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Author Archives: Teri Monroe

Teri Monroe About Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

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How Innovative Artists Are Turning Creativity Into Cash Flow!

Posted on January 8, 2025 - 7:00 am by
Innovative artists turning their creativity into cash flow
Innovative artists turning their creativity into cash flow
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Too often, we think of artists as financially struggling, but the truth is that today, there are so many options to turn your creativity into cash flow. Here, we’ll discuss how other artists are building their brands into successful businesses. You may be surprised how many options are out there that artists can capitalize on.

Sell Digital Prints Online

Selling digital art online
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Selling digital prints online is nothing new, but there are many more ways to make an income from it now. Once you create and upload your designs, you can make passive income. Selling digital prints online takes some strategy, as one artist explains, but you can make a living off of doing so. Sites like Shutterstock, Etsy, and Zazzle are all options for selling your digital art. You also can put your art on t-shirts on Red Bubble.

Sell Items at Markets

Innovative artist selling at a market
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Market season is a great opportunity for artists to not only sell some of their work but build an audience. With smart marketing practices, attending markets can help you build your brand and create repeat customers. One artist suggests knowing your target audience, bringing business cards, and following up with potential customers to maximize sales.

Set Up an Online Store

It’s easier than ever to set up an online store. Companies like Shopify make it easy to build your website and manage and process payments. While it does take some work to handle shipping and customer service, having an online store makes it easy for customers to find your art and make purchases.

Lead Classes Virtually and In-Person

Innovative artist teaching a class
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Are you good at teaching certain skills? Why not use your expertise to teach a course? You can do this completely online on sites like Udemy and Coursera. These courses are typically pre-recorded so after you put in the work upfront, it’s a great option for passive income. You can also create social media accounts like YouTube or Instagram that you can monetize.

If you love interacting with people, an in-person class is a good option for innovative artists looking to make extra money. If you don’t have a space to host a class, many restaurants and bars will partner with artists to create events for their customers.

Start a Patreon

Similar to recording courses, Patreon is a membership that you can offer to customers. Innovative artists are using Patreon to get direct support from fans and build their following. You can offer exclusive deals and drops and behind-the-scenes content to your members, among other things.

License Your Art

Lastly, innovative artists are using licensing to create extra income. While this requires research and pitching, licensing can create income for you for years to come in the form of royalties. Learn how one artist started licensing his work.

How Innovative Artists Create Extra Income

As with any entrepreneurial venture, creating multiple streams of income will help you bring in the most money possible. Then, you won’t over-rely on one platform or not have enough cash flow if an opportunity ends. As an artist, you can make a decent living off your craft and turn your creativity into cash.

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Double the Income, Double the Dreams: Goal-Oriented Financial Strategies for DINKs!

Posted on January 6, 2025 - 8:11 am by
Goal-oriented DINKs dreaming big
Goal-oriented DINKs dreaming big
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According to Rocket Mortgage, the average annual income for DINKs is $138,000, which is about 7% higher than the average income for dual-income households with children. With double the income, DINKs have a unique opportunity to reach their financial goals. However, double the income also means double the planning. With the right financial strategies, you and your partner will be on your way to achieving your dreams together. Here, we’ll discuss the goal-oriented steps you need to take to reach your goals.

Practice Open Communication

As with anything in a relationship, open communication about finances is the first step to creating goal-oriented financial strategies as a couple. According to Bread Financial, 44% of couples wish that they had more similar money mindsets. The first strategy couples need to have is getting on the same page regarding money and finances. Money is the leading cause of fights in a relationship, with most couples arguing about money as often as once a week. As a DINK with double the income, having a shared money strategy is more important than ever to make the most impact and reach your financial goals.

Talk About What Kind of Lifestyle You Want

When you have two incomes coming in, you may experience lifestyle creep. Discuss with your partner what you’re willing to spend on and how you want to budget before spending your double income without realizing it. Will you use the 50/30/20 rule, or will you adopt other financial strategies to work toward your short-term and long-term goals? The more you lay out your money philosophies for each other, the more you can work together.

Discuss Individual vs. Shared Goals

Discuss financial goals with your partner
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As a couple, you still are likely to have individual goals for your money as well as goals that you both share. For example, maybe one partner wants to start a business, and you both would like to start saving for a house. It’s important to prioritize both shared and individual goals in the relationship. Decide together how you will allocate your money to save for both goals.

Divvy Up Financial Responsibilities

For DINKs, it’s important to determine if you will combine your finances or keep them separate. If you keep your finances separate, think about whether you will share financial responsibilities equally or split costs proportionally based on income. There should never be surprises, though, if you do keep your finances separate. You can use a shared spreadsheet or budgeting app to make sure that you both have a clear picture of your finances and goals.

Agree on Saving Strategies

Just like if you were saving individually, as a couple, you have to create a saving strategy. Talk about each person’s contributions and where your money will be invested. If you have fewer financial obligations, where you invest your money can have a big impact on creating long-term wealth.

Set Spending Allowances

Goal-oriented Dinks setting individual spending limits
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As a couple, it may be a good idea to account for individual spending allowances in your budget. This can be a no-questions-asked allowance for you both. Spending allowances can be refreshing when you’re working hard toward your financial goals together. It can give you some breathing room to still keep autonomy within your relationship.

Consider Retirement and Estate Planning and Tax Liability

Plan for tax liability
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Prepare with your partner for additional expenses that you may incur. If you are filing your taxes jointly, estimate what you will owe early so there are no surprises that will detract from your financial goals. It’s never too early to discuss other life decisions like retirement and estate plans.

Creating Goal-Oriented Strategies

One size doesn’t fit all when it comes to smart financial strategies for DINKs. Figure out what works for your relationship and commit to those goal-oriented strategies. As long as you are rowing the boat in the same direction, you’re on your way to reaching your dreams. How do you handle finances in your relationship? Let us know in the comments.

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From Mess to Success: How Organizing Your Finances Can Lead to Big Savings!

Posted on January 1, 2025 - 7:33 am by
Are your finances organized?
Are your finances organized?
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Do you feel unsettled when your house is a mess? There are dishes left in the sink, the laundry is piling up, and there’s a layer of grime on your floors that desperately needs mopping. To say the least, a messy house can be chaotic. Well, so are messy finances. They may not be as in plain sight as a messy home, but disorganized finances can cause you additional stress and will cost you money. With a few adjustments, you can get your finances organized and streamlined. And in the long run, this will save you a great deal of money.

Review Your Budget

Budgeting
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Do you have a monthly budget set? This is the first step to getting your finances organized. You may be surprised by how much you are spending per month on unnecessary expenditures. Budgeting apps can easily help you get organized. If you do have a budget, are you accounting for bills and expenses that may fluctuate seasonally? Look back at your spending from the previous year to estimate things like heating bills in the winter and how much you spent on holidays and special occasions. To save money, you can cut spending in other categories during these months to make up for the increase in other areas. If your finances aren’t organized though, you won’t be able to see these patterns and make changes.

Check on Your Accounts

Don’t let your accounts go unchecked throughout the month. Sometimes when our finances are disorganized we just ignore them. But if you stay on top of your balances and charges, you can find mistakes or make adjustments to your budget before problems arise. Do you have a direct deposit set up with your employer? Make sure that checks are being deposited accordingly. The same is true for your credit score, if you monitor it you’re more likely to spot discrepancies. With a little diligence, you’ll have a better grasp on your finances just by monitoring them.

Organize Bills

Some bills come through the mail and others electronically. If you don’t already automate your bills, this can help you stay on top of payments. You also can implement a rule of paying bills on the day you receive them if you have the available funds. If you would rather wait until due dates, create reminders in your budgeting app or calendar so that you never miss a payment. Late fees can add up quickly and affect your credit.

Coordinate with Your Partner

Coordinate with your partner for organized finances
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Communicate with your partner often about upcoming expenses and review your budget together. This way you’re less likely to overdraft your accounts or make costly mistakes. Budgeting apps designed for couples like Honeydue can also help you organize your finances together. You may also want to have a separate checking account just for paying bills, a savings account, and another checking account for discretionary spending.

Organized Finances Pay Off

When your finances are organized, a huge weight will be lifted off your shoulders. You’ll no longer be at the mercy of overdraft fees, late fees, and financial blunders. With these strategies, you’ll be on your way to financial health in no time.

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How to Save for Big Goals: A Step-by-Step Guide to Financial Success

Posted on December 31, 2024 - 2:34 pm by
Step-by-step guide to save for big goals
Step-by-step guide to save for big goals
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What are some of your big financial goals that you’re saving for? Are you saving for a new house, college, or a new car? While spending is easy, saving for big financial goals can seem insurmountable. If you want to achieve your financial aspirations, here are several steps you can take in the right direction.

1. Make Your Goals Very Specific

How much are you aiming to save? Put a specific number to your big saving goals. How long will it take you to save that amount and what’s your strategy to get there? It’s helpful to create smaller chunks when planning for your big goals. For example, put a small amount of money aside every day or per paycheck so that your goal feels more achievable.

2. Differentiate Short-Term, Midterm, and Long-Term Goals

Save for a big goal like buying a car
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Short-term financial goals should be one year or less. Midterm goals are one to five years and long-term goals are more than five years. If you are building an emergency fund that is a good example of a short-term goal. Buying a new car or paying down student loans and long-term goals would be saving for retirement or buying a new house. Give yourself adequate time when saving for big financial goals so it doesn’t feel too stressful.

3. Determine Where to Put The Money You’ll Save

Once you have a specific goal and timeframe, think strategically about where to invest your savings. Make your money work for you by choosing the best place to grow your savings. If you’re saving for education a 529 account is appropriate. A high-yield savings account or money market account may be more appropriate for the money you’re saving for a house. Consult a financial advisor if you need guidance on where to put your savings until you reach your goal.

4. Set Deadlines and Check-In Points

Set check-in points to stay on track toward your goal
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When trying to save for big goals, hold yourself to your deadlines. Create check-in points along the way to examine what’s working and what’s not. You may need to adjust your budget and how much you are saving each month if you are feeling stretched too thin. If you’re not meeting your goal, take a hard look at categories where you can cut spending.

5. Limit How Many Goals You Manage at One Time

Saving for too many big goals can lead to failure. Try not to take on too much at once, but instead narrow your focus to one or two goals at most. If you are juggling more than one big goal, it’s a good idea to set up individual accounts for each goal. This way you can easily see if you’re on track for each goal.

6. Automate Your Goals

Don’t fall off the wagon before reaching your goal. If you’re struggling to stay on track, try automating your savings. It may be easier for savings to automatically be deducted from your checking account each month. You can also use budgeting apps like YNAB to track your goals for you.

Save for Big Goals Successfully

To save for big goals, you need a clear roadmap. Without planning and intentional execution, you’ll struggle to meet your financial goals. What are some of the big goals you’re saving for? How do you plan to reach your goals?

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Here’s How They Really Feel: 8 Microexpressions That Reveal How Your Mate Really Feels About You

Posted on December 30, 2024 - 1:23 pm by
Decoding Your Partner's Microexpressions
Decoding Your Partner's Microexpressions
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Microexpressions are subtle clues from our faces that only last for a moment. They are often subtle, but they give us insight into how someone truly feels. Researchers have found that there are universal microexpressions that transcend even language. Microexpressions can be as small as a flaring of a nostril, or the raising of an eyebrow. Often, we aren’t aware of our microexpressions, even when we are lying, so it’s a good indicator of how we truly feel. Your partner may say one thing, but their microexpressions could be saying something else. So, how do you recognize these microexpressions? Here are eight things to look for in your partner.

1. Happiness

Happiness microexpression
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Is your partner truly happy in your relationship? Although we may try, true happiness can’t be faked. One way to tell if your partner is truly happy is if the sides of their eye muscles are engaged forming crow’s feet when they smile. This is called The Duchenne smile, discovered by French neurologist Guillaume Duchenne.

2. Sadness

Sadness is also one of the hardest microexpressions to fake. You can tell if your partner is sad if the inner corners of the eyebrows are drawn in and then up. The corner of their lips may be drawn down and their jaw may come up. Their lower lip will also pout out. The sadness microexpression usually lasts longer than others but can be the hardest to identify. You may have to use other body language clues to identify if your partner is sad.

3. Anger

If your partner is angry there are clear signs you can see in their facial expressions. Their lips may be tense and pressed firmly together and their eyes may be bulging. Their nostrils will probably be flared, their eyebrows lowered, and their lower jaw could be jutting out. Even if they aren’t saying anything, these cues could tell you that they are upset with you. Our brains are programmed to be able to recognize anger microexpressions the fastest, perhaps to get us out of danger quickly.

4. Disgust

Disgust microexpression
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If your partner is disgusted you’ll probably know right away because of their facial expressions. These are the same facial expressions someone makes when they smell something foul. Disgust microexpressions include narrowed eyes, raised upper lip, upper teeth that could be showing, wrinkled nose, and raised cheeks. People often talk about getting the “ick” in relationships or experiencing something that is a turn-off. If your partner is showing any of these signs, they may be disgusted by you.

5. Contempt or Disdain

Contempt doesn’t mean that the person is lying. It’s often an indicator that the person feels superior or sees the other person as incompetent. Contempt or disdain can be seen in a smirk, rolling of the eyes, or looking dismissively askance. If your partner is displaying these microexpressions, they may not take you seriously or respect you.

6. Fear

If someone is fearful, their eyes are usually raised and drawn together. You can also see the whites of their eyes. Their upper eyelid might be raised but their lower eyelid is drawn tight. Their mouth might also be open and their lips are slightly tensed. If your partner is showing any of these signs, what you are saying to them or your behavior may be scaring them.

7. Surprise

Surprise
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Surprise microexpressions are very closely linked to fear. Microexpressions that signal surprise include raised and curved eyebrows, wrinkles across the forehead, and eyes open wide showing the whites of the eyes above and below. The widening of the eyes actually makes us look more trustworthy and shows that we have nothing to hide. According to a study by NYU, our brains are constantly assessing if someone is trustworthy just by looking at their face. If your partner looks surprised, it is most likely genuine.

8. Guilt, Shame, Embarrassment, Envy, and Jealousy

These emotions do not have traditional microexpressions like the previous seven mentioned. However, they do come with a mix of the traditional microexpressions. Guilt and shame may be displayed as the same microexpressions as sadness, but your partner’s head may be turned away. Embarrassment is often said to be accompanied by blushing but that isn’t true for everyone. It is one of the hardest expressions to distinguish. Envy and jealousy don’t have one distinct signal and can be a mix of cues from disgust or anger for example. Much more research needs to be done on these emotions and their accompanying microexpressions.

Learning to Read Microexpressions in Your Partner

Although you never want to assume what your partner is feeling, these microexpressions can give you a clue into their true feelings. Since they are hard to hide, you can get a better understanding of your partner’s emotions. Learning to be attuned to your partner’s emotions can help your relationship tremendously.

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How to Start a Zero Waste Lifestyle: A Beginner’s Guide to Going Green

Posted on December 29, 2024 - 7:34 am by
Beginner's Guide to a Zero Waste Lifestyle
Beginner's Guide to a Zero Waste Lifestyle
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According to the EPA, the average American generates about 4.9 pounds of waste every day. At the same time, 66% of Americans have said that sustainability is important to them when shopping for new products. When you are just beginning your journey to starting a zero-waste lifestyle, it may seem like a big undertaking. However, even small changes can make a big difference. For instance, opting for unique belts made of vegan leather alternatives can help limit water and land usage. Here we’ll share some beginner’s tips for going green.

Follow The 5 R’s of a Zero Waste Lifestyle

The guiding principles of a zero-waste lifestyle are refuse, reduce, reuse, recycle, and rot. If you use these 5 R’s in your everyday life, you’ll be on your way to going green. Refusing means not letting waste enter your life in the first place. Reducing means that you get rid of things you don’t need and live a minimalist lifestyle. This also applies to our purchasing habits, which can have harmful effects on the earth. Next, reusing is the practice of repurposing items or looking for items that aren’t disposable. Recycling shouldn’t be your first line of defense to a zero-waste lifestyle, but it is an important part. Lastly, rot is learning to compost which we will discuss further.

Composting 101

Zero waste lifestyle composting
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Composting is the process of recycling organic matter like food scraps. Food scraps and garden waste combined make up more than 28% of what we throw away, according to The EPA. Not only are landfills costly, but they also emit methane gases further contributing to greenhouse gases and global warming.

Compost helps things decompose faster by making the ideal environment for bacteria, fungi, and worms to accelerate the process. The decomposed compost, sometimes called black gold, can be a rich fertilizer for plants and gardens.

Choose Reusable Items

Use reusable items
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Try to reduce your consumption of single-use products like paper towels, plastic water bottles, and paper bags. A plastic water bottle can take up to 1,000 years to decompose in a landfill. There are plenty of options for reusable alternatives for these items. Just switching to a reusable glass water bottle can make a huge impact!

Wear Sustainable Clothing

To live a zero-waste lifestyle, take a look at your closet. Aim for quality of fabrics in organic materials like cotton and linen. Also, be aware of the companies that produce your clothing. Fast fashion brands like Shein are not environmentally friendly. In 2023, Shein emitted 16.7 million metric tons of carbon dioxide, which is more than four coal power plants emit in a year. The company also uses toxic chemicals during production. Shopping for sustainable brands and buying secondhand can all help the huge problem that the fashion industry poses.

Make Your Own Cleaning Products

Making your own cleaning products isn’t difficult and is much greener and better for you as well. Baking soda, vinegar, lemon juice, and essential oils all have anti-bacterial properties. Making your own cleaning products is also a very cost-effective solution.

Reconsider Your Transportation

While public transportation, biking, or walking are the most sustainable ways to get around. There are things you can do to make your car greener. Just changing your car’s air filter can have a significant impact. Of course, you can also consider an electric car or hybrid for your next purchase to fit into your zero-waste lifestyle.

Committing to a Zero Waste Lifestyle

Don’t let perfection stop you from making better decisions. Committing to a zero-waste lifestyle takes time. Every small change you make though is helping you and the environment. How do you make choices that are more sustainable?

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Creative Ideas for Dealing with Unwanted Gifts

Posted on December 28, 2024 - 7:39 am by
Receiving unwanted gifts
Receiving unwanted gifts
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After the holidays, you probably have a pile of gifts from family and friends that are left to sort through. While you can be thankful for the thoughtfulness, the gift itself might be something you already have, isn’t your taste, or is the wrong size. The situation can be trickier if you don’t have a gift receipt and aren’t comfortable asking for one. So, what are your options for unwanted gifts? Here we’ll discuss some solutions.

1. Return It

returning unwanted gifts
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Did you know that 17% of all holiday purchases will be returned this year? That’s an estimated $860 billion. Not only is this a huge problem for retailers, but a major inconvenience for shoppers too. No one wants to stand in those long lines in stores or at the post office.

Some stores will allow you to return an item without a receipt if you give them your license. Usually, you’ll receive store credit for the current selling price. Return windows are usually extended for the holiday season depending on the store.

2. Sell The Item

There are several options to sell your unwanted gifts. Marketplaces like Poshmark, eBay, and Mercari are easy to list on. You can also send in your items to places like The Real Real, for luxury items, Thredup, or Trashie. These resale sites usually send you a pre-paid label to send in your items along with a clear-out bag. Of course, each company takes a percentage of your sales.

3. Donate It

donating items
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Sometimes it’s not even about receiving money for the item or exchanging it. Sometimes you just want the clutter of unwanted presents out of the house. As we prepare for tax season, donating your unwanted gifts is a good idea and can benefit someone else in need. Some organizations like the Salvation Army, Habitat for Humanity, and Goodwill offer free pickup in select areas.

4. Regift It

While some people consider this a faux pas, re-gifting an item to someone who would enjoy it more is the perfect solution. It’s not cheap, it’s just creative. Regifting is also much more sustainable and keeps unwanted items out of landfills. There are some etiquette rules to follow though if you choose to regift.

5. Recycle It

Maybe your new sweater from Grandma isn’t something you would wear but you can repurpose it. If you’re handy with a sewing kit, maybe you make alterations yourself or transform it into something entirely different like a pillow cover or quilt. With a little imagination, your unwanted gifts can become something completely unique and transformed.

6. Initiate New Traditions Next Year

If you’re struggling with unwanted gifts, maybe it’s time for you and your family or friends to start new traditions. My family this year did a Secret Santa where we each had one family member to buy for. The spending limit we set helped us all save money too. We each submitted a wish list of things we might need and then your Secret Santa bought presents for you. This was a great way to cut down on unwanted gifts and save us all some time.

Managing Unwanted Gifts

Sometimes we overgive just to say that we bought someone a present. While the sentiment is there, it often leads to overconsumption, holiday debt, and unwanted gifts. Get creative with repurposing unwanted gifts, and make a plan to avoid the situation next holiday season.

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50+ and Unmarried: 9 Ways to Still Find Your Soulmate Regardless of Age

Posted on December 27, 2024 - 7:37 am by
Finding your soulmate after 50
Finding your soulmate after 50
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Are you over 50 and struggling to find your soulmate? Dating over 50 can be challenging since the dating world has changed significantly. However, you are worthy of love regardless of your age. With these nine tips, you’ll have the tools you need to find your soulmate.

1. Use Dating Apps

Finding your soulmate sign up for dating apps
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The times have changed when it comes to dating. People are not meeting organically nearly as much as they are online. Finding love through dating apps can be frustrating because you only get a few pictures and sentences to go off of in someone’s profile. But it widens your pool of potential dates significantly. If you’re not on the dating apps, you may be doing yourself a disservice.

2. Make Time for Love

Just like you prioritize other areas of your life, making time for finding love is essential. For example, take 30 minutes every day to go on dating apps and respond to messages. Maybe you can sign up for singles events like speed dating. The point is that finding your soulmate might not just happen without putting in the work.

3. Get Set Up by Friends and Family

No one knows you better than your family and friends. Asking them to set you up with someone can be a good way to find your soulmate. However, you may have to widen your network of family and friends to get set up with the right person. If you’re only going on two dates a year set up by family and friends, that just isn’t enough. If you’re serious about finding your soulmate, you should try to go on a date once a week.

4. Get to Know The Dating Lingo

Do you know what ghosting is or love bombing? If it’s been a while since you’ve been out in the dating world, get familiar with dating lingo. It will help you feel more confident moving forward.

5. Brush Up on Dating Etiquette

Do you need a dating etiquette refresher? If you struggle on dates, maybe reach out to a dating coach for tips. Coaches can help you with your online dating profile, develop confidence, stop self-sabotaging, and find the one. If you want to find your soulmate, a coach could help put your best foot forward.

6. Put Yourself Out There

Put yourself out there in social situations to find your soulmate
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If you want to meet people who could be your soulmate, make sure that you are putting yourself in situations to do so. You probably won’t meet your soulmate organically if you prefer to sit on your couch instead of going out. You can join a club, go out to a bar, or find meetups for singles in your area.

7. Have an Open Mind

While having an extensive list of desires in a partner can be helpful, make sure that you aren’t dismissing potential matches too early. For example, if you don’t have a stellar first date, could you give the person another chance on a second date? This doesn’t mean that you have to settle, but you should go into each encounter with an open mind.

8. Stop Overthinking

Dating should be fun. Don’t overthink the process. Be honest and open with your potential matches and most importantly be yourself. If you find yourself anxious about dating, don’t be afraid to practice. Think about things about yourself you’d like to share or questions you’d like to ask your date. Practicing may help you open up and show more of your personality on the actual date.

9. Leave The Past in The Past

Don’t bring past baggage into your dating life. Also, don’t talk about past relationships on your date. This is a fresh start so be open to the experience. If you live in the past, you’ll have a hard time finding your soulmate.

Finding Your Soulmate After 50

Navigating the dating world after 50 can be challenging, but don’t give up hope. Everyone deserves love and to find their soulmate. Just because you might be considered “past your prime” doesn’t mean that your special someone isn’t out there somewhere. Hopefully, these nine tips will get you started on your journey toward love.

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Smart Strategies for Preparing for the New Year and Saving More

Posted on December 26, 2024 - 7:36 am by
Preparing for the New Year
Preparing for the New Year
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Often preparing for the New Year is an opportunity to look back on our finances and evaluate how we can improve moving forward. Smart choices don’t just apply to spending; tools like https://timecatchapp.com are free and can help you save on your time by working more efficiently. Saving doesn’t always have to mean cutting back on expenditures or making January a no-spend month. Instead, you can make smarter choices to grow your investments and maximize your savings without feeling the need to cut back on the things you enjoy. If you are doing a deep dive into your finances, here are some smart strategies to help you prepare for the New Year and save more in 2025.

1. Maximize Retirement Contributions

preparing for the new year maximizing retirement savings
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It’s easy not to think about retirement in our 20s and 30s, but as retirement age draws closer do you have enough saved? In the New Year, take a look at retirement calculators to see if you are contributing enough to retirement savings. Especially, if your employer matches your contributions, it may be a smart money-saving strategy to max out your contributions this year.

2. Maximize Your Credit Card Rewards

Are your credit cards working for you? With rewards cards, you can save on purchases you are already making. According to Bankrate, the average return on credit card points is around 2.1% per dollar spent which adds up to roughly $210 per year if you spend $10,000 annually on your card. While this might not seem like a lot it’s money you wouldn’t have before.

3. Time Your Purchases

Purchasing a new car at the right time to save money
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If you are planning on making big purchases this year, make sure to time them accordingly so that you get the best deal. For example, if you’re buying furniture the best time to buy is around a holiday weekend such as President’s Day, Memorial Day, or Labor Day. The same is true for buying a car.

4. Increase Your Savings Slowly

If your goal is to save more this year, there are ways to do so realistically. You can prepare for the New Year by putting a savings strategy in place. To save $10,000 this year try the $27.40 rule. Every day if you put $27.40 into your savings account, by the end of the year you’ll have $10,000 put away. Doesn’t this sound doable? Breaking down savings goals into more manageable chunks will help you stay on track.

5. Reevaluate Your Insurance Policies

Plan for the New Year and negotiate your home insurance premium
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Are you paying too much for insurance? The New Year is a great time to try and negotiate lower premiums for home and auto insurance if you didn’t file any claims last year. In addition, take a look at what you spent on health insurance. Did you meet your deductibles and how much did you spend on visits, medication, procedures, etc.? You may be able to adjust your policy to save you money next year.

6. Try The 30-Day Rule

While you don’t necessarily need to cut back on spending to save more, many people find the 30-day rule helpful with impulsive spending. The idea is that if you are tempted to make a large purchase, wait 30 days to make the decision. In that time period, you can continue to do research and hunt for the best price.

Prepare for The New Year

Take this opportunity to review your finances from last year and find ways to save as you prepare for the New Year. It doesn’t take much to make minor adjustments that could have a big impact on your financial health in 2025. How do you find smart ways to save? Let us know in the comments.

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What Happens if The FDIC is Abolished? Ways to Protect Your Money

Posted on December 23, 2024 - 10:26 am by 1
Protecting your money if the FDIC closes
Protecting your money if the FDIC closes
Image Source: Pexels

The Trump Transition Team’s newly formed Department of Government Efficiency (DOGE) is looking for ways to cut government spending. Recently in the news, DOGE officials in President-Elect Donald Trump’s circle have talked about abolishing the FDIC. Reuters reported that such a plan would probably not gain congressional backing and would require a lot of heavy lifting. Still, the idea of eliminating the FDIC is raising some concerns. So, if the FDIC were abolished what would this mean for Americans? Here we will discuss the unintended implications of such a decision.

What is The FDIC?

The Federal Deposit Insurance Corporation was created during the Great Depression to restore trust in the banking industry. Its purpose is to supervise and examine financial institutions as well as resolve failed banks. When you deposit money into a bank you can do so with confidence thanks to FDIC insurance. Deposits are insured up to $250,000 even if a bank fails. The FDIC was pivotal in 2008 during the Great Financial Crisis, ensuring that there wasn’t another Great Depression. It also was essential earlier this year when several Silicon Valley banks failed.

The FDIC is an independent agency not funded by Congress. Instead, it operates on income derived by insurance premiums required by FDIC insured banks, and the interest on the required investment of the premiums in U.S. Government securities. It also can borrow money from the Treasury Department if needed.

What Are the Consequences?

Case of money consequences of abolishing the FDIC
Image Source: Pexels

Experts agree, that one of the most dangerous consequences of abolishing the FDIC is that it could cause a run on banks, similar to what happened during the Great Depression. While the banking industry does have a complicated framework of regulators, many agree that the FDIC is the gold standard.

What Can Americans Do?

Invest in gold
Image Source: Pexels

If the FDIC were to be abolished, there are several actions that Americans can take to protect their money. While it isn’t wise to withdraw money from bank accounts, there are alternative options to consider to diversify your portfolio.

1. Invest in Gold

Gold is a very popular investment made by investors looking to diversify risks. Gold can be physically held in the form of coins or jewelry or indirectly through mutual funds, exchange-traded funds, gold derivatives, or gold-mining stocks. Of course, gold is still subject to market volatility as prices tend to fluctuate. One positive of investing in gold is that it offers a hedge against inflation. Traditionally, investing in gold didn’t garner high returns, but in recent years its value has seen a significant spike.

2. Open a Swiss Bank Account

It is possible to open a Swiss Bank Account from the US. There is strict scrutiny when verifying your identity, however. Minimum deposit amounts also vary by bank, but some are as low as $10,000. Swiss Bank Accounts are known for their low level of risk and increased privacy.

4. Invest in Money Market Funds

According to Investopedia, a money market fund is a kind of mutual fund that invests in highly liquid, near-term instruments. These can include cash, cash equivalent securities, or high-credit-rating, debt-based securities with a short-term maturity, such as U.S. Treasuries. Due to their high liquidity, they are very low-level risk and are insured by the Securities Investor Protection Corporation (SIPC) versus money market accounts which are FDIC insured.

Preparing for an FDIC Closure

Ultimately, it is unlikely that the FDIC will be closed. Even if this doesn’t become a reality, it is always a good idea to lower the risk of your investments and protect your money. In the long run these alternative options to a bank account will grow your money faster as well. How do you diversify your investments?

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