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When a cash-back rewards credit card features a 2% cash back feature, that means you receive a flat 2% back on all purchases. This can be a solid way to reap rewards.

Read on to learn the ins and outs of what 2% cash back actually means, as well as the pros and cons of a 2% cash-back credit card, to help you determine whether it’s worth your while.

What Is Cash Back?

Cash back is a form of reward that cash-back credit cards offer that allows you to earn money back on purchases you make. Other examples of credit card rewards include points or travel miles.

With a flat-rate cash-back card, all of your purchases earn the same amount in cash back. Other credit card issuers might offer higher cash-back rates on certain spending categories, such as on gas or groceries.

Meanwhile, some may feature rotating bonus categories to give your rewards-earning abilities a boost. For example, you might earn 5% cash back in the fall months on purchases made at restaurants and on gas.

You can redeem the cash-back rewards you earn in the form of a check, bank transfer, or gift card, or as a statement credit. Other options might include making a charitable donation or making a purchase through the issuer’s online portal. Depending on the credit card, there might be a spending threshold you need to meet before you can redeem your cash-back rewards.

What Is 2% Cash Back?

Earning 2% cash back simply means that for every $100 you spend on your credit card, you’ll get $2 back. So if you were to spend $1,000, that’s $20 back in your pocket — though you’ll then have to redeem that cash back in order to make the rewards usable.

How 2% Cash-Back Credit Cards Work

As mentioned previously, having a 2% cash-back credit card means you’ll earn two cents back for every $1 you spend using the card, or $2 for every $100, and so forth.

There might not be a limit to how much you can earn in cash back. However, in other cases, the card may cap the amount of cash-back rewards you can earn for either regular spending or spending in bonus categories.

Pros and Cons of 2% Cash Back

While a 2% cash back card does come with some advantages, there are some drawbacks as well. Take a look at both:

Pros and Cons of a 2% Cash Back Card
Pros Cons
Easy to use Higher APRs compared to non-rewards credit cards
Can rack up rewards quickly Earning caps may apply
Often no annual fee Don’t often offer travel rewards or perks

Pros

•   Easy to use: A major benefit of a 2% cash-back credit card is that the rules are simple: You spend money, and get a certain amount back. Plus, redeeming rewards is usually pretty straightforward, and you have a choice of how to do so.

•   Can rack up rewards quickly: If you use your credit card for everyday purchases, you’ll accrue rewards fairly fast. Of course, only put everyday purchases on your card if you can afford to pay them off, and always use your card responsibly, considering what a credit card is and the implications overspending can have for your credit score.

•   Often no annual fee: Many cash-back cards don’t have an annual fee. That means you won’t need to worry about spending enough to offset the fee.

Cons

•   Higher APRs compared to non-rewards credit cards: While your annual percentage rate (APR) on a card partly depends on your credit and other financial factors, rewards credit cards like cash-back cards tend to carry higher interest rates. If you keep a balance on your account, you can expect to pay a pretty penny in interest, given how credit cards work.

•   Earning caps may apply: While some credit cards allow you to earn unlimited cash-back rewards, others place a limit on how much you can earn. If you’re looking to max out your rewards potential, a cap could make that harder to do.

•   Don’t often offer travel rewards or perks: If you’re hoping to earn rewards that apply to travel, such as airline trips or hotel stays, a cash-back credit card likely isn’t the form of rewards credit card for you. While some cards may offer travel redemption options, most don’t, and many also charge foreign transaction fees.

Recommended: When Are Credit Card Payments Due?

Is a 2% Cash Back-Credit Card Worth It?

Whether a 2% cash-back credit card is worth it really depends on how you’ll use the credit card. This includes what types of purchases you’d like to make, and if you plan on using your card for bills and everyday expenses, such as gas and groceries. If you use the credit card regularly, you’ll be able to earn a greater amount of cash-back rewards.

However, you’ll also want to balance that spending with sticking to important credit card rules, like not spending more than you can afford to pay off. Because rewards credit cards tend to have higher interest rates, it’s important to avoid carrying a balance so you don’t cancel out the cash back you earn.

A cash-back rewards card might not be worth it if you prefer to use your credit card rewards for travel. In that case, a travel rewards credit card typically will offer more lucrative ways to earn points or miles to use on trips.

Recommended: How to Avoid Interest On a Credit Card

Guide to Using a 2% Cash-Back Credit Card

If you get a 2% cash-back card, here are some tips to keep in mind to use it effectively:

•   Read the redemption rules. Familiarize yourself with credit card requirements, and see if there are any limits on how much cash back you can earn. Similarly, check if you need to hit a minimum amount in cash-back earnings before you can redeem those rewards.

•   Be intentional with your purchases. Devise a plan for how you intend to use your cash-back credit card. Perhaps you would prefer to use it on big-ticket items, or maybe on seasonal purchases, such as during the holidays or back-to-school season. This will help you make the most of your card.

•   Choose how you’ll receive your rewards. YYou’ll also want to decide whether you plan on receiving the cash-back in the form of an ACH transfer to your account, as a statement credit, or as a check dropped in the mail. You also might be able to use your rewards by making online purchases through the credit card’s shopping portal, or by purchasing gift cards or donating to charity.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

Maximizing 2% Cash-Back Earnings

If you have a cash-back credit card, it’s worth your while to take the time to determine how to maximize your earnings. Here are several ways to do so.

Use Your Card For Everyday Purchases and Bills

Consider using your cash-back card on major spending categories to earn the most on rewards. For example, if you spend $4,500 a year on food for you and your family and put all of your groceries and dining expenses on your card, you’ll get $90 in cash-back on just that spending alone.

You might also consider putting your recurring bills and subscription services on your credit cards. This will allow you to scoop up points in areas you already spend.

Just make sure you aren’t spending beyond your means. Keep an eye on your expenditures, and commit to paying off your balance in full each month.

Put Big-Ticket Buys on Your Card

If you’ve been saving up for a sleek new laptop or coveted designer shoes, consider putting that cost on your 2% cash-back card. That way, you can get the item and earn a bit of cash back on the purchase.

Your card may even come with added perks, such as purchase protection or an extended manufacturer’s warranty.

Look for a Card With No Annual Fee

A card without an annual fee means you won’t need to spend as much to make the cash-back rewards worthwhile. Case in point: If you get a card with a $40 annual fee, you’ll need to put $2,000 in purchases to break even at a 2% cash-back rewards rate.

Pay Off Your Balance in Full Each Month

As cash-back credit cards tend to have higher APRs, make it a point to pay off your card in full. This will help you avoid racking up interest charges, which can cut into the cash-back rewards you earn.

Strategize When You’d Like to Redeem Your Cash Back

To maximize your 2% cash-back rewards card, it helps to be intentional with how you choose to redeem your cash-back rewards as well as when you do so. For instance, if you tend to dig a debt hole during the holidays, use your rewards to pay for gifts and other related expenses. Or, you can put the rewards you’ve accumulated toward a statement credit, or redeem it for a gift card for your loved one.

The Takeaway

Whether a 2% cash-back credit card is right for you may depend on a few considerations, such as how often you plan to use the card, whether you may purchase higher-priced items with it, and if you plan to pay off the balance in full each month. It’s also important to understand all of the rules that apply to the credit card. Some cards have limits on how much you can earn in cash back or have annual fees that could cut into the value of your rewards.

A 2% cash-back credit card that’s used regularly, however, can provide you with a steady stream of extra cash that could benefit your budget, and you can also be strategic about how you redeem the rewards depending on your needs at a given time.

Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Is 2% cash back good for credit cards?

A 2% flat-rate, cash-back credit card can be a strong choice as a go-to credit card if you intend to use your card for everyday spending. Earning rewards at a flat rate and in this manner is simple and straightforward, as you don’t have to worry about keeping track of rotating categories or figuring out point conversion values.

Is 2% cash back better than points?

A 2% cash back credit card is a no-hassle, straightforward way to earn rewards. While you might earn more points on a travel card, redemption values and ways to redeem points on a travel rewards card can be more complicated. A flat-rate cash-back card can be a good choice to use as a foundation. Then, you can also open a travel card if it makes sense for your needs.

Photo credit: iStock/LaylaBird

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Are you excited to find the best version of yourself possible?

If you are, then you were in the absolutely correct place right now.

When trying to form a new habit or break a bad habit, many times we get lost in the overwhelming feeling that we are just not capable of making any changes. That is why these 30 day challenge ideas will help you become the person that you desire to be.

We cover a bunch of different thirty day challenge ideas across many contrasting areas in your life.

In this post, you are bound to find something that you will want to do.

For me personally, I have jumped on the 30 day challenge concept because I know that just a couple of days of trying a new habit isn’t going to last. I need to do something over a longer period of time to actually have it become ingrained as a habit or part of my life.

So, let’s dig into the best 30 day challenge ideas to get you started.

And don’t worry, we cover what are some fun 30 day challenges!

What is a 30 day challenge?

Simply put, a 30 day challenge is thirty days in a row that you challenge yourself to do something specific.

There are many things that you can do within these 30 days.

But, the goal is to use a thirty day challenge tracker and cross it off each and every day.

If you are not sure what can be achieved in 30 days, then you have never tried one of these challenges. You are able to accomplish more than you thought possible by sticking to the challenge.

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.

Does the 30 day challenge really work?

Yes, you will be transformed at the end of the month if you cross off a majority of your thirty days.

If you have not read Atomic Habits by James Clear, then I highly recommend getting this book ASAP.

This book will help you realize some of the things that you were doing without even realizing it, and causing you to have good or bad habits. Plus, it will help drive the desire to build good habits in your life.

For me personally, this book has helped me to build better habits and make progress. And I wished I read it when it first came out in 2018!

You need to get rid of bad habits that make your life a struggle. Thus, a 30 Day Challenge will help.

This is only true if you are committed to putting in the effort in time.

While you may skip a day and there is absolutely nothing wrong with that. As long as you jump back on the bandwagon and continue the next day.

Types of Fun 30 Day Challenges:

Well, let’s be honest if you’re not going to make it fun, then you shouldn’t do it at all! Because it is much easier to complete a fun 30 Day Challenge rather than something that you’re forced to be doing.

So, in order to keep it fun, you can always have a reward tied to the end.

Once you complete your 30 day challenge, then this is your reward for completion.

Too many times we look at thirty day challenges as “what should I give up for a month,” when in reality, you are not really depriving yourself for a month, you are trying to build a better you and better habits.

Here are the fun categories for all of our thirty day challenges:

How to Do a 30 Day Challenge?

As you will see shortly, there are lot of ways that you can intertwine these 30 day challenges together in your life and your schedule.

You may do one of these challenges while you’re sitting in the car waiting to pick up children from their activities. You may carve out time, specifically to work on a new skill, how and when you accomplish these challenges is up to you.

At the end of 30 days though, you are going to find a new level of happiness, enjoyment and fulfillment by sticking to these challenges.

The best way for success is to track your progress! There are resources at the bottom to help you out.

If you fall off the bandwagon for a day or two, that’s okay. Shake it off, and jump right on.

Don’t skip, more than a day. You got to get back on and complete your challenge.

30 Day Challenge Health & Fitness

First of all, I don’t like the sound of a 30 day wealth loss challenge because managing your health and fitness is a lifelong skill.

While thirty day challenge will give you a kickstart, you need to continue focusing on your overall health and fitness level.

Here are quick things to improve your health and fitness in the next month with one of these 30 day health challenge.

1. Do Workouts at Home

There is no reason you must go to the gym, so find a workout that you can do at home. There are plenty on YouTube, as well as subscription services to get you started.

Are 30 day workout challenges good? Personally, I have found that they keep my motivation going and accountable.

2. Daily Yoga

This is a challenge that I completed in the month of September is every day to do yoga. Some days it may be just 10 minutes, other days I may do an hour, but it is just a simple challenge to keep improving my flexibility and movement. Here is my favorite yoga instructor.

3. Drink Only Water, Tea & Coffee

Without realizing it, it is really easy to add a lot of liquid into your body that may not be the best. So, a quick and easy health challenge is to only drink water, tea, and coffee.

Eliminate all extra drinks, especially mixed cocktails, sodas, or energy drinks.

4. Stop Snacking

In today’s society, we are bombarded with eating small meals, and snacking is good for us. However, with the constant influx of food, we are more in a habit of snacking, rather than out of hunger for food.

To stop snacking, focus on your main meals for 30 days. Evaluate how you feel afterward a month.

5. Walk Before Lunch or Dinner

Walk before you sit down to eat a meal. Get outside, stretch your legs and take a walk around the block. It does not have to be for long; it can be 10 minutes or 30 minutes.

But, by taking that time to walk beforehand, you are burning calories and at an opportune time before you eat your main meals.

6. Focus on Core Strength

A quick 10 minute abs / core strength exercise helps us in everyday life. Yet, we tend to forget about building up the strength in our core.

Head to YouTube and do a 10 minute ab workout. It is very quick and easy.

You can easily fit in, when you go to take a break, instead of jumping on Facebook or Instagram. Do a quick 10 minute ab workout, and that will improve your health and fitness level by the end of 30 days.

7. Check out Fasting

Fasting is not for everyone. However, this statement intrigued me… the word breakfast means breaking your fast.

We are bombarded with food options 24/7, but maybe our bodies need a break from eating consistently. Check out this book for more info and talk to your doctor first.

8. Fit Bride-to-be Workout

If you are an upcoming bride, you probably want to be at the best possible fitness level that you are capable of doing. So here is a 30 day workout challenge, just for brides.

30 Day Challange Happiness & Gratitude

We all need a little bit more happiness in our life, and we all could express more gratitude. It does not have to be difficult.

These are simple concepts, but we get too focused on everything that is going wrong in our life. Thus, we do not look around and see the beauty and all of the good that is happening.

9. Walk Outside for Fresh Air

Did you know that fresh air is beneficial for your health? Also, it instantly improves your happiness level. So, all you have to do is step outside and take a fresh breath.

10. Start a Gratitude Journal

This helps you focus on three things. Each day wrote down three positive moments in your life. After you do this over the course of 30 days, your happiness level will improve, as well as your gratefulness.

11. Take Control of Your Phone

There is a great book written by two previous Google employees on how to use your technology appropriately and not have your technology take over your life. Check it out. You need to use your phone for the purposes of your phone, and not as a distraction tool.

12. Take a Social Media Break

Every day you are overwhelmed with the picture-perfect life of everybody else on Instagram and Facebook. Studies prove that will leave you discouraged and unhappy with your real life.

Take a thirty-day break from social media and stop focusing on everybody’s highlight reel. During those 30 days, connect with real people and have real conversations, and let your mind focus on the reality around you.

13. Buy a Bouquet of Flowers

Every once in a while, I splurge and buy a bouquet of flowers to put on the table – just because it brings a smile to my face every time I walk through that room. It is something very easy. Plus for my frugal side, I always buy flowers under $10.

14. What Brings Joy in Your Life?

For a quick minute, think about what just brings that extra joy in my life. Focus on those things. Plan to dedicate extra time to what you want out of life and not what others want for your life.

15. Take a Day for You

This is true for everyone, but right now I am going to speak directly to the mamas out there first. As a mom, we put our family and our kids first. We always make sure that we are available and ready to help them in every possible way. This will leave us drained over the course of a day, week, month and year.

Plan a day for yourself. Take a mental break from being in that role of a mom.

This applies to everyone; take a day to recharge your batteries. Then, you will be able to come back for another day with a fresh gusto!

16. Say Yes to that Hobby

We always have a reason or excuse why we are not going to start that hobby that we have thought about for many years. So, what better time to be happy, and give it a try? Try your new hobby for thirty days and see how it works out.

Resources for More Happiness & Gratitude Ideas:

30 day Financial Challenge

One of the hardest parts of managing money is it takes time to make progress. In a couple of days, you are not going to notice a significant change in one direction or another with your money.

At the end of 30 days, you can actually start to see progress with your money and your habits.

Here are the best financial challenges that you can do within a 30 day time period.

17. No Spend Challenge

If you have never participated in no spend challenge this 30 Day financial challenge is just for you. Learn how you spend money, and why you spend money.

That will help you evaluate whether spending money is worth it or not. Check out how to participate in a no spend month.

18. Have a 24 Hour Buy Period

Oh, retailers love to make a spend, spend, spend. This is your “conscious” way to pause your spending. Wait 24 hours before you could buy anything.

While this may not be convenient, it is a good way to see if you actually truly wanted that item, or if you are buying it for no specific need.

19. Envelope Challenge

With this super popular 100 envelope challenge, there is absolutely no reason that you cannot just do 30 days. Your results will vary on how much you end up saving. But, something is more than nothing!

If you decide to just do the numbers one through thirty, you will end up saving $465 at the end of the challenge. If you keep all the numbers 1-100 and randomly pick thirty envelopes, then your results are going to be different based on what envelopes you pick.

But either way, it is a good way to start saving money.

20. Financially Stable Habits

Regardless of where you are on your money journey, you can pick one of the financially stable habits and focus on those for the month. Pick a few habits to focus on for 30 days. If you want to be successful with money long term, you need to learn how to be financially stable.

21. Pick a Habit of a Thrifty Person

Being thrifty is a great quality to have! You are not cheap with your money, you know when to spend on quality, but a lot of times people look frown upon those who are thrifty.

By being thrifty, you will actually end up saving money in the long term. And that will impact your finances, so learn a quality of a thrifty person.

22. 30 Day Money Saving Challenge – Save $465

Our money saving challenges, here at Money Bliss, are extremely popular,
and for good reason, it sets you up for financial success.

There are plenty of options to save money in thirty days. You can save $5 a day over the course of 30 days, and end up saving $350. Or find ways to stop spending money and save $20 a day, then you accumulate $600 in just one month.

30 Day Journaling Challenge

In this section, some people either love or absolutely hate it because journaling can be overwhelming (mostly thanks to Pinterest). We always feel like our journaling is not as good as others, or our handwriting is not as pretty. Or that you do not have the time to dedicate to journaling.

So when it comes to this 30 Day journaling challenge, I challenge you to do what you can do and not compare yourself to others.

Personally, my handwriting and the beauty of my journals are not great either. I do bullet points mostly and that works for me. I just find ways to clear my head and write down my thoughts.

23. Set a Time to Journal

You must dedicate time to journaling. Block out time to journal. If not, It is not gonna happen. You need to set a time for you to journal, whether it is five minutes, ten minutes, thirty minutes, or an hour!

Take time for whatever you need to journal what is on your heart.

24. Find Journaling Prompts

Do not go into your journaling time without an idea of what you should journal about. In advance, look for journaling prompts that work for you where every day you focus on a different part of your life.

For example… Day one is work. Day two is your family. The third day is your friends, and keep going from there.

Or start with these money affirmations to guide you.

25. Create a Bucket List

We all have goals, aspirations, and dreams. Nevertheless, have you ever written them out on a list? This is your time to create a bucket list. Start thinking about what you want to do, where you want to go, and how it is going to happen.

26. Write a Letter

Letters are a great way to share your thoughts with others. You may find finishing a letter may take a little bit longer than one day (and that is completely okay).

These letters could be written for future events like once a person graduates from college, gets married, finds their first job, or has a baby – whatever it may be, the letters share your heart now to be opened later down for a future.

27. Journal about your Pet Peeves

If you have certain pet peeves that drive you crazy, then why not journal about them? Then, you can notice signals to stop them before they start or get worse. Consequently, you can also find happiness at the same time.

28. Learning Opportunities

Write a list of all the things that you want to learn. Next, journal about the action steps you need to take in order to start learning and doing.

29. Describe your Life in 5 Words

Sometimes we do not want to write at all, sometimes we want to write a ton, and that is completely okay. If somebody asked you today, describe your life in five words, what would you say? Journal about that.

30 day Self-Care Challenge

It is okay to participate in self care. This is extremely important for your mental health.

Don’t keep putting this off until tomorrow. Wellness at home is extremely important!

This is your chance at self care if not all the other people in your household will be begging for your attention.

30. Extra Time for You

We go through the day focused on everything that needs to be done and a lot of times we do not take a breath. Blocking out time for you is extremely important for self care. Right now, set a timer in your phone for 5-30 minutes of just extra time, just for you, and spend it how you choose.

31. Be Still

Plan the time to take an extra 10 minutes to get away and have time for yourself. Just to be still. It could be when you get ready in the morning, be early to a meeting, or while waiting for kids to be picked up. Give yourself an extra 10 minutes to get ready.

32. Get a Massage

Work out all those kinks in your neck and your back plus all that tension. Get a massage for yourself. If you cannot afford regular massages, then look at the handheld massager to use at home.

33. Take a Detox Bath

Soaking in a bathtub is a great way to help with self care. Even soaking your feet is an indulgent experience. By doing a detox bath, you are able to draw out the impurities in your skin. Here are good detox sea salts to evaluate your soaking time.

34. Get Enough Sleep

If you are not sleeping well, then you need to get to the core of the problem. Everybody needs around eight hours of quality sleep. So, pull the drapes, cool the room, and get the rest you truly need.

35. No Phone for a Day

This one is probably going to be a challenge for most of us, but by having a phone-free day you will realize how different you react to things and how different your life actually feels. Sundays are a great day to do this!

36. Get your Hands Dirty

For some people, this may be gardening in the dirt. For others, it may be kneading dough in the kitchen. Whatever it is, getting your hands dirty and activating your hand muscles is therapeutic.

37. Listen to your Favorite Music

Indulge in your favorite tunes. Take time to fill your mind with music that you enjoy! Even better, upgrade the subscription so you have ad-free listening time. Did you know with Amazon Prime, you have access to over 2 million songs for free.

38. Get Dressed Up – Just Because

Dressing nicely brings out confidence. You do not need a reason to dress up. Pick out your favorite dress or dazzle an outfit with fun heels or jewelry. Just because.

Resources for More Self Care Ideas:

30 day Self-Improvement Challenge

You cannot just say you want to improve. You have to put action behind those plans.

Self-improvement is one of the hardest areas to overcome.

We feel like there is too much self-improvement to be done. So, go into this section on simple habits you can start doing today that will make a difference in the long run.

39. Write a List of Areas to Improve

You may have grand goals for everything you can do for self-improvement. But, in reality, we cannot accomplish all those things overnight. So, write a list of areas that you can improve in. Then, focus on certain aspects over the next 30 days. Stick with only three to five of those items on your list.

40. Say Yes

There are many times that we are too afraid to do something new that we will not even give it a try. If you want to improve something in your life, then take the initiative and go ahead and say yes to trying something.

41. Read a Book

Spend at least 10 minutes reading a book. Ultimately, you should spend at least thirty minutes or more a day of reading. Pick a nonfiction book in an area you improve in your life. Make sure it is a topic you enjoy.

Great Self-Improvement Books:

42. Improve your Habits

As said in the book Atomic Habits, you are unable to make progress in life if you don’t start building solid habits. There is no faster way to improve than my daily progression of your habits. Grab a habit tracker and commit to the best 30 days.

43. Write Down Future Goals

If you’re not sure where you want to go in life. If you want to improve in areas you don’t even know where to start. So create a list of goals of what you want to do.

Find: 100 Self Care Ideas For A 30-Day Self-Improvement Challenge

30 Day Productivity Challenge

By being productive, you can get more done. Just because you are getting more done, it doesn’t mean that you need more time.

It means that you are more effective with the time you have in what you can get done.

44. Use a Timer

This is the best way to get focused quickly. Use a timer, set it for 30 minutes, and get to the task at hand. Get it done and move on. By focusing on one thing at a time, you are more likely to be extremely productive during that time.

This is the timer I use.

45. Limit Distractions

If the distractions are notifications on your phone or on your laptop, remove those while you are trying to be productive in whatever you are currently working on. Do not be tempted to do something else. Move the distractions to a different area (hint: your phone)!

46. Habit Tracker

If you really want to be productive, then use a habit tracker! You can cross off all the habits you are specifically focusing on each and every day. By doing this, you are able to be consistent and focus on building those good habits.

47. Plan your Day in Advance

Don’t let life plan you. You must be planning your day in advance. Make a list of the things that you want to accomplish. That is how you become productive.

48. Track Your Time

Use a tool like Toggl or a written plan to track your time. This is different than planning your time in your calendar. This is how you actually spend your time. Also, this helps you to realize where your infinity pools of wasted time happen and you can dedicate time towards self car.

Don’t just guess how you spend your day; actually, figure out how you spend every single hour of your day.

49. Understand Time Freedom

If you have never heard of time freedom, then you are missing out on the best self improvement tool available. If you’re wasting a good portion of your day doing things that are not going to make a difference at the end of the day, then what is the point?

Your time is important. Make sure you experience all life has to offer!

30 Day Creativity Challenge

Just for those of us who feel not creative enough, this is for you!

You do not have to worry about being super creative; just by using that other side of your brain, you are able to create new neuropathways and lower many aging conditions.

50. Color Daily

You can pick up a great coloring book for adults that are beautiful and you can spend time coloring yourself. Start with coloring for ten minutes a day and see how you feel.

51. Sidewalk Art

Let your creativity escape onto the sidewalks and driveways. Every day write an inspirational message for others to read. You may start a trend of people stopping daily on their walks.

52. Dance Like Nobody’s Watching

Let your mind and your body move just because you are enjoying the song. Move to how you feel your body needs to move. Let that creativity come out in ways that you have not experienced since you were a child.

53. Drawing Challenge

Drawing is not my strength. However, over the past year, I have been working with my daughter on drawing challenges for kids. It has helped to overcome my fears, actually improve, and given me more confidence to draw. Here is a great drawing channel to help you start.

54. Play Music

Find ways to be creative and just play music. Just play to play. Do not play to practice. Play for pure enjoyment.

55. Try a New Craft

Head to the craft store and find something that you want to do. There are plenty of crafts to suit your personality. Plus some are a great way to decompress and destress.

One of my friends started knitting hats as a way to pass the time while she was waiting for kids at sports activities.

30 Day Organization Challenge

By far, the most popular 30 day challenges are for organizing your home, your life, your stuff, your clothing, etc. More than likely, it is probably what you first associate with any 30 day challenge ideas.

Organize, declutter, spring clean … Get rid of the extra stuff in your house.

Take time to clean those areas that you have been neglecting. All great ideas, so let’s dig in!

56. Spring Clean

There is a great feeling of getting rid of stuff and the process of spring cleaning. You can feel this freshness in the area. Honestly, this is something we all should be doing each year. Here is a great spring cleaning checklist to help you get started.

57. Sell Your Stuff

Get rid of extra stuff in your house. If you have not used it for the last month, then you more than likely probably do not need it in your house. Start selling your stuff and here is a great resource to help you.

58. Declutter. Declutter Declutter.

There are lots of resources on decluttering. Just remember, decluttering is extremely important because every single day we have more and more stuff coming into our life, but we are not getting rid of more and more stuff.

Take time and declutter by doing a 30 day challenge. You are only focusing on a small area every single day and by the end of thirty days, you have made great progress.

Decluttering Resources for You:

59. Big 30 Day Decluttering Projects

Let’s face it, not every place in our house, we can organize in a day and sometimes they take a month. Perfect examples are the basement or garage. So on those bigger areas, you can still break them down and every day check one thing off the list.

During the overall decluttering challenge, focus on one area or one shelf per day in that space that needs help. Also, give yourself the grace to actually accomplish what you need to get done.

60. Keep a Clean House

Guilty of not being the best housekeeper? Don’t worry most of us are not great. Thankfully, you can easily check off tasks with this clean house checklist!

61. Take in Less

This is something that you can do on a daily basis. Your goal is to nothing or very little into your house, and have zero impact on the trash and waste. Your home slowly producing a minimalistic vibe. This is known as frugal green.

62. Minimalism

One of the best ways to live life with less and spend less money on a regular basis is to be a minimalist. You can choose your level of minimalism. This means that your cupboards are not allowed to overflow with extra stuff; those shelves must fit only what you need and what you use. Check out this minimalism challenge.

30 Day Challenge For Kids

Let’s not forget why we are trying to build good habits for ourselves, we can also instill good habits into our kids!

These are the 30 day challenge specifically designed for kids. All of them are fabulous 30 day challenge for students!

63. Teach Kids to be Grateful

Most children in America are extremely privileged and have access to things, and resources than most of the world and more than their own parents. They have become accustomed to the little things in life and take everything for granted.

So, we must teach our kids to be grateful. Here is a great gratitude challenge for kids.

64. Kindness Challenge

We all know the trouble that happens at our schools. Also, we know kids are choosing mean words, without realizing it, or maybe doing it on purpose. Either way, we need to instill kindness into our children. Here’s a great kindness challenge for kids to get you started.

65. Money Challenge for Kids

Kids need to be taught to save money. There is no way around it. If they are not taught at home, they will not have those lessons as adults. So, teach them to save their age, every single year growing up.

If they start this at age three, by the time they graduate, they will have over $2,000, not including interest in their accounts. Here is the Save Age challenge for kids.

66. Drawing Challenge for Kids

Every kid wants to learn to draw. Let them use their creative side and have fun. It is a simple project to complete each day. Plus when someone joins them, it becomes a fun experience to share. Use this drawing challenge to get the creative juices flowing!

67. Back to School Decluttering

Get the kid’s help on back-to-school decluttering! They need to learn to be responsible for their things too! Make it fun with a scavenger hunt with this back to school calendar decluttering list.

Success happens when you are able to track your progress!

Are you Ready for your Thirty Day Challenge?

The goal of this post is to get you motivated to find fun 30 day challenges for 2021!

It is not overwhelming with all of the possibilities that you could do in order to become fitter more healthy, improve your self care, improve your productivity, or clean out your house.

The goal of these challenges is to provide opportunities for you to choose what you want to do. You can find plenty of 30 day challenges on Instagram, TikTok, or Pinterest. But, don’t get caught up in trying to find all of these challenges.

Pick the thirty day challenge that is on your heart and you want to do. The best 30 day challenge is one that you deep down you need to accomplish.

No one else can write that, or find the challenge for you – only you can do that.

Right now, set a timer for five minutes and think about what areas would you like to do a 30 day challenge.

We have given you plenty of 30 day challenge ideas, but now you need to decide what works for you.

One of the great things about many of these challenges is they overlap.

Above you will find all of the their day challenge examples. Which one is your favorite challenge idea?

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.

Source: moneybliss.org

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It ought to be as easy to end a paid subscription service as it is to start it, but that’s not always the case. Have you ever had to make a phone call to cancel something you signed up for online?

The disincentives are by design, says Erin Witte, director of consumer protection at the Consumer Federation of America. Extra hurdles may include having to click through multiple links to find the cancellation page, make the dreaded phone call to customer support or even send a written request to end service.

Perhaps you’ve let an unused subscription linger — whether it’s for a streaming service, meditation app or the local car wash — simply because the monthly charge goes unnoticed.

A 2022 study by brand insights agency C+R research found 42% of consumers have forgotten they were still paying for a service they no longer use. The same study, based on responses from 1,000 self-reporting consumers, found that, on average, consumers underestimated what they spend on monthly subscriptions by $133.

“Automatically recurring subscription plans often capitalize on people forgetting that they signed up for something, and then making it very hard to get out,” says Witte.

A rule proposed by the Federal Trade Commission in March 2023 aims to correct burdensome cancellation tactics and help consumers remember what they’re paying for.

Called “Click to Cancel,” the rule would require companies that sell subscriptions to make canceling a service as simple as it is to sign up (e.g., if you join online, you can cancel on the same website in the same number of steps). It would also require companies to send an annual reminder to customers before automatic renewal.

The rule, which is still pending, could help consumers save money. While you wait for broad change, here are several strategies to stay on top of subscriptions.

Understand how subscriptions impact your finances

“Being aware of the problem is always the first step,” says Witte. She’s encouraged by the expanding narrative around the impact of subscription services on consumer budgets and shady ways to keep customers enrolled.

“We’ve seen a huge increase in subscription services being used by businesses, sometimes in ways that consumers don’t even necessarily meaningfully consent to,” says Witte.

A survey commissioned by the attorney general’s office of Washington state in 2022 found 59% of Washingtonians may have been unintentionally enrolled in a subscription service when they thought they made a one-time purchase.

Last June, the FTC sued Amazon for allegedly enrolling people in its Prime membership service without consent and setting up obstacles that made it difficult for members to cancel.

Witte says the burden shouldn’t fall on the consumer, but for now it’s a good idea to explore a company’s cancellation process before you sign up. You can also set a calendar reminder for the end of any trial period, so you can decide before automatic payments start.

Give yourself the chance to make a choice

“When we pay for things individually, we feel ‘the pain of paying,’” says Uma Karmarkar, associate professor at the University of California San Diego. More immediate payments, like a store purchase or a meal at a restaurant, can conjure a feeling of loss, especially when you hand over cash. But with subscriptions, you typically add your card upfront and pay passively thereafter.

Karmarkar uses the example of buying coffee out every day. Common advice is to cut out one pricey latte a week if the habit is hurting your budget. But maybe your daily latte brings you enough joy to justify the recurring purchase. The key is you get to make the choice each day to do so or not.

Your credit card bill is a good place to start, and you can tally up your subscription costs in a budgeting app, spreadsheet or on a piece of scrap paper. When you see a charge from ViacomCBS streaming, it’ll remind you that you still pay for Paramount+ and don’t plan to watch the “Paw Patrol” movie again.

A regular look at your credit card transactions is also a good way to note price increases you may have missed in your email. The cost of NBC’s Peacock streaming service, for example, will increase by $2 a month starting in July.

When it’s time to cancel, consider how you signed up for the service to plot the right path. For example, if the service is linked to your Apple account, you can cancel on your iPhone.

Recognize emotional triggers

Added friction aside, you may have to deal with the trepidation that comes with ending some services.

Have you ever canceled a music streaming service, only to be reminded of everything you’ll be giving up just before you quit — playlists, unlimited skips and offline listening? The thought of cutting off unfettered access to the world’s catalog of music tracks could stop you in your tracks or stay with you until you reactivate the paid tier days later.

Then there’s the low price offer that services will dangle in front of your face to encourage an impulsive extension. “Would you like three more months at half price?”

The FTC’s “Click to cancel” rule would also require companies to ask consumers whether they want to learn about additional offers before making such pitches.

The uniform regulation could bring welcome change for consumers inundated with monthly charges.

“One thing has become very clear as the narrative around this particular issue grabs hold, and it’s that people are tired of it,” says Witte.

For now, it’s on all of us consumers to make sure we’re not spending money for nothing.

Get more financial clarity with NerdWallet

Monitor your credit, track your spending and see all of your finances together in a single place.

Source: nerdwallet.com

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If you’re trying to save some money, trimming some discretionary spending categories from your budget can be a good way to start.

But it isn’t necessarily the only or best way to save — especially if reducing or removing things like streaming services, concerts, or monthly massages from your budget makes it harder to stick to your plan.

Instead, it may make sense to track where your money is going for a few weeks and then take a look at all your spending categories to determine which cuts could have the biggest impact.

What Are Spending Categories?

Spending categories can help you group similar expenses together to better organize your budget. They can come in handy when you’re laying out your spending priorities, deciding how much money to allot toward various wants and needs, and determining whether an expense is essential or nonessential.

Many of the budgets you’ll see online use pretty much the same spending categories, such as housing, transportation, utilities, food, childcare, and entertainment. But you may find it’s more useful to track your spending for a while with a money tracker, and then create some of your own categories. You may choose to drill down to specific bills or go broader, breaking down your budget into just the basics.

By personalizing your spending categories, you may be able to put together a budget that’s more manageable — and, therefore, one you’re more likely to stay with.

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How Do Spending Categories Work?

To customize your spending categories, it can help to gather as much information as possible about where your money is actually going.

You can start by looking at old bank and credit card statements to get a good picture of past spending. Your bigger spending categories should be easier to figure out. Those bills are often due on the same day every month and are usually about the same amount. But you’ll also want to keep an eye out for expenses that come just once or a few times a year (such as taxes, vet bills, etc.). And, if you use cash frequently, you’ll want to determine where that money went, too.

A tracking app can help you grasp the hard truth about your spending as you move forward. That cute plant you bought for your windowsill? Pitching in for a co-worker’s going-away gift? Those little splurges can add up before you know it.

Once your spending picture comes into focus, you can divide your expenses into useful personal budget categories, and start thinking about what you might be able to trim or cut out altogether.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

Examples of Spending Categories

Although it can be effective to organize your spending categories in a way that’s unique to you, there are a few basic classifications that can work for most households when making a budget: They include:

Essential Spending

•   Housing: This category could include your rent or mortgage payment, property taxes, homeowners or renters insurance, HOA fees, etc.

•   Utilities: You could limit this to basic services like gas, electricity, and water, or you might decide to include your cell phone service, cable, and WiFi costs.

•   Food: This amount could be limited to what you spend on groceries every month, or it could include your at-home and away-from-home food costs.

•   Transportation: Your car payment could go in this category, along with fuel costs, parking fees, car maintenance, car insurance, public transportation, and DMV fees. You could also include the cost of Uber rides.

•   Childcare: If you need childcare while you work, this cost would be considered necessary spending. If it’s for a night out, you may want to move it to the entertainment or personal care category.

•   Medical Costs and Health Care: This could include your health insurance premiums, insurance co-pays and prescription costs, vision and dental care, etc.

•   Clothing: Clothing is a must-have, of course, but with limits. You may want to put impulse items in a separate category as a nonessential or discretionary expense.

Non-essential Spending

•   Travel: This category would be for any travel that isn’t work-related, whether it’s a road trip or a vacation in Paris.

•   Entertainment: You could get pretty broad in this category, but anything from streaming services and videogames to concerts and plays could go here.

•   Personal: This might be your category for things like salon visits, your gym membership, and clothes and accessories that are more of a want than a need.

•   Gifts: If you’re a generous gift-giver, you may find you need a separate category for these expenses.

Other Spending

•   Savings and investments: Though it isn’t “essential” for day-to-day life, putting money aside for long- and short-term goals is a must for most budgets.

•   Emergency fund: This will be your go-to for unexpected car repairs, home repairs, or medical bills.

•   Debt repayment: Student loan payments, credit card debt, and other balances you’re trying to pay off could fit in this category.

Pros and Cons of Spending Categories

The idea of making a budget can be daunting, particularly if you’re trying to fit your needs and wants into spending categories that aren’t suited to how you live. Here are some pros and cons to using categories for spending that might keep you motivated and help you avoid potential budgeting pitfalls.

Pros

•   More control: Creating a budget with spending categories that match your lifestyle can help you put your money toward things that really matter to you.

•   Less stress: If you’re living paycheck to paycheck even though you know your income is sufficient to cover your needs, a budget with realistic spending categories can help you see where your money is going.

•   Better planning: Whether you’re trying to save for a vacation, wedding, house, retirement, or all of the above, including those goals in your spending categories will help ensure they get your attention.

Cons

•   May feel limiting: Working with a budget can feel restrictive, especially if you’ve been winging it for a while or aren’t including enough discretionary spending.

•   Time consuming: It might take some trial and error to find a budget system that works for you. And if you’re budgeting as a couple, you’ll likely have to work out some compromises when determining your spending categories.

•   Requires maintenance: Budgeting isn’t a one and done. You’ll be more likely to succeed if you consistently track your spending to make sure you’re hitting your goals.

Common Spending Categories to Cut First

Often when you see or hear budgeting advice, it tends to focus on cutting back on small extras — $6 daily lattes at your favorite café, for example, or those weekly Happy Meals for the kids. Some other top spending categories that traditionally are among the first to hit the chopping block include:

•   Gym memberships

•   Dining out

•   Subscription services you don’t use anymore

•   Cable

•   Personal care services you can do at home for less, such as manicures and pedicures

•   Alcoholic beverages

•   Cigarettes and vaping products

•   Vacations

But it can also be useful to review, and potentially cut back on, how much you’re budgeting for basic living expenses, such as:

•   Clothing and shoes

•   Utility bills

•   Groceries

•   Insurance

•   Cars

•   Cellphones and computers

•   Rent

Tips for Customizing Your Spending Categories

As you create your spending plan, keep in mind that it doesn’t have to be like anyone else’s. If you track your expenses and use that information to create your personalized budget, you may have a better chance of building a plan you can stick with.

Here are some more steps to consider as you get started:

•   Be realistic. It may take a while to get to your goal, but doing even a little bit consistently can make a difference. Know yourself and do what you can.

•   Don’t forget irregular expenses. Bills that you pay every month can be easy to remember. (You might even put them on autopay to make things more convenient.) But infrequent expenses such as tax bills can get away from you if you don’t include them in your spending categories.

•   Avoid spending more than you have. Knowing how much you’ll have left after taxes each month is an important part of successful planning. An emergency fund can help you stay on track when unexpected expenses pop up.

•   Leave room for fun. Eliminating date nights and small splurges completely could make it much harder to stay with your plan.

•   Pay yourself. Make saving and investing goals a separate spending category.

•   Find a budgeting method that works for you. Whether it’s the popular 50/30/20 budget — which divides your after-tax income into needs, wants, and savings — or a detailed spending breakdown with multiple categories, try various budgeting methods until you find one that motivates you.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Want to save some money but know you need to make some changes? Monitoring where your money is going every month can help you create a spending plan with categories that are customized to your needs, wants, and goals. A plan that’s realistic, but not too restrictive, can give you the kind of control and motivation you need to get and stay on track financially.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

What are the four main categories in a budget?

The four main spending categories for most budgets are housing, food, utilities, and transportation. Once you’ve established how much you’ll need to cover these costs, you can move on to planning for other expenses.

What is the 50/30/20 rule of budgeting?

The 50/30/20 rule is a budgeting method that allocates your take-home income to three main spending categories: needs or essentials (50%), wants or nonessentials (30%), and saving or financial goals (20%).

What are the four characteristics of a successful budget?

A successful budget usually includes accurate income and spending projections, realistic and personalized spending categories, consistent and frequent check-ins, and solid savings goals.

Photo credit: iStock/mapodile

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Congratulations on becoming a homeowner! Embarking on this journey marks a significant milestone in your life. As you step into your new abode, it’s essential to lay down the groundwork for a smooth transition and a happy home. To help you navigate this exciting time, we’ve curated a comprehensive checklist of essential first steps for settling into your new home.

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Change the Locks

Your home’s security should be a top priority. Change all exterior door locks and consider installing a smart lock system for added convenience and peace of mind.

Update Address and Utilities

Notify relevant parties, including the post office, banks, subscription services, and utility companies, of your new address. Set up new accounts or transfer existing ones for essential utilities like electricity, water, gas, internet, and cable. Make sure to receive the key to your community mailbox to access your mail if needed. 

Inspect and Clean

Before moving in your belongings, conduct a thorough inspection of your new home. Look for any damages or issues that need immediate attention. Plan a deep cleaning session to ensure a fresh start in your new space.

Familiarize Yourself with Safety Features 

Locate fire extinguishers, smoke detectors, carbon monoxide detectors, and emergency exits. Test each device to ensure they are in proper working condition. If your home lacks these safety features, consider installing them as soon as possible.

Organize Important Documents 

Keep all essential documents, including mortgage papers, insurance policies, warranties, and home improvement receipts, in a safe and easily accessible place. This ensures that they don’t get lost during your move-in and that they are always there when you need them. 

Set Up Home Maintenance Schedule

Create a schedule for routine home maintenance tasks such as HVAC servicing, gutter cleaning, and lawn care. Staying on top of maintenance will help prevent costly repairs down the line.

Get to Know Your Neighborhood

Take some time to explore your new neighbourhood. Locate nearby amenities such as grocery stores, schools, hospitals, and recreational facilities. Introduce yourself to your neighbours and start building connections within the community.

Make It Your Own

Personalize your space by unpacking and arranging your belongings to reflect your style and preferences. Consider adding a fresh coat of paint, hanging artwork, or incorporating decorative elements to make your house feel like home.

Plan for Emergency Preparedness

Develop an emergency plan for your household, including evacuation routes and designated meeting points. Stock up on emergency supplies such as non-perishable food, water, first aid kits, and flashlights.

Celebrate Your New Home

Finally, take a moment to celebrate this significant milestone in your life. Host a housewarming party to share the joy with friends and family, or simply enjoy a quiet evening in your new home, savouring the sense of accomplishment and the beginning of a new chapter.

Are you looking to own a home this spring? Give us a call today! Our real estate agents are more than happy to help you move into your new home!

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