What is a BOGO Sale?

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You’ve probably seen signs through your local grocery store or in retail stores advertising a BOGO sale. But what exactly is a BOGO sale?

Simply put, a BOGO deal or sale, is short for “buy one, get one.” It’s a promotion that’s intended to get you to buy more by offering a discount.

These sales come in many different forms, including buy one, get one free and buy one, get one half off.

Whatever the variation, the allure of getting a product free or discounted is why many stores run these promotions on products. You can get a BOGO offer or BOGO promotion via a coupon or just as part of a broad offer or sales promotion.

To you, the consumer, it’s a great deal. To the retailer, it’s the ability to get rid of inventory quickly while still making money.

It’s a win-win for both parties, right?

Well, it depends.

Here’s what you should know about buy one, get one sales.

How does a BOGO sale work?

BOGO sales work differently depending on the store.

Let’s take a look at the most common ways that a BOGO sale is hosted.

Buy One, Get One Free

Although advertised as buy one, get one free, in most cases you’re actually just getting both items at a 50% discount.

You’ll notice this math if you look at your final sales receipt.

Some stores will allow you to still get the 50% off discount even if you only purchase one item. This is great if you only planned on purchasing one item anyway.

In this case, you’ll be able to take advantage of the sale, while not purchasing more items than you actually need.

However, if you know that it is something that you’ll use in the future, then I recommend taking advantage of getting both of the items on sale. I typically do this for non-perishable food items like pasta and canned goods.

Buy One, Get One Free of Equal or Lesser Value

In the case of buy one, get one free of equal or lesser value, you’re not obligated to buy two of the same product. Instead, you can get a different item that is the same price or less for free.

You may find that you’re limited in your choice of items. Nonetheless, this is a great deal when you can find items that are already on your list to purchase.

Buy One, Get One Half Price

The buy one get one 50% off sale is common among retail clothing stores. The premise is as it reads — buy one item at full price and you’ll get the second one half off.

The caveat is that the second item must be of equal or lesser value.

In this case, the discount is taken off of the lesser item. This means that you’ll still need to purchase the more expensive item at full price to get a discount on the second.

Again, you will be limited in your options for which the sale applies to.

Unless you’re already planning to purchase the second item, you’ll just be spending more money than you need to. Instead, you should either just wait to buy the one item that you need at full price without BOGO or when it’s on sale exclusively.

If you are buying two of the same item, it would be equivalent to getting each item for 25% off.

In this case, you’ll have to ask yourself if a 25% discount is worth it to buy two of the same thing.

Which stores often run BOGO sales?

You’ll commonly see buy one, get one sales at grocery stores and retail stores.

Most businesses use these promotions as a way to clear out inventory. So, stores that sell items that are perishable or that are based on seasons will likely have these sales.

How can you find out about BOGO sales and coupons?

Buy one, get one sales and coupons are typically included in the weekly sales pages for their respective stores.

You can find out about upcoming promotions by grabbing a weekly ads page in-store. They’re usually stacked at the store’s entrance.

Unless you’re a couponer, you may not pay attention to these weekly ads, but they’re a great resource for planning to take advantage of sales ahead of time. You may also see signs on store shelves promoting these sales.

You can also find out about these promotions online.

For grocery stores, you’ll find this in the “Weekly Sales” section of their site. You’ll need to enter your zip code and choose the store you plan on shopping because sales often vary by location.

In this particular case, they are running a buy one, get one free of equal or lesser value sale. You would simply click on the item that you’re interested in purchasing to find out what items it applies to.

For retailers, you will be able to find BOGO sale information on the “Sales” tab of their site.

Many stores also use email marketing to promote upcoming sales events and coupons. So if you’re on their email list, you may get access to sales information before the average consumer.

When are BOGO items not worth it?

Taking advantage of a buy one, get one sale is only worth it when you’re truly saving money and you’ll actually use the items that you purchase.

BOGO items aren’t worth it if they’ll go unused.

There’s no need in purchasing something that will just collect dust or, worse, expire. Only leverage these sales for items that you will truly consume or else it’ll be a waste of money in the end.

If you don’t have space for the items that you’re purchasing, then it’s also not worth it. In that case, your focus should be less on buying more goods and more on using or consuming what you already have.

Lastly, if the price is more than you’d normally pay…walk away.

One item that I like to get during a BOGO sale is pasta sauce. It’s something that I know I’ll use and have space for.

However, many times when the more expensive brand is on sale, the per-unit cost is still higher than the store brand that I normally buy.

In this case, the BOGO item isn’t worth it to me. I’d only purchase it if the per-unit cost is equal to or lower than what I’d normally pay.

Final Thoughts on BOGO Sales

Buy one, get one sales are a great way to save some money on everyday items that you purchase.

They provide an opportunity to get more product at a lower price. However, they’re only worth it if you’ll actually use what you buy, have the space to store it, and aren’t spending more than you normally would.

You can always check out your favorite store’s weekly ad, in-store or online, to find out what BOGO sales are happening soon.

–By Fo Alexander

 

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Source: pennypinchinmom.com

How to Reassess Your Finances After Unexpected Job Loss

Going through life you can always expect the unexpected. It’s common for life to take an immediate and unexpected turn. It could be birth, death, a move, a marriage or a change in income. In all of these cases, it’s important to evaluate your household finances and decide how to best move forward. In the case of an unexpected job loss, here are 5 ways to reassess your finances to put you on your best path forward.

Start (or update) your budget

Hopefully, you already have a budget, but if not, now is the perfect time to create a budget. The word budget has a negative connotation with many people, but it doesn’t have to. A budget is just a tool, and like all tools, can be wielded for good or for bad. Start by tracking your monthly expenses, and compare that to the amount of income that you have coming in. That income could be from any severance you received, unemployment benefits or part-time work. It’s pretty simple to set up a budget in the Mint app and look at where your money is actually going.

Cut unnecessary expenses (be brutal)

The 50/30/20 rule is a popular budgeting rule that says that 50% of your income should go to essentials (needs), 30% to wants, and 20% to savings. The closer you have been getting to following that rule, the fewer changes that you’ll need to make to your budget after an unexpected job loss. If you are in a 2-income household where one member of the household just lost his job, you may find that you can squeeze things to live on only 50% of the income.

Now is the time to look through your recurring expenses and see how you might be able to simplify your finances. Be brutal – depending on how much money you have coming in, you may need to get rid of most or all of your non-essential spending until you have a new job and new income.

Stop saving and tap your emergency fund

Saving for a rainy day is important and having an emergency fund is one of the key principles of being on sound financial footing. Well, guess what – an unexpected job loss IS the rainy day you’ve been saving for! One of the first steps in reassessing your finances after an unexpected job loss is to stop any non-essential emergency or retirement contributions. You can always pick those back up once you’re back on your feet.

You can also stop contributing to your emergency fund. Now is the time to pull FROM the emergency fund if needed. It’s normal in a situation where you have a sudden loss of income to no longer be living below your means. The best thing that you can do in that situation is to minimize your shortfall each month. Calculate how much money you’ll be losing each month that you’re without an income and determine how many months your emergency fund will last you.

Of course, if you were just hit with an unexpected job loss and don’t have an emergency fund available to help tide you over, it does no good to tell you that now. The time to prepare is BEFORE the unexpected happens. So if you’re reading this article and are in a good financial situation, make sure that you are preparing yourself for an unexpected job loss or other financial misfortune.

Know your benefits (and when they expire)

If you’re facing an unexpected job loss, you’re likely eligible for certain benefits. Depending on your employment situation, you may have received a severance package. You’re possibly also eligible for health care through your former employer or a government agency. You’ll want to make sure to claim your unemployment benefits if you’re eligible as well. Take a look through all of these benefits and find out how much they are worth and most importantly, how long they’re good for.

Look for part-time or gig work

There are only two ways to make up a monthly shortfall. Either you can cut spending or you can increase income. Cutting spending is a good first step, but there are only so many gym memberships or iced cappuccinos that you can remove before you start cutting pretty deep. Once you’ve hit that point, you’ll want to concentrate your time and effort into increasing your income.

You’ll want to spend most of your effort into getting a new job in your field of expertise. No amount of part-time work or side hustles is likely to compensate you as well as returning back to full-time employment in your field of study. But in the meantime, here are a few ways to make extra money quickly:

  • Sell extra possessions that you no longer use or need
  • Join the gig economy (Uber, Lyft, Doordash, Airbnb, etc)
  • Focus on a side hustle

Hopefully, these suggestions will help you reassess your finances after an unexpected job loss and help you survive until you can get back on your feet.

The post How to Reassess Your Finances After Unexpected Job Loss appeared first on MintLife Blog.

Source: mint.intuit.com

How Much Will Cutting the Cord Save You?

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Cord-cutting will save you money but for many people, that’s only part of the equation. Yes, you want to spend less on cable, but you want to do that without sacrificing too many shows you enjoy watching. So, before you rip the Band-Aid off, look at the facts, and find out exactly what cord-cutting would look like for you.

The cord-cutting decision is a big one. You need to weigh how much you’ll save vs. how much you’ll miss out on. What price do you put on being excluded from conversations about the latest shows and sports on cable? Are we talking about significant savings or significant pain here?

To start, let’s take a look at the numbers to figure out what you’re really paying per month for movies and TV shows.

What are you really paying for your viewing pleasure?

If your family is like 78% of U.S. households, you are spending an average monthly payment of $107 to subscribe to a pay-TV service (either traditional cable television, a satellite service, or a streaming option. That’s a number which has steadily inched up year after year.

When you have a family like mine, you may have also committed to several online streaming services. It’s hard to say no when friends on social media gush about must-see programs like The Marvelous Mrs. Maisel on Amazon Prime, The Great British Baking Show on Netflix, and The Mandalorian’s baby Yoda on Disney+.

Together an average family entertainment package — cable plus streaming services — can add up to over $140 per month, and that doesn’t include games.

How much are you spending?

And with so many cable options and a new “must-have” streaming service popping up seemingly every day, it’s easy to zoom past the average, if you’re not paying attention. Even if you stick to “the basics,” the amount you can spend can pile up fast.

Entertainment payments per month:

  • Cable bill: $107. U.S. average (according to a 2018 study by Leichtman Research Group)
  • Netflix for two H.D. streams: $12.99 (assuming you’re not borrowing a friend’s password!)
  • Amazon Prime: $12.99 (or a bulk bargain at $119 per year)
  • Hulu: $11.99

Pro tip: You can cut and paste this information into a spreadsheet to start your family budget for the new year.

Why not call and cancel cable right now?

Heck, you could save yourself $100 if you just cut the cord right now. But before you spend that money on last-minute holiday gifts, you should find out how much more your cable provider (which is generally also your internet provider) will charge you for broadband once you drop cable.  It’s generally at least $10 more a month without a bundle discount but, in some cases, the cost increase to get internet alone can be much higher, so, you have to weigh your actual savings.

Those fancy streaming subscriptions need a high-speed internet connection. Your cable/internet provider knows that and intends to make as much money off you as possible even if you cut the cord — this is especially true if you live in a market with only one provider (that also happens to be the cable company you just jilted).

I live in a rural area with broadband available only via Comcast. So, for us, it’s pay up or get ready to listen to the cows and the crickets. Our introductory rate was about $50 per month, not including setup and fees. Find out if you have a choice. Search for broadband and DSL providers in your zip code. The vast majority will offer service that’s fast enough to stream on multiple devices but be careful to read the fine print as what speeds the company promises to deliver. You will need service that’s 25 to 50 Mbps (megabits per second) in order to stream video well.

Before you cut the cord, do your research! If there’s competition in your area for internet service, try to negotiate a discount. It costs nothing to try, and you could save real money.

Pro tip: Some cable companies will offer you a “skinny” bundle with the major broadcast networks for just a few dollars more than getting internet alone. Ask before you fully cut the cord.

Prioritize your happiness

Cutting the cord almost certainly means losing access to some programming. That makes it a hard decision even when the savings will be significant. It’s important to look at your personal and family viewing habits before you make any decisions.

If you watch a lot of network television and live sports, then keeping cable might make sense for you. Or, if you prefer the content on streaming services, then go in that direction.

Consumers have more choices when it comes to television than ever before. That can be daunting – it’s easy to buy more than you can consume.

The good news is that most streaming services don’t penalize you for joining, watching what you want, and then leaving. Mix and match in order to find the right blend for you. That may mean leaving cable or opting for a smaller package.

Your options are plentiful and the choice is in your hands…though you’ll probably want to talk it through with all the other TV viewers in your home so you don’t accidentally inflict significant pain for relatively insignificant savings.

–By Nic DeSmet

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Source: pennypinchinmom.com

10 Ways to Save on College 

The post 10 Ways to Save on College  appeared first on Penny Pinchin' Mom.

College is expensive, there’s no debating that fact. The average amount of money borrowed to obtain a bachelor’s degree was $29,000 in 2017/2018, according to the College Board, That’s a whole lotta money (and it’s a number that’s only likely to go up).

If you want to avoid years and years of debt payoff after graduation then it’s up to you to try and keep your costs down. In an effort to help you do that, we’ve compiled a list of 10 ways to save on college.

1. Don’t go to college

This might sound like a joke but it’s not. The point is that before you go off and spend thousands and thousands of dollars on your education you need to make sure that college is the right choice for you. Is it what you really want to do? Are you ready?

Although college has become part of the prescribed life plan (high school — college — marriage — house…), it’s not the only option. You can also choose not to go and pursue other opportunities like entrepreneurship, a gap-year, joining the military or enrolling in a technical school. So, the purpose here is not to deter you from getting a college education but instead to ensure that it’s truly the right choice for the work/life you want to pursue.

2. Live at home

Nothing exemplifies the college experience more than living at home with your mom and dad…right? I know, this might not sound like the most fun way to “do” college. However, if graduating debt-free is a priority then it might be worth it. If you decide to go to a school that’s close to home (and your parents can stand you for another four years) then living with mom and dad can help you to save thousands of dollars on rent, utilities, laundry, and food.

3. Live with roommates

If living at home is not an option then consider renting with roommates. Yes, having your own space can be glorious however, it also comes at a premium price. If you’re serious about saving on college then having a roommate (or five) will help you save on things like rent, utilities, and even streaming services. It will also teach you how to cope with different personalities, which will serve you well when you graduate and enter the real world.

4. Live close to campus

If you live close to campus then you can probably get by without a car. This means no car payments, no insurance payment, and no gas. As an added bonus, you’ll never have to be the designated driver (assuming you’re 21 years old, of course). Instead, take advantage of public transit or bring your bike and get around using your own power.

5. Use your student status

Being a student is expensive but it also comes with a lot of perks! As a student, you’ll often have access to things like free transit passes, free gym memberships, equipment rentals (bike, skis, skates, kayaks), as well as tutoring and counseling services. Your student status might also get you discounted rates to museums, concerts, clothing, car rentals, and technology. To make sure that you don’t miss a student discount opportunity check out this list by Deal Hack.

6. Eat and drink at home

Eating and drinking at a restaurant or bar multiple times a week can get really expensive. Why not learn how to cook (a great life skill!) and save big by eating at home. This is not to say that you should never go out and have fun but if you want to minimize expenses it’s best to avoid multiple nights at the bar and opt for a BYOB potluck at your place.

7. Avoid credit card debt

The last thing you want to do is graduate from school with student loan debt AND credit card debt (a double debt whammy). If you’re going to have a credit card make sure you understand how a credit card works. If you’re not able to pay off your credit card in full each month then it’s probably best to stick to debit or cash.

8. Apply for scholarships

You don’t have to be the best or the brightest to win a scholarship. If you’re willing to put in some time and effort, you probably have a pretty good shot of winning some money. And remember, not all scholarships are based on your GPA. There are scholarships for everything: financial need, athletic ability, minority status, single moms … and so on.

If you’re a high school student — be sure to fill out the Free Application for Federal Student Aid (FAFSA). It’s estimated that $2.6 billion in FAFSA went unclaimed by eligible students for the 2018/2019…ouch!

9. Work, work, work

If you can hack it then get a job while you’re going to school. A great way to avoid debt is to have a continual source of income. In addition to the extra money, having a job is good for the resume, it can help you build your professional network (especially if you’re working in the field you’re going to school for), and juggling multiple obligations will teach you how to be organized and efficient.

10. Find a company that will pay for college

Both Starbucks and Walmart have programs that allow employees to get online degrees for nearly nothing. That’s becoming common at large companies and a surprising number of businesses offer at least some help paying tuition. There are also a number of employers that will help workers pay back their student loans.

You may not want to work at Starbucks, Walmart, or any place else that will pay for college, but it might make sense to suck it up and work for four years or so and come out of it with no debt and some solid employment history.

Just do what you can

When it comes to trying to save on college every little thing helps. While college should be fun, don’t lose sight of why you’re there … to get an education! When it comes to making tough financial decisions think about the position you want to be in when you graduate. You want to put yourself in a position to graduate debt-free (if at all possible) or at least put yourself in position to have a clear and easy plan to pay it off within a few years.

–By Jessica Martel

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Source: pennypinchinmom.com

A Parent’s Guide to Setting a Successful Budget for a College Student

The post A Parent’s Guide to Setting a Successful Budget for a College Student appeared first on Penny Pinchin' Mom.

 You are getting ready to send your child off to college. Before you start helping them pack their belongings, there is one thing you need to do.

You need to help them create a budget. You need to teach them how to manage their money so they can learn the tools they’ll use long after they graduate.

WHY DO COLLEGE STUDENTS NEED A BUDGET?

The truth is everyone needs a budget. It does not matter your age. If you are dealing with money, a budget is necessary.

  1. Allows you to control your money. Rather than your money telling you what it wants to do, you get to tell your money where it needs to go. You are always in control when you have a budget.
  2. It teaches financial skills. A budget helps ensure that expenses such as rent, tuition, food, insurance, transportation, and housing are paid – before spending money on the fun stuff. (It also helps to make sure you don’t spend more than you make.)
  3. Makes you aware of where your money goes. When you use a budget, you see how you spend. It is very simple to see if too much is going toward dining out when you should be building your savings.
  4. Helps you track your goals. You need to cover expenses but you should also work on building savings at the same time. Your budget allows you to not only see those goals but track them in real time.

DOESN’T A BUDGET MEAN YOU CAN’T HAVE FUN?

Not at all! If anything, your budget will allow you to have guilt-free fun.

For example, the budget may allow you to spend $50 a week dining out. That means you can go to dinner with friends once (possibly twice) a week and enjoy yourself. You won’t be left wondering how you are now going to make rent.

WHAT TYPE OF BUDGET SHOULD YOUR STUDENT USE?

There are various methods of budgeting such as the 50/30/20 and the zero-based budget. For most college students, the zero-based is the simplest and easiest to follow.

The reason is that you track everything. You give every penny a job. That means if you earn $1,500 for the month that you “spend” the entire $1,500.

You will first cover the needs (food, shelter, transportation) and then your wants. If there is money “leftover” after this is done, it can be added to your savings.

You can use other types but if you have never budgeted before, using this method is the simplest.

WHAT SHOULD A COLLEGE STUDENT INCLUDE IN A BUDGET?

The budget will vary for each person, as the income and expense will be different. However, these are the most common categories that need to be included in a budget:

  • Rent
  • Renter’s insurance
  • Car payment
  • Car insurance (also saving for annual renewal fees)
  • Food
  • Clothes
  • Utilities (phone, electricity, gas, water, etc.)
  • Tuition
  • Fees
  • Entertainment (movies, games, concerts)
  • Dining out
  • Emergency fund savings

Again, you may have items that are not included above or see some that you do not need.

However, the most important thing of all is that every penny is given a job. Account for everything you will spend each month so you never have too much month and not enough money.

HOW DO YOU KEEP TRACK OF YOUR BUDGET?

For most college students, apps or digital trackers are the best options.  But, before you rush and sign up, keep the following in mind.

  1. Cost. Many apps are free and they will work perfectly fine. Other apps have a monthly fee attached to them. If you plan to use one of them, make sure you include that as one of your regular expenses. However, do not let the cost alone be a single factor when it comes to clicking the sign-up button.
  2. Security. Your security trumps all else. You need to make sure the app uses encryption as well as two-factor authorization.

Some of the best apps include:

  • Mint
  • You Need a Budget (YNAB)
  • PocketGuard
  • Mvelopes

However, your student may also like the traditional paper and pencil method – and that is OK as well.

Find the right one that works best for your student. That is all that matters.

TEACHING THEM TO BUDGET

Knowing you need a budget and where to track it is just the beginning. You need to teach your child how to budget.

Start by looking at each category that they need on their budget. You may already know the cost for each category but if not, you may need to make phone calls or do research to know.

For example, you know the rent for the apartment is $850 a month but how much are the average utilities? Ask the manager for these costs so you can include them in the budget.

Next, decide how much they want to allow themselves to spend on food. Show them how much a meal costs for a single person at each restaurant you eat at so they can create an average.

You will then have them decide how much “fun money” they want to include as well. You can base this on them wanting to go to the movies two times a month, one concert a month, or attending three events.

Now you can see the expenses for your student. Add their income to the budget and deduct the expenses. They will see if they are operating in the black (money left over) or in the red (spending more than they make).

Show them how to adjust the numbers by increasing their savings or lowering the amount they can spend on clothes – until the budget equals zero. Zero meaning they are spending every penny they earn.

And making them keep track now will help ensure they stay on track well into the future.

 

 

 

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Source: pennypinchinmom.com

5 Pretty Easy Ways to Save Money on a Vacation

The post 5 Pretty Easy Ways to Save Money on a Vacation appeared first on Penny Pinchin' Mom.

Do you have high hopes that there will be traveling your family’s future, but not quite sure how you can afford it?

You’re not alone. While Americans will spend an average of 10% of their household income on vacationing this year, a full 74% take on debt for their trips. Each of these tips offers you both an easy and effective way to save a substantial amount of money off your next vacation trip. Use them wisely, and you might even be able to squeeze in some extra travel this year.

1. Make use of grocery store prepared food sections

Some people think it’s crazy to not eat at restaurants for all of your vacation meals. Mostly, they want the entire week off from cooking any food.

I don’t blame them (or you) for thinking this. So, what if I told you that you can still avoid cooking all week, and not actually eat out for every single meal?

While vacationing, find your local grocery store with a prepared food section. You can find hot meals for your family – complete with salads and desserts – for much less than what it would cost to eat out. Plus, there’s’ no need to pay a tip.

2. Plan activities around discount times and coupons

You can easily save a bundle on your vacation expenses by planning your activities around available discounts. This doesn’t have to be as limiting as it sounds, it just means you have to be smart about it. For example, you could:

  • Buy a local Entertainment book and use the tourist coupons that come with it.
  • Purchase discounted tickets to local attractions and activities on group buying sites (such as Groupon.com, and LivingSocial.com) by entering the zip code of where you’ll be traveling to.
  • Plan your trip dates around free museum days (I did this on a trip to France, and got in to see the Louvre on its free Sunday of the month).

3. Change the season you travel in

One of the easiest ways you can save on almost all the costs of your next vacation is by simply changing the season that you take it. The time of year you choose makes a huge difference in how much you’ll pay – it’s a simple illustration of supply and demand.

During summertime when kids are out of school and families want to get their vacations in, you’ll pay more. But if you decide to leave for a trip to Disney World one week before schools traditionally let out? Then you’ll not only save yourself tons of waiting time in lines but a lot of money.

In fact, that’s what personally happened to me over five years ago when my husband and I decided last minute to drive to Disney World. It was May, and there were virtually no people around. No lines, no waiting, and hardly a kid in sight.

We asked anyone we could find what was going on, and they said that it would be all-out pandemonium just one week later when their peak season begins (when the majority of kids are out of school). We had unknowingly hit the jackpot, and our cheap hotel bill reinforced that!

Get creative by using winter breaks, trips during the school year, and long weekends in the off-season to save a bundle without even trying.

4. Rethink traditional hotel stays 

Next to transportation costs to get to your destination, hotel costs will make the second biggest dent in your budget. With an average cost of $133.34/night to stay in a hotel, you can see how a 5-night ($666.70) or a 7-night vacation ($933.38) can really add up.

One of the easiest ways to save on vacations is by rethinking traditional hotel stays.

Consider options like these, all of which I’ve done myself:

  • Staying with family or friends
  • Share a hotel room with family or friends
  • Book a rental with local homeowners instead of with hotels (using sites like AirBnB or Vrbo)
  • Use hotel deal sites to snatch up unfilled rooms (such as  Secretflying.com, and TheFlightDeal.com)

5.  Consider group travel

Traveling in groups allows you to pool your money for better rates. My husband’s family, for example, likes to go all-in on a beach house for a long weekend in Galveston. We generally get a 5 to 6-bedroom rental right on the beach, and the cost is just $200-$300 per family for 3-4 nights. If we were to travel on our own, we would never be able to afford such a nice place.

Not only that, but if your group travel entails a road trip, you may be able to carpool with someone to save on gas costs. And if you split up meal prep duties between families like we do? You not only have to cook only once or twice per stay, but you don’t have to eat out in restaurants the whole time.

Another way to secure travel savings in groups is by going after group discounts. Whether booking excursions, airfare, or anything else with a travel agent or by yourself, be sure to ask about possible group discounts.

Don’t forget to shop around

Pricing for hotels, airfare, and things to do can vary greatly. Don’t just visit a company’s website and assume that’s the best price. Check a number of sites — including discounters like Priceline — and look for package deals. You should also consider looking for less-traditional sources for booking trip. Warehouse clubs Costco and Sam’s Club, for example, offer deals on travel (sometimes very good ones).

It’s also important to use any discounts you have coming your way. Are you in AAA? Does someone in the family have a trade association membership that offers special deals? Check and you might unlock a special deal. Use these “work smarter, not harder” strategies when it comes to saving money on your next vacation, and you won’t have vacation debt lingering for months after your return.

–By Amanda Grossman

 

The post 5 Pretty Easy Ways to Save Money on a Vacation appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

9 Ways to Recover from Overspending During the Holidays

The post 9 Ways to Recover from Overspending During the Holidays appeared first on Penny Pinchin' Mom.

The packages have been opened. The kids are loving their new toys.  You are enjoying your coffee one morning and reading your mail when you see them…

THE BILLS! Yikes!

It seems you went a little over your budget. It was fun and the joy you brought to your kids’ faces was worth it.

However, now you need to find a way to recover from overspending during the holidays. It is not fun, but is necessary. Here are nine steps you can take to recover from any spending mistakes you made during the holiday shopping season.

1. Put the credit cards on ice – literally

The first thing you need to do is stop spending.  You need to put the credit cards away. Take them out of your wallet and put them in the safe.

Or, if you want to make sure you really do not use them – freeze them in a block of ice! That way, if you do feel the pull to shop, it will take time to thaw out and the urge to spend my pass by then.

2. Calculate the damage

You can’t bury your head in the sand when it comes to seeing the damage done to your budget. Face it head-on.

Total every receipt and credit card statement to find how much was spent. While it may be painful to see the balance due, it is necessary.

When you see that figure in writing, it helps you know what you are facing and where you may need to cut back.

3. Review the budget

 Once you know the amount you need to pay off you also need to review (or create) your monthly budget.   That means including those new monthly payments to the credit card companies.

Make sure your budget is balanced, in that you are not spending more than you take in each month.

4. Create a repayment plan

Up next, you have to create an exit strategy – which will be to pay off those credit card bills. Grab the statements for each and then list them by including the balance and the interest rate.

You may be tempted to pay the highest balance first (which is what I recommend when it comess to getting out of debt). However, when it comes to this debt you just incurred, I recommend starting with the highest interest rate first.

By eliminating that bill quickly, you are reducing the amount of interest you will pay to the credit card company. There is no need to pay them any more than you need to!

Once the first card is paid in full, roll the monthly payment amount into the payment for the next card. Repeat until they are all paid in full.

You’ll not only pay them off quickly but also minimize the total interest paid as well!

5. Reduce your spending

When you have bills to pay it means you need look at the budget to find areas where you can cut back.

It may mean cutting cable or eliminating dining out. You may need to cancel the subscription to the gym or find frugal date night options.

Be willing to make short-term sacrifices for long-term gains as the sooner you can eliminate these bills, the better.

6. Use your bonuses

If you are fortunate enough to get a holiday bonus don’t blow it on what you want. Use that to pay off your holiday bills.

If you don’t get a bonus then use any of that Christmas cash you received for your bills! Look ahead to see if any other money will be coming your way such as birthday money or a tax refund. Earmark that to pay off your holiday spending.

7. Get a side-hustle

If you need to tackle your balances then a side-hustle may be the solution – even if temporary. Look around the house for items to sell. If you are a teacher, consider tutoring students.

Every penny earned can be money used to put towards that holiday spending.

8. Build your savings

You don’t want to find yourself in this same situation again next year. It is not a fun cycle of rinse and repeat.

The holidays come at the same time each year. It is not a surprise or an unplanned expense.  You need to plan for it.

Review the total spent this year and divide that by 12. Focus on saving that amount each month, all year long, and you’ll be able to pay CASH next year and not even use the credit cards.

9. Save using the coin challenge

One simple way to save money for holiday shopping is to switch to a cash budget. Then, save the change and any “leftover” money each pay period.

For example, if you budget $300 for groceries and spend only $270, don’t blow that left-over $30…put it back for the holidays!

The same premise works with change. If the total is $7.49, hand over $8 and put $0.51 into your savings jar.

Saving doesn’t have to be hard

Simple tricks can help you quickly build your savings!

It is easy to spend too much during the holidays but with some smart strategies, you can get your budget back on track.

The post 9 Ways to Recover from Overspending During the Holidays appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

12 Best Small-Business Checking Accounts of 2021

Most business bank accounts impose transaction limits and demand hefty minimum balances to waive monthly fees, putting small businesses at a disadvantage. But the picture isn’t uniformly bleak. These small-business checking accounts have low minimum balance requirements and plenty of fringe benefits.

12 Best Small-Business Checking Accounts of 2021 is a post from Money Crashers.

Source: moneycrashers.com