Save Money

27 Tips to Save Money When You Have a Baby

27 Tips to Save Money When You Have a Baby

Having your first baby is such an exciting time, but it can be stressful.

You have no idea what to expect. You’re about to be responsible for a whole human and don’t want to mess up.

Plus, everyone keeps talking about how expensive babies are.

I know how you feel. I remember feeling the same way when Mr. TMG and I were expecting Little TMG back in 2016.

Babies aren’t nearly as expensive as reports make them out to be. Don’t get me wrong—you’re going to spend more. But there are ways to save money when you have a baby, too. Continue reading →

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8 Simple Ways to Upgrade Your Home for Under $200

8 Simple Ways to Upgrade Your Home for Under $200

Interior design and home decor are having a moment.

Chip and Joanna are household names. The Houzz app is top-rated. Pinterest is flooded with DIY home decor ideas.

Even YouTube is getting in on the action with designers like Mr. Kate gaining international exposure for their creative design ideas.

Despite my love for interior design and home decor, I can’t see myself paying the amounts that some people are willing to pay for the stuff. I’m a saver at heart.

If you love the look of luxury design but hate the price tag, try upgrading your home with inexpensive DIY projects to get the look for less. (Tight budgets need love, too.)

Here are 8 hacks to take your home from basic to fabulous for under $200. Continue reading →

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How to Save $1,000 in One Month

How to Save $1,000 in One Month

Saving money is one of the foundation steps for setting yourself up financially. Unfortunately, a recent survey shows that 61% of Americans don’t have enough money saved to cover a $1,000 unexpected expense. Further, about 24% of Americans have no savings at all.

That is CRAZY to me.

Although I recommend prioritizing paying off debt over larger saving and investing goals, I nevertheless believe having a small emergency fund before you start your debt payoff journey is important.

If you are like the majority of Americans, no worries. Below are 8 tips to help you potentially save $1,000 in one month. Continue reading →

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The One Simple Reason to Kill Debt Before Investing

The One Simple Reason to Kill Debt Before Investing

It’s an age-old question: should you pay off debt or save/invest first?

At the end of last week, I read an interesting guest post about student loans and asset allocation written by The Physician Philosopher (“TPP”) for Physician on Fire‘s (“PoF”) blog. In it TPP talked about the diversification his student loans provide for his investment portfolio because of the guaranteed return he gets as he pays them off.

He mentioned that he and his wife max all available retirement accounts before paying extra on his loans. He plans to be finished paying them off within two years after he finishes his fellowship training.

The argument for aggressively investing while paying off debt

TPP and I got into a heated debate quite civil discussion in the comments section about whether it’s better to pay off loans before investing or to invest as much as possible while paying off debt. Continue reading →

Posted by Rho in Invest, Manage Money, Pay Off Debt, Save Money, 10 comments

The Number One Mortgage Myth You Don’t Want to Fall For

There’s lots of advice about mortgages out there. Much of this advice centers on how to get a mortgage, but what if you already have one (like two-thirds of Americans do)?

Fewer people talk about how to handle your mortgage once you’ve signed on the dotted line.

Most of us pay the mortgage payment set by the bank without thinking twice about it. We also tend to hold onto mortgages for the full term because they’re “good debt.”

We may not know everything about mortgages, but we know enough…or do we?

What if I told you that one of the long-held beliefs about mortgages actually isn’t true? Continue reading →

Posted by Rho in Manage Money, Pay Off Debt, Save Money, 2 comments

How to Win at Money with Tax Refunds

Have you heard the one about the smoker and the Ferrari?

A woman sees a man smoking and asks how many packs a day he smokes, how much each pack costs, and how long he’s been smoking.

Once he tells her, she does some quick back-of-the-envelope math and informs him that if he had invested that money rather than throwing it away on his cigarettes, he could have bought a Ferrari by now.

The man then asks the woman if she smokes. When she replies, “No,” he asks dryly, “Where’s your Ferrari?”

This joke sums up my feelings about most of the tax refund haters out there. Continue reading →

Posted by Rho in Manage Money, Pay Off Debt, Save Money, 2 comments

Everything You Need to Know About Emergency Funds

One of the smartest moves you can make with your finances is to build an emergency fund. Read on to learn more about this essential financial tool.

What is an emergency fund?

An emergency fund is money you set aside for the unexpected expenses or unforeseen events that pop up in life. Your emergency fund would cover things like a job loss, unexpected emergency room visit, major unexpected home repairs, etc. It acts as a buffer so that these events don’t throw you into (or deeper into) debt.

Your grandma might have told you to always put some money away for a rainy day. Grandma was talking about your emergency fund. We know that “rainy days” inevitably will come, so we should save an emergency fund to prepare for them. Continue reading →

Posted by Rho in Manage Money, Save Money, 2 comments

Budgeting Tips for Beginners: A How-To Guide

You’ve heard it a million times: you have to create and stick to a budget if you want to win with money. Today, I’ll show you 4 easy budgeting tips for beginners.

Most people dread budgeting because they associate budgets with restrictions.

Au contraire, my friend! A budget gives you the freedom to spend your money the way you want to, rather than wondering where all of it went at the end of the month. It’s a way for you to make your money work for you to reach your goals.

If you’re still hung up on the word “budget,” try calling it your “spending plan” instead. Same thing. 🙂

Grab a pen and paper (or your phone…whatever you want to use). We’re going to create your spending plan! Continue reading →

Posted by Rho in Manage Money, Pay Off Debt, Save Money, 0 comments

8 Tips for Setting Financial Goals and Crushing Them

Setting financial goals helps us to take control of our financial lives. Good, clear goals provide long-term vision for our finances. They also allow us to measure our progress and ultimately achieve financial success. Here are 8 tips to help you set good, actionable financial goals and crush them.

1. Narrow your focus.

In this hustle-and-bustle society, we tend to try to do as many things as we can at once. We spread ourselves so thin that we only make a little progress on each task on our list. It takes so much longer to complete anything.

The same is true in our financial lives.We’re trying to pay off debt while investing for retirement and maybe dabbling in some non-retirement investments, and don’t forget about saving whatever we can for the kids’ college, all while trying to save for a vacation/house/new bag/insert your wish-list item here.

What if you made 40% progress on one financial goal, rather than 4% progress on ten?

I’m not saying you have to completely stop pursuing everything else, but choose one to focus on. Continue reading →

Posted by Rho in Make Money, Pay Off Debt, Save Money, 0 comments