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Source: pennypinchinmom.com
Please ensure Javascript is enabled for purposes of website accessibility
Source: pennypinchinmom.com
Please ensure Javascript is enabled for purposes of website accessibility
Source: pennypinchinmom.com
Please ensure Javascript is enabled for purposes of website accessibility
Source: pennypinchinmom.com
As a mom, finding clever ways to save money can help secure your family’s financial future.
Yes, I know, there are many other, more impactful ways to build wealth, and in the grand scheme of things, saving a buck here and there might not seem like the recipe for propelling yourself (with your entire brood in tow) to millionaire status, but hear me out.
Unless you stop the bleeding (in this case, frivolous spending), it will take you a lot longer to get there.
In my mind, building generational wealth is a combination of developing marketable skills, earning from those skills, investing wisely, and frugal spending.
…And putting your foot down when any member of your brood wants to splash $1,000 on a pair of, in my view, hideous sneakers.
That’s why I rave about How to Create a Budget and Everything You Need to Know to Start Using Coupons.
Of course, as with everything worth doing, it’s much easier said than done. Believe me; I’ve had moments of taking on unnecessary expenses at the grocery store despite having blown past our monthly budget.
It happens; you are going to slip up sometimes. The key is to have a solid hold on your spending habits and a savings system. That way, even if you go off the rails occasionally, you can recover and stay focused on your ultimate savings goals.
With that in mind, here are my top-secret (shhhhhh) creative ways to save money monthly.
It sounds obvious, doesn’t it?
Would it surprise you to learn that only 30% of American households actually have a detailed monthly budget prepared? Yes, according to a Gallup poll, two in every three Americans don’t have a monthly budget, nor do they have a long-term financial plan or investment goals.
I kid you not; budgeting is one of those things that everyone knows they should do, yet up to two-thirds of us don’t!
Having a detailed monthly budget will open your eyes to the reckless spending on everyday purchases you are currently engaging in.
From unnecessary online shopping sprees to pizza deliveries, even your grocery bill might have something you don’t need, or you can find cheaper alternatives if you just look.
You won’t know where all the money is going until you have an actual, written-down budget. THEN you will see just how badly you’ve been throwing cash around.
Here’s a quick guide on budgeting categories for the family if you want to get started right away.
If you are anything like me, you put most of your grocery shopping, utility bills, and monthly bills on your credit or debit cards. While most of these offer rewards when you use them, you can go further and use savings apps.
Here’s why. Many of these apps highlight saving opportunities and fetch rewards such as cash back on many purchases you would make anyway.
Neat, huh?!!
Here are a few that I like using. You can check them out and see what you think:
Now this is a tool I simply love! Capital One Shopping is not only free, but it also works in the background. So you don’t need to remember to use it every time.
If you want to find the best deals online and gift cards and coupons, you must install Capital One Shopping on your browser.
You will save a ton of money. Trust me on this one! It is by far one of my favorite and most clever ways to save money.
Have you ever found yourself at the grocery store buying things that weren’t on your list because they looked “interesting to try out?” I know I have!
I’m not saying you shouldn’t try new things and new recipes (what would life be without these little adventures?). I’m saying that meal planning will help you cut back on a lot of unnecessary expenditures when it comes to groceries.
Here’s why I meal plan:
But most importantly, meal planning helps me save money and curb my spending habits on those nights I don’t know what my family will eat. I will already have a plan in place to help cut down on ordering in and eating out.
Check out my free printable meal plan!
I know! I know! That sounds like what the IRS is for, but hear me out.
There are things you are paying for now that you either don’t need or don’t even remember that you are paying for unless you run a complete audit of your finances.
When was the last time you actually saw your husband reading that “Monster Trucks Forever” magazine that keeps coming in the mail?
How about you? Are you really going to visit all those vineyards someday? Then why are you paying for that subscription?
We often put so many little $1-a-month subscriptions on our cards because they seem important at the time, or a dollar a month doesn’t seem like that much. But they add up.
Run a quick audit on your bank statements to find out what you are paying for that you no longer use or don’t actually need, and cut it out.
These are just some creative ways I use to reduce our spending and save money. Saving money doesn’t have to be painful. You just need to find ways to reduce your living expenses (not necessarily lifestyle) and channel all that extra cash into your savings account.
Also see: How to get out of debt fast when you don’t have much money
How about you? What are some of your clever ways to save money?
Source: pennypinchinmom.com
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Source: pennypinchinmom.com
Today we’re embarking on a unique journey – diving into the intriguing world of superstitions. One superstition, in particular, has caught our eye: the belief that an itchy left palm indicates a lottery of jackpot win on the horizon. Now, that’s quite a claim! So, get ready as we unravel this cultural phenomenon’s truth, fact by fact, itch by itch.
Superstitions, by definition, are beliefs or practices resulting from ignorance, fear of the unknown, trust in magic, or chance. Throughout history, they’ve guided people’s actions, especially when it comes to attracting wealth or good fortune. Superstitions and signs of good luck are as varied and colorful as human cultures themselves. Here are a few widely recognized ones from around the world:
1. Ringing in the New Year: In many cultures, the New Year is seen as a fresh start, and various superstitions and traditions are associated with ensuring good luck for the coming year. In Spain, for instance, people eat 12 grapes at midnight, each grape representing good luck for one month of the coming year. In the southern United States, eating black-eyed peas on New Year’s Day is considered to bring prosperity.
2. Knocking on Wood: This is a common superstition in Western cultures used to ward off bad luck after making a favorable prediction or boast, or when one mentions good fortune that one has had so far. The idea is that by knocking on wood, you’re seeking protection from the “evil spirits” that might hear and ruin your good luck. It’s believed that this superstition may have come from ancient pagan traditions where certain trees or groves were thought to be the homes of benign spirits or gods.
3. Carrying a Rabbit’s Foot: This is another common symbol of good luck in many Western cultures, especially in North America. It’s thought to originate from African-American folk magic known as “Hoodoo”. It’s typically the left hind foot of a rabbit that is considered lucky, and even more so if the rabbit was killed in a cemetery under a full moon.
4. Four-Leaf Clovers: These are considered to be a sign of good luck in Irish tradition. Each leaf in the clover symbolizes something: the first for faith, the second for hope, the third for love, and the fourth for luck. Finding a four-leaf clover is considered particularly lucky because they are rare.
5. Lucky Number Seven: In many cultures, the number seven is considered lucky. It’s a significant number in various religions and cultures. There are seven days in a week, seven continents, seven colors in a rainbow, and seven notes on a musical scale, which all contribute to the positive connotations of the number.
6. Horseshoes: In many cultures, horseshoes are considered symbols of good luck due to their association with horses, which were often seen as symbols of speed, power, and protection. The luck of the horseshoe is thought to work best when it’s hung in a U shape so it can “collect” good luck.
7. Money Plant: In the Hindu religion, the Money Plant (Epipremnum aureum, also known as Golden Pothos, Devil’s Ivy, or Silver Vine) holds a special place. This vining plant, common as an indoor houseplant worldwide, is considered a symbol of good luck and prosperity.
The association of the Money Plant with wealth comes from a popular belief rooted in Vastu Shastra – the traditional system of architecture in India, akin to Chinese Feng Shui. According to Vastu, certain plants promote positive energy in the environment, and the Money Plant is one of them.
The superstition around the Money Plant is connected to Goddess Lakshmi, the Hindu deity of wealth, fortune, and prosperity. It’s believed that nurturing a Money Plant at home can attract the blessings of Goddess Lakshmi and pave the way for a prosperous life. To this end, some people even practice a ritual of wrapping the plant’s creeper around a coin and placing it in the pot, symbolizing the growth of wealth.
However, like all superstitions, it’s important to remember that these beliefs aren’t scientifically validated. The positive impact of keeping houseplants, including the Money Plant, can be more accurately attributed to their air-purifying properties and the psychological benefits of being around greenery. The superstition involving the Money Plant and Goddess Lakshmi provides an interesting insight into the cultural practices tied to prosperity in the Hindu tradition.
The old wives’ tale regarding an itchy left palm is steeped in history and varies from culture to culture. The belief in this particular itch’s predictive power seems to have originated in Europe, especially in the British Isles.
There, it was believed that if a person rubbed their itchy left palm on wood, it would assure the arrival of money. The superstition was later carried across the Atlantic and became fairly well-known in the United States, too.
Why the left hand specifically? In many cultures, the left side is considered to be less lucky or even negative. In Christianity, for instance, the left hand is often associated with betrayal – consider the seating arrangement at the Last Supper, where Judas Iscariot is often depicted sitting to Christ’s left.
The left-hand itching belief is also tied to the distinction between giving (associated with the right hand) and receiving (associated with the left hand). This can be found in many cultures globally, where the right hand is traditionally used for giving or paying out money, while the left hand receives it. So, an itching left palm would signify money coming in, while right hand itching could suggest money going out.
So, what does it mean when your left hand itches? In many cultures, an itchy left palm implies unexpected money coming your way. How did this superstition begin? Some believe it traces back to Saxo Grammaticus, a Danish historian who mentioned ‘itching palms’ in relation to greed. For others, it’s an old wives’ tale passed down generations. But does the superstition differ for men and women? Not typically. The interpretation of the left palm itching is usually consistent across genders.
Now, I bet you’re thinking, “What about the right hand itching?” Interestingly, in some cultures, an itchy right palm signifies that money is going out, hinting at potential bad luck. Don’t worry, though – it’s just a superstition!
The superstition about an itching left hand indicating incoming wealth or financial windfall doesn’t specify any gender differences. The belief is generally applied to all individuals, regardless of their gender.
However, the way this superstition is interpreted or applied may vary depending on cultural norms or societal roles. For example, in some societies where women are traditionally homemakers and males are seen as the primary earners, an itchy left hand in a man might be more likely to be associated with an increase in salary or a profitable business deal. Meanwhile, for a female, it could be linked to her husband’s earnings or seen as an indicator of good luck around the home.
On a medical level, certain conditions causing itchy palms like hand eczema or psoriasis do not discriminate between men and women. However, it is noteworthy to mention that autoimmune diseases (including psoriasis) are generally more common in women than men, which might indirectly affect the prevalence of symptoms like itchy palms.
There can be a multitude of reasons why your palms may itch, and while we’d love it to be a sign of an impending windfall, it’s more often related to skin conditions or underlying health issues. Here are a few possible causes:
Dry skin: Dry skin, or xerosis, can make your palms itchy. This condition can result from environmental factors like cold, dry weather, or overwashing your hands.
Eczema: Eczema, or atopic dermatitis, is a condition that causes your skin to become itchy, red, and dry. Dyshidrotic eczema specifically affects hands and feet and could lead to an itchy palm.
Psoriasis: This is a chronic autoimmune condition that can cause a buildup of skin cells and form scaly patches on your skin. Palm psoriasis can make your palms itchy and want to scratch them.
Allergic reaction: Contact dermatitis is a skin reaction that happens when you touch a substance that irritates your skin or causes an allergic reaction, such as certain types of metals, soap, or plants.
Diabetes: In some cases, diabetes can lead to itchy skin, including the palms, due to poor blood circulation or yeast infections that are common in people with diabetes.
Liver disease: Itchy skin can be a symptom of liver disease. The itchiness is likely due to your liver’s inability to filter toxins from your body efficiently.
If your itchy palms persist or cause concern, it’s always best to seek medical advice.
Outside of medical causes, people often attribute itchy palms to various superstitions and beliefs. Here are a few:
Astrology: Some people believe that itchy palms can be related to the movement of the planets or a particular person’s horoscope.
Energy and Chakras: In certain spiritual practices, itchy palms might suggest that you’re coming into contact with certain energies, or experiencing a blockage or overactivity in your hand chakras.
Psychic Phenomena: Some people believe that itchy palms could be a sign of a psychic phenomenon. They might think that their left palm itches when someone is thinking of them or when something significant is about to happen in their lives.
Spiritual Communication: In certain belief systems, physical symptoms like itching are interpreted as messages from the spiritual realm. An itchy palm could be taken as a sign or message from a spirit guide.
It’s important to note that while these beliefs are held by some, they’re not supported by scientific evidence. They offer a window into the fascinating ways that different cultures interpret and ascribe meaning to everyday physical experiences.
When it comes to left hand itching and lottery winners, the tales are as intriguing as they are varied. Let’s delve into a few of these stories.
A popular tale when it comes to the itchy left palm superstition and lottery wins involves Mary Shammas, a Brooklyn grandmother who credited her left hand’s itch for her good fortune.
In 2010, Mary Shammas was riding on a Brooklyn bus when her left palm began to itch. Remembering the old superstition her mother had told her about – that the left hand itching meaning, it that money is on its way – she decided to act upon it. She immediately asked her daughter to purchase a lottery ticket using family members’ birthdays as the numbers.
The result? A whopping $64 million New York Lottery jackpot – one of the biggest in the state’s history at the time.
This tale has undoubtedly added fuel to the fire of the left hand itching superstition. However, while the story is truly remarkable and memorable, it’s important to take it in context. Mary’s win was more about chance and the decision to purchase a lottery ticket than the itch itself. It’s a classic example of “post hoc, ergo propter hoc” reasoning – Latin for “after this, therefore because of this.” This logical fallacy assumes that because one event happened after another, then the first must be the cause of the second. The itching of Mary’s left palm occurred before the lottery win, but it did not cause the win.
So, while Mary’s story is indeed an entertaining tale of an itchy left palm leading to lottery luck, it doesn’t offer empirical evidence to support the superstition. Just like other similar anecdotes, it serves to highlight how we, as humans, love to find patterns and establish cause-effect relationships, even when they’re a product of random chance.
from North Carolina, claimed his left palm itch was the reason behind his purchase of a $5 lottery ticket that won him a staggering $200,000 in 2016. Pittman stated that whenever his left hand itches, money’s coming. And this time, it did.
But can we establish a direct connection between his itchy palm and the win? The fact is, it was Pittman’s decision to buy a lottery ticket that led to his win, not the itching per se. There’s no scientific proof linking physical symptoms to a future event. So, while it’s an exciting narrative, it seems more about chance and coincidence than causation.
Melissa Ede, a taxi driver from Hull, England, scooped a £4m lottery win in 2017. She shared that she often experienced itchy hands before something ‘big’ happened, making a link between the itch and her major win.
It’s possible that Ede’s claim might be based on the Baader-Meinhof phenomenon, where one stumbles upon some obscure piece of information—often an unfamiliar word or name—and soon afterwards encounters the same subject again, often repeatedly. Any small itch before a ‘big’ event may stand out more in her memory due to this phenomenon, leading her to make a connection where none exists.
In all these cases, the common thread is that these individuals chose to attribute their good fortune to an itchy hand, but this is a matter of personal belief rather than empirical fact. There’s no denying these are fun, entertaining stories, but they shouldn’t be taken as evidence of a left hand itch being a legitimate sign of lottery luck. Instead, they serve as fascinating examples of how humans seek patterns and causality, even in the face of pure chance.
It’s easy to see a correlation where one might not exist. In the cases of Pittman and our Reddit friend, it seems more like a coincidence than causation. As humans, we’re prone to remember instances that confirm our beliefs (like getting lottery winnings when our hand itched) and forget the ones that don’t (all the times our hand itched, and we didn’t win). This is a cognitive bias known as the “confirmation bias.”
Also see: Money traps people often fall for
Playing the lottery can be a fun pastime, but it’s critical to understand the mathematics behind it. Here are some key points to consider:
Odds of Winning: The odds of winning a major lottery such as the Powerball or Mega Millions are incredibly slim. For instance, the chances of winning the Powerball grand prize are approximately 1 in 292.2 million. That means you’re about 20 times more likely to be struck by lightning in your lifetime than to win the Powerball.
Expected Value: The expected value of a lottery ticket, which is the average amount of money you would win if you played the lottery an infinite number of times, is usually negative. This means that in the long run, you’re expected to lose money.
Probability Theory: The lottery is a game of independent events. This means that each draw is independent of the previous one. So the idea of a “due number” that has to come up soon because it hasn’t been drawn recently is a misconception.
Law of Large Numbers: While in the short run, outcomes might deviate from the expected result; in the long run, the outcomes will converge to the expected result. In the case of a lottery, the more you play, the more likely you are to lose.
The lottery, despite the dreams it evokes, is a game of chance with highly unlikely odds. If you play, play responsibly, and never view it as a means to fix financial troubles or secure a stable future. Remember, an itching palm – left or right – doesn’t change the statistical reality of your lottery number being drawn.
Superstitions like the itchy left palm can add some fun to our routines, but it’s vital not to let these beliefs guide our financial decisions. The thrill of buying a lottery ticket with the hope of winning big can be a rush, but it shouldn’t overshadow the need to save money and live frugally.
The world of superstitions is a fascinating one, offering a glimpse into human psychology and the patterns we try to find in life’s unpredictability. The belief that an itchy left palm means money is coming is just one such example. But remember, whether it’s the itchy right hand indicating potential loss or an itchy left palm suggesting impending wealth, these are just superstitions, not fact.
Financial responsibility remains key, regardless of whether your palm itches or not. So, the next time your left hand itches, before rushing to buy a lottery ticket, remember this article and maybe just reach for some good ol’ moisturizer for that dry skin instead.
What’s your experience with this superstition? Do you have a money superstition of your own? Let’s continue the conversation about the enthralling world of superstitions and financial responsibility in the comments.
Source: pennypinchinmom.com
<meta property="og:description" content="Today we’re embarking on a unique journey – diving into the intriguing world of superstitions. One superstition, in particular, has caught our eye: the belief that an itchy left palm indicates a lottery of jackpot win on the horizon. Now, that’s quite a claim! So, get ready as we unravel this cultural phenomenon’s truth, fact …
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Source: pennypinchinmom.com
It might sound easy enough to do, but many parents actually don’t know the best way to save money for kids or, at the very least, where to start.
I am not saying my ways are the best, but they certainly work for me and my little ones. Depending on your current financial situation, they might help you figure out the best way to save money for your kids.
Using these tips has helped me come up with a way to secure a better financial future for my kids without overstretching or causing unnecessary financial strain in the now.
Healthy savings will get them off on the right foot when they leave home to start a life of their own, increasing their potential for a successful future.
The money savings process provides a platform to impart financial literacy, teach financial responsibility from a tender age, and teach discipline when it comes to things like budgeting and delayed gratification.
The savings also functions as an emergency fund should anything happen to us or our kids while they are still growing up. You will enjoy the peace of mind of knowing they are cared for in the case of almost any eventuality. A will or inheritance fund ensures the savings will be spent wisely for the benefit of your kids.
Here are some excellent tips on the best way to save money for kids.
The ideal savings option will vary for different parents based on their financial goals and circumstances. Motivation ranges from emergency funds to specific stages of the child’s future, like higher education, buying their first car, or even jump-starting retirement savings. Define what you are saving for, set targets, and draw up a plan.
Approach your preferred financial institution and set up an account designed for the savings you settled on. Similar solutions are structured differently across each financial institution.
As parents, we budget all the time. Budgeting is a great way to improve money management, ensuring you always leave something for your kid’s savings account (and your own fun fund for date night or vacation). Many sources of funds can be included in the savings plan.
You can set it up so that an amount is transferred from your own bank account to the kid’s account. Some parents, myself included, also deposit their work bonuses in their kids’ savings accounts up to a predetermined date.
Alternatively, you can agree to collect all the money the children earn from chores, lawn mowing, babysitting, or other side jobs they do on their own and then set that money aside in their savings accounts after giving them a weekly stipend for their hard work, of course.
All this planning and investment can be undone if your kid grows up without the financial education to develop positive money habits. Involve them in your financial planning at a young age so they grasp the concept of money. Teach them your ways, one might say.
Financial literacy involves more than what children learn from listening and observation. It involves practicing positive money management habits like restrained spending, taming the urge for instant gratification and budgeting.
Add a checking account to their savings account so they get used to financial tools like a debit card for younger kids and banking apps for teens. Most of these allow the parents to keep an eye on the child’s spending habits, too, so we can easily reign things in if they start running wild.
Now that you are familiar with the territory, let’s look at the options available as our kids outgrow the piggy bank we have been filling with spare change since they were babies.
College is quite expensive, and it pays to have a head start on your child’s college savings so there is adequate time to accumulate funds gradually. A good education increases your child’s earning potential and job security, leading them to financial success.
A 529 Investment Plan is a tax-advantaged investment account designed to encourage saving toward future education expenses. It’s named after Section 529 of the Federal Tax Code and is sponsored by the state or a state agency.
Savings are tax-deferred, and you can withdraw the funds tax-free to pay for qualified education expenses like tuition, books, and accommodation. It lets you save for your child’s future attendance at designated colleges or universities at prevailing rates.
A custodial account offers another opportunity to save on your child’s behalf or gift them when you get a bonus or any other windfall. One party, the custodian (typically the parent), controls the funds on behalf of the minor (the beneficiary), who will gain access to the account when they come of age (this ranges from 18 to 21, depending on the state).
As a custodian, you are free to spend the funds on anything, provided it is for the benefit of the minor. While they don’t come with the tax benefits of a 529 plan, they cover a wider scope of expenses. Once your child attains the required age, you will relinquish control of the account to them, and they can claim full use of the funds.
UTMA and UGMA accounts are popular examples of custodial accounts. They are set up to hold gifts that a minor has received. Once the gift is granted or transferred to the account, it can’t be revoked and becomes the minor’s asset. It is held under their social security number and taxed as their income.
A custodial brokerage account refers to when the custodial account is used as an investment account to increase savings. Savings and gifts can be channeled to a mutual fund, invested in stocks or bonds, transferred to money market accounts or any other credible investment. You will manage these investments until your child comes of age. And then it is up to them to take over.
You can always get a lawyer, an accountant, or a team with both professions to set up a trust fund for your kid(s). Besides savings, the trust fund can incorporate assets you want to transfer to the kids as they age. The trust will dictate the process and ensure your assets are transferred to the right beneficiaries when the time comes.
There is no limit to the number of savings accounts you can have for your child. It is actually encouraged to spread your eggs in different baskets so that you can optimize them.
One might have competitive interest rates, while another allows you to invest in assets. You can also save for a particular item that requires a separate account without locking out subsequent gifts.
Just identify the combination that works for you and make sure you teach them about other aspects of financial health as they grow, and you can cross one more thing off your list of worries as a parent. Happy savings!
Source: pennypinchinmom.com
It might sound easy enough to do, but many parents actually don’t know the best way to save money for kids or, at the very least, where to start.
I am not saying my ways are the best, but they certainly work for me and my little ones. Depending on your current financial situation, they might help you figure out the best way to save money for your kids.
Using these tips has helped me come up with a way to secure a better financial future for my kids without overstretching or causing unnecessary financial strain in the now.
Healthy savings will get them off on the right foot when they leave home to start a life of their own, increasing their potential for a successful future.
The money savings process provides a platform to impart financial literacy, teach financial responsibility from a tender age, and teach discipline when it comes to things like budgeting and delayed gratification.
The savings also functions as an emergency fund should anything happen to us or our kids while they are still growing up. You will enjoy the peace of mind of knowing they are cared for in the case of almost any eventuality. A will or inheritance fund ensures the savings will be spent wisely for the benefit of your kids.
Here are some excellent tips on the best way to save money for kids.
The ideal savings option will vary for different parents based on their financial goals and circumstances. Motivation ranges from emergency funds to specific stages of the child’s future, like higher education, buying their first car, or even jump-starting retirement savings. Define what you are saving for, set targets, and draw up a plan.
Approach your preferred financial institution and set up an account designed for the savings you settled on. Similar solutions are structured differently across each financial institution.
As parents, we budget all the time. Budgeting is a great way to improve money management, ensuring you always leave something for your kid’s savings account (and your own fun fund for date night or vacation). Many sources of funds can be included in the savings plan.
You can set it up so that an amount is transferred from your own bank account to the kid’s account. Some parents, myself included, also deposit their work bonuses in their kids’ savings accounts up to a predetermined date.
Alternatively, you can agree to collect all the money the children earn from chores, lawn mowing, babysitting, or other side jobs they do on their own and then set that money aside in their savings accounts after giving them a weekly stipend for their hard work, of course.
All this planning and investment can be undone if your kid grows up without the financial education to develop positive money habits. Involve them in your financial planning at a young age so they grasp the concept of money. Teach them your ways, one might say.
Financial literacy involves more than what children learn from listening and observation. It involves practicing positive money management habits like restrained spending, taming the urge for instant gratification and budgeting.
Add a checking account to their savings account so they get used to financial tools like a debit card for younger kids and banking apps for teens. Most of these allow the parents to keep an eye on the child’s spending habits, too, so we can easily reign things in if they start running wild.
Now that you are familiar with the territory, let’s look at the options available as our kids outgrow the piggy bank we have been filling with spare change since they were babies.
College is quite expensive, and it pays to have a head start on your child’s college savings so there is adequate time to accumulate funds gradually. A good education increases your child’s earning potential and job security, leading them to financial success.
A 529 Investment Plan is a tax-advantaged investment account designed to encourage saving toward future education expenses. It’s named after Section 529 of the Federal Tax Code and is sponsored by the state or a state agency.
Savings are tax-deferred, and you can withdraw the funds tax-free to pay for qualified education expenses like tuition, books, and accommodation. It lets you save for your child’s future attendance at designated colleges or universities at prevailing rates.
A custodial account offers another opportunity to save on your child’s behalf or gift them when you get a bonus or any other windfall. One party, the custodian (typically the parent), controls the funds on behalf of the minor (the beneficiary), who will gain access to the account when they come of age (this ranges from 18 to 21, depending on the state).
As a custodian, you are free to spend the funds on anything, provided it is for the benefit of the minor. While they don’t come with the tax benefits of a 529 plan, they cover a wider scope of expenses. Once your child attains the required age, you will relinquish control of the account to them, and they can claim full use of the funds.
UTMA and UGMA accounts are popular examples of custodial accounts. They are set up to hold gifts that a minor has received. Once the gift is granted or transferred to the account, it can’t be revoked and becomes the minor’s asset. It is held under their social security number and taxed as their income.
A custodial brokerage account refers to when the custodial account is used as an investment account to increase savings. Savings and gifts can be channeled to a mutual fund, invested in stocks or bonds, transferred to money market accounts or any other credible investment. You will manage these investments until your child comes of age. And then it is up to them to take over.
You can always get a lawyer, an accountant, or a team with both professions to set up a trust fund for your kid(s). Besides savings, the trust fund can incorporate assets you want to transfer to the kids as they age. The trust will dictate the process and ensure your assets are transferred to the right beneficiaries when the time comes.
There is no limit to the number of savings accounts you can have for your child. It is actually encouraged to spread your eggs in different baskets so that you can optimize them.
One might have competitive interest rates, while another allows you to invest in assets. You can also save for a particular item that requires a separate account without locking out subsequent gifts.
Just identify the combination that works for you and make sure you teach them about other aspects of financial health as they grow, and you can cross one more thing off your list of worries as a parent. Happy savings!
Source: pennypinchinmom.com
Are you looking for ways to save money on your weekly family budget? Look no further!
With discounts on food, to toys, to clothing, to household items, and more, Dollar General offers a lot of deals to help stretch your hard-earned dollars. I’ll dive into the particulars of how to find not only the clearance items but also the penny deals.
If you are new to penny shopping, I’ll explain the program, and at the bottom of this post, you can find the penny list and clearance items to help you save big and keep more money in your pocket!
Just want this week’s list? Click here to see the latest deals!
What are penny deals, you may ask? If you can catch the deal in time, you can buy all sorts of items from your local Dollar General store for just one penny!
Penny items are products that are being cleared out of the store. This can be from a product that is being discontinued or has gone past the 90% off clearance price. Penny items are generally supposed to be taken off the shelves already, but many stores don’t clear these in time. These discounted items ring up as a penny so the sales associates can easily identify them and know to pull the rest from the shelves.
Penny shopping isn’t for the faint of heart. It will take determination and visiting the store in person – and that doesn’t guarantee success.
Every Tuesday, select items are discounted to one penny. Most weeks, there will be penny items, but some weeks won’t. To stay up-to-date, check out my list below to see what items are being discounted.
There are a few frustrating things to be aware of when shopping for penny items. For one, just because an item has been listed for a penny doesn’t mean your store will have them because the employees have pulled them. These items are usually donated locally or sent back to the manufacturer. Also, you will find that in some stores, the item may be listed as a penny, and the store 1 mile down the road doesn’t.
The other frustrating thing is that while the registers of most stores will have the updated prices once the store opens on Tuesday morning, some of the newer systems don’t update until later in the day and sometimes not until Wednesday.
Last, just because you scored a deal, some stores may not let you purchase penny items once they ring up as $0.01 at the register. Most stores aren’t going to fight this, but while I haven’t had an issue at my stores, I’ve heard stories of some stores not allowing the sale.
To use the app, don’t enter the UPC in the search bar. Instead, click on the scanner icon on the search bar and then click “enter barcode number”
A powerful tool to help search for which stores have the deals is the Dollar General app (iOS / Android). While you can’t use te DG app to search for penny items exclusively, you can use the app to do a price check by scanning the UPC (Universal Product Code) of the items before headding to the register. Word of advice – the app is able to check prices in real-time, so make sure the app has been updated before checking prices so the new markdowns are loaded.
A UPC is a bar code on the packaging that is used to scan the item. Here is a picture of what you are looking for.
The Dollar General app is fairly accurate on pricing, but there have been exceptions. Generally, if the app shows either $0.00 or $0.01, the price for that item is usually a penny!
In addition to using the app to scan the item in the store to see if it shows the price of a penny, you can also use it to search all of the stores around you by typing in the UPC to see what they have in stock. To check, set your location and type in the UPC of that week’s discounted items. Then change the location of the stores that you shop to see what inventory is available to purchase.
You can find Dollar General penny items anywhere within the store. I have the best luck finding them mixed in the clearance sections, by the register, and end caps. But don’t skip the normal-priced areas of the store. You never know what you may find.
There are sometimes clues about where the product is located when searching in the app. If the product name has “Fr End ck”, that means it’s up by the cashier.
In general, you should never ask employees about penny shopping. They know about it, but they are supposed to have pulled these items from the shelves. And most importantly, don’t complain about penny items or call corporate if your store won’t sell penny items to you. Complaining could cause corporate to end this practice, so in the long run, you are better off going to another store.
That said, I have a friend who, like clockwork, visits her Dollar General store right at 7 am every Tuesday, and when her local Dollar General store opens, the cashier pulls the items and puts them by the register for her. It took a little time, but it can be done!
A lot of people ask whether penny shopping is legal, and yes, it is. As long as the item is on the sales floor, Dollar General’s policy is to sell penny items. It is worth noting that their policy isn’t to let you go back for more items, though.
In addition to penny times, it’s also worth checking for checking Dollar General’s clearance items as there are some great deals to be found that are on sale.
Dollar General is also a gold mine after major holidays and events, especially after Christmas, Valentine’s Day, Easter, the end of summer, and the Super Bowl.
Clearance merchandise usually starts at 50% off of full price but can also go as high as 90% off. Usually, if those 90% off items don’t sell, they become penny items.
A great place to find deals is in the weekly ad and their website. Dollar General has BOGO deals and instant savings when you buy participating products. They also take manufacturer’s coupons, and Dollar General has a coupon for $5 off any $25 purchase, which is usually released on Saturday. And yes, you can pair the big weekly sales and clearance items with manufacturer coupons and the $5 off coupon to save big money!
Prices are automatically updated, and most registers are updated before the stores open. So, being at the store when it first opens each Tuesday morning is usually the best way to get the deals. Each store operates differently, and they don’t update until later in the day or even on Wednesday. Once you learn how your local stores operate, it’s not common for the timing to change.
Stores that aren’t well organized and a bit run down seem to have dealt more consistently than the better run stores.
Some Dollar General stores have updated their registers, so you have to wait until the employee to complete ringing your order up before the price drops to a penny. It’s a little stressful watching that total climb, but a bit of a rush when it does.
Please be respectful of the Dollar General employees. They don’t set the policy, and getting mad at them makes their job much harder.
Getting deals is great, but I have known people who buy every item on sale, without thinking whether they will actually use it. I get the rush of a deal, and while this is none of my business, I hope you will consider that if you aren’t going to be able to use the item by the expiration date, to leave penny items behind for the next shopper or donate them. Getting a deal is great, but if it is thrown away, was it really a deal?
May 2023
May 30, 2023 – No Penny list
May 23, 2023
May 16, 2023
May 9, 2023
May 2, 2023
April 2023
April 18, 2023 – No Penny List | Markdown List
April 11, 2023
April 4, 2023 – No Penny List
March 2023
March 28, 2023 – No Penny List
March 21, 2023
March 14, 2023
March 7, 2023
Source: pennypinchinmom.com