This is where your path to financial freedom begins...

If you're renting, you have no control over the price increases that the landlord may impose. It may cause you to have to move, or you might pay the rent increase. If your income hasn't changed, this can make it challenging for you to make ends meet. To help you save money on rent, I asked real estate agents and business leaders for ways that you can save money on rent. From paying annually instead of monthly to choosing a location outside the city, there are several tips that may help you find the best ways to save money on your rent. Tips to Save Money on Rent Pay Annually Instead of Monthly Make Money Back by Renting When You're Away Rent Your Garage Out for Storage Parlay Excellent Tenant Behavior into Rent Reductions Arrange to Make a Refundable Pet Deposit Rent Closer To Your Work or School to Save on Commuting Cost Know The Market and Negotiate Appropriately Choose a Location Outside The City Pay Annually Instead of Monthly If you know you will be occupying for a considerable amount of time (and you have the funds to do so), see if your landlord will cut you a discount if you pay rent for the entire year. I recently saved some money for my small business by paying rent for a small office annually. I proposed the idea to my landlord, who agreed to offer me a discount. It ended up saving my business hundreds of dollars. - Tate Meagher, Meagher Law Office, PLLC Make Money Back by Renting When You're Away Rent out your place when you're gone. If you have travel planned, you can make some money to put toward your rent by doing a temporary rental. While many listings on sites like Airbnb are full-time rental properties, they are not required. You can still list yours as available only on the dates you'll be gone. While this idea is not likely to cover your rent in full—unless you are a frequent traveler—it can help defray rent costs. - Lisa Odenweller, Kroma Wellness Rent Your Garage Out for Storage If you have extra space in your garage, offer to rent it out on websites like spacer.com and neighbor.com. It's an excellent way to subsidize your rent without taking on a roommate. At the same time, it helps community members save money on expensive storage units. - Jae Pak, Jae Pak MD Medical Parlay Excellent Tenant Behavior into Rent Reductions Raising the bar on being a model tenant can lower your rent. Bad tenants are such emotional and financial nightmares for landlords that a landlord may be amenable to rent-related perks to keep excellent tenants. When my husband and I rented an old house in the Boston area from an elderly gentleman, we offered to take care of the substantial lawn and minor issues for a $100 monthly reduction in rent. After both parties lived up to the deal for several years, my husband was laid off. We asked our landlord to reduce the rent so that we could stay temporarily. Since he considered us excellent tenants, he agreed. - Karen Condor, ExpertInsuranceReviews.com Arrange to Make a Refundable Pet Deposit Pet owners occasionally have to pay pet rent for the privilege of cohabitating with their furry friends. Rather than pay a non-refundable fee for your dog or cat, if you have an individual landlord rather than a property company, you may be able to negotiate a pet deposit instead. You can agree to pay a certain amount upfront, and then as long as your little buddy doesn't wreck the place, you can get back the money when moving out. If you go this route, then be sure to document the apartment's condition before and after your pet settles in and the way you leave it, just in case your landlord is not as honest as they appear. - Carly Hill, VirtualHolidayParty.com Rent Closer To Your Work or School to Save on Commuting Cost Calculate your commuting expenses as part of your overall rent cost. Conventional wisdom tells you to pick less expensive neighborhoods when you're looking to save some money. But if you must commute to work or school regularly, that cost should be part of your calculations. A higher monthly rent in an area closer to where you need to be may work out to lower expenses once you factor in gas prices or public transit. Lower rent is good, but not if it forces you to spend more in other areas of your budget. - Rachel Reid, Subtl Beauty Know The Market and Negotiate Appropriately One way to save on rent is by knowing the market where you are renting. By gaining sound knowledge of the area and knowing what kind of demand exists, you may be able to negotiate a rate with a landlord. This is especially true when you agree to a longer lease than normal. Offering a lower rate for rent but for a longer term can put the landlord in a comfortable position, knowing their rent will be guaranteed for a longer period. Another option would be offering to pay for several months upfront to the owner, giving them more cash flow immediately and the peace of mind of knowing that the following months are already paid for. - Johan Hajji, UpperKey Choose a Location Outside The City No one has to mention that living in the city is more expensive than living outside it. You can save money on rent by choosing a location that's out of the city but not far from your workplace or school. Find a more affordable housing option there while paying attention to transportation costs. Make sure you're spending less than you would in the city, even after adding in the transport cost. - Mike Stuzzi, Online Entrepreneur What are a few other ways that you've saved money on increasing rent prices? Leave a comment below.

Women have come a long way in dominating the workforce. But there's still work to be done to close the gender pay gap. A survey by the Bureau of Labor Statistics has found that women earn 82 cents for every dollar a man earns. The pandemic has also changed how the labor force looks and disrupted family income. Here are a few money moves that women can make today to get pay equity back on the right track. Be Proactive About Your Financial Health Being proactive about your financial health can help you plan for your financial future. Understanding your current financial situation can help you prepare for future goals such as purchasing a home, retirement, a car, or other major purchases. Even if you are married, relying on a spouse to plan for the future and manage your finances can leave you in financial ruin if the relationship ends. Having money set aside for emergencies or life-changing situations can help reduce the strain in times of turmoil. Make Smart Money Moves Start the side-hustle that you've been putting off for years. Budget your monthly income and expenses. Have a conversation with your significant other about your future goals. Save at least 10% of every paycheck in a savings or investment account. Ask for a raise if you feel that you deserve it and can justify it to your employer. Discuss with your children about money to help them understand personal finance. Organize your closet to reduce spending on items you already have and sell or donate unused items. Learn From The Pandemic The pandemic may have caused you to look closely at your finances. The money you spent on clothes, eating out, gas and even family entertainment may have drastically reduced while everyone was home. You may have even reduced your spending on non-essential items and invested and saved your money instead. If any of these happened to you, continue incorporating these actions into your financial future. Create a Vision Board Create a vision board (Ad) of what you want your future to be. A vision board is a visual representation of your life's current and future goals. Of course, it can change, but having that reminder can help you save faster and put some parameters around your future spending and saving. Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Being a victim of fraud can happen to anyone. When you least expect it, you may get a text message that your credit card has been used fraudulently. You might even log in to your bank account and notice that there are transactions that you didn't make. You can take a few steps to protect yourself and your family from being victims of fraud. 4 Ways to Protect Yourself From Fraud Use Your Credit Card Instead of Your Debit Card Sign up for Email or Text Alerts Report Fraudulent Activity Immediately Monitor Your Accounts Use Your Credit Card Instead of Your Debit Card Using your credit card instead of your debit card to protect your financial information when making purchases online or at the gas pump is wise. If you are ever the victim of identity theft, online banks do not provide the same guarantees as credit card companies. Some banks may require you to prove that you have not made the reportedly fraudulent purchases, and you may be subject to a waiting period while the bank investigates the charges. Most credit card companies will cancel the fraudulent charges immediately and eliminate the need for you to pay for these purchases. Sign up for Email or Text Alerts There are time requirements involved with reporting fraudulent charges. If you don't report the fraudulent activity within 60 days, you may be liable to pay for any charges. Therefore, one of the easiest ways to protect your credit and financial information is to sign up for text or email alerts. Signing up for purchase alerts can notify you of charges that exceed a specific dollar amount or for charges that look suspicious. You can set the limit and receive immediate notification when you or your family make purchases. Report Fraudulent Charges Immediately The timeline for reporting fraudulent activity varies for credit card and banking institutions. The amount that you can be reimbursed also varies. For banks, you have between two to 60 days to report fraudulent activity. If you wait longer than 60 days, you may not receive any of your money back. Unauthorized use of your debit card at a bank can also cause you to lose between $50 to $500. So, you must report charges as soon as you notice them. With a credit card, charges can be reversed if you report the fraudulent activity within the required timelines. For most credit cards, reporting fraud within 30 days can result in reversed charges. There is also a limit of $50 that you could be charged for fraudulent activity on your credit card. In addition, if charges occur in countries outside of where you live, the financial institution can cancel or put the charge on hold. Monitor Your Accounts Being diligent about monitoring your credit card and bank accounts can aid in identifying any fraudulent activity and keep your financial information safe. Checking your accounts at the minimum monthly can help you track your charges and identify any potentially fraudulent charges. Monitoring your accounts also ensures you meet the required timeline for reporting financial fraud. This can reduce the risk of you losing your hard-earned income. Need additional guidance? See my feature in: The CFPB safeguards consumers against unfair and abusive practices by financial services companies.

Saving for a home can sometimes seem like a daunting task. Part of the preparation requires a planning strategy that can help keep you on track. Using creative ways to stay motivated and save can help you achieve your goal of homeownership faster. Here are a few key saving strategies and unique tips to save. Setting Up A Budget Spend less than your monthly income. It's essential not to spend more than you earn monthly or rely on credit to help you pay your bills. Writing down your monthly income and expenses can reduce a negative monthly cash flow. Plan your monthly budget before the next month begins. Pre-planning your monthly budget by estimating your future expenses can help determine if you need to cut back on your current month's expenses. At least a week before the end of the month, ensure your monthly expenses are accounted for and record your expected income and expenses for the next month. Cut back on your expenses. If your monthly cash flow is negative, find ways to cut back on your monthly expenses. This could include cutting your cable bill, eating out less, or installing a programable thermostat in your home. Pay down debt. If you have a positive cash flow, save the surplus or pay down debt. A positive cash flow can help you save for emergencies, retirement, a needed car purchase, and even pay down debt. Staying on Track Save automatically: Setting up your savings to automatically transfer to a savings account reduces the urge to spend the money when it's in your checking account. Set short-term goals: Most of us have long-term goals, but it takes a long time to achieve them. Setting short-term goals on the path to achieving long-term goals can keep you motivated to stay on track to goal attainment. At each checkpoint, you can reward yourself for achieving your goal. Rewards don't have to be expensive and can be as easy as taking a bubble bath. Have an accountability partner: Whether it's your significant other, a best friend, or a parent, tell someone about your budgeting goals. Your accountability partner can help keep you on track and remind you of the goals you set for yourself or your family. Creative Budgeting Tips Do-It-Yourself Repairs: YouTube is one resource that can provide you with ways to fix your car, ceiling fan, and even your garbage disposal. YouTube is a free resource, and all you need is the time and effort to find the video that can guide your repairs. Purchasing the items required to make repairs and using YouTube experts as a resource can save you hundreds in labor costs. Bake or make gifts: Baking or making gifts are more valued and used than items purchased from the store, especially during the holiday season. A couple of hours of your time can yield pastries and crafts that can last a lifetime. Thrift Shopping: Most people clean out their closets as the seasons change. Shopping at the beginning of a season can help you discover some great finds for children and adults alike. Items at thrift stores can be found for pennies on the dollar and donated again, especially if you have growing children. Using these savings and budgeting tips can help you achieve your dream of homeownership. There are also numerous other creative ways to save for homeownership. Leave a comment and share some of the ways you saved.

When going through a traumatic situation like the death of a spouse, there are multiple things that you should do financially that can help you control your financial situation. To help you control your financial situation when your spouse dies, I asked financial coaches and business professionals for things you should do when your spouse dies. From freezing unnecessary spending to creating and sticking to a budget, there are several pieces of advice that may help you take the right steps to secure your finances when you lose your spouse. Steps to Take After the Death of a Spouse Freeze Unnecessary Spending Check Obligations and Deadlines Take Inventory of All Assets Right Away Create and Stick To a Budget Freeze Unnecessary Spending Ideally, before you experience an emergency or traumatic situation, you would have taken steps to build an emergency fund that covers 3 to 6 months of expenses. Unfortunately, for many, these preparations are not in place. If you find yourself unprepared for a tragedy that impacts your finances, it's important to freeze unnecessary spending and take stock of all expenses you cannot pause. Make a list of your essential expenses and determine how much is left to cover emergency expenses. Spending freezes reign in non-essential costs and creates a financial buffer. - Anna Caldwell, Beyond Finance Check Obligations and Deadlines When going through any abrupt situation that may impact finances, we must assess our obligations and timeframes for completing them. Knowing the cost of all the procedures and the basic rules relating to the legal matters we encounter can ensure we won't miss anything. Planning will allow for better decision-making and reduce the need to rush. - Michael Sena, SENACEA Take Inventory of All Assets Right Away One way to take control of one's finances during the aftermath of a traumatic event is to calculate one's total assets right away. By taking inventory of one's assets, they can see what is available to them moving forward. This is also necessary for handling future financial obligations and existing liabilities. If electing to work with a financial professional during the grieving period, it is also crucial to have a rough idea of one's assets to give them. - Kevin Callahan, Flatline Van Co. Create and Stick To a Budget One thing you could do to help control your finances when in a stressful situation is to create and stick to a budget. A budget can help you track your spending and ensure you're not overspending on unnecessary things. It can also help you save for important goals, like retirement or a down payment on a house. If you're unsure how to create a budget, plenty of online resources and templates can help you get started. And if you need more assistance, plenty of personal finance coaches can help coach you through the process. - Asako Ito, Divine Lashes

When military veterans decide to transition into civilian life after five, ten, or twenty years, it can be a challenging or scary experience. Interviewing for a new position, managing your finances, and understanding healthcare benefits can be an experience you haven't considered for a long time. I've compiled tried-and-true tips that can be helpful for you as you transition to your new normal. How do I prepare for civilian job-seeking? When preparing for a civilian job, you should first determine what career path you want. You must decide if you're going to continue with your current military job field or if you're going to transition to a new career path. Once you decide on your future career path, you can start building a resume geared toward your future career choice. When crafting your resume, it's important to translate your military skills into civilian terms. To help you with this translation O*NET Online has a military skills translator that can guide you in understanding how your MOS, Rating, or AFSC translates into civilian terms. You can also reach out to an experienced veteran resume writer who can assist you along the way. See my feature in What Does It Take to Transition to a New Career. How To Transition From Military to Civilian Life | Benefits What kind of job should I get after the military? The job you get after the military will depend on the career field you want to work in and the compensation you are looking for. Most military veterans try to obtain a federal job, but it's a long and competitive process. If you have time to wait for a federal job, the compensation and benefits are far better than most civilian jobs. See my feature in RealSimple 5 Questions to Ask When You Have to Choose Between Two Jobs. On the other hand, if a federal job is not for you, you may want to seek a civilian job. These jobs can range from private to public companies and city to state employment. City and state jobs may not pay as well as private-sector jobs, but the benefits are affordable. So, if you are looking to be compensated well, it may be beneficial to find a privately-owned or public company that can meet your financial needs. Advertiser Disclosure Transitioning Military Veterans & Financial Success See how military Veterans Can Build a Debt-Free Life After the Military. Is education necessary if I have the military experience to do my future job? Some civilian jobs require a college degree for you to qualify as a candidate. While you're still in the military, take advantage of your educational benefits. Your VA education and training benefits can cover up to a certain dollar amount of your tuition and fees. You may also qualify for other grants that don't have to be repaid, like the Pell Grant. I got three degrees while in the military and paid nothing out of pocket. Even after my military transition, I used the remaining VA benefits available to finish my Master's degree. So, as you research your future career and see that the position requires an Associate's or Bachelor's degree, prepare now so that you can meet the position's requirements when you decide to transition. See how I avoided student loan debt after obtaining nine college degrees (video). What resources are available for veterans looking for post-military careers? Onward to Opportunity is a career training program offered by the Institute for Veterans and Military Families. It provides free career training to help transitioning military veterans and their family members gain the necessary business certifications to give them an advantage when exiting the military and searching for a new career. Onward to Opportunity provides veterans with information on interviewing, resume-building, networking, and financial considerations of leaving the military. You get to earn a professional certification, but you are also exposed to employers actively hiring military veterans. As an alumnus and individual who gained my Senior Professional in Human Resources certification through the program, I can verify that it is a beneficial program that has helped me advance in my career.

Embarking on the journey of starting a business can be both thrilling and daunting. Often, it requires additional support and guidance to ensure that the business thrives. To assist business owners in achieving this goal, here are some recommended books that offer valuable insights for starting and maintaining a successful business. As an Amazon Associate, I earn from qualifying purchases. 1. Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz Entrepreneurs can learn how to make their business profitable from Profit First. Often, business owners spend their earnings on various expenses without paying themselves or saving for the future. In the book, Mike outlines the profit first approach, which involves setting up separate business banking accounts for profits, salary, taxes, and expenses. By implementing this method, you can see that your business is profitable, pay yourself a salary, and cover business expenses. See my feature in Top 8 Books for Small Businesses. 2. Working Moms How We Do It: Maximize Success at Home and Work by Rojan Robotham If you're a mom who's constantly juggling work and family life, things can get pretty hectic. That's where "Working Moms" comes in - it's a practical guide that can help you achieve your goals and manage your daily tasks in a more efficient manner. One of the key techniques the book introduces is the SOAR method, which stands for Support, Organize, Aspire, and Resilience. Through the experiences of real-life moms who've successfully implemented this method, you'll learn how to leverage support, organize your life, aspire to achieve your goals and be resilient in the face of challenges. "Working Moms" offers valuable insights into how successful women have found happiness and success both at work and at home by using the SOAR technique. See my feature in The Best Small Business Books. 3. Building a StoryBrand: Clarify Your Message, So Customers Will Listen by Donald Miller As an entrepreneur, it's important to understand the "why" behind your business. Building a Story Brand by Donald Miller is a helpful guide that can assist you in identifying your customer, the problem your product or service solves, and creating a plan for success. By determining what success looks like to your customer, you can transform their experience and showcase the benefits of your product or service. In addition, Story Brand can help you simplify your website and focus on what matters most to your customers. Instead of positioning yourself as the hero, it's essential to show your customers how you can help them achieve their goals. By understanding that your business is here to provide a solution, you can communicate the value of your product or service and how it can solve their problems. 4. Type Talk at Work (Revised): How the 16 Personality Types Determine Your Success on the Job by Otto Kroeger Type Talk at Work can help you understand your personality type and work collaboratively with others in a team environment. Even if you are a business owner, you should understand how to personality type your employees and customers. Discovering your personality type can be a powerful tool in enhancing your teamwork skills and collaborating effectively with others at work. It is equally important for business owners to understand the personality types of their staff and clients in order to invest in human capital and increase employee contributions. By cultivating adaptability, you can propel your career and business toward success. See my feature in 25 Entrepreneurs List Their Favorite Business Books. 5. Hustle Away Debt: Eliminate Your Debt by Making More Money by David Carlson Hustle Away Debt by David Carlson is an excellent book for building wealth and eliminating debt. David recommends ways that you can use your skills and talents to create multiple side hustles. Any side hustles can result in long-term passive income or income that can sustain you through hard times. These "side hustles" are not get-rich-quick schemes but enable you to build wealth from skills you have learned in your professional career or things you have learned to fix around the house. Carlson also encourages everyone to be active in the job market. You may be happy with your career, but no one will look out for your finances like you. With this in mind, he recommends that you continually seek opportunities for increases in salary as an employee. This can be accomplished with a free account on Glassdoor. Using Glassdoor, you can compare the wages of others in your field and present this to your employer if you find any significant differences. Finally, Carlson recommends keeping your resume up to date for the next career opportunity available to you. If you feel that your skills and talents are not valued or bored at work, it may be time to find another career opportunity or create a side hustle. What's Your Favorite Business Book? Leave a comment so that others can check it out and add it to their must-read list of business books for the year.

Military families face unique financial challenges when leaving the service, deploying, and constantly relocating. To help military families maintain financial stability, we asked financial coaches and veteran welfare managers for their best advice. From knowing how to budget their pay to developing several passive income streams, there are several things military families can do to help ensure financial well-being in and out of active service. Protecting Your Financial Well-Being Save by Living Below Allocated Budget Display Your Veteran Status On Social Media To Be Hired Establish An Emergency Savings Account Learn How To Budget Their Pay Use The Government-Sponsored Thrift Savings Plan Develop Several Passive Income Streams Save by Living Below Allocated Budget One thing military families can do to maintain financial stability is to create a budget and live below their means. It sounds so simple, but it truly is the best way to create realistic financial goals, save for the future, and save enough for unexpected expenses. - Becca Stewart, PCSgrades See my feature in Don't Be a Fool: Take These Simple Steps Today To Begin Saving Display Your Veteran Status On Social Media To Be Hired Putting your service veteran status on all social media accounts will allow you to interact with recruiters, employers, aspiring entrepreneurs, and many others interested in hiring veterans/service members. It also allows these strangers to get to know who you are as a person, and it will help them see what type of person they want their company to hire. - Gisera Matanda, WeLoans Establish an Emergency Savings Account Military families can better maintain financial stability by establishing an emergency savings account. Multiple bank accounts are not uncommon and one exclusively for long periods of uncertainty can be reassuring. Getting one started may be daunting, but even small increments can help. Many banks offer military discounts and can also customize a plan that is perfect for the family. - Sasha Ramani, MPOWER Financing Related: Military Life Lessons: Renters Insurance Learn How To Budget Their Pay Military families must separate their pay to maintain or gain financial stability. If possible, you can rely entirely on a military member's pay for ordinary household expenses and try to assign the military spouse's salary for items such as vacations, savings, and investments. This strategy of pay separation helps mitigate the instability in the spouse's career and the instability in the finances that comes with that. Some families can do that very well, and others are less able to do that due to the different situations that they're in. - Caroline Lee, CocoSign Use The Government-Sponsored Thrift Savings Plan Don't let an inability to purchase a home prevent you from making long-term investments for your retirement. Consistently moving can prevent investing in real estate. Still, thankfully military families have the option of the Thrift Savings Plan, which is similar to an IRA, that can help them prepare for retirement. Additionally, brokerage accounts based on consistently-performing index funds are a great way to build capital for the years before retirement. - John Jacob, Hoist Develop Several Passive Income Streams It seems a little backward from the American self-conception: "Buy properties other people rent and rent my home?" That's precisely what I suggest. This allows you to stay location independent, build assets, and develop several passive income streams. - Trevor Ewen, Southport Technology Group

My husband does not know how much money we have. Can you believe that he hasn't paid one household bill in the past 19 years? When we met, he was very savvy with his money, which attracted me to him. We both were excellent money managers and at the time, we were both in the U.S. Army. One year later, we were married, and two months later, he went to Iraq while I stayed home with my son and soon-to-be-born daughter. Needless to say, I was glad I didn't have to go back to Iraq. He Left Me With The Money With him going on his second deployment to Iraq, I managed the household and the bills. We combined our financial resources but also maintained separate accounts. I had to set some boundaries, right? At 22 years old, this was my first time managing a household and paying bills, but I knew I could do it. I set up automatic bill pay, budgeted our funds using an Excel spreadsheet, and set up a joint savings account. I Made One Mistake Okay, so no one's perfect. We searched for a desk online, and I was trying to find the best deal. Picture this, a solid mahogany wood desk with drawers for only $500. We were on a budget as newlyweds, and we thought it was a great deal until it wasn't. I purchased the desk and mistakenly used a debit card instead of a credit card to make the purchase. When the desk didn't show up, we were out $500 because it was a scam website. He questioned why I didn't use the credit card instead. If I had, we would have recouped the majority of our funds. Beware! See my feature in How To Get An 800 Credit Score My Husband Returned Home When he returned from Iraq, he asked me if I wanted him to take over the bills. I said no, I got it, and the rest is history. While he was away, we relocated to a new duty station, and I purchased our new home, managed the closing process, and bought much-needed furniture. I continued to pay the bills and save money. I left the military in 2008. When he retired from the military, we had enough money to purchase land and build our final family home. What Happened To The Money We've always had conversations about money and continue to have them semi-annually to reassess our finances. After our move, we had a 30-year mortgage, two vehicles, and his retirement boat that he had to have. I managed the repayment process for all of these and the furniture for the new house. We paid off all of these items in 8 1/2 years by doubling down on our payments. After one thing was paid off, I would add that payment to another debt and continue until all of the money was going towards an additional principal-only payment for the mortgage. See my feature in Veterans Build Debt-Free Life After the Military Financial Independence We have achieved financial independence! But he still doesn't know how much money we have. I have money in different investment accounts, savings accounts, and even my separate savings account. Ladies, keep a separate savings account at all times. Also, every time we get a pay increase, we save a portion of the money in our retirement and savings accounts. Now, we're able to plan for and pay cash for our vacations, invest in our future, and not have to worry about the threat of a job loss. See my feature in How Lifestyle Creep Impacts Your Family Budget Will He Ever Know Where The Money Is? I doubt it, and he doesn't really mind, either. He has confidence that I managed our money well, filed our taxes annually, and no one has come knocking at the door to repossess anything. As long as we can go on our vacations, I think he's happily semi-retired. Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Have you been looking for ways to save money or spend less? These helpful tips can help you keep your budget on track and provide you with additional ways to save, budget, and invest your money for the long term. I'm sure this extensive list can provide you with at least one or two ways to achieve your future goals. Let's take a look! As an advertiser, this post may contain affiliate links. Creative Ways to Save Save on Clothing Save on Food Saving for Goals Save on Fixed Expenses AARP Discounts Phone Apps to Help you Save Save on Activities or Hobbies Save on Gifts Save on Vehicle Repairs Save on Taxes Save on Recurring Memberships Save on Clothing Join a local Facebook group or apps like LetGo or OfferUp to find deals on free or gently used items. You can save hundreds of dollars on furniture, video games, or clothing. Visit your local thrift store at the end of a season to find clothes for the next season. Some of these items are new with tags and can be used for your growing children next season or even for yourself. You can save on name-brand shoes by buying kids' sizes. If you have smaller feet, you can purchase a kid's Nike, Reebok, or other shoes, and you pay less than you would for the adult size of the identical shoe. Save on Food When you shop, use a grocery list, and don't go into the store hungry. Batch cook your food, so you don't have to cook as often. Batch cooking can decrease your eating out budget because all you have to do is pull a frozen meal out of the freezer when you're short on time. If your fruit and vegetables are going bad, chop them up and freeze them for later meals. For future meal planning, you can put them in a quiche, a stew, or a casserole. Buy your meat, fruit, and vegetables from local farmers. You will spend less money than you would if you were to purchase these items at a grocery store. It's of higher quality, and it lasts longer. You're also supporting your local community! Save all of your vegetable skins in a freezer bag to make a vegetable broth in the future. It will be so delicious. So, don't throw away your potato, carrot, onion skins, etc., any longer. Are you still running short on time? Try a food delivery service like Dinnerly. What are the benefits? You get 49 unfussy weeknight meals for those hectic days. Pre-portioned ingredients The most affordable meal kit at $4.99 per serving Delivery to anywhere in the United States You get your time back! Dinnerly recipes take 30 minutes or less to prepare and cook. Savings Goals Create a savings account and relabel it for what your savings goals are. If you're saving for a car, home, or vacation, you can relabel it as Honda, Homeownership, or Trip to Jamaica. Save for retirement by increasing your contributions by at least 1% each year that you receive a pay increase. See my feature in 8 Simple Ways for People in Their 20s To Begin Saving Now. Save on Fixed Expenses Shop around annually for ways to save on car or homeowners' insurance. It's important not to sacrifice coverage. Most insurance companies will quote you on minimum coverage levels. So, ensure that you cover your property at the same coverage and deductible level when shopping around. Shop around semi-annually to find better rates on your phone or cable bill. Promotions are always available, so see what you qualify for. Switching companies for a better rate will also have your old cable company begging for your business back at a cheaper rate. When purchasing a home, shop around for multiple rates. Don't stick to the first lender that offers you a great rate. See what's out there because it could be a 15 or 30-year bill payment. Pay more than the minimum on your bills. Pay your regular bill and then pay an additional principal-only payment to reduce the interest you pay over the life of the loan. See my feature in Don't Be a Fool: Take These Simple Steps Today to Begin Saving. Join AARP for Discounts You don't have to be 50 to join AARP. You can join before the age of 50 and receive various discounts. You'll be eligible for the full membership after turning 50. Is your spouse 50, and you're younger? You can join under their plan to receive the benefits of the full membership. AARP has travel discounts that can save you on airfare, hotels, and car rentals. Visit the AARP Travel Center to see how you can save. See my feature in Gen Z: Here's How You Can Save on Travel on a Tight Budget. Download Extensions or Apps on Your Phone or Web Browser These apps will search the internet for coupon codes based on what's in your cart—no more spending hours searching for a coupon code that doesn't work. I use a few: Fetch Rewards, Honey, Rakuten, Ibotta, Shopkick, CamelCamelCamel, RetailMeNot, and Grocery iQ. Do you travel? American Airlines has a web extension called AAdvantage eShopping, and you can earn points for seat upgrades and flight purchases. Earn cashback rewards by scanning your receipts and purchases with the Fetch app and joining the NCPMobile community. Every time you make a purchase, scan your items and earn points for gift cards. Save on Activities/Hobbies Check your local city's website to see what free or discounted activities are available. Visit your local library's website for free Libby audiobooks or movie downloads. Visit theme parks during non-peak seasons. You can pay less by visiting from October to February. Save on Gifts If you're buying gift cards, buy them when you can also receive gift cards for your purchases. Amazon and restaurants will provide you with a gift card for your purchases during popular shopping seasons. For example, spend $100 and get a $20 gift card. Use this for yourself or your family and friends. Don't buy prepacked gifts or fruit baskets. Build your own gift basket by searching on Etsy or Pinterest. You can buy multiples of each item in advance and build gift boxes for coworkers, family, or friends and save lots of money. Save on Vehicle Repairs Put a reminder on your calendar to regularly complete car maintenance. Your car may have come with a booklet on recommended maintenance scheduling. Don't neglect this because it could cost more to make repairs than preventative maintenance. Learn how to complete car repairs on your own. From oil changes to changing a fuse, if you have the proper tools, you can learn how to do car repairs by watching free YouTube videos or going to a local auto repair store to borrow tools for free. You can also visit localtools.org to find a tool lending library near you. Save on Taxes You can save on taxes now by automating your retirement savings into pre-tax retirement accounts. You reduce your current tax bracket, and you may find that you bring in slightly more income. Contribute to Flexible Spending or Dependent Care Accounts. If you have medical expenses or dependents in daycare, contributing pre-tax dollars to these accounts can save you money in the long run and further reduce your taxable income. Save on Recurring Memberships Do you have a recurring membership on your phone bill? If you're not using it or forgot to cancel it, take the time now to cancel the membership and reduce your bill. If you don't watch Netflix, Hulu, or any other app, cancel or downgrade the membership. If you sign up for a free trial, cancel it immediately. You still get the free trial, but you don't have to remember to cancel it later. What other ways have you found to save money and build your wealth?

Being a tipped employee can mean that your income is not consistent weekly or month-to-month. The varying income can make planning for your basic expenses, saving, and even retirement challenging. To help you save for retirement as a tipped employee, I asked thought leaders how tipped employees can save for retirement when they aren't offered benefits. From exploring tax-advantaged plans to tapping the features of cash-value life insurance, there are practical options that may help you save long-term for retirement. Saving for Retirement as a Tipped Employee Set Up 401(k) and Invest in ESPPs and ESOPs Limit Spending and Save Explore Tax-Advantaged Plans and Related Options Tap The Features of Cash Value Life Insurance Explore Tax-Advantaged Plans and Related Options Do you lack access to an employer-sponsored retirement plan like a 401(k)? You can still contribute to a tax-advantaged retirement plan if your income is documented on a 1099 or W-2. The earned income could allow you to make a tax-deductible contribution to an individual retirement account (IRA). More options exist for those with income reported on a 1099 form since they are self-employed. Small business retirement plans, simple IRAs, SEP-IRAs, and solo 401(k)s allow for more contributions. For those who work strictly under the table, remember that you must report income and pay any taxes due. You can contribute to a Spousal IRA if your spouse has enough earned income, even if you don't have reportable income. Either way, you can always save in a brokerage account and invest long-term for retirement. - Jonathan Vander Werff, CFP®, My Financial Coach Set Up 401(k) and Invest in ESPPs and ESOPs There are a number of ways that you can achieve this, and many of them are quite simple. For example, you can set up a 401(k) plan at your employer or invest in individual retirement accounts (IRAs). You can also set up a pension plan if you are lucky enough to have one. All these options offer tax advantages, and you can also make contributions on a pre-tax basis. Additionally, you can use special employer contributions programs that allow you to make contributions even if you do not qualify for a traditional 401(k). Finally, remember that you can also use Employer Stock Purchase Plans (ESPPs) and Employee Stock Ownership Plans (ESOPs). - Paw Vej, Financer.com Ltd Limit Spending and Save The vast majority in the USA, with handsome salaries, retire without any savings, let alone be able to survive and pay for medical and utility bills. The past 20 years were quite challenging, starting with 9/11, then the recession. Adding fuel to the fire was Covid-19, which caused many affluent people to hit rock bottom, with many well-established businesses closed worldwide. It seems impossible for tipped employees to save substantially for retirement in these terrible conditions, living below the poverty line. However, the 21st century holds its distinct advantages. The key to success and saving for retirement is sacrificing the Now for a safe and better future. I am not suggesting working extra hours but living a simple life and minimizing unnecessary expenditures. The tips should be considered a blessing and put in a savings bank account. This will have a snowball effect, and it will multiply with time. Following this will save a meaningful amount for a safe and prosperous future. - Brad Eckhardt, Elite Dental Center Tap The Features of Cash Value Life Insurance You can set up a cash-value life insurance policy with regular premium payments. Part of the payment will go toward the policy's death benefit, while part of it will go into the cash value portion of the policy. Cash value in a life insurance policy builds up tax-deferred just like an IRA. But, unlike an IRA, you can often add much more to the life insurance contract than a traditional IRA. Also, with the new life insurance products, you can have your cash-value account linked to an outside index like the S&P 500. This allows you to earn higher interest than fixed rates, but most policies also come with a floor of zero to avoid losing any of your principal investment. Another great feature of life insurance that most people are not aware of is you can access your cash value growth at retirement by taking a policy loan. Unlike a traditional IRA, this policy loan allows you to access your value tax-free. It's a win-win scenario. - Mike Raines, Raines Insurance Group

To help you make the best out of your promotion and raise at work, I asked business leaders what is one thing someone should do when they earn a big promotion and raise at work. From expressing gratitude to updating your resume, there are several pieces of advice that may help you make the best use of your promotion and raise at work. What to Do After You Get a Raise Express Gratitude Make Smart Decisions Avoid The Trap of Overspending Improve Your Quality of Life Adjust Your Monthly Savings Update Your Resume Express Gratitude The concepts of the self-made man and overnight success have begun to unravel as professionals start to recognize the contributions of others. After a big win, it’s tempting for hard-chargers to set the next goal, but allow yourself a moment of reflection. Consider what you learned from the victory and who helped you along the way. Then, thank them and commit to repaying the kindness. Mentors move mountains. - Tim Toterhi, Plotline Leadership Make Smart Decisions When you receive a promotion or raise, make sure you adjust your investment and retirement plan. Take advantage of this increase and put more into your 401k or IRA account. Pay down high-interest debt and build up your emergency savings with 3-6 months of expenses. If you have those taken care of, set up a non-retirement investment account to accumulate funds for the mid-term. Review your plan with a Financial Advisor to make sure you are making suitable financial decisions. - Alison Stine, Stine Wealth Management Avoid the Trap of Overspending Once your income goes up, you will probably feel inclined to spend more because you will likely afford more. For that reason alone, you should take things slowly, or you might end up in debt even though you’re making more money. Lack of planning, more than lack of money, is what leads to debt. When you think you have more, you often start spending more, which can quickly drain your bank account. The first step is to begin a new budgeting plan and track money in and money out. Know what your expenses are, then compare how much you still have left at the end of the month before you spend any more. In the end, it’s about avoiding bad money surprises. Avoid resorting to credit cards to cover the gap of what you still need to pay until your next paycheck. - Andrei Vasilescu, DontPayFull Improve Your Quality of Life While the emphasis is on paying off debt and other financial goals, a raise should also improve your quality of life. A better quality of life often makes you happier and healthier, making it an excellent way to utilize the promotion. You can get a gym membership, learn a new skill, refurbish your car, or even see a therapist. Whatever you choose should make your future much more pleasant. This activity can be your way of celebrating yourself and acknowledging your hard-earned achievement. Take the opportunity to recognize your accomplishments. - John Tian, Mobitrix Adjust Your Monthly Savings Once you learn your new income level, you should review your financial plans to determine how much you want to save and spend each month going forward. It can feel tempting to want to spend your increased income on anything you please, and perhaps at first, you may want to treat yourself as a reward for your raise. However, you do not want to be financially irresponsible in the long run. - Drew Sherman, RPM Update Your Resume When you earn a big promotion and raise at work, update your resume immediately. Even if you do not expect to actively job hunt in the near future, this action can help the promotion feel more official. Plus, the act can help you better structure your journey. By envisioning what bullet points you might like to write in a few years, you can create goals and timelines for the new position. - Carly Hill, Virtual Holiday Party See my feature in How To Ask For a Pay Raise on Wealthy Single Mommy for additional tips.