What Is A 401k?

If you’re starting your first full-time job in college or right after you graduate, you might begin to hear a lot more about contributing to a 401k. But what does that mean? How does it help you? A 401k can actually help you prepare for your future when your career has just begun.

A 401k is a retirement savings plan. Only an employer can sponsor one for their employees, and not all employers offer one. It allows you to choose how much money you want taken from each paycheck – before taxes are taken out – and deposited into the plan. So, any contribution you make will have great tax benefits.

Even putting just 1 or 2% of your paycheck into a 401k can make a big difference in the long run. But remember, it’s a plan for retirement, not savings. The money you invest in a 401k won’t be easy to withdraw, so don’t plan on accessing it for an emergency. The rules for taking money out are complex and there can be costly penalties.

Sometimes, employers will also contribute a certain amount into your 401k. They might go so far as to match the amount you’re depositing from your own paycheck. Whether or not they do, you should contribute as much as you can afford to. It will be invested into different areas of the financial market, and the sooner you start investing, the more time it has to grow. You want to be able to pay all your bills after you retire!

So get that 401k started today. Got any more questions about this retirement savings plan? Leave a comment here or on our social media!

Saving Money on Your Cell Phone Bill: Part 2

By Brett W.

Go here for Part 1!

2 – Switch to an MVNO

A what?  An MVNO or Mobile Virtual Network Operator.  In the USA there are four major networks – Verizon, Sprint, AT&T, and T-Mobile.   They are the most expensive options when it comes to cell service, because they own and operate their own networks (cell towers, hubs, frequencies, and so on).  MVNOs rent network access from the “Big Four”.  Where they have no network to maintain, their overhead is often much lower.  This allows some of them to offer inexpensive service and some unique plans.

For instance, Google owns an MVNO called Google Fi.  They allow you to pay for only as much data as you use. Other MVNOs are also extremely affordable.  Take the example of Mint Mobile.  They offer three months of wireless service that includes: Unlimited calls, unlimited texting, three gigs of data, and international calling to Mexico and Canada for $15 plus taxes.  Are you a data hog?  Bump the data up to 12 gigs a month and the price goes up to $25.

For a list of MVNOs check out https://bestmvno.com/mvnos/ .  You may be surprised by how many options there are.

3 – Buy an unlocked phone

Many people do not own their phones. The cost of their phones is either built into their base plan or being paid for through a monthly installment that is added to their bill. Did you know you can buy a phone directly from the manufacturer? They call this an “Unlocked” phone, since it’s not tied to a major carrier like AT&T. In many cases you can activate your unlocked phone on any network you want.

There are a number of reasons to buy an unlocked phone, but for this post we’ll only focus on one. There are no hidden costs or fees. Some unlocked phones are less expensive, while offering a great value. Motorola sells the vast majority of their phones directly or through Amazon (you can find a huge selection of unlocked phones on Amazon). Some of their phones cost less than $200 and offer many of the features of the $1000 “flagship” phones. By purchasing a $200 unlocked phone instead of a $1000 “flagship” phone from the big networks, you could save not only the $800, but also lower your monthly cellphone bill, since you will not be making the installment payments.

If cell phone bills are getting you down, try out these tips to save some money! Cell phones may be a big part of daily life for most people, but huge costs don’t have to be. Let us know if you have any other ideas by commenting here or on our social media!

Saving Money on Your Cell Phone Bill: Part 1

By Brett W.

In the last ten years, cell phones have transitioned from a “nice to have” to a “need to have” service.  In many cases they have replaced land lines and other traditional phone services. Where cell service has become essential for many, finding a way to keep the associated costs to a minimum has become more important than ever. So how can you save money on your cellphone bill?

1 – Call your current carrier

This one might sound laughable, but it’s the easiest way to find savings.  When you call your carrier, tell them you are unhappy with the price you are paying and ask if there is anything they can do to lower your bill.

In most cases they will focus on two areas – your plan and your “extras”.  Most of them will look at your plan and see if they can transition you to a less expensive plan.  The vast majority of people paying for such services as “unlimited data” never use enough data to warrant the cost.

Services such as insurance, visual voicemail, and more, often come at a cost.  Removing the services you no longer need or use can also lower your bill.

Check out Part 2!

Valentine’s Day: Gifts from the Heart

What are your favorite Valentine’s Day gifts you’ve ever gotten? What are the ones you’re most proud of giving? Now, how much did these gifts cost? Sometimes the more expensive ones will keep a loved one happy. But almost always, a gift that is less pricey but more personal will be remembered forever.

Lisa from Retro Housewife has collected some great ideas. Try making your own lavender bath bombs, in the shape of hearts, to give to your significant other – or a friend or family member you want to show how much you love and appreciate them. Or try giving something a bit more unusual, like homemade beard oil, or 12 months of pre-planned date nights! There are plenty of other good suggestions in that list.

How about this homemade heating pad by Bren from Bren Did? It’s perfect for those who are a little more crafty. You can customize it for your loved one by color, and put whatever short message you want. She’s also given a printable pattern for the tags to go with it! It’s super nice for those who want to stay warm, have tired muscles, sick kids, and more. It’s useful and a pretty uncommon gift to give, especially when made yourself!

Gifts like these are sure to stay in the minds and hearts of your loved ones for a long time. They are great for family, friends, and your romantic partner. Try saving some money this Valentine’s Day and adding a personal touch to your present. It’s sure to be a great experience for all involved, with memories to cherish long into the future.

Valentine’s Day: Inexpensive Ways to Celebrate

Only two weeks until Valentine’s Day is here! How do you celebrate it? With friends, family, a special someone? There are all sorts of people you might share this holiday with, leading to many ways you can end up spending a lot of money. Spend your time instead and create wonderful memories without breaking the bank.

Sensi from The Metamorphosis has great ideas on cheap dates. While these were thought up with college students in mind, people of all ages could benefit from these ideas. A picnic, whether indoors or outdoors depending on how cold it is, could be fun for anyone! Get heart-shaped foods, a red blanket, some candles, and maybe flowers, and you’re ready to go. Make it more romantic based on the cards you choose, some champagne, the lighting, or music. A movie night at home could also be romantic or platonic, depending on the movies you choose and who you invite, of course! No matter what, you’ll save money and still enjoy yourselves.

For more ideas, check out Kristin’s suggestions from Believe in a Budget. She has great tips for inexpensive gifts, but also for activities. Cooking dinner together with your loved one (or loved ones, if you want to include more of your family or friends) is a perfect way to spend quality time together. You could hand-write love letters together, or work on a different project like painting or making centerpieces. Your creations will always remind you of this Valentine’s Day experience!

While fancy gifts and glamorous dates are exciting, a simple, less-expensive activity can be even more meaningful. Plan a cozy evening at home with your significant other, take your date on a moonlit walk, make heart-shaped treats with your family. Valentine’s Day is a time to spread the love, and you don’t need a bunch of money to show others how much you care.

Grow Your Savings With A Garden

Planting season is upon us! Depending on what you want to plant, of course. Vegetables and fruits are always a good way to save money on groceries while encouraging healthy habits at home! Here are some suggestions for which ones to grow and tips on the best times to plant in Arizona.According to the A&P Nursery, February is a good time to plant vegetables such as spinach, rutabaga, lettuce, carrots, beets, and more! You can start planting watermelon, corn, and peanuts in March. What a wonderful variety you can have just in your own backyard! They give some great advice on what you need to consider when gardening, from location to bed size to soil types.

Check out the frost dates on Urban Farmer’s site to avoid planting when there’s more risk! Give your seeds and young plants the most advantages you can. As you can see from the planting schedules lower on the page, there is a multitude of fruits and veggies you can be growing throughout the year. And don’t forget the herbs for flavoring your dishes! Plus, flowers are recommended to be planted among your produce because they can increase pollination rates, meaning more vegetables and fruits to eat.You’re sure to save a bunch of money if you can manage your own garden instead of buying all your fresh produce from the store. It will take some planning, regular work, and time to get it going, but once you do, the rewards are plentiful! Which foods are you most excited to grow yourself?

Saving For Retirement

Are you saving what you need to for retirement? If you’re younger you may be wondering when you should start saving. If you’ve already started, you could have questions about how you should invest or how much you should be setting aside. We’re here to help!

First off, the sooner you start saving, the better! When you get your first job you should begin setting money aside in a tax-deferred retirement account. This is an investment that you won’t have to pay income taxes on until you start withdrawing money after you retire! Starting younger, even if you end up stopping- after 10 or 20 years, for example – is still way better than starting later, as your money gets more time to collect interest. The returns are well worth not being able to buy every single thing you want in your youth.Most people believe you’ll need about 70% of your salary to survive when you retire – but that depends on if you still need to pay for your house, or you want to travel the world, and so on. Each person will have to figure this out for themselves, so make sure to be honest about how you want to live after you retire so you can better estimate your expenses.

A general guideline for how much of your income you need to set aside is around 10%-15%, if you’re starting in your 20s. Use a retirement calculator like this one to help figure out if you should be saving a different amount. Again, it depends on what kind of lifestyle you’re planning on having when you retire!When you plan your budget, make sure to include enough for savings. Changing your spending habits now could help a lot in the long run, especially when it comes to your retirement. No matter your age, there are things you can do now to work on investing enough money to keep you comfortable when you finally retire. Have any more questions? Message us on Facebook, Twitter, or Instagram, or come talk with us in person at one of our branches! We want to help make your retirement not something to stress about, but something to look forward to.

Make Your Own Gifts

Looking to save money during the holidays? It’s a time where many people get a lot of gifts for their family, friends, and coworkers. They might even be donating money or gifts for underprivileged people to be able to enjoy their holidays more. While the spirit of giving can be fun and make us feel good, it can also hurt our wallets. Here are some ways to save money on presents but still show others you were thinking of them.

Picture (c) It’s Always Autumn

For something that’s not only cost-effective but also quick, check out this list by Autumn at It’s Always Autumn. For example: if you have a slow cooker, try making caramel apple butter in a large batch so you can create gifts for several people at once. You could get jars from the dollar store, and even make your own labels depending on how creative you’re feeling! Your recipients are sure to think of you with a smile every time they have another bite.

If you want more fun, useful gifts you can make yourself, check out this list from Kristen at DIY Cozy Home. The Reading Pillow she found from Melissa at Polkadot Chair is adorable, customizable, and is sure to get a lot of use from the readers in your life! Try it out or any of the other many lovely, doable ideas on the list and keep your costs down and your recipients happy.

Picture (c) Polkadot Chair

Amber from Crazy Little Projects has compiled a list of homemade gifts you can give. It covers pretty much everyone you might be thinking of this time of year, from neighbors, to kids, to people who like to bake! There are plenty of wonderful ideas just between these three links. If you’re looking for something even more specific and heartfelt, there is sure to be something more directly related to the interests of the person you want to spoil – but on a budget! All you need is to search the internet for DIY gifts related to those interests. Have fun creating gifts that are sure to bring joy to your loved ones – without you worrying about breaking the bank!

What To Do With Thanksgiving Leftovers

It’s Black Friday and you probably have some leftovers from the Thanksgiving feast. Do you like to eat the same meal all over again? Many of us do! But it depends on each person, and of course, it depends on what exactly you had in the first place that may or may not hold up the same in the second round. Just in case you want to spice things up a bit with your post-Thanksgiving meals, here are some awesome ideas.

Thanksgiving Leftover Casserole from Favorite Family Recipes

One fairly simple idea would be to make a Thanksgiving Leftover Casserole, like they recommend at Favorite Family Recipes. All you have to do is combine and layer several of your leftover dishes, then bake! They also suggest making sandwiches that can be tasty whether cold from the fridge or heated up. Why not try out something that’s so little effort compared to making a whole new meal? It costs less, too!

Becky from The Cookie Rookie has a fairly unique idea: Thanksgiving Leftovers Quesadilla! This is a sure way to liven up the food from the day before. Plus, it’s easy enough to pack up and take with you if you are heading out for some Black Friday shopping! Or maybe your shopping will be done online from the comfort of your couch. Either way, this is a great recipe to try out and help use up some turkey and cranberry sauce.

Thanksgiving Leftovers Quesadilla from The Cookie Rookie

What will you be up to today and the rest of this weekend? Whether you’re going shopping, playing games with the family, watching holiday movies, or any other post-Thanksgiving traditions, save time and money on your food. Use up your leftovers with some creative ideas so you don’t get bored with them, and end up with much less waste. Maybe some of these leftovers recipes will become your family’s new tradition!

Saving On Your Thanksgiving Festivities

Thanksgiving is a holiday where we celebrate gratitude – for our family, friends, home, food, and other things in our lives. It seems common for people to decorate in fall colors and provide lots and lots of food for their guests. However, if you’re trying to save money and keep to a budget during the holidays, this classic vision of Thanksgiving may not be for you. But what can you do if you’re hosting and others have expectations of how things are going to be?

First: make a plan! What are your priorities? Do you want to have over close family, extended family, and/or friends? That’ll affect how much food you need. Maybe you’ll want to create new traditions, or stick with the old ones. Maybe you want to buy premade dishes, or try out your own new recipes.

If you’re inviting a lot of people, you could have a potluck instead of making/buying everything yourself. That way the cost and the work is spread out, plus anyone who makes or buys something especially tasty will get to feel good from the compliments too! Just make sure to get a list of what everyone is bringing so that you can make sure you don’t end up with too much of one dish.

Once you know who’s coming and how much food you yourself will be providing, you can figure out what you need to buy. This will help when looking at holiday specials, and deciding if there are coupons or other discounts on the items you want. And then there are the usual recommendations when grocery shopping – buy generic instead of brand name, buy in bulk if there’s a good deal, try to get just enough for how many people you’ll be serving.

And don’t forget, the more you make yourself, the cheaper it will be. But you’ll have to decide if that balances out with the time involved in cooking. This can also apply to entertainment – instead of going to the movie theater or somewhere else more costly, play board games at home, or watch a movie from the library or a streaming service you’re already paying for anyway. You can even look up all sorts of games on the internet that you can play together without many supplies needed, or create your own game! Same thing with decorations – making them yourself tends to be cheaper, but can also take more time you might want to spend on relaxing!

Rather than feel burnt out on Thanksgiving Day, we hope with these tips you’ll be able to balance how much work you put into it and how much money you spend. Relaxing and sharing the time with loved ones is a much better way to spend your day (and the rest of your weekend, depending on how long your guests are staying or if you have other parties to go to). Don’t be afraid to mix in new traditions with the old! It’s sure to be a good time for all if you’re not stressed about your holiday budget and you can focus more on making great memories and above all, feeling grateful for all you have on Thanksgiving.