Saving More: The sentence consistently ranks in the top 10 New Year resolutions, its Google searches have remained relatively constant over the last five years and even the theme ] at least one rap song. In 2018 about 20 percent of the Americans saved no money. And in 2017 about four out of ten years could not cover the cost of an $ 400 emergency out of pocket.
The reason? Saving money is easier said than done. And although we've mastered telling ourselves we're going to change our spending habits, most people are still trying to figure out how to put those words into action.
The good news: We have seven personal finance bloggers to help you make that happen, whether your goal is to retire early or pay debts.
"This is not your father's boring money show," promises Andrew Fiebert, along with Matt Giovanisci of Listen Money Matters a podcast and a blog , Fiebert, a self-proclaimed money nerd, and Giovanisci, a small business owner, break open some cold beers and put actionable money tips on the table right away. It also includes how to set up a budget and how to talk to a significant other person about how to reduce your debt in 10 days.
The two speak from experience. After the financial crisis in 2008 Giovanisci came from a badly made real estate purchase, while Fiebert lost after the collapse of Lehman Brothers his job. "Everyone sings about the diversification of investments, but nobody talks about diversifying their income," says Fiebert. "Having a single source of income today is far more risky than any investment decision you can make."
2. Earn Extra Cash
Nine years ago, Kyle Taylor's $ 50,000 loan drove him to start an online blog to blame himself for eradicating his debt as quickly as possible , He wrote about his budget, his payout schedule, and a slew of side gigs, and after learning that others were interested in his story, he founded The Penny Hoarder
. His articles cover everything from tax to retirement How-tos, but it's the side-gig content that characterizes the site: summary of ways to earn money from home, including pet-sitting, smartphone sales -Photos, cash back shopping portals, selling old tech equipment and even renting out unused baby clothes.
. 3 Save Like a Millennial
From $ 2.26 to over $ 1 million – this is Grant Sabatier's claim to become famous, and he wants to help others follow in his footsteps. After being dismissed from his corporate job in 2010 and either working or recovering from work all his life, he vowed to earn a million dollars and gain financial independence. After five years he was successful.
Now, using the Millennial Money blog, he offers actionable advice to others of his generation – including a calculator for planning your own million-dollar savings. Sabatier also hosts two podcasts, one of which summarizes the most important personal financial topics in five-minute explanations. His top tip? "The easiest way to save more money is not in the small purchases, eg. The average millennium spends 70 percent of their income on three things: housing, transportation and food. There you get the biggest savings in this order. "
. 4 Budget Smart
Living on a student's budget is difficult. In 2003, Jesse Mecham and his wife, Julie, found it just as difficult to marry in school. They created budgeting rules to cope, including splitting larger, less-than-usual monthly bills, and spending money they earned at least 30 days earlier. They found the system so effective that they founded You Need a Budget (YNAB) – a blogging, podcasting, and budgeting software company – and they've been helping others manage money since.
The contents of YNAB include topics such as financial myths, debt reduction and, of course, budgeting. "Give every dollar a job," says Mecham. "Decide first for priorities and then allocate dollars for those priorities before leaving. Since your money is one of your highest priorities, your spending must raise the bar.
5. Think Long Term
Jeff Rose is familiar with money management duties and prohibitions. On the one hand, he is a certified financial planner. On the other hand, he once lost $ 5,000 by investing in penny stocks. When it comes to summarizing hard personal financial concepts to lay people, he does the work with cheeky, pompous statements in his blog and podcast Good Financial Cents .
In January, Rose convinced more than 140 financial bloggers and media outlets to write about the importance of Roth IRAs. His good example? Suppose a 25-year-old puts $ 2,000 a year into Roth's IRA and stops when he turns 35 ($ 20,000 in total). A 35-year-old starts from zero and pays the same amount until he turns 65 ($ 60,000 in total). The first person who started ten years ago would earn $ 73,633 more, despite earning $ 40,000 less. Plus, it would be tax-free, and that's "the beauty of the Roth IRA," writes Rose.
6. Invest in Real Estate
Freelancers are inherently a series of unpredictable performances. This idea led freelance writer Paula Pant to buy her first piece of land eight years ago: a triplex that allowed her to live in one unit, rent out the other two, and thus completely cut her living expenses. The investment has increased her savings rate and allowed her to buy four more rental properties. Now, Pant gives her advice on real estate, investment, and financial freedom in her blog and podcast Afford Anything .
Your Top Tip for Emerging Real Estate Investors? "Invest where the good returns come from – you would not buy a stock simply because it happened to be in your hometown," says Pant. Before you make a purchase, the most important metric to calculate is the cap rate – a method of measuring your return on investment that goes beyond the value of the property and takes into account the operating costs.
7. Improve Your Cash Hygiene
Jamila Souffrant is a saving machine. After inspiring an unfulfilled real estate asset management job in 2016 for financial independence, she and her husband spent more than $ 200,000 over the next three years. Now she spends her days helping others through her podcast and blog, Journey to Launch . The content is geared to building better habits, choosing an age account and more money tips, and includes step-by-step strategies from their own savings trip.
Souffrants top saving tip? Save a "compulsory issue" in your budget and then spend the rest. Take advantage of any pre-tax retirement plans you have access to, and increase your contributions by 1 percent (or a few dollars) per payment period if you can not exhaust them.