12 Things to Do When You Get a Raise at Work

Getting a raise always feels great. It’s tangible proof that you’re good at what you do and your hard work has been recognized.

But what should you do with the extra income? While most of us can’t help but daydream about all the new things we plan to buy, it’s important to take a close look at your personal finances before going on a spending spree.

That way, you’ll have a clear idea of how much your pay raise actually amounts to, what your financial priorities are, and how to make smarter investments and purchases with your additional income.

How to Handle a Salary Increase

When you first get a raise, it’s tempting to make a big, celebratory purchase. But before you do, there are some steps you should take to ensure you’re making decisions that reinforce your financial stability and improve your financial future.

1. Give It Some Time

Initially, the dollar amount of your raise might sound like a significant windfall, but remember that a considerable portion will go toward taxes, health insurance, retirement, and social security, if applicable.

Before you get ahead of yourself, wait for a couple of paychecks to see how much extra take-home cash your raise amounts to on a biweekly or monthly basis. What sounds good on paper may be significantly less in your pocket after all is said and done.

You can also calculate the biweekly amount of your raise yourself, but it won’t be accurate unless you know the amounts of any relevant deductions.

Waiting it out will give you a chance to see real numbers and how much of a difference it’s actually making on each paycheck. This will allow you to determine what any extra money amounts to so that you can spend it wisely instead of overspending or accidentally increasing your monthly expenses.

2. Reassess Your Budget

Once you know how much your new salary increase will put in your bank account, use it as an opportunity to reevaluate your budget. Now’s a great time to review your expenses to determine where any adjustments can be made and how your raise can do the most good.

For example, you may want to allocate a portion of your salary increase to paying off credit card or student loan debt instead of booking an expensive vacation. Or, you may use the extra cash to bolster your rainy day fund.

It’s easy to fall victim to lifestyle creep after a pay increase by indulging in luxuries and not keeping a close eye on your spending habits. Budgeting helps to keep you in check and supports your financial goals.

Instead of increasing your spending on big-ticket upgrades to your lifestyle each time you get a raise, consider how higher bills will affect your financial health. How would buying a bigger home or a new car affect your retirement plans and how much debt you have?

Use your budget to keep an eye on your cost of living so you don’t accidentally overspend after a new raise.

3. Retool Your Retirement

Especially if you aren’t hard up for cash right now, you can use your salary increase to boost your retirement savings.

For example, you can increase the amount you put into your Roth IRA or 401k retirement accounts. Even a small monthly increase can make a significant impact over time, especially if your employer offers contribution matching.

Not only will investing more in your retirement give you long-term financial security, but it will also make sure your raise is put to good use.

4. Pay Off Debts

If you have debts, entering a new salary range is an ideal way to put more money toward paying them off. For example, you can use your pay increase to cover:

  • Credit card debt
  • Student loans
  • Car loans
  • Medical debt
  • Personal loans

The more debt you pay off, the more you save in interest charges over time, keeping a significant amount of money in your pocket. If possible, save the most by paying off debts entirely instead of just making payments.

You can even improve your credit score by paying off debts, helping your financial situation even more, especially if you plan to make any big purchases, such as a home, in the future.

5. Plan for Taxes

When you get a raise, you can expect to pay more in taxes this year than you did last year. Depending on which tax bracket you’re in, you may even find that your raise is barely noticeable if it means you no longer qualify for certain deductions or tax credits.

Understanding how your new salary will affect your taxes gives you an idea of whether you should expect a refund or a bill.

If you aren’t comfortable calculating or assessing your taxes yourself, get in touch with an accountant or financial planner. They’ll be able to give you a good idea of what to expect come tax time based on your pay increase.

If it looks like you’ll owe more money at the end of the year than you anticipated, talk to your employer about increasing your withholdings so the amount you owe is covered.

6. Increase Charitable Donations

Another way to spend your raise is to increase your donations to charities and nonprofit organizations. Not only will it spread the wealth, but charitable donations typically count as tax deductions, potentially reducing the amount you owe each year.

This is especially useful if your raise bumped you into a higher tax bracket.

You can either choose to donate a specific dollar amount or a percentage of your income, whichever works best for your budget. You can also donate items like a used car, however, you’ll need a tax receipt in order to claim it on your taxes.

7. Add to Your Emergency Fund

Your emergency or rainy day fund is meant to lend a hand when your financial situation changes or you need to make an unexpected purchase. For example, it’s helpful to have a buffer of cash set aside if you lose a job or your fridge decides to stop working.

If you don’t have any pressing purchases to make with your new raise, it’s an ideal time to fill up your emergency fund. Having funds you can rely on in the future will give you peace of mind and save you from having to panic about how to cover an expense during a stressful situation.

8. Monitor Your Spending

It’s completely acceptable to celebrate when you get a raise, but it’s important to keep your spending in check. A nice dinner or night out is one thing, but extended overspending and unaffordable purchases are another.

If you do decide to treat yourself — and you should — make sure whatever you reward yourself with is within your spending limits and that it’s a one-time occurrence. Otherwise, you’ll soon fall victim to lifestyle creep and those luxuries will become the norm.

Choose one or two ways to treat yourself and stop there. Just because you’re making more money doesn’t mean you need to spend your entire raise on frivolous items and outings.

9. Consider Inflation

If you haven’t had a raise in a while, you can safely assume that part of your salary increase will go toward covering the costs of inflation. That means that instead of adding up to extra cash in your pocket, your raise will go toward rising prices for everyday expenses like housing and groceries.

Before spending your raise, take a look at the inflation rate to see how much prices have increased since the last time you received a pay bump. This will give you a better understanding of how much added buying power your raise amounts to and what it will mean for your budget and financial planning.

10. Save for a Big Purchase

If you’re planning to make a big purchase in the near future, use your raise to help get you closer to your goal. For example, put it toward:

  • A down payment on a house
  • A wedding
  • A new vehicle
  • A dream vacation
  • Your child’s tuition
  • A home renovation

Consider whether you have any major expenses coming up before spending your raise elsewhere. Setting aside your extra cash to cover upcoming costs will allow you to reach your goals faster and help you to navigate any unexpected costs you encounter.

11. Invest in Yourself

Investing in yourself is an excellent way to use your raise. For example, you could:

You can even do something like get laser eye surgery or have an old tattoo removed. Whatever helps to improve your personal quality of life and makes your future happier and healthier.

12. Do Something Fun

At the end of the day, you earned a raise through your hard work and dedication. You deserve to acknowledge your accomplishment by treating yourself to something special. Whether it’s a new pair of shoes or a fancy dinner, make sure at least a small portion of your raise goes toward celebrating your success.

Depending on how big your raise is and what you have left after you take care of any financial priorities, you could:

  • Go on a vacation
  • Plan a spa day
  • Buy yourself something nice
  • Treat a loved one
  • Fund a hobby

Take this as an opportunity to recognize your professional achievements and reward yourself for a job well done.


Final Word

Moving up on the pay scale is always worth celebrating, whether it comes with new responsibilities or not. But before you spend all your new money, take some time to consider how to get the most out of it.

That could mean reviewing your budget, paying off debts, or saving up for a big purchase — whatever suits your financial goals and situation.

Regardless of how you choose to spend your raise, remember to set some money aside to treat yourself. After all the time and effort you put into your career, you deserve to celebrate your accomplishments.

Source: moneycrashers.com

4 Best Coupon Matchup Sites for Groceries – Our Real-World Test

Every time I read a blog about extreme couponing, I’m in awe at the author’s grocery shopping skills. By stacking (combining) coupons with sales, these super-shoppers save over 50% on every product they buy. But when I try to copy their strategies, I just can’t find that many deals — even after hours of cross-checking coupon inserts against my local supermarkets’ sale flyers.

But there are couponing sites that promise to make it easier to save money with stacking deals. Their staff members do the work of matching sales with coupons so you don’t have to. But can these sites really find the kinds of deals you can’t unearth on your own?

To find out, I did a head-to-head test to see which coupon sites could find the best savings on a basket of groceries at local supermarkets. Comparison points included features, accuracy, and ease of use to discover which coupon matchup site is the best of the bunch.

Pro Tip: Before you head to the grocery store, download the Fetch Rewards app. With Fetch Rewards, you can scan your grocery receipts and earn points you can redeem for gift cards to your favorite stores. For more information, see our Fetch Rewards review.

Best Coupon Matchup Sites Test

To be included in the test, sites had to be able to do all of the following:

  • Find Stacking Deals. Each of these sites does one particular thing: match grocery coupons with sales. There are no other sites related to couponing, including coupon-clipping services, price-comparison sites, and printable coupon sites like Coupons.com.
  • Search Multiple Stores. Coupon matchup sites are the most valuable when they can find the best deals across all the supermarkets in a given area. So sites that focus on one particular store, such as I Heart Publix, didn’t make the cut.
  • Include Stores in My Area. I wanted to be able to check out the deals I found personally, comparing them to the store flyers and, if possible, to the prices in the store itself. Since I live in the northeast, I had to rule out the popular Southern Savers, which specifically looks for deals in the southern United States.
  • Are Still in Business. Surprisingly, one of the best-known coupon matchup sites, The Grocery Game, shut down in 2016. However, posts on social media complaining about this site’s disappearance led to the discovery of a couple of other sites that do the same job.

After some fairly extensive searching, four sites met all the criteria. To conduct the test, I visited each site and searched for stacking deals on five items I regularly buy: breakfast cereal, orange juice, canned soup, my favorite conditioner, and oxygen bleach. Note that coupons for fresh foods, such as produce or eggs, are rare.

I checked each site’s deals against my piles of supermarket sale flyers and coupon inserts to ensure they were legitimate. Then I rated each site on a 5-point scale for three factors:

  • How easy it was to search
  • How accurate its deals were
  • How much savings they offered

Finally, I averaged these scores to come up with a total score. So, which coupon matchup site came out on top?

1. CouponMom.com

There’s a lot going on at CouponMom.com. This free site has an extensive database of printable coupons from various sources and multiple tools to search for stacking deals. You can look for grocery, drugstore, state-specific, store-specific, and product-specific deals.

Ease of Use

The landing page for CouponMom.com is pretty cluttered, with moving ads, pointers to specific deals, and search boxes. Amid all this chaos, it’s hard to figure out where to go first. Since I was looking for five particular products, I started with the box labeled “Search Deals,” where you can search for a product by name.

I typed in the first item on my list, cereal, and got a list of dozens of cereal deals at different stores nationwide. But when I started clicking to see details, I found that most of these were cash-back deals from Ibotta. There was no clear way to weed these out and see only deals that required nothing but the store loyalty card and a coupon.

So instead, I went to “grocery deals by state,” selected “New Jersey,” and clicked the deal pages for specific stores in my area. I had to sign in to an account to view those, but setting one up was free and took only a few seconds.

The links for Aldi and Stop & Shop did nothing but display my local stores’ sale flyers. But the page for ShopRite was much better. It presented a list of products with columns for the sale price, how many I’d have to buy, available coupons and rebates, final price, and percentage saved.

The column showing the available manufacturer coupons used a somewhat confusing shorthand. The site provided a key for some of the abbreviations, such as “S” for SmartSource and “RP” for Red Plum, but it didn’t explain others, such as “SV.” On the plus side, CouponMom.com provided direct links to all the printable online coupons it found, which was handy.

I was then able to sort the list using a keyword box at the top. I entered each of the products from my shopping list in turn to see available deals. That part was easy, but it didn’t make up for the inconvenience of only being able to view actual deals for one store.

Ease-of-Use Score: 2 out of 5

Accuracy

When I checked the sale prices CouponMom.com listed against the store circulars, they were mostly correct. But one of the four wasn’t in the flyer. The only way to check its accuracy would be to make a trip to the store, an extra step coupon matchup sites are supposed to help you avoid.

As for the accuracy of the coupons themselves, there was only one to check. It was right in the SmartSource flyer where CouponMom.com said it would be, but getting a single coupon right isn’t much of a test. So this site loses one point on accuracy for giving me so little to work with.

Accuracy Score: 4 out of 5

Value

CouponMom.com could only find deals on one of my five test products (cereal) and only at one store. Moreover, one of the four deals it found wasn’t a stacking deal, just a sale price I could have found on my own by leafing through the store flyer. Two of the others were Ibotta deals, leaving only one that was useful.

That deal was $3.89 each for two family-size (16.9- to 19.1-ounce) boxes of Kellogg’s Special K cereal. Combined with a printable coupon for $1 off two, that yields a purchase price of $3.36. That works out to a unit price between $0.18 and $0.20 per ounce, much more than I typically pay by shopping sales and buying store brands.

To me, that doesn’t look much like extreme couponing. At best, it’s mild to moderate couponing.

Value Score: 1 out of 5

Overall Score: 2.3 out of 5


2. GrocerySmarts.com

Like CouponMom.com, GrocerySmarts.com has two primary features: printable coupons and searchable deals. For some reason, it sorts its coupons into four groups, with different brands in each group. Fortunately, the site helps by providing a list of the latest coupons from the past 10 days or so and telling you where to click to find each one.

Ease of Use

Searching for deals at GrocerySmarts.com was pretty simple. First, I clicked on the drop-down menu at the top of the page and asked to see deals in New Jersey. The site then displayed a second drop-down menu with a list of stores to choose from.

Unfortunately, this list didn’t include any of the supermarkets where I usually shop. The only stores on the list were CVS, Walgreens, and Walmart. Also, I had to view deals from each of these stores separately rather than looking at them all on one page. That cost the site 1 point on its ease-of-use rating.

On each store’s page, I used the search feature on my browser to look for the merchandise on my list. But I ran into a snag. It lists some cereals, such as Cheerios, by brand name only and doesn’t include the word “cereal.” I had to scan the whole list to ensure I was seeing all the cereal deals.

GrocerySmarts.com presents its deals for each store in one long list. There’s one column for the product, one for the sale price, one for the applicable coupon (if any), and one for the final price. Instead of showing the savings percentage, GrocerySmarts.com simply rates each deal as 3 stars, 4 stars, extreme, or free.

The list also tells you where to find the coupons you need for a given deal. If there’s a printable coupon, the site includes a link to it. It also shows which goods qualify for Ibotta deals and provides links to those.

If the coupon is in a newspaper insert, the site identifies the insert with an abbreviation similar to the ones used on CouponMom.com and the date. If there’s more than one available coupon for the same product, the site lists it multiple times.

To use the site to create a shopping list for a given store, click the Start button at the top of the page. Click to highlight the specific deals you want, then click on Shrink to hide all the lines you didn’t select. You can click the star at the top to quickly highlight all extreme and free deals. There’s also a field at the bottom to jot notes on your shopping list before printing it.

Ease-of-Use Score: 4 out of 5

Accuracy

Like CouponMom.com, GrocerySmarts.com couldn’t find deals on anything but cereal, and most of them were Ibotta rebates. The only deal that I could use was at CVS. It relied on a SmartSource coupon for $1.25 off three boxes of Life, Cap’n Crunch, or Quaker Oatmeal Squares. This coupon was correctly labeled and identified.

But the site’s description of the sale wasn’t quite accurate. It said the only brand on sale at CVS was Cap’n Crunch at $1.99 a box. But when I checked the CVS sale flyer, I found it applied to Life and Quaker Oatmeal Squares as well.

If I’d simply relied on GrocerySmarts.com for my info, I might have rejected this deal altogether since Cap’n Crunch isn’t a cereal we like.

So even though the sale price, coupon, and math were all accurate, this site loses a point for its inaccurate description. And it loses a second point for giving me so little to go on in the first place.

Accuracy Score: 3 out of 5

Value

I docked GrocerySmarts.com 3 points for value because it could only find deals on one of the five products on my list. Also, because it searches so few stores, the deals it did find weren’t at the stores where I usually shop.

The final cereal price it found was $1.57 per box for three 12.5- to 14-ounce boxes. That works out to between $0.11 and $0.13 per ounce. It’s a better price than CouponMom.com’s but no better than the usual price for the store brand. That cost the site one more point on value, resulting in a weak final score.

Value Score: 1 out of 5

Overall Score: 2.7 out of 5


3. The Krazy Coupon Lady

When you visit The Krazy Coupon Lady (KCL), you see updates on the latest hot deals at all kinds of stores. In addition to supermarkets and drugstores, this site covers department stores, restaurants, specialty stores, and even online deals at Amazon.

KCL provides lots of details about these featured deals, including photos and a couple of paragraphs of text. From the main page, you can also link to coupons and deals sorted by brand or store. Under “Couponing Resources” at the bottom, there are general guides to couponing and guides for specific stores.

Ease of Use

The primary way to search for deals on KCL is by store. You select a specific store from the main page, then click on the weekly coupon deals box (the first available box on the page under the app banner) to see a list of the latest deals from that store. You can then use your browser’s page search feature (control or command plus F) to look for individual products you want.

But weekly deals aren’t available for all stores. For instance, when I clicked on Stop & Shop, the last update was over two months old. The page for Trader Joe’s simply said, “There are currently no active deals.” (Since then, both these stores have disappeared from the site entirely.) And the page for Rite Aid showed one recent deal but no weekly list. I docked the site one point for this.

The weekly deals list includes details about each offer. It shows the sale price and provides links to printable coupons, downloadable store coupons, and Ibotta deals. A few of its deals also include manufacturer coupons from SmartSource, which are marked with the abbreviation “SS.” I couldn’t find any deals using coupons from Red Plum.

The site includes check boxes next to each listed item. You can click these boxes to add a product to your shopping list, but it’s not immediately obvious where that list is stored. I eventually found out you have to click your profile picture in the top right corner to access it.

But there’s a notification on the site saying this feature will soon be available only in the KCL app. That takes a lot of the functionality out of the website, costing it one more point.

Ease-of-Use Score: 3 out of 5

Accuracy

After checking KCL’s pages for all my local stores, I couldn’t find a single deal on any of the products on my grocery list. So to test the site’s accuracy, I simply searched for the “SS” abbreviation and checked the coupons it listed against my SmartSource insert.

Some of the coupons KCL identified were real. It correctly located manufacturer coupons for Eggland’s Best eggs in the May 2 insert and Nivea lotion in the May 16 insert. But it also cited two other coupons in the May 16 insert that I couldn’t find.

In short, KCL got only two out of four manufacturer coupons right, for an accuracy rate of just 50%. But when I checked some of its links to digital store coupons on the ShopRite site, they were all accurate. That bumped its score up from 2.5 points to 3.

Accuracy Score: 3 out of 5

Value

This one was an easy call. KCL didn’t find me a single deal I could use — not even those other sites identified. That makes it a dead loss as far as value is concerned, so it earned no points.

Value Score: 0 out of 5

Overall Score: 2 out of 5


4. Living Rich With Coupons

Like KCL, Living Rich With Coupons (LRWC) displays a long list of recent deals on its main page. It includes offers from a wide variety of stores, including supermarkets, department stores, and online retailers. There are links at the top of the page for categories including coupons, online deals, and stores.

Ease of Use

This site allows you to search for deals in several ways. If you click the Filter by State drop-down on the landing page and select the name of your state, LRWC filters its long list of deals to include only those available in your area. But this option is only available for nine states: California, Connecticut, Florida, Maryland, New Jersey, New York, Pennsylvania, Texas, and Virginia.

Alternatively, you can also click on Stores in the main navigation and select a store to see a list of that store’s weekly sale prices, including coupons you can stack with them. The site has deals for national big-box stores Target and Walmart, warehouse stores Costco and BJ’s, dollar stores, drugstores, and regional grocery chains like ShopRite and Kroger.

To find deals on a specific product, such as cereal, you can click on the site’s Grocery Price Comparison Tool and enter the product name in the search box. The site pulls up a list of all the stores that have deals on that item, and you click on the names of the stores you want to search.

LRWC then presents you with a list of all the stacking deals on that product sorted by the stores you selected. For every sale, it includes a lengthy list of all possible coupons that could stack with it. The site provides direct links to printable online coupons. For coupons inserts, it lists the flyer, the date, and the coupon’s expiration date, a handy feature most coupon sites don’t have.

But I noticed one odd quirk in LRWC’s list. It didn’t provide the actual sale prices for every store in its list. For instance, it said CVS had a BOGO (buy-one, get-one-free) deal on raisin bran, but it didn’t say what the regular price was.

Even when it did list the sale price, LRWC didn’t always crunch the numbers to tell you what the purchase price was after stacking the sale with a coupon. These problems cost the site 1 point for ease of use.

When you click an item in the Grocery Price Comparison Tool, the site adds it to your saved shopping list, shown on the right side of the screen. Clicking the print or email icon pulls the list up in a separate window. For each deal on the list, LRWC shows the store, the product, the sale price, how many you must buy to get that price, and all possible coupons to pair with the sale.

You can edit the list before printing or emailing it to yourself. You can remove items you don’t want to see, such as coupons you don’t intend to use, or change the quantity of a product you want to buy. You can also manually add goods you didn’t find deals on, with or without custom notes.

Ease-of-Use Score: 4 out of 5

Accuracy

LRWC found deals for all five of the products on my shopping list. Its best cereal deal was from Stop & Shop: Kellogg’s cereals for $1.50 per box, which could stack with any of nine different coupons.

However, there was a problem with the deal. According to the Stop & Shop sale flyer, the price was only good for three days, Friday through Sunday. By the time I ran my test, it had already expired. LRWC neglected to mention that detail, costing it one point for accuracy.

LWRC also listed sales on Kellogg’s cereal at several other stores. But for some reason, it didn’t match them with the same list of coupons it had found for Stop & Shop, even though they would clearly work. This oversight cost it one more point.

In a few cases, LWRC found deals I couldn’t verify. Some were allegedly “unadvertised” sales, so I had no way of checking them without going to the store. I didn’t add or take off points for these.

However, other deals were clearly wrong. For instance, LWRC claimed ShopRite was selling Campbell’s Slow Kettle Soups for $1.99, but that price was not in the sale flyer. That could have been the regular price, but LWRC also paired it with a digital store coupon I couldn’t find on the store site. That cost it another point.

All the other sale prices LRWC found seemed to be accurate. But while checking them, I noticed there were other deals it missed. For instance, it said I could buy Florida’s Natural orange juice for $2.99 at ShopRite, then add a coupon for $0.98 off two to bring the price down to $2.50. But it didn’t notice the same store had larger cartons of Minute Maid OJ for just $1.88.

Also, in some cases, LRWC’s math was wrong. For instance, it said a sale of $1.88 per box on Quaker cereals paired with a coupon for $1.25 off three boxes would yield a purchase price “as low as $1.55 each.” In fact, the purchase price with this coupon is $1.46 per box. I knocked off one more point for this.

As for the coupons, all the printable ones I checked seemed to work. The one coupon that came from SmartSource was also accurate. A few were from a flyer labeled only as “Save,” an abbreviation I couldn’t identify, so I don’t know whether these coupons were accurate or not.

Accuracy Score: 1 out of 5

Value

Of all the sites I tested, LRWC was the only one to find deals for all the items on my list. Unfortunately, not all the deals it found were legit, and it missed some that were.

For instance, if LRWC had paired the $1.88-per-box sale on cereal at Walgreens with the $1-off-two coupon it found at Stop & Shop, it could have given me a purchase price of $1.38 per box. Since the sale covered boxes up to 13.7 ounces, that would have come to a great price of around $0.10 per ounce. But LRWC missed that deal, so it gets no credit for it.

The prices it actually found were:

  • Cereal: $1.46 per 11.5- to 14.5-ounce box ($0.10 to $0.13 per ounce)
  • Orange Juice: $2.50 per 52-ounce carton ($0.05 per ounce); missed a better deal of $1.88 for 59 ounces ($0.03 per ounce)
  • Oxygen Bleach: $4.99 for a 48-ounce container ($0.10 per ounce)

Out of the five sites I tested, LWRC found me the best price on cereal. Its price for oxygen bleach is also pretty good. However, its OJ deal is lackluster, and it missed a better one I could have found just by checking the sale flyer.

Value Score: 3 out of 5

Overall Score: 2.7 out of 5


Final Word

Of the four sites tested, GrocerySmarts.com and Living Rich With Coupons tied for the best overall score. Both were easy to use, but GrocerySmarts.com was more accurate, while LWRC found better deals overall.

But neither of these sites was the perfect coupon-stacking resource I was hoping to find. In most cases, the stacking deals they uncovered were no better than the prices I usually get on my own without coupons.

Of course, what works for me isn’t necessarily what will work for you. If your local stores have better sales than mine or if you regularly buy more products you can find coupons for, these coupon sites could save you some significant money. Just double-check all the deals you find to make sure they’re legit.

Speaking for myself, I think I’ll stick to other methods for saving money on groceries. Between my grocery price book, store loyalty cards, and buying store brands (especially at discount stores like Aldi), I think I can find prices good enough to give the extreme couponers a run for their money.

Source: moneycrashers.com

7 Money Lies We Tell Ourselves

Do you think you’re telling yourself the truth about money? We may think we know the facts about our finances. But our beliefs can often overshadow the facts.

Our wishes, hopes and fears can tip the scales away from the truth. This makes it easier for us to believe what we want to about money — and it can happen without us even realizing it.

The “money lies” we tell ourselves can change the way we think and act when it comes to finances. And since most of us rarely talk about money with our friends and family, the money lies we tell ourselves stick around. That can lock us into destructive beliefs and reinforce poor financial habits.

But no matter what money lies we tell ourselves, it’s never too late to set the record straight. Let’s look at some of the most common money lies we all buy into at some point — and the truth behind them.

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1. I’ll be happier when I have $_____.

Bundles of money stick out of a bucket.Bundles of money stick out of a bucket.

“With $___ in the bank (whatever amount you think is ideal), many of my problems would go away, and I’d be happier.”

Does this sound familiar?

Goals and target numbers for earnings, savings and budgets are great. But if you make the mistake of thinking some magic number will flip a happiness switch for you, think again.

When we tell ourselves this money lie, we put too much emotion into a single number. And we may be setting ourselves up for disappointment — both if we never get $__, and if we do get $__ and realize it doesn’t make us as happy as we thought it should.

The good news? Studies show that making progress toward our goals can be incredibly satisfying, regardless of whether we hit the target.

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2. I deserve it, regardless of whether I can afford it.

A woman holds many shopping bags and looks miffed.A woman holds many shopping bags and looks miffed.

“I work hard, and I don’t treat myself often.”

“I could kick the bucket tomorrow (YOLO).”

“I’m getting a great deal!”

These are just some of the rationalizations we use to convince ourselves that it’s OK to buy something.

Whatever legs this money lie stands on, it’s usually used to soothe the sting of expensive purchases — those that aren’t really essential — and perhaps items we know, deep down, we don’t really need.

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3. I have strong financial willpower.

A woman chooses between an apple and a huge hamburger.A woman chooses between an apple and a huge hamburger.

When faced with temptation, most of us lie to ourselves that we’re great at resisting it. But, when was the last time you chose not to buy something you really wanted? When was the last time you made an impulse buy?

The average American spends at least a couple of hundred dollars a month on impulse purchases.

And we’re more likely to buy on impulse and spend more when we’re stressed. That’s probably why impulse spending shot up about 18% in 2020.

Plus, those of us who are shopping with credit cards are probably spending more on the regular basis than we realize. The average credit card shopper spends about 10% more with their cards than they would with cash. And that’s not even counting the cost of interest if the balance isn’t paid in full.

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4. I’ll save more later.

A piggy bank with a sad face lies on its side.A piggy bank with a sad face lies on its side.

Most folks focus on buying what we need and want now, and we tell ourselves we’ll start saving for the future later. If we save anything at all, it’s likely to be whatever we have left over. In fact, fewer than 1 in 6 of us are saving more than 15% of our income, and 1 in 5 aren’t saving any money.

No matter the reason, when we tell ourselves this money lie and put off saving, we’re prioritizing the present over the future.

That can catch up with us on a “rainy day” or whenever we do start thinking seriously about retiring. By that time, there can be a lot of heavy lifting to play “catch up” with our savings — or it may even be too late.

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5. I have plenty of time to plan for my financial future (& I don’t need to think about it yet).

A drawing of a clock in the sand of a beach is washed away by waves.A drawing of a clock in the sand of a beach is washed away by waves.

The future can seem really far away when we’re looking 10, 20 or even more years out. When we feel like we have a lot of room between now and then, it’s easy to make excuses to not plan or save for it.

This money lie is an excuse for procrastination. It’s the rationale we use when we have a hard time managing our negative feelings or uncertainties about our financial futures. And it makes us turn a blind eye to the years of interest that we lose out on when we don’t plan.

Benjamin Franklin may have spoken best about the truth behind this money lie when he wisely said, “by failing to prepare, you are preparing to fail.”

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6. There is good and bad debt.

A piggy bank with slips of IOUs sticking out.A piggy bank with slips of IOUs sticking out.

We tend to assign moral value to debt, thinking of mortgages and student loans as “good” debt, and considering credit card debt as “bad.”

This money lie gets us to think the wrong way about debt. All debt comes with some cost, and it’s critical to understand how every loan affects our current and future selves.

Instead of focusing on whether debt is “good” or “bad,” concentrate on the total cost of the interest over time (it’s often higher than you think) and on deciding whether the loan is really helping you achieve your goals.

About half of us seem to already be on track with that thinking, saying that we expect to be out of debt within one to five years.

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7. Wanting more is bad.

Ladders lead up into the clouds.Ladders lead up into the clouds.

While I think we can all agree that obsessive greed is wrong, it’s not a bad thing to want more for you and your loved ones.

When we tell ourselves we shouldn’t want more than we have, we agree to settle for less. And we may be tricking ourselves into thinking it’s OK that we’re not doing something (or enough) to improve our financial situation.

This money lie holds us back and can make it hard to improve our financial behaviors.

When we frame wanting more as a positive motivator, it can be easier to take the chances or do the work needed to get to that next financial level we may want.

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How to Stop Losing Out to Costly Money Lies

Hands holding one-hundred dollar billsHands holding one-hundred dollar bills

How many of these money lies sound like something you’ve told yourself?

At some point, I think we’ve all tricked ourselves with at least one of them. Maybe we were rationalizing a decision, or we were trying to make ourselves feel better about what we wanted to do with our money. And we probably didn’t make the best financial choices as a result.

Here’s the truth: Honesty goes a long way with finances.

What we tell ourselves and what we believe about money influences our financial behaviors. If we’re not telling ourselves the truth, our money lies won’t just drain our wallets. They can affect our financial awareness and inflate our confidence. And they get in the way of maintaining or growing wealth.

When we recognize the money lies that we believe, we can reset our thinking, change our mindset and start taking action. And that sets us up to make better choices and make more progress toward our big financial goals.

P.S.: Sign up for my emails to continue the conversation. My subscribers get my best insights! Just email me at ian.maxwell@revirescowealth.com, and put SUBSCRIBE in the subject field.

This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Reviresco Wealth Advisory are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from Reviresco Wealth Advisory or by contacting Virtue Capital Management.

Founder & CEO, Reviresco Wealth Advisory

Ian Maxwell is an independent fee-based fiduciary financial adviser and founder and CEO of Reviresco Wealth Advisory. He is passionate about improving quality of life for clients and developing innovative solutions that help people reconsider how to best achieve their financial goals. Maxwell is a graduate of Williams College, a former Officer in the USMC and holds his Series 6, Series 63, Series 65, and CA Life Insurance licenses.Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Reviresco Wealth Advisory and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

Source: kiplinger.com

12 Ways Retirees Can Earn Passive Income

A senior black man uses a smartphone
wavebreakmedia / Shutterstock.com

These days, “retired” doesn’t always mean “not working.”

According to a study of U.S. retirees from the nonprofit Transamerica Center for Retirement Studies (TCRS), “nine percent … are currently working for pay, including five percent who are employed part-time, two percent who are employed full-time, and two percent who are self-employed.”

More than half — 56% — of those surveyed said their top reason to keep working was “wanting the income.” The good news: You might be able to make some extra dollars via passive income — money that comes in without you doing much work, or any work at all.

Passive income is often synonymous with a large upfront investment, such as buying rental properties or dividend-producing stocks. But the following passive-income strategies can bring in extra bucks without investing a bunch of money or time.

1. Rent out a room in your home

Got an empty nest? Someone may be willing to pay to roost there.

You can advertise your spare space on your own or list it on a vacation rental website such as:

Yes, it takes some work: You might have to keep the room tidy and wash a load of sheets and towels once the guests depart. But in some parts of the country, you can earn enough money in just a few days to cover a mortgage payment, as we detail in “Do This a Few Days Each Month and Watch Your Mortgage Disappear.”

If you’re the gregarious type, you can have fun talking up your town or even showing visitors around. If not, advertise it as a “Here’s your key, we won’t bother you” arrangement. Some people simply want an inexpensive place to sleep and don’t care about sitting around chatting with the host.

2. Rent out your vehicle or gear

Your spare bedroom is just one of many things you could rent to others to bring in extra money.

Use your imagination. Maybe you have a ladder, stroller, surfboard, bicycle, boat, camera equipment or a great selection of power tools.

Peer-to-peer rental sites like the following will help you find folks who occasionally need such things but don’t want to own them:

Whatever you’re renting, keep in mind that ordinary insurance might not cover the commercial use of your property. An insurance rider may cover some items, but you may need a separate policy, so consult your insurance agent.

3. Become a peer-to-peer lender

What is peer-to-peer lending? In short, P2P lending sites such as Prosper accept loan applications from borrowers. Investors like you can put some of your money toward loans to those borrowers. When loans get paid back, so do you — with interest.

Overall, P2P investments “can provide solid returns that are really hard to beat,” according to Clark.com, the website of financial guru Clark Howard.

As with any loan, however, there’s the possibility of default. You may not earn anything or may even lose money.

Sound too complicated? Maybe this simpler form of P2P is for you: Worthy sells 36-month bonds for $10 each. The money that comes in is loaned to U.S. businesses, with lenders who have purchased these bonds getting a 5% annual rate of interest on their investment.

To learn more about Worthy bonds, check out “How to Earn 80 Times More on Your Savings.”

4. Get rewards for credit card spending

If you’re going to shop with plastic, make sure you’re rewarded.

The form that the reward takes is up to you. Some people covet airline miles. Others take their rewards as cash or a credit against their monthly statement.

The number of rewards credit cards — and their pros and cons — can be a little dizzying. For an easy way to compare your options, stop by our Solutions Center and check out travel rewards cards or cash-back cards in the Money Talks News credit card search tool.

5. Use cash-back apps

An app called Ibotta lets you earn cash rebates on purchases from retailers, restaurants or movie theaters.

Or you can do your online shopping through cash-back portals like:

These websites enable you to earn cash back on purchases from thousands of online retailers. To learn more about them, check out “3 Websites That Pay You for Shopping.”

6. Sell your photos

Smartphones have made decent photography possible for just about anyone. The next time you capture a killer sunset or an adorable kid-and-dog situation, don’t keep the image to yourself. Apps like Foap — which is available for Android and Apple devices — will help you sell it.

You can do even better if you have a good digital SLR camera, a tripod and other equipment. Stock photo companies like Shutterstock and iStockphoto, which favor high-definition, high-quality images, are venues for selling photos on just about any subject you can find.

7. Write an e-book

It’s possible to bring in cash without a high-powered book contract, thanks to self-publishing platforms.

Amazon’s Kindle Direct Publishing, for example, allows you to write, upload and sell your words fairly easily. My two personal finance books are for sale on Kindle, and they provide a steady stream of passive income.

I also sell PDFs of the books through my personal website. I use a payment platform called E-junkie to handle payments and deliver the book downloads — and this brings me more money per book than Amazon does, even when I offer readers a discount.

If you’re fond of a particular fiction genre, write the kind of stuff you’d like to read. Nonfiction sells, too: cookbooks, travel guides, history, memoirs and how-tos are a few examples. Or maybe you have a specific skill to teach — job-hunting or food preservation or raising chinchillas.

Pro tip: Fiverr.com is a good marketplace through which to find freelancers to hire for help with formatting, design and cover art.

8. Create an online course

If you’ve got useful knowledge, why not monetize it? Sites like Teachable and Thinkific will help you build a course that could change someone’s life, either professionally or personally.

Note that online courses are not limited to computer-based topics. A quick search turns up classes on:

  • Cake-making
  • Watercolors
  • Digital scrapbooking
  • Drone cinematography
  • Free-diving
  • Blacksmithing
  • Yoga
  • Parenting
  • Novel writing
  • Job hunting
  • Building a pet-care business

And that’s just for starters. Like writing an e-book, creating a course will take some work. But again: Once it’s up, the work is done.

9. Join rewards programs

Rewards sites like Swagbucks reward you with points for activities such as searching the internet, watching short videos and taking surveys. You can cash in your points for gift cards or PayPal cash.

Maybe you didn’t retire to spend hours taking surveys. But if you’re going to search the internet anyway, why not use Swagbucks’ search engine and earn some points?

To learn more about Swagbucks, check out “6 Ways to Score Free Gift Cards and Cash in 1 Place.”

10. Wrap your car with advertising

Turn your vehicle into a rolling billboard with companies like Carvertise. They’ll pay you for the privilege of putting removable advertising decals for a business on your automobile.

Writer Kat Tretina describes the process at Student Loan Hero. You can expect to earn $100 to $400 a month, depending on how much and where you drive, she says. Requirements include having a good driving record and a vehicle that has its factory paint job.

Pro tip: Car-advertising scams make the rounds regularly. Tretina offers these tips to avoid being victimized:

  • Legitimate companies don’t charge an application fee, and they’ll have a customer service phone line that lets you talk with a real person.
  • The car-wrapping cost should be covered by the company.
  • Take a hard pass on any company that doesn’t ask questions about your driving record, auto insurance, driving routes and type of vehicle.

11. Create an app

Maybe yours is one of those minds that says, “There should be an easier way to do (whatever) — and I think I know what it is!” If so, creating an app could bring in extra income.

It could also bring in zero dollars. But nothing ventured, nothing gained, right?

For example, personal finance writer Jackie Beck — who cleared $147,000 of debt — used her expertise to create an app called “Pay Off Debt.”

Not a coder? App-builder services exist. The WikiHow.com article “How to Create a Mobile App” tells how to get started. It’s a time-consuming process. But that’s one of the beauties of retirement: You set your own hours.

12. Become a package ‘receiver’

OK, this idea is unproven — so far. But it’s a solution whose time has come. The boom in online shopping has been a boon for thieves who find it easy to swipe packages left outside front doors before the intended recipients get home from work.

You might be able to do your part to thwart those lowdown thieves by marketing yourself as a “professional package receiver.”

Try this: Put the word out — through friends, social media, places of worship — that you are available to accept deliveries. If a package is for someone in your neighborhood, you could watch the shipping company’s tracking info and be at the home to take the package in. Or you could specify that packages be shipped to Original Recipient, c/o Professional Package Receiver — that’s you.

Before asking a fee of, for example, $1 per package, ask the person who wants to hire you what it’s worth to them. You might be surprised by a response like, “I’ll give you $5.” Decide, too, whether you’ll be charging per package or per order, and whether you’ll set a weight limit, such as no packages over 30 pounds.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

10 Ways to Save Money on School Uniforms for Kids

According to the National Center for Education Statistics, 1 in 5 public schools required students to wear uniforms as of the 2017-18 school year. These can be anything from identical outfits marked with the school’s name or logo to a basic color scheme, such as plain white shirts and tan pants.

According to 2011 research from the University of Nevada, Reno College of Education, a school uniform policy can have many benefits for students. It can make it easier to get ready for school, boost self-esteem, reduce bullying, and improve classroom discipline. But it has one big downside for parents: the cost. According to CostHelper, a school wardrobe of four or five uniforms can cost anywhere from $100 to $2,000.

One reason uniforms often cost more than regular clothes is that parents have less choice about where to buy them. If you can only get your kids’ school wardrobes from the official school store, you must pay whatever that store charges. However, you can get around this problem with the right shopping strategies. The first tip to try: shopping secondhand.

Ways to Save With Secondhand School Uniforms

Clothes are one thing it nearly always pays to buy secondhand if you can. With school uniforms, that’s doubly true.

Since young children grow so fast, their outgrown uniforms can still have lots of life left in them. Naturally, these previously worn uniforms don’t look brand-new, but neither do most school clothes after a few weeks of wear. Secondhand school uniforms cost much less than new ones, and in some cases, they’re free.

1. Try Uniform Swaps

If you have two children attending the same school, the younger kid can wear the older one’s hand-me-downs. But if you have only one child or your kids go to different schools, you can end up with clothes in good condition and no one to hand them down to.

A uniform swap is a way to expand your hand-me-down family. By pooling resources with other parents, you can pass on your child’s outgrown uniforms to younger students at your school and receive uniforms from older students in turn.

Some schools hold official uniform exchanges. For example, at St. Catharine School in Ohio, you can trade in gently used school uniforms for larger sizes or pick up other people’s trade-ins at significantly reduced prices. Other schools, like St. Stephen’s Academy in Oregon, give parents points for their trade-ins, which they can use for purchases or donate.

If your child’s school doesn’t have an official uniform exchange, hold a clothing swap party of your own. Invite other parents over, lay out all your outgrown uniform items, and see who can use them.

If you don’t have the space to meet and exchange clothes in person, start a social media group where parents can post photos and descriptions of their kids’ outgrown clothes. When you find someone who has the size your child needs or needs the size you have to give, you can contact each other to arrange a pickup.

2. Shop at Thrift Stores

If you live in or near a large city with a large student population, there’s a good chance you can find outgrown school uniforms at local thrift stores. Check the stores closest to your child’s school to maximize your chances of finding them.

Even in smaller cities and towns, thrift stores are an excellent place to look for basic pieces that are often part of a school uniform. Dress shirts, solid-color polo shirts, and chino pants are likely to show up on their racks. You can’t count on finding the pieces you need in your child’s size, but if you do, they’ll be significantly cheaper than new clothes.

To find thrift stores in your area, do an Internet search on “thrift stores” or “thrift shops” with your town’s name or zip code. Also, check the websites of the largest store chains — such as Goodwill, Salvation Army, and Value Village — to find their nearest locations.

3. Find Sellers Online

If you can’t find suitable secondhand clothes for your child’s uniform at local stores, try looking online. Start consulting your local Craigslist and Facebook Marketplace groups in early July, and look for new listings every other day or so. That gives you roughly two months to find all the pieces you need to build a complete school wardrobe for your child. Just be sure to contact sellers quickly when you find something you need so someone doesn’t beat you to it.

Another reliable source for secondhand uniforms online is eBay. You can create saved searches for each specific garment your child needs, such as “navy shorts size 8,” and receive daily emails of all new listings for your saved search. You can pick up pieces one at a time or — if you’re lucky — find a lot of uniform clothing all in the same size.


Ways to Save on New School Uniforms

The biggest downside of secondhand shopping is that you can’t be sure of finding what you need. If the start of the school year is approaching and you still don’t have a complete school wardrobe for your child, don’t panic. There are ways to buy new uniform-appropriate clothes and still keep costs down.

4. Buy the Minimum

For starters, don’t buy more of any component than you really need. Your child may need a clean shirt for school every day, but kids can usually get away with wearing the same skirt, pants, or sweater several days in a row. Jackets and ties can go even longer between cleanings.

How many pieces your child needs depends on how often you intend to do laundry. Mothers discussing their kids’ school wardrobes on Mumsnet generally say they include:

  • Five to 10 shirts
  • Two to five sweaters
  • Two to five skirts or pairs of pants or shorts

On top of that, you can add one or two school blazers and one or two dresses or jumpers if your uniform includes these pieces. And your child also needs at least one pair of school shoes and enough socks and underwear to last the week.

If you shop smart, you can put together this minimalist kids’ wardrobe for less than the $240 average parents reported spending on back-to-school clothes in a 2019 National Retail Federation survey. CostHelper says it’s possible to find pants and skirts for as little as $5 each, tops for as little as $3, and shoes starting at $15. That’s less than $100 for the whole wardrobe.

5. Visit Cheaper Stores

If your school’s uniform consists of basics like solid-color tops and pants, there’s no need to buy them at the official school store. Many major retail chains sell uniform-appropriate clothes for kids at quite reasonable prices. In fact, several retailers offer lines of kids’ clothes designed explicitly for this purpose, such as:

6. Shop Online

If stores in your area don’t carry the school uniform pieces you need at prices you like, try shopping online. Some online retailers specialize in school uniforms, and others have sections devoted to them. Good places to shop online include:

  • Amazon. The e-tail giant has an entire section called The School Uniform Shop. It provides links to uniform-appropriate garments from many popular brands, including Nautica, Izod, and Dockers. Alternatively, you can search for “school uniforms” to find apparel for girls and boys. Check out these Amazon savings tips for more ways to save.
  • French Toast. Online retailer French Toast deals in school uniforms for all ages, which you can search by school or gender. The site also offers two- and three-packs of identical shirts or pants for a discounted price per piece.
  • Lands’ End. The school uniform shop at Lands’ End offers sturdy clothing in all sizes, from toddler to adult. Clothes are covered by the brand’s unconditional lifetime guarantee. There’s even a selection of adaptive garments for kids with disabilities. This apparel combines easy-to-use magnetic closures with decorative buttons for a uniform look.
  • Lee Uniforms. For teens and young adults, the Lee Uniforms store on Amazon offers school- and work-friendly pieces. The selection is limited, but the prices are excellent.
  • SchoolUniforms.com. As its name implies, SchoolUniforms.com specializes in uniform basics, from blazers to plaid pleated skirts. Garments come in a range of sizes to fit children ages 3 and up, including plus sizes.

When shopping for uniforms online, you can save still more by using a mobile coupon app like Rakuten or Ibotta. If you prefer to shop from a computer, install a money-saving browser extension like Capital One Shopping to help you find great prices and available coupon codes.

Capital One Shopping compensates us when you get the browser extension using the links provided.

7. Wait for Sales

If your school has an official uniform store, call that store and see when it plans to offer discounts or promotions. In many cases, uniforms go on sale in October, after most parents have already bought their kids’ clothes for the year. You can save money on school uniforms by buying just enough pieces to get through September and waiting until October to stock up.

If the school uniform is a generic outfit available from many stores, keep an eye out for sales at all the stores in your area. Consider signing up for emails from your favorite local stores to let you know when uniform clothing goes on sale. Sometimes, these emails also provide coupons, which can boost your savings still more.

Timing your purchases can help at department stores too. Clothes often go on sale at the end of the season — for example, summer clothes in September or winter coats in March. If you plan ahead, you can save by buying school uniforms for next year during these end-of-season sales.

If you’re unsure when and where school uniforms are most likely to go on sale in your area, create a Google Alert for the term “school uniform sale” with your location or zip code. Whenever a new sale pops up, you’ll receive an email about it. You can also use the term “school uniform clearance” to learn about end-of-season clearance sales.

8. Check Out Clearance

Even when a department store isn’t having a sale, there’s usually a clearance rack you can check for marked-down clothing. Since school uniforms tend to be plain clothes without a lot of eye appeal, there are often at least a few pieces that don’t sell and end up on the clearance rack.

For example, the frugal-living bloggers at Life Your Way and Joyfully Thriving both report finding uniform pieces for less than $5 on the clearance racks at stores like Gap and Macy’s.

9. Buy Bigger Sizes

If your child is still growing, there’s a good chance the uniforms you buy now won’t fit by the end of the year. However, you can make them last as long as possible by sizing up.

Choosing clothes with an extra inch to spare in the legs and sleeves gives your kid room to grow into them. Some uniform pants and skirts come with adjustable waistbands, so they’ll accommodate your child’s growth in width as well as height.

And if you find a great price on a particular piece your child needs, you can buy next year’s sizes now. Assuming they plan to attend the same school for the foreseeable future, you know they’ll need the same uniform next year, so buying multiple sizes at once lets you get them all at the best possible price.

10. Buy to Last

If your child has stopped growing but still has a few more years of school to go, you can save money by choosing quality clothing that will last. These well-made pieces may cost more upfront than cheaper brands, but they pay off in the long run. A $50 blazer that wears out after one year costs $50 per year, but a $100 blazer that lasts for four years costs only $25 per year.

For example, clothes from Lands’ End come with a lifetime guarantee. If they don’t last your child until graduation (or they outgrow them), you can return them for a full refund. Clothing from Dickies, available at Walmart, is also guaranteed for its “expected life,” though they don’t define the term. Clothes from Target’s Cat & Jack line come with a one-year guarantee.

Another way to make school uniforms last as long as possible is to choose the darkest colors allowed. On light-colored clothes, minor spots or stains show up more vividly, making them unfit for school wear. Darker-colored clothing, such as maroon, navy, or forest green, hides these minor flaws.


Final Word

Saving on school uniforms doesn’t end when you’ve made your purchases for the year. If your kid’s uniforms become unwearable due to rips, stains, or lost buttons, you’ll have to replace them in a hurry — possibly at full price. To avoid this problem, handle school uniforms with care to make them last as long as possible.

Always follow the washing instructions and line dry or dry flat when possible to avoid wear and tear from the dryer. Treat stains promptly, repair rips, and replace buttons.

If your sewing skills are up to it, you can even get another year or two of life out of garments by letting down the cuffs or adjusting the waistband to fit your child’s larger size. Following all these steps reduces waste, so you can also pat yourself on the back for being green.

One final tip: Label all your kids’ school clothing with their names. When all the students in a school wear the same outfit, it’s easy for them to grab someone else’s sweater or jacket by mistake. Sewing in a name tag or writing on the care tag with a permanent marker increases the chances misplaced clothes will find their way home again.

Source: moneycrashers.com

58-Year-Old Landlord Says Goodbye to Tenants

Meet Frank and Linda, (not their real names). Frank and Linda have been married for 30 years and had begun having conversations around making plans for Frank to leave Corporate America before Frank turned 60. Linda would wind up her teaching career around the same time Frank would retire, and for the first time in their lives they realized that they would soon have the time they always wanted together.

Frank wanted to spend a month in Europe like he had always talked about, and Linda just wanted to go to the beach; sleep late, read books, boil shrimp and enjoy the different wines from her wine club recommendations. “Let’s do Europe in the spring when the weather is cooler,” Frank suggested, “and then we can do the entire summer at the beach when we’re ready for our warm, sunny, lazy days on the beach.” Frank’s idea sounded perfect to both.

And then it hit them: They’re not going anywhere.

Instantly Frank and Linda re-centered around the reality of their real estate portfolio. During their careers, Frank and Linda has acquired three rental homes — a storage facility, a four-plex apartment and two vacant lots in the subdivision where they lived. Frank had watched his father speculate and gamble in the stock market and lose big more than once. Frank was currently helping his dad with medical costs and carried a bit of resentment for his dad’s fast-and-loose ways with money when his dad was younger. At 25, Frank had decided he would build his own personal wealth in real estate, something he reasoned would always be there for him; and it had. Frank and Linda’s real estate portfolio, excluding their primary residence, was now valued at over $2.6 million and represented the lion’s share of the wealth they would rely on for their retirement income to supplement Frank’s Social Security and Linda’s pension as a teacher.

“How about we just sell it all,” Linda suggested, “After all, the market is so good right now.” This seemed like possibly a good idea to Frank. “Then we will have the time and the money to do what we want,” Linda reasoned. Frank said that sounded good but wanted to make sure he knew what the taxes would be, because he knew there could be a fair amount to pay were they to sell.

CPA Delivers Good News and Really Bad News

Frank and Linda had a long-standing relationship with a local CPA who had helped with all the accounting, bookkeeping and filings their real estate holdings had required. Frank offered to reach out to the CPA the next morning and run some numbers on what the tax bill might look like were they to sell all their investment real estate holdings.

Two weeks later Frank went to see his longtime CPA and friend, Lanny. Lanny pulled up Frank and Linda’s tax return from the previous year and started running calculations on all the real estate that the couple have been depreciating. After what seemed a solid half hour of the CPA banging on his keyboard, he looked up, squinted and leaned across his desk. “Well, I have good news, and I have not-so-good news. The good news is, you and Linda have made a lot of money on this real estate. The bad news is you’re going to get killed on capital gains taxes and depreciation recapture.”

Lanny went on to explain that since the total gains were large sums, those gains would be taxed at the current 20% capital gains rate, plus the 3.8% Net Investment Income Tax. He went on to say that depreciation recapture was taxed even higher, at 25%.

“So how bad is it?” Frank asked.

“Just over $500K,” Lanny murmured.

“You mean that Linda and I have to write a check to the IRS for more than $500K if we sell our real estate?” Frank was almost shaking.

In his head he was thinking the number might be closer to $200K, which he thought he might be able to tolerate. The very idea of writing a check to the IRS for more than half a million dollars left Frank angry, astonished and perplexed all at the same time.

How about a 1031 Exchange?

“There’s always a 1031 Exchange,” Lanny offered as what seemed to Frank a flimsy condolence. Frank knew of the 1031 Exchange, but that would just mean selling his real estate and buying other real estate that he and Linda would have to keep up with. Sure, they could sidestep $500K of tax, but he and Linda would have all the same headaches of property ownership, just with different addresses. Tenants are tenants, Frank said to himself, and all that goes with them. No, a 1031 Exchange was not going to solve their problem. Selling and buying again might look good on a spreadsheet, but it was not going to give him and Linda the freedom they wanted.

Several weeks went by for Frank and Linda without mention of their real estate assets. Then, one evening after dinner, Frank and Linda were sitting in their living room where Frank was watching baseball and Linda had her laptop out looking at travel blogs she followed online. Frank’s team was losing badly enough where he was considering turning it off. At that precise moment Linda said, “Frank, what’s a DST?”

 “I don’t know, some kind of pesticide,” Frank quipped.

 “Frank, it says here in this article that I’m reading that a DST is a passive form of real estate ownership that qualifies for a 1031 Exchange. The article says that many people today are opting to sell their real estate using a 1031 Exchange to move their equity into Class A apartment buildings, self-storage portfolios, medical buildings, industrial warehouses and even things like Amazon distribution centers, Walmart stores and Walgreens buildings. Apparently, these investments offer solid monthly income to investors and attractive opportunities for long-term growth,” Linda continued. “Frank, this could be it. This could be what we are looking for.”

Frank and Linda’s dilemma is not uncommon. Perhaps it was an aging population that was considered when in 2002 the state of Delaware passed the Delaware Statutory Trust Act. Revenue Ruling 2004-86 soon followed and allowed for DSTs to qualify as “Replacement Property” for the tried-and-true 1031 Exchange (part of our tax code since the 1920s). Many DSTs offered to real estate investors are capitalized with $100 million or more, and smaller investors can now access these offerings in smaller fractionalized amounts as low as $100,000. Properties include medical buildings, Class A multi-family apartment buildings, hotels, senior living, student housing, storage portfolios and industrial warehouse buildings. Nationally known tenants are typically companies like Walgreens, Hilton and Amazon, among others. Often, investors might feel better with a large and stable company like Amazon guaranteeing their monthly income, rather than the tenants who last skipped out on rent, leaving them high and dry.

Some Caveats to Consider

All real estate investing, including DSTs comes with risk, and investors should do their homework, perform their own due diligence, and read the Private Placement Memorandum, (PPM) before investing any capital.  DST offerings are typically illiquid and would not be considered suitable for a large portion of someone’s wealth when liquidity is needed. Because DSTs are regulated and are “securities,” they must be purchased from a Registered Investment Adviser and/or a Broker Dealer Representative who holds a proper securities license, Series 7 or Series 65. 

Many times, we are asked who can invest in a DST. Accredited Individuals and certain entities qualify. An individual must have a net worth in excess of $1 million, excluding his or her home, OR an income over $200K per year for the last two years. If married, the combined income required is $300K. The income is required to be “reasonably expected” going forward.

For the right person in the right situation, a DST might be the perfect answer to a common dilemma faced today by many real estate investors across America.

For more information, please visit www.Providentwealthllc.com or www.Provident1031.com.

Chief Investment Strategist, Provident Wealth Advisors

Daniel Goodwin is the Chief Investment Strategist and founder of Provident Wealth Advisors, Goodwin Financial Group and Provident1031.com, a division of Provident Wealth. Daniel holds a series 65 Securities license as well as a Texas Insurance license. Daniel is an Investment Advisor Representative and a fiduciary for the firms’ clients. Daniel has served families and small-business owners in his community for over 25 years.

Source: kiplinger.com

8 Ways to Save Money on a Bathroom Remodel or Renovation

Remodeling a bathroom is one of the costliest home improvement projects. According to HomeAdvisor, the average bathroom remodel costs around $10,911 as of April 2020. A high-end remodel for a large or master bathroom could run you $25,000 or more.

But if those numbers are too much for your budget, that doesn’t mean you have to live with your dingy, dated bathroom forever. There are ways to refresh a bathroom for considerably less. According to This Old House, homeowners have redone their bathrooms for $6,000, $4,000, $2,000, and even less than $1,000.

I also know from personal experience it’s possible to renovate a bathroom on a budget. In 2011, my husband and I redid our guest bath for less than $900, including a new sink, toilet, vanity, faucets, light fixtures, floor tiles, paint, and accessories. With a bit of ingenuity and effort, other homeowners can do the same.

Ways to Save on a Bathroom Remodel

Our budget bath remodel and those featured on sites like This Old House and Apartment Therapy all have one thing in common: The homeowners looked for ways to save money anywhere they could. We didn’t necessarily use the same techniques, but we all relied on numerous money-saving strategies to get the job done for less.

The tips that helped us and other homeowners save money on our bathroom renovations fall into several major categories.

1. Plan Ahead

During any remodeling project, one of the costliest things you can do is change your plans halfway through. At best, it delays the project while you return materials and buy new ones. At worst, it requires you to pay contractors to redo work they’ve already done.

Sometimes, in-progress changes are unavoidable, such as when you cut into a wall and discover a leak. But in most cases, you can avoid them by thinking things through carefully before anyone picks up a tool. It’s much cheaper to know in advance you don’t want the toilet to be the first thing guests see when they open the door than figure it out once you’ve already installed it.

That’s why the first step in any bathroom remodel is planning. Before you buy anything or hire anyone, think about what you want from your new bathroom. What is it about the room that doesn’t work for you now, and how can you fix it? List everything you want your remodeled bath to have, and then sort that list into must-haves and nice-to-haves.

Take your time figuring out your wants and needs. If you can’t figure out the best way to accomplish all your goals, you can hire a bathroom designer for a consultation. According to Hunker, this service typically costs $200 to $400, and it can help you avoid mistakes that cost money to fix later.

In addition to thinking about the layout, spend time comparing options for visual elements like tile, plumbing fixtures, and light fixtures. That way, when you’re finally ready to get started, you know exactly where to shop to find what you want at the best price. Buying in a hurry often means paying extra or settling for something that isn’t ideal.

2. Keep the Footprint Unchanged

One of the best ways to save on a bathroom remodel is not to remodel at all. People often use the terms bathroom remodeling and bathroom renovation interchangeably, but they’re not the same thing.

A remodeling job involves making significant changes to the room’s footprint, or its size, shape, and structure. It can include making changes to any or all of these:

  • The room’s foundation
  • Walls, especially load-bearing walls
  • Plumbing lines
  • Locations of plumbing fixtures, such as the sink and toilet
  • Electrical wiring

Renovation means freshening up the bathroom’s look — tile, wall color, flooring, lighting — while leaving its basic layout unchanged.

Changing the footprint adds time and labor costs to the project. It also usually involves getting building permits, which are a significant expense. The cheapest bathroom redos are usually renovations rather than full remodels.

There are lots of ways to change the look of a bathroom without changing the footprint. You can change the fixtures, walls, flooring, lighting, and accessories without moving anything. You can even make a small bathroom feel larger by adding a lighter paint color, a clear glass shower door, or a skylight to let in more natural light.

If you absolutely have to add square footage to your bathroom or change the arrangement of fixtures, keep the changes to a minimum. That way, you limit the number of labor hours you need from expensive contractors like plumbers.

3. Do the Work Yourself

According to HomeAdvisor, roughly half the cost of bathroom remodeling is labor costs. Homeowners spend an average of $65 per hour paying contractors, including carpenters, plumbers, electricians, drywallers, and floor tilers. Thus, the more of your bathroom remodel you can DIY instead of hiring a contractor, the more you can save.

But DIY is only a money-saver if you have the necessary skills. Some jobs, like moving plumbing lines, are best left to the pros. If you try to do them yourself with no training beyond a five-minute YouTube video, you could cause a flood. The damage that does will cost a lot more than hiring a plumber in the first place.

However, most homeowners can handle at least some of the jobs in a bathroom renovation. Depending on your skill level, you could tackle jobs like:

  • Demolition (pulling out old wallboard, flooring, and cabinetry)
  • Painting
  • Tiling
  • Replacing faucets and showerheads
  • Adding accessories like towel racks
  • Installing bathroom lights
  • Installing new plumbing fixtures

Homeowners with a little DIY experience can take on more ambitious DIY projects. For instance, when we couldn’t find a stock vanity cabinet we liked, my husband built one from plywood and beadboard.

A Texas homeowner profiled by This Old House made almost all the materials for his powder room renovation. He poured his own concrete countertops, built new doors and drawer fronts for the vanity, and even welded a new frame for the mirror. Another couple in Missouri built their own cabinetry, made custom light fixtures, and enameled an old bathtub.

4. Reuse Existing Pieces

Doing the work yourself is the primary way to save on labor costs. But when it comes to materials, there are lots of different ways to save. One of the most effective is to refurbish the pieces you already have rather than buying new ones.

With a little work, you can change the look of nearly any piece in a bathroom, such as:

  • Bathtubs. One homeowner was able to salvage an old, rust-stained tub by having it cleaned professionally. You can also fix surface damage to porcelain, cast iron, and fiberglass tubs by refinishing them. A DIY tub refinishing kit costs around $80.
  • Shower Enclosures. A tiled shower enclosure can look like new if you clean both tile and grout thoroughly. The grout may also need some patching in worn areas. To give it a fresher look, you can stain white grout a darker color. If you have acrylic or fiberglass shower walls, you can patch dented or cracked spots. A repair kit costs under $20.
  • Sinks. You can dramatically change the look of a sink by replacing the faucet. If the porcelain is cracked, you can repair it with either a porcelain repair kit or a two-part surface repair epoxy. Both cost less than $15.
  • Toilets. Rather than paying $100 or more for a new toilet, give yours a new look by replacing the toilet seat and lid for $30 or less. To add a touch of elegance, opt for a wooden toilet seat or soft-close model that doesn’t slam shut.
  • Cabinetry. You can save hundreds of dollars on cabinets by painting or refinishing the pieces you already have. If the doors are too damaged, replace them while keeping the cabinet boxes. According to HomeAdvisor, that typically costs $30 to $100 per door, not counting labor.
  • Floors. Like shower enclosures, you can refurbish tile floors by cleaning them thoroughly and replacing or staining the grout. If you have wood floors, you can have them professionally refinished for $3 to $8 per square foot, according to HomeAdvisor.
  • Walls. The cheapest way to change the look of your walls is to repaint them in a different color. If you have tile walls you don’t like, you can install new wood panels or beadboard wainscotting over the tile. At around $20 per beadboard panel, that’s cheaper than tearing it out and replacing it, and it lets you switch back to tile later if you want.

5. Use Paint Creatively

Just changing the paint color in your bathroom can make a surprisingly significant difference to its overall look. But you can do a lot more with paint than just roll it over a wall. Creative homeowners have used it for:

  • Textured Effects. You can give a wall a textured look by using two different colors. Start by giving the whole wall a base coat in one color. Then use a textured tool, such as a sponge, rag, or comb, to apply the second coat. We used a sponging-off technique in our bathroom to create a look similar to stucco.
  • Faux Wallpaper. Paint can give you the look of wallpaper with less money and effort. For instance, you can make your bathroom look larger by painting it with broad, horizontal stripes. Or use a stencil to create a pattern on the wall.
  • Faux Tile. You can also use paint and stencils on a wood or concrete floor to create the look of tile for less. Just use sturdy porch paint and three coats of polyurethane to stand up to the humid environment.
  • Real Tile. According to Sherman Williams, it’s even possible to paint over real tile. Clean the bathroom wall tile thoroughly, scuff it with sandpaper, and apply a water-based acrylic primer. Top it with a durable latex or urethane paint, and you have “new” tile without the hassle and expense of replacing the old tile.
  • Refinishing Fixtures. You can use enamel paint to salvage an old bathtub or spray paint and lacquer to change the finish of a sink faucet.

6. Use Cheaper Materials

There are limits to what you can do with paint. But there are many other ways to substitute cheaper materials for pricier ones and get the look you want for less. To stretch your dollars when renovating a bathroom, splurge on just one or two high-impact items, such as countertops or a clawfoot tub, and choose cheaper alternatives for everything else.

There are cost-effective alternatives for nearly every part of a bathroom remodel.

Walls

Tile costs a lot more than paint or paneling. To keep your costs down, limit your use of tile on the walls as much as possible. Use it only in areas that get wet regularly, such as the tub or shower enclosure.

For the rest of your walls, painted drywall is the cheapest alternative. However, wood panels can create a more interesting look at a lower price than tile.

Flooring

Bathroom flooring options fall into three price ranges. The cheapest options are laminate and vinyl, which can cost $1 or less per square foot. Wood and ceramic tile are midrange alternatives, and stone tile is the priciest flooring of all.

If you crave the look of stone, it’s often possible to get it with a cheaper ceramic. One inexpensive bathroom remodel covered by This Old House includes slate-look ceramic tiles that cost only $85 for the whole room.

Tub and Shower Enclosures

If you can’t refurbish your existing shower walls, the cheapest way to replace them is with large panels of fiberglass or acrylic. These cost as little as $100 each and are quick to install.

However, if you prefer the look of a tiled wall, go for porcelain or ceramic tile rather than pricier glass or stone. You can also save time and money by choosing larger tiles. These require less grouting, so you save on labor costs.

If you’ve fallen in love with a fancy designer tile, search for a cheaper look-alike. Alternatively, use the fancy tile as an accent, filling in most of the wall with a more affordable tile. Not only will you save money, but the expensive tile will stand out more.

As for the front of the tub or shower enclosure, a shower curtain is cheaper than a glass door and easier to install. It’s also easy to clean — just take it down and toss it in the washer. And you can easily swap it out any time you want to change the look of the bathroom.

Tub and Shower Hardware

If you need to replace your bath or shower handles, spout, and showerhead, it’s probably cheapest to buy them as a set. These sets, called trim kits, can cost as little as $100 to $200 each.

However, if the handles are still in good shape, it could be cheaper to keep them and replace the showerhead only. A good showerhead contributes a lot more to a satisfying shower than nice-looking handles. Many top-rated showerheads cost less than $50.

Countertops

A stone countertop for your vanity is cheaper than stone counters for your kitchen since it’s a lot smaller. But other options are much less expensive.

According to HGTV, the most affordable countertop choices are laminate and ceramic or glass tiles. Engineered stone and solid-surface countertops cost more, but they’re still cheaper than granite or marble.

If you really love the look of stone, there are several ways to get it for less:

  • Use Tiles. Tile your countertop using marble floor tiles instead of a slab. The DIY’ing Missouri couple used this method, paying just $9 per square foot for their marble tiles. With white grout, the joins are hardly visible.
  • Use Remnants. Ask local suppliers if they have any stone left over from a bigger job. These remnants are often cheaper than a whole slab, and you don’t need much to make a vanity top. If you’re using a contractor, you can ask them about remnants as well.
  • Try Prefab. If your vanity is a standard size and shape, you can save money by choosing a prefabricated slab. It’s cheaper than having a piece cut to size. But it limits your options for color and edge details.
  • Choose a More Affordable Grade. Natural stone slabs come in different grades. A slab with more imperfections costs less, and if the flaws are in the center — where the hole for the sink will go — they won’t even show.
  • Keep the Edges Simple. Stone and prefabricated countertop materials are cheapest with a plain beveled or bull-nose edge. You can save by choosing these edge finishes over a fancy ogee or waterfall edge.

Cabinetry

The cheapest type of storage for the bathroom is open shelving. You can create wall-mounted shelves with nothing but a plank of wood and some wall brackets. These can go on any empty wall, including behind the toilet, to use all the space in the room.

If you want to keep your bath supplies behind closed doors, stock cabinets are cheaper than custom cabinetry. You can also compromise between the two by choosing semi-custom, ready-to-assemble cabinets. This product lets you configure size and features to fit your space. But the more options you add, the more it costs.

As for cabinet materials, laminate or thermofoil cabinets are cheap and easy to clean. However, they can warp over time, so they may not save you money in the long run. You can save on wood cabinets by choosing pine, maple, oak, or alder over pricier mahogany, cherry, or walnut. If you prefer darker wood, you can buy cheaper pieces and stain them.

The style of the cabinets also matters. You save the most by choosing flat doors rather than doors with raised panels and drawers rather than pullout cabinets. Shop around to find brands of both cabinets and hardware that give you the look you want at the lowest price.

One inexpensive and trendy option for a vanity cabinet is to repurpose an old dresser. You can find dressers through secondhand sources like garage sales and Craigslist for much less than you’d pay for a store-bought vanity cabinet.

Toilets

Considering they all do the same job, there’s a surprising range in the price of toilets. As a rule, round toilets are cheaper than those with an elongated bowl, and two-piece toilets cost less than one-piece ones. Two-piece toilets take up more room and are a little harder to install, but they’re easier and cheaper to repair if they break.

One type of toilet to avoid is a wall-hung model with the tank recessed into the wall. This design saves space, but it’s harder to install and repair, costing you money.

It’s also worth considering water-saving toilets. These don’t cost significantly more upfront, and they save you money on your water bill over their lifetime.

7. Shop Secondhand

Another way to save on materials for your bathroom renovation is to buy them secondhand. The Missouri couple who created a luxury master bathroom on a $6,000 budget got nearly everything used, including a salvaged clawfoot tub, discarded cabinet doors from a kitchen and bath showroom, a scavenged marble scrap for a countertop, and a yard sale mirror.

Shopping secondhand isn’t as easy as going into a store and putting things in a cart. It pays to start early to ensure you have plenty of time to find what you want. While you’re still in the planning phase of your remodel, start checking secondhand sites for items that match your wish list.

Places to find secondhand materials include

  • Reuse Centers. If you have a reuse center in your area, you can find everything you need for your bathroom remodeling project there, from tile to light fixtures. When we redid our bathroom, we hit the Habitat for Humanity ReStore and found Italian ceramic tile for under $3 per square foot and a cultured marble sink and vanity top for $30.
  • eBay. You can find nearly anything on eBay, including bath supplies. The Texas homeowner who redid a powder room for $705 bought a sink, faucet, and light fixtures from online auctions for $390 total. Just remember to factor in shipping costs when buying online, especially since bath items can be heavy.
  • Craigslist. Check the for-sale section of your local Craigslist site for bath bargains. A quick search of the listings on my local group turned up plumbing fixtures, countertops, cabinetry, light fixtures, and even a ventilation fan.
  • Nextdoor. Nextdoor is a social media group designed to help neighbors connect. Members can buy and sell unwanted goods through the Finds section. Listings for bath pieces aren’t that common, but it’s worth a look.
  • Freecycle. Through the Freecycle Network, members give away unwanted items to people in their area at no cost. Check your local group for free stuff you could use as part of your bathroom remodel.
  • Flea Markets. Check out flea markets for antique pieces for your bath remodel, such as a clawfoot tub or an old-fashioned light fixture. Just don’t buy anything you can’t haul home since there’s no delivery service.
  • Antique Stores. Antique stores are another excellent source of vintage furniture and materials. But they’re likely to charge higher prices than other resellers.
  • Yard Sales. Shopping at garage sales is a hit-or-miss proposition. You can’t always find what you want, but when you do, the prices are terrific. The Missouri couple with the $6,000 master bath renovation made several affordable finds at yard sales, including a $35 etched glass mirror and a marble slab for just $1.
  • Your Own Home. Don’t hesitate to reuse materials left over from other projects in your bathroom renovation. Several homeowners profiled by This Old House reused leftover materials, including paint and beadboard.

8. Look for Bargains

If you can’t get all the materials for your bathroom secondhand, you can save by finding them on sale. For instance, one couple from New York found a cast-iron bathtub on sale for $350. Most new cast-iron tubs cost $1,000 or more.

The holiday season is an excellent time to find remodeling materials on sale. According to CabinetNow, the best seasonal sales on cabinetry occur on Black Friday and in the weeks before Christmas.

However, shopping sales isn’t the only way to find deals on new materials. One of the best ways to find bargains is to shop around. Comparison-shopping websites and tools can help you find the best prices when shopping online. Other money-saving browser extensions can help you find coupon codes to cut costs still more.

Also, don’t overlook discount sites like Overstock.com. This site offers everything you need for a bathroom renovation, from tubs to tile, at prices well below retail.

If you find reasonable prices for several products in one store, but its prices on other things you need are higher, find out if the store offers a price-match guarantee. If it does, you could get the best prices on everything you need at once without having to visit multiple stores.

Finally, if you buy a lot of materials from one place, ask about volume discounts. Home centers like Home Depot offer discounts on bulk sales. It’s primarily for professional contractors, but it can’t hurt to ask.


Final Word

A bathroom remodel doesn’t have to cost a small fortune. There’s no doubt that some upgrades, like a fully tiled walk-in shower or expanding the square footage of your master bath, can run into the tens of thousands of dollars. But with good planning and a little creativity, you can make your bathroom into a luxurious retreat on a much smaller budget.

Moreover, updating or adding a bathroom to your home is a home improvement project that adds value. According to the 2021 Cost vs. Value Report from industry publication Remodeling magazine, homeowners who remodel their bathrooms recover an average of 55% to 60% of the money when selling the home. And if you can manage to add the same resale value on a smaller budget, you can boost that percentage even more.

Do you have other rooms to redo? Check out our articles on budget kitchen remodels and basement remodels.

Source: moneycrashers.com

What Is a Carry Trade in Currency Markets?

Carry trade is a strategy used by some traders who invest in currency markets to take advantage of differences in interest rates. In a carry trade, an investor buys or borrows a security or asset at a low interest rate, and then uses it to invest in another security or asset that provides a higher rate of return.

Here’s what you need to know about how a carry trade strategy works and the risks associated with it.

What Is a Carry Trade?

In a carry trade, forex traders borrow money at a low interest rate in order to invest it in an asset with a higher rate of return. In the forex markets, the currency carry trade is a bet that one foreign currency will hold or increase its value relative to another currency. Of course, this strategy hinges on whether or not interest rates and exchange rates are in the traders’ favor. The wider the exchange rate between two currencies, the better the potential returns for the investor.

Recommended: What Is Forex Trading?

Even so, a carry trade strategy can be a relatively simple way to increase an investor’s returns, assuming they understand the difference in interest rates. In that way, it’s similar to understanding “spread trading” as they relate to stocks.

How Do You Execute a Carry Trade?

Carry Trade Example

Imagine that the US dollar has a 1% interest rate, but the British pound has a 2% interest rate. A trader could take 100 US dollars, and then invest that 100 dollars into the equivalent number of pounds (according to the exchange rate), and earn a higher return in interest. The discrepancy in interest rates allows traders to take advantage and earn higher returns.

This is a rather simplistic carry trade example, professional traders and investors can engage in complex carry trade strategies, and even employ the use of a carry trade formula to help them figure out expected returns, and whether the strategy is worth pursuing in a given situation.

Rather than simply buying one currency with another, traders often execute a carry trade that involves borrowing money in one currency and using it to purchase assets in another currency. In this scenario, traders want to borrow the money at the lowest possible interest rate, and do so using a weak or declining currency.

That can create higher profits when they close the deal and pay back the borrowed money. In general, carry trade is a short-term strategy, rather than one focused on the long-term.

Recommended: Short-Term vs Long-Term Investments

Is a Carry Trade Risky?

The concept of a carry trade is simple, but in practice it can involve investment risk. Most notably, there’s the risk that the currency or asset a trader is investing in (the British pounds in our previous example) could lose value. That could put a damper on a trader’s expected returns, as it would eat away at the gains the difference in interest rates could provide. Currency prices tend to be very volatile, and something as mundane as a monthly jobs report released by a government can cause big price changes.

The greater the degree of leverage an investor uses to execute a carry trade, the higher the potential returns–and the larger the risk. In addition to currency risk, the carry trade is subject to interest rate risk. Given the risks, carry trades in the currency markets may not be the most appropriate strategy for investors with a low tolerance for risk.

The Takeaway

Carry trades are one way for investors or traders to generate returns, although the approach involves some risks that aren’t present in other types of investment strategies. While the carry trade concept is straightforward, it can quickly get complex when institutional investors put it in place.

If you’re ready to start investing in less complicated investments, a great way to start is by opening an account on the SoFi Invest® brokerage platform, which allows you to buy or sell stocks, ETFs, trade crypto and more.

Photo credit: iStock/akinbostanci


SoFi Invest®
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3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
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Source: sofi.com

15 Ways to Save Money Landscaping Your Yard

If you have a yard, you’ve probably daydreamed about what you want it to look like someday. But landscaping costs keep many homeowners from breaking ground.

Whether you want to improve your curb appeal, make your yard more functional, or plant your own botanical oasis, landscaping doesn’t have to be expensive. With a little creativity and forethought, you can have the outdoor space you’ve always wanted without emptying your wallet.

Landscaping Tips to Save Money on Outdoor Living

You don’t need to hire a professional landscaper to have a beautiful backyard. You just have to get your hands dirty. From planting perennials to making your own compost, homeowners have many options when it comes to saving on landscaping costs.

1. Choose a Purpose for Your Space

How you plan to use your outdoor space determines how you landscape it. Decide whether you want to tailor your landscape design to:

  • A play area for kids or pets
  • An outdoor dining and lounging area for yourself and guests
  • A productive herb or vegetable garden
  • A butterfly or bee garden

You can choose more than one, budget and space permitting.

But knowing how you plan to use your yard allows you to make a budget and avoid overspending on unnecessary purchases. It also helps you determine where you can cut costs and what your most significant expenses will be, such as putting in sod or building a ground-level deck.

2. Work With Your Yard

Work with the yard you have instead of trying to create something completely different. For example, if you have large, naturally occurring rocks and boulders in your yard, having them moved costs a lot of money. Rather than paying for removal, work around them by turning them into a rock garden or using flowers and mulch to create an attractive feature piece.

The more you need to change your yard, the more costly landscaping becomes. Uprooting trees, leveling terrain, and relocating rocks are all expensive endeavors. Instead of making your yard into something it isn’t, work with what you have.

3. Salvage Existing Wooden Fencing or Decking

Fences, decks, and patios are crucial components of many yards. And without proper maintenance, they can fall into a state of disrepair. But just because your outdoor wooden structures are looking a little worse for wear doesn’t mean you can’t salvage them for your new landscaping project.

Rather than spending a fortune on replacing an old fence or deck, fix it yourself by:

  • Repairing or replacing damaged and broken boards
  • Pressure-washing aged wood and chipping paint
  • Giving everything a good scrub
  • Applying paint or stain and waterproof sealant
  • Maintaining it each year

A quick trip to a home improvement store like Home Depot to rent a pressure-washer or buy some sealant is bound to cost a lot less than paying a contractor to rebuild your outdoor structure.

4. Choose Fence and Deck Materials Based on Climate and Need

Sometimes, salvaging your wooden fence or deck isn’t practical in the long run. If you need to replace or rebuild a fence, deck, or patio, save some money down the road by choosing materials suited to your climate.

For example, in areas where it’s either particularly hot or humid, wooden structures often need to be maintained and replaced more frequently since they’re constantly exposed to harsh elements like the sun or rain, which can damage and destroy them.

Instead, explore options with a longer lifespan, like brick, concrete, composite, vinyl, or metal. Do a cost-benefit analysis to determine how much you could save in the future for maintenance and replacement costs by choosing an alternative to wood.

5. Use Natural Elements

Found natural elements like rocks and stones are inexpensive alternatives to store-bought pavers and edging. You can also use tree stumps as stools or tables and natural mulch like grass clippings, shredded leaves, or pine needles in your flower beds.

These elements add a rustic and natural appeal to your yard and come at little to no cost. Pick up free rocks in new housing developments or by browsing online marketplaces like Craigslist and Facebook Marketplace. Repurpose dead trees by turning them into furniture. And simply empty your lawn mower bag for free mulch.

6. Create a Lush Lawn

If you have sparse grass coverage or weeds have overtaken your yard, you need to put in some work to grow a healthy lawn. But you don’t need to hire an expensive landscaper to bring your grass back to life. You can take care of weeds by pulling them by hand or using a lawn-friendly weed killer.

For dead or thin grass, try reseeding your lawn to bring it back to life. You can also promote its growth using a high-quality fertilizer, which can also help kill weeds.

Just ensure it’s a match for your soil type and United States Department of Agriculture plant hardiness zone, a measure of a region’s climatic conditions (such as heat and humidity) that helps gardeners determine the likelihood of a plant’s growth and survival.

Local home improvement stores and garden centers only carry plants and materials suited to your zone, so if you buy locally instead of online, you can find products suited to your zone without much effort. And you can always ask a store employee for assistance with choosing materials for your soil type.

If your lawn is too far gone, you may have to plant new grass, which takes a lot of time and effort. It involves stripping your old grass, laying down landscaping fabric and topsoil, and seeding or putting in squares or strips of pre-grown grass, which is called sod.

You can hire a landscaper to install it for you, but doing it yourself can potentially save a lot of money. According to Angi (formerly Angie’s List), it costs between $0.35 to $0.85 per square foot on average to buy sod, depending on what type of grass you get and prices in your area. You also may need to purchase fertilizer, landscaping fabric, and topsoil and rent equipment to grade the lawn.

Hiring a landscaper costs between $1 and $2 per square foot. So doing it yourself could potentially save you several hundred dollars. But it may not be worth it.

Angi also notes that it takes around 40 hours of work, though Home Depot says it only takes two to four hours. Either way, cutting corners could prevent your grass from taking root, costing you more money in the long run. So if you aren’t confident in your abilities, it may save you money to have a pro do it. Get some estimates from professionals and compare the costs of DIY.

Regardless of the state of your lawn, getting it back into tip-top shape is key to having a front yard with curb appeal or a backyard oasis.

But keep maintaining it after you complete your landscaping project. Just like most front yard and backyard landscaping, slacking on lawn care only costs more money in the long run. If you don’t stay on top of grass and weed issues each year, your lawn only gets worse with each season. Remember to weed, seed, fertilize, and water your grass to keep yourself from having to pay for extensive and expensive renovations in the future.

7. Landscape With Native Plants

Native plants are the plants that grow naturally in your hardiness zone. Native plants tend to thrive in your climate and soil, which means they’re low-maintenance and easy to grow, unlike potentially finicky nonnative plants.

Because native gardening often requires less maintenance, it helps save on costs for things like fertilizers, pesticides, and water while still growing healthy and strong. It’s particularly useful for novice gardeners since it can prevent you from wasting money on plants that aren’t suited to your soil or zone or take a lot of extra effort to grow.

As a bonus, they also attract birds, bees, butterflies, and wildlife since they provide familiar shelter and natural diets to various creatures in your region.

You can find native plants by perusing the Native Plant Database or talking to someone at your local plant nursery.

8. Plant Perennials

Unlike annuals, which only bloom for one season, perennial plants come up each year. For example, bulbs like crocuses, daffodils, and irises are typically perennials and sprout each spring. Perennials can also be herbs, ground cover plants, fruit bushes, and vegetables.

Because you only have to plant perennials once, you don’t have to purchase new flowers or plants each year. And they tend to multiply, so over time, you can separate the plants and bulbs and use them in other parts of your garden or trade them with others.

9. Plant From Seed

If you’re growing a garden or flowers, planting from seed rather than buying established plants and sprouts is a lot cheaper, although it requires more work on your part. For example, a packet of basil seeds typically costs between $1 and $3 compared to a single basil plant, which can cost anywhere from $5 to $15, depending on the variety. However, seeds can take anywhere from a few days to a few weeks to sprout.

You can either sow seeds directly into the ground or start them indoors based on their growing season and germination period.

If you choose to grow indoors, you must purchase some supplies upfront, like starter trays, a grow light, and a growing medium. But you can reuse many of these tools each year, saving you from buying it again each season.

If you plant them outdoors, you just need a garden bed or planter and some soil.

10. Build Your Own Garden Beds

Flower beds and veggie gardens are simple DIY landscaping projects. Putting in a new garden doesn’t have to be complicated or expensive. You can use flower beds or planters around trees or features as natural edging or start a simple herb or vegetable bed in an unused corner of your yard. Some popular options include raised planting beds and container gardens.

Depending on lumber costs and whether you can make one from found wood or old containers you already own, DIY planting beds can be much more cost-effective than buying prefabricated beds. And they’re definitely cheaper than hiring someone to build them for you. That’s especially true if all you want is something simple to house your veggies or keep flowers from spreading.

For more information on using found containers or repurposed materials as plant beds, read our article on saving money on gardening.

11. Join (or Start) a Plant Swap

Plants are probably part of your landscaping plan, whether you’re planting ornamental grasses, succulents, flowers, herbs, or veggies. Unfortunately, plants come with price tags — unless you join or start a local plant swap or seed exchange.

In a plant swap, local gardeners and plant enthusiasts trade their extra seeds or propagated plants. They give you a chance to diversify your garden for free as long as you have sprouts, seeds, or established plants of your own to barter with. Seed exchanges are also sometimes offered as part of the non-book-related free services at public libraries.

You’ll also meet fellow green thumbs who can offer tips and landscaping ideas that may help you to save money and have a more successful garden.

12. Buy Trees Late in the Season

Depending on what type you want and how common they are in your area, trees can come with hefty price tags, especially during peak gardening and landscaping season.

But unlike many flowers, herbs, and vegetables, you don’t have to plant trees early in the growing season. And if you wait, you can save big.

Many garden centers and nurseries offer discounts as the season progresses, with the most significant being in the late summer and early fall. And as long as you get your tree in the ground with enough time to establish roots before winter, waiting a month or two to buy and plant it doesn’t do any harm.

13. Make Your Own Compost

Compost does wonders for your garden. It helps improve your soil structure and fertility and provides beneficial nutrients.

Instead of spending money buying compost to boost your garden beds’ productivity and health, save money, reduce your waste, and help the environment all at once by making your own in a compost heap in your yard or composting container by using discarded organics like kitchen waste and grass clippings.

14. Build a Fire Pit

Fire pits are a popular garden idea that adds to the atmosphere and usability of your yard. They’re perfect for enjoying cool summer evenings and roasting marshmallows. But when purchased from a retailer, they can cost a lot of money.

Instead of buying a fire pit, build your own using rocks, bricks, concrete, or metal. Depending on the materials you use and the size of your fire pit, it could cost you less than $100 to build.

Just ensure you’re legally allowed to have one and that it meets your city’s rules and regulations. For example, most fire pits have to be a certain distance from buildings and permanent structures like fences and sheds.

15. Buy in Bulk

One of the best landscaping tips is buying in bulk to reduce your costs for supplies like soil, mulch, sand, river stones, and crushed rock. If you’re planning a large-scale yard renovation or soil amendment, calculate how much material like soil, rock, and mulch you need and put in a large order instead of making multiple one-off trips to the garden center.

Save even more by asking your neighbors if they need anything and split delivery costs on the order.


Final Word

Landscaping your yard can improve your home’s outdoor living experience and motivate you to spend more time outside. And it doesn’t have to break the bank. You can have a beautiful and inviting yard while keeping costs low.

To keep enjoying your yard year after year, continue maintaining it regularly by seeding, fertilizing, and weeding the lawn; tending to plants and trees; and repairing and sealing fixtures like fences and decks. That will keep you from having to take out a personal loan just to cover landscaping costs in the future.

Source: moneycrashers.com

14 Best Grocery Coupon and Cash-Back Apps to Save Money

According to the United States Department of Agriculture, U.S. households spent 9.5% of their disposable income on food in 2019, with 4.9% being for food at home. Additionally, grocery store prices also saw a 3.5% increase between 2019 and 2020.

There’s nothing you can do to avoid food spending altogether. But you certainly don’t have to pay full price the next time you shop. There are numerous ways to save money on groceries, and you don’t need to sacrifice products you enjoy to find savings.

One effective way to reduce grocery costs is to use your smartphone. Apps that help you save on groceries have grown in popularity, which is excellent news for any frugal shopper. The next time you restock your kitchen, download a few money-saving grocery apps before heading out the door to start saving more.

The Best Apps to Save Money on Groceries

There are several app categories that help reduce grocery spending. Mobile coupon apps, grocery-store apps, and various cash-back rewards programs are popular examples. Using a combination of these apps and looking for in-store deals, you can maximize every dollar you spend on groceries.

1. Grocery Store Apps

The best way to save money on groceries is often to use store apps from your favorite grocers. Many supermarkets highlight in-store deals and coupons through a mobile app. Some stores even have loyalty programs that link to your mobile account, letting you redeem savings at the register.

Some of the best grocery store apps that have coupons and reward programs include:

If you stack a store rewards card with mobile coupons and deals, it’s even better. For example, if you do most of your grocery shopping at Kroger, you can sign up for the rewards debit card to save 2% on Kroger brands and earn fuel rewards. Target also has a mobile app that highlights coupons and store promotions, and you can shop with a Target RedCard to get 5% off most in-store and online purchases.

Between in-app coupons and your rewards card, you’re already starting to reduce your grocery bill without having to change stores.

2. Coupons.com

Coupons.com is a popular couponing website that’s essentially a database of free printable coupons and online promo codes. On the website, you can find and print coupons for a range of categories, including:

Coupons.com usually limits you to printing one or two of each coupon. It’s still an effective way to save, but if you want to earn rewards for grocery shopping, the Coupons.com app for Android or iOS is also worth using.

If you were a fan of SavingStar, Coupons.com acquired them in 2020. As such, through Coupons.com’s app, you can now earn cash-back rewards for buying specific offers, including groceries.

Simply activate rebates in the app by tapping on them, shop, and then take a picture of your receipt with the app to earn cash back. Alternatively, link store loyalty cards from companies like Publix or Safeway to automatically earn cash back for eligible purchases.

Unlike many reward apps, Coupons.com doesn’t have a minimum redemption requirement. You get paid through PayPal, and between paper and online coupons and cash-back rewards, Coupons.com is a comprehensive tool to save on groceries and everyday essentials.

3. Ibotta

Ibotta is another way to earn cash-back rewards for buying specific products from Ibotta partners. The app doesn’t focus on groceries. It also has deals for categories like health and beauty, travel, entertainment, and sports. But grocery delivery and rebate deals are still a significant portion of available offers.

Ibotta partners with more than 300 retailers, including grocery stores like Kroger, Meijer, Walmart, and Whole Foods. You can also find Ibotta deals at warehouse stores like Costco and Sam’s Club.

Saving money with Ibotta takes four simple steps:

  1. Find Offers. Like other receipt-scanning apps, you preselect rebates before shopping. You can find rebates under the “find offers” tab within Ibotta and search by categories to narrow your search to groceries.
  2. Shop. After you select rebates, you’re ready to shop. Check Ibotta offers for any specific terms to ensure you buy the right brand, size, and quantity. Rebates often have specific requirements, and your purchase won’t credit if you make a mistake.
  3. Verify Purchase. Snap a photo of your receipt with the Ibotta app to verify your purchases.
  4. Redeem Cash Back. Ibotta deposits cash into your rewards account within 48 hours of submitting proof of purchase. You can cash out after reaching $20. Cash-out options include PayPal, Venmo, and gift cards to companies like Amazon, Starbucks, and Target.

Ibotta also lets you link store loyalty cards to your account to automatically earn for eligible purchases so you can skip selecting rebates. Loyalty card linking works at over 100 stores, including Hannaford, Meijer, and Wegmans.

Like other cash-back reward apps, it’s best to stack rebates with other discounts, like coupons or a cash-back credit card. For example, if you find an Ibotta rebate for $0.75 off Cliff Bars at Walmart, look for manufacturer coupons or Walmart store coupons for extra savings. If you then shop with the Capital One Walmart Rewards credit card, you’re maximizing your savings for that product.

It might take a few grocery trips to reach the $20 cash-out minimum. But Ibotta has some of the best offer variety and highest-paying rebates in the grocery rewards app industry, so it certainly has worthwhile saving potential.

Read our Ibotta review for all the details.

4. Fetch Rewards

Fetch Rewards is another receipt-scanning app for Android and iOS that works almost exactly like Ibotta. But while many Ibotta offers require shopping at a specific store, Fetch Rewards only requires buying specific brands to earn points. That means you can shop at your grocery store of choice without having to drive around town or miss out on offers from stores you never shop at.

Fetch Rewards partners with brands in several categories, including groceries, cosmetics, magazines, alcohol, and baby products. But groceries at the largest category, including recognizable brands like:

  • Betty Crocker
  • Heinz
  • Hershey’s
  • Knorr
  • Kraft
  • Oscar Mayer
  • Pepsi
  • Sabra
  • Yoplait

Once you purchase products from a Fetch Rewards partner brand, you take a picture of your receipt with the app to verify your purchase. Points credit in your Fetch Rewards account after the receipt processes, which typically takes a few hours. You can redeem points for dozens of free gift cards, including Amazon, CVS, Burger King, Dunkin’, Old Navy, and Target.

Receipts that have at least one participating brand pay a minimum of 50 points, or $0.05. Additionally, Fetch Rewards has a page where you can find higher-paying special offers that pay bonus points. For example, special offers might pay 2,000 points ($2) for buying a pack of Tyson chicken breast or 1,000 points ($1) for buying McCain frozen smile potatoes.

One advantage of Fetch Rewards is that you only require 3,000 points, or $3, to redeem many gift cards. Realistically, that means you can enjoy your first reward within a shopping trip or two, depending on how many eligible brands and special offers you buy.

You won’t score massive discounts with Fetch Rewards, but it’s another simple app to save money on groceries if you don’t mind scanning your receipts. The redemption minimum is also one of the lowest out of all reward apps.

Read our Fetch Rewards review for more information.

5. Checkout 51

Another way to turn grocery receipts into cash rewards is to use Checkout 51, a free grocery rewards app for Android and iOS.

With Checkout 51, you select rebates before shopping and upload receipts for proof of purchase. You can also link loyalty cards to your account from over a dozen partners, including Dollar General, Hannaford, H-E-B, Meijer, and Publix. It’s fairly similar to other reward apps.

However, Checkout 51 focuses on groceries for rebates and works at hundreds of stores, including:

  • Aldi
  • Albertsons
  • BJ’s Wholesale Club
  • Costco
  • Kroger
  • Meijer
  • Publix
  • Walmart
  • Whole Foods
  • Winn-Dixie

Additionally, Checkout 51 has a pick-your-own-offer section where you choose grocery essentials like bread, eggs, and produce to earn cash-back rewards for buying. These rewards usually range from $0.25 to $1, but it’s nice to reliably earn cash back on grocery essentials alongside specific products from brand partners.

Checkout 51 offers update every Thursday at 12am. So during the week, you might find that certain offers disappear as more shoppers claim them. That means it’s essential to check for new rebates on Thursday morning, select them, and shop that day to earn rewards. (Don’t wait for the weekend since grocery prices are higher on the weekends and sales usually happen on Wednesdays and Thursdays.)

Overall, Checkout 51 rebates are competitive, and you can redeem many offers multiple times, which is useful if you bulk-shop. Checkout 51 has a $20 cash-out requirement and pays through check. PayPal payments are also coming to the app and are currently in testing.

Reward variety is a downside for this app, but grocery-specific rebates and offer variety still make Checkout 51 one of the best grocery rewards apps around.

Read our Checkout 51 review for all the details.

6. Receipt Hog

If you’re already saving receipts to scan with other apps, add Receipt Hog to your smartphone.

With Receipt Hog, you turn everyday receipts into rewards just by taking a photo of your receipts with the app. But the type of receipt you upload determines the reward you earn:

  • Coin Receipts. Earn coins for uploading receipts for grocery stores, pharmacies, pet stores, dollar stores, supercenters, convenience stores, and alcohol stores. Coins are redeemable for free Amazon gift cards and PayPal cash.
  • Spin Receipts. Receipt Hog has a slots game where you can earn bonus coins or cash prizes for getting lucky. Spin receipt categories include apparel, department stores, home goods, office supplies, and electronics. Spin receipts don’t pay coins, so you have to get lucky to earn with this receipt type.
  • Sweepstake Receipts. Every receipt you scan grants you one entry into a monthly sweepstake where Receipt Hog gives out additional coins and cash prizes. You can also upload receipts from gas stations, restaurants, bars, and cafes for additional sweepstake entries.

Coin receipts are the most common type of receipt. You need 1,000 coins to redeem a $5 reward. Typically, receipts pay between five to 100 coins, with more expensive receipts paying a higher number of coins.

Realistically, it takes dozens of receipts to earn a $5 reward unless you get lucky on the slot game. But if you’re already scanning receipts with other apps, the extra 30 seconds of using Receipt Hog helps you save even more. And for non-grocery receipts, Receipt Hog provides the chance to at least earn something for scanning them versus throwing those receipts out.

Plus, there’s always the chance you get lucky with the slots or monthly sweepstake and earn a few hundred dollars’ worth of bonus coins.

7. The Coupons App

The Coupons App is a free couponing app that’s available for Android and iOS. While the app isn’t exclusively for grocery coupons, it’s still an immensely valuable tool to save on groceries and everyday shopping.

The app works with hundreds of retailers and lets you search, save, and use coupons right from your smartphone. You can also search for local deals and enable notifications to alert you when a nearby retailer has couponing opportunities.

But if you’re looking for an app to save money on groceries, The Coupons App has you covered. Several notable retailers the app regularly has coupons for include:

  • Aldi
  • Costco
  • Dollar Tree
  • Family Dollar
  • Kroger
  • Publix
  • Safeway
  • Walgreens
  • Walmart
  • Whole Foods

Mobile coupons and weekly ads update daily to keep you in the loop about in-store deals. You can also create a grocery list within the app with the corresponding coupons you plan to use. If you frequently buy the same brands, you can set up tracking to receive brand-specific coupon notifications to ensure you don’t miss out on savings.

Other features include a gas-finder tool to save money on gas, an Amazon price tracker, and weekly cash giveaways.

The grocery list tool coupled with brand-specific coupon alerts is a useful money-saving combination. At the very least, it’s worth recreating your existing grocery list on The Coupons App and tracking coupons so you can passively collect coupons for your favorite brands.

8. Flipp

Flipp brands itself as an all-in-one savings app and says users save an average of $45 per week. That translates to over $2,000 in annual savings, which is quite a bold claim for a free app to make.

But if you want to save money on a tight budget and maximize grocery store savings, Flipp is worth downloading. The app lets you browse thousands of digital flyers from more than 2,000 retailers to find weekly deals to build your grocery list with.

Plus, Flipp has several other money-saving features:

  • Add Loyalty Cards. Save store loyalty cards to access during checkout to ensure you always earn points.
  • Mobile Coupons. Find and save coupons to your store loyalty cards for easy use at checkout.
  • Find Deals. Search for weekly flyer deals and trending offers on categories like groceries, household essentials, and electronics.
  • Shopping Lists. Create a grocery list or general shopping list. Flipp automatically finds any corresponding deals for the products you add.
  • Price Matching. Since Flipp provides access to thousands of flyers, you can search for specific products and compare prices between retailers. That makes it easy to price-match at checkout if the store allows price matching.

The price-matching feature is what makes Flipp so powerful. It’s difficult to manually track weekly flyers to find the best deals in town. With Flipp, all you have to do is search for specific products and compare flyer prices to see if there’s an opportunity to price-match.

For example, if you find strawberries are cheaper at Walmart but you prefer shopping at a nearby Target superstore, use Flipp to show the Walmart flyer and strawberry price when cashing out at Target. Since Target matches prices with Walmart on identical regularly priced products, you save money. It also lets you shop at your favorite store without worrying about missing deals at a grocery store across town.

Flipp is available for Android and iOS. Popular Flipp retailers include Kroger, Walmart, Meijer, and Family Dollar, but it also works at dozens of other superstores, grocery stores, and drugstores.

It takes some time to look through the app for coupons and price-matching opportunities. But even using Flipp’s weekly ads section to find in-store deals at your favorite grocery store helps you save money without much effort.

9. Coupon Sherpa

If you want a grocery coupon app that keeps things simple, Coupon Sherpa is a perfect choice. This free app lets you access thousands of mobile coupons while on the go, and there are also hundreds of grocery coupons available at any given time.

Coupon Sherpa also lets you search for nearby stores with available coupons or search for store-specific coupons. These features are handy when planning an upcoming grocery trip, and the in-app coupon map highlights local stores with the most couponing opportunities for the day.

Coupons scan at the register from your smartphone, and there are online-only coupon codes as well. Popular grocery stores Coupon Sherpa usually has coupons for include:

  • Aldi
  • Albertsons
  • Food Lion
  • Kroger
  • Meijer
  • Publix
  • Wegmans
  • Whole Foods

You won’t find extra features like weekly sales flyers or cash-back rewards, but that’s not Coupon Sherpa’s strength. Instead, Coupon Sherpa helps experienced and novice couponers quickly access coupons while on the go, ultimately saving time and money.

10. BeFrugal

If you want the best of both worlds when it comes to coupons and cash-back rewards, BeFrugal is a must-use resource for savvy shoppers.

In terms of grocery coupons, BeFrugal partners with Coupons.com to provide a database of printable coupons. You can also access weekly ad flyers to find deals at companies like:

  • Dollar General
  • Family Dollar
  • Meijer
  • Shop ‘n Save Food
  • Target
  • Walmart

Admittedly, the coupons and flyer selection on BeFrugal isn’t incredibly comprehensive. However, according to BeFrugal, you can earn up to 40% cash back at more than 5,000 stores, which is what makes this platform stand out.

Earning cash back is also simple. Once you create a free BeFrugal account, you browse the website or Android and iOS app to find brands to shop. When you want to shop at a partner store, BeFrugal redirects you to their website. After you make a purchase, you earn cash back. If you use Rakuten, another popular cash-back rewards website, it’s the same process.

Cash back accumulates in your BeFrugal account once the retailer verifies your purchase, which typically takes around seven days. You withdraw cash back through check, direct deposit, PayPal, or Venmo or choose free gift cards to retailers like Amazon, Kohl’s, Starbucks, and Walmart. There’s no minimum requirement for direct deposit, PayPal, and Venmo. Most electronic gift card rewards start at $5. Cashing out by check requires $25.

Some notable grocery partners include:

  • Instacart
  • Postmates
  • Sam’s Club
  • Target
  • Walgreens
  • Walmart

Instacart and Postmates are notable because online grocery shoppers can also use BeFrugal to earn cash back. Plus, new BeFrugal members get a $10 sign-up bonus if they earn cash back within one year of joining.

If you’re only looking for grocery coupons, other mobile apps are better choices. But for online grocery delivery and other online shopping, BeFrugal is a reliable way to score cash-back rewards and save. At the very least, use the $10 bonus to offset some of the delivery cost.

11. Mealime

One common way to overspend on groceries is to let good food go to waste.

According to a 2020 study published in the American Journal of Agricultural Economics, the average U.S. family wastes an astonishing 31.9% of the food they buy. That translates to annual U.S. consumer food waste of approximately $240 billion (about $740 per person). And every time you waste food, you waste money, which also offsets any progress you’re making with your grocery savings.

Food waste is either a sign of overspending or a lack of meal planning. If you want to reduce food waste, the first step is to understand what’s in your kitchen and utilize every ingredient.

Thankfully, Mealime helps you stay on track with recipe planning, letting you shop efficiently. With Mealime, you plan weeks of meals in just a few minutes and can choose recipes to fit over 200 different preferences and dietary restrictions. You can also add your own recipes by importing recipes from website URLs, using the Mealime browser extension, or entering ingredients and directions manually.

Once you create a meal plan, a grocery list automatically generates to save even more time. Plus, since Mealime knows how many people you’re cooking for, its grocery lists reduce food waste by making sure you don’t over-shop, saving more money per year.

Mealime is available for Android and iOS. Most features are free, and the $5.99-per-month pro version provides nutritional information and exclusive recipes and lets you view your previous meal plans.

Ultimately, Mealime isn’t as comprehensive as meal-planning services like $5 Dinners that send out weekly hand-picked recipes to suit your tastes. But if you’re confident in the kitchen and want to simplify grocery shopping and avoid wasting food, Mealime is the perfect app.

Even reducing your food waste costs by $10 per month is $120 in annual savings. And you can take comfort knowing you’re being a more socially responsible consumer.

12. SnipSnap

If you currently shop with paper coupons, SnipSnap is the perfect solution to simplify your life and to avoid forgetting coupons at home.

Once you download SnipSnap for Android or iOS, you take pictures of your paper coupons to transform them into digital coupons on your phone. You don’t have to waste time clipping coupons, and SnipSnap can digitize any printed coupon offer you have.

Additionally, SnipSnap has other helpful features:

  • In-Store Reminders. SnipSnap sends a push notification if you enter a store and have eligible coupons you can use.
  • Discover Feature. If you don’t have coupons, the discover tab lets you snip coupons from SnipSnap’s featured coupon catalog. You can also search its database to find store-specific coupons.
  • Expiration Warnings. SnipSnap notifies you when your coupons are close to expiring.
  • Store Success Rating. Check coupon success scores for different retailers to gauge how easy it is to redeem coupons at various retailers.

The in-store reminders feature is handy since it helps ensure you use as many coupons as possible when you shop, saving you more money. Plus, you can find digital coupons to avoid printing coupons, saving you money on ink.

Ultimately, SnipSnap is the modern version of a coupon book.

13. Dosh

One downside of many rebate apps is that you have to preselect products before shopping to earn rewards. That requires time, and if you forget to preselect offers before shopping, you don’t earn a penny.

Thankfully, Dosh takes the traditional rebate model and makes it passive. Once you link the credit and debit cards you shop with to your Dosh account, you automatically earn cash back for shopping at hundreds of Dosh partners. There’s no need to preselect offers or scan receipts since Dosh monitors your spending once you link your cards.

Dosh also works with popular grocery stores, warehouse clubs, and supplement stores like:

  • GNC
  • Instacart
  • Kroger
  • Sam’s Club
  • Target
  • Walmart
  • Uber Eats

Additionally, Dosh partners with numerous fast-food chains, clothing stores, and cosmetics companies and adds new partners regularly so you can earn for a variety of purchases.

You withdraw cash back once you reach $25. Redemption options include direct deposit, PayPal Cash, and Venmo. Cash-back rewards vary between brands and are subject to change. But you typically earn an additional 1% to 2% from most partners. Dosh rewards are also stackable with cash-back credit card rewards and coupons.

Exclusively shopping for groceries with Dosh means it will likely take months to reach $25. But if you use linked cards for all your spending, you can reach the $25 redemption minimum more quickly.

Dosh is free for Android and iOS. If you want a humble source of passive income that helps you save money on groceries and everyday purchases, Dosh deserves a spot on your smartphone.

Read our Dosh review for more information.

14. Shopkick

Shopkick is a mix between a rewards app and mystery shopping side gig. With Shopkick, you earn kicks, the in-app point system, by completing various tasks, including:

  • Walking into specific stores
  • Purchasing certain products and uploading a receipt with the Shopkick app
  • Scanning product bar codes
  • Watching videos
  • Shopping online through the Shopkick app
  • Linking your credit card to Shopkick and making purchases at eligible stores

A typical grocery trip with Shopkick might have several opportunities to earn. For example, you earn 15 kicks for walking into a Walmart, 10 kicks for scanning the bar code for Huggies diapers, and 120 kicks for buying a Shopkick offer of Jack Link’s beef jerky.

It takes 250 kicks to get to $1, and you can redeem most rewards at 500 kicks. Shopkick lets you redeem kicks for PayPal cash or free gift cards to retailers like:

  • Amazon
  • Best Buy
  • eBay
  • Nike
  • Sephora
  • Starbucks
  • Target
  • Walmart

Rebate apps like Ibotta and Checkout 51 usually have higher-paying offers than Shopkick. But Shopkick is unique because you can earn rewards without spending money through tasks like walking into stores or scanning bar codes. If you want a versatile and potentially free way to save on groceries, you can stack Shopkick with other rewards apps to earn rewards even faster.


Final Word

The most effective ways to save money on groceries start at home. Creating a family meal plan, reducing food waste, and getting creative with leftovers can help you make the most of what you buy. If you also shop at less expensive grocery stores, like Kroger instead of Whole Foods, you’re also taking steps to cut costs.

But apps that help you save money on groceries are worth using. You also don’t have to download every grocery app that’s out there. Diligently using one rewards app is better than downloading several apps you never open.

Pick one or several grocery apps that catch your eye and take an evening to create accounts for them.

You can also get creative and try other methods to save money at the grocery store and beyond. For example, GetUpside lets you earn cash back on gas and select grocery stores. Similarly, if you order groceries or meal delivery kits online, you can earn cash back by shopping with Rakuten.

Over time, you’ll discover which apps work best for your area and favorite stores and avoid paying full price ever again.

Source: moneycrashers.com