8 Ways to Save Money on Date Night

February 10, 2021 by Liam Lane Posted in Budgeting, Family Finance, Frugal Living, Home Ownership Tagged apps, Banking, bar, big, Blog, budget, Budgeting, Budgeting Basics, Buying, Buying a Home, cars, coupons, crafts, Debt, DIY, Family Finance, Finance, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, frugal, Frugal Living, Home, house, How To, Infographic, keep, Life, Lifestyle, Managing Your Money, market, money, Money-saving Tips, News, Online Savings Account, Paying Down Debt, Personal, personal finance, Purchase, Quick Tips, real, Recession, Relationships, Rewards, Rewards Programs, save, Save Money, Saving, Saving in a Recession, savings, Savings Account, Savings Strategies, Shopping, Spending, Sports, things to do, Travel & Leisure

Planning budget-friendly date nights can keep your relationship and your finances healthy.

Whether you’re cozying up on the couch together with a bottle of wine or headed out to the trendy restaurant everyone’s talking about, date night is an essential part of most relationships.

“Date nights are important because they give new couples a chance to get to know each other and established couples a chance to have fun or blow off some steam after a rough week,” says Holly Shaftel, a relationship expert and certified dating coach. “Penciling in a regular date can ensure that you make time for each other when your jobs and other aspects of your life might keep you busy.”

Finding ways to spend less on date night can be easy if you're willing to be creative.

There’s just one small snag. Or, maybe it’s a big one. Date nights can get expensive. According to financial news website 24/7 Wall St., the cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.

When you’re focused on improving your finances as a couple, finding ways to spend less on date night is a no-brainer. But you may be wondering: How can we save money on date night and still get that much-needed break from the daily grind?

There are plenty of ways to save money on date night by bringing just a little creativity into the mix. Here are eight suggestions to try:

1. Share common interests on the cheap

When Shaftel and her boyfriend were in the early stages of their relationship, they learned they were both active in sports. They were able to plan their date nights around low-cost (and sometimes free) sports activities, like hitting the driving range or playing tennis at their local park.

One way to save money on date night is to explore outdoor activities.

If you’re trying to find ways to spend less on date night, you can plan your own free or low-cost date nights around your and your partner’s shared interests. If you’re both avid readers, for example, even a simple afternoon browsing your local library’s shelves or a cool independent bookstore can make for a memorable time. If you’re both adventurous, check into your local sporting goods stores for organized hikes, stargazing outings or mountaineering workshops. They often post a schedule of events that are free, low-cost or discounted for members.

2. Create a low-budget date night bucket list

Dustyn Ferguson, a personal finance blogger at Dime Will Tell, suggests using the “bucket list” approach to find the best ways to save money on date night. To gather ideas, make it a game. At your next group gathering, ask guests to write down a fun, low-budget date night idea. The host then gets to read and keep all of the suggestions. When Ferguson and his girlfriend did this at a friend’s party, they submitted camping on the beach, which didn’t cost a dime.

The cost of an average date consisting of two dinners, a bottle of wine and two movie tickets is about $102.

– Financial news website 24/7 Wall St.

To make your own date night bucket list with the best ways to save money on date night, sit down with your partner and come up with free or cheap activities that you normally wouldn’t think to do. Spur ideas by making it a challenge—for instance, who can come up with the most ideas of dates you can do from the couch? According to the blog Marriage Laboratory, these “couch dates” are no-cost, low-energy things you can do together after a busy week (besides watching TV). A few good ones to get your list started: utilize fun apps (apps for lip sync battles are a real thing), grab a pencil or watercolors for an artistic endeavor or work on a puzzle. If you’re looking for even more ways to spend less on date night, take the question to social media and see what turns up.

3. Alternate paid date nights with free ones

If you’re looking for ways to spend less on date night, don’t focus on cutting costs on every single date. Instead, make half of your dates spending-free. “Go out for a nice dinner one week, and the next, go for a drive and bring a picnic,” says Bethany Palmer, a financial advisor who authors the finance blog The Money Couple, along with her husband Scott.

4. Have a date—and get stuff done

Getting stuff done around the house or yard may not sound all that romantic, but it can be one of the best ways to save money on date night when you’re trying to be budget-conscious. And, tackling your to-do list—like cleaning out the garage or raking leaves—can be much more enjoyable when you and your partner take it on together.

5. Search for off-the-wall spots

If dinner and a movie is your status quo, mix it up with some new ideas for low-cost ways to save money on date night. That might include fun things to do without spending money, like heading to your local farmer’s market, checking out free festivals or concerts in your area, geocaching—outdoor treasure hunting—around your hometown, heading to a free wine tasting or taking a free DIY class at your neighborhood arts and crafts store.

“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over,” Ferguson says.

6. Leverage coupons and deals

When researching the best ways to save money on date night, don’t overlook coupon and discount sites, where you can get deals on everything from food, retail and travel. These can be a great resource for finding deep discounts on activities you may not try otherwise. That’s how Palmer and her husband ended up on a date night where they played a game that combined lacrosse and bumper cars.

Turn to coupons and money-saving apps for fun ways to save money on date night.

There are also a ton of apps on the market that can help you find ways to save money on date night. For instance, you can find apps that offer discounts at restaurants, apps that let you purchase movie theater gift cards at a reduced price and apps that help you earn cash rewards when shopping for wine or groceries if you’re planning a date night at home.

7. Join restaurant loyalty programs

If you’re a frugal foodie and have a favorite bar or restaurant where you like to spend date nights, sign up for its rewards program and newsletter as a way to spend less on date night. You could earn points toward free drinks and food through the rewards program and get access to coupons or other discounts through your inbox. Have new restaurants on your bucket list? Sign up for their rewards programs and newsletters, too. If you’re able to score a deal, it might be time to move that date up. Pronto.

8. Make a date night out of budgeting for date night

When the well runs dry, one of the best ways to save money on date night may not be the most exciting—but it is the easiest: Devote one of your dates to a budgeting session and brainstorm ideas. Make sure to set an overall budget for what you want to spend on your dates, either weekly or monthly. Having a number and concrete plan will help you stick to your date night budget.

“Staying creative allows you to remain flexible and not bound to simply doing the same thing over and over.”

– Dustyn Ferguson, personal finance blogger at Dime Will Tell

Ferguson says he and his girlfriend use two different numbers to create their date night budget: how much disposable income they have left after paying their monthly expenses and the number of date nights they want to have each month.

“You can decide how much money you can spend per date by dividing the total amount you can allocate to dates by the amount of dates you plan to go on,” Ferguson says. You may also decide you want to allot more to special occasions and less to regular get-togethers.

Put your date night savings toward shared goals

Once you’ve put these creative ways to save money on date night into practice, think about what you want to do with the cash you’re saving. Consider putting the money in a special savings account for a joint purpose you both agree on, such as planning a dream vacation, paying down debt or buying a home. Working as a team toward a common objective can get you excited about the future and make these budget-friendly date nights feel even more rewarding.

Source: discover.com

Planning a Home Office? Check Out These Budget-Friendly Tips

February 10, 2021 by Liam Lane Posted in Credit 101, Frugal Living, Home Tagged away, Banking, budget, Budgeting, Budgeting Basics, building, Buy, Career & Education, Career Tips, Debt, design, Earning Potential, Family, Financial Goals, Financial Wize, FinancialWize, front, frugal, Frugal Living, Home, Home Projects, House & Home, How To, Investing, investment, keep, Life, Lifestyle, living room, Long-term Saving, Managing Your Money, market, money, Money-saving Tips, Online Savings Account, Paying Down Debt, Personal, Popular, Quick Tips, Recession, Saving, Saving in a Recession, savings, Savings Account, Savings Strategies, Spending, Work Life

When you’re setting up a home office for remote work, keep these key principles from ergonomic experts in mind. Your body—and your productivity—will thank you.

Working from home has its perks. There’s the money saved from skipping the commute, and just think about all of that time you get back by avoiding crowded freeways or public transit during rush hour. As far as workplace attire goes, few employees would trade “work-from-home casual” for dress slacks.

But while working from home affords some new freedoms, it also creates new challenges. One of your biggest tasks is to create a productive, ergonomically correct workplace in your home without breaking the bank. If this sounds familiar, you’re probably asking yourself, “How can I set up a home office on a budget?”

Whether you’ve always worked from home as a freelancer or started during the pandemic, these expert tips will help you get started as you design your home office on a budget:

From finding the right location to choosing the ideal furniture, these tips will help you create your home office on a budget.

Strive for an ergonomically correct home office

Being home all day creates an unexpected obstacle: pain. Many workers find that transitioning from a well-equipped office to a makeshift setup at home leads to discomfort. That’s because many of them go from having a spacious desk, comfortable chair, and monitor and keyboard in their office building to working from a laptop in their living room.

If you suffer from neck pain or eye strain when working from home, you may be feeling the effects of poor ergonomics. Ergonomics, commonly known as the science of work, aims to optimize productivity and health in a workspace.

As a physical therapist with more than 25 years of experience, Karen Loesing, owner of The Ergonomic Expert, knows this issue all too well. Loesing’s company performs ergonomic assessments for businesses and home offices. Over the years, she has seen countless clients suffering from neck, back or other health issues due to poorly designed workspaces. But it doesn’t have to be that way, Loesing says.

“Having an ergonomically correct workstation enhances productivity and generally overall happiness at work.”

– Karen Loesing, owner of The Ergonomic Expert

There are relatively easy ways to transform an ergonomic nightmare into a well-functioning home office on a budget—even if you’re stationed at the kitchen table, she says. And the investment is worth it.

“Having an ergonomically correct workstation enhances productivity and generally overall happiness at work,” Loesing says. “For those who are able to designate a certain space in their home where they can work without distractions—maybe even a window with a view and the flexibility to work at your own pace—it has been proven this makes for a happier employee.”

Who doesn’t want to boost their health, productivity and happiness in one fell swoop?

Find the optimal location for your at-home workspace

When setting up a home office for remote work, location should be your first decision, says design consultant Linda Varone, author of “The Smarter Home Office.” Depending on your living situation, there may be an obvious answer, such as that spare room you’ve always thought could become an office space.

If you don’t have a dedicated office, don’t despair. While you design your home office on a budget, think creatively about where it can be.

Varone once visited a client’s home to help reconfigure her workspace. The client was running a business from a table in the hallway. “At the end of each workday, she had to pack everything up and store it in the closet in the guest room,” Varone says.

But as Varone learned, guests only stayed over two weeks a year, leaving the room empty the rest of the time. It hadn’t occurred to the business owner, but turning the guest room into a home office for most of the year was the perfect solution.

If you’re setting up a home office for remote work, picking the optimal location for your workspace should be your first step.

“There are some simple, simple ways that people can rethink their home office without a big investment and make that space really work for them,” Varone says.

In addition to using a guest room, a dining or living room can also function as a home office on a budget.

Establish the ideal setup for your workstation

Once you’ve decided on the room, determine the location for your workstation, Varone says. As you plan your home office, consider placing your desk or table near a window, allowing for natural light and an occasional glimpse of nature. Don’t face directly outside; instead, aim for a line of sight that’s perpendicular to the window, Varone says. That’s because, even on an overcast day, you’d be looking into too much bright light if you’re facing the window.

“What’s happening is your eyes are adjusting back and forth between the bright sunlight that you’re facing and the darker light of your computer screen,” Varone says. “And that ends up being really fatiguing for the eye.”

If you live with others, the biggest challenge will be privacy. Try to clearly define the boundaries of your “office” if you can, such as with an area rug, she says. Then ask your roommates or family members not to enter your space while you’re working, apart from an emergency.

When you're planning a home office, try to clearly define the boundaries of your workspace if you live with others.

If you use a multipurpose space, be sure to tidy everything up at the end of the day, Varone says. Taking the 10 minutes or so to clean up your “office” will reduce clutter. Ultimately, a clutter-free space can reduce your stress and boost your productivity.

“That also has a benefit of becoming a little ritual and helping you say, ‘All right, my workday is over,’” Varone says. “‘Now I can focus on my personal life.’”

Choose your furniture wisely

Now that you’ve found the perfect location for your home office on a budget, focus on finding the perfect work surface. Maybe it’s a traditional desk. Or it could be your dining room table or kitchen counter.

If you do need to buy a desk or chair, don’t feel like you need to spend a fortune. Try looking for a used office furniture store or liquidator in your area, Varone recommends. You could even try searching online marketplaces for a gently used model.

When planning a home office and considering your work surface, what matters most is the height.

The average desk is 29 inches high, Loesing says. This will likely accommodate someone who’s 5’8”, she acknowledges, but for everyone else? It will take some adjusting to make it fit for them.

That’s where your chair comes in. Most people don’t need a high-end office swivel chair to work comfortably. As long as you can adjust the height of your chair to fit you and your desk, you’ll have a comfortable setup.

It’s important to adjust the height of your chair to achieve a neutral position, Loesing says. If you don’t have the instructions from the manufacturer on how to adjust your model, try searching for videos online, she adds.

One more chair takeaway from Loesing?

“If you can’t spend a dime, at least get as comfortable as you can where you’re sitting, and sit all the way back in your chair,” Loesing says. “When you don’t sit so your back is against the backrest, you’re using your back muscles all day long instead of them being at rest.”

When you design your home office on a budget, make sure your chair and work surface allow you to get into a comfortable sitting position.

Adjust your furniture and equipment

As you continue planning a home office, you’ll likely find that your computer is your most important piece of equipment. But it can also lead to neck strain. Whether it’s a laptop or an external monitor, Loesing says screen placement is key. In fact, she says it’s the single most important feature to address—as well as the most commonly disregarded one.

While you plan your home office, Loesing recommends keeping the following ergonomic guidelines in mind to help avoid neck strain:

Align your monitor so your eyes are level with the screen. (That’s typically about 4” from the top of the monitor.)

Place your feet flat on the floor and your knees at about a 90-degree angle with the ground.

Place your arms at about a 90-degree angle from the writing surface so your shoulders are relaxed.

If you only have a laptop, and no monitor, you still have options for raising your screen to eye-level. “There are budget-friendly laptop risers on the market,” Loesing says. “If you don’t want to spend any money, you can place books or reams of paper to bring the screen up to eye level.”

When setting up a home office for remote work and thinking about your arm placement, note that Varone is a strong advocate for an external keyboard. If you’re working at a desk that has a keyboard tray built into it, that’s a great way to keep your arms at about a 90-degree angle, she says. If you don’t have a built-in tray, she says you can improvise by placing your keyboard on an inexpensive laptop table situated directly under your desk.

While the exact adjustments will vary depending on your equipment, height and budget, the focus is on acquiring a neutral position or a position where there’s no strain on anything, Loesing says.

“With the addition of standing desks, which encourage movement, employees often find they have significantly more energy at the end of the day.”

– Karen Loesing, owner of The Ergonomic Expert

Stand if it suits you

If you’re intrigued by the idea of a standing desk, you’re not alone. Standing desk sales have soared over the last decade, buoyed by reports of the dangers of too much sitting.

“Static postures (e.g., sitting all day in front of a computer) present more fatigue than dynamic working,” Loesing says. “With the addition of standing desks, which encourage movement, employees often find they have significantly more energy at the end of the day.”

You don’t have to buy an official standing desk to reap the benefits when planning a home office. “The least expensive way would be to take a laptop and place it up high on a built-in high counter using a compact wireless keyboard and mouse,” Loesing says.

Even if you don’t have a standing desk—makeshift or otherwise—you can still incorporate movement and circulation into your workday. Set a timer to remind you to stand up and stretch every 20 minutes, Loesing suggests.

For an even better boost, combine this with a popular guideline known as the 20-20-20 rule. Every 20 minutes, give your eyes a break by looking out a window at something at least 20 feet away, and do so for at least 20 seconds.

Don’t forget the ambience and accessories

Your desk, chair and computer are the major players when you’re setting up a home office for remote work. But there are a few additional items to consider, like lighting, plants and sound.

Setting up a home office for remote work should include some thinking around ambiance, like lighting, plants and sound.

Your overhead light fixture likely isn’t enough, as it will create shadows and can be too weak by the time it reaches your workspace, Varone says. She recommends investing in a table lamp that creates a wider spread of light in your area. Pick one with a translucent shade that will softly diffuse the light and make it easier on your eyes.

As you’re planning your home office, Varone also recommends incorporating a potted plant or flower into your workspace. Not only can it help purify the air and boost your mood, a natural element can contribute to a restful atmosphere.

Working from home means working with home noises—especially if you’re in an environment with roommates, a partner or little ones. To keep the noise down, consider noise-canceling headphones for a quieter workspace and clearer meetings. Other budget-friendly options? Try placing a towel under the door to block out noise from other rooms, Loesing says. Consider curtains instead of blinds, since they’re better at blocking out sound. Even pillows or large cushions can help reduce noise, she adds.

After you’ve taken care of the essentials and if you have the space and money, think about adding a reading chair to your home office. You can use this as a space to review documents or do some deep thinking, Varone says. It can be a welcome respite from your desk while keeping you in the office area, she adds.

When planning a home office, think about adding a reading chair to your space.

One last tip? Add a personal touch, whether it’s a framed family photo or a souvenir from your travels. It’s your home office, after all. Let your personality shine.

Set up a home office for remote work that allows you to thrive

Now that you know how to create a home office on a budget, you’re ready to make a space that works well for you. Whether you’re an experienced remote worker or a newbie, you can apply these expert tips to set up an office that’s functional and keeps you motivated day in and day out.

Ready to break in your new home office? Keep that motivation going by learning how to increase your earning potential this year.

Source: discover.com

What Is Budget Billing and Is It Right for You?

February 10, 2021 by Liam Lane Posted in Budgeting, Careers, Home Tagged Automatic Transfer, Banking, budget, Budgeting, Budgeting Basics, Checking Account, cons, consumption, Credit, Credit Card, credit cards, Enhancing Your Budget, Fees, Finance, Financial Plan, Financial Wize, FinancialWize, gas, Home, House & Home, keep, Lifestyle, Managing Your Money, money, Money Management, Mortgage, Personal, personal finance, pros, real, Rewards, save, Save Money, savings, Savings Account, Spending, Style, summer

If you want to keep utility costs consistent month to month, budget billing may be for you.

Your utility bills likely make up a significant part of your monthly budget, so it’s important to keep a close eye on them. But while your rent or mortgage stays the same month to month, your utilities don’t.

Sweltering summer days and icy winter nights can lead to budget-blowing spikes in your utility bills, and no matter how hard you try to budget and plan, you can’t predict the total each month. Or can you?

Budget billing may offer the consistency you crave. Here, personal finance experts describe how budget billing works and explain who may benefit from it, empowering you to answer this question for yourself: Does budget billing save money?

What is budget billing? It's a service that averages your monthly utility charges to determine a set amount to pay each month.

What is budget billing and how does it work?

As you consider this option, your first question might be: What is budget billing? Budget billing is a service offered by some utility companies that provides a set monthly bill for services like gas or electricity.

How does budget billing work? To calculate your monthly budget billing amount, a utility company will look at your past usage, typically over the last year, and average it to determine your monthly charge, says Sara Rathner, financial author and credit cards expert at NerdWallet. This will give you a predictable bill to pay each month, rather than one that fluctuates.

Keep in mind that if you recently moved into your home, the charges used to calculate your budget billing amount may be based on the previous owners’ or renters’ usage, says Rathner. Your actual usage may end up being more or less than theirs.

Another point to remember on how budget billing works: While budget billing gives you a steady amount to pay each month, this amount can, and likely will, change over time. Some providers update bill amounts quarterly, some annually. There’s no universal timeline for these updates, so be sure to ask your utility provider about its specific process, says Lance Cothern, CPA and founder of personal finance blog Money Manifesto.

How does budget billing work? Utility companies determine the monthly charge by averaging your usage over the past year.

These changes are made to capture your actual usage, whether that usage has decreased (a mild summer allowed you to keep the AC off more often) or increased (a brutally cold winter forced you to blast the heat). Typically, you will be notified in advance of the change.

Now that you know how budget billing works, you may be wondering: Could it save me cash?

Does budget billing save money?

Not exactly.

“Budget billing won’t save you money; it just evens your bill out over time,” Cothern says.

How does budget billing work if you end up using less energy and overpay? You may be reimbursed for the amount you paid above your actual energy usage, or the amount overpaid will be applied to next year.

How does budget billing work if you underpay? You’ll have to pay the extra amount to make up the difference. These payments or credits happen in addition to any adjustments your provider makes to your monthly bill if your usage changes over time, Cothern says.

What are the benefits of budget billing?

Overall, there’s a fairly straightforward answer to what budget billing is, and the benefits are clear, too. While it doesn’t save you money per se, it may allow you to more easily manage your monthly budget.

For example, if you know your monthly electricity bill will be $100, you can account for this expense in your budget and more precisely allocate funds into other expenses or savings.

“Anyone who sticks to a strict, detailed monthly budget may prefer the predictability of budget billing,” Rathner says. “You know exactly how much your utility bill will be each month and can plan your other spending around it.”

Combine budget billing with autopay and you can set and forget your utility bills, ensuring they’re paid on time and in full, making money management a lot simpler. This could also help you deal with financial stress.

What are the downsides of budget billing?

While budget billing has its pros, it also comes with cons. Does budget billing save you money? To help answer that question, consider the following:

You may face extra fees. Some utility companies charge a fee for budget billing. In Cothern’s view, this negates the benefit since there’s no reason to pay tacked-on fees for this service. It’s important to find out whether there are fees before signing up when you’re researching how budget billing works.
You may ignore your utility usage. Budget billing puts your monthly utility charges, as well as your actual usage, out of sight and out of mind. Without the threat of a higher bill or the reward of a lower one based on your energy habits, some people get complacent, Rathner says. They leave lights on or turn up the heat instead of grabbing a blanket. If this sounds like you, budget billing may actually cost you money in the long run.

“Always keep an eye on your monthly bill even though you pay a level amount for months at a time,” Cothern says. Most utility companies provide your usage information right on your bill.

If you're wondering "Does budget billing save money?" remember that you may be charged extra fees for the service.

If you can financially handle the seasonal swings of each bill, budget billing may not be much of a benefit for you, Cothern says. Paying the full amount also means you’re paying attention to the full amount, he says, which may motivate you to reduce your energy consumption. And that’s where the real opportunity to save money lies.

By considering potential fees and the impact on your energy usage, you’ll have a good sense of whether budget billing saves you money in the long run.

Make the most of how budget billing works with this hack

After scrutinizing how budget billing works, the potential downsides have led some financial pros, Cothern among them, to develop a new hack for paying utility bills.

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Instead of signing up for budget billing, open a savings account online specifically for utilities, Cothern suggests. You’ll also want to sign up for a rewards credit card, if you don’t have one already.

Next, grab your last 12 months of utility bills, total them up and divide by 12 to get your monthly average. You’ll then want to set up an automatic transfer of that amount from your checking account into the utility savings account each month.

When the utility bill comes, pay it with your rewards credit card and then pay that bill with the money in your savings. You reap the benefits of maintaining a consistent amount coming out of your budget, as well as credit card rewards and any interest earned on that money from your savings account.

Do your homework before signing up for budget billing

After weighing your options and considering your personal budgeting style, you may decide that budget billing is right for you.

Still asking, "How does budget billing work?" Read your utility company's program rules in detail to help answer any questions.

If that’s the case, it’s important to read your utility’s program rules in detail. Yes, that means digging into the fine print to understand how budget billing works at the specific company, Cothern says, because budget billing is a general term for a wide variety of utility company programs. Budget billing may be called something else, like flat billing or balanced billing, and it may carry different nuances and terms.

Before signing up for budget billing, Rathner suggests calling your provider and asking the following questions:

Are there startup or maintenance fees?
How is the monthly amount calculated? How often is it updated?
What happens if you overpay or underpay?
What happens when you move or end service?

With the answers to these questions, you’ll have a better idea of how budget billing works for your provider. Armed with that info, you can determine whether budget billing saves you money and make the call on whether enrolling is right for you.

Whether you opt for budget billing or not, small adjustments to your home can result in major savings on your energy bills. For starters, check out these four ways to save energy by going green.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

Source: discover.com

How to Save More Money in the Stay-at-Home Economy by Focusing on What Matters Most

February 1, 2021 by Liam Lane Posted in Budgeting, Careers, Frugal Living, Home Tagged away, Banking, budget, Budgeting, Budgeting Basics, Checking Account, College, Coronavirus, Credit, Credit Card, Emergency Fund, Enhancing Your Budget, Extra Money, Family, Financial Goals, Financial Wize, FinancialWize, Frugal Living, Grow, Home, How To, Infographic, keep, Life, Lifestyle, Luxury, Managing Your Money, money, Money-saving Tips, Online Savings Account, Purchase, Quick Tips, Retirement, save, Save Money, Saving, Saving in a Recession, Saving Money, savings, Savings Account, savings accounts, Savings Strategies, Savings Tips, Shopping, Spending, summer, Travel

Love it or hate it, many Americans are spending more time at home. The coronavirus pandemic not only accelerated the work-from-home trend to warp speed, but it also shuttered schools and summer camps, scratched travel plans and canceled brunch and dinner reservations across the country.

Jen Dawson, a certified financial planner and managing director in Chicago, found that the uncertainty and stay-at-home lifestyle created by the pandemic prompted her clients to look at their financial situations in a new light.

âI think it just gives opportunities for people and families to reflect,â Dawson says. ââWhat do we want out of life? What do we want from our money?â Those conversations are really valuable.â

As Dawsonâs clients reflect on their goals, they (and many others) are also wondering, âHow should I adjust my household budget if weâre spending more time at home?â

Creating a household budget can help you reduce the financial uncertainty of the stay-at-home lifestyle.

How to optimize your budget for the stay-at-home economy in 4 steps

Ellen Rogin, a former wealth advisor and now a speaker, author and entrepreneur, notes that people across the country were affected by the pandemic in very different ways. While many workers were able to keep their jobs as they transitioned to working from home, many were not.

âThere are people who have lost their jobs and are being forced to make difficult decisions,â Rogin says. âAnd there are people who are still employed and earning the same income they did before, who have more options as they decide how they’re spending their money now.â

Even if youâve been spared serious financial challenges, you should still consider updating or creating a household budget or spending plan. This will allow you to determine how to save more money in the stay-at-home economy.

You can determine how to save money in the stay at home economy by defining a household spending plan.

Rogin and Dawson encourage you to use this opportunity to ensure youâre at least staying on track to meet your savings goalsâand at best, shortening your savings timelines. Itâs also a chance to make sure that your spending habits, which have likely changed as youâve spent more time at home, are maximizing your happiness.

Below, we break down insights from Rogin and Dawson into four actionable steps you can take to save money in quarantine while living the best life possible. It all starts with taking an objective look at how your spending habits changed as you transitioned to a more domestic lifestyle.

Read on to see how to save more money in the stay-at-home economy by creating a new household budget:

1. Compare your spending trends before and during quarantine

As you set about creating a household budget for an at-home lifestyle and determining how to save more money in the stay-at-home economy, start by reviewing your spending.

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âMost people donât really know how much money theyâre spending, whether times are good or bad. But it can really make you feel calmer to know what it takes to run your lifestyle.â

– Ellen Rogin, speaker, author and entrepreneur

Dawson encourages you to refer to your debit and credit card statements to analyze the differences between your spending before staying home became the norm, and after. âYou can compare it and contrast and have observations and discussions around what changed,â she says. âWhat do you like that you want to keep going, and what do you not like about it?”

All you need, Dawson says, is a spreadsheet to total up your major expenses, such as housing, utilities, transportation, food and dining, travel, shopping and entertainment. Then, subtract the sum of those costs from the money you earned (aka income) over the same timeframe.

Do this exercise for three months of spending before quarantine and then again for three months of spending during quarantine. Youâll be able to compare the data to see whether you have more or less disposable income as a member of the stay-at-home economy.

Analyzing your total expenses, like entertainment and travel, is the first step toward saving money in quarantine.

Rogin notes that it can be a little scary to examine your finances like this, but thereâs no reason to feel anxious.

âMost people donât really know how much money theyâre spending, whether times are good or bad,â she says. âBut it can really make you feel calmer to know what it takes to run your lifestyle.â

If you see that your disposable income decreased while in quarantine (or that you no longer have disposable income at all), then youâll need to find ways to cut back on spending if you want to keep your savings goals on track. If your extra cash increased and youâre actually saving more money in quarantine, then you can start to consider how you might hit some or all of your savings goals more quickly.

Either way, you still have work to do as you consider how to save more money in the stay-at-home economy. Rather than focusing on external factors that are out of your control, Rogin and Dawson recommend that, as a next step, you ask yourself what matters most to you.

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2. Ask yourself how your spending habits impact your happiness

Rogin considers the distanced, more remote way of life as a chance to reflect on whatâs really important in order to create your household budget. One example she points to is how many people have been cooking at home far more often than they once did.

âMaybe youâre spending more on groceries, but thatâs less than you were spending on eating outâand you enjoy it,â she says. âYouâre spending more time with your family. Youâre eating more healthily. So it gives you the opportunity to really assess your budget in a different way.â

Another example is travel. Rogin says that some people have told her that they really miss it, but others have been surprised to find how happy they are to pump the brakes on their jet-setting ways. In addition to saving money in quarantine from reimbursed travel and no more expensive trips, itâs allowed them to slow down and enjoy their time at home with family.

For her part, Rogin found that she wore the same two pairs of shoes during quarantine because theyâre comfortable, and no one can see them when sheâs video conferencing during work. As a result, Rogin cut this expense from her stay-at-home budget.

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When creating a household budget, look for savings from expenses you don't miss in quarantine.

Whether youâre facing a cash shortage or surplus from more time spent at home, Rogin says that extending this line of thinking into a âvalues-based spending planâ for the stay-at-home economy will allow you to direct your money to what matters most to you, while diverting funds away from what doesnât.

Once you add up the expenses that are no longer necessary in your stay-at-home budget, itâs time to put that money to work.

Tip: When looking at quarantine spending, donât get too granular

Dawson underscores that evaluating spending patterns can be an emotional exercise. If youâre reviewing your finances with a family member, partner or spouse, try to resist the urge to nitpick every purchase. The trends should be easy enough to spot from a birdâs-eye view.

3. Put your stay-at-home savings toward your financial goals

Dawson and Rogin recommend having a plan when youâre trying to figure out how to save more money in the stay-at-home economy. That plan should include what youâre saving for, as well as where youâll keep the funds as they add up.

Rogin recommends framing your financial goals from a positive angle. For example, when you create a household budget, instead of focusing on cutting spending, you can set a goal for how much extra money you want to save.

Approach creating a household budget by setting a goal for how much extra money you want to save.

If you have children or live with a partner or spouse, Dawson notes that this goal-oriented approach can help get them involved. The objective might be to start an emergency fund to ride out unexpected headwinds. Or, the focus could be on saving up for a big vacation to look forward to when travel restrictions ease.

When deciding where to keep your savings, a standard checking account wonât allow your money to grow like a high-yield online savings account will. Rather than pooling the money youâve saved in quarantine into one account, Dawson suggests opening multiple savings accounts, one for each of your savings goals.

âBe really clear about what each savings account is for,â she says. âThen youâre more likely to fund it.â

Of course, luxury savings goals like a vacation should not take priority over your long-term savings goals, such as retirement or college funds.

4. When saving money in quarantine, remember to support those in need if you can

If you are saving money in quarantine, Rogin suggests considering all the benefits of earmarking extra cash for philanthropic causes. It could go directly to the local small businesses you love that are hurting for revenue. Or it could go to any number of nonprofit organizations that are doing good in the world.

If you're successfully saving money in quarantine, consider earmarking some to support local small businesses or nonprofits.

âSo many people are in need now,â Rogin says. âThere are so many beautiful ways that can help you feel like youâre making a difference for people by reallocating some of that money towards causes and people that you want to support.â

How will you start saving money in quarantine?

The stay-at home lifestyle may not have been in your plans, but you have the opportunity to gain control of your finances inside your home by creating a household budget that works for you in this new reality.

When you analyze, assess and optimize your spending and consider how to save money in quarantine, youâll be in as strong a financial position as possible when life gets back to normal.

If youâve been fortunate enough to save money in quarantine, consider starting or adding to your emergency fund. Not sure where to store your savings? Check out the four best places to keep your emergency fund.

The post How to Save More Money in the Stay-at-Home Economy by Focusing on What Matters Most appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

6 Tips for Successfully Managing a Checking Account in College

January 29, 2021 by Liam Lane Posted in Credit 101 Tagged ATM, Banking, Banking 101, budget, Budgeting, Budgeting Basics, car, Career & Education, Cash Back, Cash Back Rewards, Checking Account, College Life, Convenience, Debit Card, Fees, Finance, Financial Education, Financial Planning, Financial Wize, FinancialWize, gas, How To, Life, Managing Your Account, Mobile App, Mobile Banking, money, Online Banking, Online Bill Pay, Online Checking Account, personal finance, Purchase, Quick Tips, Rewards, Rewards Checking Account, savings, School, Security, Spending, Starting Out

Heading off to college is exciting. Really exciting. You finally have freedom! You’re out on your own for the very first time, managing your studies, managing your social life and… managing your finances.

Despite being a big part of your newfound independence, personal finance is a subject you probably won’t find on your course schedule. If you didn’t take a personal finance class in high school and never had money lessons from your parents, you may not know how to manage a checking account as a college student.

“College students have very different needs for their checking account than their parents or other adults,” says Tommy Martin, CEO of Clear Path Financial Planning and a finance blogger at TommyMartin.com. If you live in a different city during the school year than you do during winter and summer breaks, for example, you may be after a bank for which location doesn’t matter.

Ok, so how do I manage my checking account in college, you ask? First, don’t get overwhelmed. Learning how to manage money while in college and getting a handle on checking account basics is simpler than you might think (oh, and the skills will serve you for years to come). Second, you can kick off your checking account education with these tips for managing a checking account in college:

1. Compare checking accounts before signing up

While your college life may center around your school campus, you should consider venturing off-campus to pick the right checking account for your lifestyle.

“Students typically sign up with a bank that’s on campus or close to campus,” says Sahil Vakil, a financial planner and president of MYRA Wealth in New Jersey. However, the nearest bank might not be the one that best fits your needs, he adds.

Wondering how to manage money while in college? Be sure to compare checking accounts to find one that meets your needs while you're in school.

Instead of picking a bank based solely on proximity, consider all of your options, including banks with off-campus locations and online-only banks.

Martin agrees, saying that learning how to manage money while in college means considering all of your banking options rather than “automatically enrolling or choosing the official school bank just because it has the school logo on it.” There are other ways to show your school pride, after all.

2. Learn about checking account fees and rewards

Vakil and Martin both say a tip for managing a checking account in college is to consider an account’s fees before signing up. Costly fees can eat into your savings and spending money, which can be a blow for students who are not working full-time. When you are choosing a checking account in college, consider fees for:

Monthly maintenance (essentially keeping your account open)
Minimum balance (not maintaining one)
ATM usage
New checks
Wire transfers
Online bill pay
Replacement debit cards

Martin says a checking account with no minimum balance requirement or minimum number of transactions could be a good fit for students. “It allows them to focus on their education” instead of worrying about incurring penalties, he says. “Even a $5 fee on a checking account with $60 in it can be devastating.”

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Costly fees can eat into your savings and spending money, which can be a blow for students who are not working full-time.

Martin also suggests finding an account that has a large network of no-fee ATMs located across the country to better manage your checking account as a college student. “Especially if you’re going to a school in a different state, the local bank from home might wind up costing you a lot in terms of ATM fees,” he says. If your parents plan to wire you money, find an account that doesn’t charge incoming wire fees, Martin adds.

While fees should be a focus when you are learning how to manage money while in college, don’t forget about incentives. You may be able to find a checking account that actually helps you grow your balance by paying interest or offering a cash back rewards program.

“If you have to pay for books or supplies, at least you can get some cash back and use it for a free dinner,” Martin says. Discover Cashback Debit, for example, offers 1% cash back on up to $3,000 in debit card purchases each month.¹

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3. Track your checking account balance

Luckily, you don’t need to take Banking 101 to figure out your funds, and tech makes tracking your balance and account activity easier than ever. Most banks let you log in to your account online (don’t get distracted in class!), and with a bank’s mobile app you can transfer money to friends, pay bills, deposit checks and check your balanceâall while you’re on the go.

Knowing your balance at all times is a tip for managing a checking account in college because it can help you avoid overdrafts and insufficient funds fees. It can also help you forecast your income and expenses to ensure you’ll have enough money to cover future costs. Surpriseâthat’s budgeting!

There’s no one-size-fits-all budgeting program or system, though. You can go old-school and track your budget on a printed-out budget sheet, or you can go tech-savvy with a budgeting and spending app. “What’s best for you is the one you’re actually going to use,” Martin says.

If you learn how to manage money while in college and make a practice of maintaining your budget, the habit will follow you after graduation.

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âCollege students have very different needs for their checking account than their parents or other adults.â

– Tommy Martin, CEO of Clear Path Financial Planning and finance blogger

4. Secure your account

One of Vakil’s tips for managing a checking account in college is to make sure your account stays secure. Create a unique account name and password that you use only for your checking account, and never share your credentials.

Vakil says you can also enable two-factor authentication if your bank offers it and you’re looking for another way to improve the management of your checking account as a college student. “This additional layer of protection safeguards your sensitive financial data and strengthens the security of your account by requiring two methods of verifying your identity.”

For example, if you log in to your account from a new device, you may be sent a text message with a code that you’ll need to enter to access your account.

5. Keep an eye out for debit card holds

No matter where you bank, a merchant may place a hold on funds in your checking account when you use your debit card. Generally, a hold is placed for travel-related purchasesâsuch as at rental car companies, hotels and gas stationsâand used by merchants to protect against fraud and errors.

To manage a checking account as a college student, keep an eye out for debit card holds, especially while traveling.

“Holds on a debit card can make it tricky for you to manage your finances,” Vakil says. For example, “when you rent a car, the car rental company might put a $500 hold on your account. If the balance in your account was $550, now you can only use another $50.”

Being aware of holds can be particularly important if you are managing a checking account as a college student and tend to have a low account balance.

If a merchant will be placing a hold, it will generally post a sign to notify customers. The hold will typically be removed after the funds are transferred to the merchant from your financial institution, typically within three to four days.

Knowing when a hold will be placed, the amount of the hold and how much money you have in your checking account can help you manage your checking account as a college student by avoiding overdrafts and missed bill payments due to insufficient funds.

6. Don’t let one mistake throw you off track

If you can learn how to manage a checking account as a college student, and more generally, how to manage money while in college, you can lay the groundwork for a solid financial future. Checking account mistakes may occasionally happen (oops, I didn’t budget enough for that spring break trip), but don’t let them discourage you to the point of apathy. Instead, try to continually expand your knowledge and practice healthy financial habits.

¹Â ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo^Â® and PayPal, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Venmo and PayPal are registered trademarks of PayPal, Inc.

The post 6 Tips for Successfully Managing a Checking Account in College appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Teachers: How to Survive the Summer Paycheck Gap

January 10, 2021 by Liam Lane Posted in Budgeting, Credit 101 Tagged Banking, budget, Budgeting, Budgeting Basics, Career, Career & Education, Career Tips, Emergency Fund, Family, Finance, Financial Wize, FinancialWize, How To, Online Savings Account, Salary, Saving, Side Hustle, Work Life

Months (and months) of grading papers, bringing work home on the weekends, staying on-point for all those young minds you’ve been charged with educating and finally… summer is here! It’s time to put your feet up and relax for a well-earned break from your awesome, and often intense, teaching career. But wait. How do teachers budget with no paycheck during the summer?

The summer paycheck gap doesn’t need to be a cause of stress for educators. You just need to put a plan in place to cover your finances for the months that school is out of session. You can follow these guidelines to create a summer budgeting plan that works for you:

Spread your income over 12 months

Bobby Hoyt, a former teacher and personal finance blogger at Millennial Money Man, says the beginning of the school year is always a “crazy time” for teachers. Your best bet to cover the summer paycheck gap is to have a budget in place well in advance of the bell on the first day of school.

To start, check to see if your school offers a year-round payment option. This would allow you to opt-in prior to the beginning of the school year to have your paychecks spread out over 12 months instead of the 10 or so months that you are working. “That way you’ll have a consistent paycheck no matter what time of the year it is,” says Kristin Larsen, personal finance blogger at Believe in a Budget. Even though your monthly pay will be lower with year-round paychecks, it could be easier to create a financial plan and manage the summer paycheck gap with the predictable cash flow.

To survive the summer paycheck gap, spread your salary across the entire year, not just the school year.

If your school doesn’t offer this type of program or if you prefer to collect your standard paychecks and spread them out to accommodate summer, you can create your own 12-month paycheck plan to manage the summer paycheck gap. First, divide your annual income by the amount of months you receive paychecks. If you earn $57,000 a year and work for 10 months, for example, you’ll arrive at $5,700. Next, divide your annual income by 12 months, which in this example, would be $4,750. Finally, calculate the difference between those numbers. In this case, it’s $950. This is how much you would need to set aside from your monthly income to provide for two months of the same pay during the summer. You’re essentially putting money aside so you can give yourself a paycheck during your time off.

“Then, you’ll want to sit down and create a budget and find where you need to cut back and where you can still do the things you enjoy,” Hoyt says.

See if your school offers a year-round payment option. This would allow you to opt-in prior to the beginning of the school year to have your paychecks spread out over 12 months instead of the 10 or so months that you are working.

Calculate your standard expenses and summer extras

If you’re a teacher living with no paycheck during the summer, Hoyt suggests figuring out how much money you’ll need in the summer months to cover your standard living expenses. Think housing, utilities, groceries and transportation. The stuff you can’t live without. If you don’t have a baseline for your essential expenses, keep track of what you spend for at least three months, or sort through old credit card transactions and bank account activity by month. This should help you get a clearer idea of the minimum amount needed to cover your bills and and basic living costs. A summer budget tip for teachers is to use your highest expense month to forecast your summer costs so you don’t have to stress about coming up short, Larsen says.

Another summer budget tip for teachers is to anticipate discretionary seasonal expenses. Let’s face itâthere’s a lot of fun to be had over the summer, and the cost of extra activities and travel can really add up. Quickly. Luxury vacation or the summer festival circuit, anyone? Estimate how much you’ll need for your summer extras, and add those to the living expenses mentioned above. If any of your summer expenses recur annuallyâlike a standing trip with family or friendsâuse what you’ve spent in past years to arrive at how much you’ll need this time.

To prepare for no paycheck during the summer, be sure to include your standard expenses and summertime extras, like travel, when making your budget.

Whether you receive summer income from a year-round payment program or set aside money monthly to combat the summer paycheck gap, there’s a chance that your total summer expenses may exceed your summer paychecks. Read on for more summer budget tips for teachers that can help you plan for this difference.

Stash summer expenses in a separate account

If you’re stashing money away monthly to avoid the summer paycheck gap, creating a separate summer fund to contribute to throughout the year can be an effective summer budget tip for teachers. You could hold the portion of your paycheck you have set aside for summer in this fund, and look for other creative ways to add savings to the account. Bonus: If you put your summer paychecks and additional summer savings in a separate account, it may be easier to avoid the temptation to withdrawal for other expenses during the school year.

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Consider parking your summer funds in a high-yield online savings account so you can earn interest while you work your way through the school year. If you plan ahead and won’t need to withdraw your funds for a specific amount of time (say 12 months), you could earn even more interest with a certificate of deposit.

Create a financial cushion

In addition to the money accumulating in your fund for the summer paycheck gap, it’s important to also have an emergency fund, Hoyt says. An emergency fund is just thatâa fund that is set aside strictly for emergencies, like car repairs or medical bills you didn’t anticipate. “It’s always wise to have an emergency fund, but especially if you have gaps in income,” adds Larsen, from Believe in a Budget.

While experts typically recommend saving at least three to six months of living expenses in your emergency fund, you can start small and add as your budget allows. Any cash set aside in an emergency fund will be helpful if an unexpected bill or expense comes your way, especially if it’s during the summer paycheck gap.

Consider a side hustle

If you think your summer paychecks and extra savings are going to fall a little short of your summer expenses, “consider a summer side hustle to pay for the extras that can come with warmer weather,” Larsen says. With no paycheck during the summer, a side hustle can be a good way to funnel more cash into your summer fund account.

According to Hoytâwho actually started his website as a side hustle when he was a band directorâmany teachers can use their skill set for side hustles related to their profession. For example, teachers can offer private lessons or tutoring within their areas of expertise. Teachers can also pursue unrelated side hustles, like flipping items in online marketplaces to bring in more money in anticipation of no paycheck during the summer.

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A side hustle may also be a perfect opportunity to explore a new venture, especially when there’s no paycheck during the summer. Hoyt says a side hustle can even provide a route to a new career path. “The skills that teachers pick up throughout their careerâdealing with people, managing a high workload, having high standards for excellenceâtend to translate extremely well into entrepreneurialism,” Hoyt says.

Make it a summer to enjoy

Teaching has its challenges, but it also comes with the major perk of having some of the best months of the year off. Planning ahead and implementing these summer budget tips for teachers will help make sure that these hard-earned months of vacation are truly an enriching time.

The post Teachers: How to Survive the Summer Paycheck Gap appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Your Guide to Budgeting for Summer Camp

January 10, 2021 by Liam Lane Posted in Budgeting, Careers, Family Finance, Frugal Living Tagged Auto, Automatic Transfer, Banking, Budgeting, Budgeting Basics, Debit Card, Family, Family Finance, Fees, Financial Goals, Financial Wize, FinancialWize, Frugal Living, Goals & Milestones, Kids & Money, Money-saving Tips, Online Savings Account, Quick Tips, Raising a Family, Rewards Checking Account, Saving, Savings Account, Spending, Travel Tips

Summer camp is a rite of passage. A place where traditions begin and memories are made. A unique venue with a structured opportunity for kids to grow and learn new skills. As enriching as it may seem, embarking on the process each year can be intense: How do I choose a camp? Should it have a philosophy? How do I know my child will have fun? But often the question at the top of the list is, “How do I budget for summer camp?”

Whether you’re scrambling for camp arrangements for this year or getting a jump-start on next summer, you’re in need of a working budget for summer camp. “As a parent who sent several kids to summer camp for many years, I know how expensive it can be,” says Leslie H. Tayne, author and founder of debt solutions law firm Tayne Law Group.

Read on for expert budgeting tips for summer camp and how to save money on summer camp so you can make the best decisions concerning your wallet and your child’s wish list:

1. Get a handle on camp tuition

According to the American Camp Association, sleep-away camp tuition can range from $630 to more than $2,000 per camper per week. Day camp tuition isn’t too far behind, ranging from $199 to more than $800 per week.

One of the best ways to budget for summer camp is to understand your needs for the summer as well as your child's interests.

One of the best ways to budget for summer camp and prepare for tuition costs is to understand your needs for the summer as well as your child’s interests. This will help you determine ‘how much’ and ‘what type’ of camp you want: Is day-camp coverage important all summer because of work? Does your child want to experience sleep-away camp for a portion of the time? Is a camp with a specific focus (say a sport or hobby) on the list?

Depending on your circumstances and child’s expectations, it’s not unusual to be looking at a combination of campsâand tuition costsâin one season. If you have multiple kids at different ages, with different interests, creating a budget for summer camp and understanding how much you’ll need to dish out in tuition becomes especially important.

Once your camp plan is in place, assess how much you’ll need to pay in tuition for the summer months with school out of session. The sooner you’ve arrived at this figure, the easier it will be to work the expense into your household budget, says Heather Schisler, money-saving expert and founder of deal site Passion for Savings. “It’s much easier to set aside $30 a month than it is to come up with $300 to $400 at one time,” Schisler says.

Sleep-away camp tuition can range from $630 to more than $2,000 per camper per week. Day camp tuition ranges from $199 to more than $800 per week.

– American Camp Association

2. Plan for expenses beyond tuition

One of the biggest budgeting tips for summer camp is planning for the many costs outside of tuition. Tayne points out that sleep-away camp usually comes with a longer supply list than day campâsuch as specific clothing or gear and toiletries to cover the length of stay. If your child is heading to a sleep-away camp far from home, your budget for summer camp may also need to factor in the cost of transportation or the cost to ship luggage. Day camps can also have fees for extended hours or transportation if your child rides a camp bus each day.

Once you’ve selected a campâday camp or sleep-awayâcheck its website for camper packing lists and guidelines. Most camps offer checklists that you can print out, which can be good for tracking supplies and costs as you go. After you enroll, your camp may provide access to an online portal that can help you manage tuition and track additional expenses, like canteen money, which is cash your child can use for snacks and additional supplies while away.

One of the best budgeting tips for summer camp is making sure you understand how much everything will costâthat's tuition plus any extra camp costs.

3. Create a year-round savings strategy

By calculating the necessary expenses ahead of time for the camps you and your campers have chosen, you’ll be able to determine an overall budget for summer camp. A budgeting tip for summer camp is to save money monthly throughout the year. To determine a monthly savings goal, divide your total summer camp costs by the amount of months you have until camp starts. If camp is quickly approaching and you’re feeling the budget crunch, you may want to start saving for next year’s costs once it’s back-to-school time so you can spread out your costs over a longer period of time.

Once you start saving, you’ll need a place to put it, right? When it comes to budgeting tips for summer camp, consider placing your cash in a dedicated account, which will keep it separate from your regular expenses and help you avoid tapping it for other reasons. “Then you can have your bank set up an auto draft [for the summer camp money] so it automatically goes into your account each month and you will have the money you need when summer rolls around,” Schisler says. If you use a Discover Online Savings Account for this purpose, you’ll also earn interest that can be put toward camp expenses.

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âIt’s much easier to set aside $30 a month than it is to come up with $300 to $400 at one time.â

– Heather Schisler, money-saving expert and founder of Passion for Savings

4. Find ways to fund your summer camp account

To boost cash in your summer camp savings account, consider asking relatives and family friends to gift your children cash for camp in lieu of birthday and holiday gifts, says Tracie Fobes of budget blog Penny Pinchin’ Mom. “If your child has his or her heart set on sleep-away camp, they may be willing to forgo a gift or two,” Fobes says.

Another budgeting tip for summer camp is to put your cashback rewards toward your budget for summer camp. For example, if you open a checking account with Discoverâcalled Cashback Debitâyou’ll earn 1% cash back on up to $3,000 in debit card purchases each month.¹ You can enroll to have that cashback bonus automatically deposited into your Discover Online Savings Account so it remains designated for camp costs (and can grow with interest).

Say hello to
cash back on debit
card purchases.

No monthly fees.
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Lastly, if you don’t have your tax refund earmarked for another financial goal, you could use the windfall to kick-start your summer camp savings fund. Depending on the refund amount and your total camp costs, it could reduce your monthly summer camp savings goal significantly.

5. Reduce camp-related costs

Despite having your budget for summer camp in full view and planning in advance, camp can still be expensive. Here are some ways to save money on summer camp by cutting down on camp costs:

Ask about scholarships and grants: “Some camps offer scholarships or discounts for children and families,” Fobes says. Research your camp to see if they have anything similar to help offsetâor even pay forâthe cost of tuition.
Use a Dependent Care Flexible Spending Account (DCFSA): A Dependent Care Flexible Spending Account is a pre-tax benefit account that can be used to pay for eligible dependent care services. You can use this type of account to “cover dependent care [costs], and camp may qualify,” Fobes says.
Negotiate price: “Many people don’t think about negotiating the cost of summer camp, but it is possible,” Tayne says, and more and more camps are open to it.
See if there’s an “honor system”: Some camps have what’s known as an honor system, where the camp offers a range of costs, or tiered pricing, and parents can pay what they can comfortably afford. Every child enjoys the same camp experience, regardless of which price point, and billing is kept private.
Take advantage of discounts: Attention early birds and web surfers: “There are sometimes discounts offered when you sign up early or register online,” Fobes says.
Volunteer: If your summer schedule allows, “offer to work at the camp,” Fobes says. If you lend your servicesâperhaps for the camp blog or cleaning the camp house before the season startsâyour child may be able to attend camp for free or a reduced rate.

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Focus on the experienceânot the extras

Don’t let summer camp costs become a family budget-buster. Plan ahead and look for money-saving opportunities and work your budget for summer camp into your annual financial plan.

To save money on summer camp, remember that you only need to focus on camp necessities. “Don’t spend a lot of extra money on new clothing, bedding, trunks or suitcases,” Schisler says. “Remember, summer camp is all about the experience, not the things.”

¹ ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo^Â® and PayPal, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

The post Your Guide to Budgeting for Summer Camp appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

1. Share common interests on the cheap

2. Create a low-budget date night bucket list

3. Alternate paid date nights with free ones

4. Have a date—and get stuff done

5. Search for off-the-wall spots

6. Leverage coupons and deals

7. Join restaurant loyalty programs

8. Make a date night out of budgeting for date night

Put your date night savings toward shared goals

Strive for an ergonomically correct home office

Find the optimal location for your at-home workspace

Establish the ideal setup for your workstation

Choose your furniture wisely

Adjust your furniture and equipment

While you plan your home office, Loesing recommends keeping the following ergonomic guidelines in mind to help avoid neck strain:

Stand if it suits you

Don’t forget the ambience and accessories

Set up a home office for remote work that allows you to thrive

What is budget billing and how does it work?

Does budget billing save money?

What are the benefits of budget billing?

What are the downsides of budget billing?

Make the most of how budget billing works with this hack

Do your homework before signing up for budget billing

How to optimize your budget for the stay-at-home economy in 4 steps

1. Compare your spending trends before and during quarantine

2. Ask yourself how your spending habits impact your happiness

Tip: When looking at quarantine spending, donât get too granular

3. Put your stay-at-home savings toward your financial goals

4. When saving money in quarantine, remember to support those in need if you can

How will you start saving money in quarantine?

1. Compare checking accounts before signing up

2. Learn about checking account fees and rewards

3. Track your checking account balance

4. Secure your account

5. Keep an eye out for debit card holds

6. Don’t let one mistake throw you off track

Spread your income over 12 months

Calculate your standard expenses and summer extras

Stash summer expenses in a separate account

Create a financial cushion

Consider a side hustle

Make it a summer to enjoy

1. Get a handle on camp tuition

2. Plan for expenses beyond tuition

3. Create a year-round savings strategy

4. Find ways to fund your summer camp account

5. Reduce camp-related costs

Focus on the experienceânot the extras

Tip: When looking at quarantine spending, donât get too granular

Focus on the experienceânot the extras