Tag: Starting Out

How to Include Some Guilt-Free Spending in Your Budget
Here are ways to keep expenses guilt-free to bring joy without breaking the bank and why having some fun money is a wise financial move.
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The post How to Include Some Guilt-Free Spending in Your Budget appeared first on MintLife Blog.
Tagged 50/30/20 budget, All, budget, Budgeting, building
Everything You Need to Know About Budgeting As a Freelancer
Take the proper steps to thrive while you’re self-employed.
The post Everything You Need to Know About Budgeting As a Freelancer appeared first on Discover Bank – Banking Topics Blog.
Tagged 401(k), All, Automatic Transfer, Banking, budget
5 Financial Goals to Start in 2021
Although many people start New Yearâs resolutions in January, thereâs nothing magical about January with regards to self-improvement. Still, the best time to make a change or set a goal is today, so if youâre ready to level up…
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The post 5 Financial Goals to Start in 2021 appeared first on MintLife Blog.
Tagged All, budget, Credit, Credit Cards, Debt
Although many people start New Yearâs resolutions in January, thereâs nothing magical about January with regards to self-improvement. Still, the best time to make a change or set a goal is today, so if youâre ready to level up in your life, thereâs no time like the present. Here are five financial habits that you might consider starting this year.Â
Commit to a written budget (and review it often)
The very first thing that youâll want to do is commit to a budget. Having a budget is the cornerstone and foundation for financial success. Knowing where your money is going (and not going) can help you understand where youâre at. If youâve had trouble making or keeping a budget, resolve to start a budget this year. A tool like Mint can be a great way to put your budget on autopilot.
Remember that a budget is just a tool to help you to not spend money on the things you donât find important so that you have money to spend on the things that you do find important. If you already have a budget, make it a habit to review your budget, at least monthly. That can help you identify where you might be able to make improvements.
As you start or recommit to your budget, make sure that it is written down. Budgets that are not written down, like goals, tend to fall by the wayside easily.
Start (or build) your emergency fund
Another great habit to get into in 2021 is starting an emergency fund. An emergency fund should be one of the very first things you do with any extra money you have in your budget. Even before working on eliminating your debt or saving for retirement, it makes a lot of sense to set aside money for emergencies.
A good rule of thumb is to start with a $1,000 emergency fund. It may not cover catastrophic emergencies, but it can help you to avoid having to spend on your credit cards when the unexpected happens. After youâve started that basic emergency fund, then you can continue to build it up while also starting to pay off debt or invest for the future. If you can, itâs a good idea to have a couple of months of expenses in your emergency fund. That way youâre covered for a while in case you lose an income source or have a major emergency.
Make a plan to eliminate your debt
The next habit to start or continue this year is to eliminate your debt. Depending on how much debt you currently have, it may not be realistic to pay off all of your debt in 2021. But no matter what, you should have a plan in place. There are a variety of different debt repayment strategies – the debt snowball and the debt avalanche among many. Itâs important to pick a debt payoff approach that works for you, and that you can stick to. Make it a habit to spend less than you earn and work towards becoming debt-free.
Spend with a purpose
Another great habit that can help you live within your means is to spend with a purpose. Spending with a purpose means that you are conscious with your spending. If you ever find yourself wondering where all your money has gone, you may benefit from being more deliberate with your spending.
Many people find success by setting a rule about any non-essential spending. For example, before you make any purchases besides essentials like rent, utilities, and debt payments, you must write it down. Just the act of writing it down (or taking a picture of it) is enough for many people to be more deliberate and conscious about what they choose to spend their money on.
Pay yourself first, and make sure to give yourself a raise
If youâre like many people, you may have good intentions of saving money each month, but at the end of the month, you find thereâs nothing left over after all the bills are paid. One habit that people who are successful financially have is to pay themselves first. Put your savings money aside at the BEGINNING of the month. Itâs a bit of a mental trick, but many people find that having that money out of sight helps them to save more.
Another financial habit to start is to always give yourself a raise. Whenever you get a raise at work or come across any âextraâ money, IMMEDIATELY put it either in your emergency fund or use it to pay down your debt. Putting any raise or extra money towards your savings (instead of increasing your standard of living) is a great habit to start.Â
This is a great habit to start, especially if you are young or just starting out in your professional life. Of course, paying yourself first and giving yourself a raise, doesnât mean that you have to only eat ramen or canât have nice things. But thanks to the magic of compound interest, the sooner you start to save and invest, the better off youâll be.
The post 5 Financial Goals to Start in 2021 appeared first on MintLife Blog.
Source: mint.intuit.com

How to Throw a Bridal Shower on a Budget: A Guide for the Frugal Host
Between impressive floral arches and customized sugar cookies, throwing a picture-perfect bridal shower aimed at being a social media showstopper can be pricey.
CostHelper.com, a website that compares the cost of services, reports that a typical bridal shower can run from $15 to $40 per person for a luncheon or party in a private room at a mid-range restaurant. If you’re going all out with an elaborate bridal shower, you could be talking $40 to $150 or more (gasp!) per person. Even a small, elaborate bridal shower (think 15 guests) could cost between $600 and $2,250âand that’s before invitations, decorations and cake.
The good news is you can actually honor the bride and your budget at the same time. A bridal shower with simple refreshments at the host’s home, for example, can cost $10 to $15 or less per person, according to CostHelper.com. You just need to employ some creative tips for budget bridal showers to make the event more affordable.
What is the best way to plan a bridal shower on a budget? Follow these six tips as you prepare to shower the bride, and there’s a good chance you’ll have more fun and less financial stress:
1. Zero in on important goals
Before you even begin to plan a bridal shower on a budget, you need to know the goals upfront so you can understand where you should be investing your time and money. Sit down with the bride (or, if it’s a surprise, consult a friend or family member of the betrothed) and establish expectations and a budget to match.
Personal finance coach Emma Leigh Geiser shares her starting tip for budget bridal showers: âPlan an event that honors who the bride truly is and what you can provide, without sacrificing your financial well-being.”
Geiser, who helps women in their 20s and 30s with personal financial challenges, recommends learning what the bride envisions for her celebration and which traditions are most important to her. Be upfront about how much you can realistically afford to spend on the bridal shower, Geiser says. And don’t be shy about saying the bridal shower is your gift to the bride.
If the bride’s priority is to have her bridal shower at a high-priced restaurant, find creative ways to lower other costs to still plan a bridal shower on a budget. Bring your own cake to the venue, for example, exclude alcohol from the menu or keep the guest list small. If the bride is a foodie and wants guests to dine on gourmet dishes, you could spend most of the budget on a favorite caterer, but then consider hosting the event at someone’s home and doing minimal decor so budget isn’t needed elsewhere.
2. Delegate tasks
If you’re wondering how to throw a bridal shower on a budget, know that you don’t have to foot the entire cost of the party yourself. Consider co-hosting with the rest of the bridal party or one of the bride’s family members, or delegating specific tasks to willing volunteers.
When personal finance blogger Becky Beach had her bridal shower, catering was delegated to her sister-in-law. “She knows how to throw a bridal shower on a budget,” Beach says. Deputized to handle the food, her sister-in-law served inexpensive bites purchased from a wholesale club, including sausage-roll appetizers, crab cakes, apple crisp tartlets and cream puffs. (With this lineup, who needs a main meal?!)
Assigning smaller purchases to other bridesmaids and close family members is a good tip for budget bridal showers because it can make the overall cost of the event much more manageable for the host. For example, if you delegate tasks or items that cost $30 each to six people, you’ll save $180. Some popular responsibilities to dole out include:
- Appetizers
- Dessert
- Drinks
- Invitations
- Favors
- Games
- Prizes for games
3. Let the theme choose you
You don’t have to necessarily come up with a theme first. Among the tips for budget bridal showers is to take inventory of what props or decorations are available to you for free. Do you know someone who threw a bridal shower and has leftover decor or favors? Perhaps a friend’s home decor items will fit the billâlike globes and vintage-inspired items, which can be transformed into an exotic travel theme.
Even store clearance items can be repurposed to help dictate your theme’s direction. For example, a home decor or craft store might have steeply discounted artwork. The trick is to look past the art and focus on the frame, Beach says. Can you replace the artwork with a picture of the happy couple? Maybe you can remove the glass altogether, glue twine to the back and use it for hanging wedding wishes from the guests.
Learning how to throw a bridal shower on a budget becomes easier if you’re able to snag off-season items from a party or outdoor storeâsuch as tiki lamps or beach house decorationsâwhich could make for a wonderful fall island or Hawaiian theme.
When planning a bridal shower on a budget, don’t forget to ask friends and family members if you can borrow other party items, such as cake stands, vases and tablecloths. They might even have unopened gifts or stationery sets that you can use as prizes for games.
4. Do the invitations, games and decorations for less
Sending out mid-range traditional invitations by mail can cost $3 to $4 per guest, according to data from CostHelper.com. Invitation costs can add up quickly when you are trying to plan a bridal shower on a budget.
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“Plan an event that honors who the bride truly is and what you can provide, without sacrificing your financial well-being.”
– Emma Leigh Geiser, personal finance coach
If you’re open to skipping snail mail, you can leverage online invitation services that allow you to create your own designs and send to however many guests you’d like for free, Geiser says. You can easily save around $100 on invitations for a guest list of 30 by going the route of a free online invite. Some services may provide you templates to choose from, or they may include advertisements, but they do the trick nicely.
If you’re wondering how to throw a bridal shower on a budget and still keep guests entertained, search online for bridal shower games that can be printed for free or a nominal cost. You could also go the DIY route if you’re so inclined. For example, have guests try to guess what is in the bride’s purseâit’s even more fun if the bride doesn’t know this game will be played.
As far as decorating goes, focus your efforts on one area that will make the biggest impression. If the bridal shower is hosted in someone’s home, go all out decorating only one room. If the bridal shower is at a venue, like a restaurant, work on fancying up only one wall. Whether at a home or a venue, this area can serve as the focal point of the event and give the bride and guests the perfect spot for photos.
5. Make low-cost venues work
When you’re planning a bridal shower on a budget, opt for a low-cost venue that has built-in unique characteristics. âChoose a space that is its own fantastic backdrop,” Geiser says. She recommends a house with natural light and great landscaping in order to cut down on decorating costs.
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Hosting the party at a bride’s friend’s or family member’s home is ideal, since it would be free. âWe all know at least one person who has a killer house; ask them if they wouldn’t mind hosting,” Geiser says. (Be sure to preview the site in advance of the bridal shower.) Another good choice: Apartment buildings and condos often have clubhouses or event rooms that can be used for free or rented for a nominal fee. See if any of your bride’s family or friends have access to these areas.
Other local resources can serve as low-cost venues when you’re working on how to throw a bridal shower on a budget. A park, for example, might have a nice garden or even an indoor space that could be used. Research your town’s online municipal pages for tips on how to secure local venues. Some sites might require a nominal fee, early bookings or have other restrictions, so work on booking a space as soon as you have a bridal shower date in mind.
6. Cut food costs by keeping things simple
Whether you are hosting the bridal shower at a restaurant or at someone’s home, schedule a morning brunch or appetizers and salads in the late afternoon when guests are in-between meals. Breakfast dishes, such as an egg casserole or French toast bake, can often cost less to make than a meat-centered entree, Beach adds.
If you are in charge of preparing food, stick with quick and easy options as a tip for budget bridal showers. âYou don’t have to cook and create everything yourself,” Beach says. âThere are so many beautifully crafted hors d’oeuvres you can get prepackaged.”
If you are hosting the bridal shower at a restaurant, ask if they offer a buffet option instead of sit-down catering: Choosing a buffet meal is typically about 30 to 50 percent cheaper than a sit-down meal, according to Eventective, which helps you find venues and event services.
If you’ve got your heart set on sit-down dining, narrow down the menu options in advance. You or the restaurant can make a simple printout of a few entree choices and not share full menus with guests. (Adding the bride’s name to the top of a personalized menu is also a nice touch.) In addition to being a tip for budget bridal showers, this strategy can also streamline the ordering and serving process so you have more time for games and opening gifts. Win-win!
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Choosing a buffet meal is typically about 30 to 50 percent cheaper than a sit-down meal.
– Eventective, special event and venue services
Keep track of the expenses when planning a bridal shower on a budget
You can master how to throw a bridal shower on a budget if you determine the guest-of-honor’s goals from the start. Another tip to remember when you plan a bridal shower on a budget is to track your expenses throughout the planning and hosting process to make sure you’re staying on budget.
If you are splitting costs with friends and family, remember to get reimbursedâpreferably before the event, so you don’t have to worry about tracking people down to talk about business while celebrating.
As Geiser says, âWhat actually makes the event are the attendees, the conversation and the fun you create as a group celebrating the bride.”
The post How to Throw a Bridal Shower on a Budget: A Guide for the Frugal Host appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com

How to Set Financial Goalsâand Crush Them
Some small moves can go a long way to changing your money mindsetâand lead you to goal-setting success.
The post How to Set Financial Goalsâand Crush Them appeared first on Discover Bank – Banking Topics Blog.
Tagged All, Automatic Transfer, Banking, Budgeting, Budgeting BasicsMaybe you want to lose those stubborn 10 pounds, score a big promotion or run your first marathon. Whatever your priority, it all starts with setting a goal.
Financial priorities are no different. Whether you want to save for your child’s college education or get yourself out of debt, budgeting to help reach your financial goals allows you to determine what’s most important to you, make a plan to attain those goals and hold yourself accountable for success.
Still, when it comes to managing your money, knowing how to set financial goals and sticking to them can feel like opposite sides of the same coin. You might even find yourself asking, “How do I create a simple budget to reach my financial goals?” If you follow these three steps, you could be crossing the finish line in record time:
1. Pick a day to get started
Sometimes the hardest part of tackling a new project is simply getting started, especially if your to-do list feels like it’s never ending. There’s always tomorrow, or the day after that… right? To create a simple budget to help you reach your financial goals, pick a day and time to get started. Consider picking a time when you do your best thinking, are most focused and least likely to get interrupted. Maybe it’s Sunday morning over breakfast and coffee before kicking off a day of chores or on a weeknight after the kids go to bed.
Once you’ve landed on the best time to sit down and create a simple budget, add it to the calendar and schedule reminders on your computer or phone to hold yourself accountable.
2. Create a simple budget, however complex your finances
Chances are your finances are pretty complicated, with lots of moving parts. Things seem to be moving along nicely with your regular expenses like rent, groceries, transportation and entertainment… and then your carburetor goes kaput in your car and you must replace it right away. Or that toothache has become unbearable and requires a root canalâand you’ll have to cover some of the expense out of pocket. Just when you’re finally making a dent in paying down your debt and getting your finances on track, life throws you some curveballs. But that doesn’t mean you can’t create a simple budget.
One of the easiest ways to create a simple budget and stay on track is to follow the 50-20-30 rule:
- 50 percent of your income should address your needs, such as housing, utilities, healthcare and transportation;
- 20 percent should be put toward your financial goals, like building your savings and paying off debt;
- 30 percent should cover your wants or discretionary expenses, like shopping, entertainment and dining out.
Managing your finances with the 50-20-30 is a good first step when you’re first learning how to create a budget, but trying to deal with multiple financial goals within that 20 percent bucket can be overwhelming. When it comes to budgeting to help reach your financial goals, certified financial planner Jim White suggests taking your financial goals one step at a time.
“Make a simple plan to tackle debtâor maybe just one debtâthen when that goal is accomplished, work on a simple plan for the next debt,” White suggests. “A bunch of small victories goes a long way to changing your financial discipline and gives you a boost to keep moving forward,” White adds.
Similar to how you picked a day to begin the budgeting process, make a habit out of managing your finances by picking one day of the week and checking in with yourself at a scheduled time. After about two months, budgeting to help reach your financial goals can become habit forming. “When you focus on your goals on the same day every week, you are creating a habit, and a pattern, to follow,” says Karen Ford, financial coach and motivational speaker.
Budgeting to help reach your financial goals becomes even more effective when you’re reviewing your priorities every seven days and making adjustments to your spending and saving as needed.
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“Make a simple plan to tackle debtâor maybe just one debtâthen when that goal is accomplished, work on a simple plan for the next debt. A bunch of small victories goes a long way to changing your financial discipline and gives you a boost to keep moving forward.”
– Jim White, Certified Financial Planner
3. Automate your financial plan
Now that you know how to set financial goalsâwhether it’s paying down debt, saving up for a car or putting money away for retirementâwhat’s next? Time to get moving! One way to do that is to automate your finances. By setting up automatic bill pay and account transfers, it will be easier to stick to your plan for paying monthly expenses and contributing to savings.
When it comes to paying your bills and learning how to set financial goals, consider automating the bills that you pay regularly, especially those that fall within the 50 percent budget category that covers your living essentials. To gain momentum with your savings progress, set up automatic transfers from your checking account to your savings account for the amount you wish to save each month. If your financial goal is retirement, you could even set up automatic transfers to an individual retirement account (IRA) so you’re consistently making progress. You could also arrange to have a portion of your paycheck automatically go into savingsâbefore you even have time to miss it.
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By making automatic contributions to your savings accounts, you are “subscribing to the idea of paying yourself first,” says Riley Adams, CPA and blogger for Young and the Invested, a professional’s guide to financial independence. “By doing this, it removes the temptation to spend and takes any lack of discipline out of the picture,” Adams says.
Keep in mind that any time you automate your finances as part of creating a simple budget, you should monitor your accounts regularly. Check in to make sure your automated settings are up to date, that you always have the funds available in your accounts to cover your expenses and transfers and that your savings are growing according to your plan.
How to set financial goals in 3 steps
Once you find time to focus on your finances, create a simple budget and automate your payments and transfers, budgeting to help reach your financial goals is one habit that is sure to stick. By following these three rules and keeping yourself on track, you’ll be ready to build a solid foundation for your financial future.
The post How to Set Financial Goalsâand Crush Them appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
Nobody wants to pay off student loans longer than they have to, yet far too many people are stuck in lengthy repayment plans that seem like theyâll never end. While income-driven repayment plans backed by the federal government ask you to pay down loans for 20 to 25 years before leading to loan forgiveness, even the âstandardâ […]
The post How To Pay Off Student Loans Faster Than Ever appeared first on Good Financial Cents®.