I recently returned from a nice vacation in Mexico. This was my first time in Mexico. For those of you who are planning to travel internationally, there is a good chance you will encounter various street vendors during your travel. These vendors will sell anything from jewelry to massages to potential gifts for the important people in your life. In highly touristy areas, vendors will often come up to you with the goal of starting a sales process. It is important to negotiate down prices so you don’t overpay for everything on your trip. This will save you lots of money. Below are 6 techniques I use to save money when haggling while abroad.
#1 Understand you are not obligated to buy anything
Continue reading 6 Ways To Save Money When Traveling Abroad
Saving money is difficult. Even saving 1% of your paycheck can be a challenge. However, this percentage can have a huge impact on your ability to retire or become debt-free.
For example, let’s say you are 25 years old, make $40,000 a year today, and never get a pay increase from that salary. 1% of that would be $400 a year / $33.33 a month / $7.69 a week. To save this amount it could mean eating out one less time a week, skipping buying a few articles of clothing a month, skipping one night on the town a month, or many other options.
So, instead of spending that one percent of your paycheck you invest the money in the stock market.
On average the stock market has a return of 8% per year, or 10% if you
reinvest the dividends. Dividends are a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves). Assuming you get a 10% return on your investment, by the time you are 65 the 1% you save monthly would be worth roughly $195,000. All from 1% of your paycheck. Continue reading Here’s What Saving 1% of Your Paycheck Could Do…
Warren Buffett is arguably the greatest investor of all time. One thing that separates Warren Buffet from others is his down to earth approach in life, investing, and business. He is full of great quotes that can relate to millennials. Below are 8 quotes by Warren Buffett that millennials should know and follow.
# 1 “Never ask a barber if you need a haircut.”
This might be my favorite Warren Buffett quote of all time. In this situation the barber will always say yes. Even if you just got a haircut 3 days ago. The barber only makes money when people get their haircut. It’s important to take what professionals say with a grain of salt in order to better understand how they are compensated, and how much that is effecting what they are saying. Continue reading 8 Things From Warren Buffett Young People Should Know
I recently set the goal of saving 58% of my paycheck for the month February, and I was able to accomplish that! In fact, 60% of my paycheck stayed after the month ended. It was a pretty great feeling to be able save that much money. I had to change many aspects of my life to accomplish this, but it was not impossible. Continue reading How I was able to save 60% of my paycheck (after tax) in a month
Investing in the stock market is an intimidating thing. Many millennials are told to start investing while they are young – this ensures your investments have time to grow over your lifetime. However, just getting started in investing can be extremely difficult.
There are multiple ways to start investing, such as opening/starting an IRA (individual retirement account), or joining your companies 401k/403b plan, but for the most freedom you will want to open a brokerage account. A brokerage account allows an investor to deposit funds with the brokerage and place investment orders with those funds. Continue reading How to Start Investing in the Stock Market
Recently I came upon a statistic that said roughly 47% of Americans would not be able to cover a $400 emergency. I’m going to guess that number is higher for millennials than older generations. A $400 emergency could come from so many avenues: vet bills, hospital bill, car trouble, job loss, etc. Having an emergency/rainy day fund is always important to have, just in case life throws you a curveball.
Saving money is hard, so below are 5 ways to easily save money in order to build/add to your emergency fund.
#1 Price Match
Thanks to Amazon, and other online retailers it is incredibly easy to compare prices before you make a purchase. Most stores honor these competitive prices as well. A few months back when I was looking for a birthday present I went to Toys R Us to look at Lego sets in person. The setI decided on was about $45 at the store. However, the same set was only $27 online through WalMart. Upon checkout I showed this to the cashier, and I got the gift then and there at a fraction of the price for using my phone for all of 20 seconds.
Whenever you are making a sizable purchase, do yourself a favor and run it through google first. This could save you a ton of money. The only store I know that does not price match to online stores is GNC.
Continue reading 5 Ways For Millennials to Save Money This Month
I’ve seen a few posts online about people experimenting with frugal living. Most articles suggest the person should attempt to save 50% of their paychecks for a month. I have always been tempted to try this, but have never done so. Until now! I feel like I do a pretty good job with saving money already – on average saving roughly $1,000 a month. However, I want to save more. That’s what lead me to crunch some numbers to see how much I realistically could save in a month. The number I got was 58% of my income after taxes .
My fixed expenses for a month include:
- student loan payments
Continue reading Experiment: Saving 58% of my paycheck for a month