I asked, as I sometimes do, what personal finance question my friends and Twitter followers had for me. It was a slow day on the internet and the responses flooded in.
My friend Neil asked, “what do you think about real estate?” A broad question, indeed, and I got him to clarify. “You know… should I buy a house? Why not just rent?”
Why not indeed.
The Dream of Home Ownership I too bit off and gulped down the dream of home ownership when just a small lass. When I graduated from college, I moved to a Southern U.S. city — Charlotte, North Carolina — and like any young professional often in the company of older, established professionals — saw immediately that they all owned houses. And that this was very good.
What they had, I wanted: the houses with the staircases and the pretty backyard decks and the grand old trees in the back and the guest bathrooms with bowls of little colored soaps. I wanted a kitchen, with wide countertops and an arching clamp-hose faucet over the deep sinks and big drawers for flour and pot lids and recycling bins. And art on the walls, and a king-sized bed, and a walk-in closet, and a master bath.
My dream was only made more intense while shopping for condos in New York City, then in Reston, Virginia, with my 20s-era boyfriend. When he went to sign his first title, I went too, and we went out to lunch afterward at a restaurant on 54th street; we spent $112 and when I ate the tiny plate of tiny after-lunch sweets (a little cheesecake, a little truffle, a little gelee), I felt I’d arrived.
Years later, after the boyfriend, I became pregnant and my now-husband and I shopped for homes. My stories of those searches are intense and full of longing and stress; but by my fourth month of pregnancy I was living in house all my own. I vowed to never move.
Tip: Compare mortgage rates from multiple lenders for new home loans and mortgage refinance loans.
Other People’s Dreams I am — I was — the classic case for home ownership. I live in a small city and, when I bought the house, prices were reasonable; my mortgage payment is now less than many pay for renting an apartment. I love working on the yard and painting walls and I even tiled my bathroom myself (with lots of structural help from my father and husband). My husband is handy, and can run wiring and solder plumbing and he built a whole room in the basement. We’re the home ownership success story (though admittedly we have a lot more work to do, and no walk-in closet, no master bath).
But for many people, home ownership should remain the stuff of other people’s dreams.
I think my friend Neil is a good example. His ex-wife longed to buy a home in Los Angeles, where they had made a home after Neil’s upbringing in New York City. The situation was probably even more intense for her than for me in Charlotte; their friends and colleagues owned expansive ranch-style show-homes and sweet artsy bungalows, in neighborhoods where the price-per-square foot probably neared four digits at the peak of the market. The mortgage on those homes would require all of one middle-class salary.
Even for the more economic choices, prices were high and there was no clear benefit to buying over renting; in fact, most mortgages would be more than the cost to rent a nice (and low-maintenance) apartment.
Neil wasn’t good with a hammer or a chop saw, nor did his wife have any desire to keep a fine vegetable garden. There was no dad around to rip out old bathroom floors or teach Neil to solder copper pipes. Neil had no dreams of living in his home forever with his growing family; to date, he has no children and he’s now divorced; he’s not sure if he’ll stay in LA for the rest of the year, let alone the decade. For him, home ownership is someone else’s dream.
Should I Buy a Home? For me, Neil’s question was easy. “No,” I said finally. “I don’t think you should buy a home.”
“But isn’t that the goal?” he asked me. “Isn’t that what you’re supposed to do?”
Well, maybe. But I’ve found my own definition of “getting rich slowly” is often made up of doing few things that one is “supposed” to do; for me, living a double income, office job lifestyle is one such “supposed to” I’ve discarded. For Neil, I prescribed letting go of that “supposed to” of buying a home.
How to Know When You’re Neil Are you Neil? That is to say, should you too avoid adopting the dream of home ownership? Here are a few signs you may be Neil:
You are still a transient. Of course, we know I don’t mean “homeless person.” I believe many of us today graduate college (or high school, if college wasn’t the path for you) as transients, expecting to live in one place for a few years before trying out another, and another, and another, until one feels like home (or until you fall in love with someone who’s rooted to a place, giving you a graft and rooting you, too). If you’re not sure yet if this place is going to be your home for more than the next few years, home ownership is not for you. With closing costs and the uncertainties of the real estate market, it’s very difficult to come out of a two-year home ownership transaction without losing money as compared to renting.
You have no desire to engage in home and garden upkeep. While some such people might hire gardeners and contractors to fill in the holes in their handy skills and passions, most of those who don’t care to pick weeds or fix fences or mow lawns or plant apple trees are better off with an apartment. Purchasing a condo might be an option, if you don’t say “yes” to any of the other items in the “are you Neil” list.
The market in your favorite neighborhood doesn’t make sense. If the cost of a monthly payment on a mortgage would be greatly higher than the price of a two-bedroom apartment or other rental suitable for your family’s needs — say, more than 25 or 30% higher — it’s probably not a good time to buy. While indeed mortgage interest deductions and home buyer credits and the time value of money might be squished around to make the comparative cost similar, do remember that life is uncertain and markets fluctuate and maybe you should wait a bit — or look around for a more sensible neighborhood — before buying something.
You’re not sure about your career or your job. Maybe you’re considering going back to school to become a sommelier. Maybe you’re pretty sure your boss wants to retire and sell the company. Maybe you just don’t love your job and you’re looking around for something new. If you’re not fairly confident your next few years won’t include a significant change in income, it’s probably not a good time to engage with the home ownership dream.
Your relationship with your partner is rocky. I’ve been watching several of my friends deal with the tough decision over what to do with the family home when a relationship is over. In one case that worked out for the best — the family made a nice profit from the sale. But that was a rarity. If you’re married, you might end up having to sell and take a significant loss, even if you’d rather stay in the house solo; if you’re not married, things could be even more wonky. One woman I know lost her grandmother’s home after a pre-marriage breakup (with someone who obviously turned out to be enough of a jerk to keep her grandmother’s home, though that analysis is one-sided and second-hand, so take it with salt). Be honest with yourself, and know that, much like puppies and babies, houses do not fix broken relationships.
You would have to cash in retirement or emergency savings to buy the house. A home buying fund should be separate from those savings for emergencies and retirement. You’ll have more emergencies, in all likelihood, with a home than without. And you know how we feel about retirement savings. If your dream is that intense, then you can use your intensity to fuel your frugality while you save up for the down payment.
It also makes sense to run the numbers through a rent vs. buy calculator to see if the results would influence your decision one way or another. Have you struggled with the decision to rent or buy? Where did you come out on the Neil/not Neil spectrum?
National mortgage rates were mostly lower compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans moved lower, while rates for adjustable rate mortgages rose.
The Federal Reserve has lifted rates 10 times in a row, most recently at its May 3 meeting. Rates now are at a 15-year high, but the consensus is that inflation is finally cooling and the central bank might halt raising rates.
”Mortgage rates have settled into a new normal of around 6.5 percent on a 30-year fixed-rate loan,” says Lisa Sturtevant, chief economist at Bright MLS, a large multiple listing service in the Middle Atlantic region. ”With growing recession risks, we could see mortgage rates dip lower, but we will not be returning to the 3 percent level seen during the height of the pandemic.”
Rates last updated on June 7, 2023.
The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, June 7th, 2023 at 7:30 a.m.
>>Check out historical mortgage interest rate trends, from the 70s to today
You can save thousands of dollars over the life of your mortgage by getting at least three rate quotes. Comparing mortgage offers from multiple lenders is always a smart move, but shopping around grew especially critical during the interest rate run-up of 2022, according to research by mortgage giant Freddie Mac. It found the payoff for bargain-huntng borrowers doubled last year.
“All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
Mortgage rates for home purchase
30-year mortgage rate dips, -0.11%
The average 30-year fixed-mortgage rate is 7.02 percent, down 11 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.89 percent.
At the current average rate, you’ll pay $666.65 per month in principal and interest for every $100,000 you borrow. That’s a decline of $7.41 from last week.
15-year fixed mortgage falls,-0.11%
The average rate you’ll pay for a 15-year fixed mortgage is 6.38 percent, down 11 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $865 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.
5/1 ARM rate rises, +0.02%
The average rate on a 5/1 adjustable rate mortgage is 6.06 percent, ticking up 2 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.06 percent would cost about $603 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage interest rate moves down, -0.08%
The average rate for the benchmark jumbo mortgage is 7.03 percent, a decrease of 8 basis points over the last week. A month ago, the average rate was below that, at 6.93 percent.
At the average rate today for a jumbo loan, you’ll pay $667.32 per month in principal and interest for every $100,000 you borrow. That represents a decline of $5.39 over what it would have been last week.
Rate review: How mortgage rates have shifted
30-year fixed mortgage rate: 7.02%, down from 7.13% last week, -0.11
15-year fixed mortgage rate: 6.38%, down from 6.49% last week, -0.11
5/1 ARM mortgage rate: 6.06%, up from 6.04% last week, +0.02
Jumbo mortgage rate: 7.03%, down from 7.11% last week, -0.08
Refinance rates
30-year mortgage refinance drops, –0.08%
The average 30-year fixed-refinance rate is 7.11 percent, down 8 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower, at 7.02 percent.
At the current average rate, you’ll pay $672.71 per month in principal and interest for every $100,000 you borrow. That’s down $5.40 from what it would have been last week.
Where mortgage rates are headed
The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.
“Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far,” says McBride. “The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades.”
Comparing different mortgage terms
The 30-year fixed-rate mortgage is the most popular loan for homeowners. This mortgage has a number of advantages. Among them:
Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.
That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:
Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.
How do mortgage rates affect homebuyers?
In a housing boom, low mortgage rates can present pros and cons for borrowers. One pro: Low rates give borrowers more buying power. A $300,000 loan at 4 percent equates to a monthly payment of $1,432. If rates fall to 3 percent, the payment plunges to $1,265.
However, that sort of decline also can help push up home prices — and values indeed have jumped in recent months.
Here’s an example to show how soaring home prices and plunging mortgage rates can have offsetting effects. Let’s say you chose not to buy a $300,000 home a year ago, when the 30-year mortgage rate was around 3.75 percent. Your 20 percent down payment would’ve been $60,000 and your monthly payment would’ve been $1,111.
The price of the same house has jumped to $335,000 today. However, you can get a 30-year mortgage at 3 percent. As a result, your monthly payment rises only slightly, to $1,130. However, you’ll have to come up with an extra $7,000 to make a 20 percent down payment.
Learning how to manage your money is a huge part of “adulting,” but it’s not something most of us were taught in school. Luckily, TikTok is here to bring you up to speed. If you’ve been sleeping on TikTok like I have, let me fill you in. There’s an entire subgenre of TikTok dedicated to … [Read more…]
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We are going to under the cover and discover $12 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $12 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $12 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want too, then keep reading. You are in the right place.
$12 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $12 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $12 = $24960
$24960 is the gross annual salary with a $12 per hour wage.
Breakdown Of 12 Dollars An Hour Is How Much A Year
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiple the hourly salary of $12 times 2,080 working hours, and the result is $24,960.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $12 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiple the hourly salary of $12 times 1,040 working hours, and the result is $12480.
How Much is $12 Per Month?
On average, the monthly amount would average $2,080.
Annual Amount of $24000 ÷ 12 months = $2080 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1040.
How Much is $12 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $12 = $480 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $240.
How Much is $12 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $480 and double it.
$480 per week x 2 = $960
Also, the other way to calculate this is:
40 hours x 2 weeks x $12 an hour = $960
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $480.
How Much is $12 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $12 per hour = $96 per day.
If you work 10 hours a day for four days, then you would make $120 per day. (10 hours x $12 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $48.
$12 Per Hour is…
$12 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$24,960
Yearly Wage (50 weeks)
$24,000
Monthly Wage (173 hours)
$2,080
Weekly Wage (40 Hours)
$490
Bi-Weekly Wage (80 Hours)
$960
Daily Wage (8 Hours)
$96
Net Estimated Monthly Income
$1,588
**These are assumptions based on simple scenarios.
Paid Time Off Earning 12 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $24960 per year.
This is the same as the example above for an annual salary making $12 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiple the hourly salary of $12 times 2,000 working hours, and the result is $24,000.
40 hours x 50 weeks x $12 = $24000
You would average $96 per working day and nothing when you don’t work.
$12 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $24,960
Federal Taxes of 12%: $2,995
State Taxes of 4%: $998
Social Security and Medicare of 7.65%: $1,909
$12 an Hour per Year after Taxes: $19,057
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$19057 ÷ 2080 hours = $9.16 per hour
After estimated taxes and FICA, you are netting $9.16 an hour. That is $2.84 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$12 an Hour Budget Example
You are probably wondering can I live on my own making 12 dollars an hour? How much rent can you afford on 12 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $12 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated $12 an hour was $9.16 after taxes. That would average $1588 per month.
According to the Cents Plan Formula, here is the high level view of a $12 per hour budget:
Basic Expenses of 50% = $794
Save Money of 20% = $318
Give Money of 10% = $159
Fun Spending of 20% = $318
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $12 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $12 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$62
Savings
15-25%
$104
Housing
20-30%
$645
Utilities
4-7%
$125
Groceries
5-12%
$187
Clothing
1-4%
$21
Transportation
4-10%
$125
Medical
5-12%
$208
Life Insurance
1%
$18
Education
1-4%
$10
Personal
2-7%
$31
Recreation / Entertainment
3-8%
$52
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$492
Total Gross Income
$2,080
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$12 an Hour Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $12.01-12.99.
Here is a handy calculator to use if you make $12.60, $12.30, or $12.75 an hour.
Living on $12 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to realize that your mindset is everything.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 12 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $12 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $12.50 will add up over the year. Even better $13 an hour or $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $12 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40-hour-a-week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $75,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $12 an Hour
In this last section, grasp these tips on how to live on $12 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $12 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $12 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $12 an hour minus all the taxes, FICA, social security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $12 an Hour
You can always find jobs that pay $12 per hour. Polish up that smile, fill out the application and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas for Jobs Paying $12 an hour:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Virtual Assistant – learn how to get started now!
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Call center
Hotel Housekeeper
Delivery driver
Product demonstrator
Caregiver
Busser at restaurants
companies paying $12 an hour
Target
Amazon
Walgreens
Great Wolf Lodge
Olive Garden
Sonic
$12 Per Hour Annual Salary
In this post, we detailed 12 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 12 dollars an hour annually…
$24,960
This is under $30000 per year and you need to make at least $38k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Spend your time wisely and make money doing it. All of these quick ways to make money are simple and easy to do!
Photo Credit:
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Shop smarter with Rakuten: Earn Cash Back at 2500+ stores or shop the marketplace for electronics, clothing, games, sporting goods, and more.
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www.fetchrewards.com
Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s really it.
Free rewards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and cash in!
Photo Credit:
www.earnwithdrop.com
Drop is the free app that’s giving out millions in cash rewards for the spending you do every day.
Photo Credit:
moneybliss.org
Whether you’re buying groceries, chowing down on takeout, or giving your wardrobe a serious upgrade, start with Ibotta and earn cash back on thousands of in-store and online offers.
Know someone else that needs this, too? Then, please share!!
Real estate has the power to change your life for the better, but it can do so much more than that. Today’s guest, Jen McConnell, used her commissions to fight pediatric cancer, and she later created a foundation to help further the cause. On this podcast, Jen shares how real estate changed her life and has given her the ability to impact the lives of countless others. Jen also covers the advantages of running your own brokerage, ways to deliver five-star customer service, and more.
Listen to today’s show and learn:
Jen McConnell’s start in real estate [1:34]
What agents learn selling homes for builders [5:31]
The Charleston real estate market [6:47]
McConnell Real Estate Partners’ sales and team structure [8:04]
The advantages of running your own brokerage [13:32]
Social media as a tool for real estate agents [15:20]
The financial crisis compared to this correction [17:17]
About The McConnell Foundation and donating to causes that matter [18:33]
Restarting in real estate after major life challenges [22:18]
Advice on starting a non-profit foundation [26:53]
Advice for agents on giving five-star service to get referrals [27:29]
Jen’s favorite CRM: Follow-Up Boss [30:19]
The post-closing checklist: When to follow up with buyers [31:13]
Transitioning from paid leads to referrals [34:42]
Where to find and follow Jen McConnell [36:25]
Jen McConnell
Jen was fortunate enough to start her real estate career when she was a junior in college. Now with over 17 years of experience in the industry, she has a particular expertise in luxury real estate and custom home building. She moved to Charleston in 2006 after receiving her B.A. in Marketing from Ashland University. In 2022 Jen was awarded the South Carolina Women in Business Award, and chosen as a Top 40 Under 40 Real Estate Agent in Charleston. Jen has also been featured on Charleston Home Showcase & Lowcountry Live and has been featured in Charleston Real Producers Magazine, Charleston Style & Design Magazine, Southern Living Magazine, The Post & Courier, Charleston City Paper, Charleston Regional Business Journal, Charleston Daily, Greenville Business Journal, Columbia Business Journal and many others. She is a Certified Luxury Home Marketing Specialist through the Institute for Luxury Home Marketing where she has been awarded the prestigious Million Dollar Guild award. Jen has also earned the coveted Realtor of Distinction Award achieving the highest rank possible as a Platinum Award winner through the Charleston Trident Association of Realtors. The Platinum Award places Jen in the Top 2% of agents in Charleston.
Jen is the Co-Founder of King Tide Investment Group and Blue Ocean Investments, both residential real estate investment companies based in Charleston, SC and Greenville, SC respectively. In 2021 Jen and her husband Josh opened their own brokerage on Isle of Palms and formed McConnell Real Estate Partners where she is the broker-in-charge.
Jen met her husband, Josh, in Charleston and was married at Wild Dunes on Isle of Palms in 2010. They now live on Isle of Palms and welcomed their daughter Bennett in 2016 and their son Bodhi in 2017. They have embraced all Charleston has to offer but most especially the outdoor living, the amazing restaurants and long summer days at the beach. The McConnell’s are avid Clemson Tigers, strong supporters of MUSC Children’s Hospital, the South Carolina Aquarium, Pet Helpers Adoption Center and are members of First United Methodist Church on Isle of Palms.
Jen prides herself on being persistent, utilizing her experience to always find the most advantageous terms for her clients, and providing unparalleled professionalism and expertise for her clients in each and every transaction. Whether you’re looking to buy, sell or invest in real estate throughout the Charleston area, Jen would love to share her passion and market knowledge with you.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Editor’s Note: Since the writing of this article, President Biden signed the debt ceiling bill on June 4, canceling the federal student loan payment pause as of Aug 30, or “60 days after June 30.” Later this month, the Supreme Court will decide whether the Biden-Harris Administration’s Student Debt Relief Program can proceed. Loan payments are expected to resume in October.
Student loans are a significant issue in the United States, where consumers have more than $1.7 trillion in total student loan debt. In 2021, the average federal student loan debt per borrower was just over $37,000. And 20 years after students enter college, half of borrowers still owe $20,000 in student loans.
Broken down by degree levels, the debt increases. Graduate students who receive a degree leave school with an average of nearly $70,000 in debt. Law students are saddled with an average of $180,000; and medical students owe $250,000 on average for total student loan debt.
With so many borrowers and so much debt, it begs the question, “Should all student loan debt be forgiven?”
Who’s in Favor?
By a 2-to-1 margin, voters do support at least some student loans being forgiven, according to a poll from Politico and Morning Consult. And 53% of voters from the same poll support Biden’s extension of student loan payments through August.
Proponents of canceling student loan debt point out that the government is partially responsible for this debt crisis. Because many states slashed higher education funding after the 2008 recession, tuition at both public and private colleges has gone up steeply, and many students have been forced to take out even more in loans.
Unfortunately, the increase in student loan balances hasn’t gone hand in hand with a bump in post-college salary. The result is a national situation where borrowers owe increasingly more in student loans but don’t have the paycheck to aggressively tackle their balances.
Although the government has created income-driven repayment options that seek to keep monthly student loan payments affordable, signing up isn’t without its downsides.
Since these income-driven plans often lengthen loan terms, borrowers may pay significantly more interest on their loans over time. Also, any forgiven balance at the end of their loan term is typically treated as taxable income.
Why Forgiving Student Loan Debt a Isn’t a Slam-Dunk
There are several reasons why forgiving student loan debt may not be a straightforward positive. The first is that, according to U.S. tax laws, debt that’s forgiven is a taxable event. Under income-driven student loan repayment plans, for instance, if you make consistent, on-time payments for the life of the loan (20 or 25 years, depending on when you borrowed), any balance remaining at the end of your loan term is forgiven — but whatever’s forgiven is considered taxable income.
The second issue pundits raise with this plan is that it’s being sold as a stimulus: If the government forgives people’s student loan debt, they’ll put money back into the economy, the thinking goes. But forgiving debt isn’t the same as handing people a check.
And finally, the federal government so far isn’t planning to forgive student loans that borrowers hold with private lenders, which average over $54,000 per borrower.
Alternative Options to Canceling Student Loan Debt
Instead of targeting only student loan borrowers who qualify for relief, the government could provide a stimulus check to all Americans, and Americans could decide for themselves how to use it.
If someone has $10,000 in outstanding student loans, for example, they might prefer to use a check to put a down payment on a house or pay off high-interest credit card debt.
Then there’s the higher education system itself. Canceling or forgiving student loan debt may provide only temporary relief as long as tuition levels continue to rise. As it stands, future generations will be saddled with just as much, if not more, student debt than Americans currently have today.
Tackling Your Student Loan Debt
There’s no telling when or if some form of more long-term relief might appear for student loan borrowers. If you’re struggling under the weight of your student debt, there are strategies that might help:
• Alternative payment plans: Federal student loans come with a variety of repayment options, one of which might suit your situation.
• Direction of overpayments: If you make extra payments on your student loans, you may instruct your servicer to apply them to your principal, rather than the next month’s payment plus interest. This will help pay off your loans faster.
• “Found” money: If you receive a work bonus or tax refund, applying it to your student loans can help reduce your balance faster.
• Refinancing: Refinancing student loans (private and/or federal) into one new loan with a private lender could lower your monthly payment and interest rate, and make it easier to manage payments. Just know that refinancing federal student loans with a private lender means losing access to federal repayment and forgiveness programs.
Recommended: Can Refinanced Student Loans Still Be Forgiven?
The Takeaway
There is no quick fix for student loan debt, which will take further discussion from stakeholders on all sides.
If you are struggling with your own student loan debt, there are options to consider. You can apply for an income-driven repayment plan, apply for student loan deferment or forbearance on your federal student loans, or refinance your loans with a private lender. Keep in mind, though, that refinancing disqualifies you from federal benefits you may otherwise be eligible for.
If you do decide to refinance, consider SoFi. SoFi has a quick online application process, competitive rates, and no origination fees or prepayment penalties.
See if you prequalify with SoFi in just two minutes.
SoFi Student Loan Refinance If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.
CLICK HERE for more information.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender. Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SOSL0523028
These are the best apartment gyms in Sacramento. Which one matches up with your workout style?
Known as the “City of Trees,” there’s no doubt that Sacramento is a beautiful place to call home. Because the city is peppered with parks and full of fun options to fill your days with outdoor activities, it’s important to stay in shape if you want to experience the full scope of everything Sacramento has to offer.
Whether you’re a CrossFit junkie, dedicated treadmill runner or committed to curls, there’s an apartment gym on this list that will look like it was built just for you. Find the Sacramento gym that best fits your exercise style and start the process toward signing that lease today.
Source: Rent. / The Press Apartments
The Press Apartments is a modern complex designed to help residents maximize every aspect of their daily lives. From the private office spaces and 24-hour hangout area to the hound lounge to, of course, the pristine fitness center. Equipped with everything you’d expect to find in a community with more than a few things you seldom see outside of the most expensive monthly membership gyms, this gym sets the bar in Sacramento.
Providing residents with a yoga studio, multiple rowing machines and even a boxing machine, this gym has what you’re looking for regardless of how you like to get your heart rate up. Located in Sacramento’s highly sought-after Richmond Grove, life is good when you’re lucky enough to call The Press Apartments home.
Source: Rent. / Capitol Towers
The amenities at Capitol Towers are extensive. These downright beautiful apartments are located in Downtown Sacramento and it’s safe to say they boast one of the best apartment gyms in Sactown.
Featuring a loft-style fitness center with leg machines, a lat pulldown machine and enough free weights for all to enjoy a workout without any wait time, this fitness center doesn’t leave any room for complaints. The wellness amenities don’t stop at the expansive gym either. There are also two dry saunas, a spa/hot tub area and a large, rectangular pool that’s perfect for swimming laps.
Source: Rent. / Vasari
Situated south of Sacramento in Elk Grove, the Vasari apartment complex is complete with a fitness center that just might put your current gym to shame. With a dedicated spin area and yoga studio alongside a large gym equipped with an array of upper and lower body machines, heavy ropes and treadmills with pool views, it’s easy to see why residents often fall in love with this fitness center soon after signing the lease.
Whether you’re an early-morning lifter or more of an after-work elliptical person, you’re never short on options at this apartment gym. Not to mention the fact that you can work out hard with the comfort of knowing there’s a hot tub waiting for you to soak the soreness away.
Source: Rent. / Miramonte and Trovas
Lit up by large windows and a lime green accent wall, the fitness center at Miramonte and Trovas is more than meets the eye. With everything you’d expect in a well-equipped gym, like a Smith machine for safe reps without a spotter, large free weight racks and plenty of benches to help you get a full workout with ease, this gym clearly covers all the essentials.
Where this North Natomas complex really separates itself from the rest is its offering of fitness on-demand. The gym TVs have fitness on-demand, a system that allows residents to learn more about working out and fitness from the comfort of their home gym. No personal trainer is required, this fitness center has it all and then some.
Source: Rent. / The Mansion
With a name like “The Mansion” you better have some high-end amenities to match. Needless to say, the beautiful fitness center at this beautiful Boulevard Park apartment complex does not disappoint.
With strength and conditioning equipment as far as the eye can see, mirrored walls, flat-screen TVs and plenty of natural light, this gym sets up its residents for success and supports the journey toward accomplishing even the loftiest of personal fitness goals. Enjoy full-circuit workouts with top-tier equipment in this fine fitness center.
Source: Rent. / Kensington
Stationary bikes, Hoist machinery and Matrix treadmills are just a few of the stellar pieces of equipment you can expect to find at the Kensington fitness center. With vaulted ceilings letting in all the natural light you could ever want and, most importantly, enough space to stretch out and get your sweat on without being disturbed by others, this gym was built with residents’ comfort in mind every step of the way.
This Arden-Arcade apartment complex also boasts three pools and a relaxing spa. That means you can start your day swimming laps and then cap it off by soaking away the pains of the day.
Source: Rent. / Academy65
Known for its youthful resident population, proximity to Sacramento State and impressive list of amenities, Academy65 is a great place for active people to call home. Boasting a 24-hour fitness center complete with a StairMaster, multiple treadmills under flat-screen TVs, and a mountain of medicine balls, this fitness center is equipped to handle all types of exercise styles.
Not just catering to the heavy lifters, the fitness center at this College Town complex is also equipped with a yoga studio and spin area. Whether you’re looking to pedal away your problems or just improve your flexibility a little bit, there’s a space for you at the fitness center at Academy65.
Source: Rent. / The Woodlands
The Woodlands is a magnificent Metro Center apartment complex with, as you may have guessed from the name, an appealing cabin feel. With more than one StairMaster, a lat pulldown machine and a squat rack all at your disposal, among many other pieces of top-tier equipment, there’s no questioning the Woodlands fitness center’s place on this list.
The opportunities for recreation don’t end at the fitness center either. This complex also provides residents with a cornhole court, three pools and two hot tubs. Regardless of what you’re feeling, there’s always something to do at The Woodlands.
Source: Rent. / Irongate
Located in North Natomas, Sacramento, the fitness center at Irongate isn’t just spacious, it’s also equipped with everything you need to not just achieve but to exceed your fitness goals. Whether you are looking to up your cardio, tack on some mass, drop a few pounds or anything in between, you have more than a few options thanks to the exercise amenities at this North Natomas fitness center.
Adorned with upper and lower-body machines, lots of free weights and flat-screen TVs for when you need a mental break from your treadmill running or leg pressing, exercise options are never an issue. Thanks to white walls, a high ceiling and plenty of natural light, this fitness center feels large and always has enough space for residents to work out, even during the busier hours.
Source: Rent. / The Fremont
Easily recognizable by its unique Mediterranean architecture, The Fremont is one of the more desirable buildings in Midtown to call home. With sizable windows to let in natural light, large free-weight racks, stacks of stationary balls and a couple of shelves of complimentary towels, this fitness center is fully stocked and ideal for fitness-minded folks from all walks of life.
Also boasting a professional-grade stationary bike alongside a state-of-the-art elliptical machine and treadmill, The Fremont’s fantastic fitness center supports your cardio goals.
Get your sweat on in Sacramento
Whether you’re a daily runner, a weekly weightlifter or someone just looking to improve flexibility the slightest bit, Sacramento is full of apartment gyms that are capable of supporting you through even the most ambitious fitness goals.
See yourself getting your sweat on in one of these next-level fitness centers? Fill out an application today and reignite your passion for personal fitness in your new apartment gym.
Featured image source: Rent. / The Press Apartments
Weddings are a big deal. You plan them for months or even years and invite everyone you know, then you have the highly-anticipated, heavily-photographed event and they all live happily ever after. (Cue the end credits.)
So much goes on behind the scenes before the big day, as anyone who’s ever attended or been in a wedding should know. But what you don’t really find out until you plan one for yourself is just how expensive and wasteful they can be.
What’s Ahead:
The true cost of a wedding
When I was planning my wedding between 2018 and 2019, I learned pretty quickly what weddings actually cost. And I’m not just talking about the bill.
Each year in the U.S., couples spend thousands of dollars on average on their weddings. In 2022, the national average price of a wedding was around $30,000, according to The Knot. Of course, these averages vary by state and city but could be much higher. And destination weddings can add another several thousand onto your final total.
And every year, these averages go up.
I didn’t know any of this when I got engaged. But once I started actually planning and crunching the numbers using quotes from vendors and venues, I realized that there was no way I could afford the “average wedding,” and I wasn’t sure I wanted to.
Creating my lists also had me thinking about how all of these different “to-do” items would eventually become “to-dump” items. Those flowers would have to go somewhere, right? The table decorations would need to be disposed of, the cards tossed, and the wrapping paper from the gifts thrown in the trash.
So I decided to try to do things a little differently. Both out of necessity because I was poor when we got married – like still in college, barely 22 years old poor – and out of a desire to be eco-friendy.
I’m going to share seven real ways I made my wedding greener and some ideas for making your big day low(er)-waste too.
Read more: Are you financially ready to get engaged?
1. Swap the flowers
My flower total: $94.55
Swapping real flowers for sola wood, paper, fabric, or anything else that will last is a smart place to start. Because the fact of the matter is, flowers are incredibly expensive. And then they wilt and die, as cut plants are prone to doing.
For my flowers, I opted for sola wood. This is a material that comes from tapioca that can be treated and shaped almost like paper. It’s lightweight and looks darn close to the real thing.
I found a shop on Etsy that sold individual sola wood flowers in a bunch of different colors and varieties, and I used 24 of these for my bridal party. For myself, I purchased a pre-made sola bouquet from another store so I didn’t have to cobble one together.
The great part about using sola or another material for your flowers isn’t just that it’s inexpensive but also that you get a keepsake.
I let my bridesmaids keep theirs as a memento and I have the leftovers in vases.
For me, that was it in the way of flowers. I used other decorations for everything else, including repurposed antiques and some DIY items. But there’s nothing saying you couldn’t go all out with the sola since it’s a fraction of the cost of live flowers.
Tip: Purchase sola flowers in large quantities to save even more, and buy them early so you can match them to your other decorations and customize them.
2. Buy your dress secondhand
My dress total: $700 (without alterations)
I know, I know. This one is a harder sell. Many brides have very clear visions in their heads about how they want their dresses to look and make them feel, and purchasing secondhand limits your options. Plus, thrifting a top or a pair of jeans is different from thrifting one of the most important outfits of your life.
But hear me out. No one is going to know someone else wore your dress before you. Wedding dresses usually get worn once, maybe twice, before collecting dust. And creating gowns is so labor and resource intensive that even repurposing one has an impact.
For my dress, I went to The Brides Project in Ann Arbor, Michigan. This is a nonprofit bridal boutique that collects donated dresses, sells them, and uses the profits for charitable causes. The Brides Project donates to the Cancer Support Community of Greater Ann Arbor and everyone who works there is a volunteer.
Buying secondhand saves serious money and prevents a dress from being wasted. At the end of the day, I spent $700 on my dress and I loved it. This was in 2018 when the average cost of a wedding gown was right around $1,750.
Tip: If you don’t have access to a secondhand bridal shop, check out your local consignment and thrift stores, go on eBay and Poshmark, or browse a marketplace specializing in pre-owned bridal gowns.
Secondhand marketplaces include:
Point is, you’ve got options.
3. Use one venue
My venue total: $1,850
If you can find a venue with enough room for both your ceremony and reception, book it. This is one of the best decisions we made. Venue rental fees will eat up a big chunk of your budget no matter where you go, but choosing one for the whole event can help you save a little money and make things easier on yourself – and your guests.
With one venue, nobody has to kill time in between, you don’t have to get multiple places set up, and you don’t need to pay for twice the decorations. You save your elderly relatives from climbing into a car more than necessary and nobody gets lost.
This creates less waste and simplifies your planning. Plus, without all those cars on the road getting from one place to another, you’re not responsible for as many carbon emissions.
Tip: To pull this off, you have to love whatever venue you choose. Rather than picking a “blank canvas” venue you’d have to style from floor to ceiling, consider one with some personality. If you choose a place that suits your style, you don’t need to do as much decorating.
We got married in a city club that had vintage art, furniture, and accents throughout, and our wedding was in spring when the flowers were blooming. It felt timeless and setup was minimal.
Overall, highly recommend.
4. Skip (some of) the cards
My card total: $117.19
Physical engagement announcements, save-the-dates, invitations, and programs are nice to look at. But that’s a lot of material that’s probably just going to get recycled. And wow is it pricey.
The only paper I purchased was invitations and RSVPs. We ordered these from Paper Culture, a company that creates custom eco-friendly cards using recycled paper and bamboo.
The cards included links to our wedding website where people could RSVP and find out everything they needed to about the event. We did receive some physical RSVPs back, but the majority of our guests used the website to “joyfully accept” or “regretfully decline.”
There are so many wedding planning websites and apps that organize everything from responses to registries in one place. You can pretty much skip most of the cards if you want to.
Great wedding websites include:
The Knot
Zola
Joy
WeddingWire
Tip: Send invitations a little earlier than recommended if you’re doing digital. This will give guests more time to “save the date” and you more time to track down RSVPs. And you might need to give your tech-averse relatives a call if they don’t respond.
As for programs, you might not need them. I wrote down the schedule of events with times on an extra-large mirror (that I got on sale for $35) and displayed this centrally at the venue. I still have this mirror today, with the writing on it, on my wall.
Bonus tip: Not everybody needs a plus-one
Maybe this seems selfish, but we gave out plus-ones very sparingly. If we had met a person’s significant other, they were invited. Otherwise, we didn’t really want to give them hugs in the receiving line or pay for their dinner.
We made a note on the RSVPs that if someone wanted to request a plus-one they could, but no one actually did this. People get it.
5. Choose food wisely
My food total: $3,077.50
For many couples, the food and drink bill ends up being the biggest. The Knot 2022 Real Weddings Study found that the average food bill for a wedding comes out to $75 per person.
But most people don’t go to a wedding for the food. In fact, this is often the worst part (just stating facts). Don’t put too much pressure on the meal you’re serving to be a highlight of the day or evening, and don’t fork over more cash than necessary.
That said, we decided to do a menu of just appetizers. We ordered enough that everybody would be able to pile their plates with several individual bites and have plenty to eat, but not so many that we’d have leftovers to deal with.
Every venue is different, but ours charged a per-plate or per-head price on dinners and a per-item price on appetizers (or hors d’oeuvres if you want to be fancy). By choosing apps instead of plates, we saved a ton of money and gave our guests more options. They were able to enjoy dinner-sized portions and we still hear from people about how fun this was.
Tip: Some venues require you to use their caterers and might place a minimum on how much you need to order. Try to get this information before signing a contract to rent a venue. And if your venue doesn’t offer appetizers or you’re not into the whole strolling dinner thing, buffet-style meals can be an economical alternative to plated dinners.
For 130 guests, we could have spent over $9,000 going the traditional route. I’m glad we didn’t.
6. Ask for money
It’s not weird anymore to tell people you just want cash.
Especially if you and your partner already have most of the things you need or have been living together for a while, chances are you don’t need a gift from everybody coming to your wedding. Feel free to ask for money.
Many wedding planning websites have built-in options for collecting cash contributions (we called ours the “Honeymoon Fund” but I’ve also seen “Newlywed Fund”). This is easier for your guests because they can just virtually send cash without having to buy and wrap a gift and better for you because you can get what you really need. Bonus, there are no boxes or piles of wrapping paper to get rid of.
Tip: Don’t worry about offending anyone. A lot of your guests have been in your shoes. They know weddings are expensive and would probably be more than happy to help you out this way instead of buying you a pan or sheet set.
7. Rethink the diamond
My ring total: $2,000
Okay, so this one isn’t technically for the wedding. But it’s important.
Consider an alternative to a diamond engagement ring if you’re planning to get engaged. There are much more sustainable options out there than the standard diamond, and ones that won’t break the bank.
Moissanite is one of the trendiest non-diamond stones but precious gems like sapphires, emeralds, morganite, and opal can be fantastic choices for couples looking to save money.
And if you love traditional diamonds, that’s great too! There are so many ways to buy diamond rings that don’t involve going to a big box store.
Tip: Antique shops and estate sales are perfect for finding vintage rings and many online retailers carry gorgeous rings without the markups you typically see. Try Blue Nile for discounted conflict-free diamonds.
You can also choose an “imperfect” diamond. This is what I did. I have a salt-and-pepper diamond from Alexis Russell and it’s pretty perfect to me. It’s certified conflict-free and made with recycled gold.
When I got engaged in 2018, my husband spent $2,000 on this ring. That year, couples were spending over $7,800 on average for engagement rings.
Read more: Where’s the best place to buy diamonds?
When to splurge
The great thing about getting married is that you get to do what you want. It’s your day.
You and your partner can strive for a greener wedding if you feel compelled, and that can look however you want it to look. Compromising in some areas and splurging in others is the best way to have the wedding you’ve been dreaming of without too much guilt or sticker shock.
You should splurge on the parts of your wedding that matter most to you and your partner, and try to save on the things that don’t. For example, maybe you love fresh flowers. You can’t imagine a wedding without fresh flowers, so you get these and rent the rest of your decorations or buy them used.
Or maybe the pictures are most important to you. To balance out this cost, maybe you serve cupcakes or cookies instead of a tiered wedding cake.
There are no wrong answers, as long as you’re doing what makes you happy.
Bottom line
The wedding industry is due for a shake-up, and enough people making tiny changes to their big days could have a huge impact on the planet.
With careful planning and some compromises, we were able to completely recoup what we spent on our wedding in gifts and cash contributions. That means we got married without debt, and that was worth celebrating in and of itself.
Our wedding was by no means the most eco-friendly it could have been. And if I were to plan it again today, I’d probably try to do better. But I feel good about the little changes we did make.
Sophia Bell is a Mortgage Banker at our Leominster, MA branch. She was born and raised in Leominster, MA, where she graduated from Leominster High School and started her career in the banking industry, where she has spent 14 years focusing on the needs of her clients.
What motivates you to wake up and go to work? Knowing that I can be present for my children for any event of their life will always be my biggest motivation, while also being able to provide a life for my children that I didn’t have. I spent years of my professional life before becoming licensed subjected to the corporate world in an executive position where I didn’t have the flexibility to be around for my children and was told how to hustle. This career allows me to be in control of my success and that keeps me grinding every day!
What would you do for a career if you weren’t doing this? Hard to say, I didn’t have the opportunity to go to college after high school since I moved out on my own at the age of 17. I got right into banking from high school and spent my years working my way up the corporate ladder until I decided to bet on myself and become licensed as a Loan Officer. When I was a child I always wanted to be a gym teacher though, so if I had the opportunity to go to college, I’d probably have pursued that career.
What do you enjoy doing in your free time? Sports and playing with my children! I’m a sports junkie and have played nearly every sport; basketball, soccer, co-ed football, women softball, co-ed softball, hockey, golf, snowboarding, fishing, etc…Once I was pregnant with my first, I quit all sports except for women softball and continue to play on the same team for almost 20 years, even though my second pregnancy.
If you could have any superpower what would it be and why? That’s a great question! Teleport! With having family all over the united states, a very demanding job, and kids of my own – teleporting would allow me to be more present at family gatherings, while also not missing work events or my children! (because we all know traveling on a plane with two kids under the age of 5 isn’t a fun time hahah.
What’s your favorite food? Tacos!!
What are 3 fun facts about you? I’m a forced extrovert, I LOVE to bake but usually don’t eat 90% of what I bake hahah, and I HATE being cold. If you won the lottery, what’s the first thing you would do? The very first thing I would do is pay off my mortgage. Then make sure my family was taken care of. If someone was going to visit your hometown, what is one local spot you’d suggest they visit and why? Oh goodness, it’s Leominster so I’d say there is a lot of cool places to go BUT I would recommend coming here in the fall and doing apple picking at Sholan farms.
What’s your favorite thing about working at Total Mortgage? How the majority of folks all have the same mindset that it’s about the client and getting them to closing, which means rolling up our sleeves and working nights/weekends, etc…
You’ve found the ideal house in a great location. Before you start packing your moving boxes, make sure it’s a sound investment too. Most of us wouldn’t dream of buying a used car without a mechanical checkup. Yet with only a couple of 20-minute walk-throughs, we consider buying a home that’s much more expensive.
That makes little sense to Joseph Zagone with CENTURY 21 Aspen Real Estate in Ruidoso, New Mexico. “An inspection is one of the best investments a buyer can make,” he says.
Here’s what you should know—and what not to ask.
What to Expect: The inspector will check all components in your house, leaving termite, septic system, and well inspections to specialists. (Here is a list of checkpoints.) A typical inspection costs $300–$400 and takes about three hours. Even if you’re an out of state buyer, arrange to tag along, Zagone says. You can see problems firsthand and you may learn valuable things such as where to find the water shutoffs.
Why it Pays: Experienced do-it-yourselfer Rebecca Anderson didn’t think an inspection would find anything she hadn’t noticed—until the inspector opened up the furnace and discovered a cracked heat exchanger. The upshot? The sellers threw in half the cost of a new furnace.
The Forbidden Question: Only one question is off-limits: “Should I buy this house or not?” That decision is yours alone. “I tell them to read the report completely and call me with questions,” says Gary Havens, owner of Good Havens Home Inspections in greater Minneapolis/St. Paul. “If I feel real comfortable about it, I’ll say I’d feel good about my kids buying it.”
The Seller’s Role: There is nothing to keep a seller from being present for the inspection too, though Zagone doesn’t encourage it. He prefers to help his potential seller line up a handyman beforehand to repair any existing problems. It’s also wise to initiate a separate inspection of your own. Learn more on Ccentury21.com under the “Selling Advice” tab.
Joe Zagone CENTURY 21 Aspen Real Estate, Ruidoso, New Mexico; www.joezagonerealestate.com
HIS CODE: “I want to know about any problems and have them remedied before I place a house on the market. My goal is win-win negotiating, to sell a sound house with no surprises at the correct price.”
OFF-HOURS: In the winter Joe serves as a certified ski instructor on nearby slopes. In warmer weather—even in winter—he makes good use of the seven golf courses in his area.
WHAT GOT HIM INTO REAL ESTATE: “My dad wasan engineer and later a real estate agent in this area. I took economics and marketing in college and worked as a carpenter’s helper in the summers. It all added up to a great background for becoming an agent. I love it.” He’s been in real estate 30 years and has been the top-producing CENTURY 21® Professional Champion in New Mexico for seven of the last eight years. He and his wife, Joan—also a Sales Professional—have five children.