Innovation seems to be the key that unlocks success. Steve Jobs certainly thought so, known for saying things like, “Innovation distinguishes between a leader and a follower, and, “Innovation is the only way to win.” I’d like to agree primarily with the latter on behalf of most companies not quite on the same playing field as Apple, making the argument that innovation for your business doesn’t have to be industry shattering. It can just mean doing something you haven’t done before that helps you to achieve your goals. Taking inspiration from others who’ve already paved the way could be a great way to validate a good idea that you can build upon in a way that makes sense for your business.
The real estate industry is seeing a firestorm of innovation. Just look at how VC funding in proptech has grown 200x in the last 10 years, reaching ~4B in 2018. Much of this innovation is an effort to digitize the industry and better meet current customer expectations. One look at CB Insights’ Real Estate Tech Market Map and I bet you’ll empathize with the founder(s) and the pain points they are trying to address.
Adding raw data and data insights to a product/service can be used in tandem with innovation to unlock the opportunity in proptech to improve the entire transaction process. At Estated, a property data company, we’re seeing lots of customers gaining a serious competitive edge in this way, and many others taking it on and doing it right.
Since I mentioned being inspired by others, here’s just one example innovator. SquadVoice is using AI and data analytics to automate CRM lead scoring. So what is the value behind the product? Organizing leads in your CRM by engagement or contact date could be done by you with a simple scoring system. But, what about a lead who has these properties and owns a home in your zip code and built in the last 10 years, and so on? By analyzing more indicators, SquadVoice is using property data in their proptech to offer an innovative solution in a competitive industry.
If you’re also considering making property data a primary or secondary component of your proptech, there are a few paths you can take. Which one you choose will be based on a few key factors, including the data delivery format. Most obtain/retrieve property data in one of two ways:
An API.
A one-time file transfer known as a Bulk request.
If you have a technical team or technical abilities of your own, an API can be a fast and effective means of adding the data to your real estate technology. You must have the addresses you’re interested in researching to pull from an API, however, unlike with a Bulk request.
These slight yet critical differences are why we put together an essential guide to a property data API that outlines everything you’ll need to know. If you’re more tech-savvy it will help you better understand the property data quality and ease of integration for an API. If you’re not, it will help you to assess an API from a business sense, looking at cost and opportunity. No matter what your particular focus, think about whether property data could help you take your proptech innovation to the next level. And if so, the process doesn’t have to be tedious. Use the checklist at the end of the guide to walk simply through the critical questions you should be asking of your team and your vendor that will make the integration and your initiative a success.
Welcome to Irvine, CA, a dynamic city known for its thriving community and business landscape. Offering residents a unique blend of opportunities and experiences, Irvine is a place where innovation meets a high quality of life. Whether you’re in search of a new home or curious to explore what Irvine is known for, this Redfin article is your guide to uncovering the distinctive qualities that define Irvine, CA.
1. Master-planned community
Irvine is known for being a master-planned community. This means that the city was carefully designed and developed with a specific vision in mind. The layout of the city, including its residential areas, commercial spaces, and recreational facilities, is meticulously planned to create a cohesive and harmonious environment for its residents.
2. Educational hub with UCI
Irvine is renowned for being an educational hub, primarily due to the presence of the University of California, Irvine (UCI). UCI is a prestigious research university that attracts students from all over the world. The university’s academic programs, cutting-edge research, and vibrant campus life contribute to Irvine’s reputation as a center for higher education.
3. Irvine Spectrum Center
The Irvine Spectrum Center is a prominent feature of Irvine. It is a large outdoor shopping center that offers a wide range of retail, dining, and entertainment options. With its unique blend of shops, restaurants, and entertainment venues, the Irvine Spectrum Center has become a popular destination for both residents and visitors.
4. Business and technology district
The city is home to numerous companies, ranging from startups to multinational corporations, across various industries. The presence of these businesses has created a vibrant and innovative ecosystem, attracting professionals and entrepreneurs who contribute to Irvine’s economic growth and success.
5. Architectural uniformity
The city’s buildings and neighborhoods adhere to a consistent design aesthetic, creating a visually cohesive and harmonious environment. This commitment to architectural uniformity contributes to Irvine’s overall appeal and enhances the city’s sense of identity and community.
6. Greenbelt and open spaces
Irvine boasts an extensive network of parks, trails, and recreational areas, providing residents with ample opportunities for outdoor activities and relaxation. These green spaces contribute to Irvine’s quality of life and promote a healthy and active lifestyle.
7. Ethnically diverse community
The city is home to a rich tapestry of cultures and nationalities, creating a vibrant and inclusive atmosphere. This diversity is celebrated through various cultural events, festivals, and community initiatives, fostering a sense of unity and appreciation for different backgrounds and traditions.
8. Irvine Great Park
The Irvine Great Park is a prominent landmark. It is a large public park that offers a wide range of recreational amenities, including sports fields, playgrounds, and a balloon ride. The park’s expansive green spaces and diverse attractions make it a popular destination for outdoor enthusiasts and locals looking to enjoy nature and leisure activities.
9. High standard of living
Irvine consistently ranks among the top places to live in the U.S., thanks to its excellent schools and well-maintained infrastructure. Irvine’s commitment to providing a high quality of life for its residents is evident in its amenities, services, and overall community development.
From 9 a.m. ET on December 22, 2023, to 5 p.m. ET on Thursday, February 15, 2024, fans have the opportunity to enter for a chance to win the 2024 HGTV Dream Home.
HGTV and FoodNetwork fans have the chance to win the 2024 HGTV Dream Home giveaway in Anastasia Island, Florida. The prize package, valued at over $2.2 Million, includes keys to the home, all furnishings, an all-new Mercedes-Benz E Class Sedan, and $100,000. Eligible fans can enter for a chance to win daily at HGTV.com/DreamHome and FoodNetwork.com/HGTVDreamHome, where they will also find full details of the official rules and additional home features.
The three-bedroom, four-bathroom home sits at approximately 3,300 square feet with views of the Matanzas River and the St. Augustine Lighthouse. The home combines classic coastal elegance with modern touches and layers of natural textures drenched in soothing blue and white hues. Upon entry, guests will instantly be taken away by the beautiful views of the waterfront. The front door leads to the great room with an open concept, including a living room with sleek sofas and a fireplace, a dining room with a beach-inspired distressed table, and a bright blue cabinet-filled kitchen. The laundry room and well-organized mudroom sit between the kitchen and an attached two-car garage. The main bedroom looks up to airy skylights and offers a private retreat from the rest of the home with a walk-in closet and main bathroom.
The house is perfect for entertaining, with two guest suites and a loft that provides a cosy space with a wet bar and a mini fridge. The spacious backyard is a dreamy getaway with an outdoor kitchen and high-top bar, two fire features, a pool, and multiple outdoor entertaining spaces, including a screened-in porch with lounge and dining and a pergola with conversation seating.
Architect Michael Stauffer designed the home, and local builder Glenn Layton Homes brought it to life. The interior design was done by Brian Patrick Flynn.
2024 HGTV Dream Home features overview:
3-bed, 4-bath home with 3,300 sq ft
Views of Matanzas River and St. Augustine Lighthouse
Classic coastal elegance meets modern touches
The front door opens to a great room with an open-plan concept
Main bedroom with walk-in closet and main bathroom
2 guest suites and loft with wet bar and mini fridge
Spacious backyard with outdoor kitchen, high-top bar, fire features, pool, and multiple entertaining spaces
The HGTV Dream Home inspires millions of HGTV fans who enter for a chance to win every year. With this year’s home, we are showcasing Anastasia Island, which offers something for everyone from historical sites to year-round outdoor adventures.
Loren Ruch, Head of Content, HGTV
Anastasia Island is located off the northeast Atlantic coast of Florida, just east of St. Augustine, considered the oldest city in America. The 14-mile island is connected to the city of St. Augustine by the Bridge of Lions, giving access to everything from the charming cobblestone streets and powder sand beaches to historical sites and a wide range of activities. With a rich architectural history, Anastasia Island sits atop layers of local coquina stone formed from seashells used to build the Castillo de San Marcos, a national monument and the oldest fort in the United States. Visitors can explore the St. Augustine Lighthouse, Anastasia State Park, Matanzas Inlet, St. Augustine Amphitheatre and many other local attractions. With endless water sports, scenic boat rides, campsites and majestic views, this seaside escape is the perfect dreamy getaway to call home.
Sponsors of the 2024 HGTV Dream Home include Belgard®, Cabinets To Go, Delta Faucet, James Hardie Building Products Inc., LL Flooring, Mercedes-Benz USA, The Sherwin-Williams Company, SimpliSafe Home Security, Sleep Number®, Trex Company LLC, VELUX® No Leak Skylights, Viva®, Wayfair® and KitchenAid, and Maytag by Whirlpool Corporation.
Find me on:
Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
[Editor’s Note: This is the introduction to our 275th Weekly Transmission, originally delivered direct to the inbox of the GEM Crystal on December 22nd, 2023. Below, myself and others from the GEM Diamond community look back on year with high interest rates, tighter VC wallets, lawsuits, and increased short term rental legislation. Many links included are to members-only articles, so won’t be accessible without an account already setup. You can read the full full article on our Crystal Platform.]
What a year, what a year. It’s all about the interest rates.
The 2023 macro was challenging, at best. It was a damn hard year all the way around. ❇️Reali ended in flames ❇️, as did Veev. WeWork lost its mojo, again. Opendoor’s missionary force stepped away. Those that survived are here to stay…for now. There’s no doubt 2024 will usher in another year of sleep-deprived founders.
Here’s a snapshot of the most notable industry dynamics that played out:
Mounting Lawsuits: There are $1.8 billion reasons that the Sitzer/Burnett trial in the U.S. District Court in Missouri has dominated the year’s news cycle. And, many more when you factor in the growing selection of follow-on lawsuits. Re-read that Sam Westelman essay thoroughly. Big changes are afoot, both for individual practitioners and MLSs—all of which will impact technology innovation and adoption.
AI-izing Everything: We don’t need to beat this drum since it’s beyond obvious, but you can’t go a day without hearing about the impacts of AI. That said, it’s still focused on the low-hanging fruit—largely still being used for data efficiencies, automating processes, and of course creating content.
Drying Up VC Funding: Fundraising was hard. Really hard. I heard that sentiment over and over from founders far and wide. BISNOW reports proptech funding was down 42%. Finding a VC actually putting money to work makes me think, “Where’s Waldo?” As Fast Company says, 2023 was a bloodbath for venture capital. Sure, AI is bucking the trend, but I’m not optimistic that will hold as AI becomes table stakes, like social media. “Overall IPO proceeds in 2023 lag[ged] 2022’s,” and the existing public stocks experienced steep declines since their pandemic highs—that needs to change to turnaround VC fuel. We’ll continue monitoring the public side via our Quarterly Earnings Radar and weekly ❇️Proptech Index updates❇️.
Mainstreaming ESG: With New York’s Local Law 97 requiring buildings over 25,000 square feet “to meet new energy efficiency and greenhouse gas emissions limits as of 2024” (with even stricter limits coming by 2030), and Washington approving legislation that makes it “cumbersome and expensive for [residential] builders to meet energy efficiency targets without installing heat pumps,” sustainability has moved front and center. This is only the beginning of governmental mandates that will further drive adoption of sustainability technologies previously seen as optional.
Boiling Over of CRE: The office sector is even worse than everyone says. Vacancies are up, transactions are down. With the cycle on commercial longer, fatigue in the market is real, and with tenants fighting to lower or abandon rents, the adoption challenges startups have always experienced are more of a reality than ever before.
Regulating Short-term Rentals: New York’s Local Law 18 took effect in September, which we touched on ❇️earlier this year❇️. The overlap of long/short-term rentals and Airbnb and all of that mushy gray area where new living arrangements are popping up for people. All of which bodes well for ❇️those facilitating home sharing, swaps, and exchanges❇️.
And, with that, let’s get to it…
Image created by: Dall-E-3 Prompt: “I’m writing a post about the real estate market titled Looking back at 2023, but am looking for a graphic for the top of the article. please make one and include either 2023 or 23”
How did we fare? Let’s take the time to reflect on, and score, the predictions and trends published a year ago.
Just in time for the Christmas holidays, Cook County Treasurer Maria Pappas will disburse over $30.5 million in automatic refunds to approximately 9,000 property owners who overpaid their First Installment taxes last year. Almost half of the refunds, about 48%, will be directly deposited into the property owners’ accounts over the next three months. To check for eligibility for an automatic refund, visit cookcountytreasurer.com, select the purple box labeled “Your Property Tax Overview,” and enter your address or 14-digit Property Index Number (PIN).
The breakdown of automatic refunds is as follows:
Approximately 1,900 homeowners who paid their property taxes online will receive a total of $13.1 million electronically deposited into their bank accounts.
About 4,000 homeowners who paid their taxes through a bank/mortgage escrow account will be sent refund checks totaling $8 million.
Around 2,900 homeowners who paid taxes amounting to $9.3 million in cash or by check will receive an electronic refund or be sent a refund application to ensure the rightful recipient receives the refund.
Most of the refunds will be allocated to homeowners who receive property tax exemptions, which are applied to the Second Installment tax bill and reduce the total taxes owed. These exemptions include Homeowner, Senior Citizen, Senior Freeze, and Disabled Persons. The Second Installment 2022 property tax bills were due on December 1, 2023.
his service is a huge convenience for homeowners who have overpaid their property taxes. Most will not have to file an application, fill out any forms or deal with any paperwork. They will get their money automatically.
Cook County Treasurer Maria Pappas
Since the inception of the automatic refund program in 2018, Pappas has refunded approximately $121.2 million to over 155,015 property owners without requiring applications. Property taxes are due in two annual installments. Taxpayers receiving automatic refunds paid First Installment amounts exceeding the year’s total due.
Find me on:
Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Knightvest, a real estate investment and management company, has published its inaugural annual Multifamily Renter Sentiment Report findings. The survey offers insights into the decision between renting and buying, the consequences of high mortgage interest rates, and variations in rental preferences across different generations.
Most renters (59%) choose to rent rather than feel forced to rent.
Among the respondents, 51% of Millennials and 54% of Gen Z individuals have actively chosen to rent.
A surprisingly high number of renters (31%) feel ambivalent or uninterested in home ownership.
74% of renters report that their timeline to purchase a home has significantly lengthened due to increased mortgage rates
Older Americans are selling homes to live in apartments.
73% of people say that social interaction is essential in an apartment community
Baby Boomers value social interaction more than Millennials (78% versus 71%)
On the whole, Gen Z respondents are slightly more enthusiastic about the idea of owning a home compared to Millennials (29% vs. 25%).
The rent-versus-buy decision is increasingly nuanced given this dynamic macroeconomic environment, and it’s interesting to see the data support what we’re hearing anecdotally from residents: if you create communities built on quality, service and care, then apartments can become sought-after destinations where residents thrive through multiple seasons of their lives.
David Moore, Knightvest Founder and CEO
Top Reasons Why People Rent
The high cost of owning a home is a concern for 62% of people.
The reduced responsibility for maintenance and repairs is a factor for 51% of individuals.
35% of renters cite the increased flexibility to relocate as a reason they choose renting instead of buying.
Also, it is interesting to note that:
29% of renters have previously owned a home.
71% of Baby Boomer renters have owned a home before, and their primary reason for renting is to have fewer maintenance and repair responsibilities.
Finally, The surge in mortgage rates has caused a significant delay in decision-making for those looking to buy a home.
An overwhelming 74% of survey participants have indicated that the timeline for their home purchase consideration has been prolonged due to the substantial increase in mortgage rates.
Within this group, a staggering 79% have reported that this extension ranges from a few years to indefinite.
Millennials and Gen Z individuals have expressed similar salary expectations required to afford a home.
On average, Millennials have stated a need for a salary of $139,000 to purchase their desired home, while Gen Z has mentioned a requirement of $137,000.
As we head into 2024, this data underscores the enduring demand for apartments and reveals insights that will continue to shape the real estate landscape for years to come. At Knightvest, we remain focused on executing our strategy to renovate and reposition apartment communities to create compelling, modern living environments at an extraordinary value. With people staying in apartments longer, this work has never been more important than it is today.
David Moore, Knightvest Founder and CEO.
Knightvest conducted the survey in the Multifamily Renter Sentiment Report from November 20 to November 30, 2023, on an online platform. 4,100 U.S. apartment renters participated voluntarily and did not receive payment for their opinions.
Find me on:
Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Real estate tech firm Prevu announced a Series A financing round Thursday of $6 million. Citi, RiverPark Ventures, Metropolis Ventures, Simplex Ventures, Winklevoss Capital and Liebenthal Ventures invested in the round.
Launched in New York City in 2017, Prevu offers buyers up to 2% cash back of the purchase price thanks to its commission rebate. The Smart Buyer Rebate, the company’s flagship product, allows prospective homebuyers to find a home with a customized property feed that shows their potential rebate. The firm claims to have brokered more than $1.5 billion in real estate transactions over the past six years.
“In an era where affordability is a growing concern for homebuyers, Prevu is committed to making the dream of homeownership more attainable,” Chase Marsh, co-CEO of Prevu said in a statement. “This financing round will allow us to continue to accelerate our growth, and we are excited to partner with our new investors who bring a tremendous amount of insight on real estate and fintech to contribute to our journey.”
The company operates in New York, Massachusetts, Pennsylvania, New Jersey, Washington DC, Maryland, Virginia, Florida, California, Oregon, Colorado and Texas.
In October 2022, Prevu acquired mortgage technology assets from shuttered real estate startup Reali.
The Bright MLS 2024 National Housing Market Outlook predicts that next year will bring better conditions for homebuyers. Despite the challenges posed by affordability, buyers can expect a slowdown in home price growth, lower mortgage rates, and an increase in housing options. This shift will occur as life events prompt current homeowners to enter the market, providing more opportunities for prospective buyers.
The Bright MLS 2024 National Housing Market Outlook forecast signals several critical developments for buyers and sellers:
Mortgage rates will establish a new standard, dipping below 7% in the initial quarter and fluctuating between 6-6.5% before landing at 6.2% by year-end.
The year’s conclusion will witness existing home sales reaching 4.6 million, marking a 12.1% surge from the historically low figures in 2023, albeit beneath the standard home sales volume in a typical year.
Evolving family and financial circumstances will increase the number of sellers entering the market, resulting in a 7.6% upturn in inventory by the culmination of 2024.
The augmented inventory and heightened buyer activity will likely maintain home prices steady, as the median home price in the U.S. will ascend by a mere 1.5% to $394,200.
Escalating affordability hurdles and an upsurge in the availability of new homes will steer home prices downward in certain markets, primarily concentrated in California and Florida.
More Home Sales in 2024
Home sales will increase next year, following a prolonged period of subdued activity. In 2023, the housing market experienced a notable decline in home sales, reaching the lowest level since 2008 because of limited inventory, heightened mortgage rates, and soaring home prices, which dampened demand, particularly in the latter part of the year.
Nevertheless, there remains substantial pent-up demand for homeownership, particularly among younger households, whose homeownership rate still lags because of previous generations. Lower rates and increased inventory will drive the anticipated influx of buyers in 2024. However, affordability will remain a significant challenge, potentially deterring some prospective buyers from entering the market in 2024.
Stable Home Prices
The housing market will likely experience relatively stable home prices in 2024, with a modest 1.5% increase in the median home price in the U.S. compared to 2023. Factors like inventory offset by a rise in the number of buyers in the market will drive the projected growth in home prices.
Overall, the median home price in the U.S. will grow modestly, rising to $394,200 in 2024, a 1.5% increase over 2023.
Affordability Remains a Challenge
In 2024, the U.S. housing market will not experience widespread price corrections. However, certain local markets have seen rapid price increases, posing affordability challenges for potential buyers. Additionally, some metropolitan areas have witnessed a surge in new construction activity.
This surge and decreased affordability may lead to price declines in particular markets nationwide. Based on an analysis of price growth, affordability, and construction trends, 10 of the 50 largest metro areas are forecasted to have lower median prices in 2024 compared to 2023. Notably, California and Florida dominate the list of regions with forecasted price declines, although no market is anticipated to experience a double-digit price drop next year.
Find me on:
Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Inside: Balancing a shoestring budget is possible and provides great rewards. With savings and budget strategies, you will find genius tips to manage your finances smartly!
With the rise of economic inflation, a growing number of people are finding the need for shoestring budgets to effectively navigate through their expenses.
Whether it’s planning for a low-cost holiday, initiating a frugal home makeover, or launching a start-up business with minimalist funds, the concept of a shoestring budget comes into play.
Moreover, it’s not only limited to low-income families but also extends to larger households and entrepreneurs that need to strategically lessen costs to achieve their goals. This is how many people reach financial independence sooner.
Then, let’s talk about a shoestring budget – an effective tool used to stretch finite resources, manage money wisely, and achieve financial goals, all while minimizing expenses.
If you’re familiar with the feeling of every dollar in your wallet counting, then this blog post is for you.
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.
What is a Shoestring Budget?
A ‘shoestring budget’ means to accomplish a task or a project within a very limited or bare minimum budget. The shoestring budget work strategy involves curbing discretionary spending dramatically to take care of high-priority expenses.
Understood across various contexts like travel, events, and lifestyle, the term implies an approach of resourcefulness and discovery of low-cost alternatives to achieve desired results.
Not exclusive to households with low incomes, working with a shoestring budget expresses the art of making what’s deemed impossible possible, navigating time constraints, and maximizing minimal available funds.
Shoestring Budget Idiom Definition
According to Merriam-Webster, the official definition of a shoestring budget is: 1
“involving a relatively small amount of money for planned spending.”
‘Shoestring Budget’ Origin
The phrase ‘shoestring budget’ has an intriguing origin story that dates back to the 1800s in the United States. Fact-checks reveal that this term is indeed a reference to the precarious nature of a thin and weak shoestring, metaphorically implying a scarce and strained budget.2
Several theories have been proposed regarding its original use.
One theory suggests that the term ‘shoestring gambler,’ meaning someone gambling with a limited budget, might be the precursor to the idiom.
Another theory, based on British history, suggests that prisoners would lower a shoestring out of their cell to collect small donations from passersby, symbolizing the idea of managing with few resources.
Despite the debates around the phrase’s exact origins, it is undisputed that it signifies a tight budget situation.
How to live on a shoestring budget?
Living on a shoestring budget can be challenging but doable with a bit of dedication and planning.
Start by reviewing your regular expenses per month.
Cut down on unnecessary expenses as much as possible.
Monitor your small, daily expenses as they can add up significantly over time.
Refinance any existing debt to reduce interest payments.
Renegotiate contracts with utility providers, subscription services (consider uninstalling unused ones), or insurance for better rates.
Shop at thrift stores or choosing used items over brand new can also help you save.
The key to surviving a shoestring budget is self-control and determination to avoid impulsive spending.
Your goal is to prioritize essential needs over wants – a no spend challenge will help you with this. Remember, regular tracking and analysis of your personal site usage can provide valuable insights to manage your budget better.
How to travel on a shoestring budget?
Embarking on an adventure while on a shoestring budget requires creativity and pre-planning.
Be flexible with your travel dates, destinations, and mode of transport to take advantage of the best deals available.
Consider options such as budget airlines, off-peak travel times, and less touristy locations.
Staying in budget accommodations, or even trying out housesitting, can significantly cut down your lodging costs.
Eating at local fresh markets rather than restaurants will not only save you money but also provide a more authentic experience.
Plan your daily activities; consider free local events, parks, and attractions.
Always carry a water bottle to avoid buying expensive drinks.
With careful planning, traveling on a shoestring budget can make your journey all the more rewarding and memorable.
How to Save Money on a shoestring budget?
Saving money while on a shoestring budget might appear challenging, but it’s not impossible. Begin by monitoring your expenditures and identifying areas where you can potentially save money. Also, consider substituting costly activities with more affordable or free ones.
Every small action counts when you’re on a shoestring budget, and these savings accumulate over time. Remember, consistent small savings can make a significant difference in the long run.
Starting a business on a shoestring budget
Starting a business on a shoestring budget requires careful financial planning and innovative thinking. Indeed, it may sound challenging, but numerous shoestring startups have surged to success by optimizing their business budgets. It is all about crafting a solid business plan that clearly delineates your budget and the efficient utilization of each dollar.
Maintain focus on essential expenses only. These expenses might include mandatory licenses, essential software for business operations, or even crucial industry-specific tools. Leverage your personal and professional networks for free advice and resources.
Also, make the most of free or low-cost online marketing strategies as these can be vital to shoestring business budgets. You can use effective strategies, like using different social media platforms for marketing or creating a blog, to broaden the reach of your business.
Remember, having the capital to start is important but it’s secondary to a truly novel idea, intense hard work, and a strategic approach. So, let your creativity thrive and work passionately towards growing your business.
Shoestring Budget Examples
Shoestring Vacation
Wedding or Honeymoon
Home Improvement
Business on a Shoestring Startups
Savings Goals
Financing your Next Car
A shoestring budget is not always related to bigger projects. It can also refer to the scenario where the money required for daily expenses, buying an item, or completing a project isn’t enough. Here, the person has to be creative and find ways to stretch the money to make ends meet.
Practical Tips for Surviving on a Shoestring Budget
In this section, we will present practical advice for managing a shoestring budget, derived from case studies of my readers and my own personal experience who have thrived despite financial limitations.
Whether you are budgeting on a low income or looking to reach FI number faster, this guide has you covered.
1. Starting with a Budget: Your First Step
Before you embark on your journey of living on a shoestring budget, the first step is to define a realistic budget.
Understand your total earnings and list all your monthly expenses.
Identify which expenses are necessary (rent, utilities, groceries) and which are discretionary (eating out, entertainment).
Now create a spending plan such that it covers all necessities, allocates some amount towards savings, and leaves a little for leisure.
A well-defined budget will be your roadmap to financial management success.
Remember, the goal is to live within your means but also to ensure you aren’t depriving yourself.
2. Make Saving Automatic
A proven way to save money on a shoestring budget is to make saving automatic.
In such a method, you can set up an automatic transfer when you get paid. Another idea is to use Acorns, which rounds up purchases made with your debit card to the nearest dollar and deposits the change daily into your savings account.
Essentially, you’re saving without even noticing it! These little amounts add up over a period and can really bolster your savings.
Acorns
Invest spare change, invest while you bank, earn bonus investments, grow your knowledge and more.
Every purchase you make means an opportunity to invest your spare change! So coffee for $3.25 becomes a $0.75 investment in your future.
Get Started
3. Cut Back on Expenses
One of the most effective ways to operate within a shoestring budget is by reducing expenses. These can be small lifestyle changes, like cutting back on takeaways and preparing meals at home, walking or cycling instead of driving short distances or canceling unused subscriptions.
Specifically, you are looking to cut back your flexible expenses the most.
4. Look for Ways to Make Extra Money
Alongside cutting back on expenses, we continually stress the importance of finding ways to supplement your income. This could be from a side hustle, passive income, part-time job, or even a pay raise.
This additional income can help ease pressure on your shoestring budget. Also, it might provide an opportunity to explore new interests or passions. By diversifying your income streams, you make your financial situation more secure and flexible in unexpected circumstances.
Virtual Savvy
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own businesses from scratch.
Swipe our exact methods to start earning a living from anywhere as a VA – no experience needed!
Learn More
Download Free Checklist
5. Utilize Free Resources
When it comes to saving money on a shoestring budget, the key is to utilize free resources and focus on essentials before spending money.
Thankfully, there are many vital ways to do this:
Find free things to do without spending money.
Use your local Buy Nothing group to find items before spending your hard-earned cash.
Learn and enhance your skills through free or low-cost online platforms like Udemy, Coursera, and YouTube.
Leveraging such resources can have a significant impact on your budget, leading to substantial savings for other meaningful expenses.
6. Look for Deals and Coupons
Another wise strategy when operating on a shoestring budget is seeking out deals and using coupons whenever possible. This game-changing approach can be applied to your grocery budget, dining, clothing purchases, and even travel.
Search for coupons in newspapers, magazines, or on coupon websites. Perhaps, subscribe to newsletters from your favorite retailers, a move that will provide straightforward access to information about sales and discount codes. Be mindful while shopping online or in stores, and always remember to rein in impulses, checking for any available discounts before purchasing.
Moreover, take advantage of holiday sales or Amazon Prime Day for larger purchases. Taking a little extra time to hunt for the best deals can significantly cut down your expenses and help you stick to your shoestring budget.
7. Utilize Household Resources
Leveraging what you already have in your household is another fantastic way to save money.
For instance, before running to the grocery store, take stock of what’s in your pantry and design meals around these items.
Also, consider repurposing and upcycling household items. An old ladder can turn into a chic bookshelf; jars can be used for storage.
Optimizing utility usage by switching off lights when not in use and limiting water usage can also reduce bills.
Start treating everything in your house as a resource with a specific purpose and value, including leftover food, old clothes, and used furniture. Every household item utilized efficiently can add up to visible savings over time.
8. Get Rid of Unnecessary Expenses
Perhaps the most crucial aspect of managing a shoestring budget is identifying and eliminating unnecessary expenses. These could include subscriptions to magazines or online services that you hardly use, dining out frequently, or buying expensive coffee daily.
Analyze where your money is going every month. You’d be surprised how the smallest changes can have a big impact on your budget. Eliminating even a few unnecessary monthly expenses can add up to substantial yearly savings.
Remember, the key is not to deprive yourself of everything but to find that balance between living comfortably and within your means.
9. Reduce Your Monthly Rent or Mortgage Payment
Want to slash a significant expense of your shoestring budget by considering ways to reduce your rent or mortgage payments? Could you move to a more affordable area or a smaller property?
For homeowners, look at refinancing your mortgage or negotiate better terms, resulting in lower monthly payments. Always remember to check if any fees would apply before proceeding with refinancing.
If relocation isn’t an option, consider renting out a spare room in your home or offering it on a vacation rental site.
If you are a renter, look at becoming a permanent housesitter.
Lowering these substantial expenses can make a huge difference in your budget, allowing you to allocate funds to other pressing areas, save, or even invest in building wealth.
eMortgage
Ready to buy a new home or refinance your mortgage?
eMortgage® shops home loans across multiple lenders to help you find a mortgage rate that fits your needs.
Get Started
10. Be Creative When Paying Bills
When managing a shoestring budget, it can be helpful to get creative with the way you pay your bills. Sometimes, splitting payments between paychecks or paying on certain days can make managing your budget easier.
You could also consider bill negotiation services or check if you qualify for reduced rates based on your income. If meeting all payments becomes too strenuous, communicate with your service providers about it. They may have hardship programs or payment plans to assist during tough financial periods.
Remember, the key is to avoid late fees or penalties that could further strain your budget.
11. Leverage Technology to Save Time and Money
Make the most of technology to manage your shoestring budget. There are numerous mobile apps and online resources to help you track your expenditures, save money, pay bills, and even invest.
Budgeting apps can help you keep track of your income and expenditure, warn you when you’re nearing your limit, and provide valuable insight into your spending habits. Digital wallets can help you make secure transactions without the fear of losing cash.
Moreover, there are apps and websites to compare prices of different products, get the best deal alerts, apply instant coupons, or even earn cashback like Rakuten.
Quicken
Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.
I have used this platform for over 20 years now.
Pros:
Birds-eye view of your complete financial picture.
Conveniently download your spending activities, and automatically categorize them (Quicken connects to over 14,000 financial institutions).
Track investments with it’s features like portfolio analytics, retirement goals, and market comparison.
Cons:
Little complex to use at first, the learning curve is moderate.
Yearly subscription-based model to use the platform.
Save 40% on New Memberships
Our Review
12. Participate in a Mini Savings Challenge
As a fun and effective way to boost your savings, consider embarking on a mini savings challenge! These challenges break the intimidating concept of saving into manageable, small steps. They can vary based on duration and the amount you’re aiming to save.
For example, in a 52-week challenge, you save $1 in the first week, $2 in the second, and so on, until you’re saving $52 in the 52nd week. By the end of the year, you’ll have saved $1,378!
Not only does it make saving fun, but it also allows you to develop a consistent saving habit, crucial when budgeting on a shoestring.
Frequently Asked Questions (FAQ)
If you’re fortunate enough to have a budget that’s more than a shoestring, the principles discussed still apply. Having more resources doesn’t mean you should ignore opportunities to save and invest wisely.
So, whether your budget is minimal or ample, consider adopting these healthy financial habits to achieve your financial goals. Make sure to sock away any extra money into a savings or investment account so you aren’t tempted to spend it.
Starting to invest on a small budget involves several key strategies. You must pay yourself first each and every time you are paid.
Set up an auto savings plan through a high interest savings account to make sure you start earning interest.
Contribute enough to your 401(k) to take full advantage of your employer’s match, if available, and consider mutual funds with an initial investment as low as $500.
Pick one solid company wherein you believe data and financials are stable enough to invest in, and buy 1 share.
If you receive a work or tax refund bonus, allocate it towards your investments instead of immediate spending.
Key Takeaways: Managing Money Well on a Tight Budget
Managing finances on a shoestring budget can be a daunting task, but with the right strategies in place, it can become a way to achieve financial health.
This is something I did when I was a stay-at-home mom looking for ways to make money.
In the grand scheme of things, managing a shoestring budget is less about the money and more about your mindset. Yes, limited resources can present challenges, but your attitude and creativity can make a difference.
Embracing frugality, taking control of your financial choices, and building resourceful strategies can turn your constraints into opportunities.
Money comes and goes, but the ability to manage it effectively is a life skill that will always be beneficial. The real wealth lies in your ability to live within your means and make the most of what you have – turning your shoestring budget into a stepping stone towards financial independence and stability.
Remember, every journey starts small.
Day by day, these tips can help you improve your financial stability and achieve your goals, regardless of your budget size.
Source
Merriam-Webster. “on a small/tight/shoestring budget.” https://www.merriam-webster.com/dictionary/on%20a%20small%2Ftight%2Fshoestring%20budget. Accessed December 5, 2023.
Grammarist. “Shoestring Budget – A Creative Expression for Limited Money.” https://grammarist.com/idiom/on-a-shoestring-and-shoestring-budget/. Accessed December 5, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
With summer comes backyard barbecues, friend hangouts and enjoying the warm weather after a long time inside. Sure, you can hire a landscaping designer to turn your yard into an oasis, but it’s easier than you think to do it on your own with these helpful backyard oasis ideas.
Transform your backyard into a place that you go to unwind and relax after a long day at work with these 16 backyard oasis ideas.
1. Add a hammock for lounging
What’s the best part of a vacation? It’s often getting to lay down on a hammock and read your latest book or take a nap during your time off. Well, bring this to your backyard to enjoy every day.
You can tie up the hammock to trees or get a free-standing one. Make sure you place it in the shade for a cooler nap and place a mosquito candle nearby.
2. Build a sitting area around a fire pit
Summer is synonymous with backyard fires, cool evenings and, of course, s’mores. Create a nice sitting area with a few outdoor chairs and side tables. Then place a fire pit in the middle — an in-ground fire pit or a free-standing wood one. You can also build one yourself.
Since you’ll get a lot of use out of a fire pit, this backyard oasis idea will become a fixture for your outdoor experience. Just make sure you stock up on marshmallows!
3. Take a dip in a stock tank pool
Stock tank pools have become a popular choice for those without the option of having an in-ground pool. In fact, stock tanks are one of the most popular backyard oasis ideas. You can even build a small deck around them if you need a few steps to reach the top.
During your hot days of summer, you’ll be glad you have this opportunity to cool off.
4. Setup for a backyard movie night
Popcorn, lots of picnic blankets and friends — one favorite backyard oasis idea is watching a movie in the backyard. Movie nights like this are what summers are perfect for.
You can use a white sheet or inflatable screen plus a small projector to show your favorite summer flick. The best part is that you can take it down once you’re done or leave it up for a weekly movie showing with your family.
5. Fire up an outdoor kitchen
Add a grill and a pizza oven to your outdoor kitchen set up for zero clean-up inside and all of the fun outside. You can have one built or you can create a setup on your own with a few carts. A nice outdoor kitchen will encourage you to spend more time outside too and having dinner while enjoying your backyard oasis.
6. String up bistro lights to create ambiance
Sure, large motion lights could provide light on your backyard as it gets dark. But bistro lights do that plus add to the ambiance. Bistro lights are easy to set up — you can add them to a trellis, use poles across your yard to hang them or attach them to your house.
For extra savings, pick up a string of lights that’s solar-powered and goes on instantly at dusk. Or add a smart switch so you can control them from your phone.
7. Swing from your favorite tree
If you have a large oak tree providing shade in your backyard, it is the perfect fit for a backyard swing. First, confirm that the tree is healthy enough for a swing with your arborist. Then you can add a swing, hammock chair or a weaved chair to the tallest branch and spend the afternoon enjoying it. This is a backyard oasis idea you’ll relish time and time again.
8. Get a hot tub
Hot tubs have a reputation for being expensive and highly cumbersome to set up. But like everything else on the market, more options come with time. While you can still get the classic hot tub set up, you can also get a blow-up (yes, you heard it right) hot tub that looks just as fancy.
For example, there are brands that offer portable hot tubs that are easy to carry and set up. They are also more affordable if you don’t want to commit to a more significant purchase.
9. Drink up at a tiki bar
If you host a lot of get-togethers with your friends, adding a backyard bar might make things a lot more seamless. Your friends can play bartender during the party without getting things dirty inside your house.
While the most popular theme for outdoor bars is tiki, you can definitely pick whatever style you choose. Have a backyard housewarming and tell your friends to stock the bar once you finish it.
10. Create a family-friendly game area
Add games that the whole family can play instead to your list of backyard oasis ideas. Corn hole, a giant chess board or bocce are great additions to a family-friendly game area in your backyard. You can have a dedicated space for all the games or just take them out when needed.
11. Brighten up your concrete flooring
A concrete patio can quickly become a little drab. Luckily, these days there are many options to brighten up your concrete flooring. With your landlord’s permission, you can add tile to bring some color into the space. If that’s not in your budget, you can stencil the floor instead.
Creating a faux stencil pattern on the concrete brings a little more interest to the space. Depending on how complex your design is, this is an easy, weekend budget-friendly project. Here’s some inspiration.
12. Get an eye-catching fountain
With so many new meditation apps on the market, it’s hard to find an excuse to not take 10 minutes to yourself and take a moment to tune out the outside. While the app helps, creating a space for meditating outside will help you stick to this habit and enjoy it a little more.
Add an eye-catching fountain to your garden to create the oasis you are looking for. From large to small fountains, stores sell some that you can easily set up on your own. It will help you focus on your practice and create a relaxing vibe.
13. Grow a lush vegetable garden
One of the best backyard oasis ideas will help you cultivate a green thumb. Many think that a garden should only include shrubs and flowers. However, making your landscape into an edible garden can also look beautiful. Studies have shown that gardening is good for your mental health.
Add a few garden beds where the sun shines the most and surround it with a pollinator flower garden. Add a trellis or an arch for berries to climb and adorn the space. You won’t want to leave this spot as you’ll spend time tending to the garden and enjoying the fruits of your labor.
14. Bring in a gazebo or awning
Having a little shade in the middle of summer can make all the difference in how often you’re out in your backyard oasis. You can create some shade and have a special reading nook just for you. You can add a retractable awning to the side of your home for convenience during group parties.
Or place a little gazebo far into your backyard oasis with some flower landscaping to add a little magic to the space. Gazebos come in all different sizes and colors, so you can find one that fits your style.
15. Gather your friends together around at a dining table
If you have space, adding a long dining table, paired with colorful pillows and beautiful flower arrangements, can genuinely change the vibe of your backyard oasis.
Prepare a feast for your friends and invite them to lounge in your home. Exchange stories as you reach for food and add a little music via a Bluetooth speaker — all under some bistro lights.
16. Plant an herb wall for cooking
There’s nothing better than fresh herbs available for your meals at all times. An herb wall can help you add visual interest to a blank wall in your backyard and give you that freshness that your food needs. Think fresh basil, thyme, rosemary and parsley — some of the easiest herbs to grow in your backyard oasis.
All you need is a vertical planter, soil and the herbs of your choice. If you’d like to make it yourself, here’s a quick DIY for a wood one.
Create an oasis in your backyard
No matter the size of your backyard, it has the potential to create a space for relaxation and sharing with your family. You can add a few of these backyard oasis ideas on your own while staying true to your budget. Adding a little magic to your yard is easier than you think.
Muriel Vega is an Atlanta-based journalist who writes about technology and its intersection with arts and culture. She’s worked on content for startups like Mailchimp, Patreon, Punchlist, Skillshare, Rent. and others. Muriel has also contributed to The Washington Post, Eater, DWELL, Outside Magazine, Atlanta Magazine, AIGA Eye on Design, Bitter Southerner and more.