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20 Mini Money Hacks To Save You A Lot

20 Mini Money Hacks To Save You A Lot

Do you like to save money? Dumb question, right – you work hard for your money, so you want to keep as much of it as possible. There are plenty of ways to save money without spending hours to do so. Here are 20 simple mini money saving hacks that can help you save a lot. Let’s get straight to the point and start saving…

1. Put your savings on auto-pilot

You can automate just about everything; and you should. It takes a lot of weight off your shoulders and frees up your time. Saving is easy to automate with online banking – simply set up an automatic transfer from your checking to your savings each month… Or try Digit! Digit is a free tool that automatically transfers different amounts from your checking account to your savings. It’s an intelligent tool that knows when you can and can’t afford to save; but don’t worry, if for some reason Digit causes you to overdraft by taking too much, they will fully reimburse any fees and charges (though it’s so smart I’ve never even heard of it causing an overdraft).

2. Make a meal plan

When people ask how my wife and I feed our family of six for under $400/month, I have two words: “meal plan”. Planning your meals will save you a ton. It eliminates buying extra food that you don’t need. It also helps you plan ahead for making more affordable meals, rather than buying what looks good when you’re at the grocery store.  I’ll go over how we make our meal plans even cheaper in the next point.

3. Plan meals around sales

You don’t have to spend hours going through sale papers to find the best deals on everything. Just make your meal plan, but leave the specifics open. For example, one of your meals could be a stir-fry, so you need meat, veggies and a grain. When you get to the store, buy the best-priced meat and veggies. Then look for a grain, like rice or quinoa and buy whatever is the most cost-effective, weighing the price and health benefits.

4. Drink more water

This may seem obvious but the statistics show that it isn’t. You’ll save a lot of money if you stop buying the 24 packs of soda and bottles of juice. Bottled water is cheap – tap water is cheaper. There are many great options for filtering if you’re not a fan of the tap taste. Weigh the cost and see whether you prefer bottled or tap. When you’re eating out, a family of six can easily save $12-$20 per meal just by drinking water instead of soft drinks.

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5. Set an automatic budget

There are plenty of free services like Mint and Personal Capital that allow you to link your accounts and automatically track your budget. If you’re not one for spreadsheets and inputting numbers, this is for you. You are able to view it and oversee the budget, but once you set your categories everything is automatically sorted for you. Occasionally something will go into the wrong category, but it’s easy to switch it and change the category for all future transactions.

6. Set a plan to pay off debt

If you want to get out of debt, you need a plan. There are a few options, but the two most common are the debt snowball and the debt avalanche. How do they work? For the debt snowball you simply write down all your debts from the smallest balance to the largest, then you use any extra money to pay off the smallest balance first. Once that’s paid off, take that payment plus any extra money, and put it on the next smallest balance until you’re debt free. With the debt avalanche it’s the same idea, except you sort by interest rate (highest to lowest) instead of by balance.  The debt avalanche will save you more money in interest, but you may prefer the small wins that the debt snowball provides in the beginning.

7. Get a second job

If you’re trying to reach a goal that seems to be taking longer than you’d like, you may want a second a job. It’s not forever; just a temporary job to get past whatever situation you’re in. If you’re in debt a second job is a great way to pay it off faster. If you’re building an emergency fund: get a second job to get it knocked out. The service industry is great for this, such as waiting tables or delivering pizzas. Service jobs are great for maximizing your extra working hours, since you’ll be getting tips and likely making more than you would at a regular hourly job.  If you aren’t able to get a second job then don’t worry!  There are plenty of other ways below to save money without working more.

8. Challenge everything

Challenge every single expense you have. Do you really need cable? What about those magazine subscriptions that you don’t read? Both of them cost money on their own and the ads could possibly persuade you to spend even more. Odds are you can cut something out. Perhaps you’ve been paying for a service so long that it’s second nature? It’s time for a challenge and here’s how to do it:

  1. Write down every single expense you have
  2. Look for expenses you can fully cut out
  3. Find ways to save money on the remaining expenses

9. Compare insurance rates

When was the last time you checked insurance rates? This is something you should be doing annually. The cheapest isn’t always the best, but usually you’ll find that you can get the same coverage for less money if you shop around. Once a year take a look at all your insurance policies. Call around or go online and see if you can find better rates. Most of the time you can!

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10. Use coupons wisely

There are primarily two crowds when it comes to coupons: the first crowd says coupons aren’t worth the time you spend cutting them; the second crowd says coupons are always worth it because they save you money. However, there exists another crowd: the savvy couponers. Be discerning with coupons. It may not be practical for you to spend hours each week cutting them, but you should be on the lookout for coupons that save you a lot of money. Check out popular services like Groupon or Living Social to look for a coupon every time you’re about to spend money. It takes seconds and could save you a lot, especially on services like an oil change or a massage.

11. Review your card statements

Whether you use a credit card or a debit card, review your statements each month. It’s not uncommon for random or bogus charges to appear on your account. It’s easy to overlook these charges when you’re not checking your statement each month. If you have multiple cards, use a service like Personal Capital to link all your accounts. This way you can see all your transactions in one place for an easy review.

12. Start an emergency fund

Emergency funds are something you should set in place to avoid using a credit card in an emergency. When a crisis hits you don’t want to turn to a credit card and pile on the debt.  Debt can turn a crisis into a catastrophe. Dave Ramsey popularized the idea of having an emergency fund instead of a credit card. Dave recommends getting it to $1,000 quickly; however anything is better than nothing. Even if you can just put $50 or $100 in your emergency fund each month, you’re still making progress.

13. Use the 30-day rule

When you’re considering making a large purchase, use the 30-day rule. If you still want it just as much after 30 days, consider making the purchase. Often you’ll find that you no longer care about whatever it is you wanted. This eliminates spontaneous purchases made out of excitement or emotion.

14. Take it down a notch

Set your thermostat one degree cooler or warmer depending on the season you’re in. You will barely notice the difference and a month later you can do it again since you’ll be fully adjusted to the new temperature. According to the U.S. Department of Energy, you can save as much as 1% on your yearly heating bill for each degree.

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15. Don’t replace, repaint

If you’re planning to replace an item in your home, such as an appliance, cabinets or bathroom components; consider painting before replacing. If you’re only replacing it because of the appearance, painting may be your best bet. Anything from appliances and cabinets to sinks and bathtubs can be painted. You just have to buy the right paint. Always make this consideration before buying something new.

16. Know your options

Home Depot and Lowes aren’t the only places to buy home items, just like Best Buy isn’t the only place to buy electronics. Know your local and online options. We almost all know to look online before deciding on a purchase, but you may also be surprised at your local options. Overstock, wholesale and liquidation stores are a few of the places you should check out. Sure they’re hit or miss, but when you find some deals that save you hundreds or thousands it will all be worth it. We were able to buy ceramic tile for less than half the price we previously found, just by walking into a wholesale store that we passed by every day.

17. Keep up with maintenance

Maintaining your home and your vehicle can save you thousands down the road. Regular oil changes, replacing air filters and checking tire pressure will all lead to savings in the future. Likewise, replacing your home filters, being aware of issues and quickly making needed repairs will save you some serious cash. Be mindful and pay attention to general maintenance. Staying on top of maintenance will stop other problems before they happen.

18. Reduce your interest rate

If you have credit card debt, you know interest can be a killer. Call your credit card company and ask for a lower rate. You don’t need some amazing reason to convince them. Many companies will simply lower it because you asked. It’s easier than you may think to negotiate with credit card companies. Often times, they are just happy you’re paying instead of filing for bankruptcy.

19. Give up the expensive habits

If you’re trying to save money, your habits may be working against you. For example, the cost of cigarettes and alcohol can be insane. If you don’t want to completely cut it out, try cutting back. Smoking one less pack of cigarettes each week can save you as much as $40/month depending on the state you live in. When you count the costs of your habits, it may open your eyes to another benefit of quitting.

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20. Get paid to spend

Maximize your credit card rewards by using the right card for your purchase. Some cards offer 5% cash back on gas, while others offer 6% cash back on groceries. Credit card rewards are a great way to earn while you spend, which in return, saves you money. It’s like putting a certain percentage of every purchase into a savings account.

That was quick! Now you’ve got 20 ways to save money so start saving today. Some of these require you to take action, while others mean you’ve got to stop doing something. Whether you’re adding or subtracting something from your life, stay mindful of your spending. You should always know where your money is going, since you should be the one telling it where to go. Stick to your budget, follow these tips and save some money!

Featured photo credit: Cutting Your Spending / Tax Credits via flickr.com

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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