 (30%) for necessities, and use $1,200 (10%) for fun.

Even with a high income, this rule is best used when you have big savings goals and your necessary expenses are quite low.

More articles related to budgeting

If you enjoyed learning about this budget and how to apply it to your finances, check out these other posts next!

• What Is The 70-20-10 Budget?
• 10% Rule: Is Saving 10% Enough?
• What Is The 60-20-20 Rule And How Does It Work?
• Save $5K With The 200 Envelope Challenge!

Save more money with the 60/30/10 budget!

The 60 30 10 budget could help to transform your finances. You’ll significantly accelerate your progress toward long-term financial goals. But you may need to spend some time boosting your income through multiple sources of income to make this budget a comfortable reality.

If you need some help creating a budget that works for you, then take advantage of our completely free budgeting course. You’ll find helpful guidance for setting up a budget that fits your goals and finances! For more fantastic financial tips, join the Clever Girls Know podcast and YouTube channel!

The post How Does The 60 30 10 Rule Work For Budgeting? appeared first on Clever Girl Finance.

What happens when the breadwinner of a family of four suddenly passes away in an unexpected heart attack? In addition to emotional turmoil, the remaining family may face financial stress unless they have life insurance. One of the biggest benefits of life insurance is financial protection for loved ones.

While working in the financial services industry, I saw a very similar and unfortunate situation play out where the breadwinner of the family passed away suddenly.

Of course, there’s no replacement for a lost family member, but the money from life insurance helped the man’s wife and two young children have financial peace of mind. It gave them the space they needed to grieve. And that’s just some of the benefits of life insurance.

No one wants to think about their death, but it’s a part of life. Planning ahead with life insurance could help your loved ones overcome financial obstacles when you pass—and some policies can provide living benefits to you as well. Dive in to learn more about the advantages of life insurance and learn how to evaluate your life insurance needs.

Benefits of life insurance

You probably know how important life insurance is for women, but it’s still a good idea to understand the complex advantages and disadvantages of life insurance.

In most cases, the advantages of life insurance outweigh the disadvantages—by a lot. Let’s take a closer look at the distinct benefits of life insurance.

Help protect your loved ones

Life insurance is an important part of your estate planning checklist. One of the biggest advantages is the financial protection it provides your loved ones if you pass away.

Imagine what could happen to your family if you weren’t around to care for them. Depending on the situation, your loved ones could quickly fall into a bind without your financial support.

Unfortunately, that could lead to additional stress as they navigate an emotionally challenging time without you. With the financial support provided by insurance, your family can stay on track. Your thoughtfulness will continue to help provide for them while they grieve and beyond.

In addition, the payout from your insurance policy could help your family get ahead financially.

For example, your policy may be able to help cover the cost of college tuition for your children.

Peace of mind

Do you have dependents who rely on you to support their financial needs? If so, you may find it easier to see the benefits of life insurance, such as providing income replacement if you pass away.

You’ll protect your peace knowing that your family will be taken care of financially, even after you’re gone. The simple fact that your family will find financial help is enough to make anyone feel more comfortable.

It can cover funeral expenses

No one really wants to think about their funeral. But one of the leading benefits of life insurance is it can cover costly funeral expenses.

The median cost of a burial funeral in the United States is $8,300! That’s a lot of money that could help your family in their time of need.

Provide potential tax advantages

Some of the advantages of life insurance aren’t directly related to the payout of a policy. Namely, many life insurance plans offer tax benefits to policyholders and beneficiaries.

When an insured passes away, their beneficiary can receive a lump sum payout of the life insurance death benefit tax-free. Not having to pay taxes on a large sum of cash helps the money go further in covering expenses.

Policyholders can also get tax benefits from life insurance through tax-deferred cash value. Permanent life policies that include cash value components let policyholders save a portion of premium payments into a cash value account. The money in this account generally earns interest (or investment earnings) over time.

However, the policyholder doesn’t have to pay taxes on the earnings until they withdraw funds.

Build generational wealth

The most basic use of a life insurance policy is to provide financially for your loved ones after you’re gone.

For example, a policy might help replace your income so your partner can pay the mortgage and other ongoing bills well into the future.

However, you can also use a life insurance policy to build long-term wealth for your heirs—and generations to come. The right life insurance plan can provide the windfall needed to start the process of building generational wealth.

Generational wealth refers to assets that pass from one generation to the next. These assets continue to grow over time, providing each future generation with a larger financial safety net.

Let’s say you have a life insurance policy with a death benefit that could pay off your remaining mortgage balance with enough left over to invest. When you pass, your beneficiaries pay off the house.

Now, they have debt-free housing and can put more money into savings and investments. When they pass, their children inherit the house and a sizeable savings. The children rent the house for additional income and continue to invest their savings.

May offer living benefits

Many life insurance companies make it easy to tailor your life insurance policy to your needs through riders. Riders, also called policy endorsements, are optional coverage you can add to your regular policy.

Riders can increase the benefits of life insurance, but adding riders generally increases premiums. Insurance riders are most common on permanent life insurance, such as a whole-life policy.

Some of the most popular insurance riders are known as “living benefits.” Life insurance is designed to provide financial support to loved ones after you die, but living benefits riders let you use your policy while you’re still alive. Common living benefits riders include:

Accelerated death benefit

This rider gives the policyholder a portion of the death benefit if they’re diagnosed with a terminal illness and a shortened life expectancy, which they can use for medical bills and related expenses.

Critical illness

This endorsement pays the policyholder a lump sum payment if they’re diagnosed with a medical condition specified by the policy, such as cancer or heart attack.

Chronic illnesses

A chronic illness rider helps policyholders pay for caregiving costs if diagnosed with a chronic illness that impairs cognitive function or two or more activities of daily living (ADLs).

Long-term care coverage

This type of rider helps cover the cost of long-term care, such as living in a nursing home or assisted living facility.

Waiver of premium

This endorsement waives future premium payments if the policyholder becomes physically impaired or very ill.

Although less common, some term policies offer living benefit riders for policyholders.

For example, you may be able to add a terminal illness rider to a term policy.

Disadvantages of life insurance

Although there are many advantages, let’s dive into a few disadvantages to help you decide what’s best for your situation.

Certain policies are costly

In the long run, the benefits of life insurance are wonderful for your family.

However, some policies can get costly depending on the type of life insurance coverage you get. That’s why it’s important to evaluate your needs to determine what’s best for you and your family.

For example, I generally recommend that people looking for permanent life insurance consider universal life policies instead of whole life policies. That’s because whole-life policies can be more expensive when comparing premium dollars to benefits.

Discovering the advantages and disadvantages of life insurance can help you decide on coverage, which could save some costs. Be sure to do some research before getting a policy, such as understanding the difference between a term life policy vs whole life insurance policy.

Your age is also a factor in cost. For instance, the average term life insurance policy for a 25-year-old non-smoker is $31 per month, but if you’re 50, it’s $118.

Hidden terms or exclusions

Life insurance is complex and can be overwhelming if you don’t know what to look for when reading a policy. Some policies may have specific terms or exclusions of what’s covered that you’re expected to know.

For instance, some insurance carriers may deny you or the cost can be higher if you participate in dangerous sports like scuba diving or have health conditions.

This means if they do offer a policy, it will come at a higher price. Plan to review your policy with your agent so you understand precisely what it will cover if something happens to you.

Expert tip: Consider term life insurance at the minimum

Don’t think you can afford life insurance? Even if you don’t have a lot of assets or any dependents, a small budget-friendly life insurance policy, like term life insurance, could help loved ones cover your final expenses if you pass away. So take some time out to explore your term life insurance options based on your budget.

How life insurance works

Life insurance is a contract between you and a life insurance company. You promise to pay your premiums for the duration of the policy.

In return, your insurance company promises to pay the face value of your policy to your beneficiaries if you pass away while the policy is active. Your beneficiaries could be a spouse or partner, children, or even a charity organization.

There are also two main types of life insurance:

• Term life insurance policy
• Permanent life insurance (such as whole life or universal life insurance)

Term policies offer coverage for an agreed-upon term, such as 20 years. Your coverage expires at the end of the year.

Permanent coverage, on the other hand, provides insurance benefits for your entire life. Permanent policies include a cash value component, which lets you save up part of your premium in a savings account. Some permanent policies may even pay dividends.

Do I need life insurance?

Although there are clear benefits of life insurance, you may not think you need to pursue this path. Let’s look closer to find out if life insurance is in your best interests.

Do you have dependents?

If you have dependents who rely on your income, then life insurance is an easy decision. You should absolutely purchase a policy that will help protect your spouse and children if something happens to you.

If you don’t have any dependents, life insurance becomes a bit more complicated. While some people may wait until they are preparing for a baby or have children to take out a life insurance policy, there are benefits to getting one earlier than that, especially if you have a spouse who relies on your income.

Do you share financial obligations?

Beyond protecting your dependents, you should take measures to help protect anyone with whom you share financial obligations. Take a minute to consider any financial obligations that could become a burden to those you leave behind.

For example, many young, newlywed couples could benefit from life insurance, even if they do not have children. It’s especially true if they have a substantial amount of student loans or will need to lower credit card debt that requires two incomes to repay. If you left your spouse behind prematurely, could they comfortably afford the life you have built together?

Beyond shared debt between partners, you may have co-signed loans with another family member. Without life insurance, they could be put in a difficult situation if you left this world unexpectedly.

If you have a mortgage, life insurance can be a great way to guarantee your loved ones aren’t left with your debt if you pass away. I highly recommend a term life policy that covers the balance of your mortgage. Just make sure your term is at least as long as your remaining mortgage term.

Why shouldn’t I delay getting life insurance?

It’s easy to look at life insurance as another expense you don’t want to add to your budget. With that, it is tempting to put off purchasing a policy until it is absolutely necessary.

But if you delay it too long, it might be too late to help protect your family if something unexpected arises.

If you are looking to save money on life insurance, then you should move forward as quickly as possible. From a cost perspective, it makes more sense to purchase a life insurance policy while you are young.

In my experience working in life insurance, the cost increases significantly as you get older—even between ages 29 and 30! That’s simply because life insurance rates are often the cheapest when you are young and perceived to be very healthy.

Plus, it can be a better value for your money to purchase a policy earlier in life since you can typically lock in a lower rate when you are still young and in good health.

If you think your family could benefit from life insurance, now is the best time to act. Once you decide life insurance is a good choice for your situation, putting off the purchase could lead to higher rates.

Beyond the cost, delaying your life insurance could lead to dramatic consequences for your family if you aren’t able to finalize a policy in the event something happens to you.

Is it really worth having life insurance?

In many cases, yes! One of the benefits of life insurance is that there are many different types of policies to choose from. This makes it easy to find a policy that fits your needs and budget.

Life insurance can help your family pay expenses, cover funeral costs, and more without worry.

Do you gain money from life insurance?

Permanent life insurance policies feature a cash value component, which lets you build cash within your policy. You can use your cash value in many ways, including:

• Supplementing retirement income
• As an emergency fund
• Paying life insurance premiums
• Collateral for a loan

What types of life insurance are there?

There are several types of life insurance, but all fall into two categories: term life insurance and permanent life insurance. Term policies provide coverage for a specified amount of time, called the term. At the end of the term, the policy expires, and the insured is no longer covered.

Permanent insurance covers your entire life, providing you pay your premiums. Permanent policies also include cash value options to help you build cash savings from your premium payments.

Term insurance policies are generally less expensive than permanent policies.

Articles related to insurance

If you learned more about life insurance from this article, check out these other helpful reads about insurance!

• Do You Really Need A Million Dollar Life Insurance Policy?
• The Importance Of Life Insurance For Your Finances
• Term Life Insurance VS Whole Life Insurance? What’s Best For You?
• What Is Credit Life Insurance?

Get the benefits of life insurance to ensure your peace of mind

There are advantages and disadvantages of life insurance, but it is an excellent way to help protect your loved ones from financial stress.

With a life insurance policy, you can help protect your family from the financial repercussions of your passing. It can allow them to mourn in peace without wondering how they will be able to pay ongoing bills.

Even if you don’t have dependents or major assets, I recommend considering life insurance as a way to help cover your final expenses if you were to unexpectedly pass away.

Learn even more about life insurance with our completely free “Life Insurance 101” course! Don’t forget to tune into the Clever Girl Finance YouTube channel and Clever Girls Know podcast for more key financial tips!

The post The Benefits Of Life Insurance: Evaluating Your Needs appeared first on Clever Girl Finance.

If you are seeking jobs for stay at home moms, it is completely possible to find the right fit. As a mom, you are already juggling a wide range of responsibilities, and the last thing that you want to do is commute to a job on top of everything else that’s causing you stress. That’s where finding the right job as a stay at home mom can help. Keep reading!

The best part about working from home as a mom is that there are dozens of jobs to choose from. With some determination, you can find a job that will suit your schedule and your income needs. That means  you can stay home with your kids while earning an income and minimize any mom struggles with your finances. 

In this article, I’ll be going some of the best jobs for moms. You might be surprised at the variety of options available! 

Jobs for stay at home moms: 30 Best ideas 

If you are looking for a stay at home mom job to earn extra money, look no further. We have curated a list of jobs that might be a good fit for you. 

As you peruse this list of the best jobs for stay at home moms, consider the income potential and the time commitments involved. If you see something that grabs your interest, then do some more research to find out more about the opportunity. 

Here is a list of our favorite stay at home mom jobs! (p.s. These jobs are applicable to all stay-at-home parents) 

1. Freelance writer 

Average pay:  $65,000 per year 

As a freelance writer, you have the ability to earn an amazing income.  Personally, I make more than the average income each year as a writer. And I know many writers that completely blow that number out of the water.

Another benefit of this job is having control over your time, with the ability to work from anywhere. You get to make your own schedule, which is one of my favorite things about this job! 

Freelance writer job details 

A freelance writer can write about various subjects for many different people. You can take on odd jobs that you find on sites like UpWork, or you can choose to send your resume to hiring managers and interview as you normally would for a job. 

The best part about this option is that there are minimal start-up costs. If you have an internet connection and good typing skills, you can start freelance writing today. 

If you are interested in becoming a freelance writer, then check out our step-by-step guide. 

2. Virtual assistant 

Average pay: $75,000 per year 

If you have basic computer skills, you could be a successful virtual assistant. As a virtual assistant, you’ll be able to set your own hours and choose your hourly rate. As you gain more experience, you can work your way up to command a higher hourly rate. 

Virtual assistant job details 

As a virtual assistant, you can answer emails, make phone calls, act as a travel consultant, create schedules, and more for your clients. 

Virtual assistant jobs are great for moms who are highly organized and love to cross things off their to-do lists. To find your first job, seek out opportunities on sites like FlexJobs. 

3. Online ESL tutoring 

Average pay: $10-$20 per hour (depending on experience) 

If you have a love for teaching children, then teaching English online could be a good fit. Each company has its own set of rules for its teachers.

For example, some companies will require that you have a college degree but others do not. 

ESL tutor job details 

For this job, you’ll teach your students how to communicate in the English language. Check out companies like VIPKid and Teach Away to get started. 

P.S. We also have a list of great side hustles for teachers. 

4. Proofreader 

Median pay: $28 per hour

If you have a great eye for grammar, then you might be a perfect online proofreader. Since proofreading is another job that you can do on your own time, it’s something I’d recommend as a good fit for stay at home moms.

Sometimes, you may have to negotiate your hourly rate with clients and give examples of previous projects you have worked on.  

Proofreader job details 

A proofreader checks written work for errors, like grammar and spelling. Typically, this is the last stage of editing. 

If you want to try this out, I highly recommend checking out Proofread Anywhere. It is a great resource for becoming a freelance proofreader. 

5. Start a blog 

Average pay: $45,000 per year 

Building a successful blog is not an easy task. Although it can be demanding, it can also be very profitable, and you can pick a niche you love writing about. 

The income potential of a blogger is essentially unlimited. But you’ll need to be willing to put in hours of hard work before seeing the fruits of your labor.

There are a lot of variables when it comes to earning money as a blogger. You can make much more by using affiliate marketing links, selling your own products, or running ads. 

Blogging job details 

If you aren’t sure where to get started, then check out our step-by-step guide on how to become a blogger. You could get your own site up and running today and start writing your blog posts! 

The great thing is you can make this a part-time or full-time job depending on how big you want your blog to become. It’s another one of the best jobs for stay at home moms. 

6. Social media manager 

Average pay: $70,000 yearly 

Almost every business today has social media accounts that need maintenance. That’s where you can step in. You will create social media posts, engage with the audience, and more. 

If you have the skills to manage a social media presence effectively, many business owners are willing to pay you. 

Social media manager job details 

As you get started, you might want to familiarize yourself with various social media platforms.

For instance, Facebook, Instagram, Pinterest, Twitter, etc. 

Hootsuite advises that you get experience and network to get jobs. 

Make sure you are comfortable before you start selling your skills as a service. It’s one of the best stay at home mom jobs for those who enjoy social media. 

7. Data entry clerk 

Average pay: $15 per hour 

Data entry is fairly straightforward. You add data and information to the correct digital location. But many are willing to pay someone else to tackle this often tedious task. 

You can start earning money quickly without needing to get a lot of additional training, making it a top job for stay at home moms.  

Data entry job details 

If you are detail-oriented and willing to deal with data, you can find many opportunities as a data entry specialist.

However, you’ll need to be careful to avoid the massive amount of scams. 

But there are also a number of places to find legitimate work if you are patient. It can be one of the most flexible jobs, which is a huge bonus. 

8. Resume writer 

Average pay: $82,000 per year 

Being a resume writer can be one of the best jobs for work-life balance, as the hours are flexible. People at all stages of life need help with their resumes. 

Fresh graduates and those looking for better opportunities and career success will jump at the chance to polish their resumes. You can help them craft a resume that will stand out from the crowd. 

Earning money as a resume writer can be fairly lucrative because you can take on as many resumes as you want to write. 

Resume writer job details 

Start by building a portfolio of resumes by helping family and friends. Once you have a few success stories under your belt, you can command a higher rate. 

9. Graphic designer 

Average pay: $60,000 annually  

If you have a creative spark and computer skills, then graphic design is a perfect job. With the right skill set, many business owners would be ready and willing to hire you. 

Graphic design is one of the most lucrative and creative jobs, but you’ll need to build a portfolio before you can enjoy such a high rate.  

Graphic design job details 

If you want help getting started, check out the Graphic Design Bootcamp. You could sell your designs on sites like  Zazzle. 

10. Sell crafts 

Average pay: variable  

If you love crafting, why not make a business out of it? You can sell your crafts on Etsy and other platforms for a profit. It may surprise you what people will pay for a handcrafted item. 

Although you may find that crafting comes easily, not everyone is so lucky. You can help people create special gifts and memories while doing what you love. 

It’s actually pretty difficult to say what the typical pay is for this job because there is no typical pay! The amounts you can make on Etsy, for example, are quite varied. While there will be some startup costs, you will have unlimited income potential. 

Crafting job details 

Selling crafts is one of the best jobs, in my opinion! You’ll need crafting skills, obviously, a creative idea, and a place to sell your items. Many people opt for Etsy, but you could also try others like Handmade Amazon or Cratejoy. 

Check out our list of top money-making crafts you can do at home! 

11. Website designer 

Average pay: $53,000 a year 

In today’s world, most businesses need a website.

However, not all business owners are prepared to build their own. With your help, they can create a beautiful website. Teaching web design and creating a course to sell can earn you more than the average salary.  

Website designer job details 

Of course, you’ll need to learn more about the setup of a website before getting started. But this can be a very lucrative job. 

When you’ve acquired all the skills you’ll need, Skillcrush advises that you create a striking portfolio of work and then apply to jobs. 

12. Sell photos 

Average pay: $37,000 per year 

If you love taking pictures, then consider selling your photography. You could sell prints, conduct photo sessions, or photograph events. 

Photographers can easily make thousands of dollars for a single event.

For example, many wedding photographers are able to charge several thousand dollars for a single evening. 

Photographer job details 

To begin with this career, you may want to take courses and then spend time building your portfolio and website before looking for jobs. 

With the right skills and an investment in solid equipment, you could earn a great living as a photographer.

However, you’ll need to decide whether or not this would fit into your schedule. But it can be one of the highest-paying stay-at-home mom jobs you can do! 

13. Childcare 

Average pay: $32,000 yearly  

As a mom, you have plenty of experience with childcare. Why not provide childcare services to others? You would essentially become a babysitter for hire. 

Childcare job details 

Before you get started, make sure to review government childcare regulations and licensing. You can check out a site like Care.com to find childcare opportunities. 

You could also require that you babysit all children at your house with your kids. Since you are already caring for your own children, adding a few more could be a profitable addition to your day. 

14. Remote customer representative 

Average pay: $19 per hour  

There is an abundance of online customer service representative jobs out there.

To excel in this job, you’ll need to be able to deal with customers in a friendly way. You can get started with this type of job fairly quickly, making it a great career option to consider.  

Customer service representative job details 

Not everyone who calls in will be nice to you, but you need to be able to handle their request with ease. If you don’t mind this type of work, it can be a great opportunity! 

You can find jobs available on FlexJobs or Monster. Be sure to check out our in-depth list of the best remote jobs that pay well and companies to work for. 

15. Bookkeeper 

Average pay: $44,000 per annum 

Bookkeepers help business owners manage their day-to-day finances. You might be managing invoices or tracking income. You’ll need to be very detail-oriented and ready to tackle the numbers of a business. 

Ultimately, you can earn a decent salary for a job that allows you to work from home! 

Bookkeeper job details 

To become a bookkeeper, you’ll need to understand accounting software, tax returns, and more, and you should get some bookkeeping experience and then get certified. Bookkeeping is one of the best online jobs for moms who are good with numbers! 

16. Transcription 

Average pay: $21 per hour 

You can make money transcribing audio files into text. I’ve personally tried this one out, but it wasn’t my favorite way to earn a paycheck. You’ll need to have a knack for understanding sometimes jumbled words and writing them down neatly. 

Typically, you will be paid based on the length of the audio clip. Although there is a steep learning curve, you could earn a decent amount of money with transcription jobs if you have a good eye for this.  

Transcription job details 

You must be very patient for this job. At first, it might take you an extremely long time to make a clean transcript, but you’ll get better over time. 

If you’re looking for transcription work, a site like Rev is a good place to start. 

17. Search engine evaluator 

Average pay: $65,000 yearly  

Have you ever wondered how a search engine can pull up exactly what you were looking for? Part of the answer is through the help of search engine evaluators. 

The biggest issue you’ll run into is finding work when you need it. If this is a career you choose to pursue, you’ll need to put some effort into finding the gigs. 

Search engine evaluator job details 

A search engine evaluator looks over the results you get when using a search engine, then determines how accurate or good the results are. A good way to find this sort of job is to check out job sites online. 

18. Tutor 

Average pay: $24 per hour  

If you excel at a particular subject, then becoming a tutor can be a great option when it comes to jobs for stay at home moms.

However, you’ll need to be a great teacher. If you have the skills, though, the pay is pretty good, so this could be a great opportunity for you. 

Tutor job details 

The good news is that teaching is typically easier in a one-on-one setting. With that, you should be able to learn how to be a great tutor. 

To find a tutoring gig, you could find online tutor opportunities through sites like  Tutor.com. Or you could seek out students in your local area. 

19. Try dropshipping 

Average pay: $40,000 per year  

Building an online store can be one of the fun and worthwhile stay at home mom jobs. Although it is most definitely a lot of work, it opens up the door to unlimited income possibilities. 

Whilst the average pay is just over $40k per year, you can earn much more than this by regularly introducing new products and selling to the local market.  

Dropshipping job details 

When you choose to drop ship for your online store, you’ll let a third-party seller handle the shipping logistics. There is a process for starting this, and Forbes explains that you’ll need to choose suppliers and build your store. 

This option can have a steep learning curve, but it offers the opportunity to build a relatively hands-off source of passive income. 

20. Flip flea market finds 

Average pay: $100-$5000 per month  

If you, like me, love bargain shopping, why not turn that into a job? With an eye for high-quality items and a knack for repairs, I can flip many flea market finds and start flipping furniture into a healthy profit, and so can you! 

There are many variables in how much you earn, so an exact estimate depends on you and the items you flip. A few of the most profitable items to flip are power tools, furniture, and vintage clothing.  

Flipping items job details 

You can check out thrift stores and flea markets to find items you can repair and sell. Then put them up for sale on sites like Ebay. 

When you start this strategy, consider starting with a set budget. That way, you can get your feet wet without committing too much money. 

However, if you are searching for one of the most fun jobs online for moms, then you may want to give it a try! 

21. Become an interior designer 

Average pay: $70,000 yearly  

A sharp eye for design can help you build an interior design business. You can also help others to start loving their homes and maximize form and functionality. 

You may need to do home visits for this job, but you could also consider conducting video consultations. You’ll get a chance to be creative and help others with their homes while getting paid!  

Interior design job details 

You may need to obtain a degree for this job, as well as create a portfolio and gain work experience.

However, it is possible to have this career without a degree if you have the right skills. It’s one of the best jobs for stay at home moms if you enjoy designing and decorating. 

22. Editor 

Average pay: $60,000 per year  

One of the best flexible jobs for the at-home parent is a job in editing. I think this type of job is ideal, and I found that I need excellent grammar skills and a good understanding of SEO and keywords when working for an online publication. 

It’s possible to earn more than the average salary with expertise and hard work! 

Editor job details 

There are many types of editors, as well. So you’ll need to decide what sort of editor you want to be and ensure you have the right skills for the job. 

One of the simplest ways to get started in editing is by freelancing. You can use this list of places to search for online editing work. 

23. Become a coach 

Average pay: $60k+ per annum, depending on specialism  

There are many types of coaching, from health and fitness to life coaching. A coaching business is one of the best work-from-home jobs because you can choose your hours. 

It’s important that you pick something that you’re skilled at before coaching others and obtain all necessary certifications and education. 

The average pay will depend a lot on the type of coach you decide to be.

For example, an athletic coach will make $64,000 per annum, while a life coach usually makes $68,000 per year, and a business coach earns an impressive $70,000 per year on average. 

Coaching job details 

A coach will typically help their clients to achieve their goals. They help motivate them and guide them. It’s a great job for people with a positive outlook and a lot of patience to help others. 

In addition, you can do this from home by working online. You can create your own coaching business and work from wherever you want. 

24. Translator 

Average pay: $49,000 annually  

If you speak multiple languages fluently, you can get a job as a translator. It’s one of the best jobs because you can help people and make a great income simultaneously. 

Translator job details 

A translator changes the text from one language to another. You can do this job online. You can check out sites like Unbabel to find jobs. 

25. Event or wedding planner 

Average pay: $58,000 per year  

One of the really fun stay-at-home jobs is planning events such as parties and weddings. If you’ve planned either of these before and have a knack for organization, this could be the gig for you. It’s a really great job that allows you to use organizational, communication, and creative skills. 

Event planner job details 

While you will need to attend the events you plan to ensure everything is organized, you can likely do most of the planning, phone calls, and meetings online or on the phone. 

To get started with this career, you’ll need to build a portfolio and network. 

26. Professional organizer 

Average pay: $45,000 per annum  

Another of the best jobs for moms is to become a professional organizer. You may already feel like you do this all the time in your home, so why not get paid for it? It’s not a bad salary, and it’s a fun job! 

Professional organizer job details 

You will probably need to visit clients’ homes to organize them, but the hours are flexible. 

To begin with, you can get a certification or use your organizing experience. Then, find clients by reaching out to people you know. 

27. Start a YouTube channel 

Average pay: $49,000 a year 

A YouTube channel can be started anytime from anywhere, making it the perfect job for stay at home moms. And you can pick what subjects and content you talk about on your channel, so you can use the knowledge you already have. 

Whilst the average earnings are around $50k, there is unlimited potential in this career. Some YouTubers make millions of dollars, so if you become really great at this job, you could make a lot of money! 

YouTube job details 

You can create content and then monetize your channel. While this isn’t the easiest job to get started with, it can be done, and it includes a flexible schedule and the chance to be your own boss. 

28. Try travel consulting 

Average pay: $57,000 yearly 

If you are passionate about traveling and enjoy chatting with people, working remotely as a travel consultant could be the perfect job for you. You won’t need any previous experience to get started; you just need to excel at organization and communication skills.  

One of the most exciting things about being a virtual travel consultant is that your earnings aren’t capped, meaning you can make as much as you want! 

Travel consultant job details  

Your day will be spent planning travel services and booking holidays, transport, and excursions for customers via email, phone, or video conference.  

Keen to get started? There are two paths to this career. You can either apply for remote positions with a travel company or start your own travel agency business.  

29. Become a brand ambassador  

Average pay: $39,000 annually 

Does getting paid to spend your time on social media selling products sound like your dream job? Well, it’s a legitimate way to make money, and it can be very rewarding! The role would suit people with a background in retail, sales, or marketing, but anyone can do it.  

You may earn more or less than the average pay, but the more effort you put into selling, the bigger your financial rewards will be. Remember that your pay will fluctuate month-to-month as you will be paid a commission on your sales. 

A big perk of the job is receiving free stuff (often related to your promotion) and special discounts.  

Brand ambassador job details   

Your main job as a brand ambassador is to promote a brand, product, or service. You may be asked to interact with customers online or devise new marketing strategies.  

You can find brand ambassador jobs on job platforms directly on a company’s website. Demand tends to increase during holiday periods, so keep your eyes peeled during the summer and festive seasons.  

30. Create and sell training courses  

Average pay: variable ($100-$1m+) 

Do you have skills that are in demand? If so, you could make money from them by creating a course! Online training is continually on the rise, with no signs of slowing down.  

It isn’t a make-money-quick job, though. Creators typically will start making a few hundred dollars but the potential is huge. The exact amount you can expect to make per course will depend on the price you sell your course for and its intended audience.  

Creating and selling training course details  

If you want to give this way to make money a try, the first thing you need to do is find a topic that will sell. If you’re stuck for ideas, consider what you are good at. You’ll then need to create the content and decide on a price.  

You can sell your course on marketplaces such as Udemy or learning management systems such as Thinkific. These will offer different benefits, such as marketing, and help with course creation, so it’s important to research which avenue is best for you.  

Expert tip: Plan your work/life schedule in detail to create balance

When it comes to working various jobs for stay at home moms, it’s important that you plan your work and life schedule to ensure you have time for yourself and your kids. 
When I first started working from home as a freelance writer, I found it hard to separate work and caring for my 12 month old daughter. I would often try to do both at the same time, which never worked well! Then I tried only working while she was asleep, which left little to no time for myself.

I knew that I needed to organize my time better before I suffered from burnout.  So I started creating a daily routine schedule and it made a huge difference to my work and mental health. I would set my alarm for 5.30am to take time for myself before my family woke up. Some days I would do some Pilates or yoga and other days I would sit with a hot cup of coffee and a book and enjoy the quiet. I’d then plan the rest of my day around my daughter’s routine and daily chores, scheduling writing time in during her naps.  

Creating this routine helped me be the best version of myself and avoid any feelings of mom guilt. My best piece of advice for creating a schedule that works is to make it flexible and revise it from time to time to ensure it remains effective. Also, I had separate daily, weekly and monthly schedules which allowed me to plan my workload and other commitments in the short and long-term.  

 What is the best job for a stay-at-home mom? 

The best job for a stay at home mom is ultimately one that suits you and your lifestyle. It should be flexible, something you can do from home, and require no experience to get started.  

The best thing is that there are so many to choose from, so you can get paid to do a job that matches your interests and skills. Whether you have a way with words, enjoy talking to people, or are good with technology, there is something for everyone! 

A popular side job for a stay at home mom is copywriting, but there are many more! Becoming a virtual assistant, online tutor, or YouTuber are other great job ideas to consider.  

How can a stay at home mom get a job? 

Start by determining what kind of job you’d be interested in. Then, it’s time to dust off your resume and update your skills and experience, and start applying to companies. Practice interviewing and if necessary be prepared to explain any job gaps on your resume. 

If you prefer to work for yourself, you must lay out a business plan and set up an online brand and presence. Leveraging social media is a great way to market and promote your business. 

How can a stay at home mom make money realistically? 

To make money realistically as a stay at home mom, decide on what skills you can leverage to get a job or start a side hustle. For example, tutoring, becoming a virtual assistant, doing graphic design, etc. 

Next, it’s important to have a clear understanding of your income and expenses and create a budget that helps you track both. The key is to widen the gap between your income and expenses, so you have extra money to put aside toward your financial goals. 

Related articles for stay at home moms

If you enjoyed this article on the best jobs for moms, be sure to check out this related content:

• How To Afford Being A Stay At Home Mom
• Making Time For Your Finances As A Working Mom
• 8 Ways To Create A Winning Single Mom Budget
• Real Advice And Encouragement For The Struggling Mom

There are plenty of great stay at home mom jobs for you to try! 

There are many available jobs for stay at home moms. Regardless of if you are a single mom, looking for additional income, or getting back into the workforce. Hopefully, you’ve found something on this list that has piqued your interest. 

If so, take the time to pursue that opportunity. If not, brainstorm some ideas that would work for you. 

It is completely possible to earn an income as a stay at home mom. Take advantage of opportunities whenever you can. And be sure to have savings goals and a solid financial plan for the money you make. 

The post The 30 Best Jobs For Stay At Home Moms appeared first on Clever Girl Finance.

Your credit score is an important number that can have a big impact on your life. Although it is just three digits, it can tell potential lenders a lot about your creditworthiness. If you regularly monitor your finances, you may notice when your credit score lowers. If it happens unexpectedly, you might ask, “Why did my credit score drop?”

In this article, I’ll walk you through some of the reasons behind a drop in credit score. Plus, I’ll also highlight ways to get your credit score back on the right track. 

Why did my credit score drop? 11 Common factors

A credit score is a reflection of your credit report. The factors that affect your credit score can pull it down or build it up depending on your choices and things like length of credit history, payment history, and more.

So wondering, “Why did my credit score drop?” Let’s look at eleven common reasons for a decrease in your credit score.

1. Too many hard credit inquiries

When applying for new loans, you are likely keeping a close eye on your credit score. You may notice a sharp drop while you are in the midst of applying for new loans.

In this case, the drop in your credit score is likely a result of too many hard credit inquiries. When you apply for credit, lenders and credit card issuers will pull your complete credit report to determine your creditworthiness.

Although credit inquiries play a small role in your overall credit score, it could be the reason behind your most recent drop.

If you’ve applied to several new lines of credit in the past month, this is the most likely reason for the drop. If you’re concerned that checking your credit score lowers it, know it is not considered a hard inquiry. You’ll only need to worry about hard inquiries if you apply for a new loan or line of credit.

2. Late and missed payments

A late payment can blemish your credit report, decreasing your credit score. That is especially true if you make late payments consistently. If you missed a payment altogether, that could cause your credit score to drop too.

Lenders favor borrowers who can make on-time payments regularly. A lower credit score could indicate to potential lenders that you aren’t consistent about making on-time payments.

3. Growing balances

The balance of revolving credit lines—like credit cards—can fluctuate each month.

For example, if you have credit card debt, it can grow each month that you don’t pay off your credit card account balance in full.

A growing amount of revolving debt leads to an increase in your credit card utilization ratio. If you have a $10,000 credit limit with a balance of $5,000, then you have a utilization rate of 50%.

In the FICO scoring model, around 30% of your FICO score comes from amounts owed. Knowing this, I recommend keeping your credit card and other revolving balances as low as possible. Many experts recommend keeping your credit utilization rate under 30% to prevent a negative impact on your score.

4. Why did my credit score drop after closing an old account?

Although it can be tempting to close an account because you may think it’s the best way to get out of debt, that can lead to a drop in your credit score.

FICO credit scores factor in the length of your credit history when calculating your score. Older accounts are considered a positive feature of your credit history.

After all, if you’ve been able to manage your credit for a long period of time responsibly, then lenders want to work with you. As you close older accounts, the average age of your credit accounts will fall and possibly drag your credit score down as well.

5. Bankruptcies on your credit report

Foreclosures and bankruptcies can significantly impact your credit score. A big dip in your credit score could result from a recent foreclosure or bankruptcy.

In most cases, this kind of mark on your credit report will have a large negative effect on your score. Unfortunately, the effects could impact your credit score for years.

6. Identity theft

Why did my credit score go down when nothing changed?

This question gets asked a lot. After all, why would your score drop if nothing has changed in your financial situation? One reason is identity theft.

Being a victim of identity theft is one of the worst reasons there is a drop in your credit score. If this happens, people can use your identity to apply for loans such as credit cards, open utility accounts in your name, and even steal your tax refund!

That’s why I suggest monitoring your credit regularly so you can ensure everything on it is legitimate. If someone is racking up debt and not paying bills in your name, it can be detrimental to your finances.

7. An error on your credit report

Another answer to the question, “Why did my credit score go down when nothing changed?” is simply a mistake on your credit report.

It’s sometimes possible that creditors made an inaccurate report to the credit bureaus (Equifax, TransUnion, and Experian). The error, in turn, impacts your score.

As soon as you identify an error, contact the reporting company to dispute the error on your credit report. You might also want to contact the credit bureaus to inform them of the error.

8. Credit limit was reduced

Another reason you could have a drop in your score is if a credit limit was reduced due to lack of use or due to changes in your credit. It could reduce your overall debt-to-credit ratio, which could impact your score.

You can contact the company to ask why they decreased your limit and possibly have it restored if possible. Also, paying down the balance will improve your score, so work on a debt reduction strategy and pay off your card monthly.

9. Paid off a loan

“I paid off a loan, so why did my credit score drop?”

While paying off a loan is a good thing—after all, you’re getting out of debt!—it can negatively affect your credit score. There are a few reasons for this:

• You reduced your credit mix.
• You closed the last account of a certain type of credit.

Paying off a loan reduces the amount of debt you owe and the type of credit accounts you have. Part of your credit score for most scoring models includes your credit mix and how many different types of credit you have.

Having a manageable mix of auto loans, student loans, mortgage payments, and credit cards can help show lenders you’re a responsible borrower—regardless of the type of credit being offered. When you pay off a loan, like a car loan, you’re removing a type of credit from your credit report.

10. Charge-offs on unpaid balances

If you simply stopped paying your debts, your creditors might write off the debt as uncollectable, known as a charge-off. It doesn’t mean you don’t have to pay your debt, but you may be paying a debt collection agency instead of your original lender.

Having a charge-off on your credit report can have negative effects. A charge-off can show up on your credit report for years to come. This makes improving your credit score or securing new credit accounts even harder.

Luckily, you may be able to remove a charge-off from your credit report.  

11. Debt settlement

Debt settlement is negotiating with creditors to pay off your debt for a smaller amount than you owe. While this might sound like a good way to reduce debt, your credit score will feel the effects of settling debt.

When you settle a debt, you and your creditors are agreeing that you will never have the funds to pay all of the amount owed. The creditor takes a loss on the debt in the hopes of recouping some of the money they’re owed. This agreement is reported to the credit bureaus, who add it to your credit report.

Debt settlement is generally preferable to bankruptcy, but it can cause similar problems to your credit score. Settled debts tend to stay on your credit report for seven years, according to Experian. When a new lender sees that you settled a debt, they may be wary of lending money to you.

Expert tip: Don’t panic if your credit score changes slightly

Credit scoring models, like FICO, use formulas to calculate credit scores. Small changes in these formulas can cause your credit score to fluctuate slightly.

If you find your score went up or down slightly, it’s not usually a cause for concern. I recommend focusing on making payments on time, paying off debt, and watching your credit score for any big changes.

Why did my credit score go down when nothing changed and how can I tell?

The best place to start is by regularly monitoring your credit score. I have two favorite resources that will allow you to monitor your credit report for free:

Credit Karma

Credit Karma is a user-friendly site that will send you helpful alerts about your credit score. If there is a drop, then you’ll be able to act quickly.

With Credit Karma, you’ll have access to your credit score and credit reports from two of the three major credit bureaus.

The reports are updated weekly, so you’ll be able to check your credit report whenever you’d like to.

Annualcreditreport.com

The name gives away the services offered by this site; you’ll be able to see a credit report every 12 months. With this free credit report, you can check to ensure all your information is accurate every year.

Both options are trusted and useful ways to monitor your credit score. Take a minute to consider these options and decide which option will work best for you.

4 Ways to increase your credit score after a drop

If you’ve noticed a recent drop in your VantageScore or FICO credit score, rebuilding your credit might be a top priority. Luckily, it is completely possible to rebuild your credit.

As you improve your credit score, you’ll unlock better loan terms and rates for big purchases such as a house down payment or car. Better loan terms can result in thousands of dollars of savings over the lifetime of your loan.

If you implement the strategies below, you might be surprised how quickly your score can rebound. Let’s take a closer look at the best ways to start improving your credit score.

1. Pay down revolving debt balances

Revolving debt is associated with lines of credit that you can access with ease, such as your credit card or your home equity line of credit. Each month, you can potentially increase or lower the amount of this revolving debt.

These loans differ from installment loans, such as a personal loan with a scheduled repayment timeline and monthly payment. If you’ve allowed your credit card balances to grow, that will likely hurt your credit score, causing it to drop.

The solution is to pay down credit cards fast. Although becoming debt-free can be challenging, paying down your debt is completely possible.

Consider using the snowball method to kickstart your debt repayment journey. Along the way, you may need to consider starting a side hustle to increase your income or meal planning to stay on budget.

As you start to pay down your debt, celebrate the small wins. Every dollar you pay down is progress on your journey. It may not be an overnight path, but every step you take will bring you closer to being debt-free.

Plus, you’ll likely raise your credit score in the process.

2. Make on-time payments

Lenders value borrowers who can consistently make on-time payments to their debts.

In fact, making on-time payments is one of the fastest ways to improve your credit score. One way to consistently make on-time payments is to automate your finances.

Automation can be the key to learning how to manage your money efficiently. You’ll no longer need to worry about whether or not you remembered to pay your bills. Instead, all of your debt payments will be made on time without any headaches for you.

3. Credit builder loans

A credit builder loan is a surefire way to improve your credit score if you can make on-time payments. If you take out a credit builder loan, the loan amount will be held in a bank account until you repay the loan. Throughout the loan, you will make on-time payments that the lender reports to the credit bureaus.

The payments you make along the way will include both principal and interest. At the end of the loan term, you will receive the money the lender has been holding in your account. You’ll be able to build your credit score and learn how to save money at the same time.

4. Take our free course on how to build good credit

Since a good credit score can save you thousands of dollars, it is vital to take action. If you want to learn more about the ins and outs of building credit, then our free “Build Good Credit” course is a great resource.

You’ll learn more about the factors that affect your credit score.

Additionally, you’ll learn more about specific action steps that you can take to improve your credit score.

How long does a credit score drop last?

The amount of time a drop in your credit lasts depends a lot on what caused it to drop in the first place. Using a large amount of your credit card limit or having a few hard inquiries on your credit report, for example, often only drops your score temporarily.

Missing several payments or settling a debt, on the other hand, will likely cause a large drop in your score—and therefore take longer to build back up.

The best thing you can do if your credit score drops (after checking for fraud) is to continue making on-time payments and working to lower the amount of credit you use.

Why is my credit score so low when I have no debt?

There are lots of reasons why your score might be low even if you’re not carrying debt—and your lack of debt may be part of the cause. Creditors generally like to see a mix of different credit types when looking at your credit score.

For example, a person with a good credit mix might have a car loan, mortgage, and credit cards with on-time payments.

Articles related to credit scores

This post offers much information to answer, “Why did my credit score drop?” To find out more about credit, check out these other great reads!

• How Does Credit Work? Here’s What You Need To Know
• The Credit Builder Loan And How Credit Builder Accounts Work
• How To Use Credit Cards Wisely

It’s possible to rebuild your credit!

A good credit score can unlock better loan terms for the big purchases in your life. With better loan terms, you can potentially save thousands of dollars over the lifetime of these major purchases, such as a home.

Remember, at the end of the day, it’s all about using credit wisely. For more terrific financial tips on improving your credit, ditching debt, saving money, and building wealth, tune in to the Clever Girls Podcast and YouTube channel!

The post Why Did My Credit Score Drop? 11 Reasons appeared first on Clever Girl Finance.

If you feel you are shopping too much, you aren’t alone. Many people look at their spending habits and decide that more money should stay in their bank account. Wondering how to stop shopping? Keep reading!

With all the spending temptations out there, it can be challenging to stop shopping. Luckily, it can be done. Let’s take a look at the ways that you can stop overspending starting right now.

1. Define your money goals

If you want to discover how to stop shopping, the first thing to do is define your money goals. 

Financial goals can be any objective or milestone you want to achieve with your money in the future. A few good examples include getting out of debt, retirement planning and saving, or setting out on a journey of homeownership.

Only you can determine what money goals matter to you. Take some time to consider what you want your future to look like and what money moves will make that dream a reality. It is likely that your money habits are not supporting your goals if you are shopping too much.

Once you define your money goals, you may be less tempted to splurge on unnecessary purchases and put those funds towards your money goals instead.

2. Take a closer look at your budget

With your money goals in mind, set up a paycheck budget that works for you. As you map out where you want your money to go, you’ll likely find that unnecessary shopping is not high on your list of priorities.

Instead, you can tailor your budget to include what is important to you.

Of course, you can and should include a budget for shopping fun. But don’t let this category run wild. Keep your spending desires balanced with your long-term money goals.

If you need help crafting a budget that works, then check out our free course!

3. Track your spending to stick to the plan

Creating a budget is a good jumping-off point. But without tracking your spending, you won’t know if you are sticking to your budgeting plan. That’s why you need to track your spending regularly.

You can use a budget app or stick to a simple spreadsheet or budget binder. Choose the strategy that works best for you. Personally, I prefer tracking my spending in a simple spreadsheet to keep myself on track.

4. Remove shopping temptations

When I struggled with overspending, I realized that many of my purchases were made on impulse. And it was especially true for online shopping, with a constant deluge of store newsletters hitting my inbox.

When I received too many deliveries one day after a shopping binge, I started searching for how to quit shopping. Eventually, I decided to remove my shopping temptations by unsubscribing from store newsletters that crowded my inbox. With that, I was quickly able to curb my spending tendencies.

Take a few minutes to unsubscribe from the store newsletters you receive. It may be difficult to hit “unsubscribe” from your favorite stores, especially if you think you’re getting a bargain from coupons or sale notifications. But remember, you can always check out their website when you actually need something. 

Without the constant temptation, you may be able to become more mindful and stop shopping for unnecessary purchases.

5. Delay your purchases

Many of us struggle to stop shopping due to buying things on impulse. 

For example, I might throw a few extra items in my cart while Amazon shopping or pick up an extra candle or two while I’m out. But I really don’t need these things — but at the moment, it feels like I absolutely need another candle.

Luckily, you can curb impulse purchases by delaying your decision. For small purchases, waiting 48 hours is a good timeframe to reconsider. For larger purchases, waiting 30 days is usually a good option.

When you step away from the store and have time to think, you’ll often realize that you don’t need the item. Or you may forget about it altogether! Either way, you can stop the urge to shop in its tracks.

Take a minute to set up some delayed purchase rules for yourself.

For example, you might decide that items over $20 require a 24-hour delay. Find a system that works for you. You will be surprised how often you forget about the item entirely!

6. Only go shopping with a list

Many shoppers may walk into a store with only a vague idea of what they need. But a list can be a key way to stop unnecessary spending. Before you head to the store, create a list of everything you need. 

Once you arrive, only buy what is on the list. I find that this tip is especially useful for avoiding unnecessary grocery store spending by shopping frugal.

If I arrive at the grocery store without a list, I always walk away with snack items that I don’t need. But with a list, I can stick to the plan and gather only what I need.

7. Tuck away your savings in a separate account

If you like to make spending decisions by checking out your bank account balance, keeping all your savings in one place can easily lead to over spending. 

After all, you don’t want to use your emergency savings on an impulse buy. But if your account has the money, it can be too difficult to resist.

With that, tucking away your savings into a separate account can be the perfect solution. When your savings are safely stored in a savings account, you can spend more freely from your checking account. You won’t have to worry about accidentally spending your emergency savings.

The best way to ensure that the money you intend to save makes it into your account is to set up an automatic transfer with each paycheck and automate your finances.

8. Try a shopping ban

An extreme way to stop shopping is to institute a shopping ban for a particular period of time. 

Although it might seem too challenging, this can be an effective way to stop shopping sprees. You could quit shopping completely for an entire week, month, or year.

Of course, not shopping can be very challenging. But you’ll be able to set the rules and timeframe. 

If you are interested in this strategy, I highly recommend reading The Year of Less. The author, Cait Flanders, shared her experience with a shopping ban for an entire year.

Alternatively, you could also try a low-buy year!

9. Focus on gratitude

An attitude of gratitude can truly change your perspective on many things, including shopping. 

Take some time to consider what you already have. Take a look around your closet and home. You might find that you have everything you truly need already.

If you are struggling to stop shopping, you may need to examine your relationship with money further. Unfortunately, negative emotions surrounding money are very common.

But if you cannot recognize these emotions in your life, you might struggle with financial decisions such as overspending.

Focus on creating a positive money mindset, which starts with gratitude for what you already have. Try out the 30 days of gratitude challenge to encourage thankfulness.

10. Avoid going to stores

I’ve always gone to stores as part of social plans. I’ve met friends at the mall and walked around the stores with them for hours. 

However, if you want to quit shopping, you need to minimize how much time you spend in stores. Let your friends know that you are trying to cut back.

Instead, look into ways that you can have fun outside of the store. Meet up for coffee or lunch, or even go for a healthy walk or hike together.

When you stop spending time in stores, you remove the temptation to spend money. It is simply a case of out of sight, out of mind. 

11. Embrace minimalism

Embracing minimalist finances helps you to change how you view spending money. To do this, you need to cut out all of the unnecessary things in your life. If you don’t need something, you don’t have to buy it. 

When you adopt this mindset, it will help you declutter your life and change your habits. Rather than buying loads of things you don’t need, you can only buy things of value. It makes a huge difference to how you feel about the things that you own.

Expert tip: Track your shopping behaviors

Shopping habits can be hard to break. Before cutting back, you need to understand how, when, and, most importantly, why you shop. While you should already be tracking your finances, it may also be helpful to keep track of your everyday shopping behaviors.

Kick things off by creating a shopping journal — you can do this on your smartphone or on paper. Write down everything you buy and when you bought it. You may also want to note down whether you used a credit card, cash, or another form of payment.

Visually seeing how much you spend on certain things will help you understand each shopping behavior. Perhaps you’ll find that you tend to overspend the most on your wardrobe or that you only overbuy when you use your credit card. You can use this resource to transform how you spend money and learn how to stop shopping.

Why is it difficult to quit shopping?

If you’ve tried to quit shopping before now, you know the drill. I’ve found that it can be extremely difficult to avoid temptation when trying to quit.

But wait, why is it so tough? Let’s take a look at some of the core reasons that you may struggle to make fewer purchases.

It has become a habit 

Once you have formed habits, they can be hard to break. A habit is usually made up of a trigger, an action, and then a reward.

For example, you might feel sad, buy something, and then feel happy. Since you get a “reward,” you will keep repeating that habit when you are sad. 

For that reason, it’s important to understand what your personal triggers are. When do you shop, and why do you do it? What are you gaining from this experience?

Answering questions like these will help you to avoid spending money when you don’t want or need to. And it may help you figure out if you have a shopping habit or a shopping addiction.

You are avoiding something 

Does shopping work as a distraction for you? If so, you need to think about what you are avoiding.

Whether it’s debt stress, worries, or other problems, shopping will not solve them. Look into why you are using shopping as a distraction and take things from there.

It gives you instant satisfaction

When you shop, it gives you a hit of dopamine, which makes you feel happier. If you have been relying on spending money to bring you joy, it can be hard to quit the habit. 

It’s important to look at other ways to lift your mood that don’t involve shopping. Learning how to find happiness within yourself — through healthier means — will help you overcome this habit.

How do I stop shopping as a hobby?

If you think of shopping as a hobby, it can be incredibly hard to stop. And so with that in mind, the first step here is to reframe how you think about shopping. It is about buying the things that you need, rather than being a fun activity that you do during the weekends. 

I’ve found that it is helpful to look at other ways to have fun without excessively spending money.

For example, you might choose to join a sports club, start a new creative project, read a book, or even binge-watch a TV series.

Replace your shopping habit with something new or try out stress relieving hobbies. You may also try to limit social media, Instagram, emails from stores, and other things that can make you want to shop.

Why can’t I quit shopping?

If you want to quit shopping but can’t, you may experience a load of guilt and shame, but before you can go cold turkey, you need to figure out what your personal shopping triggers are. 

For instance, you might shop more frequently when you’re stressed, tired, or simply looking for a distraction. Take the time to figure out what makes you want to buy new things. When you have that information, you can deal with the root of the problem first.

And know that many people struggle to stop shopping and it’s okay, you will learn how to manage your money better.

Articles related to quitting shopping

If you found new ideas for how to quit shopping so much, check out these posts next for more great information!

• Need To Go On a Shopping Ban? How To Start and Stick To One!
• How To Survive Being On Shopping Ban Island
• 8 Tips For A Successful No Spend Month
• How To Stop Spending Money: Curb Your Over Spending

You can learn how to stop shopping and save money!

It can be difficult to stop shopping. But it is completely possible. Give these strategies a try as you look for ways to cut back on shopping.

You might be surprised how quickly you can make a change when you get started today. And remember, there are many ways to spend time other than shopping, such as trying out hobbies that make money or starting a side hustle.

The post How To Stop Shopping: 11 Strategies To Succeed appeared first on Clever Girl Finance.

Saving money is an important task at any age, but as you hit your 40s, the need to save for retirement grows. While savers in their 40s and 50s typically have a decade or two left to save for retirement given the traditional age of 65, emphasizing saving now can set you up for a dream-worthy retirement. So, let’s explore how to save for retirement in your 40s and 50s. 

11 Tips on how to save for retirement in your 40s and 50s

If you want to save for retirement in your 40s, you aren’t alone. Many mid-career workers start to put the spotlight on saving for retirement. Below are some strategies to pursue as you start saving for retirement. 

1. Pay off high interest debt

Before you start saving in earnest, evaluate your financial situation. According to Credit Karma, people ages 43 to 58 carry over $60,000 in debt, higher than any other age group.

If you have high-interest debt, it’s best to create a plan to pay it off as soon as possible. Not only can a big debt burden prevent you from saving for retirement, but it can also cost you thousands in interest payments. 

2. Make funding tax-advantaged accounts a priority

Tax-advantaged accounts are specifically designed to help savers build their retirement nest egg. Some common tax-advantaged retirement savings solutions include your 401(k), 403(b), and SIMPLE 401(k) plan. (Find out more about the 403b vs 401k.)

When you contribute to your tax-advantaged retirement account like a 401(k), you’ll contribute pre-tax dollars. Once in the account, your contributions will grow tax-free. When you are ready to withdraw funds in retirement, you’ll pay taxes on the funds.

Also, the IRS sets limits on how much you are able to save in tax-advantaged accounts each year. 

If you can contribute money to a 401(k) or similar option, consider making funding this account a priority. That’s especially true if your employer offers matching contributions, which can accelerate your retirement savings goals. 

3. Focus on your spending

In a perfect world, you could save for retirement without any spending cuts. But that’s usually not possible. When it comes to saving for retirement, most of us have to make some tough choices. 

Below are some options to consider.

Child’s education costs

Start by looking at your other big savings goals. Many parents who are saving for retirement might also want to pay for their child’s college education. But the reality is that you may need to prioritize saving for your own financial future. 

If you are behind on saving for retirement, you might want to do some catch up savings before you pay for your child’s college tuition. Although it might be difficult to say, it’s better to be honest with yourself and your child as soon as you decide.

Annual spending

You should also consider your annual spending choices.

For example, you might have to prioritize saving for retirement over a luxury vacation budget. Or opt to save more instead of purchasing a more expensive home. 

A honest look at your budget can help you determine where you can potentially cut back to contribute more to your retirement savings. While it’s difficult to pass up spending at the moment, it’s important to plan for the long-term.

Be honest with yourself about your spending and your retirement goals. Work to strike a balance that best suits your current situation without ignoring the future. 

5. Save in an IRA

An Individual Retirement Arrangement (IRA) is a type of account designed for retirement savers, and it’s a great way to learn how to save for retirement in your 40s. While there are several types of IRAs, the traditional and Roth IRAs are the most common. 

A traditional IRA is a tax-advantaged option through which your contributions are tax deductible.

In contrast, the contributions you make to a Roth IRA aren’t tax deductible, but qualified distributions are tax-free. 

Whether or not you have access to a 401(k), an IRA is a valuable savings tool. Consider funding this account to the limit if you can. Keep in mind you can have both a traditional IRA and a ROTH IRA if you qualify based on the income restrictions.

6. Consider a taxable brokerage account

A taxable brokerage account offers another place to stash your retirement savings. Essentially, this account is a designated place for you to invest funds post-taxes.

For example, you might open a taxable brokerage account through a platform like Vanguard to build an investment portfolio.

While the funds you contribute to a taxable brokerage account come from post-tax funds, these accounts don’t come with the same restrictions as tax-advantaged retirement accounts. With that, you can pull funds out of these accounts on an as-needed basis, regardless of your age. 

In general, it’s useful to invest through a taxable brokerage account after you hit your contribution limits for other types of accounts. 

Keep in mind that when you pull funds out of these account you may have a capital gains tax obligation, so be sure to consult with a tax professional if necessary.

7. Keep an eye on asset allocation

Not all investments are created equally. As you build a portfolio for retirement, it’s important to strike the right balance of risk for your situation. 

Of course, diversifying your portfolio is ideal, and it’s a big part of how to save for retirement in your 40s and 50s. But for many investors in their 40s and 50s, it makes sense to invest more heavily in stocks on the path to retirement.

In addition to stocks and bonds, other assets can make a useful addition to your portfolio. 

Not sure how to invest for retirement at age 40? A straightforward investment portfolio might be the right solution. Check out our guide to the 3 fund portfolio. 

8. Track your progress

Regardless of how much you need to save, you might not see too much progress initially. That’s because the power of compounding needs time to take hold. But don’t give up hope, and learn, “How does compound interest work?”. 

As you move through the process, make time to track your progress along the way. You could do this with a simple spreadsheet or a straightforward money-planning app like Empower.

Consider setting a time to track your progress toward retirement savings goals regularly.

Personally, I choose to check in on my financial progress twice each year and use a simple spreadsheet. But you might choose to check in monthly or annually with a streamlined app to see where you stand. Find a strategy that works for you.

9. Make sure you have the right insurance

As you prepare for retirement, it’s important to confirm you have the right insurance policies in effect.

For example, as you age, you might consider buying long-term care insurance. This insurance can help cover the costs of paid assistance as you age. 

On the other hand, it might be time to cancel other types of insurance.

For example, you might choose to end your term life insurance policy if you no longer have dependents. (Read about term vs whole life insurance.)

Without anyone relying on your income, you could eliminate that premium and redirect the funds toward your retirement savings. Knowing what insurance you need is an essential part of how to save for retirement in your 40s and 50s.

10. Determine how long you want to work

Building a retirement nest egg is a worthwhile goal.

But for many, it can take longer than expected to hit their retirement savings goals. If you are struggling to meet your savings goals for retirement, consider the possibility of working longer. 

Choosing to work longer as a professional goal can give you the breathing room you need to save more money for your golden years. Working longer may also be a good strategy when wondering how to save for retirement in your 50s.

11. Build a flexible side hustle

A side hustle is my favorite financial tool, and it can help with how to save for retirement in your 40s and 50s. You can use a side hustle to build your income right now, which can help you save more for retirement. But a flexible side hustle also gives you more options as you age. 

Those with a flexible side hustle might choose to drop their full-time job in retirement but continue on with their side business. With a side hustle, this means all of your income all of your earned income doesn’t have to be eliminated.

Instead, you’d be able to continue with a more flexible income stream to support some of your costs in retirement. 

Want to build a successful side hustle? Read Bola Sokunbi’s book, The Side Hustle Guide. 

Expert tip: Leverage catch up contributions and celebrate your wins as you save

According to the IRS, if you’re age 50 or older, you’re eligible to make catch-up contributions to your retirement savings accounts e.g. your IRA, 401(k), 403(b) etc, raising your contribution limit. So be sure to determine what the latest catch up contribution limits are on the IRS website.

That said, knowing how to save for retirement in your 40s and 50s is a massive financial goal. Make sure to celebrate your progress as you save for retirement.

You can even treat yourself (within budget) as you hit big savings milestones. Remember to enjoy the process and look back to where you started and where you are now with your savings goals to see how much progress you’ve made!

How much to save when saving for retirement at 40+

As you save for retirement, it’s a good idea to determine how much you’ll need for a comfortable retirement. Below are some strategies to help you determine how much to save. 

Look at the overall picture

Start by envisioning the type of retirement you want to have. If you dream of traveling the world, you’ll need a lot more money than if you are content to spend time in an affordable house. The reality is that you’ll need to save more if you want a more comfortable retirement. 

In general, it’s better to overestimate your retirement expenses. While it’s true that some of your costs might go down, like lower food costs if your children leave the nest or more affordable housing costs if you downsize in a low-cost-of-living area, other parts of your life might get more expensive.

For example, medical costs might be higher as you age, which is something to keep in mind for how to save for retirement in your 50s, as well.

Use reliable calculators

You can find a suite of retirement calculators online, and they can help you know how to invest for retirement at age 40.

Take some time to play with the numbers to see how the changes you make now can have a big impact on your financial future. 

Here are a few good retirement calculators to choose from:

• Vanguard retirement calculator: This option makes your retirement feel more like a story than just numbers.
• Nerdwallet calculator: A useful calculator that uses graphs so you can see how your money will grow.
• Bankrate calculator: This calculator details the entire process, including rates of return, income increases, and more.

Catch-up contribution details

The IRS has limits for the amount you can save in different types of retirement accounts. But when you hit a certain age, you can make additional catch-up contributions.

Below is a closer look at your contribution options.

401(k)

As of 2024, savers can contribute up to $23,000 to their 401(k), according to the IRS. If you are at least 50 years old, you can contribute an extra $7,500.

Contributing more to your retirement accounts can set you up for a more stable financial future. 

IRAs

As of 2024, savers with an IRA can contribute up to $7,000 per year, but if you are at least 50, you can contribute an additional $1,000 per year, according to the IRS.

Although you won’t be able to start saving more until 50, you could start to prepare your budget for the increased contributions. Consider where you would pull the funds from to maximize your contribution opportunities. 

Is it too late to start saving for retirement at 40?

It’s never too late to start saving for retirement at 40. While starting earlier is generally a good idea, diligent planning, strategic investments, and knowing how to build discipline with saving can still make a huge difference in building a secure retirement fund.

Don’t get discouraged before you start. Instead, start saving for retirement now and learn how to invest for retirement at age 40+.

How much should a 40 year old have saved for retirement?

The amount you should have saved for retirement varies based on your unique situation.

However, some experts recommend saving between two to three times your income for retirement by age 40.

For example, if you earn $100,000 per year, then it’s a good idea to have between $200,000 and $300,000 saved for retirement in your 40s.  

How much should a 50 year old save for retirement?

The exact amount you have for retirement as a 50-year-old should vary based on your financial situation.

However, many experts recommend that 50-year-olds should have at least 3-6 times their salary saved.

For example, if you earn $50,000 per year, then it’s a good idea to have around $150,000-$300,000 saved for retirement. 

If you want to learn how to save for retirement in your 50s, the biggest difference is that you’ll have a more compressed timeline than a 40-year-old. That means you might need a more aggressive spending and investing strategy.

Articles related to saving for retirement

If you enjoyed this article on how to save for retirement in your 40s and also your 50s, read these posts next!

• Portfolio Income And How To Earn It
• Retirement Savings: Everything You Need to Know
• What is the Difference Between A 401k And IRA?
• How To Build Wealth In Your 20s In 9 Steps!

Start saving for your retirement today!

Saving for retirement is a good idea at any age. If you are just learning how to save for retirement in your 40s and 50s, building a decent nest egg is entirely possible. Start by estimating your retirement spending needs and plan to build the nest egg you need. 

Remember that it’s never too late to learn how to start investing or how to save money. Make your retirement plan, be diligent with following it, and you will do well financially!

The post How To Save For Retirement In Your 40s And 50s: 11 Key Tips appeared first on Clever Girl Finance.

The idea of building a home might seem like a dream come true because you can fully customize the space. But buying a home already built also has its benefits, like being move-in ready right away. You may find yourself wavering between the two as you consider costs, so is it cheaper to build or buy a house?

Although you may want to build your dream home, you need to consider the cost of building.

In some cases, buying a house can make a lot more sense.

There are many things to consider when building, such as building materials, labor shortages, and the plot of land you buy.

On the other hand, purchasing a home means you need to consider the layout of the house and potential repairs.

How do you choose? While there are many factors to think about either way, including the real estate market, we’ll discuss which option is cheaper, as well as the advantages and disadvantages of each. And remember, loving your home is totally possible, whether you build or buy!

Is it cheaper to build or buy a house?

In some areas, it might be more affordable to build a home, but in most, you’ll find it is cheaper to buy an existing home.

According to an article from Bankrate with data from the National Association of Realtors, the median cost for an existing home in the United States, not one you are building, is $375,700 in 2023.

However, U.S. News reported on data from Real Estate Witch that the median cost of building a house in 2023 is $446,000, which doesn’t include the cost of purchasing the land.

Based on this, it is cheaper to buy an existing home than to build one.

However, you may find that these numbers vary quite a bit in your own situation. There are several states where building a home is much cheaper than the median listed above, according to GoBankingRates.

Price to build a home

As discussed earlier, the median cost to build a new house is currently nearly $450,000.

However, remember that the cost to build a house will vary based on your location and the materials you choose. But this number is a good ballpark to consider.

Expenses to consider when building a home

Before you consider navigating the home-building process, take some time to estimate all of the expenses. Is it cheaper to build or buy a house? Considering your location and the cost of materials can help.

Here are the expenses you’ll need to keep in mind.

Although some seem obvious, others fall into the category of hidden costs that you might not anticipate. A budget calendar can be useful in helping you prepare for each cost at the right time.

Structural

The basics of the home don’t come cheaply. Some structural expenses include framing, building the walls and roof, and the foundation.

Of course, you don’t want to skimp on these items because they create the basic integrity of your home.

With building vs buying a home, you’ll have the ability to customize the layout of the structure, as well.

Interior finishes

Choosing your interior finishes can be a fun part of building a house. The flooring, drywall, etc., are part of the interior finishes.

Building your own home allows you to pick out everything to meet your specific tastes.

Instead of compromising with what’s available, you’ll get to make the choices. But there will be extra costs that go along with this.

Mechanical

The mechanical aspects of a home are usually hidden if they are done right. You don’t want to have to think about your plumbing or electrical systems. But you’ll need to pay for proper installation throughout your home.

Kitchen

The kitchen is often a significant expense – perhaps even the most expensive room in the house. You can easily spend thousands on a kitchen installation.

Installing a kitchen will cost at least $5,000 and up to $125,000, according to HomeAdvisor, so you can see that expenses range quite a bit.

Bathroom

Bathrooms are another area of the house that can push the total cost of building a home higher than you anticipated.

On average, adding a bathroom costs $5,000-$35,000, according to Angi.com. Depending on how many bathrooms you have in your home, this can be a significant cost.

Engineer

An engineer might be involved with your house building to ensure your new home is structurally sound. But you’ll have to pay for their services. Remember that an inspection of your new home with a structural engineer can cost 1 to 5% of your construction expenses, explains Today’s Homeowner.

Land

Of course, you can’t build a home without buying a piece of land. Depending on your location, this could be a major cost to build a house.

You might consider how to buy land cheap, but there will still be a cost.

Permits

Permitting is a cumbersome part of building a home. But unfortunately, it cannot be avoided. Building permits cost varying amounts, ranging up to a couple of thousand dollars or higher, so be prepared.

Renting until the home is ready

As you build a home, you cannot live in it.

In fact, without the basic amenities installed, you likely won’t be able to move in for several months. With that, you’ll likely need to rent a place to live while the home is completed.

Paying rent while paying for a home to be built can be taxing for any budget. But if you live in a high-cost-of-living area, you’ll find this an especially burdensome expense.

Ensure your budget can handle this double payment without sacrificing financial wellness before moving forward with a home build.

DIY or hiring professionals

Although it’s essential to consider your expertise before attempting any work on a home, you may choose to DIY some aspects and hire professionals for others.

If you happen to be a professional builder, electrician, plumber, etc., you may save some money by doing some of the work for the house on your own.

However, if you don’t have the know-how, you will need to hire someone, which is an additional cost.

Consider what projects in your home you can do and what you need to hire someone for with the cost of building a home.

Price to buy a home

The median cost to buy a home, as previously discussed, is about $375,000.

However, this price can differ greatly depending on where you live. So it’s important to look at the prices of homes in the area you want to live in.

You will also need to consider additional factors besides buying the home.

For example, are you planning on doing any remodeling or additional landscaping? That’s an added expense.

Do you want to add on to the house? Consider it in your house-buying budget.

Expert tip: Compare the actual costs of buying vs. building a home

Although it is cheaper on many occasions to buy an existing home, you should never take averages as a fact for your own situation.

Instead, price the cost of building vs buying in your own location. Make a list of every expense, from a construction loan for building to home inspections and realtor fees. Then compare the two prices to see which option is better for you.

Advantages of building a home

Building a home customized for your family can be a great idea. First, let’s explore the advantages of building a home.

Fewer people are looking to buy land

When buying a lot, you may not have as much competition. Although, it depends on where you are buying, what state, what is nearby, etc. Many factors affect the value of land.

You make decisions about landscaping

With a new build, you’ll have the opportunity to choose what landscaping you do for the outside of the house, including trees, grass, gravel, etc. This can be a big benefit, especially if you want something specific, like a yard that saves water.

Lower maintenance costs

Due to the newness of the home, you likely won’t have as much maintenance to handle in the near future.

After all, you’ll have all new appliances, a new roof, etc., which can be cost-effective upfront. You’ll still need to repair things in your home over time, but you are likely to have several years before anything significant breaks or needs to be changed. You’ll have time to set up sinking funds for home repairs and add money.

Choose unique features for the home

You can pick out everything to suit your needs and wants. From the number of bedrooms to the kitchen countertops and the flooring, a custom home can be exactly how you want it.

You may also choose to use more or less expensive materials, which can affect the overall price of the building.

Disadvantages of building a home

Of course, there are drawbacks, too. Building a home can be exciting, but there are things to be aware of. A few include:

Cost

Typically, the building costs for a home are more expensive. Plus, hidden costs can put stress on the budget of the homeowner before they even move in.

Although you may not be able to know in advance about every single expense, it’s vital to know all the high costs of buying a home and know what to expect before deciding.

In addition, you may want to have extra money set aside for things that you didn’t plan for to avoid being in over your head with debt.

Paperwork

There are also many additional things to consider, such as getting a building permit, a construction loan, and other paperwork that can be daunting and stressful. It’s a lot to keep track of, and it can be a challenge.

Difficulties with management

Building a home has many moving parts and pieces. With that, you’ll likely run into some stressful situations along the way.

With a new construction home, you may deal with problems like an unreliable contractor, appliances or other materials not arriving on time, etc. Issues like this can cost time and money.

Advantages of buying a home

Buying a home has its ups and downs too. And answering, “Is it cheaper to build or buy a house?” isn’t the only thing to consider.

Although you won’t have as many decisions to make regarding the actual home construction, there are still other things to think about.

Let’s start with the advantages:

Faster move in

Once you close on a home, you can likely move in right away instead of waiting for builders to finish up. Everything is already built and set up in the house, so you won’t need to factor in extra months of waiting if something gets off track with the building process.

Although you must consult with the sellers about when you can move in, it may be faster than when you are building.

Affordability

If you’re considering the pros and cons of building vs buying a home, existing homes are generally more affordable. Of course, you will still have the upfront costs of a real estate agent and a down payment, but there are other expenses buyers can avoid, like labor costs for building.

Because of this, buying an existing home can be one of the best money moves.

Ability to make changes

Although you aren’t building from scratch, you can choose to update areas of the home that matter to you.

For example, you could splurge on a new kitchen without going through the entire home-building process.

So you’ll be able to move in and have somewhere to live, but you can still make the house suit your needs.

Established landscaping

You won’t have to spend anything if your existing home has a green yard. It can be nice to buy a place where the landscaping is already done, and you don’t need to pay landscapers to add grass and trees to the space or spend time doing it yourself.

Of course, all of this depends on the particular home that you buy. And you may choose to make changes to the yard after purchase.

Disadvantages of buying a home

Although it may sometimes be considered an easier process, buying an existing home isn’t without its setbacks. Here are the downsides to buying a home:

Less energy efficient

Older homes tend to have some energy inefficiencies, which can present problems. With a newer home, energy efficiency can be considered before building occurs and factored into the upfront costs.

More maintenance

You might have to fix more things when you move in.

But if you buy a newer home that is only a few years old and doesn’t have a lot of maintenance issues, you can possibly save on costs for a time, which can help.

It’s important to consider any home maintenance or new things you may need to buy before closing on a home.

Replacing and removing old features of the home

You may also need to consider features that need to be replaced, such as wallpaper or carpeting, or you may need to get rid of lead paint, etc. Anything extra you don’t add to the costs initially can present budget challenges later.

Cheapest and most expensive states to build a home

The cost of building a home is not the same in every state. In some places, the costs are much lower than in others.

According to Today’s Homeowner, some of the most expensive states to build include Hawaii and Massachusetts, both costing over $400,000, but the least costly include Mississippi and Arkansas, both costing less than $300,000.

So, as you can see, the location that you build in can be a huge part of determining whether building a home is affordable or not.

Is it cheaper to buy land and then build your house on it?

While it can be less costly to buy land and build your house on it in some cases, the opposite will often be true. It all depends on location and timing when it comes to whether it is cheaper to buy land and then build a house on it.

There are many variables to consider. For instance, was the land bought years ago when prices were different? That can change the cost to build a house. How much will it cost you to build the house at today’s prices? Is building cheaper than buying an existing home or more expensive? These are ll factors to consider that will affect price the price of building a home.

That said, the cost of land plus the build will likely be more costly than purchasing an existing home.

Is it a good investment to build a home?

It can be a good investment to build a home, depending on your reasons and if it makes financial senses and/or saves you money. For instance, you might have a unique living situation where building a home to your specification would work best for you.

If you plan to live in the home long term, it can be a good investment knowing you’ll be there long enough to pay down your mortgage and build up the equity in your home. You may also be able to sell it in several years for much more money.

However, buying an existing home can also be a good investment, depending on your situation. You could consider doing renovation work to customize the home to fit your specific needs.

That said, if you don’t have the funds to build without creating a lot of debt stress, then no, it isn’t a good investment at the time.

Articles related to building or buying a home

If you enjoyed finding out is it cheaper to build or buy a house, you’ll love these other articles!

• How To Buy Land Cheap: Everything You Need To Know
• Advice For First Time Home Buyers: How To Prepare
• Renting Vs Owning A Home: Is Renting A Waste?
• How To Save Up For A House Down Payment

Is it cheaper to build or buy a house: consider all your options first

Ultimately, you’ll have to decide what matters to you most with building vs buying a home. Although it can be cheaper to buy an existing house, many factors can affect price, in addition to thinking about your preferences.

Do you crave customization? Or are you looking for an affordable and simple housing solution? Either way, you’ll need to get your financial house in order to move forward.

Not sure where to start? Check out our free foundational courses to build a bright financial future.

The post Is It Cheaper To Build Or Buy A House? appeared first on Clever Girl Finance.

How do student loans work? If you’re seeking the answer to this question, you’re not alone. Student loans can be a useful way to fund your education and there are many types of student loans available for undergraduate students.

Many students look to loans as a solution to their cash flow issues, but it’s important to understand exactly how student loans work.

Especially since 43.6 million borrowers currently have federal student loan debt, and the average balance is $37,718. Finding the right product for you at the lowest cost can make a huge financial difference.

So, how do college loans work? What types of loans are available? And how do student loan interest rates work?

In this article, we’ll take a closer look at how student loans work, along with their interest rates, repayment options, limitations, and more. Once you’re armed with our guide, you can move forward with confidence.

How do student loans work?

Student loans are a type of loan available for borrowers to pay for education. You can secure student loan financing from the government or through private lenders. In either case, you’ll usually be expected to repay the loan (with interest on top) following your studies.

When you take out a student loan, the process will depend on the type of loan you are pursuing. But whether you are taking out federal or private loans, the purpose remains the same: funding your education.

Keep in mind that the loans you take out will need to be paid back within a specified time frame. Not only will you have to repay the loans, but you’ll also have to pay any interest attached.

In many cases, you will not need to start making loan payments until after your graduation. Plus, some lenders will even give you a grace period of a few months between your graduation and the start of your repayment.

That said, it’s important that you’re clear on your specific loan terms before signing on the dotted line of your agreement. This includes your loan’s interest rate and the repayment requirements.

Most common uses of student loans

There are a variety of expenses that college students generally face. How do student loans work when it comes to covering them all? Let’s look at a few common categories of expenses that students might use their loan money for.

Tuition and fees

This, of course, is the “big one.” With tuition costing thousands (or even hundreds of thousands) of dollars over your college career, loans can make it possible for you to get through the door in the first place!

Room and board

Whether you’re bunking up in a dorm or renting a spot off-campus, student loans can help you afford housing near your school. There’s nothing more quintessentially “college” than a cozy study pad! Plus, the “board” in “room and board” means your loan can cover things like your meal plan at the cafeteria.

Textbooks, supplies, and tech

Ever cringed at the price tag on a textbook? We’ve all been there. Student loans can help you get the books and other school supplies you need. If you don’t already have a good computer, you can use your loans to set yourself up with the technology you need to get your work and research done.

Other living expenses

Life doesn’t pause just because you’re hitting the books. Student loans can lend a hand with everyday living expenses, from groceries to bus fare. Good budgeting tips for college students will help you make the most of your money!

Student loans vs. scholarships and grants

As you dive into student loan financing, note that loans are very different from scholarships and grants. The main difference? You don’t have to repay scholarships or grant funds. But you will have to repay the student loans you take out, plus interest.

Scholarships

Scholarships are merit-based awards given for achievements, skills, or sometimes just for being you. They can come from your school, private organizations, or local businesses who want to support students in their community.

Grants

Grants are similar, but they are usually need-based instead of merit-based. Federal and state governments, as well as private organizations, may offer grants to students, with their eligibility based on their financial situation.

Of course, the ideal solution is to focus on scholarships and grants to fund your education. You might even be able to get a full-ride scholarship that covers all your college costs!

However, it’s more likely to get a partial scholarship that contributes a smaller amount toward your education. Thus, many recipients also need student loans to cover any gaps.

Types of student loans available

How does a student loan work from a logistical standpoint? To answer this properly, we’ll have to get into the different types of student loans.

The two main student loan options available are federal and private funding. Let’s take a closer look at both, so you know exactly how student loans work.

Federal student loans

Most people who get student loans start by applying for federal loans. Federal student loans often offer more appealing loan repayment terms. And in general, the interest rates are more affordable compared to private student loans.

That being said, there are different types of federal student loans you should be aware of:

1. Direct subsidized loans

A direct subsidized loan is made directly by the U.S. Department of Education. The government will offer you one of these subsidized direct loans if you can demonstrate a financial need.

How does this work? The government will pay all of the accrued interest on your student loans until six months after you leave school. You’ll then start making your principal payments and any applicable interest following this initial six-month period.

2. Direct unsubsidized loans

Direct unsubsidized student loans are available for students who aren’t able to demonstrate a financial need. They’re available for undergrads, graduates and professional students.

The main difference between subsidized and unsubsidized direct loans is that interest accumulates from the beginning of an unsubsidized loan. However, these loans still offer a low, fixed interest rate and flexible repayment terms.

3. Direct PLUS loans

With Direct PLUS loans, parents of dependent undergraduate students help cover the cost of their child’s undergraduate tuition. You’ve probably heard this type of loan referred to as a “Parent PLUS loan.” They can be a great option for parents who want to invest in their child’s education.

A similar Grad PLUS loan can also be an option for graduate or professional students who need loans to cover their education expenses.

Applying for federal student loans

If you want to take out federal student loans, find out if you are eligible through the Free Application for Federal Student Aid (FAFSA).

With FAFSA, you’ll fill out your financial information and your parents’ financial information. After looking at your numbers, the school will send you an award letter highlighting the type of financial federal aid you’re eligible for. This could include scholarships and grants, as well as student loans.

Private student loans

Private loans can help you make ends meet during school if you don’t have access to federal loans or have already reached your cap.

How do college loans work from private lenders? Well, it’s pretty similar to taking out any other type of loan. You’ll borrow money from banks, credit unions, or online lenders, then repay it according to whatever terms are in your contract.

Eligibility for private student loans is often based on creditworthiness  and a credit check will determine this. Since many college students haven’t established credit yet, they usually need a cosigner with good credit who is willing to help them get the loan.

Potential downsides of private student loans

If you work with a private lender, you may have less flexibility in terms of repayment. While the federal government might be willing to work with you on forbearance or a forgiveness plan, private lenders are less flexible.

The terms of a private student loan can also vary dramatically. You may need to undergo a more stringent application process with a cosigner to take out private student loans. They usually look at things like your (or your cosigner’s) credit history and credit score.

The biggest downside of a private student loan is you may face higher interest rates. Since private student loans can have variable interest rates, this could be as high as 18%! Beyond that, you might be required to start making payments while you’re still in school.

With that, it is important to shop around before committing to a private student loan lender.

How much can you borrow in student loans?

There is a limit to how much money you can borrow in federal student loans. Here’s the breakdown:

Independent undergraduates

Independent undergraduates may be able to borrow up to $12,500 per year in federal student loans. Only $5,500 of that can be subsidized.

Dependent undergraduates

Dependent undergraduates may be able to borrow up to $7,500 per year in federal student loans. But only $5,500 can be subsidized.

Graduate students

Graduate students may be able to borrow up to $20,500 per year in subsidized loans.

Student loan limitations and key considerations

There are some other limitations to consider. First, with federal loans, the amount you borrow cannot be more than the cost of attendance determined by your school. Your school’s financial aid office should have this information.

Additionally, you are only eligible to take out federal student loans for 150% of the published timeline for your degree. For example, if you’re in school for more than 6 years to complete a 4-year degree, you wouldn’t be eligible for additional student loans.

If you’re unable to afford school with federal student loans alone, you’ll have some flexibility to borrow more money through private lenders. Each lender will have different limitations on how much you will be able to borrow.

Expert tip: Don’t borrow more than you need

Even if you qualify to borrow more money than you need to survive your years as an undergraduate, you should be careful about borrowing more funds than you actually require. The more debt you have, the more difficult it will be to repay down the line.

Enjoy your time at college, but maintain the mindset that student loans aren’t free money. It’s more like borrowing money from your future self. So if you can live in a cheaper apartment or buy textbooks secondhand, future you will appreciate it!

How does student loan interest work?

When it comes to interest, how do student loans work? Three key components will determine how much you pay back overall when you take out a student loan.

The principal

When you take out a loan, you’ll be required to repay those funds in full (unless you qualify for special circumstances). The principal on a loan is the base number that you owe to repay the lender without any interest.

Let’s say you borrow $5,000 a year for 4 years. That means your principal loan amount would be $20,000 total, before any interest is factored in.

The interest rate

Next, how does student loan interest work? Essentially, the loan’s interest rate is the premium a lender charges for allowing you to borrow the funds. The rate is applied to your principal balance.

Interest rates are always fluctuating, so there’s no simple answer for how much interest you can expect to pay. However, as of 2023, the average student loan interest rate was 5.8% among all existing borrowers (federal and private).

Unfortunately, interest payments can add up quickly. For one thing, interest on your loan may be capitalized, meaning that unpaid interest is added to your loan principal and compounds. In this scenario, debt quickly mounts.

The loan term

The final piece of the puzzle when it comes to understanding student loans is the length of the term.

With federal loans, the standard repayment term is ten years, but it can be extended to 25 years. Private lenders may imitate the ten-year term, set shorter terms, or allow longer spans of 20-25 years.

But remember, the longer you take to pay off your loans, the more interest you’ll accrue over time.

Example of how student loans work

The three numbers above determine how much the total loan costs. But what do they look like in real life?

For example, let’s say you took out $20,000 in student loans over the course of your education with a ten-year term and a fixed interest rate of 6%.

With that, you’d have a monthly payment of $222. If you repaid the loan in ten years, it would cost you $26,645.

As you can see, the interest on your loan can add up quickly.

What are your student loan loan repayment options?

So, how do student loans work when you’re planning how to pay back the money you’ve borrowed? You’ll need to create a repayment plan. As you weigh your options, it’s important to consider all the alternatives available to you. So let’s explore them now!

Loan forgiveness

There is an opportunity to have your loans forgiven if you took out federal student loans. The federal government offers several student loan forgiveness plans. Here are the most popular options:

1. Public Service Loan Forgiveness (PSLF)

The PSLF will forgive the remaining balance of your student loans if you make 120 qualifying monthly payments and work full-time for a qualified employer.

If you work for non-profit organizations or a government agency, then it’s possible that you qualify. Be sure to confirm your employer offers this program and that you qualify for it before assuming you’ll get it.

2. Teacher Loan Forgiveness

The Teacher Loan Forgiveness program is designed to reward teachers who work full-time in low-income elementary schools, secondary schools, or educational services agencies.

You may apply to have $17,500 of your federal student loans forgiven if you teach for five consecutive years in a qualifying school.

If you are considering either forgiveness option, find out more about the qualification details. Your loan officer will help you understand if you meet the forgiveness requirements.

Payment plans

The federal government offers a variety of repayment plans. The best option for you will depend on your personal situation. You can check out a loan calculator on the federal government’s website to explore your options further.

Here are the repayment options available for federal loans:

1. Standard repayment plan

With a standard repayment plan, you’ll pay the fixed amount you owe on your loan each month. If you keep up with these payments, you could pay your loan off in 10 years.

2. Direct consolidation loans

With a direct consolidation loan, you’ll repay your loan within 30 years. This type of loan works by combining two or more federal loans into a new loan. This new loan has a fixed interest rate based on the consolidated loans’ average rate.

3. Graduated repayment plan

A graduated repayment plan works on the basis that when you start your career, your income might be lower than after a few years of experience. The graduated repayment plan recognizes that and sets up the monthly payments accordingly.

Typically, you’ll start by making smaller payment amounts. After two years, your monthly payment will increase. Your payment will increase further every two years until you’ve repaid the loan at the ten-year mark.

4. Extended repayment plan

An extended repayment plan is suitable if your income doesn’t support a high monthly student loan payment. This option allows you to stretch out your loan obligation. Instead of repaying your loan in 10 years, you’ll have 25 years to repay the loan.

Although your monthly payments will be lower, this option will cost you more interest over the loan term.

5. Pay as you earn repayment plan (PAYE)

With PAYE, you’ll make monthly payments equal to 10% of your discretionary income. However, the payment would never exceed the amount you would have paid under the standard repayment plan.

If there is a balance left on your loan after 20 years, your debt will be forgiven. However, you might have to pay income tax on the forgiven amount.

6. Income-based repayment plan (IBR)

This is also known as the income-driven repayment plan. A large student loan payment can dramatically impact your monthly budget. You might even have trouble paying for the essentials with a student loan taking a large bite out of your income.

The income-based repayment plan will allow you to cap your payments at 10% of your discretionary income. This can be a relief if you’re struggling to put food on the table while making your student loan payments.

This is quite a popular option, so we break down everything you need to know about income-driven repayment plans here.

7. Income-contingent repayment plan (ICR)

With the income-contingent repayment plan, you’d pay the lesser of the following two options. Either you’ll make a monthly payment of 20% of your discretionary income, or it’ll be the amount you’d pay on a 12-year fixed repayment plan.

What to do if you can’t repay your student loan

For many college graduates, you only have a six-month grace period before you have to start repaying your loan. Even if you haven’t found regular work by this stage, you’ll often need to start paying back your loan regardless.

But how do student loans work if you don’t have the money to pay? Here are some things you can do:

Contact your loan provider

The first thing you need to do is to contact your loan provider. Being honest about your situation is the best way to learn about available options without getting deeper into financial difficulty. Find out if you’re eligible for any forgiveness plans, or otherwise, learn what options are available to you.

Apply for student loan deferment

Student loan deferment is a temporary pause in your student loan payments. Deferment is typically granted for specific reasons, such as returning to school, economic hardship, or unemployment.

You’ll have to reach out to your lender and complete a deferment application. It will usually ask for details about your circumstances and possibly supporting documentation to demonstrate your need.

If you’re approved, your loan servicer will specify the duration of the deferment period and any other conditions. For instance, interest may continue to accrue and add to your loan.

Switch to an income-driven repayment plan

Switching to a flexible repayment plan based on your income may be a possibility. Meaning the lower your income, the lower your student loan repayments. Bear in mind that it might take longer to pay back your debt if you’re not able to tackle your debt aggressively.

Tackle your budget

By slashing your expenses and increasing your income, you may discover there’s more room in your monthly budget to repay your student loans on time.

It’s never too early to learn about budgeting. In fact, using a college student budget will ensure you don’t borrow more money than you need during your studies.

Consider refinancing

Beyond repayment plans, student loan refinancing is also an option. By refinancing, you would take out another loan to cover your student loans. With your new loan, you would find a lower interest rate and terms that suit you better.

It is important to note that student loan refinancing is not the best option for everyone. But if you have private student loans with a high interest rate, then it is something that you should consider. You can also check out more advice for student loans and the best loan resources.

Is it worth it to get a student loan?

This is a very individual decision. Student loans can be a valuable investment in your future, opening doors to better job opportunities and higher earning potential.

However, it’s essential to weigh the costs (including interest) against the potential benefits of your chosen education path. Research the average salaries in your chosen field and consider whether you’ll be able to live (and pay your loans) comfortably.

How are student loans paid back?

Student loans are typically repaid in monthly installments. You’ll work with your loan servicer to determine a repayment plan that fits your financial situation.

How do you actually get student loans?

To get student loans, start by completing the Free Application for Federal Student Aid(FAFSA). The FAFSA determines your eligibility for federal student loans (and grants, too!). Once you receive your financial aid offer, you can accept or decline the loans.

If federal loans aren’t enough, you’ll need to complete separate applications with private lenders to get the remainder of the funds you need.

Why is it so hard to pay off student loans?

High tuition costs, constantly accruing interest, and unpredictable job markets can all make it difficult for borrowers to pay off their student loans. And life just likes to throw curveballs sometimes!

For many who are struggling, the key lies in understanding their available repayment options, budgeting effectively, and looking for ways to increase their income. Most importantly, don’t get discouraged or give up.

Articles related to debt and student loans

If you enjoyed this article on how student loans work, check out this related content:

• Should You Pay Off Student Loans Or Invest?
• Key Tips For College Student Credit Card Debt
• What Is Capitalized Interest On Student Loans?
• How To Avoid Student Loans: 7 Key Ways
• Should I Refinance My Student Loans?

Now you know how student loans work, is it the right choice for you?

A college education can help you move forward in your career. But student loans can be a drain on your personal finances for years. So, if possible, seek out ways to avoid taking on any student loan debt.

If this isn’t possible, then be aware of all the available student loan options so you make the best choice for your specific situation.

Student loans can be a good way to fund your education. Just make sure you fully understand student loans and their impact on your financial future before signing up.

The post How Do Student Loans Work? appeared first on Clever Girl Finance.

Women and investing is a topic that doesn’t get mentioned often enough, but it is extremely important. Women’s financial plans are unique, so their investing strategies should be, too. Find out more about women and investing, and discover ideas for creating your own investment plan.

Women investors are doing great financially, proving that women are equipped with the skills needed to be successful investors. More women are taking charge of their finances by creating a financial plan and working towards building wealth.

Women make fantastic investors, keep reading to learn why. Plus get five key tips for how women can invest smartly!

Why women investors are amazing

There are a lot of things that set women and investing apart. And women can have great success with investing because of the unique way they view finances. For example:

Women approach investing with a cautious mindset

Women sometimes approach investing with a different mindset than their male counterparts. They tend to be more careful when considering investments.

Although action is necessary for investing, this cautious approach can pay off and help women make great financial choices.

Another thing that makes women great investors is that they don’t spend too much time trading. The Motley Fool explains that men tend to trade a lot more frequently than women, and that this contributes to their investments not doing as well. Women, on the other hand, tend to trade less and have better results over time.

They make fewer emotionally driven investments

Another key differentiator between men and women in investing is emotion. It may be surprising, but men can be more emotional about making investments than women.

In a survey, Adam Hennick of Hennick Wealth Management found that men who make a higher income are more likely to buy stocks based on a gut feeling at 13.7%, whereas women are less likely to do this at 7.5%.

Making a hasty emotional decision when it comes to investing often leads to regret, and it’s better to take the time to research to be sure you have the best chance of financial success.

Women give their investments time to grow

According to an analysis by Fidelity, female investors are starting to invest when they are younger, for example, between ages 18 to 35, women are opening a brokerage account by age 21 on average.

The older generation tended to wait longer to open a brokerage. It was also found that millennial women are investing outside of their retirement more often than previous generations.

This is great news because investments that are made sooner have more time to grow, and more investing beyond retirement may also be beneficial. All of this can result in more wealth for women.

5 Tips for how women can invest smartly

Before choosing an investing platform, investment products, or financial assets, consider how you can be sure that you are investing smartly. These 5 ideas will help you achieve your goals.

1. Set financial goals

If you are going to invest your money, then you want it to grow. And you probably have a good reason!

For instance, you might be thinking of retirement savings, long-term goals like saving up for a house or saving for vacation, irregular expenses, or education costs.

When making investment decisions, setting financial goals can allow you to know how much money you need to set aside. So think about how much money you want to make over how many years.

To start, try to think of 1 or 2 big long-term goals and then maybe a short-term goal or two. Then consider how much money you need for each.

After that, determine how long the money needs to stay invested. Having all of these numbers in front of you and knowing your goals can make it much easier to start the investing process.

For example, you may want to save $1 million by the time you retire and suppose that’s in 30 years. Now that you have that larger number, you can break it down by how much you want to save each year and then each month.

2. Research

Rather than simply choosing the first investments that come along, it’s important to form an understanding of how your money will be invested.

According to the Motley Fool, you should understand investing metrics and both types of stock analysis when researching stocks, in addition to looking at trends and management when you research the stock companies, and researching other important information.

Above all, don’t make a decision about your money without first thinking it over and doing your due diligence.

3. Understand your risk tolerance

Not everyone is comfortable with the same amount of risk for their money. When it comes to women and investing, you need to know if you are more risk averse or if you prefer to take more risk in favor of a potentially higher return. 

If you are risk averse, you might prefer safer investing routes like CDs or high-interest savings accounts.

However, while it is important to try to minimize risk, know that just keeping your money in savings accounts is unlikely to help you become wealthy.

Find more information about investing and become comfortable with the idea. Then you may find that, while investing does have risks, it isn’t as scary as it seems.

On the other hand, if you are okay with a lot of risk, you may choose to invest in single stocks in hopes of a high return.

However, just because there could be a high return on something doesn’t mean there will be. Another option could be investing with index funds, which invest in multiple things like bonds and stocks. Mutual funds are another good option.

As you can see, there’s a lot to consider with risk tolerance. You also need to take into account things such as personality, your age, and how long you plan to keep the money invested. These things could make you more or less risk averse.

4. Have a strategy and diversify

Before you make your investment choices, be sure to have a plan and diversify your investments.

An investment strategy involves the values you use to determine the investments you make, which ultimately lead to you reaching your money goals. You’ll need to take into account some of the things that were mentioned above, like how risk averse you are and what you plan to do with your money.

Diversifying means you choose several different investments, so you don’t have all of your money invested in one type of asset, and then you are likely to see more consistent returns.

Considering your values and strategy, in addition to diversification, is important for your investment portfolio and your future. You might consider an all weather portfolio, which will help you diversify without being overly risky.

5. Seek professional guidance

Imagine jumping into a huge decision like a career change or a big move without asking for any advice first. You probably wouldn’t do that – so don’t invest without getting some guidance.

Reading and research is a good way to begin getting guidance. You might ask other people you know who are savvy investors to give their advice, as well.

Consulting financial professionals can also be a smart choice, but be careful of fees. They may not be worth it in some cases.

The main point is that you don’t want to begin investing without knowing what you are doing to some extent. Although you don’t need a degree in finance to get started, understanding basic information and getting your questions answered is important.

Expert tip: Don’t rush the investing process

Whether you think that investing is difficult or you feel like you understand it pretty well, it pays to take the time to learn more.

Rather than jumping into new investments or opening accounts, first research, read for informational purposes, learn investment terms, and talk to others to get investment advice.

Don’t wait too long, but taking a few weeks or months to find out more about the basics and be sure of your investment choices is well worth it.

Why are women investors important?

Women investors EW important for their own futures and others. Not only are many women the female breadwinner for their families, but they have big financial goals and dreams to accomplish!

Women need to be great investors for their own futures and their families and to create greater awareness for others about what women are capable of with money.

And since women are not as confident in their investment knowledge, according to Morning Star, it’s vital that women learn all they can about finance and investing. Not only will this help their own futures but also the generations of women who will invest in the future.

If women today can make a huge impact, then they will likely increase confidence for other women about women’s wealth and what they can do financially.

How do women invest differently than men?

Not only are women more likely to be careful investors and make fewer changes to their investments, but they also care about investing in things that benefit other women.

For example, women investors more often invest with women entrepreneurs than men do. Women care about helping other women to succeed, and they’re willing to use their money to make this happen. Which can help to create a better financial environment for all women in the future.

Who are some popular women investors?

Some popular women investors include Barbara Corcoran, Mellody Hobson, and Melinda Gates.

Barbara Corcoran has a net worth of approximately $100 million, and she made a large portion of her money from her real estate company, as well as her investments with Shark Tank.

Mellody Hobson is the co-CEO of Ariel Investments, of which she owns 40%, in addition to owning a large portion of J.P. Morgan Chase and Starbucks shares. Ariel Investments manages over $17 billion in assets.

Melinda French Gates’ net worth is around $10.1 billion, and she received $2.4 billion worth of stock after her divorce from Bill Gates. She is also co-chair of the Bill and Melinda Gates Foundation.

Articles related to women and investing

If you enjoyed reading about women and investing, here are some other posts you might like!

• 10 Habits Of Successful Women
• 70 Financial Statistics About Women You Should Know
• 13 Personal Finance Books By Black Women
• 25 Side Hustles For Women That Make Real Money

There’s a bright financial future for women and investing!

The one thing women investors can improve on is their investing confidence! It’s apparent that women are amazing investors and can be very successful in reaching their financial goals. Women’s ability to invest wisely sets them up for a secure financial future.

You can be an amazing investor, too! It’s all about educating yourself and getting the right financial advice to get you on track towards your money goals.

Are you ready to become a successful woman investor? Increase your financial literacy by enrolling in our FREE investing course bundle to learn how to grow your money and achieve financial success!

The post Women And Investing: 5 Key Tips For Women Investors appeared first on Clever Girl Finance.

Are you keen to hear ideas for how to make money as a teenager? You’ve come to the right place! 

You have things to pay for, such as clothes, entertainment, going out with your friends, and let’s not forget gas or transportation.

That said, making money at your age can seem like an uphill battle. Luckily, there are ways to make money other than gift cards and cash from birthdays and holidays. So keep reading!

As life gets more expensive, you are probably looking for ways to fund these expenses (Hello, 18th birthday party!). And perhaps savings for the big goals you have for yourself as a teenager.

Why you should make money as a teenager

Although you may not need to bring in a paycheck, it is still a good idea. Even if you spend most of your money on fun experiences or cute clothes, there is an opportunity to save.

To grow your savings

When you make an effort to keep part of your paychecks, it will add up over time. It may seem like a small amount of money is not worth saving; however, every little bit counts. The years will allow compounding interest to grow your money to new heights.

To build long term wealth

Additionally you can turn your earnings as a teenager into the beginning of your retirement nest egg or even fund your college expenses in a few years!

By starting your savings early, you could have millions of dollars by the time you get to retirement age just from saving small amounts. Wouldn’t that be nice?

Remember that budgeting as a teenager is an essential aspect of planning your savings too!

How to make money as a teenager: 39 Ideas

Now with “why it matters” out of the way, it’s time to answer the question, “how to make money as a teenager without a job?”.

Take a few minutes to check out this list of ideas. And then choose something that interests you and get started today.

Remember that as you make money, it’s essential to increase your financial literacy as a teenager too!

1. Start a blog

Curious about how to make money as a teenager without a job? One fun way is starting a blog, especially if you enjoy writing and creating content. You can blog about any topic that interests you.

Blogging is not an easy way to earn an income, but it can be enjoyable. It’s a popular work-from-home job that can eventually make money online.

It may take several months before your blog posts earn money, but it can be a lucrative income once you get the ball rolling. Affiliate marketing and running ads from Google Adsense are great ways to generate revenue through your blog.

Research what you need to get started, utilize resources that teach you how to build a blog. Next, pick out domain names as options for your blog. Choose and buy the one that represents your blog the most. 

In addition, be familiar with online platforms for marketing purposes. And be prepared to create regular content for a growing audience.  

2. Tutor younger kids

If you have excelled in a particular subject or have expertise in a particular area, it is time to put those book smarts to the test.

Many parents search high and low for a tutor to help their kids excel. To start, check with parents in the area if they need a tutor for their children. You can also market yourself to the neighborhood.

In addition, you can advertise posters around town to generate broader interest. As you start hearing from potential clients, talk to your parents before meeting up.

You can offer in-person tutoring, but online tutoring may also be an option. See what works best for your schedule and the families you are tutoring for.

3. Work at a restaurant part-time

If you’re wondering how to make money as a teenager, fast food establishments and sit-down restaurants always need extra help. For example, many are looking for teenagers to take over the cash register or hostess table.

Other potential openings include cook, busboy, waitress, and more.

Depending on the setup, you could make minimum wage or have the opportunity to earn tips. Either way, you will build your resume while taking home a paycheck.

Plus, most restaurants have a free or discounted food policy for employees.

4. Provide lawn mowing and landscaping services

Landscaping is an excellent idea regarding how to make money as a teenager!

Many people are too busy or don’t want to care for their lawns. It is a labor-intensive job that you can turn into a booming business.

Lawn mowing is a straightforward service to provide in your spare time for extra cash. However, you could also plant garden beds, weed flower gardens, rake leaves, clean up after their dog, or water any landscaping in their yard. Be creative based on the lawns in your local area.

Lawn work is great if you want to know how to make money as a teenager, as it allows you to start working and earning money quickly.

5. Provide snow services as one of your side gigs

Snow removal services can be a great way to make extra money if you live in a cold area. People typically avoid cleaning the snow out of their driveway at any cost.

You can take advantage of that need and offer to shovel driveways, sidewalks, etc. Some might even want you to shovel snow from their parking space at work.

Set up a regular rotation of clients so that you always have enough snow to shovel.

6. Offer babysitting services (A simple way to make money as a teenager)

Babysitting can be easy to break into. An excellent place to start your babysitting activities is through family and friends. If you do a good job, they can spread the word around the community.

You might be surprised how much you can earn as a reliable babysitter. A typical rate is at least $10/hour plus an extra $3 for each additional child.

Plus, most parents provide a meal to the babysitter.

7. Become a parent helper

Another opportunity similar to babysitting is a parent helper, one of the best ideas when wondering how to make money as a teenager without a job.

The parent would be home while you help out around the house. Work might include anything from entertaining the kids to folding laundry. It can be an excellent first step if you aren’t quite ready to watch a houseful of kids alone.

Some great places to start include care.com and sittercity.com.

8. Start a photography or video editing business

If you’re terrific at photography or video editing, you’ve found your answer for how to make money as a teenager online.

You can offer to take pictures of an event or edit photos taken by the client. Get started by learning about photography through YouTube videos and reading about photography.

Video editing would be very similar. Online education is a good way to brush up on your skillset so you earn an income.

9. Become a DJ

Although buying the equipment may require some start-up capital, becoming a DJ is pretty straightforward.

Birthday, graduation, and sweet 16 parties need a DJ to set the mood, but professional DJs can be quite expensive. That’s where you come in. 

Suppose you can keep a party flowing smoothly, you’ll be the one giving advise on how to make money as a teenager. Get the word out through flyers and friends to start your new gig.

10. Teach music

If you’re a music lover but being a DJ isn’t your thing, you can teach music.

Whether you play the drums, piano, or trombone, if you have a few years of musical experience, you can teach other teens and children to play.

You can conduct lessons at your house or offer to travel to your student’s homes.

11. Coach little league sports

Coaching little league sports can be a fun way to earn extra money.

Many leagues require experienced players to coach the next generation. You will earn some cash and become a role model to an entire team of little leaguers.

You might have more fun than you think. Plus, the schedule is usually flexible.

12. Work as a golf caddy

Do you live near a golf course or know people who golf? You can become a golf caddy.

Your primary responsibility would be toting around someone else’s bag and retrieving lost golf balls. And in between these simple tasks, you can learn more about the game and make money from tips.

It can also be a fun way to network with community members. Start by looking up golf clubs in your neighborhood and reach out about applying for a job.

13. Work as a grocery store cashier

As a  grocery store cashier, you’d learn how to deal with people and money while earning an income. You’ll fit right in if don’t mind scanning coupons and small talk.

It’s a great way to meet new people and has fun conversations while you help check people out. To apply, go chat up your local store and see if they’re looking for help. 

14. Become a clothing store sales associate

Do you like fashion and organizing your closet by color or season? If so clothing store sale associate could be an excellent position for you.

This job entails helping customers find what they need and answering questions. You will also be responsible for keeping the store organized and clean.

Start by looking for open position at your favorite store. It would be great because you already know and like their products. Plus, you could get discounts on things you’d like to buy.

15. Be an attendant at a movie theater

Working at a movie theater or cinema involves collecting and selling movie tickets. You can also work the concession stand and serve popcorns, hotdogs, and such. 

It can also involve showing people to their seats and making sure no one is disrupting the movie. 

16. Work as a bowling alley attendant

A bowling alley attendant is a position that focuses heavily on cleaning and working large cleaning equipment.

In this position, you’ll be required to sweep, mop, take out the trash, and perform other related activities. You may also be required to do some customer service like help with bowling shoe rentals.

17. Work at the gym

If you already spend most of your time at the gym, then you might as well work there. Most gyms will allow you to work out for free as an employee.

Not only can you save on your gym membership as one of the rewards, but you also take home a paycheck.

Don’t limit yourself to traditional gyms. Also, check out other sports centers.

In high school, I worked at the tennis center, where I had played for years. It was a fun job with people I already knew and enjoyed spending time with.

Most jobs in these centers are relatively laid back, so it can be a soft entrance into the demands of the working world.

18. Offer pet-sitting services as a fun way to make money as a teenager

Many people need pet-sitting services for a variety of reasons. Whether they need someone to watch their dog while they are out of town or feed their fish while on holiday, pet sitting can be exciting work.

It’s also short-term, so you don’t have to commit to a tremendous job that will take much time.

It’s one of the best ideas for how to make money as a teenager. You can work, even if you can’t drive yet, by pet-sitting in your neighborhood.

Pet sitting is the way to go if you want to meet new furry friends and get paid for your love of animals. You can find clients by asking your neighbors, through word of mouth, local vet clinics, or on sites like rover.com.

19. Become a house sitter

Like pet sitting, people need someone to watch their house when leaving town. Responsibilities can include picking up the mail and watering plants.

Some clients prefer you stay in their homes while they are out of town. Others want you to stop by every couple of days.

The best place to start this business is through family and friends. You can spread the word through flyers and referrals as you get more comfortable and receive good feedback.

20. Clean out garages

Many people need your services if you have a knack for organizing. With overflowing garages across America, you can help clean out their junk in exchange for cash.

So decide on a flat fee for your service. You can charge based on the garage’s square footage or the number of boxes you will need to go through.

Depending on the amount of stuff, this can be a time-consuming job. However, you can schedule a time that’s most convenient for you.

21. Wash cars in your neighborhood

Cars can be a significant investment. Many people are too busy to clean their cars. Washing cars is a good way to earn money fast.

Car washing is one of the best ideas for how to make money as a teenager. Plus, you can charge more if you go directly to the customer.

If you have a water spigot, you should be able to take your services anywhere. Make sure to bring soap, rags, and any other cleaning products with you!

22. Become a summer camp counselor

A camp counselor is a good option if you only have time to work in the summers. Scout your local libraries and community leagues for open positions.

You’ll need to work with a wide range of kids all summer. Being crafty, patient, and outdoorsy can help you excel at this job.

23. Become a lifeguard

Becoming a lifeguard will require specialized training. You’ll need to get certified, but it can be a lucrative income for a teenager.

Most lifeguards are paid above minimum wage because they carry a lot of responsibility. Yet it’s a great way to earn extra money over the summer. 

Inquire for opportunities at rec centers or YMCAs near you. 

24. Get a job at a theme park

Theme parks can be a lot of fun, even as an employee.

Although it will be work, many theme parks offer extra things for their employees, such as free tickets.

So it’s a great way to make money as a teenager, and there are many roles you can take on. Some popular positions include ticketing, custodial, and entertainment.

24. Teach kids how to code

Coding is a valuable skill. You may have learned the basics in your computer science class. However, it’s helpful to know a little more. There are many online classes you can take to improve your skills.

Once you’re good at coding, you can earn significant money teaching younger kids to code.

Many parents are willing to pay top dollar for their children to learn this skill.

26. Sell food at the farmers’ market

Are you a fantastic baker? Consider setting up a stand at the farmers’ market. You can perfect your craft and learn how to make money as a teenager while sharing your baking skills with the community.

Plus, you’ll be more in charge of your earnings. Instead of a regular income, you’ll learn how to run a business centered around your baking skills.

27. Flip items (A savvy way for how to make money as a teenager without a job)

Flipping items is very lucrative. All it entails is finding items to sell, fixing them up, and then selling them for profit.

You can start by asking your parents if they would like to get rid of household items that you can sell for profit. 

Then take that extra cash and buy more items to flip for more money. Amazon and garage sales are great places to look for items. Things such as electronics, books, game systems, and DVDs are easy to start with.

You can work on this on your schedule and sell the items on Facebook Marketplace or eBay.

28. Make stuff and sell it on Etsy

If you are creative and enjoy crafting, there are a ton of money-making crafts you can sell! For instance, printables, bath and body products, jewelry, and more.

You can have fun and make money, which is why it’s highly recommended when wondering how to make money as a teenager online.

29. Create vlogs (A creative way for how to make money as a teenager online)

If you’re not camera-shy, vlogging is a great way to make money as a teenager! You can set up a vlog on any social media platforms like YouTube and get paid to make videos.

Are you great at applying makeup? You can create video tutorials and teach others how to get those beautiful looks you rock every day. You can also teach people to do things like play soccer or guitar.

There are a million opportunities for vlogging, so get started earning from your talents and market them on your social media account.

30. Sell clothes on Poshmark

Selling clothes on Poshmark is how to make money as a teenager without a job! Is your closet overflowing with clothes you never wear? Then sell them for quick cash.

You can even start selling clothes as a side hustle to earn money every month. Find items to sell online or thrift them from garage sales. You can also ask your friends and family if they have clothes they want to get rid of.

Other online marketplaces for selling clothes online include Facebook Marketplace and Depop.

31. Become a social media manager for businesses

If you love social media platforms like Instagram and TikTok and know how to use these platforms well, why not get paid for your skills?

Many small businesses need help creating content and managing their social media accounts. Thus, social media management is a great way to make money as a teenager doing something you enjoy! 

Reach out to local businesses to see if they need help with their social media accounts. Additionally, you can find freelancer opportunities from sites such as Fiverr.

32. Start a YouTube channel (A very popular way for how to make money as a teenager online!)

Start a YouTube channel and earn an income by being creative and having fun.

This strategy is something that will take time and won’t make you rich overnight. However, if you stay consistent with it, you can start earning money over time.

It’s important to note that you must be 18 or older or have someone 18 or older who can manage your payments.

Make money with ad revenues

You can earn money from ads that appear throughout your videos.

Channel memberships

You can also earn money through channel memberships, where subscribers pay a monthly fee for exclusive content.

Some YouTube channel ideas for teens include reviewing movies and video games, creating a channel around your favorite hobbies, or simply sharing fun and interesting facts.

33. Social media content creation (Most popular way for how to make money as a teenager online)

Looking for more excellent ideas for how to make money as a teenager without a job? You could get paid to be a content creator.

Many content creators of all ages are making money through brand sponsorships, which is when brands pay you to promote their products on your channel. 

There is also the affiliate marketing option, where you promote a product with a discount code and get a percentage of the purchase made.

Although content creation looks fun and easy, remember that it requires planning and preparation. However, it’s a great way to earn some extra cash when done well.

34. Graphic design services

Graphic design is work that expands from making websites to creating social media posts. It’s one of the best ideas for how to make money as a teenager online because it pays well. 

There are an array of online courses you can take in graphic design. However, you can gain practice by working with Canva.

Canva is a great design tool where you can access most tools for free. You design social media posts, logos, flyers, presentations, and so much more on their website.

Once you figure out which digital product you’re comfortable designing, you can create a portfolio for potential clients. 

To start, ask friends and family if they know anyone who needs your services. There are many opportunities available on sites like Upwork or Fiverr as well. 

Make sure to read the rules before creating your profile because some platforms are only open to freelancers who are 18 years old and over.

35. Dog walking

If you’re not ready to deal with people in your work, you can try dog walking. Many people are too busy to take their canine friends for morning or evening strolls. That’s where you come in.

You can easily do this job early mornings before school and evenings after school. 

Chatting up your neighbors with pets is a good way to get started. You can also create a profile in apps like TaskRabbit or Rover to find clients.

36. Play video games (A real way for how to make money as a teenager online!)

Isn’t it amazing that you could get paid doing something you like? Playing video games is an amazing idea for how to make money as a teenager without a job! 

Sites like Scrambly are looking for teenagers to test out video games in exchange for cash. You don’t have to commit a minimum amount of time. But of course, the more you do, the more you can earn.

Are you personable and good at playing video games? You can also make money by live streaming how you play on Twitch. The platform is open to anyone who are at least 13 year old.

Just like starting a blog or a YouTube channel, you’ll have to build your audience. When you do, you can earn money through donations, affiliate marketing, sponsorships, and ads. 

37. Do data entry

With fast typing abilities and an internet service, you can get data entry jobs. Most of the jobs offer flexible hours. That’s why it’s one of the best ideas for how to make money as a teenager online.

You might need to have Microsoft Word and Excel, Quickbooks, or Google Docs to do the jobs. But the companies typically provide them if they’re not free to download. 

You can find data entry jobs from freelancer sites or crowdsourcing platform like Amazon’s Mechanical Turk. Whenever you’re agreeing to online jobs, read the fine print and beware of scams. 

Additionally, there are companies like DataPlus+ looking to hire employees. 

38. Offer virtual assistance

Being a virtual assistant entails replying to emails, scheduling meetings, data entry, updating social media accounts, etc. Your clients could be busy business owners, freelancers, or even influencers. 

You take care of the administrative tasks so they can focus on what they do best. Virtual assistance is a great idea for how to make money as a teenager online. Plus, you’ll be learning and earning at the same time. 

Look up business owners or influencers around your area and offer your services. Meanwhile, you can find clients online on freelancers sites. 

39. Do more chores

If, for some reason, the above jobs don’t work out, you can always resort to doing more chores at home. Ask your parents about chores they were going to pay someone for and offer to do it yourself. 

It could be cleaning the inside and outside of the car, cleaning the gutters, or yardwork. You could also help out and do things around the house that your parents don’t have time for like organizing the garage or cleaning the refrigerator. 

Your parents will most likely be happy to pay you for doing some much-needed work!

Expert tip: Prioritize school, know your rights and avoid scams

Your willingness and want to earn income as a teenager is commendable. But be sure you prioritize school. Set ground rules for yourself so you have time to study, work, and play.

Also, before you join the workforce, learn about your rights. Check out the U.S. Department of Labor website. 

Furthermore, watch out for scams whenever you’re looking or taking jobs online. Read the rules before you join any type of platform to ensure you meet the requirements. 

How can a 16 year old make money fast?

As a 16 year old, you can make money fast by selling any items you don’t want or use anymore. Post your listing on Facebook Marketplace or Instagram. If you have a product that’s in demand, it can be snatched up within the day.

Knocking on your neighbors’ doors and offering babysitting, car washing, or any type of services can make you some fast money too.

You can also offer the same services on sites like Fiverr, TaskRabbit, or Rover.

How can I make $100 at 13?

At 13 years old, you may not be eligible to work at grocery stores and other establishments yet. But you can make a hundred dollars through other jobs such as babysitting, dog walking, and other applicable ways we mentioned in this list. Selling clothes and items you don’t need anymore is another way that you can make a fast $100. 

How can I make money at 16 with no money?

You can earn income at 16 without spending any money through odd jobs. Go around your neighborhood and offer to babysit, tutor kids, walk dogs, or do yard work. You can also put up flyers to advertise your services.  

On the other hand, you can apply for jobs at grocery stores, restaurants, gyms, or clothing shops. As long as you can get to work, you won’t need any money to get started. 

Ideally, find a work place that’s easy for you to bike, walk, or take public transportation if you don’t have a car.

How to prepare for a job as a teen

So you love the idea of earning your own money. In that case, you want to ensure you’re prepared before applying for different positions. Doing so will increase your chances of getting the job. Pay close attention to these preparation tips.

Improve your time management skills

Getting a part-time job means you will be balancing school and work. To do so successfully, you’ll need to know how to manage your time. You can improve upon this skill in several ways.

First, see how much available time you have. Consider things such as how long it takes you to do homework and study.

Next, you can get an agenda or a calendar and map out days and times you could realistically dedicate to a job.

Lastly, consider the hours you may be wasting time. You may need to cut back on your video game playing or spend fewer hours scrolling on social media.

Prepare a resume

A resume is your ticket to getting a job now and in the future. Yet, you may wonder how to make money as a teenager without a job experience to put on a resume.

Many free templates online that you can follow will show you how to include information such as your education and previous experience. You can also add the clubs or sports you’ve participated in, academic achievements, and references.

You want to include any experience that shows you have skills such as teamwork, attention to detail, ability to follow instructions, and hardworking.

A cover letter

Writing a cover letter can increase your chances of getting a job. It’s a one-page letter explaining why you are a great candidate for the job.

In your cover letter, you can share important moments, such as how your leadership skills helped you lead your softball team to victory. Or explain a volunteer project you worked on.

Remember gaining practice and experience with writing a cover letter and a resume will better prepare you for the job market in the future.

Interview practice

With a stand-out cover letter and resume, you’ll most likely get called in for an interview. However, you don’t want to meet with a future employer without some interview practice.

Try asking a close friend, parent, or family member to practice doing a mock interview with you. With a mock interview, you can practice answering typical questions you might be asked during the interview.

Open a bank account

When you get your first paycheck, it might be tempting to cash it and spend. However, a smarter notion would be to put it in your bank account.

Having a bank account helps you to have a secure place for your money. By saving money in a financial institution, you don’t have to worry about younger siblings stealing from your cashbox under your bed.

A bank account will also make it easier for an employer to pay you, as many businesses directly deposit paychecks into their employee’s bank accounts.

What to do with the money you make as a teenager

So, now you know how to make money as a teenager! However, it is essential not to spend it all in one place. Yes, spending some of it on fun things while you enjoy high school is okay.

But a small amount of savings can go a long way. Your future self will thank you if you try to save a piece of every paycheck.

Save up money to pay for college

Student loans are an option to pay for college. However, student loans can negatively affect your financial future. It can take decades to pay off those loans.

Instead, save your earnings to at least partially fund your college education. If you can avoid student loans altogether, that is amazing. Even if you can only reduce your total student loans, it is still worthwhile.

Buy a car in cash

A car payment can be a big commitment, especially in your teens. You aren’t sure where life will take you, but a car payment will only hold you back. Consider saving up to purchase a car entirely in cash.

Shop around for cars to ensure you get a solid deal. You don’t need the latest model, just four wheels and a reliable engine. Once you find the perfect car, research ways to reduce your other expenses, such as insurance and repairs.

Create an emergency fund

Part of learning how to make money as a teenager is understanding how to keep some of that money. An emergency fund can get you through difficult times and make some extra space in your bank account for unexpected things.

Unfortunately, we never know when these hard times will come. The reality is that they will come at some point. Build your emergency fund now, so you always have something to fall back on if times get hard.

Invest for the long term

If you start investing in your teens, your money has decades to grow. You can increase your investment portfolio to millionaire status sooner than you think. In fact, this is the best time in your life to begin investing!

If you need help figuring out where to start investing, many free online investing courses can help prepare you. You can even start investing with little money!

Articles related to making more money

If you enjoyed this article on how to make money as a teenager, check out this related content:

• The Best Investments For Teens And How To Start
• Financial Literacy For Teenagers: Key Money Tips For Teens
• 40 Important Goals For Teenagers To Have
• 26 Ideas For How To Make $300 Fast!

Leverage these tips on how to make money as a teenager!

If you follow the above list, you’ll no longer wonder how to make money as a teenager. You’ll know precisely how.

Remember to start with one thing you most enjoy doing. As time goes on, you can take on more responsibilities and earn more money.

It’s a great idea to start earning money at a young age. When you take home your first paycheck, you’ll likely have a big smile. You’ll enjoy greater financial stability later in life by starting early to build a solid foundation for yourself!

The post How To Make Money As A Teenager: 39 Lucrative Ways appeared first on Clever Girl Finance.

A laundromat is an interesting business idea that has been around for decades. Since laundry seems to be a ubiquitous chore in most households, it could be a worthwhile opportunity to build a business around it. If you want to give this tried and true business strategy a spin, keep reading to find out how to buy a laundromat. 

How to buy a laundromat

If you want to buy a laundromat, it can be difficult to know where to get started. After all, it’s not as straightforward as buying a house or building out an online business, which comes with extensive resources. 

To make it easier to understand, I’ve compiled a step-by-step guide to buying a laundromat below. 

1. Talk to other owners

The first step in buying a laundromat is to talk to other owners. You’ll want to make sure you understand what you are getting yourself into before moving forward with a purchase. 

Spend time asking questions. You can learn from listening to other laundromat owners.

If you hear something interesting, don’t be afraid to ask for more information. You might be surprised by how much owners are willing to share. 

You can find other laundromat owners near you with a quick Google search along with their business contact information. You can reach out to them via email or phone to ask if they wouldn’t mind chatting with you about their business experience.

2. Do your research

Next up, it’s time to do your research about owning a laundromat. This would include determining the average costs of laundromats in your area, how much you are able to spend, what you can expect to make, and the time commitment involved in the process. Loopnet.com and Buybizsell.com are great places to start with assessing purchase prices.

As you take a look at the situation in your area, you’ll need to decide if the costs associated with purchasing a laundromat are worth it. 

3. Find the right location

It’s also important to do some research into your own city when finding out how to buy a laundromat. In some neighborhoods, laundromats may not be needed, if the area is full of houses that all have their own washers and dryers.

But in others, a laundromat (or dry cleaning costs) is an essential part of life for many residents who don’t have a washer and dryer in their home. 

As a business owner, it’s important to find the right place to begin your business.

You can do this by checking out several potential neighborhoods and finding out what kind of property – apartments, homes, condos, etc.- are most common. Then, find out if there are other laundromats in the neighborhood already.

In addition, look at parking, and how easy it would be for people to access the laundromat. This is all part of choosing a good location.

4. Work with a broker

Brokers often have their ears to the ground for potential laundromats for sale. If you are interested in making a purchase, you can likely find some leads through a broker.

Although the broker will take a commission on the sale price, they can also help you find a deal in the first place. 

Planet Laundry explains that when you’re looking for a broker, you should check local laundry distributors, and you can also pay attention to ads to see who is selling laundromats in your area.

If you aren’t having luck finding a deal through a broker, consider driving around town to local laundromats. The current owners might be interested in selling, it never hurts to ask. 

5. Run the numbers

As with all potential business ventures, it’s critical to run the numbers and answer the question, “How much does it cost to buy a laundromat?”. You’ll want to make sure that the business is profitable or at least has the potential to turn a profit. 

According to Laundry Solutions Company, some of the costs to consider are the utility bill and your lease. The average amount spent for a laundromat per month can be anywhere between $4,000 and $8,500 each month.

Another potential cost is maintaining the equipment. Older machines tend to come with higher maintenance costs.

As you consider the potential for profit, make sure to take all costs into account. 

6. Find the financing

As with more new businesses, you’ll likely need to make an upfront investment of capital. If you are like most entrepreneurs, you don’t necessarily have thousands of dollars sitting around to invest.

A few ways to finance the purchase include taking out a Small Business Administration loan or getting a business loan from your local financial institution.

Additionally, you could consider a personal loan.

However, the best way to buy a laundromat is with as little debt as possible. Which means you may need to create a savings plan and take some time to save before you make a purchase.

7. Manage the business

After you make the purchase, it’s time to manage the business. The basic management tasks involve keeping the machines operating, collecting the cash, bookkeeping, and making sure everything is clean for your customers. 

Some tweaks you might make to the business include offering a start-to-finish service, which includes washing and folding clothes. Other potential income streams through your laundromat include coin-operated vending machines and selling laundry supplies. 

As the manager and owner, you’ll also have many other tasks, such as marketing the business, hiring employees, and more, in addition to handling the day to day operations of the business.

Expert tip: Remember passive income takes time

Laundromats can generate passive income. But like all passive income streams, you’ll likely need to put in upfront work to make this asset produce a reliable amount of income.

If you want to buy a laundromat in pursuit of passive income, take the upfront work into account. Even if you buy an existing laundromat, it might take you some time to get up to speed on how everything works.

Is buying a laundromat a good idea?

Buying a laundromat can be a good idea, and the potential for profit makes buying a laundromat an intriguing possibility. Through the eyes of a business owner, buying a laundromat can make sense if you have the right location and opportunities.

According to the Coin Laundry Association, the average market value of a coin laundromat ranges from $50,000 to over $1 million. Based on the Coin Laundry Association’s estimates, these coin laundries can generate between $15,000 to $300,000 per year. 

Reasons to buy a laundromat

A laundromat offers plenty of benefits to the owner. If you are considering this opportunity, explore the possible benefits below:

Passive income potential

The allure of passive income is that you no longer have to trade your time for dollars. A laundromat opens the door to one of the best passive income ideas. 

Of course, the upfront effort of finding and opening a laundromat might not feel passive. But the upfront work can pay off in the form of relatively easy income later. 

New income stream

Multiple streams of income may help you build a more stable financial future. If one of your income streams is unexpectedly disrupted, you can lean on your other income streams to cover your costs. A laundromat can add another income stream to the mix. 

For example, let’s say you open a laundromat on top of your full-time job. If you lost your job unexpectedly, the funds from this laundromat could help you keep your family afloat. 

Minimal labor costs

The business model tends to rely more heavily on machinery and equipment than labor. With that, it might be possible to operate a laundromat with minimal labor costs. 

You might decide to tackle running the business on your own. Or you might hire an employee or two to help you run the operations.

In either case, reliance on machines can help you keep your labor costs down. 

Cash is king

Laundromats operate on a payment upfront model. Unlike some other business models, which rely more heavily on providing credit to customers, laundromat owners can expect immediate payment. 

As a business owner, the appeal of upfront payment is undeniably enticing. 

Full-time or part-time commitment: How to decide

While learning how to buy a laundromat, you’ll want to know how much time it takes. Depending on your situation, you could opt for a more hands-off approach by hiring a manager for the business.

In general, the manager would open and close the facility, keep things clean, and source maintenance when required. 

But you might choose to take a more active role, which generally involves a full-time commitment. As a full-time focus, you might be opening and closing the business on your own. Plus, you might handle customer issues more regularly. 

The decision of full-time or part-time work will depend a lot on your financial situation, whether you plan to hire employees, and how much time you have to commit to the business.

How much does it cost to buy a laundromat?

Knowing how much does it cost to buy a laundromat depends, but will generally be anywhere from $200,000 to $500,000.

There are many factors that determine price, and you’ll also need to decide if you’re opening a brand new laundromat or purchasing an existing one.

In addition, do you need to purchase equipment? What else do you need to buy? Answer these questions to help you find your answer.

Can I buy a laundromat with no money?

If you are asking yourself, ‘Can I buy a laundromat with no money?’ you aren’t alone, and it is possible. Since buying a laundromat may cost hundreds of thousands of dollars, most new business owners will need to find financing. 

In general, it’s difficult to purchase a laundromat, or get a loan to make the purchase, without a down payment. But if you have a solid business plan and ample experience, a lender might be willing to offer you a loan with no down payment involved.

So, is now a good time to invest in a laundromat? It’s very possible if you can secure the funds you need.

How is a laundromat valued?

A laundromat is valued through the process of valuation. Valuation is how you figure out what a business is worth.

Figuring out the value will involve many aspects of the business, including the net income, lease, competition, store, equipment, and more, according to Laundry Solutions Company. Furthermore, they state that valuing a laundromat involves using the net income and a multiplier that you choose.

In general, laundromats are valued based on a multiple of their Net Operating Income (NOI). You can determine the NOI of a laundromat by subtracting the costs from the gross income.

For example, if the business earns $200,000 per year and has $50,000 in expenses, the NOI would be $150,000. The size of the multiple is usually between 3.5-5x. So 3.5-5x the NOI will give you your answer for value.

Is buying a laundromat a good investment?

A laundromat can be a good investment because, according to Speed Queen Commercial, laundromats in the U.S. see a cash on cash ROI between 20% to 35%. That’s a fairly high return. 

When compared to investments such as stocks with an average return of 8%, a laundromat seems to be a good investment. But you’ll have to decide for yourself whether or not a laundromat makes a good investment for your portfolio. 

What do I need to know before buying a laundromat?

Before you jump into your laundromat purchase, here are some helpful things to know before buying. 

Financing costs can add up

If you choose to finance your laundromat purchase, be clear about the terms of the loan. You’ll want to determine exactly how much the financing is costing you. It’s important to factor these financing costs into the overall profitability of the laundromat. 

As you look for financing solutions, shopping around can help you save big on interest charges. 

Maintenance might be involved

Laundromats rely heavily on machinery, which can break. When a machine in your laundromat is out of service, it’s missing out on the potential to earn money for you. With that, getting it back in working order quickly is a top priority. 

As an owner, you can hire someone to help you repair machines. But if you are comfortable tackling these projects yourself, you might save significantly. 

May need to hire employees

Laundromats are relatively hands-off. After all, the machines handle the clothes for you. But many laundromats need employees on hand to help customers, keep things clean, and offer extra services. 

If you aren’t comfortable hiring employees, then opening a laundromat might not be the right solution. 

Articles related to buying a business

If you learned a lot from reading about how to buy a laundromat, you’ll love these other business-related articles!

• 9 Businesses That Run Themselves
• How To Start: Passive Real Estate Investing
• 30 Best Passive Income Ideas
• The 48 Best Business Ideas For Women

Discovering how to buy a laundromat could bring you financial success!

Opening a laundromat can potentially add a passive income stream to your financial situation.

While a laundromat can be a good move for some investors, it’s not the perfect fit for everyone. Take the time to explore all of your options before moving forward with how to increase your income. 

The post How To Buy A Laundromat In 7 Steps appeared first on Clever Girl Finance.

Let’s talk about grocery shopping on a budget. You can cut lattes and your cable bill, but the one thing you can’t cut from your budget? Food. Food is expensive. Whether you’re a student on a low budget or a parent trying to keep the food bills at bay, we could all use some tips on managing our grocery budget properly so we can save more money.

The average American spends around $7,300 on food each year. And, your grocery spending can eat up anywhere from 14% to 34% of your household income.

That said, grocery shopping on a budget doesn’t mean you have to sacrifice your health. It’s about shopping smarter to make the most out of your monthly grocery budget. It’s also very easy to do if you carve out the time. You’d be surprised at how simple it can be to cut your grocery bill in half!

20 Ways to start grocery shopping on a budget

So what can you do today in order to save money on your next grocery run and minimize impulse purchases?

Here are 20 ways to get more out of your monthly grocery budget. (Be sure to check out our frugal meal plan ideas as well!)

1. Review what you have in your pantry

The easiest way to reduce your grocery bill is to simply buy less food. And no—we’re definitely not suggesting that you let yourself go hungry to save a few bucks.

Instead, give your pantry (and fridge/freezer) a double check so you know what to buy before you head out to the grocery store. Do you really need everything on your list? You may have already written “almond milk” on your grocery list—but turns out you bought in bulk last time and still have another box in your pantry.

Or maybe you wanted to buy beans to make tacos for dinner. But checking your pantry reveals that you already have a few cans of chickpeas on hand—and those will do just fine for tacos, too!

Bottom line: Before you head to the store (or even make your grocery list), take stock of what’s already in your pantry. You may need to buy fewer groceries (and spend less money!) than you thought.

2. Create your grocery budget

If you want to save money on groceries for the long term, then you need to create a budget—and stick to it.

I like to start by figuring out how much I currently spend on groceries. I review credit card statements and receipts from the last 2 to 3 months. Then I’ll ask myself, what is my average amount spent on groceries each month?

If this number is above my target grocery budget, then it’s time to make some changes.

An easy way to redesign your grocery budget is to work backward.

First, decide how much you want to spend on groceries each month. For example, let’s say you’re comfortable spending $250 per month. That equals $62.50 per week.

Next, make your weekly grocery shopping list—and make sure it does not top your weekly budget (in this case, $62.50).

If you tend to lean on credit cards and have a hard time holding yourself to a budget, try going to the grocery with just the $62 in cash. This way, you can be sure that you won’t buy more than you can afford—and you’ll stay true to your ideal grocery budget.

3. Plan your meals

A big part of grocery shopping on a budget is planning your meals. Meal planning is the key to saving money, as well as saving time. Start off small and plan your meals for the entire day.

Once you’ve mastered that, proceed to plan your meals for the entire week, then work up to creating a monthly meal planner. Meal prep is easy, and everybody can do it! Cook your meals in bulk and store them for later in the week. For example, you can plan casseroles, pasta dishes, sandwiches, side dishes and more!

This process not only ensures that you save money by making sure that you’re able to distribute your ingredients over several meals evenly, but it also ensures that you’re able to conveniently heat up your food and eat it immediately.

By the way, there are tons of creative and frugal meals you can try out!

4. Create a grocery list

We often spend more than we need to when we’re shopping for our groceries. We buy more than we can eat, and we often lose track of what we intended to purchase in the first place.

Much like how a to-do list keeps us on track with our tasks, a budget grocery list is imperative to keep us on track with what we must buy.

While it may sound basic, this factor must not be overlooked. How many times have you made a quick trip to the shops to buy one thing, but you end up buying a lot of other items you didn’t really need?

Writing up a quick budget grocery list — or on your phone, if pen and paper are a little too ‘old school’ for you — before leaving for the store will effectively prevent you from buying any unnecessary items as it keeps you on track.

5. Don’t limit yourself to one store

Sales don’t just happen at one store. Every store is different, and each of them is constantly competing to provide consumers with the best prices. Take advantage of this and shop for the best prices.

You’re not constricted to purchasing your groceries at just one store so take the time to scout out the varying prices and follow the cheapest prices. Shopping at different stores is one of the simplest ways to save money on groceries.

6. Shop for store-brand goods

Store-brand items are indisputably cheaper than commercial goods, and usually, I can’t tell the difference, apart from the packaging. This is due to store-brand goods being independently produced and packaged by the store itself. It’s no wonder that they’re cheaper.

While not all foods have a store-brand counterpart, items such as canned foods, condiments, and other processed foods are definitely guaranteed to have store-brand versions.

7. Bargain hunt

A huge part of grocery shopping on a budget is bargain hunting. Sometimes all the planning in the world can be fruitless if that one head of lettuce you need is $6.99.

When you head to the supermarket, take note of what fruits and vegetables are on sale. Most likely, it will be things that are in season and in excess.

If you see something on sale in the shops, make the most of it. Notice that 2 lbs of pumpkin are only $.50? Why not grab a couple? Vegetables can be so diverse and used in so many different recipes.

It might be just pumpkin soup, or you can get creative and make things like pumpkin cornbread, pumpkin beef, black bean chili, or pumpkin cannelloni.

See some cheese, eggs, ground beef, chicken breast or pork chops on sale? These can be stretched across multiple meals in your meal plan.

You might also see an abundance of cabbage or corn. You can preserve these foods and enjoy them at a later time, saving you tons of money down the road.

8. Prioritize your food needs

Defining your needs vs. your wants isn’t just for items you buy. This method can be used when you are making your budget grocery list too. It’s easy to buy up a bunch of random food that we really don’t need just because it sounds tasty.

For instance, do you NEED to buy steak every week, or could you find a cheaper option for dinner? Finding ways to save money on groceries by defining what you truly need can lead to big savings every month.

9. Pay with cash

People tend to spend more money when using credit and debit cards. Paying in cash can help you stick to your monthly grocery budget easier. The cash envelope budgeting system can be a great way to switch from cards to cash.

This is where you have dedicated envelopes to put specified amounts of cash in to pay your bills. For example, you would have an envelope specifically for your groceries for the month. This helps you stick to your budget and prevents overspending.

10. Use store rewards cards

Most grocery stores have a free discount card, points card, or rewards card. These are cards that you can use to earn points and get sale prices and other discounts when you shop.

In many instances, unless you have the store card, you will not be able to get the items you want at the sale price.

That being said, it’s very easy to miss out on receiving the sale discounts. During checkout, items are scanned pretty quickly, and you may not realize it until after you get home and look at your receipt — that’s certainly happened to me many times.

To ensure you always get the discounts, put your points card next to your source of payment. If, for some reason, you were not asked for it, or you forgot to use it, be sure to head over to customer service for a price adjustment.

Keep in mind that you can also use your points card online too. Rewards cards can help you stick with your monthly grocery budget.

11. Sign up for your store emails

In addition to signing up for the store points card or rewards card, be sure to sign up for your store email newsletters. Many times stores will email additional discounts, including printable coupons or free grocery delivery or pick-up offers.

They may also make you aware of sales going on in-store that are based on your shopping habits or things you typically buy or have bought in the past (using information from your points card).

Be careful not to get caught up shopping every store sale you are emailed unless you really need the items and they fit into your monthly grocery budget.

12. Search online for manufacturer coupons

Use coupons! Many of your favorite grocery brands sometimes offer manufacturer coupons on their websites or on coupon sites (like coupons.com or redplum.com) that you can use in-store or online.

Just do a quick Google search before you go grocery shopping to see what you can find. (Here’s our list of best coupon sites!)

13. Buy in bulk

Heading to your local farmer’s market may be your favorite Sunday afternoon activity but it may not be the most friendly on your wallet.

We’re not saying you should stop supporting your local farmers (not at all!). But to trim down your grocery bill, consider buying some of your pantry staples in bulk.

For example, shelf-stable products are great picks to buy in bulk for the following reasons:

1. Buying in bulk means you can score bigger discounts
2. Focusing on non-perishable bulk goods means you can shop once and have enough food to last weeks or even months.

Want to watch your grocery bill shrink? Head to warehouse stores like Costco or BJ’s to stock up on must-haves with a long shelf life, like:

• Flour
• Canned fruits and vegetables
• Canned tuna
• Nuts
• Grains
• Rice and pasta
• Peanut butter (or other nut butters)
• Pasta sauce
• Oatmeal
• Spices & dry seasoning

14. Shop discount grocery stores

If you need to get groceries on a budget, another easy way to reduce your bill at the check-out counter is to stay away from boutique grocery stores.

After all, food is food, right? So head to discount grocery stores like Aldi, Trader Joe’s, Lidl, and Market Basket for your weekly shopping run. These stores often sell grocery staples at just a fraction of the prices you’ll find at fancier shops, like Whole Foods.

So give discount grocery stores a try—your tastebuds won’t be able to tell the difference, but your wallet sure will!

15. Buy generic vs. brand name

We all have some brands we’ve been loyal to for years … but if you want to trim down your grocery budget, it may be time to evaluate your long-standing favored brands.

If you’re skeptical about switching from name-brand groceries to generic, here’s some food for thought: A study from CNET reveals that generic groceries are about 40% cheaper than name brands.

Let’s do some quick math: That means that if your current grocery bill clocks in at $400 per month, switching to generic brands could end up saving you $160 a month or $1,920 per year!

16. Learn how to store your food

It’s important to learn how to store your groceries properly (and safely). And storing your food properly will prevent food from getting spoiled and in turn save your money.

While canned goods, seasonings, and noodles aren’t necessarily a problem when it comes to shelf life, it’s a whole different story when we’re talking about other foods.

Dairy products like milk, cheese, eggs and yogurt are highly perishable and should be refrigerated as soon as you get home. The same applies to salads.

Vegetables and fresh fruits should be replenished every one to two weeks because they don’t last very long, even if they are stored in the fridge.

However, the shelf life of foods can definitely be prolonged by placing them in the correct location of the fridge and freezer.

Make sure that you store all meats in the freezer immediately after you get back from the store. Freezing meats will definitely make them last for weeks so buy them when they’re cheap and don’t be afraid to stock up. The same can be done for bread.

17. Get the store flyer when you walk in

Ever noticed that pile of papers as you walk into your local grocery store? The next time you walk by these, grab one!

You might just find a few cutout coupons in there, and they are a great way to get a summarized view of what’s on sale in the store. This way you can determine what items on your list are discounted.

18. Buy your groceries online

Personally, I think online grocery shopping is a great way to save money because I’m not distracted by yummy smells or product placements; I can simply search for and purchase what I need.

In addition, I have time to think about whether or not I really need the items I have added to my cart because I’m shopping online.

Yes, the delivery fees might be pricey — typical fees are from $10 to $20. However, you can find promotions offering free or low-fee deliveries if you try a new service.

And how many times have you spent much more than the delivery fee in-store after falling into the temptation of buying things that you didn’t plan for?

You may be able to save money on the cost of delivery by opting to pick up your online shopping at the store. You basically place your order online, and then your store provides you with a pickup time to come and get your pre-packed groceries.

Often, the cost of a pickup can be cheaper than delivery by up to 50 or 75%. If online shopping is something you have available to you, you should definitely consider taking advantage of it! Shopping online makes grocery shopping on a budget much easier.

19. Learn how to cook 

It’s not a secret that home-cooked meals are cheaper than eating out at restaurants.  However, the process of cooking may seem daunting for those who aren’t used to it.  Anyone can cook. You just have to start off with simple recipes with simple ingredients.

Cooking at home ensures that you know exactly what you’re putting into your body. Also, if you have bought your ingredients on sale, the cost of your meals will definitely equate to less than what you pay for at restaurants, about $20.37 per meal. Learn a new skill and save money while you’re at it.

20. Use leftovers

One of the easiest ways to save money on groceries is to utilize your leftovers. Repurposing dinner from the night before into lunch or another dinner idea can stretch out your food longer.

For example, if you have beans from the night before, you can use them in another main dish, such as tacos.

Rather than letting food go to waste, get inventive and make more cheap meals. Make a goal to use everything you cook. Check out Pinterest for ideas on how to use your leftovers.

Expert tip: Create a grocery budget you can stick to

Sometimes, it can be a little too easy to get carried away when creating a new budget. Don’t get us wrong—if you’re enthusiastic and motivated about improving your financial health, this is a good thing! But sometimes those moments of inspiration can lead to biting off more than you can chew.

For example, say I currently spend $400 per month on groceries and I want to cut my budget down to $100. That’s quite a big jump! And it may be harder to pull off in a one-month turnaround than I’d think.

For long-term success in learning to shop for groceries on a budget, start small. If your current spending is $400, maybe aim for $300 for this month, $200 for the next month, and $100 for the month after that.

Often, slow-and-steady baby steps help turn big goals into regular habits so you can commit to them for the long term.

How do I start a budget for groceries?

To start shopping for groceries on a budget, there are three key steps to follow.

Step 1: Review the last two to three months of your groceries expenses. How much have you been spending at the grocery store?

Step 2: Determine where you can make cuts. Are you buying more pre-made meals than you need to? Are you making a lot of small, frequent grocery store runs … that amount to a big monthly total?

Step 3: Add some structure to your grocery shopping routine. Decide how often you’ll head to the store—once a week? Twice a week? Give yourself a weekly spending cap on groceries—and stick to it.

By being aware of your spending, trimming the spending fat, and holding yourself accountable to a shopping schedule, you can keep your grocery spending in check.

What is a reasonable amount to budget for groceries?

According to the U.S. Department of Agriculture’s Thrifty Food Plan, the average woman between 20 and 50 years old can expect to spend $55.8 per week on food—or $241.90 per month.

Note that this Thrifty Food Plan considers that ALL snacks and meals are prepared at home. To give yourself some wiggle room for dinners out and coffee runs, you may consider raising your grocery budget to between $250 and $350 per month.

Can I spend just $25 a week on groceries?

While spending just $25 a week on groceries may be a bit limiting for the long term, it is certainly possible.

To drastically reduce your grocery spending, look for low-budget staples that you can turn into many different meals, such as chickpeas, rice, lentils, potatoes, etc.

Also, learn how to get the most out of every piece of food! For example, you can easily get three meals out of a whole chicken: 1) Dinner the first day; 2) Lunch the second day; 3) Homemade soup from the bones and scrapes.

You can save money grocery shopping on a budget!

Cutting your food budget in half is easy. And though I know it requires a little effort and discipline, it doesn’t have to be time consuming and the savings are well worth it!

Finding ways to save money on groceries can help you save towards other goals too. Let’s say you start saving $50 a month on groceries; that’s $600 in just a year!

Learning how to be frugal in all aspects of your finances will help you stop wasting your hard-earned money and bulk up your bank account! Learn how to save even more with our FREE savings challenges bundle!

The post 20 Smart Tips For Grocery Shopping On A Budget appeared first on Clever Girl Finance.

A cash envelope system is a useful budgeting tool for anyone that needs a visual budget to stay on track. Not only will this method help ensure your spending is controlled, but it has also been shown that cash envelope budgeting may lead to spending less money!

Although the envelope money system will not work for everyone, it can be a great option for anyone that needs to see exactly where their money is going.

In this article, will dive into explaining what the cash envelope system is and how it can be used to stay on top of your budget.

What is the cash envelope system?

The cash envelope system is exactly what it sounds like. You put your cash into different envelopes based on your choice of budget categories. Next, it’s time to figure out how much will go into each cash envelope based on your spending goals.

For example, I might put $300 in the grocery budget and $150 in the fun budget. The key is that I’d only be able to use the cash from these envelopes to pay for expenses that fall under each category.

The cash envelope categories are designed to encompass your variable spending. So, you would have a groceries envelope, one for beauty, another one for household supplies and an envelope for fun. You could also try a cash envelope challenge for a fixed time period!

However, your fixed expenses such as your mortgage or car payment are not meant to be included in your cash envelope budget. You can continue to pay these fixed expenses as you normally would.

Does the cash envelope system work?

Yes, the cash envelope system works and it can transform your finances. That said, it needs to be a good fit for you. With the cash envelope system, you’ll be able to easily see how much you are spending in each category based on the cash you have on hand.

Instead of simply swiping your debit or credit card and forgetting about it, you’ll be forced to part with your cash in exchange for your purchase.

The physical action of handing over cash can make you stop to think about exactly how much you are spending in the checkout line. It is a more tangible process to spend cash as opposed to plastic funds. As you spend the money in each cash envelope, you’ll be forced to watch your cash funds dwindle.

Simply seeing where your money is going can be a transformative process. You might be less likely to overspend when you can see your cash flying out of the envelope.

For example, you might skip an impulse buy towards the end of your shopping trip because you know that you only have so much money to spend on that category before the end of the month. If you have a habit of overspending, then the cash envelope system might be a useful budgeting strategy to try.

Is the cash envelope system the same as cash stuffing?

Yes, cash stuffing is a more modern term that is used to describe the envelope system. You’ll probably come across references to cash stuffing more on social media, but it works in exactly the same way as the cash envelope wallet.

Cash stuffing refers to the part of the budgeting method where you physically withdraw money from your bank and stuff it into pre-labelled envelopes that cover your spending. You then use this cash to pay for your expenses for that month.

If you don’t fancy stuffing cash into envelopes, some people use jars, binders or any type of container to hold your money.

Who is the cash envelope system ideal for?

The cash envelope system works best for anyone that needs to visualize where their hard-earned money is going and take control of their finances.

So, should you use the cash envelope method? If you answer yes to any of the questions below, it’s definitely worth a go!

• Am I new to budgeting?
• Do I need help sticking to my monthly budget?
• Am I a person that likes to visualize things?
• Do I regularly overspend?
• Am I unaware of where my money goes each month?
• Do I want to control where my cash goes?

How to use the cash envelope system

When you first start to develop your cash envelope money system, it is important to remember that every budget is unique. You have the ability to choose your cash amounts for each category.

With that, the amount of cash you place in each envelope is a reflection of your personal values. So it will likely be different than anyone else’s. For example, I might put a large portion of my cash into my ‘hobby’ envelope while others may put a large portion of their cash into a ‘pet envelope.’

Don’t compare yourself to others because you are the person who will need to stick to the budget. Also, don’t try to restrict yourself too much at one time because you might be more likely to break your resolve.

It can feel like a complicated process for the first couple of months. But once you get the hang of it, you might find it infinitely more effective than your previous budgeting methods. The key is to stick to the plan and work out the kinks for the first couple of cycles.

If you are intrigued by the idea of cash envelope budgeting, then read on. We will show you exactly how to get started with this budgeting strategy.

1. Create your budget

The first thing you need to do is create your budget. In order to successfully use your cash envelope system, you’ll need to create a meaningful budget. If you put too much or too little cash into your envelopes, your whole financial life might go haywire.

It’s not difficult to build a budget for yourself, but it is important to understand that you’ll likely need to tweak it over time. Life changes as you grow and you’ll need to adapt to new expenses as they arise.

To start building a budget, you’ll need to track your spending. If you have no idea where your money is going each month, then you’ll need to start here.

I recommend tracking expenses by combing through bank statements and credit card statements or saving your receipts for later. It is a good idea to track your expenses for a minimum of a month. For a full picture of your variable expenses, you may want to track your expenses for three months.

In addition to tracking your expenses, you need to find out what you can actually afford to spend each month. Take a closer look at your income after taxes to ensure that you are creating a budget that you can actually afford. After determining your post-tax income, determine how much of your income needs to cover your fixed expenses such as your mortgage.

Once you’ve subtracted your fixed expenses from your post-tax income, you’ll know exactly how much money you have leftover for variable expenses. You can make envelopes to encompass each of your variable expenses.

2. Look at your spending categories

After you have tracked your spending for at least one month, it’s time to split your spending into separate cash envelope categories. This will tell you how much you have spent in each area.

A few variable cash envelope categories that you may want to include are:

• Food
• Restaurants
• Gas
• Fun
• Beauty
• Pet
• Vacations
• Clothes
• Hobby
• Miscellaneous – anything else that needs to come out of your variable outgoings

After you’ve determined how much you’ve spent in each category, make sure that you can actually afford this level of spending. It might surprise you to find out that you’ve spent more than you’ve earned in a given month.

If you’ve spent more than you’ve expected, then the cash envelope system could be the best solution for you. It will force you to think about your spending before you make the purchase.

As you move forward with the cash envelope budgeting system, think of it as a fresh start. Don’t beat yourself up over past spending mistakes. Instead, look towards the future and work towards your financial goals.

Whether you want to pay down credit card debt or build your savings, a cash budgeting system can help you to achieve those goals.

3. Set limits for all categories

Next, set spending limits for each of your cash envelope categories. Start with what you are able to spend in a given cycle, then take your previous spending into account. Base your spending limits on how much you can actually afford, not what you think you can spend or would like to spend in a given category.

When setting limits for my own budget, I found that my new spending limits seemed harsh. However, I learned that living within my means was critical to long-term financial and total well-being, so it was important to be honest with myself about this.

If you cannot stick to the spending limits, then it might be time to start thinking about a flexible side hustle to supplement your income.

4. Fill your envelopes with cash

After you’ve set your spending limits for each cycle, now comes the easy part of filling your cash envelopes. Either fill your envelopes with your next paycheck or once a month. Find a cycle that works best for you and try to stick to it. Make sure to avoid any unnecessary ATM fees while taking out cash.

Once the money is in the correct cash envelope, you’ll need to diligently spend out of the appropriate cash envelope categories. If you have extra cash at the end of a cycle, then I’d recommend rolling it into the next month or putting it into your savings.

If you are saving money, you can try out the 100-envelope challenge or the 200-envelope challenge!

5. Adjust as needed

As you continue to use the envelope money system, it is important to realize that you may need to adjust along the way. In fact, adjusting your budget along the way should be an expected part of the process. Don’t expect to nail your spending restrictions in the first month.

Some spending categories might seem overly stuffed while others are ambitiously slim. Although it is all variable spending, you should set spending caps for each category relatively close to what you need each cycle.

Throughout the process, you might uncover a bad trend or hidden spending habits that are destroying your budget. You may also find that you are more thrifty than you thought! When you are pressed against the cash restriction, you might find that you are suddenly more willing to try a DIY fix instead of throwing cash at your problems.

If you find that the cash envelope system is not working for you but the budgeting categories are helping then consider another option. You may want to switch to a ‘virtual envelope’ system instead of a cash system. Be aware of your own preferences and build a budget that will encourage you to stay on track.

Expert tip: It’s ok to repurpose your cash envelopes if you need to

It’s ok to repurpose cash from other envelopes occasionally if you’re running low in a spending area. Personally, I’ve done this several times. But only if you’re 100% sure that you’ll have enough left in the envelope that you’re taking from to cover your expenses for the month.

If you do find yourself taking cash from other envelopes, it’s a good idea to rethink how much you are allocating to that particular category and even the labels you are using.

The cash envelope system takes some time to perfect, so don’t give up straight away!

Where to find your cash envelopes

The cash envelope budgeting system is a very popular approach to getting a handle on your budget. Due to this popularity, you have many choices when it comes to carrying your cash in these envelopes. They can even make great gifts for your financially-astute friends.

Here are a few places to look: (Note –This section contains some affiliate links from brands we use & love that help us grow Clever Girl Finance! Please see our disclosures for more information.)

Plain white envelopes

Of course, you can go with the standard white envelopes. After all, if your ultimate goal is to save money then this is an affordable option. You can get 500 plain envelopes for around $20 on Amazon.

Amazon

Many Amazon sellers offer colorful envelope options to keep your budget cheerful. Our favs are these cute reusable cash envelopes for under $15 which also come with budgeting sheets.

Etsy

Etsy offers a multitude of fun cash envelope options to make sure your budget stays fun. Choose an option that suits your style.

Make them yourself

You can also make fun cash envelopes yourself, and this is my favorite idea. After picking out some fun paper from the craft store, you can fold your own envelopes and decorate to your heart’s content. Don’t be afraid to enjoy the crafting process. Plus, I find that I’m more likely to stick to the cash system if I’ve put in the effort to make my own envelopes.

Be sure to check our detailed list and review of the best cash envelope wallets.

If you are worried about how to carry your new envelopes in a fashionable way, don’t worry! You don’t have to leave these envelopes full of cash loose in your purse.

Many stores offer cash envelope wallets that will allow you to stash your envelopes in addition to your other wallet essentials. You can still have a functional wallet that offers an organized way to keep track of your cash.

As an alternative, you can also use digital cash envelopes too!

What are the pros of cash envelopes?

There are lots of different budgeting techniques out there, so it’s important to find one that works for you. The benefits of using cash envelopes are:

Take control of your spending

The cash envelope system will highlight which areas you’re overspending on, so you can easily identify what you need to cut back on. Impulse purchases are also much less likely to happen because a transaction needs to be planned to ensure you have enough cash.

Gain insights into your spending habits

Lots of people don’t actually know where their monthly income goes. If this applies to you, creating an envelope for each spending area will highlight exactly what your money is being spent on.

Flexibility

It doesn’t matter how old you are or what your financial goals are, the envelope system is a great way to budget. You can easily change your spending categories and limits in each area as your priorities change.

What are the cons of cash envelopes?

If you’re thinking about using the cash envelope method, there are some things you need to be aware of first.

It can be difficult to track family spending

If you have a family budget, it can be hard to keep an eye on where your money is going if different people are taking cash out of the envelopes. If you do decide to use cash envelopes, you’ll need to keep track of where the money from each envelope goes with a list or spreadsheet.

Holding cash carries some risk

Keeping large amounts of cash at home can leave you vulnerable to theft or loss. Likewise, withdrawing cash at an ATM and carrying it home can be risky compared to just making online purchases.

Cash won’t improve your credit score

Dealing purely in cash does have its downsides if you need to borrow money in the future. Making purchases in cash doesn’t demonstrate to lenders that you are responsible with money like having a credit card does.

How do I start using cash envelopes?

First things first, you need to make the time to set up and organize your spending categories, cash and envelopes. The best time to do this is at the end of the month, so you can get everything ready for the start of the next month.

Do this when you don’t have any other distractions and you’re positive and motivated. You need to be focused and in the right mindset to achieve the best results. 

Next, follow these steps:

1. Create your budget
2. Look at the categories of your spending
3. Set limits for each category
4. Fill your envelopes with cash
5. Adjust your envelopes as needed during the month
6. Review and reset for the next month

It may take a few months to get used to this budgeting technique, but it’s worth sticking with it if you want to take back control of your spending. As the months go by, it will become second nature and you’ll have a detailed insight into your spending habits-both good and bad!

How do you categorize cash envelopes?

Everyone will categorize their spending areas differently, and that’s ok! The most important thing is that the categories you use work for your individual spending habits and lifestyle. Start by considering what areas you spend money on each month.

Here are some suggestions for how to organize your categories effectively. You don’t need to use all of them, just pick the ones that suit you.

• Mortgage/rent
• Groceries
• Utility bills (including cell phone bills)
• Medical
• Car (payment, fuel, gas, insurance, maintenance)
• Household items (necessities such as cleaning supplies and toiletries)
• Clothing and shoes
• Children
• Pets
• Leisure and entertainment
• Hobbies
• Travel and vacations
• Gifts
• Miscellaneous (to cover anything that doesn’t fall into another category)

Before you decide on a budget for each area, I recommend writing a list of the types of things that will come under each category. You can then refer back to this at a later date if you’re not sure what category to put an item into.

What do I do with money left over in my cash envelopes?

If you find yourself with extra money in your envelopes at the end of the month, there are a few things that you can do with it.

Save it

Give your savings fund a boost and get one step closer to achieving your next goal.  Whether you’re working towards having enough funds to take a vacation or buy a new car, every little will help you smash your target.

Pay off debt

The sooner you pay off debt, the less interest you will pay over time and the more financial stability you will have. So using leftover money from your envelopes is a smart financial move.

Carry it over to next month

If you have a tight budget, putting leftover funds into next month’s envelope is a great way to keep control of your spending. This will work particularly well if you’re new to the cash envelope budgeting system and still figuring out how much money to allocate to each of your spending areas.

Treat yourself

Everyone deserves a treat now and then! Budgeting isn’t all about only spending money on essentials. It’s about being smart with your money. And if you can afford a treat, you should absolutely do it!

One of the many benefits of the cash envelope system is that it’s flexible. One month you could use spare money to pay off debt and the next month you could treat yourself. Or you could even do a combination of a few of the ideas above.

If you find yourself with spare money in your envelopes regularly it may be worth increasing your spend in some areas such as saving or debt repayments.

Articles related to cash envelopes and budgeting

If you enjoyed this article on the cash envelope system, check out this related content:

• Save $5k With The 200 Envelope Challenge!
• How To Use A Digital Envelope System
• How To Budget: Budgeting Methods And Budget Categories
• 100 Day Challenge Ideas: 11 Ideas To Reach Your Goals

Give the cash envelope system a try!

Cash envelope budgeting is an effective way to get your spending under control. If you are still struggling to stop overspending, then starting a spending journal might be the next step to kicking your spending habits.

Budgeting is a very personal choice. Although the cash envelope system isn’t right for everyone, there is a way to budget that will work for you. Consider taking our completely free course to build a budget that works for your lifestyle today.

Also, be sure to follow Clever Girl Finance on Instagram, Facebook, and YouTube for top financial tips and inspiration to achieve your money goals!

The post How To Use The Cash Envelope System To Master Your Budget appeared first on Clever Girl Finance.

If you are moving out of state, you’ll realize that the costs can add up quickly. Although any move will have some expenses to consider, it is possible to curb your moving expenses by planning ahead. Today we will share an extensive moving out of state checklist to help you cut the costs of your upcoming move.

Why use a checklist for moving out of state

When you are preparing for a move, a list can be a helpful way to make sure that everything is accomplished. With any move, many tasks will need to be done for a successful outcome. But if you want to know how to save money while moving out of state, an organized list can be even more helpful.

By preparing in advance, you can potentially avoid any surprise expenses. Plus, you’ll be able to budget in advance for these planned expenses.

Here’s a comprehensive moving out of state checklist to help you create a smooth moving process.

2 months prior to your move

While it might seem like your move is still far away, time can and will move faster and faster the closer you get to moving day! Do these things 2 months in advance to help you stay organized.

1. Visit and research your new hometown

Once you know where you are going, it is a good idea to visit your new hometown. Although a trip out of state can be expensive, the scouting mission might be well worth the cost. If you have the time to be there for a few days, you might even consider making it a vacation with a vacation budget.

Do some research, so you have a better understanding of the cost of living, crime rates, and how close you’ll be to good hospitals, schools, etc.

You’ll be able to look for a new place to live without hauling all of your belongings around with you. Of course, you can skip this step if you already know the area pretty well.

The main purpose of visiting is to determine if you like the new neighborhood you plan on moving into, what the town is like, and overall, to be sure that this is somewhere you want to live before you go through a long-distance move.

2. Contact and make decisions about schools

If you have children, you’ll need to contact the new schools in your current area and your new home. Children can transfer schools, but there will be some paperwork involved on your end.

Create a binder or get a notebook to keep track of paperwork and anything you need to do so that your kids can start school when you arrive.

3. Keep track of expenses and start budgeting

Begin listing expenses and create a moving budget in advance. That way, you’ll be ready for the costs.

As you spend money, be sure to keep track of it by saving receipts or by tracking it in your banking or budgeting app. It’s a good idea to know how much you’ve spent on your cross-country move for future reference and also to know if your move will take more money than you originally thought.

4. Take a couple of days off work to move

Moving to a new state takes some time, even if you are super organized. You should ask for time off from work in advance.

Give yourself at least 2 days off and more if you can afford to. You’ll need the day of the move off from work, and likely the next day, as well, to sort through boxes and get settled.

If driving to your new location is going to take multiple days, then you may want to request 3 or 4 days off or even a whole week.

5. Find an affordable apartment

One key feature of an affordable move is finding an affordable place to live.

In most cases, you’ll likely choose to rent in your new city before buying a house. With that, seeking out an affordable apartment should be a top priority. Check out our top tips for how to find cheap apartments.

You can start your search online with sites like Realtor.com or also Zillow.com to see prices and get an idea of what will be affordable in the area you’re moving to.

You might also choose to work with a real estate agent who can help you with the renting process.

6. Declutter your home

The more items you have to move, the more expensive your move will be.

With that, a crucial pre-moving activity is a spring cleaning of your current space.

Take the time to go through your belongings and pull out what you don’t want anymore. You might be surprised at the sheer amount of stuff you are willing to part with.

Once you have determined what you want to get rid of, try selling the items. You can sell everything from used books to coveted designer handbags. Consider a garage sale if you have enough stuff to get rid of.

As you pocket the cash from selling your stuff, save it to put towards your upcoming moving expenses. Find the best places to sell textbooks online, and also find out how to sell designer handbags for cash!

Don’t skip this task on your moving out of state checklist! It’s a double win because you’ll have less to bring with you and more money in your pocket to fund your move.

7. Hire trustworthy movers or go the DIY route

If you are moving out of state, it can be tricky without the help of movers. And it’s especially true if you have a large amount of stuff to take with you. If you are hiring movers, make sure to do your research ahead of time.

You want to work with a reliable moving company that will take care of your belongings throughout the process. Steer clear of any moving companies with bad reviews.

Although working with trustworthy and professional movers can make your life easier, the DIY moving route will save you a substantial amount of money. Rental moving trucks are more affordable and might not be too cumbersome to drive.

Of course, moving across the country will take a tremendous amount of time and effort. With that, don’t forget to include the cost of your time when making this decision.

1 month prior to your move

One month before the big move is when you’ll start to make major changes and decisions that affect your daily life.

You should take the time to handle important paperwork updates. In addition, you can begin packing.

See these next ideas on your moving out of state checklist for the month before your move!

1. Look into state residency requirements

It’s important to look into residency requirements for tax purposes, and you can also find out how long you have after moving to the state to become a resident.

Check out the rules by state for residency, and find the websites for each state where you can get more information.

2. Get insurance and registration updated

When moving to a new state, you’ll need to update all of your insurance information. It isn’t the most fun part of moving, but it’s better to get it taken care of now.

Some types of insurance that you’ll need to update include:

• Car insurance
• Home insurance (it may not take a full month to get this, but you should at least find out when the best time to change this is)
• Renters insurance (you can also transfer it)
• Health insurance

In addition, you’ll need to register your car in your new state, as well. While you will likely have time to do this after your moving date, it’s important to know what’s needed in advance and have a plan for handling this soon after you move to your new state.

Do research and write down the necessary steps.

3. Get your moving supplies for free

Instead of spending your money to pay for moving supplies like boxes, you can find these items for free. In the weeks leading up to your move, save any shipping boxes that arrive at your home.

You can also find free boxes at big-box retailers. At most stores, all you have to do is ask, and you’ll find a large supply of free boxes.

You can check out your local grocery stores and restaurants to see if they have any boxes that they’re giving away for free. Then just start collecting as many as you can.

4. Start packing any non-essentials

Begin packing up the boxes for anything that you want to take with you but don’t use regularly. Which might be books, out-of-season clothes, and some furniture.

Whatever you can live without for the next few weeks, pack it up. After all, whatever you pack now can save you time when the move is approaching.

2 weeks prior to your move

2 weeks before you move to a new state, things may start to feel hectic. But remember that you’ve already gotten a lot of things done, and there’s still plenty of time when you use the moving out of state checklist.

Do these things a couple of weeks before you move for a smooth transition to your new home:

1. Forward your mail

When you move, you have to let everyone know about your new address. Not only will you want to tell family members, but also let any creditors know ahead of time. Otherwise, you could miss an important notice or a bill that needs payment.

You can use the USPS website to get your mail forwarded. It will give you time to formally change your address and still receive your mail in the meantime.

But of course, if you can inform those that might need to contact you of your address change in advance, that’s even better.

Notify the credit card companies you have a card with, as well as any other companies that you have expenses with, like a phone bill or other expenses affected by your move.

Also, let your doctor or hospital know, and inform social security, insurance providers, the IRS, etc.

2. Pack everything that you can

Don’t leave the packing until the last minute! It can be time-consuming, so now that you’ve packed the non-essentials, start to pack anything that you can do without for a couple of weeks.

Items that fall into this category likely include paperwork, favorite books, unused electronics, and spare dishes.

3. Take care of medical needs in advance

Choose a primary care doctor in your new state, and also be sure you have access to things like prescriptions for the first few weeks after your move. If you can, get your prescriptions filled for the next couple of months.

Research a dentist, a pharmacy, and other medical professionals you need to see often.

Then, forward your medical records to new doctors if possible.

4. Transfer your utilities

You will want the utilities set up at your new place before moving in. It’s one of the most important items on your moving out of state checklist!

With that, you should set up the transfer ahead of time. That way, you’ll be able to enjoy the basics of electricity and water at your new place immediately. Other things you may need include sewer, trash, internet, and anything else you’ll need at your new home.

If you are unable to transfer services, you’ll need to cancel the utilities at your old home. Some utilities you should cancel include water, trash, and electricity, among others.

Then be sure to set up your utilities at your new home before you move in.

5. Cancel all memberships before you move

Before you leave town, take an afternoon to cancel all of your local memberships. You don’t want to be charged for a local gym membership when you no longer live in town. It’s another one you don’t want to skip on your moving out of town list.

Some examples are not just your local gym but also any magazine or newspaper subscriptions that are delivered to your home. You can also cancel any memberships for specific stores that you may no longer need to use or have nearby, like Costco.

1 week prior to your move

A week before your move, you’re down to the details. Here’s what you need to do in your last week with the moving out of state checklist.

1. Host a goodbye party or plan to say goodbye to loved ones

Your friends and family will likely want to spend time with you before your move. Planning to get together with them a week before gives you plenty of time and will keep things from feeling rushed.

Take the time to plan a get-together at someone’s home or, at the very least, meet up for coffee with friends and family before your move. There are also plenty of fun family night ideas you can try while visiting with parents and extended family before leaving.

Be sure to give them your new address and invite them to visit in the future!

2. Finish packing

Everything that you haven’t already packed can now be loaded into boxes, bags, and suitcases. Pack absolutely everything, and be sure to check every nook and cranny for forgotten items.

Pack up items in cupboards, drawers, and don’t leave anything behind. Once you finish packing, don’t forget to double-check every room.

3. Plan your meal budget

Decide how much to spend on food on the day of the move and the first couple of days after. Often, the easiest thing is to eat takeout or fast food during this time since you’ll be so busy.

If you really don’t want to spend money in this way, be prepared with pre-made meals and also plan to run to the grocery store when you arrive at your new home.

It’s helpful to make a plan for your meals in advance either way, so you know how much money to budget for this.

And while you’re thinking about budget meal planning, now is a good time to clear out the fridge. You’ll need to have it empty on the day of the move, so removing everything you don’t plan to take with you or eat before you leave is smart.

3 days prior to your move

3 days before you move, most of your paperwork should be handled, and your items will be packed. Here are the next things on the moving out of state checklist to finish up before leaving.

1. Clean your apartment or home

If you are leaving a rented space, then take the time to clean out your apartment. Without a thorough cleaning, you might not get your security deposit back.

While you are at it, check the lease to see if you need to fill in any holes left behind from your wall hangings. An inexpensive jar of wall putty can help you get hundreds of dollars back.

2. Take photos and walk through the home with your landlord

Taking photos of your old rental can help you get your deposit back, so it’s an important step to take! Be sure to get a record of damages and photos that show what day and time they were taken.

Additionally, walk your rental with the landlord to ensure you can answer their questions and that there are no problems.

If you’re moving from a home that you own, then the process is different. Though it’s probably still a good idea to take photos of any home damage just in case there is a problem in the future.

3. Ship your car

Depending on time constraints and how far you are moving, you might have to ship your car. Although you could drive it yourself, it is not always a good use of your time.

You can decide if shipping your car is worth it by getting a quote. Then weigh the transportation cost with the financial and physical costs of driving to a new state.

4. Keep your essentials available

When you are packing your bags, start by packing a suitcase of everything you need to live for a week or so. With all of your necessary toiletries close at hand, you won’t have to run to the store for items that are buried in your boxes.

It is also a good idea to pack a box of all your important paperwork to keep with you throughout the move. You’ll feel more comfortable knowing that all of your documents are in one place throughout the chaotic moving process.

Additionally, besides clothing, toiletries, and paperwork, pack another few boxes of necessities for your first week in your new home. Which might include things like the coffee maker, towels and bedding, and anything else that you’ll need right away when you move.

Day of your move

The day is finally here! Use these moving out of state checklist ideas to stay organized.

1. Stay organized with paperwork

Keep a list of all necessary numbers for the movers, utility companies, real estate agent, etc. Anyone you might need to contact for information or help with the move.

You can keep all this information in your phone or a binder and have it with you at all times.

2. Pack your meals

Either pack easy meals that are inexpensive, like sandwiches, or use money that was set aside in the budget for eating out.

If you are packing lunches and dinners, then you can do so the night before or the morning of the move.

In addition, you’ll need to have a box of kitchen essentials with you so that you can make coffee, dinner, etc., when you arrive at your new home.

You might also need a cooler to fill with ice and keep drinks and snacks cold during the day. Doing this isn’t much of a hassle if you prepare in advance, and it can save you money!

3. Keep a master to-do list

Keep a master list of everything that you need to do on moving day with you at all times. You can keep this with all the important numbers. Either on your phone or in a notebook.

The important thing is that you have a place to keep track of anything you don’t want to forget, and you can write it down to look over later. Organization will help with stress levels and also in a practical sense.

Some things you might include on your master list:

• Tip movers
• Return keys
• Don’t forget any items
• Drink water
• Walk through the new house
• Double-check with utility companies about dates

4. Do a walk-through of your new house and make note of any problems

Ideally, on the first day before you move furniture in, you should do a walk through of your new house.

Take photos of any damage or maintenance issues you notice, and make note of any problems. That way, you can see if you’re liable to fix a maintenance issue or if the old owner is.

And this is also a good idea for safety, as well. You can check that locks, windows, and doors work properly.

In addition, check smoke detectors, carbon monoxide alarms, etc., to ensure that all are functioning properly.

Doing this soon after you arrive will ensure peace of mind in your new house. Here’s a list of things to check in your new place.

The week after you move

After moving, you can finally breathe easy! Many of the most important things are done, but there are still a few to take care of so you can get settled in your new home and state.

1. Get a new driver’s license

When you move to a new state, you’ll need to update your driver’s license at the DMV.

Additionally, you’ll need to update your car’s registration if you own a car.

According to Bankrate, you’ll need to go to your local DMV, bring paperwork (check the DMV website), and then you’ll simply fill out the paperwork and take any necessary exams. There could also be a fee.

2. Update your voter registration

Don’t forget to update your voter registration! You’ll need to register in order to vote in your new state.

Depending on your opinion, this may not be a high priority, so don’t feel too rushed to get this done.

However, it’s probably something you’ll want to get done in the next couple of months.

3. Get to know the neighborhood

Meet your neighbors, walk around the neighborhood, and drive around. See what stores, parks, and restaurants are nearby. Check out any interesting places.

It’s important to do this so you can feel more grounded in your new environment.

4. Make friends and meet people

Try to introduce yourself to the people you see often, such as the people in your local coffee shop, your neighbors, and the teachers at your kid’s school. That way, you can start feeling more at home quickly.

5. Make changes to your finances

A move is a big deal and counts as one of the major life events, and your budget may be affected. Even if you planned for new or different expenses, it’s a good idea to take a look at your current budget and see if it still works.

Account for any new costs or anything that costs less than it used to. Then you’ll be on track for the next few months.

6. Change the locks at your new home

Changing the locks is the smart thing to do after a move. Even if the old homeowners turned in their keys, multiple other people could have keys to your new home, so it’s essential to get the locks changed as soon as possible.

Although you can do this yourself, the benefit of hiring a locksmith is that you know they will do it correctly. Schedule an appointment right away when you move in.

Expert tip

Although moving out of state is a big project, you can make it easier by using a moving checklist and staying organized. List out any expenses (even possible costs) for your move, so you can have a better idea of your total expenses long before you move.

Even with budgeting and making it a point to make your move inexpensive, if you find that the cost is too much, consider ways you might earn money. Try selling some unneeded items around your home, or take on a temporary side job to save up what you need.

Create a moving budget

Although the moving out of state checklist can seem long, it is important to go through each of the tasks. Otherwise, you could be skipping an important document or way to save money.

Unfortunately, the costs of moving can add up quickly. But if you look at the projected costs ahead of time, you can create a budget with budget categories for your move. With a budget in mind, you can save in advance for the expenses coming your way.

Expenses to consider for your moving checklist

Here are some expenses you should consider adding to your moving budget:

• Cost of movers (overall cost plus tip)
• Gas and car maintenance
• Meals and groceries
• Cleaning supplies
• Fees for paperwork and licenses
• Maintenance and unexpected costs for new home
• First and last month’s rent and security deposit, if needed
• Down payment if needed
• Realtor fees
• Cost of a hotel or Airbnb if you cannot immediately move into your new home
• Moving supplies
• Other expenses

Once you have an estimate of the costs for your out of state move, look for ways to save even more. Don’t be afraid to ask for help from family and friends if you need to! A little bit of creativity can go a long way when it comes to saving during a move.

What is the first step to moving out of state?

One of the first steps when moving out of state is to consider where you are moving to. If you are choosing a new state, do research and visit. If you already know where you’re moving to, consider neighborhoods you might want to live in.

In addition to this, you should make sure you secure a new job in your new state or find one that allows you to work from home with one of the high paying remote jobs.

How do I prepare to move out of state?

You can prepare to move out of state by staying organized and using lists and budgets. You should also take the time to research the new state you’re moving to so you have more information when you do move.

In addition to using lists, you should also be sure that you are mentally and emotionally prepared for your move. Take the time to meet with friends and family to say goodbye, and find ways to meet new people once you move.

What is a good budget for moving out of state?

Creating a good budget for moving out of state will depend on several factors, including whether or not you use a moving company, where you are moving to and from, and how much you need to buy when you arrive.

It’s safe to say there will be some cost involved. After creating a moving budget and listing your expenses, you’ll be able to get a general idea of how much money you’ll spend.

What to do after moving to a new state?

After moving to a new state, make sure everything on your moving checklist is done. That way, you know you didn’t forget anything.

Next, you can take a deep breath and take your time getting used to your new state, your new job, and everything else that is different.

Decorate your home, make new friends, take a class, or join a club, and use this time to try new things.

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If you enjoyed this article about moving out of state, check out these great reads!

• Can I Afford To Move Out On My Own?
• What Is The Cheapest Way To Move Out Of State?
• 10 Questions To Ask Before Moving In Together
• Closing A Chapter In Life And Moving On: 7 Practical Tips

Use a moving out of state checklist to save money!

Moving out of state is a big undertaking. However, with the help of our moving out of state checklist, you’ll be able to anticipate expenses and cut back where you can.

In addition, take the time to de-stress after your move and get used to your new city. Focus on both financial wellness and mental wellness by budgeting and also taking the time to practice a daily gratitude list as you get used to your new state.

The post A Checklist For Moving Out Of State Broken Out By Timeline appeared first on Clever Girl Finance.

Not all bank accounts are set up with your best interests in mind. Your current bank account might come with high monthly fees, present no interest-earning opportunities, or have a clumsy interface that makes it difficult to manage your funds. All of these are perfectly valid reasons why you might want to know how to close a bank account.

If you’ve decided to part ways with your current bank, closing down your account is an essential part of the process. With that in mind, we will explore how to close a bank account today. 

How to close a bank account

Closing a bank account should be a simple process. After all, it’s easy enough to open a bank account. Why shouldn’t it be easy to close it?

Speaking from personal experience, shutting down a bank account isn’t a simple one-click process. Instead, it takes several steps to close an account properly. 

If you are closing an account, below is a step-by-step guide to follow through the process. 

1. Transfer your funds to another bank account

The first step of the process is to move your funds over to another bank account. For some, this means moving your funds into an existing account in an effort to consolidate your financial life.

But for others, this means opening an entirely new bank account. This depends on your answer to the question, “How many bank accounts should I have?”

If selecting an entirely new bank account, take some time to find the right fit for your situation. You don’t want to get stuck switching bank accounts again anytime soon. A few things to look for include any account fees, minimum balance requirements, and also accessibility. 

When you have the new bank account set up, you can transfer your funds from the existing account into this new account. 

2. Move all recurring payments to a new bank account

Once all of your funds are transferred, it’s time to let everyone who sends you money know about the change. If you have any automated payments coming to your bank account, make sure the person paying you has your new bank account information. 

For example, you might need to change your recurring payment information from your investment account or if you get money from any unique side hustles. 

3. Update your direct deposit information

When finding out how to close a bank account, you still need to make sure you can get paid as usual.

If you are paid for the work you do by direct deposit, it’s critical to let your employer know about your new bank account. Usually, this part of the process is as simple as filling out a new form with your company’s Human Resources department. 

Other sources of directly deposited funds, like government benefits, will also need to know about this new bank account. If you aren’t sure who should get this information, comb through your bank statements to find out who deposits money into your account automatically. 

4. Update your direct debit information for any automated bills

You might be someone who has decided to automate your finances. If you take advantage of automatic payments for any of your bills, you’ll need to update the payment information with your new bank account. 

Start by making a list of all of your automatic payments. Then work through the list methodically to avoid missing a bill provider. 

Some common recurring payments to consider include mortgage payments, rent payments, student loan payments, credit card payments, streaming services, utility bills, insurance payments, and also car payments. 

5. Wait a full month

It’s easy to miss an automatic payment. Instead of moving forward with your account closure immediately, wait a full month to confirm that nothing has slipped through the cracks. 

During this month, monitor your original bank account for any transactions. If you forgot about a particular recurring payment, you’ll have the chance to update it. Also, make sure your paycheck hits the right account. 

Once all pending payments have cleared your account, you can move forward with closing your account confidently. 

6. File paperwork to close the account

Most banks require you to fill out a form in writing to close your account. Not only will you need to submit the written form, but you’ll likely need to sign the document.

In some cases, your bank will require you to sign the document in front of a notary. 

While some banks may allow you to close your account entirely online, others require you to make a visit to your local branch. 

7. Get a confirmation

When you submit the paperwork to close your bank account, ask a bank representative for a written document that confirms the account closure.

If the bank account pops up on your radar in the future, you’ll have proof that the account was closed with your permission. 

Expert tip

When it comes to closing a bank account, be prepared for stalling tactics. I went through the painful process of closing an account at a major bank. It wasn’t a smooth process. Although the bank tried to stall at every turn, I eventually got the account closed. 

As you navigate the process, be confident in your decision. Don’t let the bank try to sway you into staying. After all, there is a reason you are making this switch. 

Can you close a bank account online?

Some banks and financial institutions will allow you to close your bank account online. It might be as simple as submitting a form through your bank’s online platform. 

But other banks, specifically large institutions with a brick-and-mortar presence, are likely to require an in-person component to closing your account. 

Do you have to pay a fee for closing a bank account?

If you close your account within 90 days, you might encounter an early account closure fee. But in general, you shouldn’t expect to pay a fee for closing your bank account. 

If you are encountering a fee to close your bank account, it’s further proof that it’s time to part ways with your bank. Working with a bank that nickels and dimes you at every turn usually isn’t a good move for your financial situation. 

What to do before closing your account?

If you’ve decided to close your bank account, evaluate why you want to make a switch. Simplifying your finances is a very valid reason. But if you only have one bank account, ask yourself why you don’t like the one you currently have.

Maybe you don’t like the high fee structure. Or perhaps you want to tap into higher APYS. Whatever your reason, look for a bank that presents a solution in your new bank account. 

Is there a negative to closing a bank account?

The process of closing your account might not be enjoyable. But the end result is usually very positive.

You’ll walk away from a potentially fee-riddled account. And you’ll hopefully step into a new bank account that offers you more bang for your buck. 

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• What Do I Need To Open A Business Bank Account?
• How To Close A Joint Bank Account

Understanding how to close a bank account can help you with your money!

It’s possible to close your bank account in a few simple steps. Tackle each step with patience to move through the process with the best results.

While it’s not a process you can complete in one click, it’s still worth pursuing if you want to switch up your banking situation. As you move forward, carefully research your other banking options.

When you find a bank account that suits your needs, initiate the closing process on your current account. Doing this will help you to experience greater financial wellness and also keep your financial house in order.

The post How To Close A Bank Account The Right Way In 7 Steps appeared first on Clever Girl Finance.

Coupon sites can be your secret weapon to scoring some great deals. And knowing the best coupon websites can help you save money on almost every purchase.

You can enjoy quality items at a discounted price if you take advantage of coupons. No, we aren’t talking about your Grandma’s coupons from a newspaper. We are talking about coupons from the best coupon websites around!

We will dive into the different types of couponing and the best coupon sites available today!

This post contains affiliate links. Please see our disclosures for more information.

Why should you consider using the best coupon websites

Coupons are an easy way to cut back on expenses without sacrificing quality. Although you will need to invest some time, it can be a good return on investment.

Even if you’re not into extreme couponing and only use coupons to save on groceries, you can use the saved money for something you desire.

Couponing can give you more wiggle room in your budget, freeing you up to spend money on other things. And thanks to technology, you don’t have to clip coupons anymore. Instead, you can use apps and websites!

Different types of coupons

Before you can start couponing, you’ll need to know the different types of coupons. Read the fine print no matter which coupon type you are working with.

You’ll be able to ensure you are getting the most bang for your buck and saving money by understanding the fine print on your coupons. Here are the basics:

Manufacturer’s coupons

A product’s company issues manufacturer’s coupons.

For example, if you find a manufacturer’s coupon for Kraft mac and cheese, it was issued by Kraft. These coupons can be used at any store that accepts the coupon and sells the product.

Printable manufacturer’s coupons

Printable manufacturer’s coupons are simply coupons that must be printed from a website.

You can find them on the best coupon websites we will discuss below. Another place to find these coupons is directly on the manufacturer’s websites.

Although you can find these coupons on multiple sites, you shouldn’t make copies of any single coupon. Many have unique codes with usage limits, so follow their limitations.

Store coupons

Particular retailers issue store coupons. You can only use the coupon at the issuing store. In some cases, you might be able to stack manufacturer’s coupons with store coupons. Still, it will vary based on the retailer.

Typically you can identify a store coupon with a logo or wording that indicates the voucher can only be used at a particular store.

Coupon code

Coupon codes will give you discounts on purchases while shopping online. As you shop, many stores have a field for coupon codes at checkout.

Make sure to enter the coupon code before you complete your order. The website will let you know if the coupon code is invalid.

Cashback

Cashback differs from a traditional coupon but is still a worthwhile way to save money. In some cases, cashback may be offered in addition to your coupon savings.

You’ll receive the cashback directly in the store if you shop in person. The cashback will be credited to your account with the particular coupon site if you shop online.

Generally, this cashback is sent out once you hit a certain threshold.

Best coupon websites

Now that you know some of the basics of couponing, it’s time to get started! We’ve covered the best couponing websites below.

If you start to use these coupon websites regularly, you’ll see a positive change in your bottom line.

1. Rakuten

Rakuten, formerly known as Ebates, is one of the best coupon sites that also offer cash back.

The service is free, and you can earn cashback from hundreds of websites. Plus, Rakuten offers access to coupons on top of its cashback program.

You can install a convenient Chrome browser extension that will let you know if the site you are on offers cashback.

You don’t have to do any research to score these deals. The earnings can range from 1% to 12% cashback and sometimes more during special sales.

Plus, if you link up your credit card, you can earn cashback in select stores through Rakuten. You’ll receive your money via PayPal or a check, whichever works best for you.

2. Ibotta

Ibotta is a coupon and cashback app that can help you save money painlessly, especially when shopping in grocery stores.

You’ll earn cashback on certain items by completing different tasks. These tasks might include purchasing the item, providing proof of purchase, watching a short video, or commenting on the product.

The number of tasks will vary based on the item and the cashback amount. 

Sometimes, you can use Ibotta on top of other in-store purchases, saving even more money.

It’s one of the best coupon websites that make saving money easy!

3. Swagbucks

Swagbucks is one of the best couponing websites around. It’s a versatile site that offers valuable coupons to its users. You can print coupons in-store or use cashback opportunities during online shopping.

When you print out a coupon, you’ll earn a Swagbuck. You can redeem these points for gift cards at many retailers, which will allow you to stretch your budget further.

If you’d like more Swagbucks, you can earn them by watching videos, taking surveys, and using the Swagbucks search engine.

4. Groupon

Groupon is the best website for coupons when it comes to entertainment and restaurants in your area.

You can also find attractive travel deals through Groupon. The site also offers thousands of coupons with a ton of category options from popular retailers.

Many of these are for services and products like spa days and car repairs. It can be a fun way to accomplish your to-do list on a budget and treat yourself in the process.

5. Amazon coupons

That’s right! Amazon offers coupons for many of the products on its site.

If you are an avid Amazon shopper, this is the best website for coupons. You should investigate these money-saving opportunities.

Most of the coupons offered are manufacturers’ coupons, but you can add them to your cart in a few clicks. Find out what’s on sale with Amazon coupons.

6. Coupons.com

The name of this site says it all; it is one of the best coupon sites you can use. You can find coupons for both physical and online retailers through coupons.com.

The site updates its coupon selection monthly, so check back regularly. In addition to coupons, you can earn cash back on purchases by linking your debit card to the site.

7. RetailMeNot

RetailMeNot is another one of the best couponing sites offering coupon codes for thousands of online retailers. Each day, the site updates its homepage with deals that are trending that day.

You can find coupon codes, cashback opportunities, and discounted gift cards. It’s a great spot to check out before you head to the store or finalize your online purchase.

Use this great go-to site when scanning for coupons while checking out.

8. BeFrugal

BeFrugal is a simple app that helps you cut costs while enjoying shopping. It offers lucrative cashback opportunities at over 5,000 stores.

It is a great app for coupons because of its accessibility. BeFrugal has an option that applies coupons and codes with the push of a button.

It couldn’t be any easier, which is great for beginner couponers. You can receive your earnings via PayPal, check, direct deposit, or gift cards.

9. Checkout 51

Checkout 51 is a fantastic way to earn cashback. It specifically focuses on saving you money with groceries and gas, which are high costs for most budgets.

Using the app, you can add your savings offers and then take a photo of your receipt. You’ll get money back in your wallet for your everyday expenses.

10. Savings.com

Savings.com offers a wide variety of money-saving opportunities. It can help you save money on groceries, flights, and everything else.

You’ll find both local and national level deals on Savings.com. It is an easy place to assess all of your coupon options in one place, which is why it’s one of the best coupon websites.

11. Brad’s Deals

Brad’s Deals has the latest information on deals at particular retailers. You’ll be able to find bargains for a wide variety of products.

Plus, based on past sales data, the site offers advice on the best time to buy certain items. Make sure to take a look!

12. The Krazy Coupon Lady

The Krazy Coupon Lady is the best website for coupons because of its reputation for knowing everything about coupons. On the site, there are both printable and digital coupons.

Suppose you are overwhelmed by the couponing process. In that case, the Krazy Coupon Lady can teach you how to coupon effectively and match up some amazing deals. Make sure to take advantage of this free resource.

13. SlickDeals

SlickDeals offers a different take on couponing. Instead of focusing on saving money for yourself, SlickDeals includes a community aspect. Not only does their team finds deals, but it also allows members to add their findings.

The most recent deals are displayed on the home page. However, some forums offer the opportunity to discuss the details of the deals with others in a similar situation.

14. CouponCause

CouponCause is one of the best coupon websites because it donates a portion of its earnings to non-profit organizations!

Some organizations they donate to include the World Wildlife Fund, Feeding America, and the City of Hope.

You can find coupons and promo codes for top retailers such as Booking.com, Amazon, Target, JCPenny, and more.

15. Hip2Save

Hip2Save is one of the best couponing sites for daily deals, promo codes, and coupons. You’ll find coupons from tons of stores, and they also have a section on where to find freebies! They also provide honest product reviews and shopping tips.

16. Printable Coupons and Deals

Printable Coupons and Deals is another one of the best coupon websites available. The site is set up in a very organized way, and you can find coupons for everything from health and wellness to cleaning products.

Find the coupons for the items you want and then print them out.

17. Capital One shopping

Capital One shopping is a browser extension that finds you coupons as you shop online. It’s a super simple way to save money without thinking about it.

There’s also an app version if you prefer that. Plus, the website helps you find deals with retailers like Ulta, Adidas, Levi’s, and more.

18. DealNews

DealNews is a great website for saving money. The website shows their current offers coupon codes, as well as deals for items that are on sale. And you can also sort through them by picking the brand, store, or category.

19. Tada

The Tada website focuses specifically on saving you money with grocery shopping. It gets you cash back as you scan your receipts.

So since you’ll buy groceries anyway, you may as well get some money back! It’s available as an app or a browser extension.

20. Valpak

Valpak allows you to save money through coupon codes. It can also help you find local coupons specific to where you live so you don’t miss out on any deals.

21. PayPal Honey

PayPal Honey is a Chrome extension for online shoppers. It gives you points for purchases, and then you get cash back.

It’s simple, easy to set up, and constantly saves you cash.

Expert tip

Use multiple websites to find coupons and discount codes to maximize your savings. When you utilize various websites, you can combine offers and save more.

What to do with the money you save from coupons

Now that you know the best couponing sites, remember you shouldn’t buy an item just because you have a coupon.

You can seek coupons for the items you already planned to purchase and look for the best deals. Otherwise, you’ll be spending money you weren’t planning to spend and not truly saving to your full potential.

If you use coupons effectively to meet your needs, then the savings will pour in. It might surprise you how quickly your savings add up!

As you build these savings, it is a good idea to use them to reach your financial goals. Here are a few ways you can redirect your newfound savings:

Build an emergency fund

Life can throw some surprises your way. Whether it’s a car repair or a medical emergency, unexpected expenses will pop up. A solid emergency fund can make those unplanned expenses less stressful.

Most experts recommend saving between 3 to 6 months of expenses in an emergency fund. That may sound overwhelming, so start with a $1,000 savings goal and build from there!

Save for your first home

Buying a home can be expensive but an exciting step in your life. The extra money you save from using coupons can help you start saving for your first down payment.

Every little bit adds up and can help you reach your goals faster!

Pay down debt

If you are in debt, then you realize it is not ideal. Stop trying to keep up with payments and make a concerted effort to pay down your debt. Any extra savings can be used to pay off your debt ASAP.

Save for retirement

Although retirement might seem far away, it is important to start saving early. Even if you can only save a little bit at a time, it can add up quickly over time. Take your earnings and deposit them towards your retirement savings.

Treat yourself

Yes, saving for long-term financial goals is important. However, you also need to enjoy your life.

Make an effort to fund your short-term goals, such as a new car or relaxing vacation in cash, instead of going into debt.

Using coupons can help you have more fun money in your budget.

How do I find legit coupons?

To find legit coupons to ensure the coupon source is from the manufacturer, retailer, or a reliable website. In addition, check the quality of the logo. 

If it looks grainy or has a low resolution, it may have been copied by a scammer. Additionally, read the fine print to scope out any fake coupons.

Is it safe to use coupon codes from websites?

There are risks to using coupon codes from websites, so it’s important to take precautions. Only use codes from reliable websites such as the one previously mentioned in this post. In addition, make sure you read the terms and conditions.

Where do extreme couponers get their coupons?

Newspapers and other print sources are where extreme couponers get their coupons. However, many of them also find coupons through apps and websites.

Which website is best for discount coupons?

Some of the best websites for discount coupons include Rakuten, Ibotta, Swagbucks, Amazon Coupons, and Groupon.

What browser extensions can I use to find coupons?

Rakuten, Honey, Capital One Shopping, and RetailMeNot are great browser extensions that work with multiple browsers, including Safari, Firefox, and Google Chrome.  

Articles related to saving money while shopping

Coupons are just one way to save money while shopping. Check out these related posts to save money while spending!

• 13 Ways To Save Money On A Low Income
• 18 Frugal Grocery Shopping Tips
• Grocery Shopping On A Budget: Cut Your Grocery Bill In Half
• How To Ask For A Discount And Save Money!

Use these best coupon sites to save a bundle of money today!

Coupons can be a great way to cut back on costs without cutting down on quality. If you can use coupons strategically, you can score some amazing deals. If you aren’t taking advantage of coupons, you leave money on the table.

Keep more cash in your wallet by leveraging one or several of the best couponing websites we have provided. Also, be sure to shop with a list, make meal plans, and have a budget for all spending! Here’s to saving more money!

The post 21 Best Coupon Sites To Save A Ton Of Money appeared first on Clever Girl Finance.

Finding your own style can feel easier said than done. But with a little bit of trial and error, it’s possible to find a style that fits you like a glove. Let’s explore how to find your style so you can start feeling like the best version of yourself!

9 Tips on how to find your style

If you are ready to learn how to find your style, then take advantage of the following tips. 

1. Take stock of your favorite clothes

Take some time to evaluate your favorite clothes. Don’t just look at the clothes you wear regularly, also find the clothes in your closet that make you feel great. 

For example, you might have a favorite dress that makes you feel like a million bucks the second you slide it on. In contrast, you might have a favorite pair of jeans that offer you the right balance of comfort and confidence. 

There is no right or wrong. Just find the pieces that help you with how to always look good.

Put all of the pieces that make you feel great on your bed. Then try to spot the common theme.

Are the clothes all a certain color? Additionally, do all of the clothes make you feel more confident? Nail down what makes those clothes special. 

2. Find your favorites in the store

Whether or not you have a closet bursting at the seams, head to your favorite store to pick out some looks. However, don’t start buying everything you like just yet.

Instead, look through the racks to see what stands out to you. Which will also help if you have a shopping addiction!

When you spot something that you love, try to nail down why you like it. Some reasons might include the perfect cut for your body, the right color, or also a certain level of comfort. 

3. Take notes from your favorite fashion influencers

Fashion influencers can be found all over the internet. While you won’t aspire to everyone’s style, you might find a handful of fashion influencers with looks that really resonate with you. 

A quick scroll through their posts might help you solidify a vision of how you want to dress. 

If you don’t follow any fashion influencers online, that’s okay. Take a look around your own life to identify anyone with a personal style that you like. Maybe you love the way your favorite aunt always looks put-together or how your friend seems to create effortless looks. 

4. Uncover your best color palette

Everyone has colors that make them look and also feel extra great.

For example, I tend to gravitate towards blues and neutrals because yellows and reds often don’t do me any favors. Take a minute to think about what colors work best for you. 

If you aren’t sure what colors are best for you, consider trying on a few different colors at the store. In general, you’ll be able to tell what makes you feel your best. 

5. Embrace your body type

No one’s body is exactly the same as the next. Rather than trying to make your body fit into a fashion trend, consider working to find a look that makes your body type look great. The idea is to find looks that naturally complement your body type. 

Of course, you can always try different looks. However, opting for looks that complement your body type can be one of the best confidence-building exercises. 

6. Consider the impact and ethics of each look

Even if an outfit looks amazing on you, it might not be the right fit when considering how to find your style.

In addition to how clothes make you look and feel, also consider the impact of the look. 

For instance, you might opt to avoid fast fashion items due to the negative environmental impact. Or you might seek out cruelty-free products. As the person in charge of your style, you have the opportunity to build looks that are in line with your ethics. 

If you are eco-conscious, upcycling fashion is a useful option. You can get a new look with a smaller price tag and also less environmental impact.

7. Create a fashion idea board

A fashion idea board involves pulling together images of colors, outfits, and also accessories to embody the style you envision for yourself. Pinterest offers an easy way to gather images for your idea board. 

When you are struggling to come up with an outfit, you can pull out your idea board for inspiration. 

8. Try something new

If you feel stuck in a fashion rut, mix things up by trying something entirely new. In this case, you might throw on an entirely different color or go wild with your accessories. A little bit of excitement might be exactly what you need to find your style. 

Remember, trying something new doesn’t have to embody your entire style. But by searching for unique looks, you might take your style in a new direction that you love. 

9. Make a wishlist of items

An unrestricted shopping spree is usually not a good idea when building out a new style. If you go wild upfront, you might end up with too many clothes that don’t suit your finalized style.

Instead of buying everything you like in the hope that it will fit your style, start making a wishlist of items, and learn how to stop buying clothes without being intentional. 

To clarify, you might set your sights on a lovely dress or a designer purse that seems to mesh well with your chosen style. But you may later decide that it isn’t the right look for you. Building a wishlist can help you see the direction of your style decisions. 

Expert tip

As you can see, a lot of finding your style has to do with how you feel and embracing your values and personality.

Firstly, one important thing is to take your time. It’s not a race, so gather inspiration from multiple sources until you find a look that suits you.

Last, you can make notes on your phone or write things down in a journal to help you to remember what fashion items you prefer.

How to find your style quiz: 5 Questions to ask yourself

Below you’ll find a short ‘find your style quiz’ to help you explore a few popular styles. Of course, these aren’t the only style options out there. But generally, it can give you a place to get started. 

1.) What’s your priority when getting ready?

• A. Matching your favorite accessories
• B. Creating a timeless look
• C. Going with the flow
• D. Efficiency and simplicity 

2.) How many pairs of shoes are enough?

• A. Never enough
• B. Several dozen
• C. A dozen of so
• D. Less than 5

3.) What statement do you want to make in a room?

• A. Bold
• B. Elegant
• C. Life of the party
• D. Understated

4.) What stands out to you?

• A. Being the best dressed in the room
• B. Keeping my wardrobe timeless
• C. Being true to my inner whims
• 4. Sticking to a small closet

5.) Who is your favorite fashion icon?

• A. Tracee Ellis Ross
• B. Audrey Hepburn
• C. Iris Apfel
• D. Victoria Beckham

Find your style quiz: Your results based on style types

Here are the results from our find your style quiz!

A. Maximalist 

If you mostly answered a’s on this quiz, then you might feel most comfortable as a maximalist. The guiding principle of a maximalist is that more truly is better. 

You might find yourself with a wide range of accessories that you pile on wherever possible. Or you might mix and match stacked jewelry options. In many cases, you might also opt for bold colors that help you light up a room. 

B. Classic

Answering mostly b’s on this quiz points toward a classic style. You might find yourself opting for elegant looks that never seem to go out of style. Specifically, black dresses might be a staple item in your closet. 

In general, a classic style won’t ebb and flow with the fast fashion trends. Instead, you focus on buying timeless fashion pieces that might last you for a lifetime. 

C. Whimsical

If you found yourself answering mostly c’s, a whimsical style might best suit your tastes. The beauty of a whimsical style is that your whims also dictate your choices. While you might have a fun color palette that you gravitate toward, nothing is out of bounds for this style. 

Therefore, you might center your outfit around a flowy feeling one day and a geometric vibe the next. Going with the flow is at the core of a whimsical style. 

D. Minimalist

The final option in this quiz is a minimalist look, which is the exact opposite of a maximalist style. Instead of opting for the most number of items, you want to keep your wardrobe as streamlined as possible. 

Generally, the concept of minimalist style involves choosing pieces that work well together. Although you might not have too many items in your closet, you have pieces that make you feel great. 

Why is it important to find your style?

Clothes can be a part of the story that you present to the world. When you have your own style hammered out, your closet can be full of looks that you love. 

The right outfit can make all the difference in your confidence. If you are wearing something that makes you look and feel great, it’s easier to make your mark on the world. 

Plus, a good sense of style can help you make a great first impression. Whether you are wondering how to ace an interview or meet new friends, this first impression can make a big difference.

Why can’t I find my style?

If you are having trouble finding a style that feels right, take a step back from the process. Building out a style from scratch can be a challenge, especially for fashion newbies. 

If you feel stuck, start by asking yourself what makes you feel great, and then ask yourself what fits into your lifestyle. Anything that makes you feel great and fits into your everyday life is the perfect cornerstone for your style.

For instance, you might have a single dress that makes you smile when you put it on and makes dressing up a breeze. Seek out that feeling of confidence when trying on other clothes. 

Be patient with the process. It can be difficult to build a style overnight. 

How can I be unique with my style?

Everyone has their own unique tastes, and that can serve you well when discovering how to find your style. If you want to be unique in style, look inward for guidance.

Rather than looking at outside influences for inspiration, dig deeper to consider what you think will look great. 

Use your own opinions as your guiding light to build out an entirely unique look. 

How do I know if my style is good?

The best way to know if your style is good is how it makes you feel. If you feel confident in your style, then your style is great. 

Of course, you can seek outside validation of your style choices too. If you receive compliments on your outfits, it’s safe to say that your style is solid. 

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Finding your style is a process and you can find yours!

Figuring out how to find your style can take some time. It’s also worth noting that your style preferences will probably shift over time.

On one hand, you might start out with classic style but then gradually transition to minimalist fashion in pursuit of a more streamlined closet. 

As you seek your style, be patient with yourself. And never be afraid to try something new!

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When you land a job that brings in a 40k salary, it’s cause for celebration. That’s especially true if you were previously working a minimum-wage job. But as you move forward, it’s important to determine exactly how far a 40,000 salary will get you.

In this article, you’ll find out answers to questions like, “40k a year is how much hourly?” and “what is a 40k salary monthly?” With that said, let’s explore what you can expect when earning $40,000 annually.

40k salary: The hourly, bi-weekly, and monthly breakdown

It’s difficult to think of an annual salary in such broad strokes. For most of us, it’s helpful to break down exactly how far this salary will stretch.

Below you’ll find a breakdown of a $40,000 salary and 40k after tax.

40k a year is how much hourly after taxes?

Based on the government tax brackets, everyone’s tax liability is a bit different. But in general, you can expect your take-home pay to be around $18 per hour.

If you work 40 hours per week for 50 weeks each year, a $40,000 annual salary would break down to $20 per hour before taxes.

If you’re still wondering, “40k a year is how much hourly?” you might need to consider your specific circumstances. Depending on your employment situation, you might find yourself working more or fewer hours.

Consider estimating the number of hours for your situation and calculating your unique hourly rate.

40k a year is how much biweekly after taxes?

Before taxes, $40,000 per year works out to around $1,538 biweekly. After taxes, your biweekly paycheck might be closer to $1,348.

But if you’re still wondering, “40k a year is how much biweekly?”, keep in mind that tax liabilities vary based on your family situation and eligibility for other tax credits.

Scope out your withholding requirements through the IRS’s free withholding tool. It should help you determine how much your employer will deduct from your paycheck to send directly to the IRS.

40k salary monthly is how much after taxes?

Before taxes, a 40k salary works out to $3,333 per month. But a 40k salary monthly after-tax works out to be closer to $2,696. If you prefer to budget on a monthly basis, it’s helpful to know how much you’ll be working with.

After you land the job, you can take a look at your pay stub. It should include information about how much is being withheld in taxes. With that information, you can determine your gross pay.

Consider working with a tax professional if you have questions about your tax obligations.

40k salary vs average U.S. salary

In the fourth quarter of the year 2022, the average full-time worker earned $1,085 per week, explains the U.S. Bureau of Labor Statistics.

If we assume that the worker was able to work 50 weeks per year, that would work out to a salary of $54,250.

With that, the average U.S. salary is higher than $40,000 per year. However, that doesn’t mean a $40,000 salary is not sufficient. If you live in an affordable area, you might be able to build a very comfortable life with this salary.

Is 40k a good salary?

The reality is that only you can decide if a $40,000 salary is a good one for you.

Now you know the answer to, “40k a year is how much biweekly?” and you understand the amount 40k after tax equals. And at first glance, a 40k salary might sound like a lot of money. Or it might sound like not enough money to get by on.

For some, $40,000 is plenty to live on. But for others, $40,000 isn’t enough to cover the bills.

For example, those living in an expensive city might quickly realize this salary won’t stretch far with high housing costs. However, living in a more affordable area could make $40,000 per year feel luxurious.

Be realistic with your location and lifestyle expectations when determining if a 40k salary is good for your situation.

Expert tip: Maximize your $40k salary with budgeting, investing and side hustles

To maximize your 40k salary, it’s really important you have a good budget in place that accomodates your needs and wants. This might mean sacrificing certain things or being frugal in certain areas so you can splurge a little in other areas.

In addition, be sure to carve out a portion of your earnings to invest. Even if you start with $25 to $50 dollars a month, over time and with the power compounding appreciation, your money will grow.

Finally, if time permits, its a smart move to start exploring ways to earn additional income and starting a side hustle is a great way to go about it. For instance, you can sell things you own but don’t need or offer your skills for pay on platforms like Fiverr and Upwork.

Tips to manage 40k salary for singles

If you are a single person covering all of the bills for your household on a $40,000 salary, there are some strategies you can employ to stretch your dollars further.

Limit debt

My top tip is to do everything in your power to limit your debt burden. While it’s often tempting to take on debt to allow for more spending, do your absolute best to avoid this.

When you get into debt, it’s often hard to get ahead because debt can act like a drain on your financial situation.

Of course, not all debt is a bad idea. If you take out a mortgage to lock in a lower monthly housing cost while building equity, that can be better than paying rent for some.

However, leaning on credit cards or personal loans to get by is generally not a good idea.

If you already have debt holding you back, consider making it a priority to pay it off as soon as possible. It’s especially important to get out of debt if you have high-interest debt, like credit card debt.

Build emergency savings

Without a stash of emergency savings, it’s easy to get caught in a financial pickle.

After all, life tends to throw curveballs when you least expect it. For example, you might wake up to a car that won’t start. And an expensive repair bill could leave you reaching for your credit card unless you have emergency savings to fall back on.

While it takes time to build an emergency fund, the effort can pay off in the form of greater financial security. If you need help getting started, use our guide to start building your emergency fund.

Lower your housing costs

Housing costs are often the biggest line items in a household budget, according to the U.S. Bureau of Labor Statistics. If possible, look for ways to lower your overall housing costs.

A few ideas include getting roommates or downsizing to a smaller home. If you want to think outside the box, consider trying house hacking.

Essentially, house hacking involves getting roommates to help you cover your mortgage payment. But you might choose to buy a multi-family property to allow for more privacy.

Tips to manage 40k salary for families

If you are raising a family with a $40,000 salary, you’ll have different challenges than a single person. Here are some tips to manage your salary.

Beware of debt

Debt is a drain on your household resources. While it’s often convenient to lean on credit, it can have quite a negative impact on your long-term financial health.

If possible, avoid taking on bad debt. For example, you’ll want to avoid spending more than you can afford to pay off on your credit card.

But some debt, like a mortgage, might help you stabilize housing costs for the long term.

Build financial cushion

It’s impossible to deny that raising a child is expensive. And many families run into unexpected expenses as their children grow up.

A sinking fund can prevent the financial stress that comes with unexpected bills, like car repairs or doctor visits. If you have the bandwidth, start building a sinking fund as soon as possible.

Trying a savings challenge might be the kickstart you’ve been waiting for.

Save for retirement

A financially stable retirement requires a long-term savings plan. The sooner you can start saving for retirement, the better off you’ll be when it’s time to leave the working world behind.

Start by evaluating your workplace savings options, a 401(k) might be the right place to start saving. Or you can jump into retirement savings through an IRA.

As you make your plan, consider working with a professional to map out the right strategy for your situation.

Meal plan

A meal plan can go a long way to keeping your family fed without breaking the bank. Personally, I’ve been able to cut my food spending in half with the help of a meal plan.

With some effort, a meal plan can help you skip takeout, save money, and become a better home chef.

Start by mapping out a week’s worth of meals at a time. With time, you might be able to stretch out your meal plan. For example, I can often meal plan and grocery shop for a couple of weeks at a time.

Try meal planning on a budget for at least a week to decide if it’s right for you and your 40k salary.

Find free family activities

Family fun doesn’t have to be expensive. If you love to create memories with your family, you can keep the magic alive without racking up a credit card bill.

Many cities offer free family activities around town. Check out the local library for information about potential opportunities. Plus, you always have the option of spending time in nature as a family.

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A 40k salary can be a great place to start your financial journey!

A 40k salary might be more than enough to make ends meet for some households. But for others, you’ll need to get creative to make life work on this salary, especially an amount of 40k after tax.

As you navigate spending on this salary, don’t overlook the importance of saving. Whenever possible, tuck away funds for any rainy days coming your way.

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A budget is a critical piece of any successful financial picture. Without a budget, it is hard to know where you stand financially. Even if you have a healthy emergency fund, a budget will allow you to track how much money you are earning, saving, and investing every single month.

You’ll need a budget tracking template to help you manage the details of your budget. It would be physically impossible to remember every single detail of your budget.

Without a helpful spreadsheet to hold all of the important information, you might find that you are missing out on crucial details.

Luckily, there are many great budgeting tools available. We will cover the best budget templates and apps.

What is a budget template?

A budget template will help you manage your budget by tracking all of the minor details. You’ll be able to customize the spreadsheet to meet your budget specifications. For example, if you budget biweekly.

On a monthly basis, it can let you know how much you have left to spend. You’ll be able to stay on budget without constantly running through your checking account transactions.

I’ve found that it allows me to track patterns in my spending. Additionally, I’ve noticed that some times of the year are more expensive than others. With that information, I’ve been able to better plan for my future, so templates for budgeting are extremely important.

10 Best budget templates and apps

So, what are the best budget templates? Let’s take a closer look at my favorite options.

1. Clever Girl Finance Free Budget Template

Clever Girl Finance offers free budget templates in both printable and spreadsheet versions, that can help you set up a budget and track it over time. The comprehensive worksheets will walk you through each category in your budget.

First, you’ll work through setting up your spending goals for the budget categories. You’ll need to think of a wide variety of categories from debts to groceries and everything in between.

You’ll have the space to track your income from multiple income streams. Plus take notes about your spending patterns over time. If you see something that you’d like to change in your budget, then you can adjust for the next month.

The worksheets have several questions that will force you to think about potential ways to cut back on your expenses or increase your income.

Click here to download this free budget tracking template (and more)! From there, you can start working on building your budget today!

Be sure to pick up a copy of the book, Clever Girl Finance: Ditch Debt, Save Money, and Build Real Wealth and the rest of the Clever Girl Finance book series!

2. Google Sheets Budgeting Templates

You may have wondered, “Does Google Sheets have a budget template?” Yes, Google Sheets does have free budget templates that you can use for money management.

If you are a very data-inclined person, then using a Google Sheet budget template could be a good solution. You will need to enter all of your spending data by hand.

That might involve saving receipts each month or checking through your bank statements if you mostly spend with a plastic card.

Overall, using a Google Sheet budget template is not a very visual way to track your budgeting progress. However, the numbers don’t lie. You will be able to see what you are spending and make plans to adjust that spending.

Although entering the data can be time-consuming, it can help you truly understand your spending patterns. You’ll be forced to relive every purchase as you enter them into your budget spreadsheet.

You can find the official Google Sheets Budget template here. It is fairly basic, but it does allow you to track your spending each month.

If you are interested in using this sheet, you’ll need to make a copy of the sheet after requesting access to the sheet. After making a copy, you’ll be able to make edits and track your budget in your own account.

So does Google sheets have a budget template, yes, but if you don’t like the free budgeting templates, then you can customize your own Google Sheets file.

3. Microsoft Excel Budget Template

Excel offers budgeting templates that are very similar to Google Sheets. However, you might need to pay for them. If you don’t already have Microsoft 365, then Excel will require you to pay for their budgeting templates.

Like Google Sheets, the template requires you to fill in the data in a hands-on way. It might take some time to get used to the format. But it can be a good way to think through where your money is going each month.

If you want to use Excel but don’t want to pay for its premium version, then consider building your own spreadsheet. Personally, I use an Excel sheet that I built myself to track our budget.

Each month I write down our purchases and determine how much we’ve gone over or under budget for the month. It can be a great free option if you are handy with Excel.

4. Personal Capital (App)

Personal Capital can help you track your long-term financial goals. Where Personal Capital shines is as a net worth tracker.

Although it does offer some budgeting assistance, the platform is focused on your net worth. The goal is to help track and manage your investments over time.

If you choose to use Personal Capital, then it might be useful as a general budgeting helper. It can show you how much your savings have grown each month. That will give you an idea of whether or not you stuck to your budgeting goals.

5. Credit Karma’s money management tool

Credit Karma offers you the opportunity to check your credit score on the go. And the best part is that it is completely free!

The website features resources like a mobile app, loan and credit card information, and more.

6. You Need A Budget (App)

The mission of You Need A Budget, or YNAB is to give every single dollar a job. The budget you create will have you allocate every last dollar to a category. You’ll be able to choose different budget categories including savings for each and every one of your dollars.

The YNAB app takes the difficult parts out of budgeting. In fact, it is one of the best budgeting apps available.

The software will track all of your spending so that you don’t have to add it to a spreadsheet. Instead, you’ll be able to send and receive updates from your YNAB app about your budget.

If you are starting from scratch and prefer a mobile method, then YNAB is a great solution to help you develop a budget. You can try it for free for 34 days. After that, you’ll pay a small monthly fee for the service.

7. EveryDollar (App)

EveryDollar is another monthly budgeting app that can help you stay on track. You’ll be able to build your first budget in less than 10 minutes and track it throughout the month.

I’ve noticed the format of the app is extremely simple, but it will get the job done. Although there are no bells and whistles, I still think the app can help you manage your budget effectively.

8. Vertex42 budget spreadsheets

The Vertex42 website offers multiple spreadsheets to help you with your finances, including personal budgeting templates, a monthly budget sheet, and more.

The personal budget spreadsheet is available to download in Excel or google sheets. It includes categories like health insurance, car payment, and charity.

So you can keep track of your entire family budget and home expenses all in one place. The website offers some of the best budget templates out there.

9. Pocket Guard (App)

The Pocket Guard app is known for helping people to keep their spending in check. It keeps track of spending in list and pie chart form.

In addition, this budgeting tool offers different categories for budgeting and allows you to see how much money you still have after paying your bills.

10. Simplifi by Quicken (App)

The Simplifi app is trusted by many like Forbes and USA Today. The app gives you a place to track your savings goals, as well as a way to see your spending over the course of several months.

It’s the easiest way to stay on top of your finances, and you can try it for free, though there’s a monthly fee after 30 days.

It gives a great overview of spending and it will even send you alerts on your phone for your money. In addition, it offers insights into your investments by keeping everything organized in one place. See your expense categories, in addition to actual costs, and learn to track expenses in a simple way.

Expert tip: Find a budget template that works for you

Leveraging a budgeting template or all can greatly simplify your approach to budget. It can also save you a significant amount of time. The key is to find a template that fits into your lifestyle. I recommend testing out a few different templates to determine which format would be the best fit for you.

Should you use a budget template or app?

Now you’ve gone from wondering “Does Google Sheets have a budget template?” to understanding your various options for spreadsheets from Excel and Vertex42, and the ever-popular money apps.

Yes, you should absolutely use a budgeting template or app to manage your money. Unless you already have your budget under control, a budget tracking template is essential for learning your spending habits and becoming great at money management.

Whether you prefer the best budget templates as a spreadsheet or app, you’ll be able to better visualize where your money is going.

That can lead to more intentionality with your money. And while there are paid options, you can also find free budget templates to avoid overspending.

Is there an Excel template for budgeting?

Yes, Excel offers several templates for budgets that you can customize for your needs. You can get Excel budget templates for free directly from Microsoft.

The platform Vertex also offers some great free Excel budget templates.

If you are looking for something more in-depth, you can purchase templates by doing a quick search on platforms like Etsy.

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Leverage these templates for budgeting to manage your money better!

A budgeting spreadsheet or app is a great place to start managing your budget. And having access to the best budget templates can help you get your finances to a better place. However, it might not be enough to help you build a budget that works for you.

If you need more help designing a budget that works for you, then consider taking our completely free budgeting course! You’ll learn about the different budgeting methods and choose the best option for your lifestyle.

Move forward with these templates for budgeting today. You absolutely will not regret it!

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