coupons Archives - Page 19 of 67

Apache is functioning normally

May 26, 2023 by Brett Tams

If you draw a paycheck, you’re due an extra $160 in January and February thanks to the Temporary Payroll Tax Cut Continuation Act of 2011.

What’re you gonna do with your windfall? Maybe not much. It’s pretty easy to miss $20 more in salary, especially if fixed expenses (groceries, insurance, child care, gasoline) keep going up.

Note: This is not a political column. I repeat: This is not a political column. I really don’t care what you think about the payroll tax cut. Please keep all your #$@!# dumb-o-crat policies or #$@!# con-man-servative hatefulness comments until a later date. Like, um, never. Get Rich Slowly is a personal finance site, not a flame-throwing political forum. Thank you for not foaming.

Technically you have two choices: Save it or spend it. I’d like to suggest a third: Save it or spend it intentionally.

You could go out to lunch a couple of times each week. You could treat yourself to $20 worth of cupcakes or ceramic clowns from the dollar store. Or you could convince yourself that each double sawbuck represents an opportunity to improve your life.

Which it does — if you look at it the right way.

If someone offered you $160 in cash, you’d probably grab it. (And if you didn’t, can I have yours?) But to some people, an “extra” $20 a week seems penny-ante.

Thanks to rampant ATM use, $20 bills have become the coin of the realm. I believe this has devalued them in the popular imagining — and there’s no denying that $20 doesn’t go very far these days.

True and Cumulative Costs

In particular, it doesn’t go very far if we fail to pay attention to spending. We grab a soda and some chips when we go in to pay for gas. We add a magazine and a few packs of gum at the grocery checkout counter. We always get popcorn at the movies because, well, we just do, that’s all.

It’s only $3, or $5, or $7. Besides, we deserve it.

That’s how some people get into trouble in the first place: By neglecting to frame expenses in terms of their true and cumulative costs. Dropping a few hundred dollars on a spur-of-the-moment weekend getaway is great fun at the time, but you may regret it if you can’t pay the balance in full.

The money you spent (and continue to spend, in the form of credit card interest) also is cash that can no longer be used in a smarter way, such as retirement or a pay-cash-for-a-car fund.

Let me be clear: I am not saying that you can never have any of the things you want. In fact, I am learning — slowly! — to spend a little money on myself. So if you’re in a position to drop that extra $20 per week on chai tea or sheet music, by all means drop it.

And if not? Make those temporary twenties work damned hard for you — and incidentally, their job might be to pay for something fun, such as frugal entertainment.

Pay It Down, or Pay It Forward

How can you put that money to work? Use it for the following:

Emergency fund. Not to belabor the obvious, but that $160 is a nice fund-plumper. And if you’re brand new at this, the sum is nearly one-third of the $500 that Liz Weston says you need in the bank.
Retirement. Put the money into your Roth IRA or whatever other fund you have. (Don’t have one? Let this be the seed money.)
College fund. Add an extra $160 to Junior’s post-secondary plan.
Pay down debt. One hundred and sixty dollars = a nice debt snowflake.

Shopping, if you must:

Nonperishables. Flour, sugar, dry beans, tuna, rice, canned goods, pasta, your favorite cereals — and give yourself bonus points for buying on sale with coupons. Your grocery bill will drop a bit for the next month or two as you eat your way through the storehouse. And if something unexpected happens (illness, car repairs, job loss), you’ll congratulate yourself on having a well-stocked pantry.
Pet supplies. When you see a screamin’ deal on food or litter at PetSmart or PETCO, stock up. Improve the sale price by paying with plastic scrip from a discounted gift card site.
Cut-rate couture. Watch for end-of-season sales on wardrobe basics you know to be durable and comfortable. You might not have to buy work slacks for a year or two. Or browse a thrift store or consignment shop — again, looking for clothing that’s well-made and flattering. What fun to see how far a $20 bill will go, especially on 50-Cent Day. (I’m referring to the price tag, not the rap star.)
Shoes. Use price-comparison and cash-back sites as noted above to find sale prices on your favorite make and model. I recently ordered three pairs of my favorite old-lady comforts for about $153 (minus the nearly $11 cash-back rebate).
Socks and undies. Bor-ing? You betcha. But elastic isn’t forever and your socks will eventually develop holes. When crew socks and tighty-whities go on sale, buy half a dozen or more of each.

For the health of it:

New glasses/contacts. Still squinting through those three-year-old specs? Discount eyewear emporia regularly offer coupons in newspapers and Valpak envelopes, and through online coupon sites like Savings.com and Retail Me Not. Oh, and stock up on contact lens solution when it goes on sale.
Vitamins. Aim for a three- or six-month stash of your favorite supplements. Use a price comparison website like Price Grabber or Cheap Uncle to find the best deals, and see if the lowest-priced merchant can be accessed through a cash-back shopping site like Mr. Rebates, Extrabux or FatWallet.
OTC meds. Restock your medicine cabinet with analgesics, bandages, antibacterial ointments, allergy meds and the like. You may be able to get these free or nearly so by combing coupons and rebates.
Dental work. Don’t have dental insurance? Me neither. But I regularly see social commerce vouchers and Valpak coupons for X-rays and cleanings. They cost $30 or less. A professional cleaning and a big-picture look at incipient problems may even save your life.

That’s entertainment:

Discounted movie tickets. Warehouse clubs sell them. However, you might get a much better deal through — yep — a discounted gift card site.
Annual pass. Museums, zoos, botanical gardens, opera, the orchestra — whatever floats your boat.
The Entertainment Book. It’s full of BOGOs for city attractions from art to boat tours. Buy it through a cash-back site for a rebate of up to 35% plus free shipping.
Condoms. Go ahead and snicker. But not having protection can be pretty damned expensive in the long run. I know a couple whose second child is on planet Earth because “we were out of birth control and decided to take a chance.” No, I couldn’t believe it, either.

Thinking ahead:

Warehouse club membership. Even studio dwellers might be able to buy in bulk if they’re creative about storage.
Go green. Replace some incandescent bulbs with LED or compact fluorescent bulbs and trim your electric bill. Faucet aerators and low-flow showerheads reduce both energy and water/sewer bills. If the commode in your abode is really old, consider a water-saving toilet.
Car care. Watch for sales on fluids (antifreeze, windshield washer, a case of motor oil, et al.), filters and replacement wiper blades. If your tires have receding treadlines watch for sales on those, too. (Don’t forget Craigslist. A friend bought four high-quality, nearly new tires for $100.)

Ant or Grasshopper?

The grasshopper generally has a swell summer: long days at the beach, trips to amusement parks, ice cream for breakfast. Meanwhile, the ant is weeding the garden, clipping coupons and hanging all his laundry to dry outside.

Once the temperature drops, the grasshopper is likely to regret his profligacy. The ant, meanwhile, has a storeroom full of pinto beans and tube socks. All the windows have been caulked, too.

Of course, it’s your money and therefore your decision. But try thinking of your $160 in ways like these:

One night at a nice hotel, or an extra chunk of fundage into your Roth. (Oh, compound interest, I’ve missed you so! Let’s never fight again!)
A couple of months’ worth of cable vs. new glasses. (What good is TV anyway if you can’t see it?)
Dinner for two at a nice restaurant, or some depth to your pantry.

One more suggestion: Split the difference. Get yourself $80 worth of truffles and apps and $80 worth of something less than sexy but ultimately beneficial, such as cat litter or dental X-rays. Even $40 will pay for a fair amount of decadence, especially if you use a coupon.

Source: getrichslowly.org

Apache is functioning normally

May 26, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Does it pay to be Internet savvy? Yes. In more ways than many people imagine. Sure, the Internet is a great way to research just about anything you could ever want to know about; and it’s an outstanding communication, marketing, and entertainment tool. But the Internet can also save you money. And we’re not just talking 10 cents off here and there. We’re talking free (and nearly free) stuff.

Want proof? Below, we’re diving into some of the best places you can find free or heavily discounted items. Keep reading for a comprehensive explanation or use the navigation links below to learn more about a specific tip.

Use Online Community Marketplaces

Looking for a computer desk? How about a sofa, kids’ toys, electronics, office supplies, landscaping materials, or lumber? These are just a few of the hundreds of items listed in a single day in almost any city’s Craigslist free section. People are generally honest about the condition of the stuff they’re listing, and many have pictures, so you can see for yourself.

If you’re a “Mr./Ms. Fix-It” type, you’ll be in heaven. But even if you aren’t, you’ll be surprised at the kinds of things people are giving away. Look for the FREE listings under the “For Sale” section of your local Craigslist board.

Much like Craigslist, Freecycle is another site powered by the people and rooted in a belief that it is better to give items a second life, rather than filling up landfills and creating more stuff. Folks can list anything they have to give away, and others can browse the goods to find what they want. And, like Craigslist, you’ll find a ton of great free stuff through Freecycle.

Unlike Craigslist, Freecycle is run through local networks. This makes it a little more of a process to find and list items, but the advantage of this process is that it’s moderated, and people can communicate with the community at large. This reduces the likelihood of people listing garbage and describing it as treasure.

Besides those two websites, you can also look at Facebook neighborhood groups, Facebook marketplace, OfferUp, and other apps or websites where people are looking to offload whatever has accumulated in their garage.

Get Free Samples

Companies want you to take samples so that you’ll be incentivized to buy the full-sized product at a later point. Department stores and wholesale clubs offer samples in person. But if you can’t find samples, you can simply request samples from companies online.

Amazon Prime members can even buy sample boxes and get reimbursed with Amazon credit.

Costco and Sam’s Club are, of course, famous for their samples. And Trader Joe’s often opens some of its products for sampling purposes as well.

Use Coupons

Coupons are a great way to not only get free stuff but also to get serious deals. They might be “old-fashioned” but you may be surprised by the savings with coupons. Besides coupons from stores or brands, there are also online databases like RetailMeNot, Honey, and Coupons.com. RetailMeNot and Honey even have helpful Chrome extensions that automatically scans potential discount codes when you’re on the checkout page for an online store. In turn, you get the peace of mind that you’re getting the best discount possible.

Try Using Your Library Card

Books are already a wonderful free perk that libraries provide, assuming that you don’t rack up fees from forgetting to turn in your books on time. However, with a valid library card, you can also get access to different entertainment and education options as well. You might be able to see movies, rent games, check out audiobooks, attend community classes, receive free or discounted museum passes, and more. Visit your local library to see what free library services it offers.

Pay Attention to Discounts

If you fall into a certain category like student, healthcare provider, teacher, first responder, senior, military, or senior, there’s a good chance that you’ll get a discount at certain establishments. It never hurts to ask! In addition, it’s also a good idea to ask about any coupons that are available at retail stores. In many cases, retail workers will scan a coupon for you on your behalf — so make sure you’re nice!

Enroll in Loyalty Programs and Newsletters

It’s a lot less expensive for companies to retain old customers than it is to get a new one. For that reason, companies often invite you to join loyalty programs. These programs often give you special perks. For example, many stores will give you a birthday gift that might be a special discount, merchandise, gift cards, or free food.

The same idea can be applied to newsletters. You’ll often get a nice discount when you sign up for a company’s newsletter. And remember, you can always unsubscribe if your inbox is getting too full.

Takeaways: Getting Free Stuff

Does it pay to be a bit of a geek and figure out how to get free stuff? You bet it does. So, get your geek on, and fire up the laptop and get some freebies. And don’t forget, it never hurts to ask if you can get a discount if you’re at a store. The worst that can happen is they say, “No.”

If you have other examples of sites you use to get free or nearly free stuff, we’d love for you to share them in the comments section. Want to make the most of your money? Check out our article on how to become a better saver.

Matthew Toren is a serial entrepreneur (Co-founded YoungEntrepreneur.com), mentor, investor and award winning Co-Author of Kidpreneurs (Basic Principles of Entrepreneurship for Kids). He owns Blogtrepreneur.com and writes for Contently.com.

Save more, spend smarter, and make your money go further

Previous Post
Medical Tourism Map: Where Patients Go to Save
Next Post
Smooth Moves: Four Frugal Ways to Schlep Your Stuff on…

Browse Related Articles

<img width="317" height="554" src="https://blog.mint.com/wp-content/uploads/2013/11/slashing-a-budget.jpg?w=317&h=554&crop=1" class="rkv-card__media" alt decoding="async" loading="lazy" data-attachment-id="1638" data-permalink="https://mint.intuit.com/blog/cutting-dollars/" data-orig-file="https://blog.mint.com/wp-content/uploads/2013/11/slashing-a-budget.jpg" data-orig-size="317,554" data-comments-opened="0" data-image-meta=""aperture":"18","credit":"","camera":"Canon EOS 5D","caption":"Cutting dollars, concept of Finance Problems, Recession","created_timestamp":"1201642556","copyright":"","focal_length":"50","iso":"100","shutter_speed":"0.008","title":"Cutting dollars","orientation":"6"" data-image-title="Cutting dollars" data-image-description="

Cutting dollars, concept of Finance Problems, Recession

” data-image-caption data-medium-file=”https://blog.mint.com/wp-content/uploads/2013/11/slashing-a-budget.jpg?w=172″ data-large-file=”https://blog.mint.com/wp-content/uploads/2013/11/slashing-a-budget.jpg?w=317″>

Saving 101

The $1,000 Challenge – How One Family Slashed Its…

Saving 101

Would You Trade the Shirt Off Your Back?

Saving 101

American Family Budget: An Interview With Dave Ramsey&&#;…

Family Finances

MintFamily with Beth Kobliner: Are Your Kids Riding the…

Financial Planning

Get It Done: 5 Ways to Stop Buying Stupid Stuff

Your Status: You Can’t Buy It

Saving 101

Examining Your IRA and Thinking Inside the Box

Could You Be a Minimalist?

<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?w=557&h=313&crop=1" class="rkv-card__media" alt decoding="async" loading="lazy" srcset="https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg 557w, https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?resize=450,253 450w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="225" data-permalink="https://mint.intuit.com/blog/nov-10-how-to-talk-to-family-friends-about-a-less-stuff-centric-holiday/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg" data-orig-size="557,313" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="How To Talk To Family & Friends About A Less Stuff-Centric Holiday" data-image-description="

How To Talk To Family & Friends About A Less Stuff-Centric Holiday

” data-image-caption data-medium-file=”https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?w=300″ data-large-file=”https://blog.mint.com/wp-content/uploads/2017/11/Nov-10-How-To-Talk-To-Family-Friends-About-A-Less-Stuff-Centric-Holiday.jpg?w=557″>

Minimalist Lifestyle

How To Talk To Family & Friends About A Less Stuff…

Relationships

How Chrissy Metz’s #RealMoneyTalk is Empowering O…

Source: mint.intuit.com

Apache is functioning normally

May 25, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Happy Star Wars Day! Today, Star Wars fans worldwide celebrate their favorite movie franchise, wishing each other “May the fourth be with you” in honor of the films’ most iconic line.

Though it may be difficult to imagine Obi-Wan Kenobi ever balancing a checkbook, there’s much to emulate from the Jedi Order when it comes to improving your finances. Self-discipline is a key tenet of Jedi life, as well as the foundation to keeping your money goals on track. Unfortunately, we all know human nature is sometimes at odds with fostering self-discipline. So, in honor of May the Fourth, consider these four Jedi-worthy “mind tricks” – inspired by Yoda himself – to help you stay focused on building a bright financial future. No light saber required.

“You must unlearn what you learned.”

“Unlearning” your bad spending habits requires that you discard temptations to return to your old ways. E-mails from your favorite shopping destinations arrive in your inbox daily boasting sales, deals and shiny new product arrivals. Each time you click to a website – even if it’s “just to browse” – you’re opening yourself up to the temptation to spend.

Help yourself avoid the allure of spending unnecessary dollars by unsubscribing to recurring e-mails that urge you to shop. Use a free service like Unroll.me to unsubscribe from hundreds of newsletters with one click. Catalog Choice helps you opt-out from receiving paper catalogs and coupons at home. Your budget and the environment will benefit.

“The dark side clouds everything. Impossible to see the future is.”

Psychologists have touted the benefits of visualization for decades, with studies showing that goals are more easily achieved by creating a mental image of the future state you desire.

Take visualization a step further by creating a physical image of your inspiration to hang up in your home or office. It can be a print out, a drawing or even a post-it note describing your financial goal. Look at this image daily and re-charge your commitment to long-term financial health.

“Patience you must have, my young padawan.”

Patience may be the hardest virtue, but it’s well worth cultivating in your financial life. Whenever you are considering a purchase – especially larger purchases – slow down, walk away and sleep on it. Putting time and space between yourself and the register allows you to determine if the item is essential to your life or simply an impulse.

Your will is stronger than you think. Luke Skywalker also needed help trusting his abilities, too. Never forget: the force is already strong within you. Slow down and you can save money in the long run.

“You will find only what you bring in.”

More than 60 percent of Americans don’t have savings set aside to manage a $500 emergency. While putting aside money is challenging, it is one of the most important parts of a healthy financial life.

Consider making your approach to savings more automatic. After ensuring you’re putting enough of your pay aside into your 401(k) or investment account, consider deferring a portion of your payroll directly to your savings account. After a few months, you’ll find you have a “rainy day fund” set aside just in case you need it.

Connecting your spending to saving is another great way to make saving money more painless. Several banks and apps allow customers to round-up purchases to the next dollar and save or even invest that money in a risk-based portfolio. You’ll enjoy the benefits of compounding interest, but you don’t need to be an expert at investing.

Yoda famously said “Fear is the path to the dark side.” Fear can play a big role in keeping people from achieving their financial goals.

Readers: Are you a financial Jedi? How do you avoid the dark side and stay on track with your money goals? Leave a Comment here or share your suggestion on Twitter with hashtag #FinancialJedi.

Save more, spend smarter, and make your money go further

Previous Post
MintFamily with Beth Kobliner: Essential Advice About Paying Back Your…
Next Post
Tips & Tweets: Get the #Money411 from the Experts

Mint is passionate about helping you to achieve financial goals through education and with powerful tools, personalized insights, and much more. More from Mint

Source: mint.intuit.com

Apache is functioning normally

May 25, 2023 by Brett Tams

Executives from both government-sponsored enterprises (GSEs) participated in a session on Tuesday morning during the Mortgage Bankers Association (MBA) Secondary and Capital Markets Conference and Expo in New York.

“I totally understand where the question is coming from. But I don’t think this is really a question about the process. We have not changed our approach or process,” Devang Doshi, senior vice president of capital markets at Fannie Mae, said.

“This is really an issue around economics. And the reason I say that is when you think about the repurchase requests made, let’s say from the latter half of last year, even the middle of last year, that reference collateral was largely maybe underwritten in the COVID environment,” Doshi added.

The Fed has increased interest rates, and mortgage rates have had the tightest financial conditions since the 1970s, Doshi said. Ultimately, loans that lenders underwrote at higher coupons are now down 20 basis points.

“That’s just the duration. That is not a reflection of the underlying characteristic,” Doshi said.

Since 2019, Fannie Mae has been between 20 and 40 basis points per purchase request rate, which varies lender by lender, Doshi said. The rate is estimated by dividing the number of repurchase requests by the volume over the last 12 months.

“We’re on a slightly higher range because we’re now in a purchase market as a numerator and denominator effect in that calculation,” Doshi said. “Again, as we move through the course of time, and we move away from this COVID-era lows, the economics become less of a burden.”

Doshi noted that 80% of the repurchase requests in January were from the 2022 and 2023 vintage. It’s now at 86.5% to 87%.

Client experience

Kevin Kauffman, vice president of single-family client engagement at Freddie Mac, agreed that volumes in 2020 and 2021 were massive and led to more quality control defects and repurchases.

However, according to Kauffman, “at the end of the day, risk management to this organization, to this industry, to all of us combined, this is a mutual responsibility, right?”

“There is no doubt that there are those that have defects that are real defects, but how do we minimize the noise from reality?” Kauffman asked.

Freddie Mac engaged with about a dozen lenders to identify the pain points when working with the enterprise.

“I think what we’ve seen over this even short period of time is that those types of engagements have led to a better outcome,” Kauffman said. “We’re not there yet as an industry. But I think in the end, I’m going to continue to say it’s a mutual responsibility of the industry to manage our risk.”

“We believe that we’re really close to making some changes based upon our interaction with you in regards to how we get to this problem,” Kauffman said.

HousingWire reported in early May that there is a concern among IMBs that Fannie and Freddie are being too aggressive in pursuing the repurchase option on loans with minor underwriting defects that could be cured far short of a draconian buyback demand.

An executive with the MBA confirmed the industry group is currently in discussions with the agencies over that concern.

Source: housingwire.com

Apache is functioning normally

May 25, 2023 by Brett Tams

.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-wrappadding:23px 23px 23px 23px;background-color:#f9fafa;border-color:#cacaca;border-width:1px 1px 1px 1px;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-contents-titlefont-size:14px;line-height:18px;letter-spacing:0.06px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:700;text-transform:uppercase;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-wrap .kb-table-of-content-listcolor:#001c29;font-size:14px;line-height:21px;letter-spacing:0.01px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:inherit;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-wrap .kb-table-of-content-list .kb-table-of-contents__entry:hovercolor:#16928d;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-list limargin-bottom:7px;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-list li .kb-table-of-contents-list-submargin-top:7px;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:beforebackground-color:#f9fafa;

Unless you opt for laser eye surgery, vision correction is part of your annual spending. According to contact lens manufacturer Acuvue, the yearly cost of contact lenses can range from $120 to $1,200, depending on your insurance and the type of contacts you need.

As with saving money on eyeglasses, if you want to save money on contacts, shopping for deals from the right retailers is crucial.

Thankfully, numerous retailers can help contact lens wearers save money. If you’re tired of overpaying for this necessary expense, you need to know where to buy affordable contact lenses.

Various in-store and online retailers offer affordable prices on a range of contact lens brands, especially if you buy in bulk.

Just remember: You must have a valid prescription to buy contact lenses if you live in the U.S., so have physical and electronic copies of your contact lens prescription ready.

1. GlassesUSA

Limited Time Offer: Save 25% off contact lenses plus free shipping with coupon code CONTACTS25.

Pros: 25% off first-time purchases; free shipping
Cons: Savings fall off after your first order
Verdict: Shop GlassesUSA to use the first-time discount, but explore other retailers for buying annual supplies

GlassesUSA offers affordable eyewear that starts at just $29. But it’s also an affordable way to order contacts online.

For starters, GlassesUSA often runs promo codes that grant 25% off all contacts. You can view its coupons and promotions page to find other ongoing deals as well.

Plus, GlassesUSA now sells its own private-label daily contact lenses called Vista plus. They may be inexpensive, but they’re not cheap. They’re made with hyaluronic acid to retain moisture and combat dryness, helping them stay comfortable all day. They also provide critical protection from harmful UV-A and UV-B rays, a must in both sunny and snowy climates. Vista plus lenses are FDA-approved and endorsed by health experts.

If the $1 free trial on the in-house brand isn’t enough to make you switch, you can also shop lenses from brands like:

Acuvue
Biofinity
Biomedics
Dailies
FreshLook
Miru
Proclear
SofLens

Lens categories include daily, weekly, and monthly disposables. Lens types include single-vision, multifocals, toric lenses for astigmatism, and color lenses.

The 25% discount helps cut costs for more expensive contacts. For example, GlassesUSA sells a 90-pack of Acuvue Oasys 1-Day for $97.17 per box. But with the discount, the price drops to $72.88 per box. At Walmart, these lenses cost over $75 per box unless you shop in bulk.

Shipping is free, and GlassesUSA works with over a dozen vision insurance providers.

If you can make use of the one-time 25% discount or other promo codes like a pair of free eyeglasses, GlassesUSA is one of the most affordable choices.

Shop Now

2. Warby Parker

Pros: Free shipping; 15% off your first contacts order; $50 credit when you buy an annual supply; wide vision insurance network
Cons: Not always the cheapest contacts option
Verdict: Warby Parker is a trusted name that offers an excellent selection of contacts at reasonable prices and has many vision insurance partners

Warby Parker isn’t just an online contact lens retailer — it has a growing network of retail locations Across North America as well. And while it’s not always the cheapest option, it stocks the most trusted contact brands available, so you can rest assured you’re getting the quality you expect from your contact lens provider:

Acuvue
DAILIES
Biofinity
Biotrue
Clariti
AirOptix

Warby Parker also has its own house brand of daily contact lenses, called Scout by Warby Parker. If you’re looking for truly exceptional value from a trusted name, look no further.

When you shop contact lenses at Warby Parker, you’ll get 15% off your first order. Make an annual purchase and you’ll get a separate $50 eyewear credit that’s good for discounts on frames, lenses, and other qualifying eyewear purchases on the Warby Parker site.

That’s not all. Warby Parker has some other selling points that many competitors can’t match:

Free shipping on eligible orders
No hidden fees
Renew your prescription at home for just $5 (limited-time offer)
Schedule an eye exam at any Warby Parker store
Walk-in appointments available at many Warby Parker stores
Innovative flat-pack design for Scout lenses — uses 80% less material and is much easier to carry in a bag or purse
Try Scout lenses for free — get a 6-day supply with no obligation (by request)
Partners with several major vision insurance providers, increasing the chances that your purchase is eligible for insurance coverage or reimbursement

Shop Now

3. DiscountContacts.com

Pros: Brand variety; 20% off on new orders and subscriptions; free online vision test
Cons: Doesn’t have the lowest possible prices
Verdict: Shop at Discount Contact Lenses if you want more brand variety or if you want to subscribe for 20% off reorders

As the name suggests, DiscountContacts.com sells contacts at a discount. The company says you can save up to 70% on contacts, and it also offers free shipping on orders over $99.

DiscountContacts.com also carries more brands than many other online options. You can find over 30 popular and niche brands, including:

Acuvue
Air Optix
Bausch + Lomb
Biofinity
Clariti
Dailies
Johnson & Johnson
MyDay
Polycon

Lens categories include conventional vial lenses and daily, weekly, and monthly disposables. Single-vision, multifocals, toric lenses for astigmatism, and colored lenses are available lens types.

DiscountContacts.com also sells rigid gas-permeable (RGP) lenses. These lenses are harder than soft contact lenses and allow more oxygen to pass through the lens material. RGP lenses last longer than soft lenses and provide sharper vision. However, it takes time for regular contact lens wearers to become comfortable with the lens type. RGP lenses start at $35 per lens, but they can last for years with proper care.

Overall, prices are competitive. For example, a 90-count box of Acuvue Oasys 1-Day costs $94.99 on DiscountContacts.com. However, there’s a 20% discount for new customers and reorders on subscriptions. Students and military members also qualify for a 20% discount on all orders. That reduces the price to $75.99. At Walmart, the same box is about $80 unless you order six or 12 months’ worth of lenses.

Unlike many online providers, DiscountContacts.com offers limited eye care via an online test and a remote eye doctor. The free online vision test is available to people between the ages of 18 and 55. You use your computer and smartphone to complete the vision test. Your computer displays letter charts like at the optometrist, and you complete vision test questions on your smartphone.

It takes one day for the optometrist to review the 15-minute test before you get a new contact lens prescription. If you feel your current contact lenses aren’t working, it’s a useful feature. However, it’s no substitute for in-person optometrist appointments since online tests can’t check eye health or for conditions like macular degeneration and glaucoma.

DiscountContacts.com is an out-of-network provider for most vision insurance plans, including Davis Vision, EyeMed, UnitedHealthcare, and VSP.

If you want to save even more money on contact lenses, you can also shop through Rakuten to earn cash-back rewards at DiscountContacts.com and other online retailers. It’s a simple way to get paid for shopping, and Rakuten pays your cash back quarterly through PayPal or check.

Shop Now

4. AC Lens

Pros: 20% off subscriptions and first-time purchases; free online vision test; free shipping
Cons: AC Lens becomes less affordable than bulk shopping options after your first order if you don’t subscribe
Verdict: AC Lens is a solid option if you subscribe for contact lens delivery, but it’s not the most affordable choice for one-time purchases

If you’re a fan of subscription services, AC Lens is one of your best options for buying contacts online. If you subscribe for lens delivery, you receive 20% off future deliveries. You also get free shipping on all orders.

If you don’t like subscriptions, you can still shop directly for contacts. Additionally, new customers usually get 20% off their first order.

There are numerous brands, including:

Acuvue
Biofinity
Clariti
Dailies
Extreme H20
Novawet
Proclear
SofLens

Lens categories include daily, weekly, and monthly disposables. AC Lens carries single-vision, bifocal and multifocal lenses, toric lenses to correct astigmatism, and color lenses. You can also find conventional vial and RGP contacts.

Like some online contact lens suppliers, AC Lens offers a free online vision test if you’re between 18 and 55. It’s a 15-minute test, and you receive your new contact lens prescription within one business day.

To take the test, you read letters from a distance using your computer’s screen and record your answers on a smartphone. Online eye exams don’t examine eye health or work well for powerful prescriptions. If you have a strong prescription, it’s better to go to an optometrist than use an online vision test.

Standard U.S. shipping is free and takes five to seven business days. You can get faster shipping for $9.99 and overnight shipping for $19.99. AC Lens is an out-of-network provider for most vision insurance plans, including:

Davis Vision
EyeMed
UnitedHealthcare
VSP

AC Lens is worth it if you subscribe for the 20% discount and use free shipping. But without discounts, it’s priced too high for smaller one-time orders.

Shop Now

5. ContactsDirect

Pros: Savings on annual supplies; multiple discounts and rebates; price matching; free shipping or pick up in store
Cons: $29.99 fee for online vision test
Verdict: ContactsDirect is one of the most affordable options for buying an annual supply of contacts, especially if you leverage discounts and cash-back options

If you want to buy an annual supply of contact lenses, ContactsDirect has some of the lowest prices on the market.

According to ContactsDirect, you can save up to $100 when you buy an annual According to ContactsDirect, you can save up to $125 when you buy an annual supply of lenses from certain brands. The website displays a product savings badge that shows how much you save purchasing a yearly supply, so it’s easy to spot deals.

ContactsDirect carries over a dozen brands, including:

Acuvue
Avaira
Biotrue
Biomedics
Dailies
Focus
MyDay
Optima
Ultra

Lens categories include daily disposables, two-week lenses, and monthly lenses. For lens types, ContactsDirect offers single-vision, bifocals and multifocals, toric lenses to correct astigmatism, and color lenses.

ContactsDirect doesn’t always have the best prices on bulk orders at first glance. For example, an annual supply of Dailies AquaComfort Plus 90-packs, which is eight boxes, drops the price per box from $65.99 to about $57 per box. But the same bulk shopping choice at Walmart brings the price per box to around $51.

Still, ContactsDirect separates itself from the competition with discounts and promo codes. For starters, it often runs a 15% off promo code. New customers can get 20% off when they sign up for the site’s newsletter. Additionally, ContactsDirect has a 15% discount for students, military service members, teachers, first responders, and U.S. government employees.

You can’t stack regular promo codes and unique student or employment discounts, but 20% off is nothing to scoff at. Better still, the site has a price match policy. If you find a better price at Walmart, Costco, Walgreens, 1-800 Contacts, or Coastal, call 1-844-5-LENSES and ContactsDirect will beat that price.

If that weren’t enough, ContactsDirect is a Rakuten partner, so you can earn cash-back rewards for your purchases.

Standard shipping is free, and you also have the option to pick up your order in person at a LensCrafters store. ContactsDirect accepts most major vision insurance plans. However, it is not an in-network provider for VSP.

ContactsDirect also offers a vision test to renew your prescription. You can take it with either a smartphone or a computer rather than needing to use both. But it costs $29.99, whereas some online sellers offer free vision tests.

It’s worth noting that online vision tests don’t check for eye health or conditions like glaucoma. Additionally, you need an existing prescription to take the test, so you can’t be a first-time contact lens wearer. If it’s been a year or two since you’ve taken a regular eye exam, go to an optometrist instead.

If you want to save money buying an annual supply of contact lenses, ContactsDirect is possibly the best online option. Just use promo codes, compare bulk prices between other retailers, and take advantage of price matching if necessary.

Shop Now

6. Lens.com

Pros: Brand variety; online vision test; excellent limited-time deals
Cons: No free shipping
Verdict: Shop at Lens.com if you’re willing to bargain-hunt for limited-time deals for massive savings

You don’t have to settle for cheap contact lenses and low-quality brands to find savings on Lens.com. Popular brands include Acuvue, Biofinity, Biomedics, Dailies, and SofLens. You can also find over a dozen other brands such as:

Boston
Clariti
Expressions
FreshLook
Optima
Vertex

For lens categories, options include daily, weekly, and monthly disposables. Single-vision, toric lenses for astigmatism, bifocals, RGP, silicone hydrogel, and color lens types are available. Lens.com also carries novelty lenses for changing the appearance of your eyes.

Lens.com runs limited-time deals that often beat the competition. For example, one recent deal featured a 90-pack of Dailies AquaComfort Plus for $53.44 per box, with a $135 rebate for buying four boxes. In comparison, Walmart was selling the same box for $65.86 per box, with a $120 discount for buying eight boxes. At Costco, the price was $81.98 per box, with a $50 mail-in rebate for buying eight boxes.

Plus, you can renew your prescription by taking a 10-minute online eye exam. You have to be 18 to 55 years old to take the exam, and it requires both a smartphone and a computer. The cost is $9.99.

The primary downside of Lens.com is that U.S. shipping costs a minimum of $9.95.

In terms of vision coverage, Lens.com is an out-of-network provider for most vision care providers, so if you have vision care insurance, reimbursement shouldn’t be an issue.

Because of the potential savings from deals, it’s always worth comparing Lens.com prices to wherever you typically shop, especially if you’re not in the market for bulk contact lenses.

Shop Now

7. Costco Optical

Pros: Discounts for buying in bulk; free shipping on most orders
Cons: Requires a Costco membership
Verdict: If you already shop at Costco, you can purchase an annual supply of contact lenses to save

If you’re a Costco member, you can already take advantage of numerous Costco shopping tricks to save money on groceries and household products.

But Costco Optical also has low prices on eyewear and contact lenses. Costco also carries over a dozen brands, including:

Acuvue
Air Optix
Biofinity
Biotrue
Dailies
MyDay
Proclear
PureVision

Costco carries single-vision, toric lenses for astigmatism, multifocals, and color lenses. Lens categories include daily disposable lenses, two-week lenses, and monthly lenses.

Costco also has its own Kirkland Signature pack of 90 lenses for $58.99. But in true Costco fashion, there are usually offers for buying multiple boxes at once or purchasing larger packs that help you save money. For example, buying four boxes of Kirkland Signature contact lenses saves $35, and buying eight boxes saves $95.

Non-Costco brands can also offer mail-in rebates. For example, one offer is to buy eight (90-count) boxes of Dailies Total 1 multifocals to receive a $70 mail-in rebate. Each box is $109.87, so it’s a significant upfront expense. But in exchange for bulk shopping, you save $70 with the rebate.

You still need a Costco membership to buy contact lenses. It’s worth noting that Costco shipping is free for most orders, including optical purchases. Additionally, Costco accepts most vision insurance plans.

You should factor in Costco’s $60 annual membership fee to what you save on contact lenses and anything else you would shop for. But if you shop at Costco regularly, you can likely offset the membership fee with your savings.

Plus, you can also shop with the Costco Anywhere Visa card to earn cash back for shopping at Costco and travel, dining, and everyday spending.

Shop Now

8. Walmart Contacts

Pros: Discounts for buying in bulk; free shipping
Cons: No discounts for using the subscription service
Verdict: Shop at Walmart if you want to buy at least six to 12 months’ worth of contacts and don’t have a Costco membership

Shopping at Walmart can help you save money on household items and everyday essentials.

Walmart Contacts is also a convenient way to save money when buying contacts. Aside from free shipping, Walmart carries popular contact lens brands like:

Acuvue
Air Optix
Clariti
Dailies
Eureka
FreshLook
SofLens
Ultra
Acuvue
Air Optix
Clariti
Dailies
Eureka
FreshLook
SofLens
Ultra

Walmart has daily, one- to two-week, and one- to three-month disposables. Lens types include single-vision, toric lenses for astigmatism, color and tinted, conventional (vial) lenses, and bifocal and multifocal lenses.

Prices can be slightly more expensive than Costco for larger orders. For example, Walmart’s 90-count box of Dailies Total 1 multifocals is $135 (or $127.50 apiece if you buy four boxes). Costco sells it for $109.87 per box with a $70 rebate for buying eight boxes that reduces the cost to $101.12 per box.

However, there are still numerous affordable options.Many packs of daily disposable lenses cost less than $1 per day. Two-week lens users can purchase Walmart’s own Equate brand for just $14 per box, or $0.33 per day.
Additionally, buying contact lenses for six- and 12-month periods often drops the price per box significantly. For example, a three-month supply of 1-Day Acuvue Moist lenses costs about $82 per box. But if you buy 12 months’ worth of boxes, the price drops to about $69 per box.

Plus, you can set up a no-hassle contact lens subscription to receive regular deliveries. Unfortunately, you don’t receive a discount for subscribing, but subscribing ensures you’re always stocked up.

As for vision insurance, Walmart Contacts is an out-of-network provider for:

Cole Managed Vision
Davis Vision
EyeMed
Spectera
VSP

Walmart has an impressive brand and inventory selection. If you want to buy in bulk or try the subscription service, Walmart is a worthy alternative to Costco.

Shop Now

9. ContactLensKing.com

Pros: Savings on bulk purchases; $10 referral bonus
Cons: No free shipping; doesn’t work with all insurers
Verdict: ContactLensKing.com is another affordable option for buying a year’s supply of contact lenses, especially if you don’t have a Costco membership

Another bulk-shopping option to save money on contact lenses is ContactLensKing.com.

ContactLensKing.com encourages you to buy your lenses in bulk. Almost every product on the website has an “as low as” price next to regular pricing that shows the potential discount you can score for buying a certain number of boxes.

ContactLensKing.com carries over a dozen brands, including:

Acuvue
Air Optix
Biomedics
Biofinity
Biotrue
Dailies
Proclear
PureVision

Lens categories are also standard, and you can buy daily, weekly, and monthly disposables. Other options include toric lenses to correct astigmatism, color, and bifocal and multifocal lenses.

If you’re only buying one or two boxes of contact lenses, it’s tough to score discounts on ContactLensKing.com. Additionally, shipping is at least $7.95 in the U.S. The focus on bulk shopping and lack of free shipping ultimately means Contact Lens King is best for buying at least six to 12 months’ worth of contact lenses.

ContactLensKing.com says vision insurance reimbursement varies depending on your provider and doesn’t include a list of insurance partners. So if you want to use vision insurance at ContactLensKing.com, call your provider first to see if your purchase is eligible for reimbursement.

On the bright side, ContactLensKing.com has a $10 referral program. Each time one of your referrals places their first order, you receive credit in your account. But it’s still best to use ContactLensKing.com for bulk shopping and other retailers for smaller orders.

Shop Now

10. 1-800 Contacts

Pros: 20% first-time order bonus; free shipping
Cons: A 5% subscription discount isn’t the best subscription deal
Verdict: 1-800 Contacts is worth it to leverage the 25% welcome discount for a first-time order, but it’s more hassle to get deals for the long term

For a limited time, new customers can receive a 25% discount at 1-800 Contacts (at other times, the discount is 20%). You can also subscribe for regular deliveries to save 5% off future orders. You can also subscribe for regular deliveries to save 5% off future orders.

For brands, 1-800 Contacts carries popular choices like:

Acuvue
Air Optix
Clariti
Dailies
FreshLook
Proclear
SofLens

Lens categories include vial lenses and daily, one- to two-week, and monthly disposables. You can find single-vision, bifocal and multifocal lenses, toric lenses for astigmatism, and color lenses.

The 25% discount helps 1-800 Contacts remain competitive for first-time orders. For example, a 30-pack of Dailies AquaComfort Plus costs about $20 with the discount. Discount Contact Lenses sells the same box for $23.99. If you spend more on a 90-pack, 1-800 Contacts’ price per box is under $75, whereas Discount Contact Lenses’ price per box is over $85.

If you need to renew your contact lens prescription, you can take an online vision test on your smartphone in 10 minutes. The site charges $20 for this service.

Online vision tests help you renew your prescription but don’t examine eye health. If it’s been a year or two since you went for an in-person eye exam, renew your prescription through an optometrist instead.

U.S. shipping is free, and 1-800 Contacts is an in-network provider for:

Davis Vision
Superior Vision
Spectera
Blue View Vision
Anthem BCBS

You can use it as an out-of-network provider with other vision insurance plans.

The site also has a best-price guarantee, promising to beat any publicly available deal from a U.S. competitor. However, you can’t combine this price match with insurance. Instead, the site compares your final price for both and gives you whichever one is lower. And to maximize your discount, the site also works with Rakuten.

The first-time discount makes 1-800 Contacts worth considering if you’re spending a lot of money on your first order. And the price matching makes it a decent value for recurring purchases, though it takes a little more work to use.

Shop Now

11. LensCrafters

Pros: Up to $200 in annual contact lens savings; AAA and AARP member benefits; free shipping
Cons: Not the cheapest option if you aren’t shopping for annual supplies
Verdict: If you’re an AAA or AARP member and want to buy a yearly supply of contact lenses, LensCrafters is for you

While LensCrafters specializes in eyewear and carries many premium brands, it’s also an effective way to save money on contact lenses. LensCrafters even says you can save up to $200 on your annual supply of contacts by shopping online or in-store.

The website displays how much you save for buying an annual supply of certain contact lens boxes. Most boxes grant $30 or $100 in savings for bulk purchases.

As for brands, LensCrafters carries options like:

Acuvue
Biotrue
Biofinity
Dailies
PureVision
SofLens
Ultra

LensCrafters also has its own contact lens brand, but these are not the most affordable option. For lens types, it carries single-vision, toric lenses to correct astigmatism, multifocals, and color lenses. Daily, biweekly, monthly, and semiannual lenses are available.

For annual savings, LensCrafters is worth looking into. For example, a yearly supply (eight boxes) of Biotrue ONEday for presbyopia (age-related far-sightedness) costs $657.92. At Costco, the cost is $511.84, but you need a membership to shop at Costco.

Furthermore, AARP and AAA members can receive 10% off eligible contacts at LensCrafters, and this discount stacks with manufacturer rebates. Which means if you’re an AARP or AAA member and can stack your savings with a rebate, LensCrafters is surprisingly affordable.

LensCrafters’ shipping is free. And LensCrafters has an extensive network of vision insurance partners and accepts most plans for payment, in store and online.

Shop Now

12. WebEyeCare

Pros: Save up to 70% on contact lenses, even without a subscription
Cons: Expensive vision test; shipping is only free on orders over $89
Verdict: Great alternative to in-person buying without the pressure to commit

WebEyeCare offers deeply discounted eyewear and contacts from recognizable brands and budget-friendly alternatives alike. Top-selling names include:

Acuvue
Dailies
Biofinity
Clariti
Air Optix
Precision1

WebEyeCare also carries specialty goods at surprisingly affordable prices. For example, you can save over 5% off list price on a six-pack of Air Optix Colors and an extra $20 off if you buy an annual supply.

With up to 70% off name-brand contacts, it’s hard to find fault with WebEyeCare’s value. The only downside is the shipping cost, which is only free on orders over $89. Also, WebEyeCare charges $34.99 for its vision test, a service some sites provide for free.

Final Word

Vision care is expensive. But when it comes to buying contact lenses, you rarely have to pay full price considering how much competition there is in the market.

Try shopping online with shopping browser extensions and daily discount websites to take your savings even further. Websites like Rakuten and Capital One Shopping help you earn cash back and find coupon codes and are free to use.

And if you can use websites that offer free shipping instead of paying extra every time you buy contact lenses online, that’s another simple way to save.

Additionally, take advantage of other ways to save money on vision care. For example, most contact lenses and lens solutions are eligible purchases under your health savings account and flexible spending account, which help you save money when filing your taxes.

As long as you spend time looking for deals and use the discounts and tools at your disposal, you can put a dent in your annual vision care expenses without sacrificing quality.

Tom is a freelance writer originally from Toronto, Canada. Tom’s passion for finance and discovering methods to make money originally sparked in college when he was trying to make ends meet on a tight budget. Outside of freelance writing, Tom also manages the blog This Online World – a personal finance website dedicated to helping young adults make and save more money.

Source: moneycrashers.com

Apache is functioning normally

May 25, 2023 by Brett Tams

Debt is a financial obligation that can weigh down your personal
balance sheet. It can also be expensive if you carry a balance and have to pay
interest. If you find yourself carrying too much debt, Leung recommends that
you set up a repayment plan. This can help you get your finances back into
positive territory as soon as possible.

Spend meaningfully

“This movement is not about cutting your own hair and
clipping coupons,” Leung says. Instead, he says that people pursuing FIRE
should spend their money on what they truly value without guilt. They should
divert money away from things that don’t matter to them.

Allen agrees with this principle of the FIRE retirement plan. For example, she says that if you value treating yourself to dinner at nice restaurants, then you can avoid spending money on fast food. Instead, you can prepare inexpensive meals at home during the week. You can then use your extra cash to enjoy a special meal out over the weekend. (There are even ways you can save money eating out at your favorite restaurants.)

Leung and Shen decided that the thousands of dollars they
spent each year on travel was worth it to them. However, having a nice car in a
city like Toronto that has excellent public transit was not.

Learn how to invest in the stock market

Investing wisely is critical for anyone on a FIRE retirement plan, Shen says. “If you learn to invest and build
a portfolio instead of putting everything into a house, for example, then that
portfolio will spin off passive income—not just in capital gains, but in the
form of dividends and interest,” she says.

That recurring dividend income from a substantial investment portfolio must
eventually be large enough to support your living expenses, Leung adds.

To reach that goal of sustained, passive investment income, Allen
recommends “investing early and often. And as much as you can, for as long as you
can.” That’s because the earlier you invest, the sooner you can benefit from
the power of compounding.

Of course, you should always consider your unique financial situation
and goals before making an investment decision.

Get a side hustle

In the FIRE community, retiring early doesn’t necessarily mean that you
aren’t making some extra cash to support your lifestyle. In fact, building a
side hustle is often encouraged as part of a FIRE retirement plan.

“For us, it’s writing,” Leung says. “We run a blog, and we also wrote a
bestselling book.”

There are many reasons you need a side hustle. Leung notes that after “retiring,” a side hustle—even one that generates $5,000 to $10,000 a year—can dramatically enhance your financial position. The extra cash flow can help you limit the amount you need to withdraw from your investments, allowing your nest egg to continue to compound over the years.

If writing isn’t your thing, there are plenty of opportunities to earn
extra money in today’s economy, Allen says. Selling arts and crafts on an
online marketplace or driving for a ride-share company are great ways to boost
the longevity of your financial independence.

Reduce your cost of living

One of the most
effective ways to expedite your FIRE
retirement plan is to keep your living costs down, Shen and Leung say.
That way, you’re able to funnel even more savings into the market, where your
nest egg can grow.

If you’re interested in the retire early movement, you’ll be interested in these two ways to manage your living costs:

Travel can actually keep a lid on costs

Shen and Leung have
always had the travel bug, and they’ve found that traveling has actually helped
them reduce their living expenses in early retirement.

Shen notes that
when they were living in Toronto, they were spending between $40,000 and
$50,000 a year on living expenses.

“But when we
started traveling the world,” Shen says, “we spent $40,000 a year and it hasn’t
gone above that amount for the past five years.”

Leung says that they
no longer pay rent like they did when they were saving for early retirement.
Instead, they typically live out of their backpacks and pay for low-cost
accommodations as they travel the world.

“We’ve found that
not only is travel worth it, it’s actually helped us mitigate our risks in our
portfolio because we were able to control our costs,” Shen says.

Geoarbitrage can improve the gap between income and expenses

Shen admits that globe-trotting isn’t for everyone. For people who
would rather stay in one place as they pursue FIRE, she recommends geographic
arbitrage. It’s also known as “geoarbitrage” for short in the FIRE community.

It’s a simple idea: Live and work in a city with a competitive job
market and command a high salary. Then move to a lower-cost city or
neighborhood while continuing to make the same salary.

You might be able to score a new gig in a lower-cost location without facing
a salary adjustment, or you could commute from a lower-cost area if you’re not
able to change your headquarters. Remote work might also be a possibility.

“One outcome of the pandemic was that more and more people were able to
work from home,” Shen says, which opened up the possibility of remote work and
geoarbitrage to even more people pursuing the retire early movement.

Can a recession alter someone’s FIRE savings plan?

Saving, investing and traveling your way to
financial independence sounds nice in theory. However, a recession can throw a
wrench into your FIRE savings plan.

“If you retire into a down market, you can deplete your portfolio very quickly,” Shen says. Keeping costs down can help, but there are other strategies that can help protect you from a market downturn.

Allen thinks the best approach is to have a healthy store of cash saved up in case a recession hits while in early retirement. She is still working toward her goal of saving $50,000 in an emergency savings account—in addition to her investments—before she’ll feel ready to quit her day job.

Allen notes that many
people in the FIRE community don’t like to hold a lot of cash. This is because
it could be growing faster if it were invested in the stock market.

“I’m a little bit
different on that,” she says. “You never know when the market is going to crash,
so you want to have that financial buffer to be sure that you’re safe.”

Is FIRE right for you?

Achieving financial independence early in life
clearly has its benefits. You no longer have to work a job if you don’t enjoy
it, and you can spend more time doing what you’re passionate about. For Shen and
Leung, that’s traveling, and for Allen, it’s writing. For you, it could be
anything.

But FIRE can have its drawbacks, and sometimes
the benefits of the retire early movement can be achieved in other ways.

The FIRE retirement plan can give you major FOMO

Kali Roberge, now creative director at Beyond Your Hammock, a financial planning firm, found the retire early movement in her early 20s as she struggled to find a promising career path. Roberge graduated into the Great Recession and—like many recent grads at that time—was frustrated by the lack of prospects.

She found FIRE to be a way to sidestep the
traditional rat race. “I felt like if I couldn’t figure out how to make it in
the corporate world with a high-earning job, I needed to make just enough to
get out completely.”

Roberge believes
that achieving financial independence is a worthwhile goal. However, she found
that her intense focus on the
early retirement portion of FIRE resulted in missed experiences and
opportunities. She’d regularly skip movies and other events with friends
to save for the goal of retiring
in her early 30s.

“I really missed a
lot of time that I could have been spending with other people because I
was literally sitting at home to avoid spending money,” she says.

Roberge feels that her commitment to FIRE blinded her to paths that would have enriched her life. “I eventually realized that I could have more freedom and power by exploring ways to earn more rather than just scrimping as much as possible,” she says.

While Roberge realized
that retiring in her 30s wasn’t for her, she now has her sights set on retiring
at the age of 45.

You can be financially independent without retiring early

Shen and Leung have been able to use the FIRE
retirement plan to quit their jobs and follow their passions. But they
emphasize that the “FI” part of FIRE (financial independence) can serve anyone
who wants to take more control over their life.

“You don’t actually have to do the retire
early part,” Leung says. “If you love your job, you can stay there. But
financial independence is all about getting more power back for yourself. Not
being beholden to your boss, not being beholden to debt, not being beholden to
your mortgage.”

Allen echoes this sentiment. “I feel like FIRE should be for everyone,” she says. She also notes that even if you love your job now, that might not always be the case. She believes learning budgeting basics, how to budget your money and investing best practices can help anyone get their financial life in order, while the ethos of following your passions instead of doing what’s expected of you is important for living a fulfilled life.

Whatever you decide, do it with intention,
Roberge recommends. “Make sure you’re committing to this because it’s the right
move for you and your life,” she says. “Money is a valuable resource, but so is
time. We need to make sure we’re leveraging both wisely.”

If retiring early is your goal, consider the money moves you need to make to get there, starting with why you need to make a retirement budget before you actually retire.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

Source: discover.com

Apache is functioning normally

May 25, 2023 by Brett Tams

Businesses pay market research companies to gather information on what customers like you think. Those market research companies, in turn, pay customers like you to provide that information.

The good news is, this is no longer limited to in-person focus groups. You can now participate in market research from the comfort of your home. You can sign up for apps and sites that will pay you to answer questions.

But some survey apps pay more than others, and they don’t all offer the same types of rewards. Here’s my selection of the best survey apps for money out there if you’re looking to make a little extra money.

What’s Ahead:

Survey Junkie

Rewards for: completing surveys, participating in focus groups, testing products, and sharing web behavior
Redemption options: PayPal credits, bank account transfers, and gift cards for brands like Amazon, Target, Walmart, etc.
Mobile app ratings: 4.6 App Store; 4.3 Google Play

Survey Junkie users start by filling out questionnaires and building their user profiles, which give the platform an idea of their interests and lifestyle. These profiles are then matched to survey opportunities.

Surveys show up in a user’s personal dashboard, and the user can choose which surveys they would like to participate in based on the survey’s pre-disclosed topic, point value, and estimated time of completion.

Completed surveys earn points, which can then be redeemed for PayPal credit, bank transfers, or gift cards. Those who complete three surveys per day can reportedly earn up to $40 worth of credits or gift cards per month. More time-consuming activities like focus groups can earn a higher number of points.

In addition to paid surveys, users can also elect to participate in ‘behavioral research,’ in which they share their web search, browsing, engagement, and shopping history with the platform to earn extra points.

SurveyJunkie is open to residents of the United States, Canada, Australia, and the United Kingdom, ages 16+.

Try Survey Junkie now.

MyPoints

Rewards for: taking polls, doing online surveys, watching videos, playing games, online shopping, downloading coupons
Redemption options: gift cards for Visa, PayPal, or a number of popular retailers
Mobile app ratings: 4.3 App Store; 3.4 Google Play

MyPoints pays you to give your opinion on a wide range of consumer topics, from cars to clothes to home and garden supplies. Payouts for completed surveys range substantially, with some of the more time-consuming surveys offering up to $50 worth of points. Short surveys might yield $1 in points.

Aside from surveys, MyPoints also rewards you for shopping online, which is actually my favorite aspect of the app. It links up to popular retailers I already use, like Amazon, Walmart, Target, and Home Depot, among many others. That means I’m earning points for money I’d be spending anyway.

Best of all, MyPoints helps you save. Not only can you apply coupons to your purchases with your favorite retailers, but you actually earn rewards for downloading them. When combined with the points you’re getting for shopping, you can quickly rack up rewards.

MyPoints lets you cash in your rewards in a couple ways. You can choose gift cards from popular brands like Bath & Body Works, Sephora, or Walmart, or you can convert points to PayPal cash.

Try MyPoints or read our full review.

Swagbucks

Rewards for: completing online surveys, in-home product surveys, playing games, shopping
Redemption options: gift cards from Amazon, Walmart, Target, and Visa or PayPal cash
Mobile app ratings: 4.4 App Store; 4.2 Google Play

If you want to earn dough just for browsing the internet, Swagbucks is a great option. You won’t be able to quit your day job, but it’s a great way to earn a little extra spending money each month. 100 Swagbucks points are worth $1, and most surveys pay out between 40 to 200 points each. Some active users report making a couple of hundred bucks a month with the app.

What I like most about Swagbucks is the variety of points-earning options. Sure, you can earn rewards for answering surveys and shopping, but you also earn by simply trading in Google for the Swagbucks search engine. You’ll be adding points to your total in the background while you search the web and browse various sites.

Once you’ve earned enough points, you can trade them in for gift cards at some of the most popular retailers. You won’t see as many gift card options as you get with other survey sites, but all the big names are there. For instance, Amazon, Apple, Walmart, and Target gift cards are usually available.

Try Swagbucks now.

YouGov

Rewards for: completing paid surveys
Redemption options: cash direct deposit, gift cards
Mobile app ratings: 4.7 App Store; 4.4 Google Play

What drew me to YouGov is the fact that the collected information is sometimes cited online and in news reports. Knowing I’m a part of the group that is referenced in, “According to a survey from YouGov” is an incentive to participate, especially if I’m paid for my feedback.

The biggest issue with YouGov is that it combines paid survey opportunities with those that pay nothing. You’re free to complete those just to take part in the information being collected and distributed. Some members found that paid opportunities were few and far between.

Despite its name, YouGov doesn’t just collect information on political issues. As with other survey sites, you’ll be polled about your thoughts on brands and services.

Try YouGov now.

Opinion Outpost

Rewards for: taking surveys, testing products, watching advertisements
Redemption options: PayPal cash, Visa prepaid cards, gift cards for popular merchants
Mobile app ratings: N/A

You can earn around 10 to 250 points per completed survey with Opinion Outpost, which can add up over the course of a day.

Rewards can be redeemed for a relatively limited selection of gift cards, but the selection at least usually includes major brands like Amazon, Apple, Target, Macy’s, Home Depot, etc. Most gift cards require 100 points for a $10 card value.

One downside to Opinion Outpost is that you’ll have to prequalify before you can take a survey. This is done by answering a few questions before the survey’s available. If you don’t qualify, you’ll be entered in a drawing for a quarterly prize, but it can feel like you put more time in to find a survey you can finally complete.

Another potential downside is that Opinion Outpost isn’t available as a mobile app, so if you’re on the go a lot you’ll have to access the platform from a web browser on your phone.

Join Opinion Outpost now.

Branded Surveys

Rewards for: completing paid surveys
Redemption options: Amazon or Visa gift card, or a PayPal payment
Mobile app ratings: 1.5 App Store

Formerly known as MintVine, Branded Surveys offers rewards for survey participants in the U.S., Canada, and the UK. It partners with some of the top names in the industry, including Nielsen and Harris Interactive. As such, you’ll have more confidence that your feedback will make an impact.

One thing that sets Branded Surveys apart is the volume of surveys. You’ll have to qualify for each one, but having a wider range of options makes it more likely that you’ll find one that’s a match. A great thing about Branded Surveys is if you put time into completing a survey, only to ultimately find out that you don’t qualify, you’ll still be paid a few cents.

Branded Surveys typically pays between $0.50 to $5.00 per survey. You can cash out once you reach 500 points. Aside from the usual gift cards or PayPal credits, with Branded Surveys you can also choose to direct your accumulated points toward a US charity, which is unusual among survey apps.

Join Branded Surveys now.

Pinecone Research

Rewards for: online surveys
Redemption options: PayPal cash payments, paper checks, prepaid cards, or gift cards
Mobile app ratings: 2.4 App Store; 3.0 Google Play

From respected industry leader Nielsen (of Nielsen Ratings fame), Pinecone Research is a great way to earn rewards while also feeling as though your voice is being heard. To get started with Pinecone Research, you simply sign up and wait for approval. Once you’re approved, you’ll start receiving invitations to participate in surveys.

After you’ve set up an account, you’ll be able to view the rewards available, as well as the points you’ll need to earn them. You can trade your points in on small rewards or save up for something bigger. As long as your account remains active, your points never expire. You can also opt to trade your points in for cash, deposited to your account.

One thing that sets Pinecone Research apart is that sometimes members are mailed physical products to try out. In many cases, you get to keep the items after you’ve completed the survey. Some brands ask that you send the products back, though.

Surveys and products are distributed based on the questionnaire information you provide. Many brands request specific audience demographics, so some members receive more offers than others. This makes the questionnaire you complete at signup especially important.

Join Pinecone Research now.

MySoapBox

Rewards for: completing surveys
Redemption options: gift cards from popular merchants, including Amazon, Walmart, and Starbucks
Mobile app ratings: N/A

MySoapBox focuses on surveys, rewarding you for answering questions about products, services, and experiences. It’s available as a web app only, not a mobile app.

1,000 points equate to a $1 value, and you’ll generally get between 750 and 1,500 points per completed survey. You need a minimum of 25,000 points to redeem for a gift card.

MySoapBox is a part of Interviewing Service of America (ISA), one of the largest US-based market research companies. They’ve collected data for businesses since 1982, historically through telemarketing and in-person focus groups, and today facilitating an online option via MySoapBox.

Join MySoapBox now.

Intellizoom

Rewards for: taking surveys
Redemption options: PayPal
Mobile app ratings: N/A

Intellizoom doesn’t mess with rewards and points; you’ll instead earn cash for completing surveys. They don’t send you actual dollar bills, of course. You’ll be paid electronically via PayPal within 21 business days of your survey responses being approved.

The amount you’re paid is based on the complexity of the survey. You can earn up to $10 for more challenging surveys, such as those that require you to record audio or video. Simple surveys usually pay around $2 each.

You may find yourself not as active as you want to be, though. As with other survey sites, you have to wait until you’re invited to participate. Typically, invitations are based on demographics, but you’ll also be graded on the quality of your surveys. You can boost your earnings by making an extra effort to provide useful, well-constructed feedback.

Without an app, you are limited to using the site in a browser. If you can get enough of the more challenging surveys, you could make a decent chunk of change from this site.

Join Intellizoom now.

How I came up with this list

Yes, some survey-for-cash sites can be scammy. It may even sound too good to be true. When I was researching top survey apps and sites, I first narrowed it down to the reputable ones, reading reviews and making sure people had actually gotten paid for their efforts.

Once I had a list of trustworthy sites, I further sharpened it to make sure you were getting the best of the best. Here are the features I considered in my research:

Options for earning points
Redemption options
Difficulty in earning enough points to get rewards
Turnaround time for getting paid after cashing in points

Keep in mind that scams aren’t the only thing to worry about with survey sites. You’ll find that with some sites, the amount of work you have to put in to get even a $10 gift card is far more than with other sites. You can speed up that turnaround time by choosing a site that lets you accumulate points for doing other things, including shopping, gaming, or participating in the site’s community.

How to take surveys for money

A survey app gathers information from consumers, often in exchange for a small amount of pay. You’ll sign up, provide some demographic information, then apply to complete surveys. Taking surveys that you qualify for might be rewarded with gift cards, prepaid cards, or PayPal transfers.

If you’re looking for a way to make a little extra money, a survey app can help. But some people sign up for the rewards, only to find that the real enjoyment comes from providing feedback. The information you provide is used to help businesses improve everything from product design to marketing efforts, so your opinion can be a huge benefit to all consumers.

Those with a little extra time on their hands will likely find a survey app is a great fit. If you’re looking to make hundreds of dollars a week, though, you’ll probably be disappointed.

Most important features of survey apps

Ready to get started? If so, here are some features to consider as you’re shopping around for a survey app.

Points-earning options

What do you have to do to earn points? Surveys are only one option. You can also find apps that will let you earn points for doing web searches, shopping online, watching videos, and more. Also, consider the types of surveys the site offers. Many will simply ask you about your feelings on products or services, but there are some that are political in nature.

Rewards offered

If you’re looking for cold, hard cash, you’ll need to first weed out the sites that only offer gift cards. Although if you’re like me, a gift card to a retailer like Amazon or Walmart can be as good as cash. Many survey apps also allow you to cash out via PayPal, which is accepted at a wide range of online retailers.

Ease of finding surveys

Ideally, you’ll sign up for a site and be able to complete as many surveys as you want. Unfortunately, that isn’t how it always works. Many companies are looking for data from a very specific demographic, so you’ll only be able to participate in some of the available surveys.

FAQs

Are paid survey apps legit?

Even when a survey site is legitimate, it may not pay as much for your time as you’d like. It’s important to note that you should never pay to participate in a survey site. You can find plenty that will let you sign up for free and will pay you, rather than the money flowing in the other direction.

Are survey websites worth it?

Paid survey websites can be a way to earn a little extra cash, but whether they are worth it depends on your personal situation and goals.

While taking surveys may not take a lot of effort, it can be time-consuming. You may need to spend a significant amount of time taking surveys to earn a meaningful amount of money. Most survey sites offer relatively low compensation, so it’s important to consider whether the payout is worth your time investment.

There may be quicker ways for you to make money.

How quickly do survey apps pay you?

Turnaround time can vary, but once you have your points, many of these sites will have your rewards to you within a few days of your request. Some sites that pay in cash may take as long as 21 days, so be sure to plan ahead if you’re depending on the money.

How do paid survey apps make their money?

For decades, companies have depended on focus groups to provide information on market sentiment. Survey apps simply take the process online, letting you participate in surveys without having to go to a designated physical location. Businesses pay market research companies to gather data and provide it, then use the information to inform their own business decisions moving forward.

How I came up with this list

Yes, some online survey sites can be scammy. It may even sound too good to be true. When I was researching top survey apps and sites, I first narrowed it down to the reputable ones, reading reviews and making sure people had actually gotten paid for their efforts.

Once I had a list of reputable survey apps, I further sharpened it to make sure you were getting the best of the best. Here are the features I considered in my research:

Options for earning points
Redemption options
Difficulty in earning enough points to get rewards
Turnaround time for getting paid after cashing in points

Keep in mind that scams aren’t the only thing to worry about with online survey sites. You’ll find that with some sites, the amount of work you have to put in to get even a $10 gift card is far more than with other sites. You can speed up that turnaround time by choosing a survey site that lets you accumulate points for doing other things, including shopping, gaming, or participating in the site’s community.

Summary

Survey apps can be a decent side hustle to make a little extra money within a low-stress framework. But even the highest paying survey apps don’t pay well enough to serve as a replacement for your regular job.

Aside from earning gift cards or cash for your completed surveys, participating in market research can be rewarding in other ways. You’ll know your feedback is being used to influence the direction businesses take, making any rewards you receive a bonus.

Apache is functioning normally

May 25, 2023 by Brett Tams

The Complete Guide to Teaching Kids About Money – MintLife Blog

Skip to main content

$400 emergency, and a third have saved nothing for retirement. Meanwhile, more than 60 percent of young adults under 34 say that thinking about their personal finances makes them anxious.

In many cases, these young adults feel anxious about their finances because they never learned about money growing up. Fewer than 20 states require high school students to take personal finance classes, even as studies show that young Americans want to learn about money and wish they had learned to be more financially savvy in school.

That’s where you come in. Giving your kids real-world lessons at home on how to manage their finances will go a long way toward helping them stockpile plenty of savings, stay out of debt and maintain healthy credit scores.

Read on to learn the critical money lessons you should teach your kids at every age, from their toddler years to their teen years.

Table of Contents

Start With Yourself: Be a Good Example

Smoking. Drugs. Bullying. All of these are topics that parents say they would rather discuss with their kids than the family’s finances.

Maybe you have struggled with using money responsibly in the past. Maybe you don’t want to tell your kids how much you make or reveal that you’re in debt. But it’s important that you become comfortable with talking to your kids about money so that they become comfortable using it.

Brush Up on Basic Financial Concepts

Pop quiz! If you take out a loan for $1,000 with a 20 percent interest rate, how much will you owe per year in interest?

The answer is $200. Did you know that? If not, you’re like almost two-thirds of Americans who have trouble calculating interest rates.

Take some time to brush up on basic financial concepts. Make sure you understand these topics inside and out so that you can answer your kids’ questions and provide the most well-rounded lessons possible.

Get Out of Debt

Every good lesson in using money responsibly starts with reducing or eliminating debt. More than family’s finances and get on the same page. This way, you can better understand your family’s financial goals and communicate them with your kids.

It’s also helpful to write down your family’s financial goals and display them in a prominent place in the home. For example, if your family wants to go on vacation later in the year, you could post that goal on the refrigerator to remind everyone why the family is saving.

Protect Your Kids

Another important component of putting your kids on the best financial track possible is thinking about what would happen if you could no longer take care of them.

Even though most Americans have life insurance, a good chunk do not have enough coverage. About half of Americans have $100,000 or less in coverage. It’s recommended that you have coverage equal to at least 10 times your salary. With kids, that multiplier should typically be even higher.

Also, make sure you have a will to ensure that your assets are properly divided and that your kids are cared for should something happen to you.

Younger Than 3

At this age, your kids likely just learned how to throw a ball overhand or to scribble freely on paper. They have no idea what money is or how it works — but that doesn’t mean you can’t introduce them to some basic money concepts.

Allow them to play with coins. Play store to introduce them to the concept of a marketplace. Even allow them to watch you pay bills. This helps them understand that money has a value and that items vary in cost.

Coin Identification Game

Show your toddlers different types of coins. Allow them to trace the outlines of the coins onto a piece of paper. As you color in the shapes that you traced, help them to match the coins to the drawings and repeat the coins’ names.

Coins are more fun for toddlers to play with than paper money, but you can also draw dollar bills and color those in to include in your toddlers’ homemade “wallets.”

The Play Store

Using the pretend money that you created from the coin identification game, gather a bunch of household items and allow your toddler to exchange the money for the items.

Kids already love playing store for the fun of it, but take this opportunity to show them that different items require different types of pretend money. For a twist on the traditional game, decorate price tags and attach them to the items.

Toy Calculator and Checkbook

Toddlers are always watching you, so why not use that to help them learn about money? When you’re paying bills with your checkbook and calculator, let them know that you’re buying things just like they do when they play store.

For even more fun for your toddlers, give them their own “checkbook” and calculator to play with while they watch you.

Ages 3 to 5

By kindergarten and pre-kindergarten, your kids have already seen you give something green to the pizza delivery driver or put down a piece of plastic on the table at the end of your dinner at a restaurant.

It’s your job to answer their questions and explain to them that they need money to buy things. As they reach school age, you can even allow them to manage a little bit of money on their own by way of allowances.

It’s up to you whether the allowance should be earned or given, but the important thing here is to teach your kids to save and to help them understand that they may need to wait before they can buy something.

Saving, Spending, and Sharing Jars

Gather three clear jars and ask your kids to decorate labels with “saving,” “spending,” and “sharing” for the jars. Piggy banks are great, but you can’t see what you’re putting in them, and you want your kids to be able to see the progress they’re making!

Explain that everything costs money. The money in the “spending” jar can be used today to buy anything your kids want within reason. If they want something that is more expensive, they will have to wait until their “saving” jar has enough money in it.

You can also encourage your children to put a couple of coins or a dollar bill or two in the “sharing” jar, and help them think of charities for the money.

Needs vs. Wants Shopping

Let’s say your kids want a $10 stuffed animal. Help them count out $10 from their jars. Have them take the $10 to the store and hand the coins and bills to the cashier. Allow them to see how much money is left in the jars, and explain to them that if they spend money this time, they’ll have to wait a little bit before they can buy something again.

If they don’t have enough money in the jars, help them understand how much they have and how long it will take to save enough for the stuffed animal given their current savings rate.

Imaginary Restaurant

What kids don’t like to play restaurant? At the end of the game, remind them that they can’t leave the table without “paying” the bill.

This is also a good opportunity to introduce your kids to the relative value of coins and bills. Show them that one-dollar bill equals ten dimes or four quarters.

Ages 6 to 10

While teaching kids about money is critical at every age, this age group is especially important. Researchers believe that kids’ money habits are formed by the time they turn seven.

Give them a firm foundation in protecting their money in savings accounts (and earning interest), shopping around for the best deals and understanding the different ways that money can be spent or shared.

Opening a Savings Account

Take your kids with you to the bank. Explain to them that putting your money in a bank is better than stockpiling money at home because a bank protects your money and pays you interest.

Explain that the bank pays you interest as a reward for keeping your money in that bank, instead of at another bank. Also, explain that interest is a cool concept because it keeps growing the longer you keep your money in the bank.

You can illustrate this concept by asking your kids to set aside $1 from their allowance. Tell them you’ll act like the bank and pay them 10 percent, or a dime, in interest for this $1. They’ll now have $1.10. Explain to your kids that you’ll pay interest on this $1.10 in a month and that they’ll receive 11 cents instead of just a dime. Allow them to see how interest keeps adding up!

Coupons and Comparing Prices

It’s surprising how much your kids can learn about money at the grocery store! If you use coupons, ask your children to help you clip them and identify the corresponding products at the store. Make sure they watch as the cashier scans the coupons and shaves dollars off your bill.

Additionally, look closely at the unit prices of products. Ask your kids to help you determine which products offer a better deal (a lower price per ounce, for example). This is also a good opportunity for your kids to practice their basic math skills.

Career Exploration

It’s important for kids to know that money is not just spent on physical goods, like food and toys. Explain to them that money is also spent on services, like labor. This is a good time for you to tell them what you do to make money and encourage them to start thinking about what they might want to do when they grow up.

Charitable Giving

Since many of your kids’ money habits will be formed during this time, make sure to explain the importance of giving back to their communities and to those in need. You’ll want to tell your kids that they are part of a larger community and that everyone in the community is responsible for those around them. This includes a responsibility to give your time and some of your money to community causes.

Help them connect with a cause they might care about, like a local animal shelter that rescues stray cats or an environmental group that plants trees in the local park and explain that they can give some of their money to help others. Helping them to understand that not everyone has the money they need will help them appreciate their money and grow to be more giving adults.

Ages 11 to 13

Your kids have already opened savings accounts and have seen how money seems to show up out of nowhere. It’s time to explain how compound interest works and explore other places to store your money. They also can begin to learn more about the worth of objects around them.

Exploring Compound Interest

Finally! You get to share the wonders of compound interest with your kids. Play around with a couple of classic examples that show that savings can really add up, but only if you start saving early.

For example, if they save $100 every year starting at 14, they’ll have $23,000 when they’re 65, but only $7,000 if they start saving when they’re 35.

Encourage them to play with an online compound interest calculator that allows them to input the specifics of their bank accounts and play around with different time periods and interest rates.

Investment Games

Show your kids that you can store your money in other ways that could make you more money than a traditional savings account. However, be careful to warn about the risks of losing more as well.

Have your kids pick out a couple stocks that relate to their favorite hobbies. Track how the stocks perform every week for a given amount of time and award a prize (maybe a pizza dinner or a movie night) to the winner.

Yard Sales

Your kids should have a pretty good grasp on how to value different objects already, but allow them to develop these skills even further with a yard sale (and clean out your basement in the meantime).

Put them in charge of planning the yard sale, finding things to sell, setting the prices, and interacting with customers.

Ages 14 to 18

By this point, you’ve helped your kids learn about money for more than a decade. Now it’s time for them to start working and thinking about college before they eventually go off on their own.

Be prepared to answer many questions during this time, as there are many essential financial You’ll need to cover everything from paychecks to checking accounts, credit cards, and social security.

Breaking Down the Paycheck

As your kids earn their first paychecks, they might not like what they see. The total might not match the amount they had banked on earning. Now’s a good time to explain taxes.

Explain the different types of taxes to them and show them where the taxes go, whether it’s to Social Security or Medicare or elsewhere. Also emphasize the importance of saving and encourage them to open an individual retirement account.

Perhaps your daughter or son will want to make some extra cash. Encourage them to be resourceful and help them look for opportunities like babysitting or selling old clothes.

Debit Cards

Before your kids head off to college and eventually open their own checking accounts, they might want some practice at home. Consider opening a joint account with your kids to give them access to a bit of money. You can monitor their spending using online apps and ensure that they’re making healthy financial decisions.

Their names can also be on the checks associated with the account. Take this opportunity to teach them about writing checks and balancing checkbooks.

Credit Cards

Kids can’t enter into legally binding contracts, such as credit card agreements until they are 18. One way around this is to add your kids as authorized cardholders under certain circumstances.

Whether or not you give your kids access to your credit cards at this point, you must teach them to use credit cards responsibly. Explain that they should use a credit card only if they can pay off the monthly payment in full. Talk about the dangers of debt and how missed payments decrease credit scores and make it harder to secure loans.

Finally, stress the importance of exercising caution and avoiding suspicious websites when entering your credit card number online.

Social Security Numbers

It’s likely your kids will be asked repeatedly for the last four digits of their social security numbers. Make sure they memorize all of the digits before they go off to college so that they’re not caught off guard.

Every parent wants their kids to be financially healthy — to have plenty of savings, know how to budget, and avoid the troubles that come with bad credit. But your kids won’t know how to be savvy with money on their own. Take the time to teach them good tips at every age and set them up for success.

Additional Resources

Find games, activities, and information about money for kids at MyMoney.gov.
Follow the FDIC’s Money Smart for Young People lesson plans.
Explore the U.S. Securities and Exchange Commission’s Compound Interest Calculator.
Learn how to explain taxes to kids at USA.gov.
Investigate different types of coins and learn more about the U.S. Mint.

Previous Post
What is a Money Market Account & How Does it…
Next Post
Joint Bank Accounts: Guide to Joint Checking & Savings Accounts

True and Cumulative Costs

Pay It Down, or Pay It Forward

Ant or Grasshopper?

Use Online Community Marketplaces

Get Free Samples

Use Coupons

Try Using Your Library Card

Pay Attention to Discounts

Enroll in Loyalty Programs and Newsletters

Takeaways: Getting Free Stuff

Browse Related Articles

The $1,000 Challenge – How One Family Slashed Its…

Would You Trade the Shirt Off Your Back?

American Family Budget: An Interview With Dave Ramsey&&#;…

MintFamily with Beth Kobliner: Are Your Kids Riding the…

Get It Done: 5 Ways to Stop Buying Stupid Stuff

Your Status: You Can’t Buy It

Examining Your IRA and Thinking Inside the Box

Could You Be a Minimalist?

How To Talk To Family & Friends About A Less Stuff…

How Chrissy Metz’s #RealMoneyTalk is Empowering O…

“You must unlearn what you learned.”

“The dark side clouds everything. Impossible to see the future is.”

“Patience you must have, my young padawan.”

“You will find only what you bring in.”

Browse Related Articles

Client experience

1. GlassesUSA

2. Warby Parker

3. DiscountContacts.com

4. AC Lens

5. ContactsDirect

6. Lens.com

7. Costco Optical

8. Walmart Contacts

9. ContactLensKing.com

10. 1-800 Contacts

11. LensCrafters

12. WebEyeCare

Final Word

Spend meaningfully

Learn how to invest in the stock market

Get a side hustle

Reduce your cost of living

Travel can actually keep a lid on costs

Geoarbitrage can improve the gap between income and expenses

Can a recession alter someone’s FIRE savings plan?

Is FIRE right for you?

The FIRE retirement plan can give you major FOMO

You can be financially independent without retiring early

Survey Junkie

MyPoints

Swagbucks

YouGov

Opinion Outpost

Branded Surveys

Pinecone Research

MySoapBox

Intellizoom

How I came up with this list

How to take surveys for money

Most important features of survey apps

Points-earning options

Rewards offered

Ease of finding surveys

FAQs

Are paid survey apps legit?

Are survey websites worth it?

How quickly do survey apps pay you?

How do paid survey apps make their money?

How I came up with this list

Summary

Read more:

Start With Yourself: Be a Good Example

Brush Up on Basic Financial Concepts

Get Out of Debt

Protect Your Kids

Younger Than 3

Coin Identification Game

The Play Store