Money Saving & Investing Tips

A mindset shift won't make that balance smaller, but it can help you stay motivated in the long run.

Here's what an accountant wants you to know.

Without scaring the both of you.

This year was a major reminder that unexpected things can happen, and that it helps to be financially prepared when they do.

Yes, there is a point to having savings.

Aka through a $14,000 emergency.

According to experts.

Experts weigh in on how to make the conversations easier.

Don't wait until the end of the year to do your taxes.

She gave us her honest answers.

Each one is designed to change the way you act or think to give you a little leg up on deciding where your money goes day after day and year after year.

Pinterest’s latest report proves that many people are focusing on that side of wellness in 2020.

If you’re a parent of adult children, you’ve seen the headlines by now: Grown-up kids are moving back in with their parents at record rates. While there are many important considerations involved in the big picture of why this is happening—including the disparity in how wages and inflation have risen—the core of the decision is often to save money.

‘Tis the season for filing taxes and more importantly, receiving your tax refund. But before you go and blow it all on a trip to Tulum or a pricey pair of shoes—guilty!—you may want to consider some more productive ways to use your tax refund. We called on financial advisor Douglas A. Boneparth, CFP and President of Bone Fide Wealth for advice on how to smartly use our tax refunds, no matter how big or small the amount. But first: savings.

My dad was frequently unemployed while I was growing up. When he had a job as a software salesman, things were pretty bountiful in our household: We’d go on vacation, build a playhouse, have another sibling join the family, etc. But it always seemed that right after we’d get used to living in “boom times,” he’d get laid off. And since my mom chose to stay home and homeschool us, there wasn’t money coming in when my dad wasn’t working.

Lists help us get things out of our heads, and for that alone they’re useful. If you’re ever feeling overwhelmed and scattered, practicing a “brain dump” of all your swirling thoughts will help restore order and clarity to your addled mind. And while there’s potency in the act of making a list itself, putting purpose behind the list can make it even more powerful.

Sometimes, no matter how much you try to budget, saving money just seems impossible. But what if we told you we’d discovered a brilliant, but oh-so simple, money-saving method, that could add up to some serious moolah? The trick: Take every $5 bill you come across and pocket it.

The countdown to buying your first home is innately defined by one thing: the balance in your savings account. Unlike car loans and the too-expensive shoes you put on your charge card, you can’t exactly buy a home with zero money down, so most people who have their sights set on homeownership begin by saving for a (sizeable) down payment.

It’s funny how buying a home became known as “The American Dream,” because for decades, it wasn’t a dream at all. Just a few generations ago (basically: your grandparents), buying a house in your 20’s was just reality. I love this story from Relative Realty about a couple of real first-time buyers in Toronto—Ron and Joan, both “in their early 20’s”—achieving The American Canadian Dream.

You don't have to fully renovate to boost the value of your home, or even its "wow" factor. Instead, tackle these small projects this summer.

Anyone who’s searched for a way to save more money has probably heard of the 52 Week Challenge. It’s a way to slowly build up your savings throughout the year—you start by putting aside $1 on week one, $2 on week 2, and so on until you reach week 52, putting aside $52 that week. In total, if you follow the 52 Week Challenge, you’ll save $1,378 by the end of the year. Easy enough, right? While it sounds like a great idea (and if it works for you, keep it up!

Saving money can be a challenge, which is why many people rely on apps to help them be more money-conscious. It makes sense—your phone is almost always on you, and you’re much more likely to think about the state of your financials when all the info and tools you need are just a click away in your pocket.

I’m a firm believer that it’s important to be open and honest about money. In the past, talking about things like how much you make or the debt you’re dealing with may have been taboo, but being transparent and able to discuss these things is actually really important.

Sometimes, when I’m watching a recently retired early 40-something couple agonize over which Italian villa to choose on a certain international house-hunting show, I sit and ponder, “What did these people do right to get them to this place in life so early?” Or, more pointedly, “What am I doing wrong?” Everyone dreams of retiring one day, and most of us assume it will be in our twilight years.

Real talk first: Unfortunately, there’s no quick fix. Repairing your credit is a long road, and it can certainly be stressful—especially if you’ve got a big goal on the horizon like buying your first home. It takes a while—about 7 to 10 years—for credit-affecting issues (like late or missed payments) to come off your credit report, so repairing bad credit might seem downright impossible at times.

My very first inklings of how money worked came from my mom’s teachings—I learned the basics about jobs and credit cards from her (and then, you know, school and then living on my own and needing to figure everything out took over and taught me the rest). The point is, many of us wouldn’t know how to budget without the help of our parents. So, we posed a question to our moms: What’s your best advice for not blowing your money? And the major takeaways?

Are you familiar with the 50/20/30 rule?

If money grew on trees, we wouldn’t need to work so hard at saving it. (Not spending it so much might help keep more money in your bank account, as well.) Because I suck at saving money (and it’s possible someone else out there does, too), I asked the same folks graciously giving advice on making a home about how they’ve been able to save money over the years. Their tips are smart and may help you start saving a bit more.

Confession: I don’t have an emergency savings. I used to, until I actually had to use it—and when that ran out, I turned to my credit card to help me get by, and paying that off keeps me from replenishing my savings. It’s scary to think about, but the truth is, if your emergency savings is also nonexistent, you’re not alone—and new research from Pew proves it.

Once you find yourself in debt, be it through student loans or otherwise, it can be a big challenge to pay it all off, and it often takes years. There are, however, some people who have managed to get out of debt in impressively short periods of time—and you can learn a lot from them.

When you’re on a tight budget, it can be difficult to decide what to spend your hard-earned cash on. Do you splurge on the fun stuff? Be responsible and renovate? There’s no one answer that’s right for everyone. But, reading what’s been worth the money to other people might help you figure out what’s most important to you. Below, eight people (who know a thing or two about making a home) share the purchases that had the biggest impact on their happiness at home.

I don’t have to tell you this, but money matters. Even if you consider yourself a card-carrying minimalist who thinks “materialism” is a dirty word, you need money to exchange for goods and services, like rent and food and the shirt on your back.

Have big dreams to buy a home next year, but don’t know where to begin? Just because you don’t think you’ll have your down payment together for 2018 doesn’t mean you have to wait to get a jump start on the process. Here are some steps you can take to help you figure out what you’re looking for in a home, what you can afford, and how to get yourself psyched up to find your dream home while you wait.

As if we needed another reason to hit up Amazon.com—Prime, Pantry, and Dash Buttons, anyone? The Subscribe & Save function is the mega marketplace’s solution to a digital grocery list, except instead of writing down (or remembering) everything you need to buy before your next trip to the store, you sign up for items you know you’ll need – and use regularly – ahead of time, like toilet paper or coffee pods, for instance.

Before you’ve done something, it’s pretty hard to know what you don’t know. When it comes to the complicated, terrifying steps required to buy your first home, there’s a lot of opportunity to not know. First-time home buyers Tiffany and Alan Goldstein bought a cute, chic Austin bungalow — and learned a few things about buying a home in the process. Build a budget so you can set goals. If you can’t afford a home right now, don’t force it.

Anybody else terrified of the prospect of buying and owning their own home? (Or is it just me?) If it’s not just me, you might find some comfort in facing fears. Specifically, the things that scared Tiffany and Alan Goldstein, first-time home buyers, when they went through the buying process. Taking your own home-buying plunge may be a little less terrifying knowing what’s ahead. The scariest part of the process was fearing we were making the wrong decision.

Here’s a fun fact about me: I can’t remember a time when spending money didn’t make me feel bad or anxious. Even as a kid, I was one of the most frugal people you could ever meet. Admittedly, most of it came from seeing my parents struggle—I promised myself I’d be ultra-responsible when I grew up so I wouldn’t have to worry about having enough money in the future. I thought about savings accounts and credit cards before I’d even started high school.

How long do you need to save up for a down payment? How long does it take to get approved for a mortgage? Buying a home—especially for the first time—is a learning process, made all the more intense thanks to the fact that large sums of money are also involved. So I asked real-life first-time home buyers Tiffany and Alan Goldstein to help illuminate some of the money-related concerns of buying a home. Early on in our marriage, we made a habit of sitting down and making a budget.

A little insight into the writing process: I wanted to kick this post off with a clever quote about baby steps or making sure you stay moving towards your goals, but I couldn’t pick one quote because there are so many of them, in so many different languages. It just goes to prove how, universally, a series of small efforts really can add up to make major impacts on your well-being. There’s nowhere the sentiment is more true, though, than in finance.

I will never understand the folks who jump from financed car to financed car. As soon as they’ve paid off their humble wheels, they’ll use the extra cash to upgrade to a nicer ride—sometimes with an even bigger car payment than before. In my opinion, when you have a perfectly safe, serviceable, paid-off car, you should stick with it. Because here’s the thing: Car payments suck.

Saving up money is no easy feat, and a down payment on a home is not exactly a small amount to tally up, especially if you’re looking to buy a home in an expensive city. You could keep all your savings in one account, but having a separate savings account that’s dedicated solely to your home-buying journey can be a big help.

I admit it. Since moving to New Orleans, I’ve been fantasizing about finally buying a house. It’s the fun stuff that gets my blood pumping—I’d love to knock down some walls or paint a ceiling green—all the things you can’t do when you rent.

If you’re devoting 2017 to getting out of debt, saving for a new home, paying for school, amping up your retirement or any other money-oriented goal you could possibly make for your financial well-being, you won’t get there without a game plan. You’ll need to find creative ways to save every extra cent you can stand.

Maintaining a budget is one of those things everyone knows they have to do, but not everyone actually understands how to do it (or rather, how to do it in a way that benefits their specific, individual needs). If you need help figuring out your own finances, these bloggers have simple-but-totally-smart budgeting systems that are sure to inspire you, no matter what your financial goals are: Ali at Anything You Want is all about using spreadsheets to track her budget.

If you are considering purchasing a home, you have likely already read everything you can get your hands on espousing the pros and cons of owning your own home. Rent vs. Buy has become one of the big debates of our time, but what do you do if you are solidly on team Buy, but the numbers just don’t add up? Read on for signs that a small multifamily property (meaning a duplex, triplex or fourplex) may be an option for you.

With all the added expenses that come with the holiday season and the time to set your 2017 goals just around the corner, now is the perfect time to get serious about your finances. Here are five money books that are chock-full of wisdom that will help you take your finances to the next level. Whether you want to mend your relationship with money, develop a wealth mindset, or start investing some of your hard-earned cash, there’s a book here for you.

There’s nothing more convenient than being able to shop online—that is, until you start spending all your money on random internet purchases. All those little purchases that might seem like no big deal at the time can add up, and if you’re trying to save, online shopping can make it much more difficult to do so. Curbing your online shopping habits might not be easy, but there are a few ways you can trick yourself into spending less.

Looking to buy a home in the near future? If you don’t have massive savings lying around just waiting to be used on a down payment, the home-buying process can be a huge challenge. The good news is, you’ve got options—between special low down payment mortgages and down payment assistance programs (and other resources, if necessary) you can make your home ownership dreams a reality, even without a huge sum saved up.