Every year, the last week in February is dedicated to brainstorming, outlining, and ultimately implementing techniques necessary for effective saving, which is known as America Saves Week. According to the organization, the time-honored event, “started in 2007 and along with Military Saves Week, it is a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans”. As such, from February 25 – March 2, 2019, it will be the fervent wish of financial analysts, educators, and enthusiasts alike that Americans buckle down and not only become transparent about their difficulty with saving but will be open to adopting strategies that will help amend poor habits.
With the plethora of financial resources available, and steady climb to access, low- to moderate-income households are working diligently to build wealth by eradicating debt and saving more. Thus, through the myriad of fiscal challenges found across major social media platforms, families and individuals are first holding themselves, then one another, accountable for improving their financial circumstances. Thus, as pledges are taken this week, below you find six savings tips that will help you successfully save money: Tip #1: Pay Yourself First Put away the amount you intend to save before you do anything else. For example: If you resolve to save 10% of your income, be sure to accomplish that task before funds are dispersed. Tip #2: Saving Is Linked To Your Expenses How much you should save depends on how much you can save. Example: There are two workers, Jack and Jill. On payday, Jack utilizes his money to pay rent and his car note. Jill utilizes her money to buy items she desires but does not need because her parents pay her car note and rent. It would appear that Jill is saving more because she does not have any expenses, however, this is incorrect. Such thinking is incorrect because expenses are “things you spend money on”. Therefore, the correct statement is, “Jill has fewer expenses than Jack”. No matter how much money your earn, or how many expenses you have, you will more than likely save more if you remember to pay yourself first. Tip #3: Find Out Where Your Money Goes Although tedious, tracking is necessary. Thus, if you decide to track funds manually, utilizing a notebook and a pencil or pen, write down how you spend daily, weekly, and monthly. Possessing a Money Diary to write down these expenses can assist in completing this task. As such, in your diary, list what you have purchased, the cost, and why the purchase was made through storytelling. The end goal is for your diary to be a tool to further your education about your role as a consumer and your fiscal habits. Tip #4: Cut Your Expenses There are expenses that we can all more than likely cut, which include but are not limited to: $5 cups of coffee (Dunkin’ Donuts, Starbucks, etc.); buying $12 lunches; and eating out at restaurants. Solutions to these problems also include but are not limited to: bringing coffee from home in a thermos; brown-bagged lunches; and eating out at restaurants twice a month. Specifically, if you can cut your food-related expenses to roughly $8 a week, that is $32 a month! Tip #5: When You Do Spend, Be A Smart Shopper You are beginning to master paying yourself first and cutting down your expenses. Suddenly, Tim Cook and the team at Apple announce that the iPhone XR will be re-released with additional upgrades. Simultaneously, Samsung announced that the Galaxy 10 will hit shelves in another month and now you are faced with a dilemma: which device do you buy? Now is the time to employ your comparative shopping skills. As such, comparative shopping allows you to compare prices across retailers, ultimately choosing the product with the cheaper price tag. Before I continue, it is critical to note that the aforementioned products are frequently out of the price range for many low – to moderate-income leveled individuals. However, for those fortunate enough to purchase these items, do your due diligence before making any final decisions. Tip #6: Beware of Unsolicited and Untrustworthy Online Advice Unfortunately, not all “expert tips” have been thoroughly researched and tailored to an audience by analysts and educators in the field. Therefore, reading every article of information available is highly suggested. Once you have a multitude of tips at your disposal, it is time to create an action plan.
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Every February 14th, couples, families, and friends-alike, anticipate a day of celebrating companionship, friendship, and love. Thus, for those who annually partake in the (debatable) tradition, grand expressions and gestures of love can be difficult, especially when on a tight budget. As window displays glitter and glisten, with all neon signs pointing to buying boxes of chocolate, bouquet arrangements, cards, and perhaps even jewelry, the pressure to “arrive in style” is mounting. On the other hand, consumer experts have studied Valentine’s Day trends over the past decade and the results are intriguing: Ten years ago, more than 60 percent of adults planned to Valentine’s Day; today, that number has dropped to just over half. And yet, Valentine’s Day spending has continued to rise with $20 billion dollars projected to be spent this year. (Cullen, National Retail Federation, 2019)
Cullen explains that consumer’s declining excitement over all Valentine’s Day related activities is related to the “over- commercialization of the holiday; not having anyone to celebrate with; and simply not being interested anymore” (2019). Moreover, data collected highlights that in 2009, 72% of 18-34-year-olds participated in Valentine’s Day traditions compared to the 52% of 18-34-year-olds surveyed who stated that they will participate in Valentine’s Day traditions this year. As a result, for a majority of 18-34-year-olds partaking in the action, celebrations will deviate from the norm. For example, they will “treat themselves to something special, hold a get-together with other single friends, or even purchase an ‘anti-Valentine’s Day gift’" (Cullen, 2019). And yet, for the remaining lovers of tradition, the average amount spent on a gift for their significant other will be over $60 and land within the realm of $140. Therefore, if these prices are leaving your panicked, do not fret for there are many ways to gift your significant other without breaking the bank. Cards Should trying to tap into, and effectively hone, your creative skills leave you frustrated as you attempt to make a well-crafted homemade card, it is alright to walk away from the project and celebrate your efforts. Once you have regrouped, employ research. To start, Amazon can be your Valentine’s Day source as they are selling an assorted 30 pack of Valentine’s Day greeting cards for the low price of $20. With a variety of cards at your disposal, your greeting cards needs can be met for years to come. Additionally, Walmart is selling assorted Valentine’s Day greeting cards for a low price of $5. Candy It is no secret that chocolate is the most common, and often most expensive, Valentine’s Day gift. For example, GODIVA’s Assorted Chocolate Gold Gift Box, Valentine’s Day Ribbon, 36 pc. can run a buyer $49.50 without tax. Although their 20 pc. assorted gift box has been marked down to $32, such a purchase is costly. Thus, for those looking for affordable options that are sweet (wink wink) on your wallet, look no further than drugstores. For the next week, CVS will run “$1 off” and “Buy One, Get 50% Off “promotions on all candy. Such promotions not only ensure that your goal of satisfying your significant other’s sweet tooth is achieved but achieved cost-effectively. Dining Between the stress of making reservations months in advance, to actively saving small portions of paychecks to cover the often $110 bill, eating out on Valentine’s Day can be a daunting chore. Nonetheless, should you and your significant other be looking forward to this part of the day, celebrate to your heart’s desire. However, for those who were not fortunate enough to save for the day, research Groupon for special offers on meals. Likewise, research restaurants offering Valentine’s Day specials as well. Should your research prove unsuccessful, consider dining out on February 13th, February 15th, or February 16th. Dining prior to, or after, the holiday may not prove to be such a financial drain. Even though there are opportunities to dine out on a budget, some couples will opt to stay in to avoid the hustle and bustle. Thus, should you or your partner love to cook, go grocery shopping days prior in preparation to cook together. Flowers Synonymous to chocolate, flowers, specifically roses, are another go-to Valentine’s Day gift. However, bouquets of roses are expensive. Therefore, with all things, employing research is important. To start, research the 30-40% off deals offered by the “1-800 Flowers” and “ProFlowers” websites. Should the price leave you cringing as a result of the tax and delivery fees included, play around with flower arrangements. As such, instead of relying solely on roses, create a bouquet of carnations and a few roses. Or, opt for a bouquet of carnations instead which may total $15. Moreover, do not be afraid to purchase flowers from your local grocery store and supermarket which may have considerably marked down prices. Homemade Gift Basket Although aesthetically pleasing, professional gift baskets are costly. Thus, to re-create a basket without emptying your wallet, while showing your partner that you are aware of their favorite things, first find a wicker basket with a handle from any dollar store. Then, begin filling the basket with their favorite things: original blends of coffee, assorted teas, books, candy, DVDs, lotions, socks, and more. Finally, wrap the basket in cellophane (again, from any dollar store), and you are on your way! |
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