As the holidays approach, gift cards remain a popular gift option, but they’re also a target for scammers. These fraudsters use tactics like phishing and tampering with physical gift cards to steal funds before they can be used. To protect yourself and your loved ones this season, it’s important to stay aware of these risks.
Having a well-stocked emergency fund is important. But so is saving for retirement. So how do you know which one to focus on? Well, we’ve got you covered. Here’s what you should know.
Halloween is a time for spooky fun, but it can also bring a scare to your wallet if you're not careful. From costumes to decorations and treats, the costs can add up quickly. Here’s how to manage your Halloween budget and keep your spending under control while still enjoying the festivities.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
When I was young, I was gifted the coolest plastic safe. It was deep grey with a bright purple handle that you would spin to open and it had clinking sound effects whenever you opened the safe and deposited money. Since this was before I had a savings account, I threw all of my money in there until it would all fall out when I opened the safe. Eventually, my plastic safe became a thing of the past when the handle wouldn’t fully turn thus locking all of my precious belongings inside. After having to break the safe, everything was swiftly moved into my first real savings account.
Since opening that savings account, I admittedly have had ups and downs. At one point I had around $4,000 saved but by the end of college I had $900 to my name – quite a difference. Now, let me preface this next paragraph by saying, everyone is different when it comes to saving money!
As I started to receive regular paychecks from my first entry level job, I had my full check deposited into my checking account. All of my bills are automatically paid from this account. At that time of my life, I was constantly buying plane tickets to see my boyfriend in South Carolina so I knew I wanted to keep a secure amount in my checking account. Because of this, I adopted a unique method of savings. I would set a baseline for the amount I wanted in my checking account at any time – let’s say $3,000. I would then determine how much I wanted to transfer over to my savings – we will make this $10,000. This means that I would have to have $13,000 in my checking before I could transfer over the $10,000.
For most people, you’re probably scratching your head thinking, “this is not the most effective way of saving money. By depositing money into your checking, you’re more inclined to spend it.” I get it! I am no money expert and I am not saying everyone should do this but it has worked for me. And man, it feels good when you are finally able to transfer over that goal amount, but holy cow is it scary when you see that new balance in your checking account after!
More than a year ago, I decided to take on a second job as a spin instructor. Truthfully, I didn’t take the job for monetary reasons. I genuinely just love health and fitness and creating music playlists for class – the money was just an added bonus! So, here is where my mindset shifted. With this paycheck, I didn’t need the money because I had already been living comfortably with the money I was receiving from my day job. Because of this, I started to automatically have my spin money deposited into my savings. This spin money was my “out of sight, out of mind” source of income. I’d receive a check, deposit it, and forget about it so I wouldn’t spend it! With this mindset, the spin money wasn’t as easily available to me which has helped on my savings journey.
Over the course of 4 years, I have finally reached the ultimate savings goal that I had set when I graduated college. It has taken some will power (i.e. you don’t need those shoes) and it hasn’t been all that easy as life happens and there have been major setbacks. I am still proud of myself for making it this far!
Here are some tips and tricks I’ve learned throughout my savings journey: