Budgeting and Saving – Blog

Turn Saving Money Into A Game

Willie Jiang — Thu, 31 Oct 2024 10:00:41 +0000

I get it. Saving and pinching your pennies can sound like such a drag. But who says it can’t be fun? Over the years, I found ways to turn saving into a game where I actually felt like I was winning, and now I want to share those strategies with you!

So, here are some ideas to make saving money feel like a game!

KEY TAKEAWAYS

Have a “No-Spend” Month
Skip non-essentials for a month and mark each successful day on a calendar. Have someone to keep you accountable, and enjoy seeing your savings add up!
Get Competitive
Challenge a friend or family member to a savings race! See who can save the most by a set date or reach a specific goal first for some extra motivation.
Try a Pantry Challenge
Hold off on groceries and use what’s in your pantry. Get creative with meal ideas, reduce food waste, and watch your grocery budget stretch.
Start a Sinking Fund
Have a goal like a vacation? Set aside a specific amount each month. It’s motivating to see your fund grow, and rewarding yourself along the way can keep you going!

Lowering Your Rent Like A Pro

Willie Jiang — Wed, 30 Oct 2024 12:00:06 +0000

Here’s a BIG TIP you might not know. Your rent isn’t set in stone. It’s negotiable if you know the ropes! While it might not be a big secret, it’s crucial to approach your negotiations with the right mindset and some prep. Trust me, this can save you a good chunk of cash, just like it did for me. And guess what? Today’s your lucky day because I’ve got the insider scoop on how to lower your rent. Let’s jump right in, shall we?

KEY TAKEAWAYS

5 Rules for Negotiating Rent :

Know Your Goal
Set a clear rent target and gather local comparisons. Consider cash savings or perks like free parking or waived fees.
Offer Value in Return
Sweeten the deal by offering something valuable, like giving up a parking spot, prepaying, or committing to no pets.
Time It Right
Negotiate 2-3 months before lease end, especially during slow rental seasons when landlords are more flexible.
Use the Right Script
Be polite, state your reliability, and ask clearly and confidently.
Practice Negotiating
Build confidence by practicing in low-stakes situations. Every bit counts!

Saving Money On A Wedding Dress

Willie Jiang — Tue, 29 Oct 2024 18:00:18 +0000

Weddings are undeniably magical! They’re always brimming with love and unforgettable moments. But, behind every stunning celebration is the planning process and that includes one of the biggest pieces of the puzzle, THE WEDDING DRESS ! If you’ve got the budget, go ahead and indulge in the dress of your dreams. But if you’re working with a set budget and still want a dress that feels perfect for your day and your style, you’re in the right place. Today, we’re diving into some savvy ways to save on your wedding dress without compromising on that special feeling!

KEY TAKEAWAYS

Consider a Corset Style Dress
Opt for a lace-up corset gown to save on alterations—it’s adjustable, body-flattering, and flexible if your weight changes before the big day.
Explore Ordinary Clothing Stores
Great dresses aren’t just in bridal boutiques! Check out stores like ASOS, JCPenney, or Target for stylish white dresses at a fraction of the price, especially when sales hit.
Look for Floor Sample Gowns
Enjoy the bridal boutique experience by buying a floor sample gown. Sign up for store emails for sample sale alerts and score designer dresses for up to 50% off!
Stick to Simple Styles
Less embellishment means less cost. Simple gowns can be elegant and leave room to play with accessories, saving money without sacrificing style.
Visit Thrift and Vintage Stores
For a unique, affordable wedding dress, vintage or thrift shops are treasure troves! With a little searching, you might find a one-of-a-kind gown on a budget.

Avoid Banking Fees At All Cost

Willie Jiang — Mon, 28 Oct 2024 10:00:47 +0000

I’ve learned this the hard way, so here’s a reminder: before opening a bank account, research the fees! A 2023 Bankrate survey found that 25% of Americans with checking accounts pay an average of $24 a month in fees—yikes! These can include maintenance fees, overdrafts, and insufficient funds. While it might not seem like much, it adds up over time.

The good news? You can easily avoid these unnecessary fees with a little research!

In this video, I’ll share common banking fees and how to dodge them. Let’s dive in!

KEY TAKEAWAYS

Out-of-Network ATM Fee:

Avoid using ATMs outside your bank’s network to dodge $2.50 fees.
If you need cash, withdraw a larger amount or get cash back at stores.
Some banks, like Synchrony Bank, may refund ATM fees up to $5 per cycle.

Overdraft Fee:

Prevent overdrafts by setting up direct deposit to maintain a minimum balance.
Consider overdraft coverage; it allows banks to cover low funds for a fee (~$35).

Insufficient Fund Fee:

Avoid $35 fees for insufficient funds by monitoring your account.
Sign up for notifications for low balance alerts.

Wire Transfer Fee:

Wire transfers cost $16-$35; use them for significant transactions.
Opt for online transfers for smaller amounts to save money.

Early Account Closing Fee:

Closing an account early can incur fees (up to $25).
Check your bank’s policy before canceling.

Monthly Maintenance/Service Fee:

Many banks charge monthly fees for accounts.
Avoid fees by maintaining a minimum balance or exploring no-fee banks like credit unions or American Express.

Credit Card vs Debit Card For Travel

Willie Jiang — Thu, 24 Oct 2024 10:00:38 +0000

Planning a trip overseas soon? While some people prefer the reassurance of having cash on hand when traveling, many find that credit and debit cards offer more convenience and security. They make it easy to pay for meals, day trips, and other vacation expenses. But it’s important to think about how you’ll access and manage your cash smartly while traveling.

Let’s dive into the comparison between credit and debit cards so you can figure out which option is best for your travels!

KEY TAKEAWAYS

Debit Cards:

Acts like cash : Money comes out of your account.
Good for budgeting : Limits spending to your account balance.
Can be used at ATMs, but watch out for high fees.
Cons: Risk of account hacking. Any fixes can take time if compromised.

Credit Cards:

More spending flexibility with a credit limit.
Convenient for payments, but easy to overspend.
Cons: Cannot use at ATMs for cash. Potential hold on funds if lost or stolen.

Ideal Approach:

Bring both cards for flexibility.
Choose based on spending habits:
- Debit for budgeting.
- Credit for safety against fraud.

Fees:

Be mindful of foreign transaction fees (2.75%-2.99%).
Avoid extra cash withdrawal fees (usually 2.99%).
Consider cards with no foreign transaction fees (e.g., Chase Sapphire Preferred® or The Platinum Card® from American Express).

Insider Secrets For Shopping Amazon

Willie Jiang — Wed, 23 Oct 2024 10:00:05 +0000

I’ll be honest: I have a love-hate relationship with Amazon. I bet you can relate! It’s incredibly convenient, you can find just about anything, and it’s amazing how items can magically show up on your doorstep the same day you order. But there are two things I really dislike:

Spending money unnecessarily
Filling my home with things I don’t need

Amazon can definitely be the biggest culprit if you’re not careful! After years of shopping on the platform, I think I’ve finally cracked the code to saving money and finding products that actually add value to my life without going overboard. So today, I’m excited to share some insider secrets for shopping wisely on Amazon!

KEY TAKEAWAYS

Subscribe and Save:

Subscribe to regularly purchased items to unlock 10-15% savings with five items in a month.
Customizable delivery frequency (e.g., monthly or bi-monthly).
Great for essentials like dog food and pantry staples.

Finding the Best Products:

Bestsellers: Check the “All” section for trending items and new releases.
Small and Medium Businesses Tab: Support small businesses on Amazon.
Climate Pledge Seal: Look for this seal to find eco-friendly products.
Shop by Interest: Curated gift ideas from Amazon influencers.
Subscription Boxes: Great for personal use or gifting, filled with themed items.
Amazon Warehouse: Discounts on refurbished or open-box items.
Amazon Outlet: Clearance and overstock items at least 20% off.

Avoiding Overspending:

Use the ‘Save For Later’ Button: Place items in “Save For Later” to avoid impulse purchases and review them later for thoughtful decisions.

Cheap Ways To Ship Packages

Willie Jiang — Tue, 22 Oct 2024 10:00:03 +0000

I have friends and family all over the world ! So, sending packages is a regular thing for me. But let’s be real, shipping can get pretty pricey!

I’m always on the lookout for the cheapest options, but I know that everyone’s priorities differ. Although my focus is on price, others might care more about how quickly their package arrives instead. Depending on your needs, some shipping companies might be better for you than others.

In this video, we’ll break down these shipping options and their benefits to help you find the answers you need!

KEY TAKEAWAYS

Cheapest Shipping Options Based on Delivery Speed:

USPS:
- Ground Advantage: Starts at $4.75 (2-5 business days).
- Priority Mail: Starts at $9.35 (1-3 business days).
- Priority Mail Flat Rate: $10.20 to $22.80 (1-3 business days).

UPS & FedEx:
- Starting rates for ground delivery:
  - UPS: $11.76
  - FedEx: $11.30
- One-rate boxes:
  - UPS: $10.20 (extra-small) to $26.05 (extra-large).
  - FedEx: $12.40 (small) to $39.10 (extra-large).

Best Ways to Ship Next Day:

USPS Priority Mail Express: Starts at $28.75 (1-2 days).
UPS Next Day Air Saver: Starts at $31.71 (end of next day).
FedEx Standard Overnight: Starts at $44.02 (by 5:00 p.m.).

Budget-Friendly Local Delivery:

Roadie: Deliver small items locally starting at $10, often same-day delivery.

Best Way to Ship Internationally:

USPS Priority Mail International: Starts at $42.10 (1-pound) or $31.45 (small flat rate).
UPS Standard to Canada: About $24.01 (1-pound).
FedEx International Ground: Starts at $31.08 (1-pound).
DHL: Approximately $84.21 (1-pound).

Is Pet Insurance Worth It ?

Willie Jiang — Mon, 21 Oct 2024 09:05:19 +0000

Coming home to find your dog in distress ( especially when it turns out they’ve swallowed a sock!) can be a real shocker, not to mention pricey if they need emergency surgery. That’s where pet insurance comes in handy! It can cover a lot of those medical expenses, like treatments, prescriptions, and surgeries. While it can definitely be a lifesaver in critical moments, it might not seem worth it if your pet hardly ever gets sick.

So, let’s chat about the pros and cons to see if pet insurance is the right fit for you!

KEY TAKEAWAYS

What Pet Insurance Pays For:

Deductibles and Payouts:
- Annual deductible must be met before coverage starts.
- Most plans reimburse 70%, 80%, or 90% after the deductible.

What’s Covered:
- Covered: Emergencies, surgeries, and treatments after the deductible.
- Not Covered: Routine care (vaccinations, checkups) and pre-existing conditions.

Alternatives to Pet Insurance:

Self-Funding:
- Save for vet expenses in a high-yield savings account.
- Pros: Flexibility with saved funds.
- Cons: Risk of insufficient funds during emergencies.

Financial Assistance:
- Explore vet payment plans or affordable clinics.
- Utilize crowdfunding or resources from organizations like The Humane Society.

Benefits of a High Yield Savings Account

Willie Jiang — Fri, 18 Oct 2024 10:00:31 +0000

Imagine putting $100 into your piggy bank, and over time it grows to $103, $110, and even more without you lifting a finger! Sounds amazing, right? Well, that’s the magic of a high-yield savings account. While a regular savings account might only give you a tiny 0.43% interest annually, a high-yield account can offer an impressive 5% or more! It’s a game-changer, especially when you’re building an emergency fund or saving for something big, like buying a home.

A high-yield savings account not only speeds up your progress toward your financial goals, but it also gives you the flexibility to access your cash quickly when you need it.

Today, let’s take a closer look at what a high-yield savings account is and how it can be your golden ticket to staying financially secure and on track!

KEY TAKEAWAYS

Benefits of Using a High-Yield Savings Account

Low-Risk Savings: HYSAs are usually FDIC-insured up to $250,000, providing security for your funds.
Higher Interest Rates: For example, a $10,000 deposit at a 4% APY would grow to $10,400 in a year, compared to only $10,100 at a 1% APY.
Liquidity and Flexibility: Easy access to your money, with withdrawals typically taking 24 to 48 hours. However, there may be limits on the number of withdrawals (usually 6 per month) before fees apply.

How to Use a High-Yield Savings Account to Your Advantage

Automatic Transfers: Set up automatic transfers from your checking account to your HYSA to make saving effortless.
Maintain a Minimum Balance: Ensure you meet any minimum balance requirements to earn the highest rates and avoid fees.
Monitor Competitive Rates: Regularly check rates to ensure you’re getting the best deal, and consider switching accounts if a better option is available.

Gift Cards Do’s and Dont’s

Willie Jiang — Thu, 17 Oct 2024 11:00:48 +0000

I absolutely love gift cards! They’re such a smart choice, loaded with virtual cash that lets the recipient treat themselves to whatever they want. You can find them just about anywhere. Both in physical stores and online. They’re also my go-to when I’m in one of those last-minute gift situations!

And get this: I recently read that a 2023 Bank of America survey found 76% of people prefer receiving gift cards during the holiday season over presents they might never use. Count me in for that percentage! So, in this video, let’s dive into everything you need to know about gift cards.

KEY TAKEAWAYS

Gift Card Do’s:

Choose a Beloved Brand: Pick a gift card from a brand the recipient loves to ensure it’s appreciated.
Introduce Something New: Consider gifting a card for a place or experience they haven’t tried but might enjoy—it could lead to a pleasant surprise!
Make the Amount Meaningful: Ensure the gift card amount covers something worthwhile, so the recipient doesn’t have to spend extra.
Redeem Credit Card Rewards: Use cash back or points from your credit card to get gift cards, making for valuable, cost-free gifts.

Gift Card Don’ts:

Avoid Compromised Cards: Check for signs of tampering before buying gift cards. If in doubt, ask for a card not on display.
Don’t Send US Cards Internationally: Be aware that some US gift cards can only be used within the US. Always read the fine print.
Avoid Buying Too Far in Advance: Purchase gift cards closer to the gifting date to ensure they’re still valid and to avoid expiration issues.
Keep the Receipt: Always ask for and keep the receipt; it’s essential for refunds in case of tampered cards.