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Apache is functioning normally

July 25, 2023 by Brett Tams

As a mom, finding clever ways to save money can help secure your family’s financial future.

Yes, I know, there are many other, more impactful ways to build wealth, and in the grand scheme of things, saving a buck here and there might not seem like the recipe for propelling yourself (with your entire brood in tow) to millionaire status, but hear me out.

Unless you stop the bleeding (in this case, frivolous spending), it will take you a lot longer to get there.

In my mind, building generational wealth is a combination of developing marketable skills, earning from those skills, investing wisely, and frugal spending.

…And putting your foot down when any member of your brood wants to splash $1,000 on a pair of, in my view, hideous sneakers.

That’s why I rave about How to Create a Budget and Everything You Need to Know to Start Using Coupons.

A Mom’s Guide to Saving Money the Smart Way

Of course, as with everything worth doing, it’s much easier said than done. Believe me; I’ve had moments of taking on unnecessary expenses at the grocery store despite having blown past our monthly budget.

It happens; you are going to slip up sometimes. The key is to have a solid hold on your spending habits and a savings system. That way, even if you go off the rails occasionally, you can recover and stay focused on your ultimate savings goals.

With that in mind, here are my top-secret (shhhhhh) creative ways to save money monthly.

1. Start Budgeting

It sounds obvious, doesn’t it?

Would it surprise you to learn that only 30% of American households actually have a detailed monthly budget prepared? Yes, according to a Gallup poll, two in every three Americans don’t have a monthly budget, nor do they have a long-term financial plan or investment goals.

I kid you not; budgeting is one of those things that everyone knows they should do, yet up to two-thirds of us don’t!

Having a detailed monthly budget will open your eyes to the reckless spending on everyday purchases you are currently engaging in.

From unnecessary online shopping sprees to pizza deliveries, even your grocery bill might have something you don’t need, or you can find cheaper alternatives if you just look.

You won’t know where all the money is going until you have an actual, written-down budget. THEN you will see just how badly you’ve been throwing cash around.

Here’s a quick guide on budgeting categories for the family if you want to get started right away.

2. Use Money Saving Apps

If you are anything like me, you put most of your grocery shopping, utility bills, and monthly bills on your credit or debit cards. While most of these offer rewards when you use them, you can go further and use savings apps.

Here’s why. Many of these apps highlight saving opportunities and fetch rewards such as cash back on many purchases you would make anyway.

Neat, huh?!!

Here are a few that I like using. You can check them out and see what you think:

  • Ibotta: I get cash back for most purchases.
  • Acorns: This one helps me save and invest.
  • Rakuten: These guys give you cash back on online purchases you make in over 3,500 stores.

3. Try Out Capital One Shopping

Now this is a tool I simply love! Capital One Shopping is not only free, but it also works in the background. So you don’t need to remember to use it every time.

If you want to find the best deals online and gift cards and coupons, you must install Capital One Shopping on your browser.

You will save a ton of money. Trust me on this one! It is by far one of my favorite and most clever ways to save money.

4. Create a Meal Plan

Have you ever found yourself at the grocery store buying things that weren’t on your list because they looked “interesting to try out?” I know I have!

I’m not saying you shouldn’t try new things and new recipes (what would life be without these little adventures?). I’m saying that meal planning will help you cut back on a lot of unnecessary expenditures when it comes to groceries.

Here’s why I meal plan:

  • It helps us avoid food wastage (leftovers are planned for)
  • Encourages a better diet
  • Saves money on impulse purchases at the grocery store

But most importantly, meal planning helps me save money and curb my spending habits on those nights I don’t know what my family will eat. I will already have a plan in place to help cut down on ordering in and eating out.

Check out my free printable meal plan!

5. Conduct a Personal Finance Audit

I know! I know! That sounds like what the IRS is for, but hear me out.

There are things you are paying for now that you either don’t need or don’t even remember that you are paying for unless you run a complete audit of your finances.

When was the last time you actually saw your husband reading that “Monster Trucks Forever” magazine that keeps coming in the mail?

How about you? Are you really going to visit all those vineyards someday? Then why are you paying for that subscription?

We often put so many little $1-a-month subscriptions on our cards because they seem important at the time, or a dollar a month doesn’t seem like that much. But they add up.

Run a quick audit on your bank statements to find out what you are paying for that you no longer use or don’t actually need, and cut it out.

These are just some creative ways I use to reduce our spending and save money. Saving money doesn’t have to be painful. You just need to find ways to reduce your living expenses (not necessarily lifestyle) and channel all that extra cash into your savings account.

Also see: How to get out of debt fast when you don’t have much money

How about you? What are some of your clever ways to save money?

Source: pennypinchinmom.com

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Apache is functioning normally

July 25, 2023 by Brett Tams


How to Spend Less Money Without Feeling Deprived: A Mom’s Perspective

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Source: pennypinchinmom.com

Posted in: Real Estate News Tagged: About, cash, Credit, credit card, Credit Card Debt, Debt, Emergency, Emergency Fund, Family, financial, Financial Wize, FinancialWize, first, fun, fund, future, How To, money, Money Saving Articles, More, penny, read

Apache is functioning normally

July 24, 2023 by Brett Tams

Today we’re embarking on a unique journey – diving into the intriguing world of superstitions. One superstition, in particular, has caught our eye: the belief that an itchy left palm indicates a lottery of jackpot win on the horizon. Now, that’s quite a claim! So, get ready as we unravel this cultural phenomenon’s truth, fact by fact, itch by itch.

A World Rich with Superstitions

Superstitions, by definition, are beliefs or practices resulting from ignorance, fear of the unknown, trust in magic, or chance. Throughout history, they’ve guided people’s actions, especially when it comes to attracting wealth or good fortune. Superstitions and signs of good luck are as varied and colorful as human cultures themselves. Here are a few widely recognized ones from around the world:

1. Ringing in the New Year: In many cultures, the New Year is seen as a fresh start, and various superstitions and traditions are associated with ensuring good luck for the coming year. In Spain, for instance, people eat 12 grapes at midnight, each grape representing good luck for one month of the coming year. In the southern United States, eating black-eyed peas on New Year’s Day is considered to bring prosperity.

2. Knocking on Wood: This is a common superstition in Western cultures used to ward off bad luck after making a favorable prediction or boast, or when one mentions good fortune that one has had so far. The idea is that by knocking on wood, you’re seeking protection from the “evil spirits” that might hear and ruin your good luck. It’s believed that this superstition may have come from ancient pagan traditions where certain trees or groves were thought to be the homes of benign spirits or gods.

3. Carrying a Rabbit’s Foot: This is another common symbol of good luck in many Western cultures, especially in North America. It’s thought to originate from African-American folk magic known as “Hoodoo”. It’s typically the left hind foot of a rabbit that is considered lucky, and even more so if the rabbit was killed in a cemetery under a full moon.

4. Four-Leaf Clovers: These are considered to be a sign of good luck in Irish tradition. Each leaf in the clover symbolizes something: the first for faith, the second for hope, the third for love, and the fourth for luck. Finding a four-leaf clover is considered particularly lucky because they are rare.

5. Lucky Number Seven: In many cultures, the number seven is considered lucky. It’s a significant number in various religions and cultures. There are seven days in a week, seven continents, seven colors in a rainbow, and seven notes on a musical scale, which all contribute to the positive connotations of the number.

6. Horseshoes: In many cultures, horseshoes are considered symbols of good luck due to their association with horses, which were often seen as symbols of speed, power, and protection. The luck of the horseshoe is thought to work best when it’s hung in a U shape so it can “collect” good luck.

7. Money Plant: In the Hindu religion, the Money Plant (Epipremnum aureum, also known as Golden Pothos, Devil’s Ivy, or Silver Vine) holds a special place. This vining plant, common as an indoor houseplant worldwide, is considered a symbol of good luck and prosperity.

The association of the Money Plant with wealth comes from a popular belief rooted in Vastu Shastra – the traditional system of architecture in India, akin to Chinese Feng Shui. According to Vastu, certain plants promote positive energy in the environment, and the Money Plant is one of them.

The superstition around the Money Plant is connected to Goddess Lakshmi, the Hindu deity of wealth, fortune, and prosperity. It’s believed that nurturing a Money Plant at home can attract the blessings of Goddess Lakshmi and pave the way for a prosperous life. To this end, some people even practice a ritual of wrapping the plant’s creeper around a coin and placing it in the pot, symbolizing the growth of wealth.

However, like all superstitions, it’s important to remember that these beliefs aren’t scientifically validated. The positive impact of keeping houseplants, including the Money Plant, can be more accurately attributed to their air-purifying properties and the psychological benefits of being around greenery. The superstition involving the Money Plant and Goddess Lakshmi provides an interesting insight into the cultural practices tied to prosperity in the Hindu tradition.

Origins of the Itchy Left Palm Superstition

The old wives’ tale regarding an itchy left palm is steeped in history and varies from culture to culture. The belief in this particular itch’s predictive power seems to have originated in Europe, especially in the British Isles.

There, it was believed that if a person rubbed their itchy left palm on wood, it would assure the arrival of money. The superstition was later carried across the Atlantic and became fairly well-known in the United States, too.

Why the left hand specifically? In many cultures, the left side is considered to be less lucky or even negative. In Christianity, for instance, the left hand is often associated with betrayal – consider the seating arrangement at the Last Supper, where Judas Iscariot is often depicted sitting to Christ’s left.

The left-hand itching belief is also tied to the distinction between giving (associated with the right hand) and receiving (associated with the left hand). This can be found in many cultures globally, where the right hand is traditionally used for giving or paying out money, while the left hand receives it. So, an itching left palm would signify money coming in, while right hand itching could suggest money going out.

Cultural Differences

So, what does it mean when your left hand itches? In many cultures, an itchy left palm implies unexpected money coming your way. How did this superstition begin? Some believe it traces back to Saxo Grammaticus, a Danish historian who mentioned ‘itching palms’ in relation to greed. For others, it’s an old wives’ tale passed down generations. But does the superstition differ for men and women? Not typically. The interpretation of the left palm itching is usually consistent across genders.

Now, I bet you’re thinking, “What about the right hand itching?” Interestingly, in some cultures, an itchy right palm signifies that money is going out, hinting at potential bad luck. Don’t worry, though – it’s just a superstition!

Differences Between Men and Women

The superstition about an itching left hand indicating incoming wealth or financial windfall doesn’t specify any gender differences. The belief is generally applied to all individuals, regardless of their gender.

However, the way this superstition is interpreted or applied may vary depending on cultural norms or societal roles. For example, in some societies where women are traditionally homemakers and males are seen as the primary earners, an itchy left hand in a man might be more likely to be associated with an increase in salary or a profitable business deal. Meanwhile, for a female, it could be linked to her husband’s earnings or seen as an indicator of good luck around the home.

On a medical level, certain conditions causing itchy palms like hand eczema or psoriasis do not discriminate between men and women. However, it is noteworthy to mention that autoimmune diseases (including psoriasis) are generally more common in women than men, which might indirectly affect the prevalence of symptoms like itchy palms.

Medical Reasons for Itchy Palms

There can be a multitude of reasons why your palms may itch, and while we’d love it to be a sign of an impending windfall, it’s more often related to skin conditions or underlying health issues. Here are a few possible causes:

Dry skin: Dry skin, or xerosis, can make your palms itchy. This condition can result from environmental factors like cold, dry weather, or overwashing your hands.

Eczema: Eczema, or atopic dermatitis, is a condition that causes your skin to become itchy, red, and dry. Dyshidrotic eczema specifically affects hands and feet and could lead to an itchy palm.

Psoriasis: This is a chronic autoimmune condition that can cause a buildup of skin cells and form scaly patches on your skin. Palm psoriasis can make your palms itchy and want to scratch them.

Allergic reaction: Contact dermatitis is a skin reaction that happens when you touch a substance that irritates your skin or causes an allergic reaction, such as certain types of metals, soap, or plants.

Diabetes: In some cases, diabetes can lead to itchy skin, including the palms, due to poor blood circulation or yeast infections that are common in people with diabetes.

Liver disease: Itchy skin can be a symptom of liver disease. The itchiness is likely due to your liver’s inability to filter toxins from your body efficiently.

If your itchy palms persist or cause concern, it’s always best to seek medical advice.

Other Non-Medical Reasons for Itchy Palms

Outside of medical causes, people often attribute itchy palms to various superstitions and beliefs. Here are a few:

Astrology: Some people believe that itchy palms can be related to the movement of the planets or a particular person’s horoscope.

Energy and Chakras: In certain spiritual practices, itchy palms might suggest that you’re coming into contact with certain energies, or experiencing a blockage or overactivity in your hand chakras.

Psychic Phenomena: Some people believe that itchy palms could be a sign of a psychic phenomenon. They might think that their left palm itches when someone is thinking of them or when something significant is about to happen in their lives.

Spiritual Communication: In certain belief systems, physical symptoms like itching are interpreted as messages from the spiritual realm. An itchy palm could be taken as a sign or message from a spirit guide.

It’s important to note that while these beliefs are held by some, they’re not supported by scientific evidence. They offer a window into the fascinating ways that different cultures interpret and ascribe meaning to everyday physical experiences.

Itchy Palm Lottery Win Stories

When it comes to left hand itching and lottery winners, the tales are as intriguing as they are varied. Let’s delve into a few of these stories.

Mary Shammas

A popular tale when it comes to the itchy left palm superstition and lottery wins involves Mary Shammas, a Brooklyn grandmother who credited her left hand’s itch for her good fortune.

In 2010, Mary Shammas was riding on a Brooklyn bus when her left palm began to itch. Remembering the old superstition her mother had told her about – that the left hand itching meaning, it that money is on its way – she decided to act upon it. She immediately asked her daughter to purchase a lottery ticket using family members’ birthdays as the numbers.

The result? A whopping $64 million New York Lottery jackpot – one of the biggest in the state’s history at the time.

This tale has undoubtedly added fuel to the fire of the left hand itching superstition. However, while the story is truly remarkable and memorable, it’s important to take it in context. Mary’s win was more about chance and the decision to purchase a lottery ticket than the itch itself.  It’s a classic example of “post hoc, ergo propter hoc” reasoning – Latin for “after this, therefore because of this.” This logical fallacy assumes that because one event happened after another, then the first must be the cause of the second. The itching of Mary’s left palm occurred before the lottery win, but it did not cause the win.

So, while Mary’s story is indeed an entertaining tale of an itchy left palm leading to lottery luck, it doesn’t offer empirical evidence to support the superstition. Just like other similar anecdotes, it serves to highlight how we, as humans, love to find patterns and establish cause-effect relationships, even when they’re a product of random chance.

Donald Pittman

from North Carolina, claimed his left palm itch was the reason behind his purchase of a $5 lottery ticket that won him a staggering $200,000 in 2016. Pittman stated that whenever his left hand itches, money’s coming. And this time, it did.

But can we establish a direct connection between his itchy palm and the win? The fact is, it was Pittman’s decision to buy a lottery ticket that led to his win, not the itching per se. There’s no scientific proof linking physical symptoms to a future event. So, while it’s an exciting narrative, it seems more about chance and coincidence than causation.

Melissa Ede

Melissa Ede, a taxi driver from Hull, England, scooped a £4m lottery win in 2017. She shared that she often experienced itchy hands before something ‘big’ happened, making a link between the itch and her major win.

It’s possible that Ede’s claim might be based on the Baader-Meinhof phenomenon, where one stumbles upon some obscure piece of information—often an unfamiliar word or name—and soon afterwards encounters the same subject again, often repeatedly. Any small itch before a ‘big’ event may stand out more in her memory due to this phenomenon, leading her to make a connection where none exists.

In all these cases, the common thread is that these individuals chose to attribute their good fortune to an itchy hand, but this is a matter of personal belief rather than empirical fact. There’s no denying these are fun, entertaining stories, but they shouldn’t be taken as evidence of a left hand itch being a legitimate sign of lottery luck. Instead, they serve as fascinating examples of how humans seek patterns and causality, even in the face of pure chance.

Coincidence or Causation?

It’s easy to see a correlation where one might not exist. In the cases of Pittman and our Reddit friend, it seems more like a coincidence than causation. As humans, we’re prone to remember instances that confirm our beliefs (like getting lottery winnings when our hand itched) and forget the ones that don’t (all the times our hand itched, and we didn’t win). This is a cognitive bias known as the “confirmation bias.”

Also see: Money traps people often fall for

The Mathematical Reality of Lotteries

Playing the lottery can be a fun pastime, but it’s critical to understand the mathematics behind it. Here are some key points to consider:

Odds of Winning: The odds of winning a major lottery such as the Powerball or Mega Millions are incredibly slim. For instance, the chances of winning the Powerball grand prize are approximately 1 in 292.2 million. That means you’re about 20 times more likely to be struck by lightning in your lifetime than to win the Powerball.

Expected Value: The expected value of a lottery ticket, which is the average amount of money you would win if you played the lottery an infinite number of times, is usually negative. This means that in the long run, you’re expected to lose money.

Probability Theory: The lottery is a game of independent events. This means that each draw is independent of the previous one. So the idea of a “due number” that has to come up soon because it hasn’t been drawn recently is a misconception.

Law of Large Numbers: While in the short run, outcomes might deviate from the expected result; in the long run, the outcomes will converge to the expected result. In the case of a lottery, the more you play, the more likely you are to lose.

The lottery, despite the dreams it evokes, is a game of chance with highly unlikely odds. If you play, play responsibly, and never view it as a means to fix financial troubles or secure a stable future. Remember, an itching palm – left or right – doesn’t change the statistical reality of your lottery number being drawn.

Superstition and Reality: Finding the Balance

Superstitions like the itchy left palm can add some fun to our routines, but it’s vital not to let these beliefs guide our financial decisions. The thrill of buying a lottery ticket with the hope of winning big can be a rush, but it shouldn’t overshadow the need to save money and live frugally.

The world of superstitions is a fascinating one, offering a glimpse into human psychology and the patterns we try to find in life’s unpredictability. The belief that an itchy left palm means money is coming is just one such example. But remember, whether it’s the itchy right hand indicating potential loss or an itchy left palm suggesting impending wealth, these are just superstitions, not fact.

Financial responsibility remains key, regardless of whether your palm itches or not. So, the next time your left hand itches, before rushing to buy a lottery ticket, remember this article and maybe just reach for some good ol’ moisturizer for that dry skin instead.

What’s your experience with this superstition? Do you have a money superstition of your own? Let’s continue the conversation about the enthralling world of superstitions and financial responsibility in the comments.

Source: pennypinchinmom.com

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Apache is functioning normally

July 8, 2023 by Brett Tams


Do Itchy Left Palms Mean Lottery Luck? A Deeper Exploration into the Rich Tapestry of Superstitions

<meta property="og:description" content="Today we’re embarking on a unique journey – diving into the intriguing world of superstitions. One superstition, in particular, has caught our eye: the belief that an itchy left palm indicates a lottery of jackpot win on the horizon. Now, that’s quite a claim! So, get ready as we unravel this cultural phenomenon’s truth, fact …

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Source: pennypinchinmom.com

Posted in: Real Estate News Tagged: Budget, Financial Wize, FinancialWize, luck, Money Saving Articles, rich, superstitions

Apache is functioning normally

June 5, 2023 by Brett Tams

It might sound easy enough to do, but many parents actually don’t know the best way to save money for kids or, at the very least, where to start. 

I am not saying my ways are the best, but they certainly work for me and my little ones. Depending on your current financial situation, they might help you figure out the best way to save money for your kids. 

Using these tips has helped me come up with a way to secure a better financial future for my kids without overstretching or causing unnecessary financial strain in the now. 

Why Is It Important to Save Money for Our Kids?

Healthy savings will get them off on the right foot when they leave home to start a life of their own, increasing their potential for a successful future.

The money savings process provides a platform to impart financial literacy, teach financial responsibility from a tender age, and teach discipline when it comes to things like budgeting and delayed gratification.

The savings also functions as an emergency fund should anything happen to us or our kids while they are still growing up. You will enjoy the peace of mind of knowing they are cared for in the case of almost any eventuality. A will or inheritance fund ensures the savings will be spent wisely for the benefit of your kids.

Your Best Practice Guide to Saving Money for Kids

Here are some excellent tips on the best way to save money for kids.

Define Your Savings Goal

The ideal savings option will vary for different parents based on their financial goals and circumstances. Motivation ranges from emergency funds to specific stages of the child’s future, like higher education, buying their first car, or even jump-starting retirement savings. Define what you are saving for, set targets, and draw up a plan.

Set Up a Savings Account(s) for the Kid(s)

Approach your preferred financial institution and set up an account designed for the savings you settled on. Similar solutions are structured differently across each financial institution.

Budgeting

As parents, we budget all the time. Budgeting is a great way to improve money management, ensuring you always leave something for your kid’s savings account (and your own fun fund for date night or vacation). Many sources of funds can be included in the savings plan.

You can set it up so that an amount is transferred from your own bank account to the kid’s account. Some parents, myself included, also deposit their work bonuses in their kids’ savings accounts up to a predetermined date.

Alternatively, you can agree to collect all the money the children earn from chores, lawn mowing, babysitting, or other side jobs they do on their own and then set that money aside in their savings accounts after giving them a weekly stipend for their hard work, of course. 

Financial Education

All this planning and investment can be undone if your kid grows up without the financial education to develop positive money habits. Involve them in your financial planning at a young age so they grasp the concept of money. Teach them your ways, one might say. 

Financial literacy involves more than what children learn from listening and observation. It involves practicing positive money management habits like restrained spending, taming the urge for instant gratification and budgeting.

Add a checking account to their savings account so they get used to financial tools like a debit card for younger kids and banking apps for teens. Most of these allow the parents to keep an eye on the child’s spending habits, too, so we can easily reign things in if they start running wild. 

What Is the Best Way to Save Money for a Child?

Now that you are familiar with the territory, let’s look at the options available as our kids outgrow the piggy bank we have been filling with spare change since they were babies.

College Savings Plans

College is quite expensive, and it pays to have a head start on your child’s college savings so there is adequate time to accumulate funds gradually. A good education increases your child’s earning potential and job security, leading them to financial success.

The 529 Investment Plan

A 529 Investment Plan is a tax-advantaged investment account designed to encourage saving toward future education expenses. It’s named after Section 529 of the Federal Tax Code and is sponsored by the state or a state agency.

Savings are tax-deferred, and you can withdraw the funds tax-free to pay for qualified education expenses like tuition, books, and accommodation. It lets you save for your child’s future attendance at designated colleges or universities at prevailing rates.

Custodial Accounts

A custodial account offers another opportunity to save on your child’s behalf or gift them when you get a bonus or any other windfall. One party, the custodian (typically the parent), controls the funds on behalf of the minor (the beneficiary), who will gain access to the account when they come of age (this ranges from 18 to 21, depending on the state).

As a custodian, you are free to spend the funds on anything, provided it is for the benefit of the minor. While they don’t come with the tax benefits of a 529 plan, they cover a wider scope of expenses. Once your child attains the required age, you will relinquish control of the account to them, and they can claim full use of the funds.

Uniform Transfers to Minors Act (UTMA) Accounts and Uniform Gifts for Minors Act (UGMA)

UTMA and UGMA accounts are popular examples of custodial accounts. They are set up to hold gifts that a minor has received. Once the gift is granted or transferred to the account, it can’t be revoked and becomes the minor’s asset. It is held under their social security number and taxed as their income.

Custodial Brokerage Account

A custodial brokerage account refers to when the custodial account is used as an investment account to increase savings. Savings and gifts can be channeled to a mutual fund, invested in stocks or bonds, transferred to money market accounts or any other credible investment. You will manage these investments until your child comes of age. And then it is up to them to take over.  

Creating a Trust Fund for Your Child

You can always get a lawyer, an accountant, or a team with both professions to set up a trust fund for your kid(s). Besides savings, the trust fund can incorporate assets you want to transfer to the kids as they age. The trust will dictate the process and ensure your assets are transferred to the right beneficiaries when the time comes.

How to Save Money for Kids in a Nutshell

There is no limit to the number of savings accounts you can have for your child. It is actually encouraged to spread your eggs in different baskets so that you can optimize them. 

One might have competitive interest rates, while another allows you to invest in assets. You can also save for a particular item that requires a separate account without locking out subsequent gifts. 

Just identify the combination that works for you and make sure you teach them about other aspects of financial health as they grow, and you can cross one more thing off your list of worries as a parent. Happy savings! 

Source: pennypinchinmom.com

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Apache is functioning normally

June 5, 2023 by Brett Tams

It might sound easy enough to do, but many parents actually don’t know the best way to save money for kids or, at the very least, where to start. 

I am not saying my ways are the best, but they certainly work for me and my little ones. Depending on your current financial situation, they might help you figure out the best way to save money for your kids. 

Using these tips has helped me come up with a way to secure a better financial future for my kids without overstretching or causing unnecessary financial strain in the now. 

Why Is It Important to Save Money for Our Kids?

Healthy savings will get them off on the right foot when they leave home to start a life of their own, increasing their potential for a successful future.

The money savings process provides a platform to impart financial literacy, teach financial responsibility from a tender age, and teach discipline when it comes to things like budgeting and delayed gratification.

The savings also functions as an emergency fund should anything happen to us or our kids while they are still growing up. You will enjoy the peace of mind of knowing they are cared for in the case of almost any eventuality. A will or inheritance fund ensures the savings will be spent wisely for the benefit of your kids.

Your Best Practice Guide to Saving Money for Kids

Here are some excellent tips on the best way to save money for kids.

Define Your Savings Goal

The ideal savings option will vary for different parents based on their financial goals and circumstances. Motivation ranges from emergency funds to specific stages of the child’s future, like higher education, buying their first car, or even jump-starting retirement savings. Define what you are saving for, set targets, and draw up a plan.

Set Up a Savings Account(s) for the Kid(s)

Approach your preferred financial institution and set up an account designed for the savings you settled on. Similar solutions are structured differently across each financial institution.

Budgeting

As parents, we budget all the time. Budgeting is a great way to improve money management, ensuring you always leave something for your kid’s savings account (and your own fun fund for date night or vacation). Many sources of funds can be included in the savings plan.

You can set it up so that an amount is transferred from your own bank account to the kid’s account. Some parents, myself included, also deposit their work bonuses in their kids’ savings accounts up to a predetermined date.

Alternatively, you can agree to collect all the money the children earn from chores, lawn mowing, babysitting, or other side jobs they do on their own and then set that money aside in their savings accounts after giving them a weekly stipend for their hard work, of course. 

Financial Education

All this planning and investment can be undone if your kid grows up without the financial education to develop positive money habits. Involve them in your financial planning at a young age so they grasp the concept of money. Teach them your ways, one might say. 

Financial literacy involves more than what children learn from listening and observation. It involves practicing positive money management habits like restrained spending, taming the urge for instant gratification and budgeting.

Add a checking account to their savings account so they get used to financial tools like a debit card for younger kids and banking apps for teens. Most of these allow the parents to keep an eye on the child’s spending habits, too, so we can easily reign things in if they start running wild. 

What Is the Best Way to Save Money for a Child?

Now that you are familiar with the territory, let’s look at the options available as our kids outgrow the piggy bank we have been filling with spare change since they were babies.

College Savings Plans

College is quite expensive, and it pays to have a head start on your child’s college savings so there is adequate time to accumulate funds gradually. A good education increases your child’s earning potential and job security, leading them to financial success.

The 529 Investment Plan

A 529 Investment Plan is a tax-advantaged investment account designed to encourage saving toward future education expenses. It’s named after Section 529 of the Federal Tax Code and is sponsored by the state or a state agency.

Savings are tax-deferred, and you can withdraw the funds tax-free to pay for qualified education expenses like tuition, books, and accommodation. It lets you save for your child’s future attendance at designated colleges or universities at prevailing rates.

Custodial Accounts

A custodial account offers another opportunity to save on your child’s behalf or gift them when you get a bonus or any other windfall. One party, the custodian (typically the parent), controls the funds on behalf of the minor (the beneficiary), who will gain access to the account when they come of age (this ranges from 18 to 21, depending on the state).

As a custodian, you are free to spend the funds on anything, provided it is for the benefit of the minor. While they don’t come with the tax benefits of a 529 plan, they cover a wider scope of expenses. Once your child attains the required age, you will relinquish control of the account to them, and they can claim full use of the funds.

Uniform Transfers to Minors Act (UTMA) Accounts and Uniform Gifts for Minors Act (UGMA)

UTMA and UGMA accounts are popular examples of custodial accounts. They are set up to hold gifts that a minor has received. Once the gift is granted or transferred to the account, it can’t be revoked and becomes the minor’s asset. It is held under their social security number and taxed as their income.

Custodial Brokerage Account

A custodial brokerage account refers to when the custodial account is used as an investment account to increase savings. Savings and gifts can be channeled to a mutual fund, invested in stocks or bonds, transferred to money market accounts or any other credible investment. You will manage these investments until your child comes of age. And then it is up to them to take over.  

Creating a Trust Fund for Your Child

You can always get a lawyer, an accountant, or a team with both professions to set up a trust fund for your kid(s). Besides savings, the trust fund can incorporate assets you want to transfer to the kids as they age. The trust will dictate the process and ensure your assets are transferred to the right beneficiaries when the time comes.

How to Save Money for Kids in a Nutshell

There is no limit to the number of savings accounts you can have for your child. It is actually encouraged to spread your eggs in different baskets so that you can optimize them. 

One might have competitive interest rates, while another allows you to invest in assets. You can also save for a particular item that requires a separate account without locking out subsequent gifts. 

Just identify the combination that works for you and make sure you teach them about other aspects of financial health as they grow, and you can cross one more thing off your list of worries as a parent. Happy savings! 

Source: pennypinchinmom.com

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Apache is functioning normally

June 5, 2023 by Brett Tams

Are you looking for ways to save money on your weekly family budget? Look no further!

With discounts on food, to toys, to clothing, to household items, and more, Dollar General offers a lot of deals to help stretch your hard-earned dollars. I’ll dive into the particulars of how to find not only the clearance items but also the penny deals.

If you are new to penny shopping, I’ll explain the program, and at the bottom of this post, you can find the penny list and clearance items to help you save big and keep more money in your pocket!

Just want this week’s list? Click here to see the latest deals!

What is the Dollar General Penny list?

What are penny deals, you may ask? If you can catch the deal in time, you can buy all sorts of items from your local Dollar General store for just one penny!

Penny items are products that are being cleared out of the store. This can be from a product that is being discontinued or has gone past the 90% off clearance price. Penny items are generally supposed to be taken off the shelves already, but many stores don’t clear these in time. These discounted items ring up as a penny so the sales associates can easily identify them and know to pull the rest from the shelves.

How does Dollar General penny shopping work?

Penny shopping isn’t for the faint of heart. It will take determination and visiting the store in person – and that doesn’t guarantee success.

Every Tuesday, select items are discounted to one penny. Most weeks, there will be penny items, but some weeks won’t. To stay up-to-date, check out my list below to see what items are being discounted.

There are a few frustrating things to be aware of when shopping for penny items. For one, just because an item has been listed for a penny doesn’t mean your store will have them because the employees have pulled them. These items are usually donated locally or sent back to the manufacturer. Also, you will find that in some stores, the item may be listed as a penny, and the store 1 mile down the road doesn’t.

The other frustrating thing is that while the registers of most stores will have the updated prices once the store opens on Tuesday morning, some of the newer systems don’t update until later in the day and sometimes not until Wednesday.

Last, just because you scored a deal, some stores may not let you purchase penny items once they ring up as $0.01 at the register. Most stores aren’t going to fight this, but while I haven’t had an issue at my stores, I’ve heard stories of some stores not allowing the sale.

To use the app, don’t enter the UPC in the search bar. Instead, click on the scanner icon on the search bar and then click “enter barcode number”

Click on the scanner icon

Enter the barcode number

How to check for penny deals?

A powerful tool to help search for which stores have the deals is the Dollar General app (iOS / Android). While you can’t use te DG app to search for penny items exclusively, you can use the app to do a price check by scanning the UPC (Universal Product Code) of the items before headding to the register. Word of advice – the app is able to check prices in real-time, so make sure the app has been updated before checking prices so the new markdowns are loaded.

A UPC is a bar code on the packaging that is used to scan the item. Here is a picture of what you are looking for.

The Dollar General app is fairly accurate on pricing, but there have been exceptions. Generally, if the app shows either $0.00 or $0.01, the price for that item is usually a penny!

In addition to using the app to scan the item in the store to see if it shows the price of a penny, you can also use it to search all of the stores around you by typing in the UPC to see what they have in stock. To check, set your location and type in the UPC of that week’s discounted items. Then change the location of the stores that you shop to see what inventory is available to purchase.

Where can discounted items be found?

You can find Dollar General penny items anywhere within the store. I have the best luck finding them mixed in the clearance sections, by the register, and end caps. But don’t skip the normal-priced areas of the store. You never know what you may find.

There are sometimes clues about where the product is located when searching in the app. If the product name has “Fr End ck”, that means it’s up by the cashier.

In general, you should never ask employees about penny shopping. They know about it, but they are supposed to have pulled these items from the shelves. And most importantly, don’t complain about penny items or call corporate if your store won’t sell penny items to you. Complaining could cause corporate to end this practice, so in the long run, you are better off going to another store.

That said, I have a friend who, like clockwork, visits her Dollar General store right at 7 am every Tuesday, and when her local Dollar General store opens, the cashier pulls the items and puts them by the register for her. It took a little time, but it can be done!

Is penny shopping legal?

A lot of people ask whether penny shopping is legal, and yes, it is. As long as the item is on the sales floor, Dollar General’s policy is to sell penny items. It is worth noting that their policy isn’t to let you go back for more items, though.

What about clearance items?

In addition to penny times, it’s also worth checking for checking Dollar General’s clearance items as there are some great deals to be found that are on sale.

Dollar General is also a gold mine after major holidays and events, especially after Christmas, Valentine’s Day, Easter, the end of summer, and the Super Bowl.

Clearance merchandise usually starts at 50% off of full price but can also go as high as 90% off. Usually, if those 90% off items don’t sell, they become penny items.

A great place to find deals is in the weekly ad and their website.  Dollar General has BOGO deals and instant savings when you buy participating products. They also take manufacturer’s coupons, and Dollar General has a coupon for $5 off any $25 purchase, which is usually released on Saturday.  And yes, you can pair the big weekly sales and clearance items with manufacturer coupons and the $5 off coupon to save big money!

Pro Shopping Tips

Prices are automatically updated, and most registers are updated before the stores open. So, being at the store when it first opens each Tuesday morning is usually the best way to get the deals. Each store operates differently, and they don’t update until later in the day or even on Wednesday. Once you learn how your local stores operate, it’s not common for the timing to change.

Stores that aren’t well organized and a bit run down seem to have dealt more consistently than the better run stores.

Some Dollar General stores have updated their registers, so you have to wait until the employee to complete ringing your order up before the price drops to a penny. It’s a little stressful watching that total climb, but a bit of a rush when it does.

Please be respectful of the Dollar General employees. They don’t set the policy, and getting mad at them makes their job much harder.

Getting deals is great, but I have known people who buy every item on sale, without thinking whether they will actually use it. I get the rush of a deal, and while this is none of my business, I hope you will consider that if you aren’t going to be able to use the item by the expiration date, to leave penny items behind for the next shopper or donate them. Getting a deal is great, but if it is thrown away, was it really a deal?

Dollar General Penny List & Markdowns

May 2023

May 30, 2023 – No Penny list
May 23, 2023
May 16, 2023
May 9, 2023
May 2, 2023

April 2023

April 18, 2023 – No Penny List | Markdown List
April 11, 2023
April 4, 2023 – No Penny List

March 2023

March 28, 2023 – No Penny List
March 21, 2023
March 14, 2023
March 7, 2023

Source: pennypinchinmom.com

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Apache is functioning normally

June 5, 2023 by Brett Tams
This post may contain affiliate links. That means if you click and buy, I may receive a small commission. Please see my full disclosure policy for details.

Last updated – August 11, 2022

You may have seen the phrase “Rain Check” in your store’s weekly ad or been asked in the store if you want one.  But, what is a rain check, and how does it work?   Below you’ll find your complete guide to understanding and using rain checks.

It has probably happened to you.  There is a great deal on something at your store.  You stop by to pick it up to find out that the store is entirely out of stock.  Does that mean you have to miss out on the deal?  Not necessarily.

Some stores will offer rain checks on items that are sold out.  But what exactly is a rain check? How does it work?  I explain it below for you so that you know how to make sure you use them to ensure you get the best deal – even if it is not in stock right now.

WHAT IS A RAIN CHECK?

A rain check is a voucher given to customers for items that are out of stock.  It allows them to purchase the product at the sale price at a later date.

WHY DO STORES OFFER RAIN CHECKS?

Stores will give out rain checks to retain customers.  They know popular items may sell out and want to extend that sale price beyond their inventory.

DO ALL STORES OFFER RAIN CHECKS?

While most stores will offer them, not all stores do.  You will need to inquire at checkout or possibly at customer service. However, keep in mind that not all items are eligible for rain checks.

DO RAINCHECKS EXPIRE?

That varies from store to store.  They may never expire at some stores and may be valid for just ten days at another.  Review your rain check carefully to find out when it expires.

ARE RAIN CHECKS REQUIRED IF AN ITEM IS SOLD OUT?

No. Rain checks are not required.  The fine print in the store’s weekly ad will indicate if the item is not eligible for a rain check.  If nothing is noted, then in most cases, it will be.  However, the product must not be available at all in the store.

HOW DO I REDEEM MY RAIN CHECK?

When you get to the checkout, hand the item and rain check directly to the cashier.  He or she will need to override the price and manually enter the sales price.

It is most helpful if you save your rain check products until the end of your entire purchase.  Otherwise, if your item is scanned in the middle of your purchase, the cashier will need to review your transaction to find the price and make the adjustment.

Doing it this way makes the cashier’s job a little simpler and saves both you and other customers possible frustration.

DO I HAVE TO REDEEM THE RAIN CHECK AT THE SAME STORE THAT ISSUED IT?

In most cases, yes.  However, if it is a national chain (such as CVS, for example), some stores may accept another location’s raincheck.  Ask before attempting to use it.

CAN I USE COUPONS WHEN USING A RAINCHECK?

Yep – you sure can! As long as the coupon is still valid and falls within the store’s coupon policy, you can redeem a coupon for a product when redeeming a rain check.

CAN I GET A RAIN CHECK ON SPECIAL OFFERS?

It depends on the store or the store manager. For example, if you shop at CVS, they have a code beneath every offer in their sales flyer.  The cashier will note the code on your rain check, so when it is redeemed, you can earn your Extrabucks.   However, other stores may not offer them on select promotions.

Using rain checks is a smart way to take advantage of sales, even if the item is not available.  Don’t be afraid to ask for one.  The worst thing that will happen is the store will say no.

Source: pennypinchinmom.com

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Apache is functioning normally

June 5, 2023 by Brett Tams
This post may contain affiliate links. That means if you click and buy, I may receive a small commission. Please see my full disclosure policy for details.

Last updated – July 30, 2022

I’m a saver. She’s a spender. Or is it the other way around?

How can we find middle ground?

When it feels like your other half undermines your efforts to save or spend, that frustration can cause major issues in a relationship. As with any situation that appears to be black and white, it helps to walk a few miles in the other person’s shoes.

The “saver” in one relationship might actually be a poor spender. For example, if they’re putting away money for a big purchase, they can’t afford it in the long run (i.e. a Lexus, when you really only can afford a Camry). Or, the “spender” may have a more realistic understanding of what grocery costs really are for the family. Making an effort to understand the reasoning behind the other person’s behavior is typically pretty eye-opening for both parties.

Help each other out by establishing some ground rules. Vow to put 10 to 15 percent of your paychecks into savings or an emergency fund. Another example, set approval limits for purchases. Check with your partner before spending over, say, $100. This helps keep the lines of communication open and prevent unnecessary spending.

Source: pennypinchinmom.com

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Apache is functioning normally

June 3, 2023 by Brett Tams

Saving for the future can be a real challenge. It’s human nature to want to enjoy things now, so sacrificing today to put money aside for the years or even decades ahead is difficult for many.

As the saying goes, though, good things certainly come to those who wait. The sacrifices that you make now can have a profound impact on your future finances. In fact, you could easily have an extra half-million dollars for retirement, with only a little dedication and patience today.

How Much Could You Save in 30 Years?

Thanks to compound interest, the dollars you set aside today will continue to grow and grow over the years. The longer you let that money sit and compound, the larger your balance will grow.

Let’s say you decided to save $125 a week now (or $500 a month) in a high-yield savings account. You plan to contribute monthly, and don’t intend to touch that money for the next 30 years.

Over three decades, the actual contributions into your savings account would total an impressive $180,000. This number alone is nothing to scoff at, of course; with the power of compound interest, though, your balance could be expected to balloon by tens of thousands of dollars.

Of course, it’s impossible to know what interest rates will do in the years to come. We could see skyrocketing rates just as we could see APYs (annual percentage yield) plummet. However, let’s just see the math at today’s high-yield savings rates, for simplicity’s sake.

Image source: Investors.gov.

Using the calculator at Investor.gov, we can see that a $500 monthly contribution into a savings account earning 1.7% APY grows to $233,123.75 over time. That’s more than $53,000 in “free” money, thanks to compound interest.

Choose to put your savings in a certificate of deposit (CD) instead, and you may be able to earn even more. For instance, some CDs today offer around 2.2% APY. At that rate, your savings would grow to over $252,141 in 30 years, earning you an extra $72,141.72 on top of your monthly contributions.

With $500 monthly contributions Earning an average of 1.2% APY Earning an average of 1.7% APY Earning an average of 2.2% APY
After 30 years $180,000 $215,845.76 $233,123.75 $252,141.72
Growth n/a +$35,845.76 +$53,123.75 +$72,141.72

Where You Save Your Money Matters

As you can already see, it is important to put your money in an account that earns as much as possible, while also maintaining a risk level that keeps you comfortable. While a savings account or CD is a safe choice that still earns a modest return, you could earn even more by putting that extra $500 into a different savings vehicle.

Historically, 401(k) retirement savings accounts have an average rate of return somewhere in the 5-8% range. While your actual return is always contingent on market trends and the investments/risk tolerances you select, putting extra savings in your portfolio is a better way to earn even more than you would with a savings account.

“Between 1926 and 2018, the average annual return of the S&P 500 was about 10%. Adjust that 10% for inflation, and that brings you to an average annual, real return of 7%,” wrote The Motley Fool’s Catherine Brock.

Individual years may return more or less. Over decades, however, investing broadly in the stock market has actually been very predictable (though it’s always important to remember that past performance does not guarantee what happens in the future).

As an example, if you contribute $500 a month and earn an average return of 6.5% annually, your retirement account could easily grow to over $530,000 in 30 years. Even earning a below-average annual return of 4.5% would result in a balance of over $367,000, more than doubling your cash contributions in 30 years!

If you put your contributions in a… Savings account earning 1.7% APY CD earning 2.2% APY 401(K) with an average return of 4.5% annually 401(K) with an average return of 6% annually
Your balance after 30 years will be… $233,123.75 $252,141.72 $375,404.70 $490,128.23

Of course, investments involve added risk and expenses, and returns aren’t guaranteed. However, you can easily see how much it matters when choosing where to put your savings.

If You Can’t Spare $500 a Month…

I understand setting aside $500 a month might be a stretch for some households. If that’s the case for you right now, don’t fret — you can still build an impressive nest egg by putting aside whatever you can.

For instance, let’s say you’re only able to save $100 a month. After 30 years, you will have contributed $36,000 out of your own pocket into savings, but thanks to compound interest, you may see a balance that’s much higher.

With $100 monthly contributions Earning an average of 1.2% APY Earning an average of 1.7% APY Earning an average of 2.2% APY
After 30 years $36,000 $43,169.15 $46,624.75 $50,428.34
Growth n/a +$7,169.15 +$10,624.75 +$14,428.34

Even earning a mere 1.2% APY with your savings account would earn you an extra $7,169. That’s money you didn’t work to earn, which can go toward your retirement expenses (or even a fun family vacation).

Save Now, Spend Later

The most important rule in saving is to set aside as much as you can as early as possible. Whether you’re able to put $500 a month into savings today or not, strive to put as much as possible into the account of your choosing.

Compound interest will work to grow your money over the years. The longer you save, the higher your savings will grow. And of course, as your career progresses and your financial situation changes, you can always increase those monthly contributions to earn even more.

With a little dedication (and some key discipline), today’s savings could easily be tomorrow’s comfortable nest egg.

–By Stephanie Colestock 

Source: pennypinchinmom.com

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