Considering moving to Tennessee? This state is full of picturesque landscapes, dynamic urban areas, and a growing tech industry, making it a prime choice for relocation. With its iconic cities, scenic mountain views, and a rich cultural scene, Tennessee offers a diverse living experience. Whether you’re looking at houses for sale in Knoxville, renting in Chattanooga, or exploring houses for rent in Nashville, here’s what you should know about moving to Tennessee.
Tennessee at a glance
The state’s landscapes range from the majestic peaks of the Smoky Mountains to the serene rolling hills of the Cumberland Plateau, providing a variety of outdoor activities. Large cities like Memphis and Nashville are cultural hubs, renowned for their lively music scenes, history, and entertainment options. Major sectors driving Tennessee’s economy include energy, technology, and healthcare, with prominent companies such as FedEx and HCA Healthcare headquartered here.
Culturally, Tennessee is rich with world-class museums like the Country Music Hall of Fame and the National Civil Rights Museum, alongside notable music festivals such as Bonnaroo and Memphis in May. The state’s culinary scene is equally diverse, featuring everything from Memphis barbecue to Nashville hot chicken. Educational opportunities are robust with institutions like the University of Tennessee and Vanderbilt University adding to the state’s atmosphere. For those seeking affordable places to live, cities like Clarksville and Johnson City offer lower living costs while maintaining a high quality of life.
1. Tennessee has a significant musical heritage
Tennessee’s musical heritage is renowned worldwide, with Nashville earning the nickname “Music City” for its pivotal role in country music. The Grand Ole Opry, the Ryman Auditorium, and the Country Music Hall of Fame attract music lovers from across the globe. Memphis also has a rich musical history, being the birthplace of rock ‘n’ roll at Sun Studio and home to the legendary Beale Street, where blues musicians like B.B. King and Elvis Presley once performed. Additionally, cities like Bristol, recognized as the birthplace of country music, and Dollywood in Pigeon Forge celebrate the state’s deep musical roots through festivals and performances that honor Tennessee’s enduring influence on American music.
2. The state has a low cost of living
Tennessee’s lower cost of living is a major draw, with the median home sale price of $400,900 and average rental prices for a one-bedroom apartment in cities like Memphis hovering around $978 per month. While Nashville and Knoxville offer more urban amenities, cities like Chattanooga and Clarksville provide more affordable housing options without sacrificing quality of life. In fact, the cost of living in Chattanooga is 9% lower than the cost of living in Nashville. Beyond housing, Tennessee residents benefit from lower costs in utilities, groceries, and healthcare compared to the national average. This overall affordability makes Tennessee an attractive choice for those looking to maximize their budget without compromising on lifestyle.
3. Hot chicken is a local delicacy
Nashville hot chicken is a fiery local delicacy that has gained nationwide fame. This spicy fried chicken, typically served with pickles and bread, originated at Prince’s Hot Chicken Shack in Nashville. Today, you can savor this culinary treat at numerous local eateries, including Hattie B’s and Bolton’s Spicy Chicken & Fish, each offering their own unique twist on the dish.
Insider scoop: For a truly local experience, visit during the Nashville Hot Chicken Festival held every Fourth of July, where you can sample the best hot chicken from various vendors and enjoy live music and various activities.
4. There’s no state income tax
One of the financial perks of moving to Tennessee is the absence of state income tax, allowing residents to keep more of their earnings. This policy makes Tennessee particularly attractive to individuals seeking lower overall tax burdens. The savings on state income tax can be significant, especially compared to neighboring states with higher tax rates. For budget-friendly individuals, this means more disposable income for everyday expenses, savings, or investments, enhancing their overall financial well-being. Considering the pros and cons of living in Tennessee, this tax advantage is a notable benefit that can positively impact your financial planning.
5. The state is known for its Tennessee whiskey
Tennessee is renowned for its Tennessee whiskey, a distinct style of whiskey that follows a specific production process unique to the state. This includes the Lincoln County Process, where the whiskey is filtered through charcoal before aging, giving it a smooth, mellow flavor. The most famous brand is Jack Daniel’s, whose distillery in Lynchburg is one of the oldest registered distilleries in the United States. This iconic site offers guided tours where visitors can learn about the whiskey-making process and the history of Jack Daniel’s, ending with a tasting of their renowned products.
Travel tip: Plan your visit to the distillery during the annual Jack Daniel’s World Championship Invitational Barbecue in October, a festival that combines delicious barbecue, live music, and, of course, plenty of Tennessee whiskey.
6. The internet is fast in Chattanooga
Tennessee has some of the fastest internet speeds in the country, thanks to initiatives like Chattanooga’s EPB Fiber Optics network. This gigabit-speed internet service has positioned Chattanooga as a tech-friendly city, attracting startups and tech companies. Whether you’re working from home or streaming your favorite shows, you’ll appreciate the robust and reliable internet connectivity.
7. Smoky Mountains National Park is the most visited national park in the U.S.
The Great Smoky Mountains National Park, straddling the border between Tennessee and North Carolina, is the most visited national park in the U.S., attracting millions of visitors each year. This expansive park features over 800 miles of hiking trails, including the challenging Alum Cave Trail and the scenic Clingmans Dome, the highest peak in the park. Visitors can explore diverse ecosystems, from lush hardwood forests to rolling mountain meadows, and observe a wide range of wildlife such as black bears, elk, and deer. The park also boasts historic sites like Cades Cove, where preserved log cabins and barns offer a glimpse into early Appalachian life.
Travel tip: For a less crowded experience, visit during the shoulder seasons of spring and fall, when the park’s natural beauty is at its peak and parking is more accessible, allowing for a more serene exploration of the trails and overlooks.
8. There’s a theme park dedicated to Dolly Parton here
Dollywood, located in Pigeon Forge, is a popular theme park founded by country music legend Dolly Parton. The park offers a mix of thrilling rides, live entertainment, and traditional crafts, all set against the backdrop of the Smoky Mountains. Dollywood also hosts seasonal festivals and events, making it a year-round destination for fun.
Insider scoop: To make the most of your visit, arrive early and head straight to the most popular attractions like the Lightning Rod roller coaster and the Wild Eagle flight ride before the lines get long.
9. The BBQ in Tennessee is distinctive
Moving to Tennessee, you’ll become familiar to its distinctive barbecue, with Memphis standing out as a premier destination for this culinary tradition. Memphis-style BBQ is characterized by its dry-rubbed ribs, which are seasoned with a blend of spices before being slow-cooked to perfection, and pulled pork, which is often served with a tangy, tomato-based sauce known for its unique sweet and spicy flavor. Notable BBQ joints include Charlie Vergos’ Rendezvous, known for its iconic dry-rubbed ribs and secret seasoning blend; and Interstate Bar-B-Q, which offers a variety of smoked meats.
10. The state is filled with Civil Rights history
Tennessee is deeply embedded in Civil Rights history, with several key locations marking pivotal moments in the struggle for racial equality. In Memphis, the National Civil Rights Museum is housed in the Lorraine Motel, where Dr. Martin Luther King Jr. was assassinated in 1968, offering comprehensive exhibits. In Nashville, the historic Fisk University is renowned for its role in early civil rights activism, and the city was a center of the 1960s sit-in movement. These sites, among others, provide insight into the state’s significant tie with the movement.
11. You’ll need to prepare for the tornados
Tennessee’s location in the southeastern United States means it is susceptible to tornadoes, especially during the spring and fall seasons. The state’s flat terrain and warm, moist air make it a frequent target for tornado activity. It’s crucial for residents to have emergency plans, including knowing local shelter locations and having a weather radio for alerts. Many homes are equipped with storm shelters or safe rooms to offer protection during severe weather events. Communities often have tornado sirens and conduct regular drills to prepare residents for potential emergencies.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
The average salary across the United States sits at $63,795, per the Social Security Administration. So an income of $300,000 per year — more than four times that figure — is by most standards a great salary for a single person in 2024.
Of course, even a large amount of money can come up short if you don’t have a solid budget in place or if you lead a particularly expensive lifestyle.
Below, we’ll dive into the various considerations.
Is $300K a Good Salary?
If you’ve just been offered a job with this figure in its compensation package, you may be wondering, “Is $300,000 a good salary for a single person?”
The thing is, there’s really no one-size-fits-all answer to that question. While $300,000 per year is substantially more than most people — or even most U.S. households — make, whether or not it’s comfortable for you depends on your lifestyle choices and expectations.
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Median Income in the US by State in 2024
You may be wondering how much you make compared to your neighbors. Median yearly household income varies significantly by state, ranging from Mississippi’s $52,985 to Maryland’s $98,461. However, nowhere in America does the median household income come anywhere close to $300,000 per year.
State
Median Household Income
Alabama
$59,609
Alaska
$86,370
Arizona
$72,581
Arkansas
$56,335
California
$91,905
Colorado
$87,598
Connecticut
$90,213
Delaware
$79,325
Florida
$67,917
Georgia
$71,355
Hawaii
$94,814
Idaho
$70,214
Illinois
$78,433
Indiana
$67,173
Iowa
$70,571
Kansas
$69,747
Kentucky
$60,183
Louisiana
$57,852
Maine
$68,251
Maryland
$98,461
Massachusetts
$96,505
Michigan
$68,505
Minnesota
$84,313
Mississippi
$52,985
Missouri
$65,920
Montana
$66,341
Nebraska
$71,772
Nevada
$71,646
New Hampshire
$90,845
New Jersey
$97,126
New Mexico
$58,722
New York
$81,386
North Carolina
$66,186
North Dakota
$73,959
Ohio
$66,990
Oklahoma
$61,364
Oregon
$76,362
Pennsylvania
$73,170
Rhode Island
$81,370
South Carolina
$63,623
South Dakota
$69,457
Tennessee
$64,035
Texas
$73,035
Utah
$86,833
Vermont
$74,014
Virginia
$87,249
Washington
$90,325
West Virginia
$55,217
Wisconsin
$72,458
Wyoming
$72,495
Source: U.S. Census Bureau
Average Cost of Living in the US by State in 2024
Just as median income varies significantly depending on which state you’re in, so does the state-by-state cost of living. This means that $300,000 can go a lot further in, say, Arkansas than it would in California.
While these figures are just averages — and the state-wide cost of living can vary substantially depending on which city you live in — here’s the average cost of living in each of the 50 states:
State
Average Cost of Living
Alabama
$42,391
Alaska
$59,179
Arizona
$50,123/td>
Arkansas
$42,245
California
$60,272
Colorado
$59,371
Connecticut
$60,413
Delaware
$54,532
Florida
$55,516
Georgia
$47,406
Hawaii
$54,655
Idaho
$43,508
Illinois
$54,341
Indiana
$46,579
Iowa
$45,455
Kansas
$46,069
Kentucky
$44,193
Louisiana
$45,178
Maine
$55,789
Maryland
$52,651
Massachusetts
$64,214
Michigan
$49,482
Minnesota
$52,849
Mississippi
$39,678
Missouri
$48,613
Montana
$51,913
Nebraska
$37,519
Nevada
$49,522
New Hampshire
$60,828
New Jersey
$60,082
New Mexico
$43,336
New York
$58,571
North Carolina
$47,834
North Dakota
$52,631
Ohio
$47,768
Oklahoma
$42,046
Oregon
$52,159
Pennsylvania
$53,703
Rhode Island
$52,820
South Carolina
$46,220
South Dakota
$48,997
Tennessee
$46,280
Texas
$49,082
Utah
$48,189
Vermont
$55,743
Virginia
$52,057
Washington
$56,567
West Virginia
$44,460
Wisconsin
$49,284
Wyoming
$52,403
Source: U.S. Bureau of Economic Analysis
How to Live on $300K a Year
No matter what you earn, figuring out how to spend (and save) your money takes effort and planning. Although it may seem like, with a six-figure salary, you can just buy whatever you want, if you don’t take the time to lay out how much money you’re actually taking home each month — and how much needs to be set aside for regular, necessary expenses like housing, insurance, food, and utility bills — you could quickly find yourself eating into your savings or even spiraling into credit card debt.
A money tracker is a great way to get a bird’s-eye view of where your funds are really going. This can be a first step toward deciding where you want them to go, rather than letting them whisk themselves away.
How to Budget for a $300K Salary
Whether you’re earning an entry-level salary or sitting in the C-suite, a little bit of budgeting can go a long way. But how?
The first step in budgeting is to determine how much money you make each month, which, in the case of someone earning a $300,000 salary, is about $25,000 before taxes are taken out. Because state taxes can vary significantly, you’ll need to look at your own pay stubs or do the math to determine how much is left afterwards, also known as your “net” income.
Once you know your net income, you can begin to deduct your regular, expected expenses. These include your housing payment (like rent or a mortgage), insurance payments, utility bills, and other recurring regular expenses (like your Netflix subscription). You should also set aside a budget for required monthly expenses that may vary a bit but are still critical, like groceries and fuel, or transportation.
Now, you can subtract your monthly expenses from your monthly earnings to determine how much discretionary income you have to do with what you please, including setting aside at least some of it for savings.
Sounds like too much work to do this all on paper? Fortunately, there are plenty of budget planner apps that can make the process a breeze.
Maximizing a $300K Salary
Just because you earn a lot doesn’t mean you have to spend a lot. And if you’re careful with your over-average salary, you can save money for the future and help safeguard your lifestyle for the long run.
For example, if you saved just 10% of your $300,000 per year salary, that would be $30,000 per year into your emergency fund or investment account. Especially if you choose to invest it, that amount can really add up over a relatively short amount of time — increasing your overall net worth and potentially even giving you the opportunity to retire early!
Quality of Life with a $300K Salary
Because a $300,000 per year salary is so much higher than the average cost of living in most states, most people who earn this much will find themselves able to afford a very comfortable, high quality of living anywhere.
Of course, the money can still go further in some places than others. For instance, on $300,000, you might be able to afford a small mansion in Mississippi — or an 800-square-foot apartment in Manhattan.
Is $300,000 a Year Considered Rich?
Given that the average salary in the U.S. is about 21% of $300,000, yes, many would consider someone earning $300,000 per year by themselves to be rich.
However, in most states, you’d need to make substantially more than $300,000 per year to be in the top 1% of earners. The states where you’d come closest are West Virginia and Mississippi, where the top 1% earn at least $367,582 and $381,919 per year, respectively.
Is $300K a Year Considered Middle Class?
The amount of money you’d need to earn to be considered middle class varies depending on where you live. But according to the Pew Research Center, it’s between about $47,189 and $141,568 per year on average. Which is to say, no, $300,000 per year is not considered middle class in the vast majority of cities and scenarios.
Example Jobs that Make About $300,000 a Year
Don’t make $300,000 per year (yet), and curious about how to make the dream a reality?
You might consider opening your heart to cardiology, which, according to data compiled by SoFi, offers an average salary of $421,330 per year. Medical positions feature prominently among the top-paying jobs, with surgeons, radiologists, dermatologists, emergency medicine physicians, and anesthesiologists all earning more than $300,000 per year.
The Takeaway
A salary of $300,000 is substantially higher than the national average and certainly a “good” salary for a single person in 2024 by most peoples’ reckoning. That said, no matter how much you earn, bad financial habits can bite you in the long run, so don’t forget about your budget.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
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FAQ
Can I live comfortably making $300K a year?
While everyone’s standard of comfort is individual, given how much higher $300,000 per year is than the average U.S. salary, yes, most people would be able to live comfortably on $300,000 per year. Even for high earners, however, having a budget is important. Making a plan for your money helps ensure you know exactly where each dollar is going rather than watching them fly away on their own.
What can I afford with a $300K salary?
With a $300,000 salary, you could afford a lot of things, including, depending on your overall applicant profile, a home priced close to a million dollars. With a high salary and the opportunity to save up money, you could likely afford luxurious vacations or high-end toys and gadgets, too. Again, though, a higher-than-average salary doesn’t preclude you from overspending or going into debt, so be sure to make a budget that accounts for all your necessary and discretionary expenses.
How much is $300K a year hourly?
For those who work 40-hour weeks 50 weeks out of the year, a $300,000 salary comes out to an hourly rate of around $150.
How much is $300K a year monthly?
A salary of $300,000 per year, divided by 12 months, comes out to roughly $25,000 per month.
How much is $300K a year daily?
A gross annual income of $300,000 per year, divided by 365 days, comes out to about $821.92 per day. Of course, most people don’t work every single day of the year. As an estimate for the normal five-day work week, accounting for weekends and typical American public holidays, an employee might work about 250 days per year, in which case a $300,000 salary comes out to approximately $1,200 per day.
Photo credit: iStock/Dusan Atlagic
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Looking for the best ways to get free money from the government? Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The…
Looking for the best ways to get free money from the government?
Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The key is knowing where to look and meeting eligibility requirements.
This article will show you different ways to get extra money from the government. Whether you need help with your bills or want to get back money that belongs to you, there are many options for you.
Best Ways To Get Free Money From the Government
Below are the best ways to get free money from the government – for housing, children, health insurance, food, and more.
1. Apply for unemployment benefits
If you lose your job, you might be eligible for unemployment benefits. These benefits can help you cover some of your expenses while you look for a new job.
To qualify, you usually need to have worked a certain amount of time in the past year. Each state has its own rules, so you should check your state’s specific requirements.
You can apply for unemployment benefits online or by phone, and be ready to provide details about your recent jobs and earnings. This will help determine how much you can get each week.
The benefit amount is based on a percentage of your earnings from your previous job. It can range from about 40% to 60% of your past earnings. This money can be a helpful bridge while you search for new work.
Each week, you’ll need to report if you’re still unemployed and looking for a job. Some states may also ask you to document your job search activities so it’s important to follow these rules to keep receiving benefits.
Unemployment benefits probably won’t cover all your expenses, but they can make a tough time a little easier. Remember to apply as soon as you lose your job to start getting support right away.
2. Check for child tax credits
Child tax credits can be a big help for families.
You might be able to get money back from the government if you have kids such as for childcare or for just having children. The amount you can get depends on your income and the number of kids you have.
The Child Tax Credit now gives up to $2,000 for each child.
Make sure you check if you qualify for these credits. You can find out more by visiting the IRS website or talking to a tax expert.
3. Women, Infants, and Children (WIC)
The Women, Infants, and Children (WIC) program helps pregnant women, new mothers, and young children get healthy foods. This program is a great way to get extra help when you need it the most, and this is free government money for low-income families. It’s focused on keeping you and your little ones healthy and well-fed.
If you’re pregnant, you can get help right away and continue to receive it for up to six months after giving birth. If you have children, they have to be under the age of 5.
To qualify, you need to meet income guidelines and show that you are at nutritional risk. This can include being underweight or having a diet low in essential nutrients. WIC then provides monthly benefits that can be used to buy specific foods like milk, eggs, and fruits.
To apply, you need to contact your state or local WIC office (you can start by Googling “WIC + your state name”). They will tell you what documents to bring and where to go for your appointment.
4. Use SNAP for food assistance
SNAP stands for Supplemental Nutrition Assistance Program. It’s a government program that helps low-income families buy healthy food. If you qualify, you get an EBT card loaded with funds every month.
Using SNAP is easy. You can use your EBT card at most grocery stores and it works just like a debit card.
To qualify for SNAP, you need to meet certain income and other eligibility requirements. These can include having a low income based on your household size.
SNAP can be a huge help if you’re struggling to afford groceries. It allows you to buy essential foods like fruits, vegetables, meats, and dairy products.
5. Free and reduced breakfast and lunch at school
Your child may be able to get free or reduced-price meals at school through several programs, and these programs make sure kids have healthy meals every day.
The most well-known program is the National School Lunch Program (NSLP). It provides low-cost or free lunches to millions of children in public and nonprofit private schools.
Schools many times also have the School Breakfast Program. This is similar to the lunch program but focuses on providing a nutritious morning meal.
In addition to these programs, there is the Special Milk Program. This program provides milk to children who do not participate in other meal programs.
Some schools offer the Community Eligibility Provision (CEP). This allows schools in high-need areas to serve breakfast and lunch at no cost.
To find out if your child is eligible, check with your school. They can guide you through the application process and let you know what your child qualifies for.
6. Seek Temporary Assistance for Needy Families (TANF)
Temporary Assistance for Needy Families (TANF) is a government program that can help you if you’re facing hard times. It provides financial aid to families with children who are struggling to make ends meet and can help with childcare, job training, and finding work.
To apply for TANF, you need to contact your local TANF office. They will help you through the application process and let you know what documents you need.
It’s important to know that each state runs its own TANF program, so the benefits and services might vary. Be sure to ask your local office (you can also reach out to the U.S. Department of Health and Human Services) what specific help they can offer.
7. Low-Income Home Energy Assistance Program (LIHEAP)
If you need help paying your energy bills, you might qualify for the Low-Income Home Energy Assistance Program (LIHEAP). This program helps low-income households with their heating and cooling costs.
LIHEAP provides federal funds to reduce energy costs. This can include help with your energy bills and dealing with energy crises.
You can also get help making your home more energy-efficient. This is known as weatherization and might include things like adding insulation or fixing drafty windows.
8. Early Intervention and Head Start
Early Intervention services are great for families with young children who have special needs. These services help kids from birth to age three. They offer things like speech therapy, occupational therapy, and more. Most services are free, and others have a sliding scale fee. They make sure your child gets the help they need, even if you can’t pay.
Head Start programs are for kids aged three to five. They help with early learning and development. Head Start also supports families with health and dental services.
Both Early Intervention and Head Start focus on getting kids ready for school. They help children learn and grow in important ways and also support families by connecting them to resources they may need.
You can usually self-refer your child to these programs (each state has its own), or ask your pediatrician for a referral.
9. Apply for college grants
College grants are a great way to get free money for school. Unlike loans, you don’t have to pay back grants. They can help cover your tuition, books, and other school expenses.
One of the most well-known grants is the Pell Grant. For the 2023-24 school year, the maximum Pell Grant is $7,395. This grant is for students with financial need.
Another option is the Federal Supplemental Educational Opportunity Grant (FSEOG). This is for students with exceptional financial need. The amount you can get depends on your school and your financial situation.
To apply for these grants, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA helps the government determine how much aid you qualify for.
Many states and schools also offer their own grants. Check with your school’s financial aid office to see what you might be eligible for. It’s a good idea to apply for as many grants as you can.
Grants can make a big difference in paying for college, so it’s worth the effort to apply. Make sure to look for scholarships too!
10. Public Student Loan Forgiveness (PSLF) program
The Public Student Loan Forgiveness (PSLF) program can help if you work in public service. This includes jobs like teaching, nursing, firefighting, and more. If you work in these fields and have federal student loans, you may be able to get your remaining loan balance forgiven after ten years of payments.
To qualify, you must work full-time for a qualified government or nonprofit organization. You also need to make 120 qualifying monthly payments under a qualifying repayment plan. Only payments made after October 1, 2007, count toward the 120 payments required.
The program mainly benefits people who work in low-paying, but important, public service jobs. It’s a way to give back while also getting financial relief. Though the application process can be long and require careful tracking, many find the effort worth it when their loans are wiped out.
11. Claim Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) gives low- to moderate-income workers and families a tax break.
If your income is under a certain amount, you might qualify. This credit can either reduce the taxes you owe or increase your refund. For 2024, the EITC amounts can go up to $3,995, based on your income and family size.
To claim the EITC, you need to file a tax return, even if you do not owe any taxes. You should fill out Form 1040 and a Schedule EIC if you have qualifying children.
12. Get housing vouchers
Housing vouchers are a great way to get help with rent. They are commonly known as Section 8. These vouchers help low-income families, seniors, and people with disabilities afford safe and decent housing.
To get a voucher, your income must be below a certain level and this varies by location and family size.
With a voucher, you can choose any housing that meets program requirements. This gives you some freedom to pick a home that suits your needs best. The government will pay part of the rent, making it more affordable for you.
13. See if you qualify for down payment assistance
Buying a home can be tough, especially when it comes to saving for a down payment. That’s where down payment assistance programs can help prospective homeowners.
These programs come in many forms. You might find grants, loans, or other types of aid to help you with the down payment. Each state offers different programs and some are more generous than others.
To qualify, you’ll need to meet certain requirements. These can include income limits or being a first-time homebuyer.
14. Apply for Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a program that gives monthly payments to people who are disabled, blind, or over 65 and have limited income. You may get help with food, rent, and medical bills.
To apply for SSI, visit the Social Security Administration (SSA) website. There, you can find the application forms and details about the process. You may need to provide information about your finances and living situation.
The application can be done online, by phone, or in person. If you’re under 18 or applying for someone under 18, there are special forms for children.
15. Look for health insurance in the marketplace
We all know that health insurance can be very expensive. Before you skip it, I highly recommend comparing pricing of health insurance on the Health Insurance Marketplace to see if you can find something more affordable for you and your family.
It’s a great way to get coverage and possibly save money. Sometimes, if you qualify, you can get free or low-cost health insurance plans.
Go to Healthcare.gov to start, and each state has its own Marketplace, so follow the specific steps for your state. It can be a little confusing, so make sure you have no distractions and can spend some time doing this.
During the open enrollment period, you can choose a new plan or keep your current one. If you’ve had a big life event, like losing your job, you might qualify to sign up outside the usual enrollment times.
16. Medicaid
Medicaid is a state and federal program that helps people with low incomes get health care. If you qualify, you can receive free or low-cost medical services, like doctor visits, hospital stays, and even prescription drugs.
Medicaid is especially helpful for families, pregnant women, seniors, and people with disabilities.
One of the best parts is that Medicaid covers a wide range of services – you can get help with dental care, mental health services, and even long-term care.
Your income and family size usually determine if you can get Medicaid.
17. Search for unclaimed money
You might have unclaimed money waiting for you. This money comes from many sources like unpaid wages, forgotten bank accounts, or unclaimed insurance benefits.
You can check by going to unclaimed.org, the website managed by the National Association of Unclaimed Property Administrators (NAUPA).
Each state has its own database for unclaimed property. Check your state’s website to see if there is money owed to you.
Frequently Asked Questions
There are several ways you can get money from the government to help with different needs, like paying for food or getting extra support if you don’t make a lot of money.
What ways can I get money from the government?
There are many ways to get free government money. You can apply for unemployment benefits if you lose your job. Families can also check for child tax credits, which give extra money for children. Programs like WIC and SNAP can help with paying for food, and students can get free and reduced breakfast and lunch at school.
How can I get help from the government if I don’t make a lot of money?
Low-income families can use programs like WIC (Women, Infants, and Children), SNAP (Supplemental Nutrition Assistance Program), TANF (Temporary Assistance for Needy Families), LIHEAP (Low-Income Home Energy Assistance Program), and more to get help from the government if they don’t make a lot of money.
How can I borrow money from the government?
The government offers student loans for education through programs like FAFSA. Small businesses can apply for loans from the Small Business Administration (SBA). There are also some loan programs based on specific needs like starting a farm or buying a home.
What is FAFSA?
FAFSA stands for Free Application for Federal Student Aid. It’s a form that students fill out to get financial aid for college. It can help you get grants, loans, and work-study opportunities to pay for your education.
Can I borrow money from my social security benefits?
No, you cannot borrow money from your Social Security benefits. Social Security is designed to provide income during retirement or if you become disabled, so it’s not a source of loans or advance cash.
Is there free grant money for bills and personal use?
Yes, there can be grants for specific needs like paying utility bills or home repairs. You might also find grants for education, food, and health care. Check with local and federal agencies to see if you qualify for any of these grants.
How do I find out if I qualify for any government assistance?
You can visit government websites or contact local agencies. Many state and local governments have online tools to check your eligibility. It’s also helpful to reach out to community organizations that can guide you through the application process.
How To Get Free Money From the Government – Summary
I hope you enjoyed this article on the best ways to get free money from the government.
There are many ways to get free money from the government, such as for housing, to help pay for your children’s expenses, to afford health insurance, to buy food, and more.
Note: There may be changes or updates to the free government programs above. I recommend contacting the program to learn more. Also, please be sure to stay safe with your sensitive information and only use official websites (look for .gov websites and official government organization websites to start with to avoid scams).
What do you think of these free government programs? Have you ever used any of the ways above to get free money from the government?
Looking for ways to make money by driving? There are many opportunities to make money just by driving your car. Whether you prefer delivering packages, giving rides, or even doing tasks for others, there are many gig apps and services that can help you get started. A lot of people are earning good money just…
Looking for ways to make money by driving?
There are many opportunities to make money just by driving your car. Whether you prefer delivering packages, giving rides, or even doing tasks for others, there are many gig apps and services that can help you get started.
A lot of people are earning good money just by using their own cars for different jobs. You can pick your hours and choose the kind of work you like, so driving can be a great way to earn extra income without messing up your daily schedule.
Best Ways To Make Money Driving
Below are the best ways to make money driving.
1. HopSkipDrive
HopSkipDrive is a great way to make money if you like driving and working with kids. HopSkipDrive provides safe and reliable rides for schools and families. They help schools meet their needs for school transportation as well as help with school bus driver shortages. This app is designed for students who cannot use regular bus routes or need extra help with transportation.
The company pays much more than other ride-sharing services.
You can earn around $50 per hour as a CareDriver. This is higher compared to Uber or Lyft. HopSkipDrive sometimes has special promotions where new drivers can earn $500 for 10 trips in their first 14 days, completing a certain number of rides before 8 a.m. and so on.
Becoming a driver has many steps, but it’s for good reasons. You’ll need to complete online orientation, background checks, and a vehicle inspection. This process makes sure drivers are safe and reliable for the children that they are driving.
The company has flexible hours. You can choose when you want to work. This makes it easy to fit into your schedule.
HopSkipDrive is currently available in many states such as Colorado, California, Washington, and Texas.
2. Deliver groceries with Instacart
Delivering groceries with Instacart is a great way to make money driving. You can work as a full-service shopper or an in-store shopper. Full-service shoppers both shop and deliver the groceries. In-store shoppers stay inside the store and prepare orders for pick-up.
To start, you must be at least 18 years old. You’ll need a smartphone to use the Instacart app. You’ll also need a car to deliver groceries if you choose the full-service option.
When you sign up, Instacart will send you a payment card. You’ll use this card at the store to pay for groceries. This card arrives about 5 to 7 days after you complete the sign-up.
Flexibility is a huge perk because you can choose when and how much you want to work. This makes it easy to fit around your schedule. You could work a few hours on weekends or even fill gaps between your main job hours.
Being an Instacart shopper means that attention to detail is important. Customers count on you to pick the best items, like fresh produce and correctly labeled products. Good service can lead to better tips and higher ratings. It’s not as easy as just throwing items in a cart and buying them – I have had careless shoppers in the past, and when that happens, it’s just a waste of my time because I still have to go to the grocery store to fix their mistakes.
You can learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
Another popular option for grocery deliveries is Shipt. I have not used this before, but it is owned by Target and many people like it.
3. Deliver with DoorDash
Delivering with DoorDash is a popular way to make extra money driving. As a Dasher, you can work whenever you want. There are no set hours, so you can fit it around your schedule.
You can use any car or even a bike (in certain cities). This gives you a lot of flexibility. Plus, it’s easy to sign up and start delivering quickly.
Dashers earn money through base pay, tips, and extra incentives. The base pay is what you earn for each delivery. You also keep 100% of your tips, which can add up.
Many Dashers earn around $15 to $20 per hour. This can vary depending on where you live and how busy it is.
Delivering food to customers is simple. You just have to pick up the order from a restaurant and drop it off at the customer’s address. DoorDash provides you with all the instructions and directions you need.
If you enjoy driving and want to make some extra cash, DoorDash is a great option. It’s simple, flexible, and you can start earning quickly.
Please click here to sign up for DoorDash.
Note: There are many other food delivery apps such as Grubhub, Uber Eats, and Gopuff (mainly snack delivery) that you can also do food delivery service with too.
4. Ridesharing
Ridesharing can be a great way to make extra money. Apps like Uber and Lyft let you use your car to give people rides.
The best part is that rideshare drivers can work whenever they want. This flexibility means you can drive in your spare time or make it a full-time job.
To get started with rideshare apps, you need to sign up and create an account. You’ll need to provide some information and upload documents like your driver’s license and insurance.
One way to earn more is by driving during peak hours. These are times when people need more rides, so prices go up. Friday and Saturday nights are some of the busiest times.
Another way to earn more is by driving in busy areas or near popular events because this can help you get more rides in less time.
5. Work for Amazon Flex
Amazon Flex is a great way to make money by delivering packages. Amazon Flex drivers can earn between $18 and $25 an hour, and this depends on where you live and demand.
You use your own vehicle to deliver packages (you need a 4-door, midsize sedan or a larger vehicle, such as an SUV). This means you will need a reliable car and a smartphone to use the Amazon Flex app.
You pick your own schedule with Amazon Flex so this makes it perfect for busy people. You can reserve blocks of time in advance or choose them each day.
To work for Amazon Flex, you need to be 21 or older. You also need a valid driver’s license and insurance.
6. Deliver RVs
Delivering RVs can be a fun way to make money while seeing the country. You get to travel to different places, driving different types of RVs from one location to another.
To start, look for companies that specialize in RV transportation. These companies need drivers to move their RVs around. You can also check with RV dealerships because they sometimes post job listings for delivery drivers.
Many companies require you to have a Commercial Driver’s License (CDL). This is important because many RVs are large and need skilled drivers. Check your state’s requirements and whoever you would be working for to see what you need.
After you’re hired, you will be transporting RVs to different places. This might include taking new RVs to buyers or moving rental RVs to different locations. Make sure you know how to handle the RV you’re driving, whether it’s a small campervan or a large motorhome.
Delivering RVs gives you the chance to make money while traveling. You’ll get to see new places and have some fun experiences along the way.
We have met and seen many people transporting RVs over the years (we RVed full-time for many years, and now we RV part-time!), and it has always seemed like a nice gig. In fact, someone drove our newest RV to deliver it to the dealership that we bought it from!
Recommended reading: 11 Ways To Get Paid To Drive A Car Across The Country
7. Work as a medical courier
Becoming a medical courier is a great way to make money while helping people. Medical couriers deliver important items like medication, medical supplies, and lab samples.
Many places hire medical couriers. These include:
Hospitals have couriers to move medical samples, documents, and medications between buildings.
Pharmacies hire couriers to deliver prescriptions to patients who can’t come in.
Labs need couriers to pick up and drop off medical samples for testing.
Home healthcare agencies use couriers to bring medical supplies and medications to patients at home.
Medical supply companies need couriers to deliver equipment and supplies to healthcare places and patients.
8. Drive for a rental car company
Driving for a rental car company is a great way to make money driving. Companies need help moving their cars from one location to another.
Sometimes, rental companies need cars moved across the country. For example, they might need more cars in Florida during the winter.
You can also help by delivering cars to repair shops. After repairs, you can drive them back to the rental office.
9. Advertise with Wrapify
You can make extra money by advertising on your car with Wrapify.
It’s simple and easy! First, you sign up on the Wrapify app. After passing a background check, you’re ready to start earning.
With Wrapify, you drive your usual routes and the app tracks your mileage. The more you drive, the more you can earn.
Full car wraps pay the most, up to $452 a month. Partial wraps pay less, about $196 to $280 each month. It’s passive income for just driving your car.
There are many other car advertisements platforms, such as Carvertise, Nickelytics, StickerRide, and Stickr.
Recommended reading: 6 Best Ways To Get Paid to Advertise On Your Car
10. Truck driver
Driving a truck across the U.S. is a way to make money while driving. The demand for safe truck drivers keeps growing.
To get started, you need a Commercial Driver’s License (CDL). It’s required for all truck driving jobs. You can apply to trucking companies to work as a company driver.
Starting salaries for truck drivers range from $30,000 to $45,000 per year. Experienced drivers can make up to $80,000 or more annually.
Owning your own truck can increase your earnings even more. Owner-operators tend to make higher rates since they take jobs as needed.
11. Rent out your car
You can make money by renting out your car when you’re not using it. Many car-sharing platforms make it easy to get started. Some popular options include Turo and Getaround, which help you earn extra cash by renting your car to people in your area.
You just need to list your car, set your price, and wait for renters. It’s a simple way to turn your car into an income source.
You do want to remember to check your insurance and make sure it covers rentals. You want to be protected in case anything happens while someone else is driving your car.
12. Help people move
Moving can be very stressful for many people, and they tend to need help to move boxes and furniture. This is where you come in.
If you have a pickup truck or cargo van and some muscle, you can sell moving services. People are willing to pay for the convenience of having someone else do the heavy lifting.
I know for me, I hate moving, so I much prefer to pay someone to help me with this.
13. Deliver with Roadie
Roadie is a great platform to make money with your car, and it is owned by UPS. The company partners with businesses for same-day and local next-day deliveries, using regular passenger vehicles. You can deliver a wide variety of items, from luggage to lawn mowers and more.
Roadie gives you the flexibility to choose deliveries that fit your schedule. You can decide when and how often you want to work. The app is easy to use, and you can see real-time tracking for your deliveries. This helps you manage your time effectively and plan your route.
Some deliveries pay more if the items are larger or heavier. You can earn an average of $12 per trip on local deliveries, and more on multi-stop trips. Plus, this is one of the best driving apps to make money on the same day.
14. Taxi driver
Becoming a taxi driver can be a good way to make money driving. You’ll need a clean driving record and a reliable car. In most places, you’ll also need a special license. This usually means passing an exam and possibly a background check.
Working for a taxi company means they might provide the car. You’ll just drive and get paid. If you drive your own car, you keep more of the money but pay for gas and maintenance.
Some drivers make even more by working during busy times. Think weekends, holidays, and big local events. The faster you get passengers to where they need to go, the more passengers you can pick up.
Frequently Asked Questions
There are many ways to make money driving, from delivering food to ridesharing. Here are answers to common questions about how to make money driving.
Can you make money driving?
Yes, you can make money driving by delivering groceries with Instacart, driving for apps like HopSkipDrive, or delivering with DoorDash. You can also choose ridesharing or working for services like Amazon Flex.
What app pays you to drive?
Several apps pay you to drive such as Uber and Uber Eats, which let you drive passengers or deliver food. The Roadie app lets you deliver items on your chosen routes. There are many more apps that pay you to drive, such as Instacart and Turo too.
How to make a living as a driver?
To make a living as a driver, consistency is key. You can combine multiple apps like Uber, DoorDash, and Amazon Flex. Each app has different opportunities and peak hours. Working during busy times can increase your earnings.
How can I make money on the road?
There are many ways to make a living on the road, such as by delivering RVs to RV dealerships, wrapping your car with an advertisement, or even becoming a truck driver.
How can you make extra money by driving your car across the country?
Driving your car across the country can also make you money. Services like Roadie let you deliver long-distance items. You can also start a moving company and help people relocate. Each trip can be a paid gig, making it a good way to earn while traveling.
How To Make Money Driving – Summary
I hope you enjoyed this article on how to make money driving.
There are many ways to make money while driving such as with apps to make money with your car like HopSkipDrive, Instacart, DoorDash, Uber, Lyft, Amazon Flex, and Roadie.
There are also ways to make money driving that don’t involve an app, such as delivering RVs to dealerships, working as a medical courier, driving for a rental car company, placing an advertisement on your car, becoming a truck driver, helping people move, and becoming a taxi driver.
Whether you’re looking for driving side hustles in the gig economy or if you are looking for a full-time career, there are many ways to make money driving.
Pleasant PPI Paradox Leaves This Week’s Big Victory in Focus
By:
Matthew Graham
Fri, Jul 12 2024, 4:44 PM
Pleasant PPI Paradox Leaves This Week’s Big Victory in Focus
The Producer Price Index (PPI) introduced a brief but disconcerting threat to this week’s relative level of triumph (courtesy of yesterday’s CPI) by suggesting a big, unexpected surge in core inflation at the wholesale level. Bonds initially panicked, but quickly got back on track and never looked back. Thankfully, the components behind the PPI surge are not the same components that would translate to PCE inflation in 2 weeks. We can also consider PPI’s notorious volatility and conclude it would take more than one of these surprises to raise a serious eyebrow. With that, the focus of the week remained squarely on yesterday’s big CPI victory.
Core PPI M/M
0.4 vs 0.2 f’cast
last month revised to 0.3 from 0.0
Core Annual PPI
3.0 vs 2.5 f’cast, 2.3 prev
Consumer Sentiment
66.0 vs 68.5 f’cast, 68.2 prev
Consumer inflation expectations
1yr down 0.1
5yr down 0.1
08:43 AM
Slightly stronger overnight but giving back gains after PPI. MBS unchanged. 10yr up 0.3bps at 4.216.
10:31 AM
healing continues. MBS up an eighth. 10yr down 1.6bps at 4.197
01:07 PM
Flat and sideways at the same levels as the last update.
04:43 PM
Bonds heading out at or near best levels with MBS up nearly 3/4ths and 10yr down 2.6bps at 4.187.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
HMDA Data, Correspondent and Wholesale Products; Inflation and Rate Updates
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HMDA Data, Correspondent and Wholesale Products; Inflation and Rate Updates
By: Rob Chrisman
Fri, Jul 12 2024, 11:37 AM
“I’m sorry, but you can’t always be ‘experiencing a higher volume of calls than average.’ That’s not how averages work.” The “average” person has a student loan, or a car loan, or credit card debt, or all three. Throw in mortgage interest rates around 7 percent, homeowner’s insurance of possibly thousands of dollars, utilities, property taxes, maintenance, mortgage insurance…you get the picture. Home affordability has deteriorated due to all those reasons, not the least of which is mortgage rates, sidelining many prospective buyers from entering the housing market. But even with tight credit standards and high interest rates continuing to constrain lending growth, most homeowners (67 percent) feel that purchasing a home is still attainable, especially as consumers become less downbeat about the effect of inflation on their household finances. Expert advice can help ease the stress of buying: about 40 percent of homeowners are unfamiliar with mortgage affordability/loan programs. Certainly that’s something that good originators can help with. (Today’s podcast is found here and this week’s is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender, uniting the people, systems, and stages of the mortgage process. Hear an interview with Loan Atlas’ Tim Braheem on the best formal education platform for individuals in the mortgage space, covering sales, time management, customer service systems, marketing, leadership, and much more.)
Lender and Broker Software, Services, and Products
Empower self-employed borrowers by maximizing Bank Statement loans and unveiling market opportunities! With this program your borrowers can use up to 85 percent of deposits from business bank statements, without a CPA letter, helping them to qualify with no hassle! No tax returns or 4506C required! Why choose Kind for non-QM? “Our programs are equipped to meet complex finances with flexible terms to help a wider range of borrowers who fall outside conventional lending criteria. We understand that every client is unique and with the dedicated support of our seasoned mortgage professionals and streamlined broker technology, we ensure a smooth and simple process in every aspect of your deal.” Ready to learn more about Kind’s Bank Statement Loan program and how it can help your borrowers who don’t meet the requirements for standard mortgages? Connect with your Kind AE! If you’re not yet a partner with Kind, visit here.
Lenders are fighting to keep their businesses afloat. Advantage Credit gets it. Advantage truly values and appreciates the mortgage professionals out there who are grinding away to make it through this storm. Advantage simply wants everyone to know that they are here to listen and to help in any way that they can. Advantage offers a Services Review (for FREE) to see if they can identify ways to be more efficient and even save some money. It isn’t a silver bullet but it’s what they can do. If nothing else, they want you to know that they are here to listen if anyone just needs an ear to bend and commiserate with. Just fill out this form and let them know a good time to reach out to talk. “We are all in this together and are hopeful for an eventual positive outcome for everyone.”
Symmetry is extremely grateful for our partners! Service, Speed, & Simplicity. And now with better Piggyback HELOC Pricing & Comp options. Margins now as low as Prime +0 percent. Now offering 1 percent borrower paid comp option on their Piggybacks. 1.5 percent borrower paid comp still available on stand-alone HELOCs. Reach out to your Symmetry AE today.
OCMBC, Inc. acknowledges the dramatized lawsuit filed by Home Mortgage Alliance Corporation (HMAC) and firmly denies all allegations. The lawsuit, which lacks merit, is an attempt to engender fear and distract from the true motivations behind it. The FHFA order mandates an indefinite cessation of business relationships with various individuals that have been suspended by FHFA. (FHFA Document). OCMBC maintains that the transitions of employees were made independently and lawfully. All procedures are robustly followed to ensure compliance with legal and regulatory requirements. OCMBC’s strong industry reputation is evident, as it remains a top wholesale lender and a leading NonQM originator in the nation. This lawsuit is seen as a groundless attempt by a less reputable entity to extract financial gain. OCMBC is committed to defending itself vigorously and maintaining its stellar reputation. For more information and full press release, please visit www.OCMBC.com.
FHFA and Vantage Score 4.0
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are making historical VantageScore® 4.0 credit scores available to approved users to support the transition to updated credit score and credit report requirements. The historical credit scores for each Enterprise are associated with single-family loans purchased by that Enterprise from April 2013 through March 2023. This comprehensive release reflects the period for which trended consumer credit data is reliably available across the three nationwide consumer reporting agencies. These scores will provide market participants the ability to better analyze and understand the new credit score models that have been validated and approved for use by the Enterprises. The historical credit scores are available for download at the Enterprises’ respective websites. “The release of historical credit scores on tens of millions of loans provides an extensive resource to help market participants prepare for this transition,” said Director Sandra L. Thompson. “The use of these modernized credit score models will enhance risk management while furthering sustainable access to credit for consumers.” In October 2022, FHFA announced the validation and approval of modernized credit score models for use by the Enterprises. At the same time, FHFA announced that the Enterprises would permit lenders to deliver loans with either tri-merge credit reporting, in which credit reports from each of the three nationwide consumer reporting agencies are used, or bi-merge credit reporting, in which credit reports from two of the nationwide consumer reporting agencies are used.
Mortgage QC Trends and Industry Insights
Don’t miss the latest QC webinar presented by ACES Quality Management’s President, Phillip McCall, and EVP, Nick Volpe on July 17th. In this highly anticipated webinar, these industry experts will cover an in-depth analysis of ACES’ recent Mortgage QC Industry Trends Report, deep dive into mortgage quality control trend reporting and how it aligns with the current state of the industry; and discuss how to best navigate through the volatile financial landscape. Walk away with a better understanding of what’s to come and how you can best prepare for the future. Register for the webinar.
You tell your borrowers that you’re different than the other guys, but then use the same software as everyone else to manage your borrower portal? Differentiate your borrower experience with LiteSpeed by LenderLogix. A+ borrower experience at a price tag your CFO will appreciate.
As lenders continue their mission of increased efficiencies in the origination process, including shorter closing timelines, inspection-based appraisal waivers should be at the top of their implementation list. Thanks to innovations made across the industry, including programs and solutions put in place by the GSEs, inspection-based appraisal waivers are here to stay. When used accordingly, these can result in massive time savings for lenders. However, one hurdle continues to be some confusion around how they work. To help with this, Class Valuation will be hosting a webinar Tuesday, July 30th, titled “Inspection-Based Appraisal Waivers: Everything You Need to Know.” Expert panelists will provide a clear and actionable guide to understanding the options available to lenders and how to properly work them into your operations. You will learn the benefits of inspection-based appraisal waivers for lenders, when a loan is eligible, the ins and outs of property data collection, and much more. Register here
HMDA Data Released
The Federal Financial Institutions Examination Council published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive source of publicly available information on mortgage market activity. The Snapshot National Loan-Level Dataset released contains the national HMDA datasets as of May 1, 2024. Key observations include: For 2023, the number of reporting institutions increased by about 14.6 percent from 4,460 in the previous year to 5,113. The 2023 data include information on 10 million home loan applications, a decrease from the 14.3 million reported in 2022. Among them, 7.7 million were closed-end (e.g., a home mortgage loan) and 2.1 million were open-end (e.g., a home equity line of credit). Another 266,000 records are from financial institutions making use of statutory partial exemptions and did not indicate whether they were closed-end or open-end.
The share of mortgages originated by non-depository, independent mortgage companies accounted for 68.8 percent of first lien, one- to four-family, site-built, owner-occupied home-purchase loans in 2023, up from 60.2 percent in 2022. In terms of borrower race and ethnicity, the share of closed-end home purchase loans for first lien, one- to four-family, site-built, owner-occupied properties made to Black or African American borrowers rose slightly from 8.1 percent in 2022 to 8.2 percent in 2023. The share made to Hispanic-White borrowers increased from 9.1 percent to 9.9 percent, and the share made to Asian borrowers increased slightly from 7.6 percent to 7.7 percent. In 2023, Black or African American and Hispanic-White applicants experienced denial rates for first lien, one- to four-family, site-built, owner-occupied conventional, closed-end home purchase loans of 16.6 percent and 12.0 percent respectively. Denial rates for Asian and non-Hispanic-White applicants were 9.0 percent and 5.8 percent respectively.
Capital Markets
Warning, rate cuts may be coming soon, even if the Fed isn’t quite ready to admit it publicly. A drop in gasoline prices and housing costs led the way for inflation to cool broadly last month to the slowest pace since 2021. Yesterday morning’s CPI report, in which consumer prices declined by 0.1 percent month-over-month, is arguably the most encouraging inflation print that the FOMC has received since it began its fight against inflation nearly two and a half years ago. Excluding food and energy, the core CPI increased by just 0.06 percent (unrounded), the smallest increase since January 2021. Bonds rallied on the reading across the board to lows last seen in March.
With Fed Chair Powell expressing optimism that the uptick in inflation earlier this year was just a speed bump, this reading will likely go a long way toward giving the FOMC the confidence needed to cut rates, likely starting in September (93 percent implied certainty). Traders are pricing in another 25 basis point reduction of the fed funds rate in December. However, some people are skeptical, asking if the U.S. economy needs stimulation. Policymakers will have a chance to signal such moves after meeting later this month, especially with unemployment having risen for three consecutive months. Unemployment, while still low, is steadily moving higher; Job and wage growth are steadily moderating.
After the consumer price index report dominated headlines yesterday, it is producer prices’ turn today. Today’s economic calendar kicked off with June PPI coming in higher than expected (+0.2 percent month-over-month) and Core PPI (up 0.4 percent month-over-month) with upward revisions to previous months. The only other data point today is Preliminary July University of Michigan Consumer Sentiment, due out later this morning. Bank earnings also get under way with JP Morgan, Citigroup and Wells Fargo reporting before the open. We begin Friday with Agency MBS prices and the 10-year yielding 4.22 percent after closing yesterday at 4.19 percent; the 2-year is at 4.51 percent.
Employment
Evergreen Home Loans is excited to announce a leadership transition within its production team. Don Zender, a 30-year company veteran and President of Production for the past three years, has passed the baton to Robert Lipston, effective July 2, 2024. Robert joined Evergreen in 2022, bringing significant growth and a fresh perspective. Don Zender successfully led the team through challenging market conditions, supported by Todd Miles, Joe Moley, and Robert Lipston. Under their leadership, the team thrived, finding opportunities in adversity. Robert Lipston, with his extensive industry experience, is now poised to lead Evergreen’s next growth phase. Don will remain President of Production through 2024, aiding Robert in the transition and continuing to support Evergreen’s values of Integrity, Family, Fun, Growth, and Creativity. In 2025, Don will focus on the Bellevue Washington Region and drive new growth initiatives across the company. If you’re ready to grow with Evergreen, visit Careers.
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(Bloomberg) — Top mortgage lender United Wholesale Mortgage is upping the incentives it offers its network of brokers for making certain types of home loans, a move likely to accelerate refinancings that could have implications for buyers of mortgage-backed securities.
Most Read from Bloomberg
The mortgage wholesaler is offering an additional 1.25% of compensation to brokers for mortgages done through the Department of Veterans Affairs or the Federal Housing Administration, according to a notice on its website. The extra compensation will allow brokers to offer lower rates, giving homeowners a greater incentive to refinance with UWM.
That’s potentially problematic for buyers of MBS backed by Ginnie Mae, the government agency that guarantees VA and FHA home loans. Quicker-than-expected repayments cause bond investors to get their money back sooner, typically leading to lower returns.
“It’s still early, but I think this increases near-term prepayment risks for Ginnie Mae securities,” said Erica Adelberg, an MBS strategist at Bloomberg Intelligence. “It also highlights the idiosyncratic risks that come with Ginnie originations being dominated by a relatively small number of large independent mortgage banks.”
The new incentives only apply to mortgages that are eligible for a government program called a “streamlined” refinance. These are mortgages that meet certain requirements, such as being at least 210 days old and with at least six on-time payments.
“It remains to be seen, but these incentives may help a lot of borrowers qualify for a streamline refinance that may not have been able to before,” said Scott Buchta, a mortgage strategist at Brean Capital.
Most residential mortgages in the US are arranged by non-bank lenders. To get in front of potential borrowers they often rely on networks of independent brokers around the country. As compensation the brokers receive a small portion of the payments on the loans they originate.
UWM is already one of the biggest providers of mortgages in the country, and the change may signify that it’s trying to expand its footprint in the market for borrowers eligible for a loan guarantee by Ginnie Mae, according Buchta. There’s currently about $100 billion worth of VA or FHA mortgages with rates of at least 7%, he said.
Earlier this year a wave of VA and FHA borrowers refinancing their mortgages produced a spasm of anxiety for investors who’d bought Ginnie Mae MBS, leading to worries that prepayments would persist at higher levels. Since then prepayments have slowed, but the new UWM program could revive at least some of those worries.
Living on a budget isn’t hard. It’s about spending less than you make and ensuring your bills are paid. The biggest benefit is the security of knowing your bills are covered, savings are growing, and you can still give and spend wisely. Here are 9 brilliant tips to make living on a budget easy and stress-free.
Find Gratitude
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Be thankful for every cent you earn. Appreciate your paycheck, no matter the amount. Gratitude helps you manage your budget better and value your income.
Be Positive
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Changing your mindset from negative to positive can make a big difference. Focus on finding the good in everything. It helps with living on a budget.
To learn more: 125+ Money Affirmations to Attract More Money into Your Life
Just Start Somewhere
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Starting a budget can be tough, but practice makes progress. Keep refining your method until it works for you. The key is to start somewhere.
To learn more: How To Create A Biweekly Budget
Live a Modest Lifestyle
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Avoid comparing yourself to others. Live a life you can afford with your current income. Spend less, save more, and live within your means.
Avoid Lifestyle Creep
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Lifestyle creep can sneak up on you. Learn to spot and avoid it to keep your spending in check and stay on track financially.
To learn more: Avoid the Trap of Lifestyle Creep and Reach Financial Freedom
Live within Your Means
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Living below your means is crucial for financial freedom. Spend less than you earn and find joy in simple living.
To learn more: How to Live Below Your Means and Love Life
Know Your Season of Life
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Your financial situation changes with different life stages. Adjust your budget to fit your current needs, whether you’re paying off debt or saving.
Be Okay with Your Budget
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Accepting your budget is important. The sooner you embrace it, the faster you’ll reach financial freedom. Align your goals with your spending and saving.
To learn more: Budgeting Made Simple
Living on Budget with a Family
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Budgeting with a family means prioritizing bills, savings, and retirement contributions first. Spend leftover money on kids’ activities and extras.
You can live on a budget
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Don’t wait. Start budgeting now by figuring out your income, deciding on savings and giving goals, and living on the rest.
To learn more: How to Make Living on a Budget Painless
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: These are the absolute best life hacks to saving money. This list of frugal living tips with a big impact with greatly improve your budget and finances.
There are many ways to save money. Today, we are going to focus on frugal living tips with a big impact.
Those money saving tips that will save you the most money in the shortest amount of time.
These are the big impact ones of the all of the frugal living tips out there.
If you are a frugal living beginner or desire to save money, this is what you need to start with.
For many households, you are busy and want to find the life hacks that will make the biggest impact in the shortest amount of time. Saving money is important to you. You have bigger and better aspirations in life.
For us personally, we choose to implement these frugal living tips with a big impact because we want to increase our savings percentage each and every year. We have financial independence – all thanks to the Money Bliss Steps to Financial Freedom.
You should check them out. You might be surprised how your perspective will change.
For now, we are going to stick with the frugal living tips that will save you the most money with the least amount of work. Does that sound like a good deal? You want real life hacks – not just clickbait titles. Right?
I thought so… Let’s dig in to the frugal living tips with a BIG impact!
How to Stay Frugal
The better question is why do you want to stay frugal? What are your personal reasons for being frugal?
In this particular case, we are talking about saving money.
In all honesty, staying frugal means that you are constantly wanting to save more money. You have bigger plans in your life and don’t want to be a slave to your money. You desire to make a plan for your money and that is of utmost importance for your household.
Learning how to stay frugal will turn into a frugal lifestyle. Then, for many, it will morph into a thrifty lifestyle.
It is easy to learn how to stay frugal when you have dreams and plans in your life.
In order to fund those dreams, you need to stop living paycheck to paycheck and begin to give purpose to how you spend and save your money.
If you don’t believe me, then check out this case on why being frugal leads to a millionaire’s success story.
Top 10 Frugal Living Tips with a Big Impact
Like it was stated before, there are hundreds of frugal living tips that you can implement right now to start saving money.
However, for too many people, the list is too long and they want to see immediate progress right now.
These are the TOP 10 frugal living tips that will change how you think about money, spend money, and ultimately save money.
If you want to enjoy life and money (and maybe one day reach financial freedom), this is where you want to start. With this list. Right now. Make these easy lifestyle changes and begin a new relationship with money.
1. Wait 24 Hours to Buy
This is the simplest tip to help improve your money management.
Wait at least 24 hours before you buy something.
During that time, you will figure out whether or not you actually want or need the item. If you still want it, then you can purchase it. However, many times you realize that you didn’t need it or it wasn’t exactly what you wanted. So, you end up saving some money.
Obviously, the wait 24-hour rule applies to anything outside the realms of housing, food, gas, and utilities.
One of the smallest wins is to save $50 a week using this rule because over a year, you will save $2600!
Say what!?!?
That is a big chunk of cash that you probably even didn’t realize you were spending. Now, you are one step closer to reaching financial independence.
2. Make a Plan for Your Money
How do you want to spend your money? Have you ever considered where you want to spend your money before you spend it? Don’t worry if you said no. Most people don’t make a plan for their money.
What does it look like to make a plan for your money?
Before you are paid, you decide how and where you plan to save and spend your money. Did you catch the first part? It is the biggest hint I have for you – decide where you plan to save money first. Then second, how you plan to spend the rest.
Many people call this a budget.
The key is knowing where your priorities lie before putting in all of your variable expenses. You must plan to reach your money goals first. Then, figure out how to live on the rest.
That is called making a plan for your money.
3. Say No to Debt
There is nothing frugal about taking out debt.
Around here, we call debt – the cash flow killer.
It is extremely hard to move forward when debt (specifically the debt payment) is holding you back. It is like taking two steps forward only to be taken back a step now and three steps back in the future.
How to get around not going into debt?
You save up for big purchases, and then, you can pay in cash.
Side note… For this discussion, we are not talking about mortgage debt. In many cases, mortgage debt can be considered a “better” debt because purchasing a home may have a lower mortgage payment than current rents in the area.
4. Understand Where You want to Spend Money
Spending money isn’t a bad thing… IF you are spending money in areas that are important to you.
However, too many times we are blindly spending money and not realizing where our money went at the end of the month.
Is that what you set off to do?
Probably not, but for now, you feel like you are a slave to your bills and not being able to enjoy the fruits of your labor. The time is now to figure out where your priorities lie and the area you want to spend money.
To make this process simpler, it is easier to decide where you don’t want to spend money. For us, a no spend challenge helped us visually see where we wanted to spend money and where we actually spent money. The experience was eye-opening and very valuable.
Now, we know where we want to spend money and that has made a big impact for our finances. What could it do for you?
Just to Note… There are times where you want to spend money isn’t possible because you are barely managing to pay your basic bills. This frugal living tips with a big impact is to help you understand where your goals to spend money lie and what is unnecessary spending.
5. Know Your Reason to Live Frugally
Let’s be honest… living frugally doesn’t come with a lot of materialistic perks. You are sacrificing spending money in order to save money. It is hard to watch people mismanage their money only to get bailed out again and again.
To stick with frugal living and a desire to implement saving money hacks, then you must know your reason to live frugally.
Your answer will vary from everyone else’s answer. That is okay because we all have different money goals.
Have you thought about your reason for living frugally?
Our reason to live frugally is to travel. We don’t want to wait until we retire and the kids are grown to travel. We want to travel now and explore as much as possible while we can. Over time, that has morphed into our desire to reach financial freedom and not be a slave to our jobs. (Don’t worry… I love what I do here and don’t plan to change anything.)
What is your reason to live frugally?
6. Keep your Grocery Budget Trim
This is one of the biggest frugal living areas that will have the most immense impact – how you eat food.
Food is one of the basic expenses that you need to survive. However, how you choose to fuel your body will make a difference in your budget as well as how you choose to shop.
By becoming cognizant of grocery spending, you will learn to save money on groceries, which will make a huge impact over time.
Let’s take this example… You can save $200 a month on your grocery spending. That equates to $2,400 in one year. Almost $5000 in two years. At the end of 10 years, you saved $24,000!!
That is no small chunk of change. While spending an extra $200 a month doesn’t seem like much, over time it adds up to a greater amount. That is when you realize that implementing grocery money saving tips will have a bigger impact than you realized.
Overcoming your grocery budget is a learned trait; here are the best items on your grocery budget list.
7. DIY First
I’ll be the first to admit that making something yourself can be overwhelming when you don’t have a clue where to start.
Thankfully, there are plenty of tutorials to get you started with a simple Google search.
Frugal living tips with a big impact is knowing how to do it yourself first.
Here is one that has saved us over $10,000 in the past 10 years… I learned how to cut everyone’s hair in the house. The reason we started cutting our hair was because we were looking for ways to get out of debt faster.
The worst case scenario with DIY… if it doesn’t work out how you expected then you can always call for professional help. The best case is you just saved yourself a lot of money.
Especially if you own a home, you must learn to DIY first. Many of the skills that you would hire a handyman to do used to be taught by the generation before. Too bad that this isn’t still the case. However, thanks to YouTube, you have plenty of opportunities to learn how to do it yourself.
Another option is to trade services with a friend.
8. Find a Cheaper Alternative
One of the traits of a frugal person is searching for cheaper alternatives. This is a simple money saving hack.
This could be as simple as searching for a better price online and price matching. Or even waiting for a sale or clearance.
Finding cheaper alternatives is a great way to save money. Some options include:
Buying in bulk
Buying generic
Buy less items
Finding items that have dual purposes over single use. (like instant pot / air fryer combo)
You need to open up your eyes to finding cheaper versions or figuring out how to buy what you need at a lower price.
Another alternative is to buy used. This especially holds true for new cars since they lose most of their value within the first 5 years.
Just to Note: A cheaper alternative doesn’t always mean the quality is the same. A thrifty person would want an item that will last longer than the knockoffs.
9. Choose FREE First
Oh my! This hack is one of the best frugal living tips with a big impact.
Why choose FREE first?
Then, you don’t have to spend your hard-earned income on something that is used for a short period of time.
This could be for everything you spend money on.
Find free things to do with no money.
Source items you need in Buy Nothing Facebook groups or Nextdoor.
Choose the library over buying the actual books.
Ultimately, you’re looking at how to get things and do things for free first. This doesn’t make you cheap at all. It makes you frugal. Plus it gives you the chance to spend that money on something else that aligns with your reason to be frugal.
10. Think Long Term
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Too many times, we are so focused on living paycheck to paycheck that we don’t stop to make plans on what we want the next year to be like. Or the next 3 years? 5 years? Even 20 years away?
If you are ready to make a big impact in your life today, start by dreaming and thinking long term financial goals for all of your spending and saving.
Frugal Family Tips
Really quick, we are going to spend a little time discussing frugal family tips for your household.
Why?
Well, kids are expensive and it can be hard not to want the best for your family. And it can be easy to spend money to make that happen.
But first, why should you implement frugal family tips for your household?
Hint: so you can raise financially savvy children who make smart and wise decisions with money as adults. More is caught than today.
Kids learn by example.
So, why not be the best example for your kids with money?
The above list of the top frugal living tips with a big impact is solid money management tips that will build a solid foundation of success.
There isn’t a specific list of frugal family tips. It is taking the above life hacks and talking with your family about why you are making these money decisions. Have conversations about spending money and saving money.
In the long term, teaching frugal family tips will open the door to many opportunities.
That right there, my dear friend, is the gift that will keep on giving.
Tips for Living with Very Little Money
Typically, there are two types of people who are living with very little money and they are on opposite ends of the spectrum.
First of all, don’t compare yourself to others. That slippery slope of comparison is a trap; one which will cause you great harm, stress, and financial strain.
You are looking for tips for living with very little money.
If you are struggling living paycheck to paycheck, then you are in a tough spot right now. Remember, I said right now. You can always change your financial situation. It starts with your money mindset first.
The other person is that extremely frugal person who is consciously choosing to live with very little money. That means you are prioritizing the saving percentage you save each month.
In addition to all of the tips above, you must become EXTREMELY cognizant of your plans to spend money.
You know how and where you plan to spend every single penny that you earn before the money is in your hands.
Consistently, you are finding ways to spend less money and save more money.
A no spend challenge becomes a normal way of living for you. The key is you can’t hold a grudge on your choice of extreme frugality.
Just remember, you can lead a fabulous life with very little money. Money won’t buy your happiness. Finding contentment with your life is the target.
Which Frugal Living Tips with a Big Impact will You Try First?
Okay, so in all honesty, most of these frugal living tips are great money management tips that will completely turn your life in a completely different direction.
You are here because you want to save money with simple life hacks.
This list of the top 10 frugal living tips with a big impact will flip your life upside down for the better.
You need to make a big impact on your finances. Now, you need to embrace these saving money tips and have them become natural habits.
Regardless of income, you are capable of saving your first $10k, then saving $100,000 and ultimately being a millionaire. All it takes is thinking long-term and deciding what is most important for your family and your household.
You hold the keys to a brighter financial future. Grab them and begin to open up doors to more opportunities.
In case you want more frugality in your household, in this post, we outline over 175 + of the best frugal living tips, which are great once you master the money saving tips that will have a longer lasting impact.
For now, what frugal living tips with a big impact will you try first? Comment below and let us know!
You can become the next millionaire with no money!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
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When do you typically think about Christmas shopping?
Around Thanksgiving? Year-around? Christmas Eve?
Regardless of when you plan to start your Christmas shopping, it is never too early to start creating your Christmas budget. Especially if you are Christmas shopping on a tight budget!
When are trying to figure out what should I buy for a Christmas gift on a budget? It can seem like you are putting together a jigsaw puzzle based on what you can afford.
Well, there is great news you will find out in this post! By starting a little early and planning you can guarantee Christmas shopping on a low budget will work for you! Then, you can keep on charging around with your personal money goals.
One of the best tips for Christmas shopping on a budget is to save money all year for the occasion.
That way you avoid the trap of not having money to spend and then resorting to charging your Christmas presents on a credit card. Just a warning… a small amount of debt can turn into a slippery slope and can snowball into much, much more!
Back in the day, many families received a bonus around the holidays. They would determine their Christmas budget on the amount of money they are awarded in this bonus for gifts. However, there is a downfall and risk to use this strategy because these bonuses aren’t guaranteed. Nowadays, very few companies actually give out Christmas bonuses.
So, take it upon yourself to save money on a consistent basis. This could be in the form of bank account or cash envelope. Either way, you can set aside a set dollar amount or a percentage of your income throughout the year for Christmas shopping.
If you are serious about learning how to Christmas shop on a budget, then it is crucial to start with a budget and share your plan for Christmas gifts without exceeding this pre-determined budget.
By spreading out the amount saved for Christmas shopping or actually buying gifts throughout the year, you can successfully keep your budget in control. More importantly, you can eliminate a great deal of stress, which often accompanies last-minute Christmas shopping.
This is exactly how do you make a Christmas special on a budget.
Simple Ideas on Budgeting for Christmas Shopping
One of the best budgeting for Christmas tips is to actually plan out your Christmas shopping. For some of us, who despise planning, you may loathe the idea.
However, in the end, it is one of the best money saving ideas to embrace for long term financial freedom.
If you are trying to figure out how can I do Christmas cheap, then this post has eight simple ideas for budgeting for Christmas shopping.
1. Decide Your Christmas Budget
It is necessary to determine how much to spend before your start Christmas shopping and especially Christmas shopping online.
It is never too early to start thinking about creating your budget for Christmas shopping. As much as I would like to be able to purchase everything under the sun for our friends and family, I must make choices on where my hard-earned money should go. (Hint: This is wise money management advice all-year-around.)
With most of our unfortunate reality, we must budget carefully to be able to purchase Christmas gifts for everyone on our list. With this in mind, it is very imperative to set a budget for Christmas shopping and stick to that budget you agreed on.
2. Make a Christmas List (and check it twice)
After creating a Christmas budget, making a Christmas list in the one of the best budgeting for Christmas tips you can take away!
Just like with regular money management, it is a smart move to make plans for your money BEFORE you start spending it.
Grab our free printable gift tracker and start writing down everything you can possibly buy during the holiday season.
Review your Christmas list and make sure your dream list is something that you can truly afford. Make sure to check it twice!
3. Limit the Number of Gifts
What is the true meaning of Christmas? Buying loads of presents you can barely afford or spending quality time with family and friends?
It is absolutely okay to limit the number of gifts you buy for each person on your list.
Many people apply the 4 gift rule at Christmas to stay within their Christmas budget, avoid overspending, and to teach their kids that materialistic items is not the purpose of Christmas.
This gift-giving idea is simple and based on each child receiving four presents:
a want
a need
something to wear
something to read
4. Shop Early or Shop Late?
Decide what type of shopper you are. Do you prefer to shop throughout the year and pick up frugal bargains? Or are you scrambling at the last minute to shop to do your Christmas gift shopping on a budget?
Honestly, there is no right or wrong answer.
You need to decide how to Christmas shop on a budget that will work for your personality.
Your shopping habits will decide how you will best stay within your Christmas budget and not stress more during the holiday season.
5. Use Cash
Okay, cash is becoming phased out as credit cards and debit cards are the norm. In this case, we are talking about the premise of using cash.
You have the cash available to spend on Christmas shopping sitting in your bank account.
It doesn’t matter if you shop with cash, debit card, or credit card, you can cover all of your Christmas shopping with the money allocated in your Christmas budget. The goal is to enjoy a debt free Christmas.
Before you begin to shop online, evaluate the amount of Christmas gift money you have saved. Then, double-check that amount equates with the budget set for your Christmas shopping.
Even if you are using a credit card and the bill will arrive the following month, today you must have enough money to repay the bill in its entirety and avoid paying interest.
6. Buy in Bulk
Buying in bulk is a term that refers to the idea of buying large quantities of goods or services at a discounted price.
If you’re low on money or short on time, bulk shopping can be a good idea. Many stores offer discounts for customers who purchase large quantities of goods at one time.
This is great for someone who needs to buy a large number of gifts for extended family.
7. Negotiate a better deal
Negotiate a better deal.
Sometimes all you have to do is ask for a discount.
If the company has any promotions or special offers, make sure to ask them about them before making your purchase. Just click the chat or help button when shopping online.
8. Add to Online Cart & Don’t Buy (Yet)
This is probably my favorite trick for Christmas shopping online!
Add the item to your cart and make sure you go far enough through the checkout that the company has your email address. But, don’t buy yet.
Wait for 24 hours.
More than likely, the company will send you a promo code for 10-25% off.
Shopping on Amazon? Add to a wish list. Then, the Amazon app will notify you of a lower price or lightning deal!
Cha-ching! Saving on Christmas shopping.
9. Combine Presents with Needs
This money saving tip is truly my personal favorite!
Think ahead of what the person you are buying for needs and try to find presents that suit that need.
For example, our kids wanted their own snorkeling gear for our next vacation. We have no idea when that trip will happen. So, we bought them snorkeling gear for their birthdays. Instant win-win!
Curious to know how we afford trips… We use a vacation fund.
10. find extra savings
Key tip for Christmas shopping on a budget… always look for deals and a lower price!
Given that so much Christmas shopping is done online, this is a great way to find a cheap presents for much less.
Here are some great apps to make sure you either get cash back or they check for extra coupon codes:
During this time of year, you should never pay for shipping. Honestly, it is one of the reasons, I truly like Amazon prime membership. They will drop ship your gifts to your destination at no extra cost to you.
11. Skip the Bags
Pull out the wrapping paper, ribbon, and bows!
You can spend about $10 a year to wrap all of your gifts, which is a bargain given most holiday gift bags cost about $2-5 each.
Plus if you have little eyes that like to peek, a wrapped box with ribbon is much harder to figure out their presents. This is my favorite book to teach kids about waiting patiently for their Christmas gifts. (Also, it is a big hit with my kids, too!)
Frugal Saver Tip – If you absolutely despise wrapping your presents, then save the gift bags and tissue paper to reuse year after year. That is one of the most fabulous money saving tips for Christmas shopping on a budget!
Christmas Shopping Tips:
The tips outlined are important, but they don’t tell the whole story. The key to saving money throughout the year is making sure you check your budget and keep an eye on how much you spend before Christmas hits.
It’s easy to get caught up in the season and overspend without realizing it.
The best time to save money is before Christmas hits.
Here are some Christmas Shopping Tips to remember.
Make a list of people who would like gifts
Check out sales at stores around town
Buy gift cards for stores where you know people shop
Make your gifts more personal by decorating them yourself
Avoid the guilt of overspending on Christmas with these ideas to make your next holiday a little more affordable
The key to saving money throughout the year is making sure you check your budget and keep an eye on how much you spend.
It’s easy to get caught up in the season and overspend without realizing it.
My Christmas Gift Shopping on a Budget Went over
Yikes, this is exactly what you didn’t want to do. But, the temptation to keep grabbing a couple of things was too much.
We all have the best of intentions, but may find themselves going over your budget when Christmas shopping. You need to keep things in perspective when this happens.
The key is not to go too far over Christmas budget.
If you spent more than planned on one or two people on your Christmas list, then you can recoup this by purchasing less expensive gifts than planned for a few other people to compensate.
Don’t throw in the towel and give up completely when Christmas gift shopping on a tight budget.
What are your favorite for christmas shopping Tips?
Whether you are looking to figure out how can I do Christmas cheap? Or just to save a few extra dollars with these money saving tips?
In this post, we covered the best ways to be prepared for Christmas shopping on a budget.
But, don’t just stop there, use these tips to improve your money management all year around.
Saving extra money just for Christmas is one of the frugal living tips you can start with. Starting in January, stick around Money Bliss and learn a few more ways to improve your money situation.
You won’t regret learning budgeting tips for Christmas. That will change your finances forever.
More Christmas Shopping Money Saving Ideas:
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.