Budgeting is a great way to managing your finances. It takes a significant amount of discipline and time to use a budget effectively. Budgeting has several benefits, including limiting the amount of times that you overspend on goods and services. Continue reading
Getting a mortgage is, without a doubt, one of the most exciting yet nerve-wracking moments in life. If it’s your first time to buy a house, you may be confused about choosing the best mortgage. Finding the best mortgage can ruin the excitement of buying a home.
For those of us looking to earn a little extra cash on the side, driving for an app-powered taxi service like Uber or Lyft holds a certain appeal. If you have the ability to drive, after all, then why not make the most from it? But is this particular side-hustle worthwhile? Let’s find out!
What should I know before becoming a driver?
As a driver, you will be dependent on good reviews from your clientele. That means you’ll need to have emotional intelligence. This needn’t mean being extroverted; some clients will appreciate a driver who knows when to keep quiet. But it will mean that you need to be professional and courteous.
We should also consider the flexibility (or lack of it) inherent in jobs of this sort. While it’s possible to earn money while still adhering to your own schedule, certain times of day yield the highest prices. These are rush hours in the week, and social hours at the weekends. If you’re in 9-5 and you’d like to maintain a social life, then perhaps this isn’t the hustle for you.
Moreover, for all the advantages of being a driver, you’re never going to get the independence that comes with really being your own boss. The companies are hiring you as an independent contractor, which means that they set the prices and the terms.
What should my budget be?
Your budget will need to take into account several expenses, some of which might not be immediately obvious. You’ll need to pay for cleaning supplies to keep the interior looking fresh. That means if someone dirties up the back seat, you’ll need to clean it up (though they will still be charged). Wear and tear on the exterior will also be more strenuous than if you’d just used the vehicle for personal purposes, which means more frequent washes and waxes, more frequent tyre replacements, and more expensive repairs.
Your insurance premiums will rise if you use your car for this purpose. Moreover, the money you earn will be taxed – which might make life unduly complicated if you’re only earning a little bit from your side-hustle.
What about Uber X or UberXL?
Uber’s higher-capacity services are attractive to drivers, as they allow for higher fares – provided that there is enough demand for a high-capacity vehicle. For large events with many big groups attending, a more capacious vehicle, like a Mercedes Benz M8 from Cab Direct, can pay for itself. The only problems occur when clients order a smaller vehicle and then attempt to cram more into it than is legally allowed. This isn’t such an issue for UberXL drivers, who can simply have the ride upgraded afterwards without getting into an argument.
Now that Easter has passed, it is time for us to move on to the next holiday. That holiday is Mother’s Day. Each year, people spend over $20 billion on Mother’s Day. Whether it is flowers, a visit, a warm meal, or something else. Here are a few ideas to keep Mother’s Day from becoming overwhelmingly expensive.
Weddings have consistently become more expensive in recent years. With flowers, invitations, food, and many other things being a necessity nowadays, costs for a once in a lifetime event have skyrocketed.
With all that being said, the parties that take place before the wedding have also jumped in value. I’m talking about bachelor and bachelorette parties. I recently just got finished planning a bachelor party for a wedding I’m in. I will share a few cost saving tips on how to plan a bachelor party on a budget.
Bachelor Party on a Budget: Tip #1
Drive instead of fly. Flying can be very expensive depending on the location of the trip. Pick a closer location and carpool instead. The bachelor party we planned was just over seven hours away from where three of us were located. We could have each flown, but that would have come with a $300 price tag per person. By driving and splitting gas, we will spend about $200 total.
Bachelor Party on a Budget: Tip #2
Purchase supplies ahead of time. A good plan is often times the key to saving money. By purchasing supplies before the trip, you can plan out your purchases and get everyone on board to split the costs.
For example, buying food at a grocery store before you get into town means you don’t have to scramble at the last minute for food. The same goes for purchasing party favors and alcohol. We purchased our alcohol and breakfast food ahead of time. I estimate we saved about $20 per person by doing so.
Bachelor Party on a Budget: Tip #3
Find fun activities that don’t cost a lot. Although bachelor and bachelorette parties tend to be a destination trip, the activities you do at the destination don’t have to be expensive.
For the recent bachelor party I planned, we spent a night grilling out instead of going out to eat. We had a good time, and we spent a lot less than if we had decided to go to a restaurant.
When it comes to a city all are visiting on a trip, there are bound to be a number of museums, mountains to hike or other free activities you partake in. Not every event has to cost money.
Bachelor and bachelorette parties are meant to be one last celebration of an individual’s friends. It’s easy to get caught up in expecting something lavish or expensive, but most times all that friend wants is to spend quality time with the people in their life they cherish most.
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You do not have to let cost stop you and your family from enjoying a vacation. It is possible to have a great family vacation on a budget. There are several ways that you can cut your travel expenses without cutting back on fun and adventure. Here’s how:
Rent an RV
If you and your family travel frequently, then renting an RV can potentially help you save thousands of dollars per year. Your RV is your home on wheels, so you will not have to get a hotel room. For less than the cost of comparable accommodation, you can opt for a stay at an RV resort in San Diego or other in-demand destination cities. This lets you and your loved ones enjoy the perks of a standard hotel resort without the high cost. Furthermore, an RV also comes with a kitchen, so you can cook meals instead of eating out. Traveling in your rented RV is also likely to cost less than getting plane tickets for everyone going on the trip.
Look for Free Things to Do
The entertainment is one of the main things that can make a vacation expensive. One of the keys to having a budget-friendly family vacation is to look for free things to do. Public parks and beaches are examples of places that you can go for free. Most museums are free at certain times. It is a good idea to find out about the free things to do in the area before you go to your destination.
Travel During the Off-Season
Summer is the most popular time of the year for families to travel. The children are out of school, and parents are able to get time off from work. However, this is also the most expensive time of the year to travel. If you can travel during the offseason – fall, winter, or early spring – then you will be able to save a lot of money.
Collect Things Instead of Buying Them
Everyone wants to have souvenirs from their trip. However, you do not have to spend money on souvenirs. You can collect things instead of buying them. For example, you can collect seashells at the beach. You can also collect maps from the tourist offices.
Many restaurants and attractions have discounts at various times of the year. You can take advantage of these discounts by using coupons. Groupon is a place where you can find coupon deals. You can also find coupons by directly visiting a company’s website.
Select a Nearby Destination
You do not need to go far to have a good time. There are likely a lot of fun places within a short drive from you. If you choose a close destination, then you can save money on gas. You will also be able to save money on the activities that you do with your family.
Use a Gas Finder App
The amount that you pay for gas will depend on the gas station that you buy it from. Even if you are only able to save a few cents, this can add up. You can use a gas finder app to find the cheapest gas station in your area.
It is possible to travel with your family on a tight budget. You can cut your travel costs by renting an RV. You can also travel during the off-season and select a nearby destination. Looking for free things to do and collecting free items are other ways that you can save money. Additionally, you can use a gas finder app. There are many ways to pull off a budget-friendly vacation, it’s just a question of which ones to choose.
Building wealth can be accomplished by anyone who puts their mind to it. Most of it is based on simple discipline and math. I have already begun to build my wealth, and will continue to do so for the rest of my life. Listed below are 3 easy ways to build wealth, from a guy who did it.
Automate Your Savings:
Have you ever heard the saying, “You can’t spend what you don’t have”? This is why automating your savings is so important. Contributing to a company 401k plan is an easy way to do this. The money is taken out of your paycheck before you have a chance to spend it. This savings is simply automated. Saving first and spending what remains is how many people achieve wealth.
Invest with Simplicity and Confidence:
Investing one’s savings isn’t rocket science, although some money managers and hedge funds will try and tell you it is. Many companies, such as Vanguard, Fidelity and others offer low-cost mutual funds for the novice investor. You don’t have to worry about picking stocks or making sure you have the right mix of stocks vs. bonds. Pick a mutual fund that you feel most confident in. For example, I invest in a mutual fund that tracks the performance of the S&P 500. Many companies offer them and they are easy to setup.
Have a Long Term Perspective:
The only way wealth can be built in a short period of time is through luck. Don’t rely on luck to build your wealth. Instead, have a long term perspective on it. Building wealth takes time. It’s important that you don’t worry about the stock market when you’re trying to build wealth for the long term. Stocks will go up, and they will go down. They might even lose close to half their value like in the recent recession. With a long term perspective, you stick it out through thick and thin. Most importantly, YOU KEEP INVESTING!
In today’s climate, everyone is looking on how to make a quick buck. The reality is that there is no tried and true way to accomplish this. However, there is a method that stands the test of time to build wealth. By following the 3 easy ways to build wealth, from a guy who did it above: automating your savings, investing simply and confidently, and having a long term perspective, building wealth is not that far-fetched of a goal. Compound interest is a beautiful thing, and when followed correctly, it makes building wealth one of the easier things in life to do.
Budget Smart, Invest Wise
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We have officially arrived at Super Bowl week. The game, which is on Sunday, February 4th, features the Philadelphia Eagles and the New England Patriots. Super Bowl LII is sure to be an exciting affair. The two teams previously met in Super Bowl XXXIX back in 2005 where the Patriots were victorious. With all the hype surrounding the Super Bowl, there are bound to be numerous parties all over to celebrate the big game. Some will go to their local bar to watch it, some will go to house parties to watch it, and others will be hosting a party to view it. So if you are in a hosting position, what’s the best way to go about it? Below are three ways to host a Super Bowl party on a budget.
A Super Bowl party on a budget isn’t complete without drinks, more specifically, beer. While purchasing beer for the entire party might be a little costly, there are some ways around it. A 24 pack of Bud Light or Coors Light should be sufficient for the party as long as you encourage your party guests to bring their own beverages of choice. Bud Light and Coors Light scream SUPER BOWL, especially with Budweiser’s ties to past Super Bowl commercials. You can also go spend about $8 or so on a number of two liter sodas. Ultimately you should be able to purchase a plentiful amount of beer and sodas for your party for around $30.
Food and Snacks
Chips and salsa are a staple of any Super Bowl party as well, but won’t be sufficient to feed all of your guests. That’s why you should encourage your guests to bring a small dish. If most bring a small dish, then you will have more than enough food to supply all hungry appetites. As a host, you yourself should cook a dish or provide some ample amount of food like pizza. Many national pizza chains run specials around the big game. Just make sure you order ahead of time and try to carryout beforehand if possible. All in all you can purchase about three medium sized pizzas and chips and salsa for around $25.
Cups, Plates, Etc.
You are more than welcomed to use your fine china, but disposable cups and plates are the easiest way to go when it comes to hosting a Super Bowl party on a budget. You can buy all of the necessary items, cups, plates, and utensils for around $10 for the whole party. The best part is that when it comes to cleaning up after the big game all you have to do is toss everything in the trash.
Hosting a Super Bowl party is a time honored tradition, almost as important as the game itself. Whether your team is playing or not, these simple tips above can ensure that you and your guests have a wonderful time watching the game, the commercials and all that comes with Super Bowl Sunday.
Budget Smart, Invest Wise
The official start to summer begins on June 21st, but the warm weather and sunshine makes it feel like we are already in it. Summer means kids out of school, pleasant weather and vacations. Vacationing during the summer months has become a staple of many families across the U.S. Whether you are travelling to visit family, going to the beach, or trekking through a national park, summer presents many individuals the opportunity to get out and about. Nowadays, people are electing to fly more than ever. Airlines have become more competitive with their fares in an effort to boost travel by air. One of these airlines who is known for having great deals on flights is Allegiant Air.
Allegiant Air, or just Allegiant as it is more commonly known, is a budget airline based out of Las Vegas, NV. Founded in the late 90’s as WestJet Express, Allegiant has rapidly gained popularity among passengers looking for cheap fares throughout the U.S. With nearly 100 aircraft serving approximately 150 destinations, Allegiant has expanded its reach from coast to coast. In this Allegiant Air review, I will discuss the positives and negatives of the airline along with some pertinent information you need to know before you book your summertime travel.
Allegiant Air Review: Positives
Probably the biggest positive in terms of Allegiant is the price of their fares. I know of people who have booked round trip tickets for less than $100 on many occasions. The earlier you plan and book your trip, the better the price. Like most flights these days, Allegiant flights aren’t always booked to capacity. This means that if there is an open seat you would feel more comfortable in you may go ahead and switch. They also tend to fly into smaller airports. The benefit of this is you have less crowds and TSA lines to deal with, and you can sometimes find flights into airports that the likes of Delta and American won’t touch. Finally, their smartphone app and website make it easy to book and manage your flights just like the big airlines, so you don’t have to sacrifice convenience.
Allegiant Air Review: Negatives
Of course there are also negatives to flying Allegiant Air. First and foremost, when you book your flight, you need to stick with it. Changing your flight or cancelling it results in lost money for you the customer. Secondly, their customer service isn’t the greatest. I’ve found myself calling before about a simple question only to find myself waiting for 45 minutes on the phone with no answer. Lastly, as is the case with many budget airlines, they charge for the extras. This means you have to pay extra for a carry-on or checked bag. It also means that you don’t get any free refreshments. Drinks, including soft drinks and snacks, are extra.
If you are a planner and enjoy planning trips months in advance, Allegiant is definitely an airline to look at. Even with paying for an extra bag or two, they are often times still cheaper than larger airlines. The planes offer standard comfort, and Allegiant oftentimes has direct flights that few other airlines can offer to varying destinations.
With the new year in full swing, people are doing their best to stick to the freshly made New Year’s Resolution’s they mapped out for themselves. The most common resolution always seems to be losing weight. Instead of going with the status quo resolution this year, why not try to trim something else? Your budget perhaps?
How to cut my expenses? Is a question often asked by many in order to free up funds in their daily lives? Maybe they are living paycheck to paycheck, maybe they are trying to save up money for a special purchase, either way trimming your budget is the best way to go about doing this.
For starters, you need to have a budget. You can download a free budget template and simply put in your income and expenses. The best part about budgeting is you get to see where your hard-earned money is going every month. Perhaps you are spending a large portion on eating out, can you bring your lunch instead of going out to eat? If so, you might be able to not only cut some expenses but trim your waistline also.
The free downloadable budget allows you to choose the expense categories you have for a given month. Say for example you spend $100 a month on your cellphone bill, can you change service providers and possibly get the monthly expense down to $80 per month? If so, you have freed up $20 per month or $240 for the entire year. Can you trim $10 a month off your grocery bill by purchasing generic products versus name brand? This can be an additional $120 in savings for the year. Attempting to save as little as $10 to $20 per category for a few of your monthly expenses can add up to some awesome end of the year savings.
Below is a quick easy way to trim your budget:
- Create a budget: If you don’t already have one, now is the best time to start budgeting. This will determine where you are spending your money every month.
- Track all of your expenses: See just how much you are spending in the various categories every month. Some may surprise you.
- Pick 2-4 categories: By selecting a few categories where you think you can cut some expenses you will maximize your yearly savings.
- See how much you can cut: It can be $5, $10, $20 or maybe even more per category per month. Living on a little less each month won’t change your quality of life for the worse. Instead, you can use the money saved to enhance it by saving up for a vacation or a future purchase.
- Don’t incur new expenses: While trimming your budget to save up money is the ultimate goal, don’t incur new expenses during the process. A car payment or a gym membership will quickly eat away at the money you are trying to save.
Stick to it: Trimming your budget will only be beneficial to your wallet if you stick to it. Developing discipline for sticking to a budget can be tough but also very rewarding.