When I bought a home three years ago, the economic climate was different from today. Back then, a house would could be listed on Friday and a contract signed by Monday. It was easy to get a loan (too easy, in fact) and you could make every mistake in the book and still find yourself a home.
Despite the market differences, sound financial planning and a handful of smart moves will ensure that you won’t regret grabbing your piece of the American dream. This post isn’t going to go over the merits of buying versus renting or how you should pick a real estate agent. Instead, I’ll focus on the things you should do to prepare yourself before applying for a loan and then buying a home.
Don’t borrow money Your home will likely be the single largest debt you will take on and represents the greatest risk in the eyes of potential lenders. With lending rules tightening, it’s becoming more and more important that you make yourself look as safe as possible. Safe means as little debt as possible and as little access to credit as possible.
Don’t apply for any new credit cards. They could be offering some hot credit card offers of a hundred bucks to make one purchase or 0% balance transfer, but you must avoid it at all costs. That hundred dollars will cost you thousands, if not tens of thousands, over the life of your loan. Don’t buy a car. Don’t take advantage of 12-month 0% financing “same as cash” offers at Best Buy to get that new flatscreen HDTV you’ve been thinking of.
Don’t make any drastic changes Don’t shuffle your funds around, don’t change your bank, and most of all don’t change your job. This won’t necessarily affect your credit score (some banks will do a hard credit check, which negatively affects your score) but it will give the lender headaches when they try to decipher all the moves you’ve made.
Making large transfers will bring up questions of fund origins. Is this really your money or did you receive it as a gift? Why are you opening up new accounts and shifting your money when you expect to spend it soon? Such moves will result in more questions for you to answer, which takes energy and will prolong the review process. It’s not necessarily bad — just a pain.
The only exception to the “not necessarily bad” is the part about changing jobs. Lenders like stability; stability equals low risk. If you’ve been working with a company for thirty years (or even five), chances are you’re going to work there for a while. If you’ve been working with a company for three months, there’s no saying how long you will work there. Maybe you have a falling out and are fired, maybe you can’t hold a job, maybe you’re perfectly fine and will have a successful career there. All those maybes make lenders nervous. Avoid changes if you can.
Play house There are two crucial steps to “playing house” (financially). First, you need to correctly estimate your monthly payment. Remember that your monthly payment will include the mortgage, taxes, and homeowners insurance. You will also probably want to add a buffer for maintenance and repairs, as you likely will have both. In three years, my wife and I have spent at least $10,000 in repairs and improvements (windows, roof, carpeting).
Another bit of information to research is how the recent federal housing rescue bill or how local first time home-buyer assistance programs may apply to you. The federal housing rescue bill offers a 15-year zero interest $7500 loan in the form of a tax credit to new home buyers. In Maryland, first time home buyers get one half of the transfer tax waived, which can be up to 0.75% the sale price of the home. Both of those will play crucial roles in how you calculate your monthly payment.
The second step is actually playing by budgeting for the mortgage. If you are currently renting, deduct rent from your monthly mortgage payment, and transfer those funds to an account that offers high interest savings. A great place to put those funds is in a fund you designate for your downpayment. As the months pass, you will get a feel for how much you can comfortably afford rather than simply guessing.
This also serves another purpose: it will keep you within your house budget. The Realtor will likely want to show you homes that are outside of your price range. It’s always good to see what is a little above and a little below your range just to see what the difference in value is. By playing house, you have a more accurate feeling of how differences in the monthly payment will affect your lifestyle because you’ve lived it.
Sell or donate your junk Two things will happen when you buy your house:
You will be short on cash.
You will have to move.
By selling some of your junk now, you get a little extra cash, which will likely go towards all the little things involved with a home, and you have less stuff to move. Your wallet will thank you for the former and your friends — whom you will have bribed with pizza and beer to help you move — will thank you for the latter.
Sell or donate anything and everything you honestly can’t see yourself ever using on your new home. Good stuff to purge includes:
Old furniture
Books (do you really need to keep your college textbooks?)
Old clothes
Electronics equipment
Decorations and wall coverings
This will require a bit of intestinal fortitude and an honest assessment of your belongings. It’s difficult to sell or give away things with emotional value. That couch you’ve had since college or that poster you hauled all the way from home — they have emotional value. If you can think of a great place in your new home for it, keep it; if you really can’t (where will a ratty old couch go?), give it a new home.
Donation is a great solution if you’re on a time crunch because organizations like Goodwill or the Salvation Army will happily come and haul away your gently used items absolutely free (and you get a bigger tax deduction).
I hope this list of ideas has been helpful, these were some of the tricks I used when my wife and I bought our first home three years ago. Since then, it’s been a wonderful ride. Home ownership truly has been all it’s cracked up to be. You might be buying a house, but it truly becomes your home.
Frugality is all the rage. And a good thing too. With the economic situation as it is, we had better learn to take pleasure from the simple things if we want to keep our sense of balance and be able to sleep at night.
The Rise of Materialism
Before the advent of retirement savings plans, government pensions and a social safety net, most people had to save without incentive by living modestly. Frivolous, uncontrolled spending was virtually unheard of because the risks were so huge. If you go into homes that are 60 years old, the cupboards are tiny. That’s because nobody had much stuff. Kids slept two or more to a room, sometimes two to a bed! And people made do with just one or two of anything.
How many different pots do you have in your kitchen? How many pairs of shoes do you own? What about sweaters, t-shirts, pants, skirts, bottles of perfume, ties, scarves, purses, face creams? How about CDs and DVDs? What about sound devices like radios, stereos, iPods? How many telephones are there in your house? How many televisions? How many tools, hair clips, sets of dishes?
How much of your life’s energy have you converted into Stuff?
Learning to Live Modestly
Never mind beating yourself up for past waste. That’s a waste of energy too. But think about what you’ve been spending, and what you might need that money for in the future — like food or medical care. Think about how much you already have, and whether you actually have to spend any more money for while. Maybe it’s time for a Spending Holiday.
Figure out what it takes to live modestly for a month. You’ll need to cover your regular bills, such as:
Mortgage or rent
Utilities
Car payment and gas for work
Food, etc.
Once you think you’ve got the bare bones covered — the bare bones — then look at how much cash you think you’ll have to spend (since many bills come right out of your account.) Planning to spend $600 this month on everything from groceries to gas to your sister birthday present? Cut that in half and challenge yourself to live on less.
The Power of Saving
Before you throw your hands up and say, “Ridiculous”, just try it. There’s no failure here. It’s an experiment. It’s to see if it can be done. After all, even if you miss by $150, you’ve still spent much less than you thought was possible. Hit the mark and you’ve experienced living modestly and saving money at the same time. Double Whammy!
How much could you save every year if you decided to live modestly? How much less Stuff would you have? How much happier could you be?
Save just $200 a month by living modestly, put it in an RRSP (or Roth IRA) earning an average of 5%, reinvest your tax refund, and in 25 years you’ll have $90,000. Save $300 a month and you’d have $134,000. Save $500 a month and you’d have $224,000. Amazing!
Living modestly usually means battling the motivations to spend: advertising, friends and their new acquisitions, the mall. It often means taking a little more time to find what you need, and really really really wanting it before you buy it. And it means being willing to accept that what you already have is good enough.
I have so much Stuff that’s not only good enough, but great, that I shouldn’t have to spend a cent for quite some time. I wonder how long I’ll last?
This is a guest post for Earth Day from Beth H., who writes about saving time, money, and the environment at Smart Family Tips.
Going “green” has a bit of a bad rap. As soon as marketers realized it was profitable to be green, suddenly all sorts of products flooded the marketplace with eco-friendly claims. It can be overwhelming. Is it really necessary to buy all this “stuff” to be green? Are these products really as green as they say they are? We’re in a recession — I can’t go into debt to save the planet!
The good news: At its most fundamental, being “green” is nothing new. It’s actually built around a very old philosophy of consuming less, buying only what you need, using things until they’re worn out, and wasting not. Unsurprisingly, frugality and green-living are closely tied. You don’t have to buy expensive “green” products in order to be environmentally friendly. The real goal is to mind your consumption, and that’s good for your wallet and the planet.
Where to start?
Reduce Consumption
Think of all the things you consume in a given day — or a given week. What can you use less of? I’m not talking about self-denial. As J.D. mentioned in a prior post, it may not really be necessary to use two tablespoons of cocoa instead of three. But on a larger scale, can you use less or use things in a different way to avoid waste? Some areas to consider:
Fewer Disposables. Try using fewer paper towels and paper napkins. I picked up a package of 50 terry cloth shop towels at Costco for the same price as a mega-pack of Bounty paper towels. The shop towels are the perfect size for a paper towel replacement (and more absorbent), and that one-time purchase will last indefinitely. I can’t say that I never use a paper towel for anything, but I use far fewer now than before. We’ve also started using basic cotton cloth napkins almost exclusively. They’re just as easy as paper napkins and far less expensive in the long run.
No more bottled water. Consider buying a reusable, BPA-Free bottle and fill it with tap water. Most bottled water is tap water anyway. If you don’t like the taste of the water that comes out of your tap, consider an inexpensive filter. Depending on how much bottled water you and your family drink, you could see tremendous savings here — not to mention the positive impact on the environment when you reduce the number of plastic bottles coming out of your home.
Conserve
When you conserve resources, you’re not only helping to ensure there will be resources left for future generations, you’re saving money, too.
Water. Turn off the faucet when you brush your teeth. If you have children, teach them to do this as well. Install low-flow shower heads. The newer models don’t sacrifice water pressure like the older ones used to. Wash full loads of clothes and dishes. Consider a rain barrel if you have a garden. The benefit: lower water bills and a happier planet.
Energy. Turn down the thermostat a couple of degrees. Set your hot water heater temperature to no more than 120 degrees. Arrange errands so that you drive less.
Food. Plan meals so you waste less food and make fewer trips back and forth to the store. Grow your own. J.D. and Kris have written a lot about their garden project. Having your own garden not only saves you money on food, but conserves resources — your food doesn’t haven’t to travel long distances to make it to your table.
Remember that most of the time, being frugal is being green. Reuse what you can, and try to wear things out. When you do buy new products, try to purchase items that are more efficient and have the least packaging. And of course, recycle. Happy Earth Day!
J.D.’s note: For more on this subject, check out this article from the archives: Want to save the environment? Buy less stuff.
Moving can fire up a rollercoaster of emotions. The early rush of excitement may give way to stress over the looming to-do list of all that needs to happen before the big move.
Like any life transition, moving requires a lot of preparation. Thankfully, there’s no shortage of ways to help streamline the process.
Below are some tips that could make moving more efficient, including a guide to common costs to prepare for.
How to Streamline a Move
Here are a few helpful suggestions whether you’re easing into a new townhouse, apartment, condo, or home.
Get Rid of Unwanted Items
Moving is a chance to let go of items that have gone unused for months or years.
In addition to being able to get rid of unwanted “stuff,” decluttering can help you cut back on moving expenses. With fewer things to move from point A to point B, there’s less need for packing materials or an extra large moving truck. It may even help make the move speedier and more cost-effective, since there’s less stuff to carry (or pay someone else to carry). What’s more, reducing how much you have can also help ensure your new place won’t feel overstuffed.
Prepare Early
As you declutter, it can be useful to identify boxes and packing materials needed during the move, such as packing tape, markers, labels, scissors, newspaper, and bubble wrap. Why spend money on new cardboard boxes when there are likely unused boxes already lying around your home or at friends’ places? A visit to local recycling drop-off points may be in order, as it’s possible they’ll have free cardboard boxes available there, too.
Consider starting off your packing a few weeks ahead of time, with non-essential items like out-of-season clothes or kitchenware that’s rarely used. And consider taking photos of all valuable items as you go. This way, if anything breaks or movers damage something during the move, it will be easier to file a claim and receive reimbursement for it.
Tie Up Loose Ends
Moving to a new area? Consider making a list of everyone you’ll want to contact once you’re settled in your new place.This may include:
• Friends and family members
• U.S. Post Office
• Employers
• Credit card companies and other financial institutions
• Service providers (e.g., water bill or internet)
If you’re hoping to keep utilities or services with a specific provider, it may help to call ahead of time to verify if those services are offered in the area you’re moving to and if the service can be transferred to your new address on or after move-in day.
Keep in mind if you’re starting a new service with a new company, you may need to notify them weeks in advance so they have enough time to schedule a technician’s visit or mail out the necessary equipment.
If you’re leaving the region, you’ll also want to make a note to cancel recurring memberships at local-only businesses, such as gyms and fitness centers.
Organize Moving Documents
From leases to service contracts to quotes from moving companies, there’s a lot of paperwork to manage with a move. It can help to keep all important documents organized in a single folder (and be sure to print out a copy of any documents sent to you electronically). Some paperwork to include in the moving folder could be:
• Old leasing agreements
• A new signed lease (if renting again)
• Invoices from professional movers
• Receipts associated with the move
The paperwork may even come in handy after you move. Members of the U.S. Armed Services may be able to deduct moving expenses, for example. And some companies will reimburse employees who are moving to accept a new job for common moving expenses. Talk to your human resources department to find out if you qualify and which receipts or invoices will be required for documentation.
Prepare a Tip for the Movers
For those who plan to hire professional movers, setting aside cash in an envelope could help when it comes time to tip. Often, people tip their movers if they’re happy with the job they completed. Taking out cash the day before a move can simplify tipping, as it’s one less thing to think about during moving day.
Recommended: The Ultimate Moving Checklist
Common Moving Expenses
When budgeting for a move, it can be useful to plan for expenses that can add up quickly.
Understanding Professional Moving Costs
If you’re moving yourself, plan on paying an average of $50 per day to rent the truck, and budget more for mileage, gas, tolls, and other expenses.
If you’re hiring professionals for the job, you can expect to pay quite a bit more. An in-town move that uses a team of two movers could cost an average of $80 to $100 per hour, according to Consumer Affairs. Moving to another state? Be prepared to spend upwards of $5,000 or more, depending on how far you’re going and the amount of stuff you’re hauling.
You may also want to consider whether to budget for packing services, which typically runs anywhere from $300 to $500, and moving insurance, which protects you in case your items are lost or damaged during the move.
If you’re looking to save a little money — and your schedule is flexible — you may want to look into moving during the middle of the week or middle of the month, when demand tends to be lower.
Estimating Transportation Costs
In addition to budgeting for the cost of moving your things, it’s good to calculate the expense of transporting yourself to your new home. Be sure to factor in expenses such as flights, lodging, food, rental car, and gas.
Other Supplies and Expenses
You might already be loading up on bubble wrap, packing tape, boxes, and labels. But there may be other moving-day essentials to consider.
1. Cleaning supplies: Many landlords expect outgoing tenants to leave a property just as they found it: clean and empty. Be sure you have a mop, broom, cleaners, and sponges on hand.
2. Repairs and renovations: Whether you’re patching holes in your old place or making upgrades in your new home, consider budgeting for any renovations or repairs.
3. Furniture and other home items: You may find that when you move into your new space, you need to buy some new furniture. You may want to set aside a little extra for these purchases.
4. New license and vehicle registration: If you’re moving across the country, you may need to calculate the cost of getting a new driver’s license and registration in a different state. Fees for getting a new license and vehicle registration vary by state.
Recommended: Things to Budget for After Buying a Home
The Takeaway
Whether you’re relocating across town or across the country, moving can be exciting. But it can also be stressful and expensive. To help streamline the process, you can remove and donate any unwanted items, assemble your supplies and the movers’ tip ahead of time, organize all the moving documents in one place, and alert family, friends, employers, and creditors of your new address.
It also helps to prepare your budget. A DIY move is often the most affordable option — on average, it costs around $50 per day to rent a truck, which does not include mileage, gas, tolls, and other expenses. A professional mover costs substantially more. An in-town move that uses a two-person team may cost around $80 to $100 per hour, but that price could climb into the thousands for an interstate move.
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We are going to under the cover and discover $13 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $13 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $13 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must be know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want too, then keep reading. You are in the right place.
$13 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $13 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $13 = $27,040
$27040 is the gross annual salary with a $13 per hour wage.
Breakdown of 13 Dollars an hour is how much a year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiple the hourly salary of $13 times 2,080 working hours, and the result is $27,040.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $13 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiple the hourly salary of $13 times 1,040 working hours, and the result is $13,520.
How Much is $13 Per Month?
On average, the monthly amount would average $2253.
Annual Amount of $27,040 ÷ 12 months = $2,253 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,127.
How Much is $13 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $13 = $520 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $260.
How Much is $13 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $520 and double it.
$520 per week x 2 = $1040
Also, the other way to calculate this is:
40 hours x 2 weeks x $13 an hour = $1040
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $520.
How Much is $13 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $13 per hour = $104 per day.
If you work 10 hours a day for four days, then you would make $130 per day. (10 hours x $13 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $52.
$13 Per Hour is…
$13 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$27,040
Yearly Wage (50 weeks)
$26,000
Monthly Wage (173 hours)
$2,253
Weekly Wage (40 Hours)
$520
Bi-Weekly Wage (80 Hours)
$1040
Daily Wage (8 Hours)
$104
Net Estimated Monthly Income
$1,720
**These are assumptions based on simple scenarios.
Paid Time Off Earning 13 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $27,040 per year.
This is the same as the example above for an annual salary making $13 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiple the hourly salary of $13 times 2,000 working hours, and the result is $26,000.
40 hours x 50 weeks x $13 = $26000
You would average $104 per working day and nothing when you don’t work.
$13 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $27,040
Federal Taxes of 12%: $3,245
State Taxes of 4%: $1,082
Social Security and Medicare of 7.65%: $2,069
$13 an Hour per Year after Taxes: $20,645
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$20645 ÷ 2080 hours = $9.93 per hour
After estimated taxes and FICA, you are netting $9.93 an hour. That is $3.07 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$13 an Hour Budget – Example
You are probably wondering can I live on my own making 13 dollars an hour? How much rent can you afford at 13 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $13 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $13 an hour was $9.93 after taxes. That would average $1720 per month.
According to the Cents Plan Formula, here is the high level view of a $13 per hour budget:
Basic Expenses of 50% = $860
Save Money of 20% = $344
Give Money of 10% = $172
Fun Spending of 20% = $344
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $13 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $13 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$68
Savings
15-25%
$135
Housing
20-30%
$676
Utilities
4-7%
$135
Groceries
5-12%
$203
Clothing
1-4%
$23
Transportation
4-10%
$135
Medical
5-12%
$225
Life Insurance
1%
$19
Education
1-4%
$11
Personal
2-7%
$35
Recreation / Entertainment
3-8%
$56
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$533
Total Gross Income
$2253
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$13 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $13.01-13.99.
This is super helpful if you make $13.12, $13.35, or $13.77.
Living on $13 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 13 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $13 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $13.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $13 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $13 an Hour
In this last section, grasp these tips on how to live on $13 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $13 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $13 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $13 an hour minus all the taxes, FICA, social security, and medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $13 an Hour
You can always find jobs that pay $13 per hour. Polish up that smile, fill out the application, and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$13 Per Hour Annual Salary
In this post, we detailed 13 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 13 dollars an hour annually…
$27,040
This is under $30000 per year and you need to make at least $45k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
We are going to under the cover and discover $12 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $12 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $12 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want too, then keep reading. You are in the right place.
$12 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $12 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $12 = $24960
$24960 is the gross annual salary with a $12 per hour wage.
Breakdown Of 12 Dollars An Hour Is How Much A Year
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiple the hourly salary of $12 times 2,080 working hours, and the result is $24,960.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $12 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiple the hourly salary of $12 times 1,040 working hours, and the result is $12480.
How Much is $12 Per Month?
On average, the monthly amount would average $2,080.
Annual Amount of $24000 ÷ 12 months = $2080 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1040.
How Much is $12 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $12 = $480 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $240.
How Much is $12 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $480 and double it.
$480 per week x 2 = $960
Also, the other way to calculate this is:
40 hours x 2 weeks x $12 an hour = $960
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $480.
How Much is $12 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $12 per hour = $96 per day.
If you work 10 hours a day for four days, then you would make $120 per day. (10 hours x $12 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $48.
$12 Per Hour is…
$12 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$24,960
Yearly Wage (50 weeks)
$24,000
Monthly Wage (173 hours)
$2,080
Weekly Wage (40 Hours)
$490
Bi-Weekly Wage (80 Hours)
$960
Daily Wage (8 Hours)
$96
Net Estimated Monthly Income
$1,588
**These are assumptions based on simple scenarios.
Paid Time Off Earning 12 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $24960 per year.
This is the same as the example above for an annual salary making $12 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiple the hourly salary of $12 times 2,000 working hours, and the result is $24,000.
40 hours x 50 weeks x $12 = $24000
You would average $96 per working day and nothing when you don’t work.
$12 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $24,960
Federal Taxes of 12%: $2,995
State Taxes of 4%: $998
Social Security and Medicare of 7.65%: $1,909
$12 an Hour per Year after Taxes: $19,057
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$19057 ÷ 2080 hours = $9.16 per hour
After estimated taxes and FICA, you are netting $9.16 an hour. That is $2.84 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$12 an Hour Budget Example
You are probably wondering can I live on my own making 12 dollars an hour? How much rent can you afford on 12 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $12 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated $12 an hour was $9.16 after taxes. That would average $1588 per month.
According to the Cents Plan Formula, here is the high level view of a $12 per hour budget:
Basic Expenses of 50% = $794
Save Money of 20% = $318
Give Money of 10% = $159
Fun Spending of 20% = $318
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $12 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $12 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$62
Savings
15-25%
$104
Housing
20-30%
$645
Utilities
4-7%
$125
Groceries
5-12%
$187
Clothing
1-4%
$21
Transportation
4-10%
$125
Medical
5-12%
$208
Life Insurance
1%
$18
Education
1-4%
$10
Personal
2-7%
$31
Recreation / Entertainment
3-8%
$52
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$492
Total Gross Income
$2,080
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$12 an Hour Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $12.01-12.99.
Here is a handy calculator to use if you make $12.60, $12.30, or $12.75 an hour.
Living on $12 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to realize that your mindset is everything.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 12 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $12 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $12.50 will add up over the year. Even better $13 an hour or $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $12 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40-hour-a-week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $75,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $12 an Hour
In this last section, grasp these tips on how to live on $12 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $12 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $12 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $12 an hour minus all the taxes, FICA, social security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $12 an Hour
You can always find jobs that pay $12 per hour. Polish up that smile, fill out the application and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas for Jobs Paying $12 an hour:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Virtual Assistant – learn how to get started now!
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Call center
Hotel Housekeeper
Delivery driver
Product demonstrator
Caregiver
Busser at restaurants
companies paying $12 an hour
Target
Amazon
Walgreens
Great Wolf Lodge
Olive Garden
Sonic
$12 Per Hour Annual Salary
In this post, we detailed 12 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 12 dollars an hour annually…
$24,960
This is under $30000 per year and you need to make at least $38k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Spend your time wisely and make money doing it. All of these quick ways to make money are simple and easy to do!
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Know someone else that needs this, too? Then, please share!!
This weekend, I turn 27. I’m excited for 27, and I think it will be a great year.
This year, I’ve decided to sit down and reflect on the past year, and my whole life. Many things have changed over the years, especially over the past few. Usually I just let my birthday fly by, but doing some self-reflection is always a good idea.
I’ve made mistakes over the years, and I’ve also made good decisions. I’ve learned a lot of valuable life lessons, and now I am happier than ever.
While I am not perfect and don’t have a perfect life, life is good and I am very fortunate. I have great friends, a great family, a happy marriage, wonderful dogs, a business that I love, a life of travel, and more.
Here are 27 life lessons I’ve learned in the first 27 years of my life. While some may seem obvious, others may not, but everything below is what made me who I am today. Plus, you may learn something new or something may just “click” after reading my list. Enjoy!
1. Value your time.
When I was younger, a year seemed like an extremely long time. Now, it seems like years go by very quickly.
Time is important, and you should value it. Instead of spending your time doing something you dislike, you should make a goal to change the negative things in your life to something you enjoy instead of waiting decades.
2. Never compare your beginning to someone else’s middle.
Comparing yourself to others can sometimes give you motivation to work harder, but you also don’t want to be unrealistic or get frustrated.
You should always give yourself time with a new task, and don’t think of yourself as a complete failure just because you’re not at the same point as someone else.
Everything takes time, and practice makes perfect.
One of the great temptations for us as leaders and dreamers is to compare the start of our new adventures to the middle of someone else’s. You work on your first book and pick up Max Lucado’s 14th book and say, ‘Mine isn’t as good.’ You post your first blog post and look at Michael Hyatt’s 100th and think, ‘Mine is nowhere near as great as that.’ You give your first speech and watch Ken Robinson’s 1,000th at TED and think, ‘I’m not great like that.’ – Jon Acuff
3. Create a plan to reach your dreams and goals.
You aren’t going to magically reach your dreams and goals unless you create a plan to reach them.
What do you often dream of? Maybe you want a certain career, you want to travel, or something else.
Whatever you want to do, why not create a plan so you can reach your goal? You might live in regret until that happens! You only live once, so a good first step is creating a plan to achieve your dream.
4. Be positive.
I say this in many of my posts, but I truly believe in it. It’s also something that I think more people need to work on.
Being positive can completely change your life. This means you should laugh more, smile more, be happy with yourself (this is very important!), quit being jealous, complain less, have a better outlook on life, and more.
The power of positive thinking may help you:
Find another option or route
Feel motivated, so you can keep on pushing
Move on from your past mistakes
Convince yourself that you can improve your situation (career, financial, family, etc.)
Reach for your goals
Be happier
Related article: Why I Believe Being Positive Can Change Your Financial Situation And Your Life.
5. Learn something new as often as you can.
Back when I was in school, I hated learning new things. Yes, that’s how most children and students are. However, I still remember one day in college when I was a freshman, a man in his 60’s was in one of my philosophy classes. We all asked him why he was there, because, as young 18 year olds, we all thought school was such a drag. He proceeded to tell us how learning and school were the best things in life and that one day, while maybe not right now, we would realize that.
Well, now I know.
I enjoy learning new things more than ever. I’m constantly reading and learning about new things, whereas before I probably would have laughed at myself.
There is so much to learn in the world, and it is so easy to do so. There are classes, articles, great books, and many more things that are so easily accessible in this day and age.
6. Stop living in regret.
You can’t change the past, so there is no point in dwelling on regret and letting it negatively impact you. Instead, you should learn from your mistakes and move on.
7. Don’t care about what anyone else thinks.
This is one that took me awhile to realize, but thankfully I truly believe it now. You should do things for you and not let other people’s opinion’s rule your life.
Do what is right for you!
8. Live life to the fullest.
No matter who a person is, what they are currently doing, how much money they have in the bank, and so on, everyone can start living life to the fullest.
You just never know what may happen in the future, so taking advantage of the time you have now is very important. No one ever wants their life to flash before their eyes and wonder whether their life was meaningful or not, whether they had a good time, or whether they regret past decisions.
And, yes, you can live a great life on a realistic budget.
9. Cherish moments with loved ones.
Now that we travel full-time, we don’t see family and friends as often as we used to. In fact, we haven’t been “home” in over 6 months.
I’ve always cherished the moments with those that I love, but now I make sure to make each trip even more special.
You should never take a moment for granted with those that you love. This will sound very doom and gloom, but you just never know what may happen to you or them. Plus, spending time with your loved ones is always a great time, so why not just do it more?!
10. Make time for fun.
All work and no play is never good for anyone.
You should always make time for the things that you love, even if it’s just a few hours each week. This can help lift your mood, increase your motivation, and more.
11. Excuses are just that – excuses.
Many people make excuses for why things aren’t going their way. Yes, sometimes you may find yourself in a bad situation, but it doesn’t mean that you’re not in control of your own destiny.
Don’t let excuses hold you back. Instead, take action in your life and overcome the obstacles in your path.
12. Do what YOU want to do.
What makes you happy, excited, joyful, and motivated? That’s what you should be doing with your life (as long as it’s legal)!
If you want to live a life of adventure – Go for it.
If you want to start a family – Start planning one.
If you want a better job – Get one.
If you want to change the world – Do it.
13. Less is more.
The idea that less is more is something I think about nearly every day.
When we recently got rid of the majority of our belongings to move into our RV full-time, I truly realized how less is more. We had so much junk that we had never touched, and it wasn’t contributing to the improvement of our lives in any way.
Having less stuff is great for many reasons:
Less clutter
We can give more attention to what truly matters
Less money spent on things that don’t matter
14. Laughter is the best form of medicine.
Laughter and happiness can pretty much cure anything. Next time you’re feeling down, try to find a way to laugh. It will help!
15. Help others as much as you can.
Helping others can completely change your life and change other lives as well. Whether you do something big or small, do something! The smallest gesture can make someone’s day and completely change how they feel.
Here are a few ways to help others:
Smile and say hello to everyone you cross paths with
Donate items from your home
Donate blood
Encourage someone who is struggling
Foster an animal
Become a Big Brother or a Big Sister
Volunteer
Read more at 58 Random Acts Of Kindness.
16. Sometimes you just have to go for it.
You’ll never know what the outcome is if you don’t just go for it. Instead of constantly thinking “what if,” you may just want to take the leap and finally try it out.
17. Dogs are awesome.
Here’s proof.
18. Gain control of your financial situation.
Money is not everything, but being in a good financial situation may make your life easier.
You should pay off your debt, earn more money than you spend, stop keeping up with the Joneses, save for retirement, and so on.
Gaining control of your financial situation is important because you won’t feel as stuck when it comes to money. And then, you may be able to do more because you won’t be held back by monetary problems.
This may help you to reach your dreams, such as traveling more, following your passion, be less stressed, and more.
19. You can say no.
You don’t have to say yes to every single request. Saying yes can be great if you have the time, but saying yes to everything can also cause a lot of stress and lead to people taking advantage of you.
Sometimes you have to evaluate your options and possibly say no.
20. Gossip stinks.
Gossipping doesn’t help anyone.
If you don’t like someone or you don’t like what they’re doing, why should you spend your time thinking about them or talking about them to others? That is just a waste of time!
21. Don’t let life pass you by.
It can be really easy to let life pass you by. Before you know it, years or even decades may be gone.
Too many people have the mindset of “Oh, in 10 years life will be so much better because of this and that.” And then they just let their lives go by without ever thinking about the present.
Well, what about now?! 10 years is a long time! Reaching a goal is great, but during the present you should try to fit in some happiness as well (on a budget, of course).
22. See the beauty in everything.
There are beautiful things all around us. Instead of seeing the bad in things, try to see the good.
23. Kill them with kindness.
Being kind to others is always important, even when a person is being negative, hurtful, or difficult.
Whenever someone is being difficult in my life, I almost always attempt to kill them with kindness.
And, I’ve found that it works 99% of the time.
24. Be open to new things and tackle your fears.
When was the last time you did something new? So many people live inside their comfort zone when they actually need to branch out every now and then.
Yes, stepping outside of your box can be tough, but what if it completely opened your eyes and changed your whole outlook on life? Wouldn’t that be amazing?
Related: 10 Daily Challenges To Improve Your Life
25. Balance is important.
You can’t do everything 24/7. You need some sort of balance to stay sane.
26. Be confident.
Being confident can help you succeed in life. If you don’t believe in yourself, then who will?
27. Money is just money.
Too many people let money take over their life in ways that don’t bring them any joy. Yes, you need money in order to pay bills and to survive, but it is just money.
Instead of letting money take over your life, you should use it as a tool to help improve your life. Instead of thinking about money in a negative way, think about it in a positive way and take actions to improve your financial situation.
Once, I couldn’t find a matching pair of shoes, so I put one foot in a ballet flat and the other in a tennis shoe and acted like I had sprained my ankle. True story.
You may wonder then why this girl is writing an article on decluttering and disorganization and their relationship to finances, especially since I still have a lot to learn. While there are definitely others who are more organized, I have come a long way.
I have no idea how much being disorganized has cost me directly, or how much a cluttered life affected my finances indirectly. But it’s significant: Paying credit cards late, getting overdrafts, losing bills or other important papers, buying stuff only to find out I already had it, and on and on. It was painful in so many ways.
As I mentioned in a recent article, when I conquered clutter, things really improved financially. This is an expansion of that article.
Clutterosis
This magazine article cites a study that found a link between cortisol levels (the stress hormone) and clutter. I am not surprised; I felt stress every time I looked at my paper piles, too.
But it wasn’t enough to feel stress. After all, I read book after book, article after article about organizing and decluttering. I knew how to improve, but I wasn’t doing it. My house and life still looked the same.
Does that sound familiar? Money is more about the mind than it is about the math. And getting organized is more about the mind than it is about how many storage containers you have.
1. Easier is the goal. The first step to curing yourself of clutterosis (it’s kind of like halitosis because you can’t find your toothbrush) is to convince yourself that you just want to make your life easier; however that needs to happen, do it. I had to have several conversations with myself about this. In most cases, it was not easier for me to store things that I wasn’t using for an indefinite period of time. I just thought it would be easier, you know, to have two coffee carafes in case we had lots of coffee-drinking friends over at the same time or a spare electric skillet for…something. In addition to clutterosis, I also had a serious case of the “in cases.” You know, in case I lose weight, I’ll keep these clothes. In case I start playing the violin again, I’ll keep this music.
2. Just say no. You also have to realize that your organizing abilities/desires are different from other people’s. Since I have difficulty organizing a lot of stuff, I need to have less stuff. Period. For a long time, I had the reputation of liking free stuff, so if someone had something they wanted to give away, they called me. Most of the time I said, sure!
After all, what is better than free? Having only the objects you want or need, that’s what. Once I realized that I could organize my life so much better when I didn’t have so many things to worry about and take care of, I started saying no to even free stuff most of the time.
Guard your life. If you don’t really like it or don’t think you will use it often, keep it out of your life. I’ve never regretted declining a free item. But I enjoy my tidier, decluttered streamlined house. And now that we have two kids, I am even more zealous about keeping stuff we don’t use outta here. You don’t like that shirt and won’t wear it? Let’s give it to someone who will. STAT! Because I’m not great at managing lots of stuff, I have to be even more diligent about what comes through the front door.
3. Purge. Before I got serious about decluttering, I sold a few things, but the piles of stuff always found their way home. Once I was ready to tackle the clutter — for real — I started by evaluating the areas of my house that were the problem areas: the kitchen table, the kitchen counters, and some closets. I started out hesitantly, still stuck on “I might use this someday,” but quickly created a huge pile once I started feeling some freedom.
This is a step that had paralyzed me before. Even I find stuff to get rid of, where should I take it? I will have to put it in my car and make time to stop by Goodwill and then…do I just throw it away?
But to get the purging started, I called up a couple of friends and invited them to take any part of the pile. I was so excited to see my stuff leave my house and find new life with my friends. That inspired me to keep going.
While I still have some spots to declutter, I am getting there.
4. Be systematic. Once I cleared our house of things we weren’t using anymore, I started creating systems and processes that maintained our new and (more) decluttered lives. This is where all the books and articles I had read in previous years came in handy.
Here are just a few tips that I’ve found particularly helpful:
Sort the mail over the garbage can, immediately after coming in from the mailbox.
Put like things together (for instance, creating a baking zone with flour, sugar, etc. in the kitchen).
Make a place for everything and put everything in its place.
Waiting does not change a mountain into a molehill. Many times, I left kitchen clean-up for the next day, but dirty dishes don’t improve overnight, but wouldn’t it be great if they did?!
Websites
There are a zillion websites on organizing/decluttering, but here are a few just to get you started.
www.flylady.net
www.unclutterer.com
www.iheartorganizing.blogspot.com
Chime in if you’re a reformed slob like me or if you’ve always had clutter under control. What works for you today?
This post is an illustrated, pared-down version of my recent “Inflation, Explained” podcast episode.
It was created as a simple, easy-to-digest guide to help you understand the current inflationary environment in the US.
Ready? Let’s dive in!
What is inflation?
Simple definition: too much money chasing too few goods.
– a.k.a. this: –
When Does it Happen?
When the growth of the money supply outpaces the growth of the economy
The money supply grows from…
– Printing & issuance of new money
– The government loaning money into banking system by purchasing government bonds
– The government deciding to legally devalue currency*
(*The U.S. dollar has only been deliberately devalued once, in 1933-1934)
When demand outpaces supply, (aka too much money chasing too few goods) which causes prices to rise.
What this can look like…
– Higher demand for goods that can’t quickly or easily increase in supply. (More on this in a minute.)
– Manufacturers and retailers facing higher production costs due to external factors driving up the cost of raw materials or manufacturing. These higher costs get passed down to the end consumer.
Fun fact!
There’s also something called the “wage price spiral.”
It takes place when…
1. Prices begin to rise,
2. Causing life to get generally more expensive,
3. And so workers ask for higher salaries,
4. Which employers pay,
5. And then the employers have to raise the price of **their own goods and services** to pay those increased labor costs!
6. …Which then cycles back to step 1 and compounds, pushing prices up further.
(If this sounds familiar, it’s because this has been our reality for the past 2 years!)
What the wage price spiral has looked like these past couple years:
Services were unavailable (e.g. concerts, restaurants, travel, etc.) so people turned their attention towards goods.
But at the same time, the supply chain capabilities couldn’t meet all the added demand for goods.
Fun fact!
In many sectors, producers must make large capital expenditures in order to increase production capacity. (For example: lumber millers.) These heavy CapEx investments require a long lead time, often multi-year.
Many producers lack either the capital to invest, or the confidence that the increased demand will persist. They don’t want to invest in CapEx for fear that two years down the line they’ll be overproducing for lower demand.
On top of all this, there are a lot of people opting out of the work force, whether for home schooling, general Covid concerns, caring for a family member, relocation, etc.
This further compounds the wage price spiral.
What are the effects of inflation?
Background info…
1. Some degree of **controlled inflation** is desirable for the economy, because it causes investors to look for investments to outpace inflation.
(📈 Investment activity = ⛽️ Fuel for the economy)
2. Controlled inflation also encourages consumers to spend now since tomorrow’s cash is worth less than today’s.
(💸 Money changing hands = ⛽️ More fuel for the economy)
The takeaway here…
All this is to say that inflation can be a good thing.
But!!! It needs to be managed carefully.
Fun fact!
For developed economies, around 2 percent inflation is the targeted “sweet spot” amount.
For developing economies, the targeted amount is usually higher. For example, India targets 4 percent. (+/- 2%)
With that background info out of the way, let’s move on to…
“How does inflation affect me?”
Who inflation is good for…
1. Borrowers
Once the banking system has money (from the government buying bonds), they’re able to loan it out.
The people who are able to get these loans are poised to benefit *significantly* as inflation picks up, especially the borrowers who were able to get fixed-rate loans.
Why?
If you have a fixed-rate loan with a rate that’s *lower* than inflation, it means that over time you repay that loan with cheaper and cheaper dollars.
2. Exporters
Inflation is good for exporters because they pay lower production costs associated with a weaker USD and sell their products in a stronger currency.
Who inflation is bad for…
1. Savers
Your dollar can buy less stuff, and the value of your cash gets eroded the longer you hold it.
2. Importers
The weaker USD means foreign-made goods are effectively more expensive.
How different assets are affected by inflation
Tangible assets
Tangible assets (that are valued in currency) are strong inflation hedges.
These allow you to store monetary value in something other than currency.
Examples include real estate (residential, commercial, land), commodities (oil, natural gas, precious metals, wheat and corn), art, and jewelry.
As inflation increases, often so could the value of these assets.
How to get a triple win!
If you were to take out a fixed-rate mortgage to buy real estate, you’d have a fantastic setup for an inflationary environment.
Here’s why:
1. You’d own an asset that historically has performed incredibly well in inflationary periods
2. You’d have a locked-in fixed-rate mortgage that you secured before interest rates rise further (the Fed has 7 rate hikes planned for 2022, and more for 2023)
3. You’d repay your mortgage with cheaper dollars over time
(Check out my free “2022 Real Estate Inflation & Recession Guide” for an in-depth overview of real estate investing in our current inflationary environment.)
What about stocks?
Historically, stocks and real estate have been great hedges against inflation.
But not all stocks are equally strong in inflationary periods.
Growth Stocks = 👎
Growth stocks are stocks that look promising for the future but don’t have particularly great numbers right now.
(e.g. Amazon, Facebook, Netflix, etc.)
Growth stocks usually take a hit during high-inflation environments. 💩
Value Stocks = 👍
Value stocks are stocks for companies that are doing well today but that investors believe are underpriced in the market relative to their performance.
Value stocks historically have done well in high-inflation environments. 📈
Fun fact!
Many (but not all) tech stocks are growth stocks, and several tech stocks (the “FAANG” stocks — Meta, Amazon, Apple, Netflix, Alphabet) also represent the largest cap stocks in the index.
This is one reason why we’ve seen such huge swings in the overall stock market lately…
Investors have been reassessing what they’re willing to pay for potential future returns on growth stocks in light of our high inflationary environment.
When the Fed tightens the money supply, there’s a risk of recession, which means battling inflation necessarily holds a degree of recession risk. This makes investors more cautious.
Said another way…
Lots of growth stocks being sold + Those stocks representing a large percentage of the total market cap = Volatility in the stock market
Takeaways and next steps
Hopefully you now have a better foundational understanding of inflation and how it affects you.
Here’s what to do next…
Stay Calm
Don’t get too wrapped up in headlines.
Don’t blow up your entire strategy and portfolio.
Remember that you’re in this for the long game, and that smart investing is about being patient and strategic, NOT trying to time the market.
Evaluate your portfolio
Take a look at your portfolio and ask yourself how your portfolio will fare if this inflationary environment lasts 2, 3, or even 5 years.*
(*Note: Historically in the U.S., it’s taken an average of slightly over two years — 27 months — for inflation to reach its ideal 2 percent target, as measured from the inflation rate at the start of a recession).
Know thyself
Start with the end in mind. Before you make changes to your portfolio, think about your investment goals, timelines, risk tolerance and risk capacity.
Fun fact!
If you’re interested in real estate investing, your next step is to check out my 2022 Real Estate Inflation & Recession Guide.
You’ll get answers to questions like…
– “How do rising interest rates affect real estate investing?”
– “If there’s a recession in 2022, will housing prices tank like they did in 2008?”
– “Can good deals still be found, or have I missed the boat?”
– “How should I set up my portfolio to handle inflation and a recession?”
Just let me know where I should send it…
What NOT to do
Don’t dump all your money into any asset that you’re not ready for.
Don’t panic-buy a house because you’re afraid of getting priced out of the market.
Don’t blow up your entire portfolio.
Don’t radically change your investing style, asset mix and timeline. Remember to think in decades; invest for the long-term.
Aim for balance and flexibility, and the right amount of liquidity for your lifestyle needs.
Thanks for reading!
If you have a friend or family member who could use some clarity about inflation, I’ll love you forever (as will they!) if you share this post with them.
And if you’re interested in real estate investing, be sure to check out my 2022 Real Estate Inflation & Recession Guide.
Save more, spend smarter, and make your money go further
Does it pay to be Internet savvy? Yes. In more ways than many people imagine. Sure, the Internet is a great way to research just about anything you could ever want to know about; and it’s an outstanding communication, marketing, and entertainment tool. But the Internet can also save you money. And we’re not just talking 10 cents off here and there. We’re talking free (and nearly free) stuff.
Want proof? Below, we’re diving into some of the best places you can find free or heavily discounted items. Keep reading for a comprehensive explanation or use the navigation links below to learn more about a specific tip.
Use Online Community Marketplaces
Looking for a computer desk? How about a sofa, kids’ toys, electronics, office supplies, landscaping materials, or lumber? These are just a few of the hundreds of items listed in a single day in almost any city’s Craigslist free section. People are generally honest about the condition of the stuff they’re listing, and many have pictures, so you can see for yourself.
If you’re a “Mr./Ms. Fix-It” type, you’ll be in heaven. But even if you aren’t, you’ll be surprised at the kinds of things people are giving away. Look for the FREE listings under the “For Sale” section of your local Craigslist board.
Much like Craigslist, Freecycle is another site powered by the people and rooted in a belief that it is better to give items a second life, rather than filling up landfills and creating more stuff. Folks can list anything they have to give away, and others can browse the goods to find what they want. And, like Craigslist, you’ll find a ton of great free stuff through Freecycle.
Unlike Craigslist, Freecycle is run through local networks. This makes it a little more of a process to find and list items, but the advantage of this process is that it’s moderated, and people can communicate with the community at large. This reduces the likelihood of people listing garbage and describing it as treasure.
Besides those two websites, you can also look at Facebook neighborhood groups, Facebook marketplace, OfferUp, and other apps or websites where people are looking to offload whatever has accumulated in their garage.
Get Free Samples
Companies want you to take samples so that you’ll be incentivized to buy the full-sized product at a later point. Department stores and wholesale clubs offer samples in person. But if you can’t find samples, you can simply request samples from companies online.
Amazon Prime members can even buy sample boxes and get reimbursed with Amazon credit.
Costco and Sam’s Club are, of course, famous for their samples. And Trader Joe’s often opens some of its products for sampling purposes as well.
Use Coupons
Coupons are a great way to not only get free stuff but also to get serious deals. They might be “old-fashioned” but you may be surprised by the savings with coupons. Besides coupons from stores or brands, there are also online databases like RetailMeNot, Honey, and Coupons.com. RetailMeNot and Honey even have helpful Chrome extensions that automatically scans potential discount codes when you’re on the checkout page for an online store. In turn, you get the peace of mind that you’re getting the best discount possible.
Try Using Your Library Card
Books are already a wonderful free perk that libraries provide, assuming that you don’t rack up fees from forgetting to turn in your books on time. However, with a valid library card, you can also get access to different entertainment and education options as well. You might be able to see movies, rent games, check out audiobooks, attend community classes, receive free or discounted museum passes, and more. Visit your local library to see what free library services it offers.
Pay Attention to Discounts
If you fall into a certain category like student, healthcare provider, teacher, first responder, senior, military, or senior, there’s a good chance that you’ll get a discount at certain establishments. It never hurts to ask! In addition, it’s also a good idea to ask about any coupons that are available at retail stores. In many cases, retail workers will scan a coupon for you on your behalf — so make sure you’re nice!
Enroll in Loyalty Programs and Newsletters
It’s a lot less expensive for companies to retain old customers than it is to get a new one. For that reason, companies often invite you to join loyalty programs. These programs often give you special perks. For example, many stores will give you a birthday gift that might be a special discount, merchandise, gift cards, or free food.
The same idea can be applied to newsletters. You’ll often get a nice discount when you sign up for a company’s newsletter. And remember, you can always unsubscribe if your inbox is getting too full.
Takeaways: Getting Free Stuff
Does it pay to be a bit of a geek and figure out how to get free stuff? You bet it does. So, get your geek on, and fire up the laptop and get some freebies. And don’t forget, it never hurts to ask if you can get a discount if you’re at a store. The worst that can happen is they say, “No.”
If you have other examples of sites you use to get free or nearly free stuff, we’d love for you to share them in the comments section. Want to make the most of your money? Check out our article on how to become a better saver.
Matthew Toren is a serial entrepreneur (Co-founded YoungEntrepreneur.com), mentor, investor and award winning Co-Author of Kidpreneurs (Basic Principles of Entrepreneurship for Kids). He owns Blogtrepreneur.com and writes for Contently.com.
Save more, spend smarter, and make your money go further
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Cutting dollars, concept of Finance Problems, Recession