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7 Money-Saving Hacks For Book Lovers

7 Money-Saving Hacks For Book Lovers

As a voracious reader and tremendous book lover, you probably frown at the end of the month when you look at your grand total spent on books. Reading is an awesome habit, but sadly books don’t come for free (though I believe they should!). However, by following these 7 hacks you can drastically cut down your book expenses at no time!

1.  Sign up for loyalty programs and memberships

These days most big name bookstores (regular and online) offer special significant discounts and other perks to their loyalty program members. For instance, Barnes and Nobles membership card that costs $25 per year gives you the next cool benefits:

  • 40% off listed price for bestseller books
  • You are eligible for Everyday Member discount, so you can grab new discounted books and other products every day.
  • Free express shipping (1-3 days)
  • $50 worth of coupons, special deals and discounts
  • Permanent extra discount of 10% for all items on sale and everything else.

Also, you get 10% discount for all foods and drinks at their coffee shop and unlimited free wi-fi access. Your card pays off after about fourth shipping, so it’s a terrific value for money deal.

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BAM (Books a Million) also have a great membership program that includes free shipping, 10% in-store discount, $100 in coupons and special deals, free unlimited wi-fi at their store and much more for just $25 per year.

If you prefer reading online, get a membership with Discount Book Sale. For about $20 per month you get unlimited online access to thousands of books, free shipping and up to 30% discounts.

2. Master couponing and never pay full price again

Why you should pay full price when you can pay less if you browse around the web a bit? There are numerous coupons and discount codes available for book purchases out there. Check out sites like Discontrue, BeFrugal and Coupon Chief to score some major discounts and even get cash backs for the books you’ve bought (so you could buy even more books, obviously!).

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3. Organize a book swap

If you’d like to declutter your house and get new books to read for free – a book swap is the best way to do it! You can either ask your friends, co-workers and family to take part and swap or trade books or reach out to other book lovers out there through the web. TitleTrader allows you to swap books and DVDs with other users. You earn points when you give away something and spend them for getting something new instead. PaperBackSwap allows you to swap books by mail. For each book you send (postage is for you to cover), you earn credit to receive a book.

4. Visit the local library

I think of public libraries as hugely underestimated caves of wonders where you can get your hands onto glossy Taschen books you couldn’t afford or flip pages of really rare editions that could only be found at flee markets (if you get lucky).

In France, even small cities have one or two public Médiathèques as they are now called where you can get a free membership to take books, magazines and movies home or just spend the whole day in a cozy chair reading for free. Some even have free wi-fi and vending machines with snacks. You can find all sorts of books there in different languages including English, Spanish, German and others.

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5. Buy directly from the author

Nowadays, most authors run their personal blogs or websites where they typically sell newly released books for lower price compared to those you can find at regular bookstores or online. Most authors even offer special discounts and additional bonuses if you connect with them.

For instance, Jeff Goins offered a special price and extra audio version of his new book to his newsletter subscribers. A lot of authors host giveways you can enter by tweeting about it or posting it on Facebook and get the book for half price or even free!

6. Find the classics online for free

I know for some of us it sounds cool to have hard copy editions of Shakespeare or Dickens proudly standing on the book shelve. But for a frugal type like me, who also happens to move pretty often, having a huge home library full of classics isn’t an option at all. That was when I discovered Project Gutenberg – a public domain library with over 46.000 ebooks to download for free. Good old classics mainly published before 1923, meaning the copyright law protecting them has expired.

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Another great website to get free books from is DailyLit. Each day they’ll send you bite-sized parts of books right into your inbox to read during your coffee break or morning commute. Just set up an account and choose books from a rather extensive library. Most books are free, while the newest editions may cost you a few dollars.

7. Make mindful purchases

Isn’t it a bit frustrating when you read a professionally written book description and plot summary, feel all so giddy with excitement and pay the full price for the book, to later realize the author has a damned great copywriter, but his own text are rather disappointing? You not only waste money, but your time!

To avoid this happening, I typically visit Amazon and pre-read a few pages (for free), screen the reviews there and on Goodreads. Also, if the author runs a blog, you can typically download a chapter or few for free.

Also, loads of authors host read meetings, webinars and interviews (online and offline) where they talk about their new book and often read or quote some parts. Attending all of them is another great way to have a free sneak-peak inside the book and connect with the author. Typically, if I like how the person speaks and expresses their opinion, their writing turns to be highly delightful as well.

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Elena Prokopets

Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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Last Updated on September 2, 2020

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways to set financial goals and actually meet them with ease.

4 Steps to Setting Financial Goals

Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

1. Be Clear About the Objectives

Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

2. Keep Goals Realistic

It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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4. Short Term Vs Long Term

Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

How to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a two-step process:

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

Ensuring Healthy Savings

Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

If you’re not sure where to start when tracking expenses, this article may be able to help.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

3. Make a Plan and Vow to Stick With It

Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

Nowadays, several money management apps can help you do this automatically.

At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

  • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
  • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
  • If you go shopping, always look out for coupons and see where can you get the best deal.

The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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5. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

6. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

Making Smart Investments

Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

1. Consult a Financial Advisor

Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

2. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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3. Compounding Is the Eighth Wonder

Einstein once remarked about compounding:

“Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

Use compound interest when setting financial goals

    Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

    Start saving early so that time is on your side to help you bear the fruits of compounding.

    4. Measure, Measure, Measure

    All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

    If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

    Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

    The Bottom Line

    Managing your extra money to achieve your short and long-term financial goals

    and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

    More Tips on Financial Goals

    Featured photo credit: Micheile Henderson via unsplash.com

    Reference

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