8 Common Money Myths

common money myths

Debt hasn’t always been around. It’s a product that has been marketed to death and now people line up to get into debt. There are many common money myths plaguing the American people today. Here are just some of them.

Money Myth: Rent-to-own places help the poor.

Fact: These companies only benefit themselves and are ripoffs.

These kinds of companies are usually scattered among poor neighborhoods because wealthy people don’t buy into their scams. These businesses allow people to take home items today after they’ve signed a written contract agreeing to pay a monthly amount on it. Read more

Ways To Cut Your Expenses In Half

Cut your expenses in half

Did you know there are many ways you can cut your expenses in half? You work so hard for your money, you shouldn’t hand it over to someone without first doing the math and calculating the results.

Here are some ways you can cut your expenses and keep more of your hard-earned cash.

(This post may contain affiliate links. If you make a purchase through one of my links, I’ll receive a commission at no extra cost to you. Thank you so much! Read our full disclaimer here.)

Don’t finance for phones.

This is really important: Never ever finance a phone. I don’t think you should finance anything except maybe a home. However, please do not make payments on a phone. Read more

Why Some Budgets Don’t Work

Having a budget in your life is a great way to ensure you’re making the most out of the income you worked so hard to earn. There are many people who live by budgeting and can attest that they work.

Nevertheless, there will always be reasons why a budget may fall apart. Everyone is different, thereby making all the reasons different. However, the following reasons have made many budgets fall apart and left the owner wondering, “Why don’t budgets work?”

Your budget is too complicated.

When budgeting, you want to make sure every dollar gets an assignment. That means every dollar you earn should have a place you’ve designed it to go.

That being said, you don’t need to go into too much detail. For example, when I write my budget I label a portion for “food”. I don’t label a portion for the bread, rice, and spaghetti. That would overcomplicate it and eat too much of my time. Read more

6 Benefits Of Budgeting

Benefits of budgeting

Budgeting. This simple word can cause many people to tense up and dread the following conversation. However, there are many benefits of budgeting every dollar each month.

Personally, I’ve found that having a budget in place gives me peace of mind and eliminates money quarrels within my family.

Since there are many people out there who may dislike talking about budgeting, I thought I’d give a little insight on a few different benefits of budgeting.

Your bills will always be paid on time.

Paying our bills are important. So much so, that forgetting to pay a bill can cause sudden stress on an individual. Read more

7 Ways To Save Money On Groceries

Save money on groceries

Although we have many important bills, no one can deny that our monthly food bill is one of the most demanding. Grocery shopping may not be fun for everyone, but it’s certainly an important shopping trip. Because of the effects foods have on the body, I personally spend more on great quality foods and suggest for others to do the same. However, even while buying quality foods I still believe you have the right to save money on groceries. In this post, I’ll share with you some tips that will make this shopping experience a tad bit better.

Search For Sales

We live in a time where everything we can ask for is at our fingertips. That’s right- our cell phone. There’s an app called flipp that has all your current local circulars in one place. That means you can look for all the sales for this week by just entering your zip code. How easy is that?

Also, many of your local grocery stores probably have their own app that you can download. I know Walmart and Shoprite have their own app that you can order groceries right on your phone and pick up in person. Because of this, you can see and compare real prices from your store at the comfort of your home.

Plus, some of these stores may have coupons accessible on their apps so it’s definitely worth taking a look at. It’s a quick and easy way to save money on groceries.

Besides getting used to comparing prices and weekly sales, get acquainted with the different sales for each store. For example, Shoprite has a can-can sale every once in a while that easily cuts all their can prices in half. And Acme has a Buck-A-Bag sale that allows you to buy bags of produce for $1 each! Yes! I’m serious and it’s awesome! Read more

How To Stop Spending Money On Impulse Buys

Save money on impulse buys

The average U.S. consumer spends $5,400 a year on impulse buys. [1]

How’s that for an eye-opener? Think about the above statement. If a person only makes $30,000 a year, that means they’re spending about 20% of their income on impulse purchases. What on earth? If only there was someone to teach us how to stop spending money on impulse buys! Don’t worry, I got you covered. I’m going to share with you 5 best practices to help you curb impulse purchases and keep your money!

Ask yourself this one question.

Is it a want or a need? Technically speaking, the only things we really need are water, foods, clothing, and transportation. Ask yourself that question before giving in to that appealing purchase that probably won’t satisfy you for long.

Think about it. How many things do we buy that we end up forgetting about later? We’re better off just leaving it on the shelf. If you find something that you really want, apply the next tip.

Sleep On It.

When you really want something, hold off on buying it. You may change your mind later and realize it was an emotional feeling you felt. On the other hand, if you still want the item a few days from now, then go ahead and buy it. Most of the time, impulse purchases are things we don’t really want that bad. They’re just things that end up in the cart without us realizing it.

By waiting it out, you can do research and try to find the item for the lowest price possible. Plus, buying things in the spur of the moment can lead to us spending money on bad quality items.

For example, not too long ago my son broke our TV. So of course, my husband wakes up early in the morning to buy a new one. He got a Walmart brand TV for cheap, brought it home, and found that the quality was horrible! He ended up returning it and buying something else.

In this case, we knew we needed to get a TV. However, by not waiting and doing research it led to wasted time. Holding off on a purchase and doing research on an item before you purchase will always be a good thing. Read more

5 Ways To Build Your Emergency Fund FAST

Build emergency fund fast

An emergency fund can completely change your life! It can help you feel more secure and problems will become only inconveniences for you. An efund can help save your marriage and your health. If you want to read more about this, check out my post Why You Need An Emergency Fund.

Q: What is an emergency fund?

A: An emergency fund is money that can be accessed quickly in case of an emergency.

You can build your emergency fund quickly. It’s not easy nor is it fun, but it will set your financial, mental, and emotional life up for success by preparing for what life will throw at you. Here are some ways you can build your emergency fund fast!

Put all your other financial goals on the back burner.

You never know when an emergency will strike. That’s why you have to be prepared. The only way to quickly save up the money you need is by forsaking everything else and using tunnel vision to reach this financial goal.

Now, I know there are many people out there that love to invest and I understand why. But the hard truth is you have to build your efund and the faster, the better. That means you may have to stop contributing to your 401k for a while.

Sell things you are no longer using.

I’m sure there are things you can find that are still in great condition that is no longer being loved by you. Instead of hoarding these things until they rot, sell them to someone who will love and appreciate these things. With all the great avenues out there for selling, there’s no reason not to sell your old goods.

These are great selling apps and websites you can check out if you’re interested. Read more