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It’s that time of year again – time to fly the star spangled banner high, give thanks for our freedom, and let the fireworks sparkle. We know you have been working hard to reach those financial goals – from paying off student loans to saving for that down payment to just getting by – so be sure to celebrate your own hard work this holiday weekend. This Independence Day, we salute you and all you’ve done towards achieving your financial independence.
Happy 4th of July, Minters. Hope you celebrate the USA with family and friends.
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Labor Day is a time to recognize the hard work we all put in year-round. Why not get away for the weekend? Here are some helpful tips to save money while you relax, plus a look at Labor Day’s origins and some fun facts.
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As the credits rolled on Adam Baker’s I’m Fine, Thanks documentary, tears streamed down my face. I had watched his TED Talk earlier that day about getting rid of your crap, paying off your debt, and doing what you love. I yearned to have the “freedom” he talked about in both videos. That’s when I looked at my husband and said, “I don’t want to live like this anymore. I want to pay off your student loan debt!”
The first tool that came to mind was Mint.com. I had heard of the site from friends who mentioned using the app. I never realized where all of the money we earned was going. We were living in Austin, Texas and working through a tough economy making roughly $12/hour each. Luckily, we had two old cars that were paid off (including my first car from when I was 15), so we didn’t have the burden of car loans or credit card debt.
The student loans were weighing heavy on us. Fortunately, a family gift of $5,000 helped us lower the loan from $24,000 to $19,000, but it was still a huge burden. I immediately logged on to Mint.com that same night after we finished Adam Baker’s inspiring videos and pulled in three months of history from our bank accounts. As I began categorizing every transaction and budget, I began to see a pattern of bad habits.
Read: How to Pay Off Student Loan Debt
What was my husband buying at the convenience store every two days for $7.43? Did I really need to purchase those clothes from Goodwill last Tuesday night? Why were we eating out four times a week? OK, I’ll admit, my food budget is still being reworked two years later! As the transactions poured into our Mint.com account, they sparked a conversation between my husband and me. We committed to spend less on ‘wants’ and focus on the necessities and paying down the student debt.
We failed miserably the first months and still do in certain categories from time to time, but we adjusted the budget and aimed for more goals the next month. Our minimum payments for the student loans were $184 a month. There was no way we’d be able to make big progress by only paying the minimum, so we upped our payments little by little.
The first month, we paid $300 on the student loans. We didn’t feel too much of a pinch. At this point, I was watching our account with a microscope, and every single transaction was up for discussion. The next month, we paid $500. Still no pinch. I said, “Let’s be crazy and go for $1,000!” We met that goal and continued to pay upwards of $1,200 each month until the balance dwindled down to nothing. Even after moving cities and switching careers, we were able to pay off the student debt in full before my 27th birthday.
That feeling was amazing, and now we’re onto the next goals: saving for a house and preparing for our first baby due next year.
About the Author
Kelsey is the self-proclaimed financial guru of her household living in Houston, Texas, spreading the word about the benefits of paying down debt. She’s also a minimalist enthusiast, and founder of The Little Red Journal.
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It may not come as a big surprise since we all know that Mint users are financially savvy – but saving for a big purchase and paying off debt reign supreme for Mint users when it comes to their 2015 financial resolutions!
In a recent Mint survey, millennials revealed that their top financial stressor included debt (think student loans), saving for retirement, and over spending – while respondents age 36+ were most stressed out by not having enough savings for the future (you’re not alone)!
We hope the takeaways from the Mint user survey below will help encourage you to be good with your money and keep working towards your 2015 financial goals all year long!
Mint.com 2015 Survey Results:
In 2015, my primary financial goal is:
Saving for a big purchase (house, car, etc.): 35%
Paying off debt: 34%
Paying off student loans – 14.16%
Paying off credit card debt – 19.06%
Saving for an emergency fund – 22.20%
Saving for a vacation – 9.62%
How much do I save?
93% of respondents are saving at least once a year with 83% of all respondents putting money away every paycheck
What do I spend my money on?
59% of all respondents by far the biggest expenditure every month was housing
28% of respondents said their highest expenditure is food and beverage
What I find most stressful about finances:
The overall trend of financial stressors among respondents age 36+ was not having enough money or enough savings for the future
Interesting, a number of respondents over the age of 36 are still paying off student loan debt
Among millennials – the responses seem to vary including not making enough money, debt (including student loans), saving for retirement, over spending, and not having enough money to afford the things they want
Do the results above ring true for you? Let us know in the comments below!
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Already having a tough time sticking to your New Year’s financial goal to save more and spend less in 2015?
Well, we are here to help! We’re partnering with some smart and savvy consumer financial experts and Mint partners for a live Twitter chat to discuss some of the biggest spending trends and pitfalls and address how you can stick you your financial resolutions. After all, February is the new January.
So join us on Wednesday, February 4th at 12pm PT/ 3pm ET for a live, hour-long #HowWeSpend Twitter chat to learn more about how to make smarter spending decisions this year.
Host
@Mint
Participants
Mint’s own (@hperez), financial educator & #1 bestselling author (@TheBudgetnista), CNBC’s senior personal finance correspondent (@sharon_epperson), money-saving expert and Kiplinger.com columnist (@CHLebedinsky), bill pay tool and Mint partner (@MintBills), trusted name in consumer credit and resource for personal finance advice (@EFXFinanceBlog) and others.
How to participate
Make sure you follow Mint (@Mint)on Twitter so you can jump right in. Use the hashtag #HowWeSpend to search and select the “All” search option to follow the chat in real time.
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If you haven’t taken a cruise lately, you might be surprised by the variety of offerings now available. No longer are cruises the sole province of greasy buffets, cheesy dance contests and screaming kids – some of the newer ships are downright luxurious, offering five star dining created by celebrity chefs and onboard activities to rival the fanciest resort. But don’t take my word for it. Here are some down and dirty tips on how to score a cruise vacation so cheap, you’ll almost feel like you took advantage of the cruise company.
Don’t Book in Advance
No, that’s not a typo. I said don’t book in advance. Unlike the airlines, the best cruise deals are usually available at the very last minute. That’s because also unlike the airlines, most people don’t take last minute cruises. (Last minute business trips or hurried flights to see a sick relative mean airlines can afford to jack up prices for people who need to travel immediately.)
But cruises are vacations. People don’t need to scurry last minute, and in fact, they usually have to plan time off work pretty far in advance. That means cruise ships with unsold capacity a few days prior to sailing need to dump it pronto, because they’re unlikely to get a last-minute rush of passengers.
So when is the ideal time to buy? As close to departure as you can. Cruise lines will usually start lowering prices 4-8 weeks prior to sailing, but it’s during the last week or two that you’ll really see prices plummet by over 50%. The cruise companies offer unsold inventory to their employees a week before the cruise. That means anything that does not sell after that goes on an absolute fire sale. The craziest deals are available 2-7 days before departure. We recently scored a 5-night Western Caribbean cruise for $149 by purchasing 4 days out. The original price was $329.
Long Cruises – and Trans-Atlantics
The best deals are often on longer cruises, because most people can’t afford to take off a week or more at a time. In fact, you’ll sometimes find 7+ night cruises selling for the same (or just a bit more) than shorter ones.
But the most screaming deals are on Trans-Atlantic trips. True, these sailings mean a lot of time at sea, but they can sometimes sell for less than 3-night cruises. We recently booked a 13-night trip from Fort Lauderdale to Barcelona for just $369. An 11 night from Miami to Southampton, England was on sale a few weeks ago for about $400.
Heck, you’d probably spend that much money on food, alone. You’re basically getting the transportation, lodging, and entertainment for free. And how many people get to say they crossed the Atlantic by sea, stopping in unusual ports like the Azores or Tenerife?
Senior, State Resident, Military and Police Discounts
Most cruises will offer hefty discounts for senior citizens, members of the military, police officers and state residents of the port of departure. But the best news is that depending on how and where you book, these discounts often apply to everyone traveling in the same room –even if only one person qualifies for the discount. Since some accommodations can fit up to four travelers, that means big savings for your party.
Choose the Big Ships
When people book cruise vacations, they usually look at the dates and itineraries first. But checking out the ship’s capacity can yield even bigger benefits. First, the ship is likelier to be newer or offer more restaurants and amenities. More importantly, the extra capacity means more rooms to sell – and the potential for cheaper prices. When comparison shopping, start with the bigger ships first. They’re the likeliest to offer lower-priced fares when compared to smaller ships on similar itineraries.
Mileage & Point Conversions
Got any unused airline miles or hotel, credit card or Amtrak points? Most of these can be readily converted into cruise credits. Depending upon the program, you can either convert into a cash-equivalent or a voucher specifically for cruise purchases. On many major airline programs, 10,000 miles are usually the equivalent of a $100 cruise credit.
Share your tips of how you saved on your last vacation or cruise below. Bon voyage!
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April is Financial Literacy Month. So there’s no better time than now to get the 4-1-1 on your personal finances. Mint is teaming up with popular personal finance experts for a live Twitter chat to share their tips and tricks on how to successfully manage your money and answer those burning questions about saving, investing, budgeting and the dreaded “D” word, debt.
Pull up a keyboard and join us on Tuesday, April 21st at 12pm PT/ 3pm ET for a live, hour-long #Money411 Twitter chat to hear from Mint and other consumer financial experts on better money habits for today and the future.
Host
@Mint
Participants
Mint’s own (@hperez), CNBC’s senior personal finance correspondent (@sharon_epperson), popular blogger of Budgetsaresexy.com (J. Money) and author of the forthcoming book Make Your Kid a Money Genius (Even If You’re Not) and member of the President’s Advisory Council on Financial Capability for Young Americans (Beth Kobliner).
How to participate
Make sure you follow Mint (@Mint)on Twitter so you can join the conversation. Use the hashtag #Money411 to search and select the “All” search option to follow the chat in real time.
If you want your questions to be included in the chat, tweet @Mint with your #Money411 question.
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’Tis the season to think green! So let’s do as the leprechauns do and celebrate a goal shared by real and imaginary creatures alike: protecting one’s stash.
Whether you’ve got an overflowing pot of gold or a more modest balance sheet, here are four principles for protecting your wealth.
Insure Your Stash
The biggest threat to your wealth is unforeseen expenses, especially medical bills; home and car repair; liability; and lost income due to death or disability. Failing to carry insurance against catastrophic losses isn’t thrifty; it’s shortsighted. The good news is that more Americans have access to affordable medical insurance than ever before, and shopping for car and home insurance has gotten cheaper and more convenient thanks to online marketplaces.
Plan for Emergencies
Your emergency fund (aka auxiliary pot of gold) works along with insurance. The emergency fund protects you against small losses; insurance protects you against big ones. Personal finance experts will argue endlessly about how big your emergency fund should be ($1000? Three months of expenses? Six months?), but we all agree on this: any emergency fund is better than none. Keep it in an FDIC-insured savings account; an online account that pays a little interest is a good choice.
Invest Your Gold Wisely
Most of us will have to fund a substantial portion of our retirement from our own savings. That makes it critical to invest well. Luckily, this doesn’t require supernatural abilities. Choose low-cost funds (such as index funds), don’t take more risk than you can handle (always own both stocks and bonds), save aggressively, and don’t be impulsive. Make a plan and stick to it regardless of what your cousin warns you about on Facebook. Great investing may be boring: it means thinking long-term, using unexciting mutual funds, and not making any sudden moves.
Create Your Own Pot of Gold
When we’re trying to save more money, we obsess over restaurant meals, entertainment, and travel—that is, we start by trying to cut out the most enjoyable, stress-relieving parts of our lives, even though they probably add up to a small part of our monthly spending. Instead, consider what you could save on housing or transportation. Voluntarily downsizing or giving up one car in favor of public transit, cycling, or car sharing can save hundreds per month, and there’s no evidence that it will make you any less happy. (Unless you reduce your commute time or get some cardio in on the way to work, in which case it’ll make you more happy.)
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According to the National Highway Traffic Safety Administration (NHTSA) there were more than 5.6 million police-reported crashes in the U.S. in 2013. No doubt these crashes can take a huge emotional and financial toll on those impacted – and you might be surprised to learn what your policy covers, and doesn’t cover. The price tag for those crashes: $871 billion in economic loss and societal harm in 2010 also according to the NHSTA.
If you find yourself in an accident, it’s easy to feel frustrated, overwhelmed and scared. But there are a few things you can do to protect you and your money before and after an accident.
Prevention Before an Accident
Consider purchasing rental car coverage. This will pay for you to have a rental car for the time your car is in the shop being repaired. The coverage is inexpensive, but paying for a rental during a long repair can add up quickly.
Many car insurance policies offer coverage that you may not know about, so make sure your auto insurance policy is up-to-date and provides the right amount of coverage for you and your vehicle. Many minor details can make a huge difference when you need to file a claim after a collision.
Keep copies of your insurance policy and registration in your vehicle at all times.
Steps to Take After an Accident
Safety is paramount. Get you and all passengers to a safe spot and wait for help to arrive.
Get everything documented as quickly as possible and share information with the other driver including make, model and license plate. You’ll also want to get the other person’s contact and car insurance information so the claims process will go much more smoothly.
Take photos and gather witnesses. If you have a smartphone, it can be helpful to take photos of the damages, especially if you know you weren’t at fault and want to prove it. If you can find eyewitnesses and collect their contact information to give to the police and to your insurance company, that’s even better.
You may see a rate hike on your monthly insurance premiums if you are found to be at fault. Keep in mind if you have been accident free for a long time, many carriers will forgive your first at-fault accident.
If you are working with an independent agency like CoverHound, ask them to check all of their carrier partners for a better policy. Many carriers specialize in different risk profiles, so it’s possible another carrier they represent may have a better policy for you. Not all wrecks will result in a rate hike, but being proactive and working with your insurer is important after an accident. If you’re looking to get more from your provider, then you can switch insurers to take advantage of low rates.
This article was written and sponsored by CoverHound, where you can compare car insurance rates in as little as 3 minutes.
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After a brutal winter, many of us are ready to embrace spring with open arms! The arrival of spring also signals seasonal cleaning duties such as cleaning windows, putting away the winter wardrobe and breaking out the flip flops.
But don’t forget to include your personal finances in your spring cleaning “to do” list! Spring is the perfect time to tackle financial clutter–from refreshing budgets to going paperless to cleaning up your credit score.
Here are 5 tips that make it easy to do a financial clean sweep this spring:
1. Refresh your budget
Kick off your financial spring cleaning by refreshing your budget. Revisit the financial goals you set January 1. How are you doing so far? If you’re over budget, look at where you can make changes and cut back on spending. Remember to adjust your budget to satisfy current needs as well as long-term savings goals.
2. Reduce financial clutter – go paperless
You know that amazing feeling when you get rid of clothes you haven’t worn in years? Getting rid of that filing cabinet filled with old bills and credit card statements can feel just as freeing. A good way to cut down on clutter is to opt for electronic bill payments using a free bill-paying app like Mint Bills – which allows you to pay all your bills and schedule bill payments via an easy to use web and mobile platform.
3. Check your credit score
If you haven’t checked your credit score, now might be a great time. This number is a critical part of a consumer’s financial portfolio. Understand your score and the factors impacting it so you can learn how to improve it. If your credit score is low, commit to making your payments on time and focus on chipping away at large balances on your credit cards.
4. Pay off holiday debt once and for all
Cleaning up this debt quickly can put you in a much better financial position for the rest of the year. Start by clearing up your credit lines and pay off the purchases you made over the holiday season. If you have to, put yourself on a stricter debt payoff plan specifically focused on paying off the debt you accumulated over the holidays.
5. Sell unwanted items
Instead of throwing away your belongings to reduce clutter, consider selling your stuff to help boost your savings goals or earn extra money. Getting rid of old furniture? Try Craigslist. Cleaning out your closet? Try selling your clothing and accessories on Threadflip, a site that helps list, price, and ship the items for you.
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