40 Money Habits That Can Leave You Broke

40 Money Habits That Can Leave You Broke

By Alaina Tweddale November 19, 2020

Don't fall victim to these bad financial habits.

Big or small, some financial habits can zap a solid financial plan and leave smart savers with empty wallets. To avoid buyer’s remorse and similar guilt about neglecting your finances, you need to know what habits might be costing you extra.   Check out these bad spending habits and identify how you can cut back on them.

1. Your App Addiction

In the list of things to waste money on, smartphone apps are a big one. Those $1.99 purchases seem inexpensive enough, but they can snowball — especially if you have kids who are adding to the overall purchase price or frequency.

Consider free app downloads exclusively or cap yourself and your family with a monthly app budget.

2. Paying Bank Fees

Many banking fees can be avoided, so there’s no reason to pay these if you don’t have to. Instead, find a financial institution that will allow you to avoid certain fees.

With the right checking account, you can avoid the monthly fee with a monthly direct deposit or minimum daily balance of $500 or more. When it’s that easy to avoid a fee, you should always take advantage so you can keep more of your money in your account.

3. Not Checking Your Credit Report

People with top-tier credit ratings qualify for the lowest finance rates when car or home shopping. Over a 30-year term, a quarter of a percentage point can add up to thousands of dollars.

Check your credit history regularly and clean up any problems as soon as they arise.

4. Having Wine With Dinner

Buying wine with dinner is a pricey proposition. Restaurateurs routinely mark up bottles by about three times the wholesale price — sometimes more. Consider a BYOB-friendly restaurant instead or, if you can bear it, skip the wine altogether when dining out.

5. Leasing Your Car

To continue reading, please go to the original article here:

https://www.gobankingrates.com/saving-money/savings-advice/money-habits-that-can-leave-you-broke/

50 Ways You’re Throwing Money Away

50 Ways You’re Throwing Money Away

By Sabah Karimi  November 3, 2020

Tweak your habits to keep more money in your pocket.

You probably don’t realize all the ways you’re wasting money and leaving free money on the table — and these little missteps can add up to big dollar losses. Fortunately, once you’re aware of these bad money behaviors, you can take steps to change them. Making small tweaks to your lifestyle and spending habits could pay off in a big way.

Keep reading to find out the costly money mistakes you’re making — and how to stop making them so you can keep more money in your wallet.

Throwing Money Away on Layaway

While layaway might seem like a sensible way to hold onto something you want to buy, it’s not always a smart way to net savings. That’s because layaway locks you into a certain price and — if ultimately financed by a credit card — additional interest charges.

Not Using a High-Interest Savings Account

Having a high-interest savings account can help you grow your money and build an emergency fund more quickly than with a traditional bank account — so if you don’t have one, you’re leaving free money on the table.

The average savings account interest rate is 0.09%, according to the Federal Deposit Insurance Corp., but high-interest savings accounts can offer rates that are much higher — easily reaching over 1.00%, which is quite a difference compared to the average rate.

Trying To Time the Stock Market

When stocks are on the rise, it’s tempting to think you’re smart enough to know when to get in and out to make a killing. But this move is one of the worst mistakes rookie investors make.

Experts say it’s nearly impossible to do this correctly every single time. After all, you need to be right twice — when you get out of the market and when you get back in.

Ignoring Refurbished Goods

It’s easy to dismiss refurbished electronics as rejects or factory failures. The truth is, many items are returned for trivial reasons, like being the wrong color. Even then, manufacturers subject these returned projects to rigorous tests. And the difference in price between refurbished and new usually starts at 10% and can be as much as 50%.

To continue reading, please go to the original article here:

https://www.gobankingrates.com/saving-money/savings-advice/ways-youre-throwing-money-away/

60 Money Moves That Could Set You Up for Life

60 Money Moves That Could Set You Up for Life

By Gabrielle Olya November 20, 2020

Try these tips to ensure your financial security.

You may be doing all the right things when it comes to your savings — putting money aside from every paycheck, contributing to your employer’s retirement plan and diversifying your investments. But if you are concerned that these things might not be enough or your goals are bigger than that, here are some money moves you may not have thought of that could turbocharge your finances and set you up with financial security for life.

There are two ways to increase your nest egg: Save more and make those savings work harder for you. These ideas will help you do both because it’s important to know how to save and how to invest what you’ve saved.  Is your checking account doing the most for you? By picking the right account, you can save more money and even make some. See what Investors Bank’s checking account has to offer for your needs.

1. Make Your Savings Very Hard To Get At

One of the keys to growing your savings is to keep the money in an interest-bearing account, and don’t touch it. Open a separate savings account at a bank you don’t typically use. An internet bank can be good for this purpose since you won’t be able to walk into a branch and take out the money.

Don’t link your debit card to your savings account. When you want to deposit money, you can use mobile upload if available, mail in a check or go to a branch if it’s not an internet-only bank.

2. Earn More With Your Checking Account

Make sure you put your money in a place where you can make the most of it. Some checking accounts don’t offer much in the way of interest or bonuses, but with the right account, you can make money without doing much of anything.

For example, Investors Bank’s YourStyle Checking offers a bonus of up to $250 when you open an account.1 Considering how little you have to do to make that money, it’s a hard offer to pass up. Be sure you’re not missing out on free money with your checking account.

To continue reading, please go to the original article here:

https://www.gobankingrates.com/saving-money/savings-advice/unusual-money-moves-could-set-you-up-for-life/?utm_campaign=1013450&utm_source=yahoo.com&utm_content=10

12 Crucial Money Tips for Every Phase of Your Financial Life

By Gabrielle Olya November 12, 2020

Get the secrets money experts want you to know.

Everyone makes money missteps at some point in their lives, whether it’s splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes. To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life — no matter your age.

Start With Saving

More than half of Americans have less than $1,000 in savings, a 2019 GOBankingRates survey found. Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.

A checking account like PenFed’s Access America Checking can do more for your money because, with a monthly direct deposit of $500 or more, you can earn an annual percentage yield of 0.20% or 0.40%2 depending on the daily balance. That means your money will be growing while it sits there until you need it. Since that’s basically free money, it’s something to consider taking advantage of.

Avoid Lifestyle Inflation

It’s important to increase your savings rate whenever you start earning more in order to keep growing your net worth.

“Save one-third of every pay raise you get so you don’t succumb to lifestyle inflation,” said Ted Jenkin, a certified financial planner. By starting this practice early in your career, you’ll develop good habits like saving, investing and paying down debts instead of spending it on more stuff you won’t care about in a few years’ time.

Don't Waste Your Money on Things You Don't Need

To continue reading, please go to the original article here:

https://www.gobankingrates.com/saving-money/savings-advice/money-tips-for-every-phase-of-life/

10 Lessons to Take From Millionaires Who Are Really Good With Money

10 Lessons to Take From Millionaires Who Are Really Good With Money

By The Penny Hoarder Staff

Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)

But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht.

These are simple money moves any normal, non-millionaire person can make today. Each tip can get you closer to achieving your big goals.

Take a look:

1. They Grow Their Money 11x Faster — Without Risking Any of it

Putting your money under a mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .09% is nothing these days.)

Act like the rich and use a debit card called Aspiration to earn up to 5% cash back and up to 11 times the average interest on the money in your account. Plus, you’ll never pay a monthly account-maintenance fee.

Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

2. Leave Your Family up to $1M

Oh, to be a millionaire. Look, not all of us have the money to set up trust funds for our loved ones. But you could still leave them up to a $1 million in life insurance — and you don’t even need to have the money in the bank.

You’re probably thinking: I don’t have the time or money for that. But this take minutes — and you could leave your family up to $1 million with a company called Fiona.

We hear people are paying as little as $8 a month. (But every year you wait, this gets more expensive.)

To continue reading, please go to the original article here:

https://www.thepennyhoarder.com/save-money/10-lessons-take-millionaires-really-good-money/?aff_sub2=homepage&rc=rc-trending-2&aff_sub=rc-trending-2

100 Ways To Make Your Money Last Until You’re 100

100 Ways To Make Your Money Last Until You’re 100

By Jaime Catmull November 10, 2020

Will your money last you through 3 decades of retirement?

The average American is expected to live to 79, which means that many people are living even longer. And when it comes to planning for retirement, it’s always better to be safe than sorry — which means it’s best to start making small (and large) changes now to make sure your money can last three decades or more in retirement, especially given that the future of Social Security is unclear and some believe that Social Security running out is a real possibility in our lifetimes.  Want advice on how to make your money work for you, save more, spend less and get financially ready for retirement? Here are 100 tips for how to make your money last.

Know How Much You Need To Save

This first step to ensure you won’t be running out of money in retirement is to have a realistic sense of how much you’ll actually need. You can use online calculators to help you get a sense of how much you might need once you retire and aren’t making a salary through work.

Meet With a Financial Advisor To Come Up With a Long-Term Plan

With the current average life expectancy, if you retire at age 65, you can expect to live for close to another two decades. If you want to be ready for those two decades, it’s in your best interest to work with a financial advisor now to plan for that future.

Research Your Savings Options

All savings accounts are not created equal. Like anything in life, you need to research savings accounts to make sure you’re using the best one for your needs. By using one that offers a high annual percentage yield, you can make the most of your money.

Find a Financial Accountability Partner

To continue reading, please go to the original article here:

https://www.gobankingrates.com/saving-money/savings-advice/100-ways-to-make-money-last-until-100/

30 Ways To Dig Yourself Out of Debt

30 Ways To Dig Yourself Out of Debt

By Jodi Thornton-O'Connell November 6, 2020

Get out of debt fast by using a combination of these strategies.

Many people fall into debt, ranging from auto loans to credit card debt. These days, it’s especially hard to stay out of debt as people have either lost jobs or faced pay cuts.

Even if you stick faithfully to your budget, it can be hard to stay out of debt. Unforeseen life circumstances can force you to suffer financially as you try to pay for utilities and other necessities. And then there are the unexpected expenses that pop up in everyone’s lives: car repairs, healthcare costs or a new water heater.

If you’re in debt — especially if you’re getting calls from creditors — take action and find out how you can get yourself out of debt.

Put Down the Shovel

The first step to getting out of debt is to stop digging yourself further into debt. Stop using debt to fund your lifestyle. It’s not a bad idea to keep a credit card in case you need one for emergencies, but you can place it in a container of water in your freezer to keep yourself from using it frivolously. Waiting for it to thaw will give you time to examine whether there is another way to solve the problem.

Get It Together

Now is the time to use your preparation to actually make a plan. First, gather statements from each of the sources of your debt, including credit cards, auto loans, medical bills and more. Make a master list of how much you owe and the total amount of money you’re paying on debt each month. Put them in order from the smallest payoff balance to the largest.  Add up minimum payments, then increase the amount by $100 or whatever you can truly afford. This is the total amount you’ll need to budget each month to get out of debt.

Consolidate Your Debt

You can free up money in your monthly budget by using a personal loan to consolidate higher-interest debt payments into one monthly payment at a lower interest rate.  By using a personal loan, like Discover® Personal Loans, to consolidate higher-rate debt, you could possibly save hundreds, even thousands on interest. And thanks to set, regular monthly payments that come with a Discover personal loan, you’ll always know what to expect so you can budget for it.

To continue reading, please go to the original article here:

https://www.gobankingrates.com/net-worth/debt/ways-dig-yourself-out-debt/?utm_campaign=1013450&utm_source=yahoo.com&utm_content=8#3

9 Bills You Should Never Put on Autopay

9 Bills You Should Never Put on Autopay

Valencia Higuera  November 25, 2020,

We all can use a simpler, more efficient way to manage expenses and save money. Putting your bills on autopay can ensure never forgetting a due date, which minimizes the risk of late fees and dings on your credit report. But although automatic payments can save time and streamline your personal finances, it isn’t the right choice for every expense.

Autopay is ideal for payments that don’t fluctuate every month, such as your mortgage and car payments. You know what to expect from these bills every month, so it’s easier to plan and budget for automatic drafts. This isn’t the case with monthly expenses that fluctuate.

Before you get excited and put your entire financial life on autopilot, here are some bills you should never put on autopay.

Cellphone Bill

If you have an unlimited cellphone plan and your bill never varies, autopay is a time-saving strategy for managing payments. There’s also the option of setting up automatic payments for a non-unlimited cellphone plan. The problem, however, is that the amount you owe can change from month to month, depending on data usage. And if you forget to read your cellphone statement in months that you owe more than usual, the extra funds taken from your bank account could trigger an overdraft and bank fees.

Some cellphone plans also don’t have the same billing date each month. While you might have a set date — say the 15th — others have a monthly cycle that varies depending on the number of days the month. That doesn’t guarantee a consistent payment date each month, and you could be caught off guard — and out of funds — if a payment posts when you weren’t expecting it.

Since autopay is a hands-off approach to paying bills, you’re also less likely to inspect your cellphone bill after setting up automatic payments. That means you might not catch billing errors and will pay more than necessary.

Utilities Bill

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/9-bills-never-put-autopay-200019886.html

'Why Do I Keep Buying Stuff I Don't Need With Money I Don't Have?'

'Why Do I Keep Buying Stuff I Don't Need With Money I Don't Have?'

By Gyan Yankovich  October 20, 2020, 9:30am

Despite the best financial intentions, there are always things we want to spend money on that feel very important, like fall candles and sweatpants.

Why Am I Like This?

How to actually stop doing the things you know aren't exactly good for you.

From our teen years onwards, we’re constantly being told that saving money is good, and spending money on shit you don’t really need (when you could be saving it) is generally… not great. But it’s not quite as simple as that. Somewhere between knowing how much money you have coming in each month and your list of recurring can’t-skip expenses—like rent, health insurance, and bills—is a muddy middle section where a lot of us lose track of our cash.

Despite the best financial intentions (Save a month’s worth of wages! Have no student debt!) there are always other—often more exciting—things we want to spend our money on like, you know, cute shit from Target, fall candles, and sweatpants.

Regardless of how much or how little you have, everyone’s relationship with money is both complex and emotional—meaning “just stop it” advice about “frivolous” spending isn’t particularly helpful. So, if you’re stuck in a never-ending loop of spending money and then wishing you didn’t, here are a few reasons why you might be having difficulty saving.

You’re Relying On Willpower Alone.

Many of us assume that if we’re lucky enough to pay for all our essentials and have some extra cash to spare, it should be easy to put our future selves first and start steadily growing our savings. But it isn’t always the case, because willpower—the desire to save—just isn’t enough.

You’re Viewing Shopping As Problem-Solving.

Thinking of ways to spend money is, I’ll admit, an enjoyable and satisfying past-time—as is actually spending it. And an easy way to alleviate the guilt of shopping is by treating our not-exactly-essential purchases as the solution to a problem, like a new set of glass containers that will help you cut down on single-use plastics, workout gear that will mean you can keep running outdoors once the weather cools down, and… almost all skincare products.

To continue reading, please go to the original article here:

https://www.vice.com/en/article/wx8ezw/help-stop-compulsive-buying-shopping

Live It Up

Live It Up

Dennis Friedman  |  November 27, 2020

THE HOLIDAY SEASON is here—and retailers will be looking to make up for the sales they lost during the pandemic. Let me offer some advice you won’t hear elsewhere: Go ahead and splurge.

What do I want for Christmas? To be honest, not much. But then again, my wife and I have been spending money in 2020 as if Christmas were a year-long event. We remodeled the house, filled it with new furniture and bought a new car.

What I probably need is not more material things, but something that could make me a better person. A behavior transplant would do the trick. Something like persistence. Indeed, a little more persistence would be a good attribute to have going into the new year. It might help me to eat better, exercise more and generally live a more fulfilling lifestyle.

As I grow older, I tend to make excuses for indulging and for not having the willpower to do the right thing on a consistent basis. I’ll say to myself, “I’m not getting any younger. Why toe the line? Live it up and enjoy yourself.”

I had a lot of perseverance when I was younger and saving for retirement. I would contribute diligently to my 401(k), IRAs and savings accounts. I benefited financially from this unrelenting behavior. It’s probably the main reason I have a comfortable retirement today.

Saving for long-term goals, such as a starter home, the children’s college education or your own retirement, requires an unwavering commitment. This is one of the most difficult parts about accumulating wealth. You could argue it’s more important than asset allocation and investment selection.

Why is it so difficult? You have to delay gratification, forgoing smaller rewards today for larger rewards later. That irresistible luxury car, bought on a whim, can derail the best-laid financial plan to purchase a home. But this year was not the time for me to save money diligently—and perhaps you, too, should be a little less frugal.

As a retiree, you adjust your spending based on how well your investment portfolio is performing. My portfolio is doing well this year, so I’ve been spending money. I’m retired and not concerned about losing my job. I have money invested in the stock market, and I stuck with my funds through the collapse and rebound of the market.

After this year’s startling rally, I felt flushed with cash. It was a good time for me to open my wallet and take advantage of my stock market gains. It might be a while before I get this chance again. So instead of rebalancing my portfolio into bonds or cash, I rebalanced it into a new sofa, remodeled kitchen and a new car.

To continue reading, please go to the original article here:

https://humbledollar.com/2020/11/live-it-up/

35 Thanksgiving Quotes That Capture the True Meaning of the Day

35 Thanksgiving Quotes That Capture the True Meaning of the Day

By Annie O’sullivan And Kelsey Hurwitz  Nov 19, 2020

When it comes to Thanksgiving, a lot of emphasis gets put on the food; and, rightfully so. Between the juicy turkey, savory sides, and sweet desserts, there are a lot of edible elements to focus on come Thanksgiving Day. But as you make your way through the day, it’s important to practice gratitude and give thanks for the good that’s come your way. (Yes, even in a year filled with a lot of bad.) One way to do that is to read a Thanksgiving quote — aloud or to yourself — that captures the true meaning of the holiday.

Now, to be clear, the origins of the holiday have dark historical roots that have more to do with colonization than appreciation. But over the years, Thanksgiving has become synonymous with thanks (I mean, it’s right in the name.) So make sure to take a moment from your busy day to give thanks.

These Thanksgiving quotes emphasize the role gratitude can play in your life — and not just one day a year. Even in the darkest of times, there is so much to be thankful for, and in a year that has included global pandemic and continued racial injustices, Thanksgiving can be a day to remember all of the good things, big and small. And make sure those in your life are doing the same.

Consider writing on of these quotes in a Thanksgiving card or incorporating them into your Thanksgiving centerpieces to bring a little extra gratitude to your meal.

“Let gratitude be the pillow upon which you kneel to say your nightly prayer. And let faith be the bridge you build to overcome evil and welcome good.” — Maya Angelou

“I awoke this morning with devout thanksgiving for my friends, the old and the new.” — Ralph Waldo Emerson

“Appreciation is a wonderful thing. It makes what is excellent in others belong to us as well.” — Voltaire

“When you arise in the morning, give thanks for the food and for the joy of living. If you see no reason for giving thanks, the fault lies only in yourself.” — Tecumseh

“For my part, I am almost contented just now, and very thankful. Gratitude is a divine emotion: it fills the heart, but not to bursting; it warms it, but not to fever.” — Charlotte Bronte

“He is a wise man who does not grieve for the things which he has not, but rejoices for those which he has.” — Epictetus

To continue reading, please go to the original article here:

https://www.womansday.com/life/g1973/thanksgiving-quotes/