This guest post from Shelley Turner is part of the “reader stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes.
They’re coming! Like it or not, the holidays — and all the stress of buying the Perfect Gift — are just around the corner. I actually like brainstorming gift ideas, and have been told I’m pretty good at it. Today I’ll share my secrets with you.
The best gifts are appropriate for the recipient, yet don’t cost a small fortune. You want your gift to say “I know what you like”, not “I didn’t have a clue of what to get you for a gift for but here it is anyway”. I once received a leopard-hair belt. Anybody who knows me, or has seen how I dress, understands that there’s never been (nor ever will be) a time that I’d wear a leopard-hair belt. A gift like that screams “I just bought you something because I had to”.
Gift-giving ground rules Before you buy, take a few minutes to think about what your recipient has in her house or on her desk, what she spends her time doing, what she likes to talk about, where she likes to eat, and even what she keeps in her refrigerator. Even if you don’t know her that well, this exercise will help you get some ideas of what the recipient likes.
I’m not a collector, so I prefer practical and useful gifts. However, if your gift recipient is a collector, that’s a perfect opportunity. Even if his collection is filled with expensive items, you can often find a small token within that collection that you could give him. The trick to buying a great gift for somebody, no matter what the occasion, is to buy what your recipient would enjoy — not what you’d enjoy.
Often, a consumable gift that provides momentary pleasure and then disappears is best, especially around the holidays when people usually get many gifts. Consumables can be given, enjoyed, and remembered without becoming Stuff.
My husband’s 90-year-old grandmother is a perfect example. What can you give a 90-year-old woman who already has everything she wants and needs? Not much. However, I know she really enjoys a good cup of coffee. And I found some European butter cookies and a some jars of preserves made in her native Denmark. I give her this same gift every year. She tells me she waits eagerly for our gift because not only does she enjoy consuming it during the winter, but because it’s a small reminder of her home country.
Inexpensive gift ideas No matter which gift you choose, if it’s something your recipient uses over and over, you can give a great gift without spending too much. Here are some of my favorite inexpensive gift ideas. These have all been well-received and cost less than $20. You can tailor the gift idea to fit your budget. Some of these can be used as hostess gifts for holiday parties you may be attending.
Personalized note cards
A book by her favorite author
Monogrammed wine stoppers
Travel journal
Engraved metal bookmark
Monogrammed soap bars
Bread basket with quick bread or muffin mix inside
Dog or cat breed-specific items — calendars, notepads, keychains, etc. of their pet
Cookbook (specific subjects like fondue, vegetarian, appetizers, etc or you could get a book representing their hometown like the Chesapeake Bay, etc.)
Personalized insulated tote-style lunch bag (put his favorite snack inside)
Sports team items — pick her favorite team mug, hat, t-shirt, scarf, etc. (fill a mug with her favorite hard candy)
Gourmet chocolate bars tied with ribbon or raffia
Favorite bubble bath & bath pillow
Wallet with gift cards or cash inside
Amaryllis or Paperwhite bulb package
Old-fashioned jar filled with favorite candy or snack
Hand-made soap with an interesting soap dish
Handmade crocheted or knitted scarf or hat
BBQ sauces, hot sauces, grilling rubs, etc (some have funny labels)
Ice cream dish with favorite topping
Decorative candy bowl with favorite candy
Ornament representing current hobby
Charm to add to an existing charm bracelet
T-shirt from favorite restaurant
Crabtree & Evelyn hand therapy (super-rich hand cream)
Nice colored pencils and/or sketch notebook for artists
Small decorative bowl and package of dip mix
Hand towels with initials embroidered (especially if newly married)
Here are a few more ideas with a bit of explanation:
Magazine subscription (hundreds of subjects to choose from — and you can give crossword puzzle and comic book subscriptions too). Buy the current issue and put a note on it that you got him a one-year subscription.
Lolita glasses are painted wine, beer, or margarita glass that have themes painted on them based on hobbies. There’s a recipe painted on the bottom of each glass too.
Year of Napkins! This requires advance planning, but makes a unique gift for a very reasonable price. For each holiday throughout the year (plus Happy Birthday), pick up one pack of luncheon-sized napkins. When you’ve collected all the holidays, package them in order of the holidays in small CD crates, baskets, etc. Usually you can find the napkins in the clearance section right after the holiday. Decide how many of these you want to put together in advance so you can buy as many as you need during each holiday.
Remember that you can also go in with others to purchase bigger gifts, such as theater tickets, cooking classes, and other “experiences”. If you’re very organized, you can shop all year and pick up interesting gifts along the way. My sister-in-law has a birthday in January, but I often find stuff she’ll love in the summer, so I buy it and keep it until her birthday.
Check the clearance racks all year to get even better deals. Unless you really enjoy going shopping the week before Christmas, you may find that buying gifts ahead of time will not only save you money, but also make the holiday season a little more relaxing, as well.
Reminder: Another way to save money on gifts is to make them yourself. Here’s a list of 34 great homemade Christmas gifts almost anyone can put together. And over at The Simple Dollar, Trent has been documenting his own quest for family-produced Christmas presents.
A note on packaging When packaging your gifts, you’re not stuck using a gift bag or plain wrapping paper unless you want to. Tulle (that material used to tie up rice/birdseed to throw at weddings) is great for wrapping unusually-shaped items, such as the bowls & dip mixes, candy bowls & jars, ice cream dishes, bottles of hot sauces, soap, etc. It’s really inexpensive to purchase by the yard, comes in many colors, and your recipient can see what you gave her without unwrapping it. Tulle is especially good for hostess gifts so they don’t have to open them upon receipt.
Some other tips:
Magazines roll up perfectly in those tall wine bottle bags.
Chinese-food boxes and small tin buckets are inexpensive and fun to use.
Bread baskets work nicely to hold all kinds of items and they can reuse the basket later.
When packaging your gifts, use your imagination!
Gift giving can be fun — if you allow yourself to be creative and take a few minutes to think about your recipient. The bottom line: If he’ll enjoy it, it’s a great gift for him!
No matter what kind of apartment building you live in, units that come with their own private balcony are among the most coveted. Having a small outdoor space like a balcony for your apartment opens up a world of entertaining possibilities, from dinner parties to simply enjoying the view with your morning coffee. Our apartment balcony ideas take you through all four seasons of festivities and relaxation.
But there’s a catch: Unless you live in an area where the weather and climate are mostly the same throughout the year, you’ll need to decorate your balcony in accordance with the seasons. That doesn’t just mean fun seasonal decorations for different holidays like the Fourth of July or Christmas, but weatherizing it so the space is actually usable from installing rain protection during the rainy season to adding a safe outdoor heater during winter. Apartments that come with balconies typically fetch higher rents than other units without, so you don’t want to let it go to waste for half the year. Reclaim and fully enjoy your balcony space with these year-round apartment balcony decorating ideas.
How to decorate your apartment balcony space for all seasons
Unsure how to decorate your tiny balcony for winter so it’s both cute and cozy? Don’t have a ton of floor space but still want to add plants to your small balcony? We’ve got you covered.
For each of the four seasons, we’ve got balcony ideas for how to decorate and best use the space. That way, you can enjoy your balcony as a living space and lounge space throughout the year instead of just for a few months.
Winter
Winterize your outdoor balcony — but keep it cute at the same time — with these winter balcony decorating ideas.
Add a space heater
Set up a cozy space heater in one corner to keep things warm and toasty. If you only have a small space to work with, be careful to keep the heater far from flammable objects like curtains or outdoor rugs. For an extra charming touch, choose one of the models that feature fake logs.
If you have enough space, an outdoor heating lamp works as well.
Enclose the outdoor space to keep it warm
Use zippable plastic walls, curtains or privacy screens to keep heat in and keep the cold out by creating a contained indoor space.
This is also for safety reasons. If your balcony is open-air or snow and ice can still get into the balcony through curtains or tarp coverings, you’ll need to prevent them from building up and turning your balcony into a slippery, potentially dangerous ice zone. Keep a shovel or broom on hand as well.
Add winter plants
Instead of summertime flowers or fall cornucopias, pick out some seasonal or hardy, cold-weather-withstanding plants like miniature conifers. Around the holidays, poinsettias are another nice touch!
Add lots of cozy rugs, blankets and pillows
Gotta stay cozy while enjoying your balcony outdoor space in the winter! Cover your table and chairs, as well as couches and other patio furniture, with plenty of plush, warm throws, blankets, seat cushions and pillows. On the ground, a fuzzy outdoor rug also completes the snug, “cabin in the winter woods” aesthetic.
Light things up with candles
Add candles with seasonal scents like pine to tables and shelves, bringing a warm glow to your outdoor area. But be sure to monitor them and don’t leave them burning unattended. If you don’t feel comfortable with real candles, battery-powered ones also work great.
Make s’mores with a portable mini-firepit
Go all out on the winter season with a mini-firepit to make s’mores, fondue and other cozy foods from the comfort of your own balcony.
Celebrate the season with holiday decor
Tis the season! Whether you celebrate Christmas, Hannukah or another seasonal festivity, deck the halls (or more accurately, balcony and balcony walls), with colorful lights, wreaths, miniature trees and more. Add garlands to your balcony railings, set up a nativity scene on an outdoor table…the options go on and on!
Use a terrarium or small greenhouse to protect plants
If you want to protect plants that don’t do as well in the cold, try adding a small greenhouse or terrarium to shelter them from the elements.
Spring
Spring has sprung, and apartment balconies everywhere should be bursting with life and color! Get your outdoor space ready for the warm season and create your own outdoor oasis with these tips.
Outfit the space with plenty of plant life
Have a green thumb but live in an apartment building that only has tiny balconies? Celebrate the return of greenery by turning your balcony into your own private garden! Potted plants, hanging plants, flowers and more are all great ways to bring greenery and life to your outdoor space. Plus, they’ll all flourish in the fresh air. Just be sure to choose plants that will do well in the apartment environment.
Add hanging planters if you only have a small outdoor space
Don’t have enough square footage or floor space for tons of plants? Install plant hangers from the ceiling instead. You can also hang planters from your balcony railings.
Install a rail planter or vertical garden
Another great option for plant lovers with small balconies is to install planters that hang off your balcony railing. A railing planter won’t take up space on the floor and makes for easy watering (just make sure you’re not dripping on your neighbor down below!)
The exterior wall of your balcony is an often overlooked space when it comes to decoration and utility. Put that vertical space to use with vertical planters. Vertical planters are another easy way to have potted plants in small spaces. Vertical gardening maximizes space, holding lots of small potted plants so you can have everything from flowers to fresh herbs.
Set up furniture
Store away the cold-weather coverings in favor of colorful, warm-weather comfortable furniture like tables and chairs. If you have enough space and love spending time outside, you can even try to install a day bed in one corner so you can lounge.
At the same time, though, you don’t want to overfill the whole space. Give yourself more space to move around by choosing stylish but space-appropriate furniture like a small table or
Choose furniture that’s easily storable
With summer right around the corner, you know what that means? Parties and having friends over! Because of this, you’ll want to make sure your balcony isn’t too crowded or has too much stuff. During spring and summer parties, people can hang out on the balcony to drink, smoke or just chat. You want to have as much access to the entire space as possible so your guests aren’t crowded.
An easy way to seamlessly change the space for parties is by choosing folding furniture and stackable chairs that easily disassemble and can be stored away. Nesting tables are another great option. If you have hanging chairs or hammocks, they should be easy enough to take down for parties.
Choose weather-resistant fabrics
If you plan on leaving your balcony open to the elements during spring and summer, you want to protect your furniture and decor from rain. Choose weather-resistant fabrics or have them treated to be more water-resistant so they won’t grow mold or get discolored.
Jazz up the floor with tiles or rugs
Does the balcony have ugly or uncomfortable flooring that draws the eye, becoming a sad focal point amid all the other thoughtful interior design you’ve done? Hide flooring with colorful, patterned rugs or interlocking deck tiles for a more sophisticated, upscale look.
Summer
It’s summertime, so spend all your time outdoors on your balcony in the perfect space you created for the season.
Get your grill on
A great idea for how to enjoy your balcony in summer is by adding a grill! If space permits, stick a grill into a corner to host summertime barbecues and dinner parties. Just be sure to make sure your apartment complex allows grills on balconies, as some only permit them on a small patio area.
Add fans to beat the summer heat
Install ceiling or small table fans to keep airflow going on hot days.
Add a hanging chair to maximize room on your small balcony
Only have a small balcony space with not enough room for lots of balcony furniture? Install a hanging chair, swing or hammock to maximize floor space.
Elevate the space with tall plants
One of the best small balcony ideas for making the space seem bigger is adding the illusion of height. Lengthy palms and tall plants help the space open up, as well as make you feel like you’ve entered a literal urban jungle.
Add a festive feel with string lights
Swap out the colorful holiday lights for chic string lights to illuminate your balcony at night. Just make sure they’re intended for outdoor use. Even better: a great alternative to regular lights is eco-friendly solar string lights. That way, you don’t need to plug them in or swap out batteries.
Add new summertime decor
Break out the Independence Day decorations, watermelon-themed decor and more to help your balcony match the summertime vibe. That calls for new throw pillows, light-colored cushions and fabrics, wafting flags and banners. Have fun and get creative!
Fall
Make your balcony feel like fall in all its color-changing foliage glory with these tips.
Add a cozy rocking chair
Sit back, relax and watch the leaves change while snuggled up with a good book and hot drink in a rocking chair.
Keep things spooky with Halloween or autumnal decor
From pumpkins and jack-o-lanterns to putting a cornucopia on your balcony table, there is no end of ways you can decorate the space for fall. Wind garlands around railings, hang fake spider webs (just make sure birds won’t get caught in them), carve jack-o-lanterns and set up tons of candles for an extra spooky atmosphere.
Keep it clean
Keep a broom on hand to sweep fallen leaves and other debris
Start adding the cold weather cozies
It’s time to start breaking out the blankets, throws and snug rugs again as the days get colder.
Use our apartment balcony ideas to stay practical and stylish
Make your balcony the place to hang out and be no matter the season. And as you can see, you don’t have to be a professional interior designer to turn an open balcony into an all-season space for socializing, alone time, gardening or whatever you want to do.
Still looking for a place with an outdoor getaway built right in? Find your next home here.
You’ve found the ideal house in a great location. Before you start packing your moving boxes, make sure it’s a sound investment too. Most of us wouldn’t dream of buying a used car without a mechanical checkup. Yet with only a couple of 20-minute walk-throughs, we consider buying a home that’s much more expensive.
That makes little sense to Joseph Zagone with CENTURY 21 Aspen Real Estate in Ruidoso, New Mexico. “An inspection is one of the best investments a buyer can make,” he says.
Here’s what you should know—and what not to ask.
What to Expect: The inspector will check all components in your house, leaving termite, septic system, and well inspections to specialists. (Here is a list of checkpoints.) A typical inspection costs $300–$400 and takes about three hours. Even if you’re an out of state buyer, arrange to tag along, Zagone says. You can see problems firsthand and you may learn valuable things such as where to find the water shutoffs.
Why it Pays: Experienced do-it-yourselfer Rebecca Anderson didn’t think an inspection would find anything she hadn’t noticed—until the inspector opened up the furnace and discovered a cracked heat exchanger. The upshot? The sellers threw in half the cost of a new furnace.
The Forbidden Question: Only one question is off-limits: “Should I buy this house or not?” That decision is yours alone. “I tell them to read the report completely and call me with questions,” says Gary Havens, owner of Good Havens Home Inspections in greater Minneapolis/St. Paul. “If I feel real comfortable about it, I’ll say I’d feel good about my kids buying it.”
The Seller’s Role: There is nothing to keep a seller from being present for the inspection too, though Zagone doesn’t encourage it. He prefers to help his potential seller line up a handyman beforehand to repair any existing problems. It’s also wise to initiate a separate inspection of your own. Learn more on Ccentury21.com under the “Selling Advice” tab.
Joe Zagone CENTURY 21 Aspen Real Estate, Ruidoso, New Mexico; www.joezagonerealestate.com
HIS CODE: “I want to know about any problems and have them remedied before I place a house on the market. My goal is win-win negotiating, to sell a sound house with no surprises at the correct price.”
OFF-HOURS: In the winter Joe serves as a certified ski instructor on nearby slopes. In warmer weather—even in winter—he makes good use of the seven golf courses in his area.
WHAT GOT HIM INTO REAL ESTATE: “My dad wasan engineer and later a real estate agent in this area. I took economics and marketing in college and worked as a carpenter’s helper in the summers. It all added up to a great background for becoming an agent. I love it.” He’s been in real estate 30 years and has been the top-producing CENTURY 21® Professional Champion in New Mexico for seven of the last eight years. He and his wife, Joan—also a Sales Professional—have five children.
One thing I love about Millennials and Zoomers is how freely we share advice.
Case in point, there are now countless wealth coaches and personal finance gurus on TikTok recording their best tips on saving, investing, and achieving financial freedom faster.
And we’re hungry for their advice. According to CNN, the hashtag “#personalfinance” alone has a total of four billion views, with “#financialliteracy” and “#financetiktok” not far behind.
However, while the intent is always sound, the tips themselves aren’t. There are some misguided and potentially devastating personal finance myths being perpetuated on TikTok these days, so I am here to address them head-on.
Let’s debunk seven of the most common TikTok money myths before you make a potentially dangerous financial move.
What’s Ahead:
1. “You can (and should) get rich quick”
The implication
“Get rich quickly and easily by following my personal finance advice.”
Here’s how to instantly spot a personal finance influencer who abides by a “get rich quick” philosophy: just look for the lime green Lamborghini in the background.
Once they’ve given you a few seconds to lust after their six-figure Italian whip, they’ll start telling you how they “turned $5,000 into $723,000” by following “three simple rules of investing” or some such promise. Sounds appealing.
The reality
Multiplying money on that scale, in that little time, always involves a staggering amount of risk, luck, or both. This is assuming, of course, that the influencer is even being 100% truthful – and that background Lambo isn’t a rental.
It’s entirely possible that this person really has gotten extremely lucky on some clandestine investing opportunity, but lottery winners aren’t financial advisors.
Actual financial advisors, and their very rich clients, will give you this advice:
“Get rich slowly.”
If you wouldn’t spend your life savings on lottery tickets, you shouldn’t get your financial advice from TikTok influencers who got lucky, either. The key is to get rich without the risk, and here’s exactly how to do it, step-by-step.
2. “Day trading is easier than you think”
The implication
Historically, only the rich and well-connected could make money on the stock market. But now that we have apps like Robinhood and Webull, everyday investors like you and me can buy, sell, and trade stocks ourselves, getting rich in the process just like day traders on Wall Street.
The reality
97% of day traders lose money.
That’s according to a large-scale study of day traders, where the researchers concluded:
“We show that it is virtually impossible for individuals to day trade for a living, contrary to what course providers claim.”
By contrast, “only” 70% or so of gamblers in Vegas lose money, according to the Wall Street Journal. So your money is safer on the roulette table than taking a TikTokers’ investing advice (but still, don’t gamble).
3. “Rich people look rich”
The implication
Earn big, spend big. As your income level rises and you start to feel “rich,” it’s time to start acting like it. Get a luxury apartment, lease a Mercedes, and don’t hesitate to buy that $2,000 purse.
Besides, what’s the point of working hard if you’re not playing hard?
This one is definitely more of an implication than a direct piece of advice. I don’t know of any TikTokers who are outright saying “spend all of your money” – but there are certainly plenty who are leading by example.
The reality
Rich people become rich precisely because they don’t spend money – they invest it. There’s a saying by famous-yet-frugal YouTuber Scotty Kilmer that I think about all the time:
“Broke people buy BMWs, and rich people buy Toyotas.”
Rich (or soon-to-be-rich) people know that if they buy a Toyota instead of a BMW at age 30, and invest the $30,000 difference at 10% APY, they’ll have:
$77,812 when they’re 40.
$201,825 when they’re 50.
$843,073 when they retire at 65.
The point of this anecdote isn’t to throw shade at Bimmer, but rather, to highlight how rich people think differently before making a purchase. They don’t think:
“How much can I afford?”
But rather:
“How much can I save and invest?”
In short, rich people don’t lead extravagant lifestyles – they lead frugal, yet comfortable lifestyles now so they can live however they want later.
4. “Live on a shoestring budget”
The implication
On the complete other side of the spectrum, there are TikTokers who advocate a shoestring lifestyle, where rigorous budgeting and extremely limited pleasure spending are the only viable pathways to financial freedom.
The reality
It’s totally OK to buy nice things and treat yourself.
In the previous example, yes, a BMW costs $30,000 more than a Toyota – and if you invest that money instead of buying a fancier car, you’ll have a fortune waiting for you by retirement.
That being said, if the BMW brings you joy and makes you happy (and you can afford it), buy it.
The key to achieving financial mindfulness isn’t to spend less – it’s to spend more mindfully on the things that truly matter to you. There are influencers out there who say you should stop going out to eat cold turkey because a restaurant meal for two can easily exceed $60 or even $100.
But financial mindfulness says that if that meal helps you build a relationship with someone, it’s worth it.
Draconian saving can be just as misguided as wanton spending. The key, then, is to determine how much you can safely spend each month, and then to spend that money on the people and things that bring you the most joy.
5. “Cryptocurrency will make you rich”
The implication
This one’s pretty straightforward, and I have heard it straight from countless TikTokers’ mouths: crypto will make you rich.
Forget the corrupt, manipulated stock market – Bitcoin, Ethereum, and Dogecoin will bring prosperity and financial salvation to Millennials and Zoomers.
I mean, what other investment vehicle has provided anything even close to the 750,000,000% ROI that Bitcoin has since 2011?
I got rich off crypto and you will, too – hop aboard before it’s too late.
The reality
Cryptocurrency is like a fast-moving, rickety roller coaster at the county fair. The foundation hasn’t completely crumbled, but the wooden boards and screws holding it up are falling off with each passing car.
Hop aboard the crypto train at your own peril.
It’s true that Bitcoin has had a miracle run since 2011, rising from $0.008 to a peak of around $65,000 in April 2021 and making a lot of people very, very rich. But even diehard crypto fans have acknowledged that a “Bitcoin winter” is coming – that is, if it hasn’t already.
The Bitcoin winter is just one of the many huge risks to a crypto investment. The others (like China’s clampdown on mining) are fast approaching the roller coaster’s foundation with a sledgehammer.
Can Bitcoin still make you rich? Maybe, but there are plenty of safer rides at the carnival.
6. “Just copy the investments of rich people”
The implication
You can’t copy athletes to win gold medals, nor can you copy New York Times Best Sellers to sell more books.
However, you can totally copy the investing strategy of rich people to get rich.
In fact, they want you to copy them – either because your investment makes their investment more valuable, or simply out of the goodness of their heart. Warren Buffet famously shares his trades with the public so they can borrow and benefit from his wisdom.
So why spend 14 hours a day researching good trades when you can just copy someone else’s homework – especially when they ask you to?
The reality
Rich people can afford to make extremely risky investments and lose money that you and I can’t afford. For that reason, they shouldn’t always be followed into battle.
Warren Buffet is also famous for admitting when he’s made a mistake. In 2014, he confessed that he’d held onto shares of Tesco for way too long, costing him and his investors $444 million. Berkshire Hathaway’s investors may have been able to shrug off the loss, but any outsiders emulating Buffet’s moves may have been screwed.
Copying the investments of rich people may be a viable strategy if their investments fit within your financial goals and risk tolerance. For help determining whether that’s the case, you want to talk to a wealth advisor.
7. “You don’t need a wealth advisor”
The implication
Thanks to zero-commission trading platforms, you no longer need to buy and trade stocks through a sweaty stockbroker in some Manhattan office.
By that same logic, the emergence of robo-advisors and the fountains of free financial advice on TikTok have eliminated the need for old-fashioned wealth advisors. After all, why give someone 2% of your hard-earned gains when it’s never been easier to invest your money yourself?
The reality
The recent trifecta of online brokers, robo-advisors, and personal finance gurus on social media has done wonders empowering Millennials and Zoomers to handle our money better. The TikTok DIYers certainly have one thing right: it’s never been easier to make your own trades.
However, despite birthing a renaissance in financial literacy, nothing on TikTok can replace the tailored, one-on-one advice you’d get from a professional wealth advisor.
Robo-advisors can personalize your investing strategy to an extent, but they can’t play a direct role in helping you navigate the markets and make good decisions.
Summary
There’s plenty of sound personal finance advice on TikTok, but it only takes one bad tip to cost you money.
For that reason, it literally pays to separate the wheat from the chaff. Not everyone who’s made money is a skilled investor – some are just lucky.
Save more, spend smarter, and make your money go further
Whether you know it as a snowpocalypse, a snowmageddon, or the ever-popular “oh no, not this again,” there’s no denying that giant snowstorms are a pain for just about everybody who has to deal with them.
And it’s not just because snow is cold. It’s also because a snowpocalypse can cost you a good deal of money.
If you live in the Northeast, Central North, or anywhere else that snow is prevalent, here’s what you spend each winter, on average … and how to deal with snow more cheaply.
Snow Shovels
Here’s an investment few Floridians need to worry about. Everybody who gets snowed upon has held many a shovel in their life, and has likely purchased many over the years.
No one shovel is terribly expensive, mostly running between $15 to $30.
Unfortunately, even the best shovels don’t last forever, especially if you’re dealt the “heavy slushy snow” card, so you’re likely buying at least one new shovel every winter.
After all, if all you have is an old bent shovel, you might as well scoop away the snow with your bare hands.
Scrapers
No northern vehicle is complete without at least one brush/scraper combo floating around the backseat just waiting for its inevitable use.
Most run between $5 and $20, but you always need to prepare for having to buy a new one.
Brushes bristle, scrapers lose their teeth, and suddenly you can’t get to work on time because you didn’t spend five bucks on a new scraper.
Nobody likes that, least of all your boss.
Snowblowers
If you don’t want to deal with the back-breaking work of shoveling, you can always purchase a snowblower.
Unfortunately, a decent one can run you about $800, which is the price you pay for convenience.
Luckily, you can also purchase a power shovel for far less, around $100.
They don’t chuck the snow as far away from you as a snowblower will, but if your only goal is to clear a small driveway, it might be worth the purchase.
Accidents
Though towns do their best to clear the roads during a snowmageddon, sometimes they’re just plain icy and slippery.
And that’s when bad things happen.
If you’re driving along and suddenly start sliding every which way, only stopping once you crash into a heavy snow bank, your day has just been ruined, as has your bank account.
Even a small bit of bumper damage can run you $1000, while a totaled vehicle could cost you $15,000, especially if the insurance company invents a brand-new excuse to not help out.
Heating Costs
Unless you’re fine with shivering violently until April, chances are you’re going to turn the heat up during a snowpocalypse.
Doing so will keep you toasty, but also leave your wallet empty.
Even with a multitude of ways to save on heat and lower your bill, you should still expect to pony up just under $1000 come wintertime.
Though it’s a rough estimate, and everybody’s mileage can vary, the average cost of dealing with a snowy winter is about $2500. You can cut this number down by preparing your home, reducing heating costs, and taking advantage of other wintertime hacks.
As you can see, a snowpocalypse isn’t just a simple matter of “shovel, salt, and go.” There’s a lot to think about, especially once the falling white stuff compromises your bank account.
Do you have your own Snowpocalypse savings tip? Share it with the community below.
Mary Hiers is a personal finance writer who helps people earn more and spend less.
Save more, spend smarter, and make your money go further
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Well, just like that it’s December again, which means it’s time for the 2022 mortgage rate predictions.
This past year was filled with ups and downs (literally) when it came to mortgage rates, with plenty of surprises and unexpected turns along the way.
I expect 2022 to be no different, seeing that COVID is still very much an unresolved issue.
At the same time, the Fed has pumped the brakes on its purchases of mortgage-backed securities, while also signaling an end to its easy money, low rate days.
So perhaps 2022 will be an ongoing tug-o-war between the Fed and COVID when it comes to the direction of rates. This could mean periods of low rates and not-as-low rates.
MBA 2022 Mortgage Rate Predictions
First quarter 2022: 3.3% Second quarter 2022: 3.5% Third quarter 2022: 3.7% Fourth quarter 2022: 4.0%
First up is the Mortgage Bankers Association (MBA) and their monthly Mortgage Finance Forecast from late November.
They predict a 30-year fixed mortgage at 3.3% in the first quarter of 2022, which isn’t far off from today’s levels, depending on the mortgage lender in question.
It then rises 20 basis points to 3.5% in the second quarter of 2022, and another 20 bps to 3.7% in the third quarter.
The shocker is their call for a 4% 30-year fixed mortgage rate by the fourth quarter of 2022. That’s bold, though not out of the realm of possibilities.
They see rates going even higher from there in 2023, but perhaps plateauing a bit close to 4% for much of the year.
Fannie Mae 2022 Mortgage Rate Forecast
First quarter 2022: 3.2% Second quarter 2022: 3.3% Third quarter 2022: 3.3% Fourth quarter 2022: 3.4%
Next up is Fannie Mae, which releases a monthly Housing Forecast that contains mortgage rate predictions through 2023.
They are playing things a lot safer than the MBA and simply going with a 30-year fixed that barely budges throughout the next 12 months.
We’re talking 3.2% to start off 2022, 3.3% for the second and third quarter, and just 3.4% at the end of the year.
And they don’t expect rates to go much higher in 2023 either, currently forecasting a rate of just 3.5% at that time.
Fannie Mae also polls consumers on their mortgage rate expectations over the next 12 months, and let’s just say they aren’t very optimistic.
In its latest release, (December 7th, 2021), just five percent of respondents said they believe mortgage rates will go down, while 58% think mortgage rates will go up.
Meanwhile, 32% expect mortgage rates to stay the same over this time period. So you’re in the minority if you see rates moving lower in 2022.
Freddie Mac 2022 Mortgage Rate Predictions
First quarter 2022: 3.4% Second quarter 2022: 3.5% Third quarter 2022: 3.6% Fourth quarter 2022: 3.7%
Meanwhile, Freddie Mac isn’t too hopeful themselves when it comes to the direction of rates.
They expect the 30-year fixed to rise to 3.4% in the first quarter of 2022, before inching up 10 basis points each quarter to end the year around 3.7%.
While still quite low historically, it won’t be welcome news to prospective home buyers grappling with affordability issues, or existing owners looking to tap home equity.
The caveat is their forecast was last updated at the end of September, so until I get their next release, this is all we have to go on.
There’s a chance they may rein it in a bit and shift their estimates down, though I doubt they’d move more than say 10 basis points lower for each quarter. But we’ll see.
NAR 2022 Mortgage Rate Outlook
First quarter 2022: 3.3% Second quarter 2022: 3.5% Third quarter 2022: 3.6% Fourth quarter 2022: 3.7%
Next up we’ve got our friends at the National Association of Realtors (NAR), which provide estimates in their monthly U.S. Economic Outlook.
The numbers above are from their November 2021 edition, and aren’t much different than what Freddie Mac is predicting.
In fact, other than the first quarter being a slightly lower 3.3%, their estimates are exactly the same.
They appear to be playing things more safely than in the past when they’d often call the end on the low mortgage rates.
I’m surprised they didn’t take the opportunity to call a year-end 4% 30-year fixed…
CoreLogic Mortgage Rate Forecast
While CoreLogic doesn’t break rates down by quarter, they do expect “mortgage rates to average about one-half of a percentage point higher in 2022 than they were in 2021, or about 3.4%.”
This is pretty close to the estimates from Fannie Mae, and the result of the Federal Reserve’s tapering to support its monetary policy.
Despite these expected higher interest rates, they believe home sales will rise to their highest levels since 2006, around the time the housing market began to top.
Ominous sign or not, it means mortgage lenders should stay relatively busy with home purchase loans, even if mortgage refinancing slows a lot.
The Truth’s 2022 Mortgage Rate Predictions
First quarter 2022: 3.0% Second quarter 2022: 3.25% Third quarter 2022: 3.375% Fourth quarter 2022: 3.5%
Lastly, I’ll throw my hat in the ring and provide my predictions for the upcoming new year.
As I always say, there will be opportunities throughout the year – that’s just the nature of mortgage rates. They ebb and flow, rise and fall, just like anything else.
Of course, timing them is just as hard as everything else too.
Depending on the time of year (when are mortgage rates lowest), the environment could be favorable or not that desirable.
Still, I don’t see a ton of upside risk to rates given we’re still dealing with the COVID-19 pandemic.
A lot of unknowns remain, especially navigating this winter, which is always a trickier time of the year when it comes to any illnesses.
Once we get to 2022, it’ll hopefully be a bit clearer. But I expect new variants to surface in 2022, which could make it difficult for the Fed to move their own borrowing rates significantly higher.
At the same time, I don’t necessarily see mortgage rates falling much or hitting new all-time lows in 2022. It’s certainly possible though and I won’t rule it out.
But if I had to pick a direction, I’d say up, though only slightly. So if we start the year at 3%, only 3.5% by the end of the year, which isn’t bad at all.
A lot of homeowners already have super low 30-year fixed mortgage rates that they probably won’t mess with.
The only exception is those who wish to tap their equity via a cash out refinance. So rates will mostly only matter to new home buyers and these folks.
But if they stay low enough (or dare I say go even lower), plenty of existing homeowners with low-rate mortgages may rush to cash out some of that precious home equity.
This could save the mortgage industry, which is expected to see quite a bit of slowing in 2022 after some really big years.
Be sure to check all my 2022 real estate predictions for more on the housing market, rates, and trends.
The 2023 mortgage rate predictions are now out as well!
Today we’ll take a thorough look at “Waterstone Mortgage,” a residential mortgage lender backed by a billion-dollar depository bank.
Despite being the subsidiary of a large publicly-traded company, they still have the feel of a local, independent mortgage lender.
The main advantage of that backing is a much bigger lending menu, which gives them the ability to offer unique loan products the other guys can’t.
They also pride themselves on being home purchase loan experts, a big plus if you’re attempting to buy in today’s ultra-competitive housing market.
But existing homeowners can benefit from their endless product menu too – let’s learn more to see if they could be a good fit for you.
Waterstone Mortgage Fast Facts
Retail, direct-to-consumer mortgage lender
Offers home purchase financing, refinances, and construction loans
Founded in 2000, headquartered in Pewaukee, Wisconsin
A wholly owned subsidiary of WaterStone Bank SSB
Funded roughly $4.5 billion in home loans last year
Nearly 20% of business comes from New Mexico (2nd largest in the state)
Also very active in Arizona, Florida, and Wisconsin
Licensed in all 50 states and the District of Columbia
Waterstone Mortgage is a retail, direct-to-consumer mortgage lender based in Pewaukee, Wisconsin, which is a suburb of Milwaukee.
They were founded in the year 2000 as a three-person team, and quickly expanded before being sold to Wauwatosa Savings Bank in 2006.
Just two years later, that company changed its name to WaterStone Bank, making them a wholly owned subsidiary.
This means they have the backing of a large, publicly-traded company and the expansive loan menu that comes with it.
Last year, they funded a whopping $4.5 billion in home loans, making them a major mortgage player nationwide.
Despite being headquartered in suburban Milwaukee, they are the second largest mortgage lender in the state of New Mexico, second only to Rocket Mortgage.
Waterstone is licensed to do business nationally, and also quite active in the states of Arizona, Florida, and Wisconsin.
They appear to be very well connected with local real estate agents as they have a 60%+ purchase loan share, which is uncommonly high.
The remainder of their business consists of mortgage refinances and home improvement loans.
How to Apply with Waterstone Mortgage
To begin, you can either visit their website or go to a local branch if one is located near you.
They have physical locations in about 20 states nationwide, so it might be possible to work with a loan originator in person.
Either way, you’ll find a wealth of information online, including a branch and loan officer directory, along with helpful guides and loan calculators.
From there, you’ll have the option to select an individual to work with and apply electronically via a mostly paperless process.
Their digital mortgage is powered by ICE Mortgage Technology (formerly Ellie Mae), a leading fintech company in the home loan space.
It allows you to upload loan documents safely and securely, link financials like a bank account for easy and reliable importing, and eSign all those disclosures.
Once submitted, you’ll be able to check loan status 24/7 and complete most loan tasks electronically, whether it’s ordering the home appraisal or satisfying outstanding conditions.
Thanks to their in-house team of processors, underwriters, and closers, you should be able to close quickly.
In fact, Waterstone Mortgage also developed a “Close On Time Calendar” to give customers an idea of what goes on along the way, and what to expect. But perhaps most importantly, how to close on time!
Those looking to buy a home in this competitive housing market can take advantage of their Platinum Credit Approval, which they call the next best thing after an all-cash offer.
It’s a mortgage pre-approval that involves a robust, upfront underwrite of your loan file to give home sellers peace of mind that you’re a highly-qualified buyer.
There’s also a Waterstone mobile app and a Realtor-exclusive website to help your agent stay in the know as you progress to the finish line.
Simply put, they offer best-in-class technology backed by real humans to ensure you close your home loan quickly and conveniently.
Loan Programs Offered by Waterstone Mortgage
Home purchase loans
Home renovation loans (including jumbo options)
Construction loans (all-in-one financing)
Refinance loans: rate and term, cash out, streamline
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
Manufactured home loans
Doctor mortgages (100% financing options)
Community Experts loan (0% down payment)
Community Heroes loan (1% down payment)
State Bond and Down Payment Assistance programs
Wealth Building Loan
If you go with Waterstone Mortgage, you’ll find no shortage of available loan programs. This is the advantage of being backed by a billion-dollar depository bank.
They offer just about everything under the sun, from home purchase loans to refinances to new construction loans and manufactured home loans.
You can finance any major property type, whether it’s a single-family home, cabin, townhome/condo, or multi-unit investment property.
The full suite of government-backed loan programs (FHA/USDA/VA) is available, along with both conforming and jumbo loan options.
Additionally, they’ve got loan programs tailored specifically for doctors and first responders, and even community experts like accountants and actuaries that require no down payment.
If you’re building, their Single Loan Close Construction program allows you to bundle the cost of the land/lot, construction of the property, and your permanent mortgage.
In term of specific loan types, you can get a fixed-rate mortgage like a 30-year or 15-year fixed, or an adjustable-rate mortgage like a 5/1, 7/1, and 10/1 ARM.
Unique to Waterstone is a so-called “Wealth Building Loan” that features a 20-year loan amortization period attached to either a 7/1 ARM or 10/1 ARM.
It allows homeowners to build equity faster than traditional 30-year mortgages and do so with zero down payment.
Waterstone Mortgage Rates
One slight negative to Waterstone Mortgage is their lack of information when it comes to pricing.
They don’t seem to list their mortgage rates or lender fees online, so it’s hard to know how competitive they are.
To determine that, you’ll need to get in touch with a loan originator to discuss rates and fees before you proceed to the formal application.
Be sure to inquire about any typical costs, such as an application fee or loan origination fee.
And take the time to compare their quoted mortgage APR to that of other banks, lenders, and mortgage brokers.
Once you’ve done your diligence on the mortgage shopping front, you’ll be able to better assess them as a whole.
They appear to offer excellent customer service and a wide product selection, but your mortgage rate will likely stay with you for a long, long time. So make sure it’s low!
Waterstone Mortgage Reviews
On Zillow, Waterstone Mortgage has a nearly-perfect 4.97-star rating out of a possible 5 from over 4,100 customer reviews.
Their score is doubly impressive given the large volume of reviews, and many recent ones indicate that both the mortgage rate and closing costs were lower than expected.
That gives us a nice hint about pricing, which should always be a top consideration when obtaining a mortgage.
You can also find reviews for their individual branches on Google, many of which are perfect 5-star reviews.
For example, their Winter Park, Florida branch location has a 4.9-star rating from over 450 reviews.
They are also an accredited business with the Better Business Bureau (and have been since 2009) and currently hold an ‘A+’ score based on complaint history. So customer service appears to be top notch.
To sum things up, Waterstone Mortgage might be best-suited for a first-time home buyer (or any home buyer) thanks to their wide array of tools and available loan programs.
Their fully-underwritten pre-approvals could give you an edge in a competitive housing market, and their zero-down home loan options are also a plus if you happen to be cash-strapped.
The only real question mark is pricing, as they don’t publicize mortgage rates or lender fees online.
But if they’re competitive with other banks and brokers, they should certainly be a consideration for your home loan needs, whether it’s a home purchase or a refinance.
Waterstone Mortgage Pros and Cons
The Good
Can apply for a home loan online or at a local branch
Licensed to do business nationwide
Their digital mortgage process is mostly paperless
Tons of unique loan programs to choose from including 100% financing
Offer fully-underwritten pre-approvals (good for competitive housing markets)
When it comes to college towns in Wyoming, the state has a lot more to offer than just beautiful landscapes and natural wonders.
Wyoming boasts several bustling cities that are home to thriving academic institutions. In this article, we will explore the best college towns in Wyoming, where you will find the perfect blend of educational opportunities, recreational activities and engaging local culture. Buckle up, tie your hiking boots tight and join us on this journey to discover the hidden gems of Wyoming’s academic landscape.
Nestled between the Snowy Range and the Laramie Range, Laramie is often considered the crown jewel among college towns in Wyoming. Home to the University of Wyoming, the city has a thriving student community. As the state’s flagship university, UW provides high-quality education and a myriad of research opportunities. The University of Wyoming Art Museum and the American Heritage Center contribute to the enriching cultural experience students can expect while pursuing their studies here.
Beyond academics, Laramie offers a ton of recreational resources that cater to a wide range of interests. The city is a haven for outdoorsy types, boasting easy access to hiking, biking and skiing trails. During the warmer months, students can take a break from their studies and embark on scenic excursions along the Medicine Bow-Routt National Forest or the Vedauwoo Recreation Area. Meanwhile, downtown Laramie offers an eclectic mix of local shops, eateries and entertainment venues, where students can unwind and socialize after a long day of classes.
As the second-largest city in the state, Casper is a thriving college town in Wyoming and home to Casper College. This college offers a range of degree programs, making it an ideal choice for students looking to pursue higher education in a smaller city setting. Casper College prides itself on its strong ties to the community, and the campus provides a close-knit, nurturing environment for students to grow both academically and personally.
Casper boasts a lively atmosphere with numerous attractions to keep students entertained during their downtime. The city is home to the National Historic Trails Interpretive Center, which offers a fascinating glimpse into the region’s rich history. For art enthusiasts, the Nicolaysen Art Museum features contemporary and modern art from local and national artists alike. With the North Platte River running through the heart of the city, students can also enjoy a variety of outdoor activities, like fishing, kayaking and hiking along the river’s picturesque banks.
Located near the Bighorn Mountains, Sheridan is another noteworthy college town in Wyoming. This charming city is home to Sheridan College, a part of the Northern Wyoming Community College District. Sheridan College offers a broad range of academic programs and is known for its strong commitment to workforce development, preparing students for careers in various industries. The college’s beautiful campus, nestled in the picturesque landscape, provides a serene environment for students to focus on their studies.
Sheridan has a rich history, which is reflected in its vibrant downtown area. The Historic Main Street District offers an enticing mix of shops, galleries and restaurants, perfect for students looking to unwind and explore local culture. Outdoor enthusiasts will also find plenty to do in Sheridan, as the city is surrounded by breathtaking natural scenery. Students can take advantage of the nearby Bighorn National Forest for hiking, camping and fishing or head to the Antelope Butte Mountain Recreation Area for skiing and snowboarding during the winter months.
Situated in the heart of Wyoming, Riverton is yet another flourishing college town that offers a unique blend of cultural and educational experiences. Central Wyoming College, provides various academic programs and an emphasis on workforce training. With its commitment to student success, Central Wyoming College offers a supportive and stimulating learning environment for students from all walks of life.
Riverton’s culture is greatly influenced by its proximity to the Wind River Indian Reservation, which is home to the Eastern Shoshone and Northern Arapaho tribes. This cultural diversity enriches the city and presents students with the opportunity to learn about and engage with the region’s indigenous heritage. Riverton’s vibrant downtown area offers a lively array of shops, restaurants and galleries, while the annual Riverton Rendezvous festival brings the community together for a celebration of the city’s unique history and heritage. With its picturesque location near the Little Wind River, students can enjoy various outdoor pursuits, including fishing, hiking and wildlife watching.
Located in the northwest corner of Wyoming, Powell stands out among college towns in Wyoming for its strong focus on agriculture and natural resources. Northwest College offers a diverse range of academic programs, with particular emphasis on agricultural and environmental studies. The college’s commitment to hands-on learning and research ensures that students receive a well-rounded education that prepares them for success in their chosen fields immediately after graduation.
Powell’s close-knit community and small-town charm create a welcoming atmosphere for students. The city’s historic downtown area features a delightful assortment of shops, cafes and restaurants that cater to a variety of tastes. Outdoor enthusiasts will appreciate the city’s proximity to the Shoshone National Forest and Yellowstone National Park, which offer a wide range of recreational activities, from hiking and camping to wildlife watching and photography.
Why not settle down in a Wyoming college town?
Wyoming’s top college towns offer students a diverse array of academic, cultural and recreational experiences. From the bustling city of Laramie to the charming and historic town of Sheridan, each college town above has its own unique character and appeal. These cities provide the perfect backdrop for students to pursue their academic goals while also enjoying an engaging and fulfilling college experience. Pick your favorite city and find your new Wyoming apartment today.
Inside: The summer months are a great time to cash in while teachers get paid. Here are some tips to maximize your income as a teacher.
The school year is almost over, and soon students will be heading off to summer vacation. But how about teachers?
Teachers are expected to start getting paid in the summer too- or at least that’s what we’ve been told. However, some believe there may not be enough money for this extra pay out of pocket if all schools do it by themselves.
So now I want you to think back on your child’s teacher from last school year – did they get paid in the summer?
Summer is here, and it’s time for teachers to ask “do I get paid in the summer?”
The answer depends on your state. The following are guidelines for what teachers should expect from their employer during the summer break as well as tips to maximize their paychecks.
What is the average salary for a teacher?
The average salary for a teacher varies depending on the country, level of education, and years of experience. However, a teacher’s salary is typically lower than other professions with similar levels of education and experience.
This is the unfortunate truth for the teaching profession. Truly I believe teachers deserve to be paid higher as they are guiding our future generations.
On average, the national classroom teacher salary was $65,090 for the 2021-21 school year, according to the National Education Association.
This varies depending on the factors mentioned above, such as degree attained and experience level.
average salary for a teacher Examples
Using the same data from NEA, let’s look at some examples.
For example, the average teacher salary in California is $84,531 per year, which California ranks 2nd highest for average teacher pay among 50 states. Illinois starting salary is $68,083 and ranks #12 in the nation.
Whereas, Arizona’s teachers survive on a starting salary of $50,782 ranking #26 in the nation. In Colorado, the average starting salary for teachers is a pitiful $35,292 ranking #48 in the nation.
Do teachers get paid in the summer?
There is no one answer to this question because teacher salaries can vary depending on the state or country in which they work. In some cases, teachers may get paid during the summer months, while in other cases they may not.
Most teachers in the United States are paid over a 12-month period.
During that time, they work 10 months and receive a paycheck for those 10 months. For the other two months, they do not get paid since they’re on summer vacation. However, there is an option to have a 12-month pay cycle where teachers are paid all year long.
Alternatively, some teachers choose to have a 10-month pay cycle where they only receive paychecks during school hours. This can be difficult because budgeting is hard when you’re only getting paid during certain times of the year. You’ll likely spend more money than you make during those eight weeks of summer vacation!
The 12-month pay structure is an option for any teacher that wants to collect their salary all year long. It is important to note that this alternative might come with less money per month, but it spreads out the income evenly throughout the year. Teachers should schedule their pay dates around the year so they make a consistent amount of money throughout – more on that shortly.
Teachers need to be careful when structuring their pay dates during the summer because they’ll likely spend more in that time period. It is important to understand how your pay is structured so you can plan accordingly.
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How many weeks do teachers get off?
Teachers in the United States typically get a total of around 13 weeks off over the course of the entire school year. The summer break is typically six to eight weeks long, and most teachers use their winter break and spring break to take some time off as well.
What do teachers do during the summer?
During the summer, teachers have a lot of time on their hands compared to the school year. They can take up new hobbies or just relax and enjoy the break!
Teachers often take a summer break to do things they enjoy. They might go traveling, spend time with their family and friends, or just relax by the pool.
Find 17 more ideas on what teachers do in the summer.
What do teachers do in the summer for money?
Teachers typically either work in the summer or take a break without working.
Depending on their profession and geographical location, some teachers will find jobs during the summer while others will not. Some may also teach for a summer school or choose from one of the ideas below.
What are some ways to maximize income during the summer months?
There are a few different ways to make the most of your income during the summer months.
First of all, many teachers find that this is the best time to enjoy a getaway from the school system. They want to have their downtime, decompress, and relax.
Financially speaking, you must be prepared with your budget to make the most of your paychecks.
Plan ahead
Depending on how you opt to get paid during the summers is important. If you choose the larger paychecks over 10 months, then you need a plan for money when your checks stop for the break. If you keep your pay consistent throughout the year, then you may want to work on cutting back on certain expenses since you have more time over the summer.
Teachers can have the same schedule as their children. This gives them a chance to spend more time with them and see them in a different environment than at school.
Many times, teachers are not going to complain about a summer schedule that has flexibility and is similar to those of their kids. They know that they need to arrange ahead and structure their schedule correctly in order to take advantage of the time they have outside of work.
Most teachers put in a lot of hours, but it’s worth what they get out of it because they enjoy teaching and being with children.
Have a money saving goal in place
This is especially true if you do not receive paychecks during the summer. You need to have money saved up to cover any summer expenses.
A great idea is to create a summer savings account to accrue funds for when school breaks for the session. This choice allows teachers to save money that will be automatically deducted from their checks throughout the year and deposited into a different account, which will earn interest.
In order to make this work, it is important that teachers choose banks that are not convenient and do not offer online access as the temptation may be too great and cause unwanted withdrawals from the fund.
Understand your work life balance
Teachers work long hours throughout the week. The statistics vary on exactly how many hours. However, there is a consensus the number of hours has increased since 2020 (source).
For a teacher, their working hours include school-related activities like conferences and staff meetings, which can include teaching extracurricular programs like club soccer or lesson planning for new teachers. Oh, and don’t forget their main focus is to teach our children.
While it is important to maximize income during the summer months, it is also important to find a job that does not require so much time and energy. A summer job can be more of a lifestyle choice than just an employment opportunity. A summer job can be physically draining and require you to work long hours and to live with the same mindset year-round. Some jobs are easier during the school year due to shorter days, fewer students, or less paperwork.
For others, their time freedom is more important than living on a tight budget.
How can teachers make extra money during the summer?
Teaching jobs are plentiful during the summer months when kids are home from school.
Also, this may be a great time to invest in furthering your education, garner new skills to change industries, or start a side hustle.
Many teachers take on a side job during the summer to make some extra money. This is especially true for newer teachers looking to pay off student loan debt. The most common option is to become a private tutor, but there are plenty of other ideas.
There are many different ways for teachers to make extra cash during the summer. So, let’s get you some extra cash ideas!
Idea #1 – Get paid to tutor students over the summer
Private tutors are the most common side job for teachers. If you’re already a great teacher, you’ll have no trouble getting referrals and growing those classes.
You can also look into online tutoring, which has exploded in popularity recently. Tutoring is a flexible summer job for teachers who want to keep their skills sharp.
Here are some places you can find work as a teacher: Skooli, TutorMe, Aim-for-A Tutoring, and more.
You could make up to $50 an hour tutoring students. There are also plenty of summer job opportunities for teachers who want to stay connected with their students during the summer.
Tutoring is a great way to make extra money for teachers year-round.
Idea #2 – Take on a part-time job
If you’re looking for ways to make extra cash during the summer, consider taking on a part-time job. There are many opportunities available, and the pay is usually good.
As an example, a teacher who has been teaching for 14 years, every summer he takes on an additional job to make up for the low pay he receives during the school year. He has money taken out of his summer pay every week to supplement it during the school year months.
There are many opportunities in retail, restaurants, construction, and other fields. There is a great need for part-time people making wages over $17 an hour.
Idea #3 – Teach summer classes
Another popular option for teachers who want to make extra money is teaching summer classes.
Many parents are worried about their kids losing previously learned information and practice the entire summer to improve retention rates. In addition, many school districts offer summer classes to help students retain information.
Check with your local school district to see options.
Idea #4 – Search for seasonal work
As the school year comes to a close, many teachers are looking for ways to make money during the summer. Fortunately, there are a number of options available with seasonal jobs starting to come available. In addition, many are outdoors and you can enjoy the sun and some fresh air!
Teachers can also look into manual labor-type jobs or summer camps for income in the summertime.
Most of these types of jobs start hiring during the slow winter months. So, make sure to apply early and have something set up before the school term ends.
This is great for someone who wants an early morning job!
Idea # 5 – Professional Development
The concept of being willing to learn is important for teachers. It’s one reason why taking on professional development courses during the summer can be so valuable. Working through professional development courses during the summer can also give you an edge when it comes time to look for a new teaching job.
However, this is how you earn a higher salary year-round.
Teachers can increase their earnings by holding a master’s or doctoral degree. Some states pay teachers with master’s and doctoral degrees higher wages than others. This is how you increase your hourly wage.
Idea #6 – Sell Lesson Plans
Yep, this one is becoming even more and more popular!
Why should you let all of your great lesson plans just sit aside during the summer? Start hustling and sell your lesson plans for the cash.
Etsy is a great place to start.
Idea #7 – Start a Side Hustle
What is a side hustle? It’s something that you can do to supplement or replace the income from your main job, like running an eBay shop during the summer when you’re not teaching. Or even your own blog?
Think about the hobbies you enjoy and see if you can make money by doing something you enjoy. That is a great place to start!
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 8 – Learn to Make Money From Stocks
If you’re interested in learning how to trade stocks, this is the perfect place to start.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
What is a day trader or swing trader? It’s someone who trades stocks on the stock market but knows when to get out.
You can also make money as a swing trader by taking advantage of fluctuations in stocks. For example, you can make money as a swing trader by buying stocks at the low point and selling them at the high point.
If you are interested in swing trading stocks, you must get an investing education. Most of my fellow traders are former teachers after taking the Trade and Travel investing course.
Idea #9 – Work at a Summer Camp or other Child Care Jobs
There are many ways for teachers to make extra money during the summer and have fun by working as camp counselors.
There are also many child-related jobs that need great employees when kids are home from school due to summer break. Some parents will keep their children busy throughout the summer, but others are worried about what they have learned in school and may soon forget.
Also, many families are looking for nannies while their children are out of school. Parents want teachers to play a role in helping them with school retention throughout the summer, and not be behind in August or September.
Most of these jobs will pay higher because they prefer a licensed teacher.
Idea #10 – Offer to give people rides or any personal assistant help
You can make money by giving people rides in your car. For example, you could offer to pick up strangers at the airport and take them to their hotel or host a taxi service.
You could be a personal assistant and help with chores or errands around the house.
People are always looking to outsource things and you could easily make some extra side money.
This is a good list of ideas for teachers to make money during the summer.
What are some tips for budgeting during the summer months?
Summertime is a great opportunity to relax and take a break from work, but it can also be a time to save money and prepare for the next school year. Many educators receive a paycheck during the school year but don’t have regular income over the summer. This makes it important to budget throughout the year, so you can have enough money saved up when school starts again.
Budgeting can be a stressful process.
However, budgeting should not be about cutting corners or reducing spending, but rather about creating financial freedom for the long term. The tips in this article are actionable and will help attain financial independence for the future.
Some tips for budgeting during the summer months include setting a budget for the summer months, creating a savings goal, and cutting back on expenses.
It is important to remember that many people are traveling and spending money during the summer months, so it’s important to be smart with your budgeting decisions. By following these tips, you can make sure that you have enough money saved up when school starts again!
Tip #1 – Create a budget for the summer months
Budgeting during the summer months can be difficult for those without consistent pay. However, it is possible to do with some creativity and planning. Here are a few tips:
Create a budget for $500 less a month than your paycheck. This may seem challenging, but it is possible if you make cuts in specific areas.
Save that $500 for your current saving goals.
Look at expenses that you don’t care to spend money on and cut them out.
House hack your vacation spots by house-sitting for someone else!
Be more realistic about how much you spend during the summer.
Make sure you are reaching your long-term goals.
Budgeting can be made easier with the help of planning ahead and keeping a buffer of money available.
Tip #2 – Save money during your summer break
There are many ways to save money during your summer break.
Saving money can be difficult, especially during the summer when you may have more free time.
It is important to organize your finances and set a budget before spending so that you are not surprised.
It is important to allocate the money saved into long-term goals or savings accounts so that you can reach them one day!
You can start by taking advantage of many of our popular money saving challenges:
Tip #3 – Find Ways to Make Extra Cash
There are many different ways to make extra cash during the summer months. In fact, we detailed many options above.
This is the perfect time to make extra money. As we outlined already, many teachers are severely underpaid for the work and dedication they put in. So, you might as well find a way to make extra money now and then get back to what you love during the winter months.
Many teachers find other ways to make extra money during the summer. Some work in summer school, while others take on private students. Still, others find work in professional development courses. Whatever route you decide to take, be sure to keep learning and growing as a teacher. That’s the best way to maintain your edge in the competitive job market.
Tip #4 – Find free fun!
Another tip is to make a list of summer activities that are affordable and fun.
Here is a little secret… you do not need to spend a fortune in order to have fun. In fact, there are plenty of things to do with no money!
Stretch your budget by picking a few higher ticket items and supplement the rest with free fun!
How do you spend summer break?
Most teachers would agree that the summer break is necessary to avoid burnout during the first six weeks of school. The summer break also gives students and teachers a chance to recharge their batteries and start the new school year fresh.
The teachers I know usually spend their summer break going on trips with my family and friends or relaxing at home. As well as catching up on home projects or reading books and watching movies during free time.
With Your Teacher Pay Structure, What are Your Next Steps?
There are a lot of different ways to spend summer break! Some people choose to travel, others stay home and relax. Still, others take on summer jobs for teachers or side hustles to make some extra money.
And then there are the teachers – they often use their summer break to catch up on work or prepare for the upcoming school year.
No matter how you choose to spend your summer break, it’s important to enjoy it! Take some time to relax and recharge, but also make sure to stay productive and get things done.
That way, you’ll be ready for whatever comes your way when fall arrives.
Know someone else that needs this, too? Then, please share!!
By Evlin DuBose · Thursday, 1 June 2023
· 3 min read
Fact Checked
Advertiser disclosure
Last month, the Reserve Bank defied expectations with an additional 0.25% hike to the official cash rate. Lenders soon jumped at the opportunity to lift their interest offers on variable home loans – with some outrunning even the RBA with 35 – 50 basis point jumps.
Cashback offers for refinancers have dried up while even introductory rates saw significant rises. Seems lenders are no longer concerned about being competitive: now, it’s all about recouping their costs.
As a result, the average variable interest rate for owner-occupiers making P&I repayments sits at 6.31% p.a. in the Mozo database. Oh, Alexander wept.
Yet there is some good news buoying the sinking house prices: we may be nearing the next rate hold, with many experts predicting a steady cash rate in June and July. While the August RBA meeting remains ‘live’, this could smooth the way for buyers ready to jump into an already warm winter property market.
So have the recent changes reshuffled lenders for June? Let’s break down the numbers.
Fixed rates home loans still point north, though longer terms may wind back
Fixed rate home loans remain hard sells in a tight market, with some shorter terms climbing point by point in the Mozo database. However, some lenders even made significant cuts. Four and five year terms in particular inched backwards, suggesting banks expect rates to smooth over in the long run. Given how high variable rates have soared, some of these offers may even look competitive.
Indeed, locking in your interest rate to ride out the remainder of the rate cycle could be a good way of guaranteeing your repayments for a few years. But with inflation expected to slow by mid-2024, variable rates may unwind sooner than later.
At the time of writing, these are the average fixed rates for owner occupiers with an 80% LVR and a $400,000 loan:
1-year: 5.75% p.a.
2-year: 5.83% p.a.
3-year: 5.87% p.a.
4-year: 6.21% p.a.
5-year: 6.27% p.a.
Recent home loan rate movements
Sweeping changes hit the home loan market last month. Here are some of the most eye-watering trends.
Lenders funded by Adelaide and Bendigo Bank, such as Tic:Toc, Mortgage House, Yard, and Qantas Money hit some of their variable rates with increases of 0.30% or more.
Commonwealth Bank, Westpac, and Suncorp hiked their packaged and welcome rates.
Cashback for refinancers, no more. Commbank, Westpac, NAB, Suncorp, and ING will officially step back their cashback offers this winter.
All makes the graph more impressive!
Current lowest home loan rates
While offers below 5% are few and far between, there are still some sharp ones available in the Mozo database. Here are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.
Lowest variable rates — Mozo database (1 June 2023)^^
Lender
Loan
Variable rate
The Mutual Bank
Special Budget Home Loan
4.94% p.a. (4.95% p.a. comparison rate*)
Community First Bank
Basic Variable Home Loan Special
4.95% p.a. (5.00% p.a. comparison rate*)
Unloan
Unloan Variable
4.99% p.a. (4.90% p.a. comparison rate*)
Homeloans360
Owner Variable Home Loan
5.04% p.a. (5.04% p.a. comparison rate*)
Lowest and average fixed rates — Mozo database (1 June 2023)^^
Term
Rate leader
Fixed rate
1-year
Homestar
4.99% p.a. (5.77% p.a. comparison rate*)
2-year
Australian Mutual Bank
5.23% p.a. (5.92% p.a. comparison rate*)
3-year
The Capricornian
4.99% p.a. (6.29% p.a. comparison rate*)
4-year
HSBC
5.29% p.a. (5.83%% p.a. comparison rate*)
5-year
HSBC
5.29% p.a. (5.81%% p.a. comparison rate*)
The above are the lowest rates in our database for borrowers with an LVR < 80%. More competitive rates are available for borrowers with lower loan-to-value ratios.
If you’re considering buying property or refinancing your existing mortgage, use Mozo’s home loan comparison table to examine lenders side-by-side, or use our refinance calculator to see how much you could save.
^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.
Compare home loans – last updated 3 June 2023
Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
5.47% p.a.variable
5.62% p.a.
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Compare
Compare
Details Close
Express Home Loan
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
interest rate
5.47% p.a.variable
comparison rate
5.62% p.a.
interest rate
5.47% p.a.variable
comparison rate
5.62% p.a.
Upfront fees
$384
Ongoing fees
$10.00 monthly
Discharge Fee
$350.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
90.00%
minimum borrowing amount
$5,000
maximum borrowing amount
$3,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment
5.49% p.a.variable
5.51% p.a.
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Compare
Compare
Details Close
Neat Home Loan
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
interest rate
5.49% p.a.variable
comparison rate
5.51% p.a.
interest rate
5.49% p.a.variable
comparison rate
5.51% p.a.
Upfront fees
$250
Ongoing fees
$0.00
Discharge Fee
$300.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
no
Maximum loan to value ratio
60.00%
minimum borrowing amount
$80,000
maximum borrowing amount
$5,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Special Real Deal Home Loan
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment
5.49% p.a.variable
5.53% p.a.
No application or service fees. Flexibility to choose your repayment schedule ( weekly, fortnightly or monthly). Refinance and get up to $3,000 cashback. $2,000 cashback on loans ≥$250K; bonus $1,000 cashback on loans ≥$500K. Limited time offers extended. T&Cs apply.
Compare
Compare
Details Close
Special Real Deal Home Loan
No application or service fees. Flexibility to choose your repayment schedule ( weekly, fortnightly or monthly). Refinance and get up to $3,000 cashback. $2,000 cashback on loans ≥$250K; bonus $1,000 cashback on loans ≥$500K. Limited time offers extended. T&Cs apply.
interest rate
5.49% p.a.variable
comparison rate
5.53% p.a.
interest rate
5.49% p.a.variable
comparison rate
5.53% p.a.
Upfront fees
$595
Ongoing fees
$0.00
Discharge Fee
$0.00
Extra repayments
yes – free
Redraw facility
yes – fees apply
Offset account
no
Maximum loan to value ratio
80.00%
minimum borrowing amount
$150,000
maximum borrowing amount
–
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
$3k cashback when you refinance your home loan, >$500k, LVR 90%, apply by 30 June & funded by 31 August 2023. Receive $2k cashback for loans> $250k. First home buyers receive $1k cashback, apply by 30 June & funded by 31 August 2023, LVR 95%,>$500k.
Offset Home Loan
Package, Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
5.54% p.a.variable
5.79% p.a.
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Compare
Compare
Details Close
Offset Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
Upfront fees
$350
Ongoing fees
$248.00 yearly
Discharge Fee
$400.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
60.00%
minimum borrowing amount
$150,000
maximum borrowing amount
$10,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Monthly
Special Offers
–
Solar Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
5.98% p.a.
Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.
Compare
Compare
Details Close
Solar Home Loan
Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.
interest rate
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
comparison rate
5.98% p.a.
interest rate
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
comparison rate
5.98% p.a.
Upfront fees
$530
Ongoing fees
$0.00
Discharge Fee
$300.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
90.00%
minimum borrowing amount
$50,000
maximum borrowing amount
$1,500,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
*
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
**
Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don’t consider your personal objectives, financial situation or needs and we aren’t recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
