Money Tips
All tips tagged money ✕
At a minimum contribute enough to your 401k to receive the employer match. Don’t pass up that free money!
When you get a pay increase use it to increase your retirement contributions or emergency savings. So if you get an extra $50 per paycheck, then start putting $50 more into savings.
Talk to your payroll department to set up automatic transfers from your paycheck to a savings account. Eventually you won’t even notice the money is missing while your savings grow.
Save money by canceling subscriptions you don’t use. Some ideas are magazines, Netflix, gym membership and so on. You can always sign up again if you feel like you absolutely need it later on.
Make sure you really like a hobby before buying a bunch of stuff for it. We often buy all the gear thinking it will make us like skiing, crafting, cooking or whatnot, but then we don’t use it. Rent or borrow things until you’re sure it’s a hobby you’ll stick with.
One of the greatest assets young people has is: time. Save and invest now to capitalize on compound interest, that way you do not have to play catch up later!
Did you know electronics still use power even when turned off? These are called “vampire charges.” Unplug your electronics when you’re not using them and you’ll reduce your utility bills.
Reduce your water bill and help the environment by installing low-flow showerheads and aerators on your faucets. These are affordable so it won’t take long before you see a return on your investment.
A large tax refund is just an interest-free loan to the government. Adjust your tax withholdings so that you get more in your paycheck instead of a refund. The goal is to get a small refund, yet not owe any money back.
If you get a large tax refund, put it towards your debt or building a savings fund. Use it to better your financial situation.
Pay less interest and pay off your debt faster by rounding up your monthly debt payments. If your car payment is $375, pay $400 instead, or more if you can! You can apply the same method to student loans, credit card bills, and your mortgage.
