Author

Melanie

A Wake Up Call

by Melanie February 15, 2015

written by Melanie

Over the holiday break, I got to spend two delightful weeks with my family and my partner’s family. It was truly wonderful to catch up, relax, and spend quality time together.

But it wasn’t all about relaxing. Ryan and I knew that we had to have some difficult conversations during our holiday visit.

Just a few months before, his dad had a health scare that put us in a panicked frenzy. At first he was fainting and in the hospital — we had so little information, and being a few states away, we assumed the worst.

Questions ran through our head. Should we go down there? When do we go down there? It was a stressful situation not having all the information upfront. For all we knew it could have been nothing, or it could have been very serious. It was the first time in my life that I realized how difficult it is living away from your parents. Even if we did hop on the next flight, nothing is promised to us.

Luckily, everything turned out alright. It was a pretty severe ulcer that kept him out of work for weeks.

Of course we were scared about his dad’s health — but to be honest, we were more scared for his mom. His mom relies on his dad 100% financially and has chosen a life as a homemaker — a relic of her old world in Romania. It’s all she knows. While she is an amazing cook and a wonderful homemaker, in her own words, she “doesn’t know how to pay a bill.”

Imagine our fright when we weren’t sure about his dad’s situation. We would have to go digging for his financial information, his insurance info, and more. We’d have to help her set-up everything and teach her how to pay bills, etc. It was a daunting thought.

We got off lucky this time, but we knew we had to have a difficult conversation during the holidays. We realized we knew nothing. Were they in debt? Did they have life insurance? Do they have plans in place when something happens? We were ill-equipped with answers and had only questions.

During the break, Ryan had a one-on-one with his dad. They started to talk about the future and current state of affairs. Thank goodness he did have a life insurance policy!

This situation was a pretty big wake up call for us. Both Ryan and I have one parent that relies 100% on the other financially. That tough reality is exacerbated by the fact that we are both only children and have no one else to call or rely on — we are our parents’ help, and we don’t have many resources either.

I’m so glad that we were able to have this important talk with our parents. More importantly, I’m glad that our parents have life insurance, to provide for their partners, if something happens.

I urge you to have a talk with your parents. Get a life insurance policy and prepare in advance. No one wants to deal with financial stuff in the face of emergency — so prepare now!

If you’re looking for an easy way to get started, check out Quotacy, a one-of-a-kind life insurance brokerage. Their website is super user-friendly and it takes only a matter of minutes to get a quote. Best part is that you don’t even have to put your contact info in to get a quote, so you won’t get spammed 🙂 What surprised me the most is just how affordable life insurance is, given how much it covers.

Have you ever been in a situation like this? Do you have any other advice to add?

This post was created in partnership with Quotacy

February 15, 2015 20 comments

money

Women & Money: Why Are We So Hush-Hush?

by Melanie February 14, 2015

written by Melanie

As you may know, I’m very passionate about women and money. As a breadwinner, and a daughter of a breadwinner, I know that women are taking over and are capable of so much. Yet, it seems that money is still tough to talk about.

I believe a part of it is because money is still so taboo and we fear being judged by our peers, our family, and our friends. Fidelity’s Money FIT Women Study found that 8 in 10 women have avoided financial conversations—saying that talking money is “too personal” or “uncomfortable.”

But there are other things at play, too aside from fear and judgement. The culprit? According to the study, it’s confidence. They found that 57% of Gen Y women say they are nervous about their financial decisions, compared to 58% of Gen X and 41% of Boomer Women. I can relate to this — sometimes I’m scared to ask for what I want or deserve. I’m too concerned with people liking me or doing the “right thing.” I’m wondering if I’m on the right track.

Luckily, Fidelity has come up with some awesome resources on how we can overcome this, take charge, and unleash our inner #Girlboss:

Where can young adults start? My.Money.Fidelity.com is a financial education website developed with the young adult in mind who is eager to get educated and build plans for the future. On the site, videos, articles, and graphics help provide quick, easy-to-follow education on personal finance topics, such as budgeting, saving, investing, spending, borrowing, and preparing.

Check out the video:

Lastly, check out their couple’s quiz, just in time for Valentine’s Day! 🙂

Let’s start a revolution! Let’s talk about money and empower ourselves and others to take financial control. Who run the world? Girls. We got this. Go on with your Flawless selves.

February 14, 2015 0 comments

side hustle

What Being a Brand Ambassador Has Taught Me About Life and Business

by Melanie February 13, 2015

written by Melanie

As many of you know, my main side hustle is being a brand ambassador. I love being a brand ambassador because I’m a people person and love engaging with others. It also doesn’t hurt that the pay is pretty good, the job is pretty easy, and I usually get free swag (notable on the list is getting $500 of free clothes for the second time, getting free coffee, and also specialty liqueur).

I have been working as a brand ambassador for four years now and I’ve learned a lot about life and business from this work. Working with the public teaches you a lot. Here are some things I’ve learned.

Approach is Everything

Over the holidays I worked a campaign for Columbia Sportswear (hence, the free clothes). I got to look all cute gallivanting in their warm clothes, hanging out in downtown Portland. But it wasn’t that glamorous. It was 35 degrees and my job was essentially to hand out coupons to drive traffic to the store.

At first, I asked people, “Would you like a coupon for Columbia Sportswear? We have a….”. Before I could even finish my sentence, people would walk past me and not even acknowledge my existence. I realized my approach was wrong. I was asking a yes or no question and forcing people to think. You don’t want to put consumers on the spot and make them think.

So I tried just giving out coupons, “Here’s a coupon for 20% off!”, which was met with slightly better results. At least people were acknowledging my existence.

But I knew I could do better and knew that if I wanted to do my job well, I’d have to be engaging and enticing, and not smarmy. So I decided to test something out.

As people walked on by, I said, “Happy Holidays from Columbia Sportswear! Here’s a gift from us, which will get you 20% off all purchases.”

This new method had warranted much better results — surprising results even. People were smiling, and happy, and even thanking me for talking with them. It was in that moment that I realized, your approach is everything! The way you approach people makes all the difference in the world, so if you want different results, try a different approach.

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Some Things Are Never Good Enough for People

A large part of being a brand ambassador is giving out free swag. I admit some of it is cooler than others. I mean, do we really need more free pens? Probably not. But even so, I’m giving out free stuff and often coupons too. Yet, for some, nothing is ever good enough. I had a person complain to me that the coupon was only for 20% off. Gimme a break. Dealing with the public will let you see the worst in people. It’s sad, but true. You are trying to do a job, and they may ignore you, criticize you, patronize you, or even try to flirt with you. I once had a guy at a coffee promotion tell me he just got out of rehab and wanted to settle down and wanted to know if I’d marry him? He said it so casually too, it was quite alarming. Things like this happen all the time.

I’ve learned that some things are just never good enough for some people, while others are just incredibly lonely and want someone to talk to.

Human Interaction is So Powerful

While many companies are investing large sums of money in the online space, I have to say that human interaction is still so powerful. In a digital world that is overly saturated with content, it’s hard to grab people’s attention. Our inboxes are flooded. Our browsers know everything about us. Our attention spans are the size of a gnat.

Face-to-face interaction is one of the few things we have left to connect with people on a deeply personal level. Talking with people during these promotions has been so much more than just me sharing information. People open up and want to share, when your approach is right and you act authentically.

This is why I love doing in-person events. You can’t replace the human voice, nor body language. You can’t replace that feeling of ease, talking to someone who you are instantly comfortable with.

While being a brand ambassador is merely a side hustle for me, I’ve learned so much from it. I’ve learned to try different approaches and realize it’s not always me when something isn’t working out.

What has your side hustle taught you about life?

Want to learn how to become a brand ambassador? Check out my friend Kenny’s course on how to become a brand ambassador.

February 13, 2015 18 comments

dear debt letter

Till Every Drop is Gone

by Melanie February 9, 2015

written by Melanie

Happy Monday, folks! Got a Case of the Mondays? Well, you’re in luck. We have a fabulous, sock-it-to-you, dance around and listen to Spice Girls awesome dear debt letter. Yeah, I just went there. 🙂

Today’s letter is by none other than the lovely Prudence, which reminds me of one of my favorite Beatles songs (I’m sure she gets that a lot). Prudence Debtfree and her husband are working their way out of debts that totaled $257,000 in June of 2012. They’re down to $150,000 now, and you can follow their progress at Prudence Debtfree: One Couple’s Journey out of Debt.

Dear Debt,

You’re getting worried, aren’t you? I’ve been bringing you down steadily for over two and a half years now. Twenty months, Buddy. I know what you were thinking at first: She thinks she can live without me. Yeah, right! Give her time, and she’ll come running back to me. Like she always has. Like she always will. I’ve given you good reason to think that way – I admit it. After all, I was your faithful partner for almost twenty-five years.

When we first got together, you were like a knight in shining armor. I needed a car to get to my new job, and you allowed me to have one. Instant relief. Instant convenience. Instant power. I saw you as the answer. And what did you ask for in return? Not much at all. A small monthly payment that was easy for me to cover. Just a little drop in the bucket.

I relied upon you more and more as you came through time and again. You were there for me when I wanted to shop for clothes. You were there for me when I wanted new furniture. You were there for me when I just felt like treating myself to a meal at a restaurant or a night at the theatre. Or a week-end ski trip. I’d heard somewhere that I deserved it. That I could have it now. That it would make me happy. And you proved it all true each and every time!

You’d even had a long-standing relationship with the man who would become my husband! How expansive and open you were! And you never said “No.” We never felt we were asking too much of you. A bit of travel. A new vehicle to accommodate our growing family. A weekly cleaning service to ease the busy-ness of life. Our dream home . . .

But then there was job loss. Limited income. And all of those monthly payments – now an abundance of drops in the bucket – added up to a burden that we could barely manage. Month after month after month . . . And still you promised to be the answer. And still we believed you! Now’s your chance to pursue your interest and take that course! And isn’t that cute pure-bred puppy just perfect for your daughter? What were we thinking? You had become such an unquestioned part of our lives – such a knee-jerk solution – that we still didn’t see you for what you were!

When we decided to take the home business route, we needed you again. See, I’m still the one to make your dreams come true, you said. And things did work out. But we now felt uneasy around you. Your charm was still seductive, but your promises were hollow. You weren’t in the business of making our dreams come true; you were in the business of gaining from those “little” monthly payments – and we’d been sensitized to them. Drip, drip, drip . . . They drained us. We recognized the power you had over us. We wanted to be free of you.

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But you’d made us financially flabby. No muscle tone. And at first, it was frustrating – stumbling on imperfectly and with limited effectiveness at times. Budgeting was annoying. Cutting our expenses felt like deprivation. Tracking our money was drudgery. Unexpected expenses threatened to derail us. But they didn’t. And we’ve toned up – gained some endurance. And we’re only getting stronger.

You’ve become smaller, Debt, and you don’t overwhelm me anymore. I’m bigger than you are. Your siren call still sings to me from time to time. But I know how to answer it. You deserve it! Deserve what? Years of drip, drip, draining payments? You can have it now! But I can have it later too – at cost – once I’ve saved for it. And frankly, I might choose not to have it even then. It will make you happy. No it won’t. Happiness does not come with a purchased product, service, or experience. I’ve finally figured that out. You’ve lost your charm and your powers of seduction.

But I know you. Your wandering eye has found a multitude of partners even while I’ve been working through this slow motion break-up. You’ve presented yourself as the answer, the solution, the ticket to dreams come true to all sorts of seekers on the market. Still, you are apprehensive, aren’t you? Because the secret is out, and I’m not the only one who recognizes you for what you are. There are plenty of us who see right through you.. And we’re dropping you. Bit by bit. Drip, drip, draining you. Until you’re gone.

Photo: http://deathtothestockphoto.com/

February 9, 2015 14 comments

life

A Tale of Two Cities

by Melanie February 4, 2015

written by Melanie

They say that home is where the heart is and for the most part I believe that to be true. But there is also a different sense of feeling at home. A feeling of comfort, a feeling of belonging, and a sensory experience that jives with your well-being.

I feel at home in several different places, but most notably, not where I actually live.

You see, I’m a big city girl. I grew up in the suburbs of Los Angeles, experiencing all the culture and diversity, and appreciating all of it. The sounds, smells, and sights were part of me. Then I moved to New York City for graduate school.

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I fell in love with New York hard — it’s a city for dreamers and believers, hustlers and hard workers. People come to New York for a reason and everyone has a purpose. I didn’t want to leave New York, but my long-distance relationship was strained and I wasn’t exactly rolling in dough in New York.

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So I moved to Portland, which is a lovely city, but for me feels like a small town. I remember the first few weeks in Portland were so eerie for me. Why was it so quiet? Where were all the people? Why was it so white? Portland and I didn’t get along at all for the first year. For a city that boasts retiring in your 20s, I felt like my ambition was out of place.

In New York and LA, I always felt pushed — you had to work hard, or you’d sink or swim. Now, I have a cordial relationship with Portland, but to be honest, I’m always longing for LA and New York.

I really miss the culture, the diversity, the design of the city, the sense of being enveloped in something bigger than yourself. I like the ooze of entertainment in LA and the abrupt honesty of New York. I can’t stand the overly nice, politically correct, passive-aggressive communication style of many Portlanders.

I have always known that Portland was not my forever home. It’s tough to fully enjoy a city when you know it’s not where you belong — but I’ve made the best of it (lately) and am enjoying it for what it is.

Now, the lingering question that my partner and I face is when to move. Just like so many other big decisions in life, it feels like there is never a good time. I’m still paying off debt and growing my business, and he is getting experience at his job.

But several things have happened lately that make us question whether it makes sense for us to stay — another move could be on the horizon. It’s too soon to say and I’m not at liberty to discuss everything. I’m the type of person who gets overwhelmed with big decisions — decisions you know will change the course of your life. I freaked out when I moved to NYC, I freaked out when I moved to Portland, and I’ll probably freak out again.

Except this time, I’ll know it’s the right move, I just don’t know the right time. I feel guilty and terrible that we want to move to LA or NYC — two of the most expensive cities in the U.S. But those places are home and they equal possibility. It would be hard, but I truly believe there are more opportunities — especially for my boyfriend who is a musician. He’s already played the biggest venue in Portland and he’s done pretty well. But there’s a cap of success.

So, we’ll see where this journey — this tale of two cities — takes us. I have no news yet, but will keep you posted.

How do you make big decisions? How did you choose where you currently live?

February 4, 2015 32 comments

end of month update

Surviving January: Hello, February!

by Melanie February 2, 2015

written by Melanie

I was challenged by Money Advice Service to create a guide on how I survived January (was it just as crazy for you?). See my recap below.

It’s February, which means we’ve made it through the first month of the year. How did you do?

I have to say 2015 kicked off with a bang. Some new opportunities came my way, I side hustled at a dog show (a la Best in Show — very funny), and then I got really sick.

Like being sick isn’t bad enough, it was right before I was slated to travel to NYC for an event. With that, and the predicted storm, I was worried I wasn’t going to make it.

But a small miracle occurred and I did! So as you read this, I’m recovering from a whirlwind trip to NYC. My lovely friend and collaborator Tonya from MyFabFinance and I co-hosted the #SavewithSoFi happy hour and invited a ton of amazing personal finance bloggers to hang out.

SoFi, an awesome student loan refinance company, and Betterment, an automated investing tool, sponsored the happy hour. It was great to get some many amazing personal finance bloggers together!

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I saw Shannon and Shannon, Erin, Stefanie (and got my signed book!), Jason, Miranda (one of my writing idols), and more. Overall, everything was great and we had a lot of fun. Expect to hear more about SoFi from me soon as I think they are a great resource for people battling high interest student loans.

Aside from the eventfulness of it all, I have to say that I was pretty proud of myself for the first few weeks of January. I started to feel a little bit spent, both physically and financially from the holidays, so I decided to have a mostly dry January (no drinking) and restrict myself to cash.

Now, I like to enjoy a beverage now and again and am a regular drinker. I like to have wine with meals and find my tastes to be rather epicurean. So, I was so impressed that I went over three weeks without a drink. I admit, I caved once I got sick and got a hot toddy for some relief. And of course, had a few drinks in NYC.

I was so thrilled with my willpower and resolve though, that I am going to be significantly cutting back on drinking alcohol, drinking coffee, and eating out this year. Those aspects have always been my weaknesses, but I think I’m finally ready and able to cut back. Before my head wasn’t there yet, but now it is. I see all my goals of travel, and debt repayment, and I’m ready to enjoy those extra things as a luxury and no longer as a lifestyle.

The cash diet was also so helpful! I can definitely say that it made me think twice about what I was spending money on and I didn’t get in the pattern of mindlessly swiping. I broke the diet on my trip to NYC to keep track of expenses, but starting fresh, I am going back to detox mode — back to cash, and very limited coffee and alcohol.

I am very happy with January because it was a breaking point for me — I made progress and was able to put a substantial amount of money to debt by saving money. I also stopped believing that I couldn’t cut back, and I started taking action and challenging my assumptions instead.

It’s easy to get into bad habits, especially financially. We grow into a lifestyle of comfort and convenience. Even for frugal people like me who hate shopping, and keep expenses low, my one area of weakness always felt like an uphill battle. But now it’s one I’m ready to fight and reclaim my strength. Like I said, I look forward to indulging myself with coffee, drinks and eating out as a luxury — but no longer a lifestyle.

On the income front, things are steady and improving. I’m starting to take charge and ask for what I want, and am getting pickier about what work I do. I’ve realized that if I want people to value my work, I have to value myself first.

So, I’m breaking down walls and plowing through to break this income barrier. I am, can, and will make more money this year than I did last year working for someone else. It’s possible and will happen. Just you wait.

It all starts by asking for what you want and being authentic. Hard work is a part of it, as well as talent. For me, it’s about writing and planning good shit that makes people feel something.

It’s about making things happen. It’s about delivering. And most of all, it’s about providing value. I’m doing the work, and making it happen — growing pains and all. Speed bumps ahead.

How was January for you? Any cool plans for February?

February 2, 2015 28 comments

debt

Debt Free Dreams: Twitter Contest + Giveaway

by Melanie January 31, 2015

written by Melanie

Hey everyone! Last week I talked about why I can’t wait to get out of debt and discussed my dreams for life after debt.

Now, I want to hear more from you! I’m excited to partner with Payoff and host the Debt Free Dreams Twitter contest. We’re teaming up and want to know:

What will you do when debt isn’t holding you back?

Think about that for a second. Let it sink in. Imagine your life after debt — what will it look like?

Share your answer with us and get a chance to win some sweet swag. We’re giving away a Payoff prize package filled with a Payoff sweatshirt, t-shirt, and water bottle, along with a phone session with one of the Payoff experts, Tanya Thomas. How rad is that?

Tanya is a Customer Success Advocate at Payoff and is an excellent advocate for financial freedom. She will walk the winner through a 1-hour conversation to evaluate their personal financial situation and come up with helpful solutions to obstacles. Not only that, but we’ll be giving away a copy of Farnoosh Torabi’s When She Makes More: 10 Rules for Breadwinning Women, which is a must read, especially for us breadwinners.

How to Participate

The Debt Free Dreams Twitter contest will run from Monday, February 2nd to Sunday, February 8th.
Follow @payoff and @DearDebtBlog on Twitter.
Tweet your answer to the question: What will you do when debt isn’t holding you back? Don’t forget to include the hashtag #DebtFreeDreams in your tweet! We won’t have a way to track your response unless you use this hashtag.
Get creative with your response! Carrying a balance and being in debt is a burden. How will your life change for the better, and what is your dream when you’re free from debt?
We’ll select and contact one random winner on Monday, February 9th!

I hope you participate in sharing your #DebtFreeDreams!

Have fun and good luck!

Twitter-#DebtFreeDreams Contest

January 31, 2015 0 comments

debt

Why I Can’t Wait to Get Out Of Debt

by Melanie January 27, 2015

written by Melanie

Sorry for the radio silence, folks. After last week’s successful Twitter chat, I was blown over with illness. I have a pretty strong immune system, and this thing just hit me like a ton of bricks. I had to cancel work in some cases, had to ask for extensions, and just lay around and nap and watch movies. As fun as that sounds, it seriously cramps my workaholic style.

After 6 days of only feeling worse and not better, I finally went to the doctor. Apparently, I didn’t have the flu like I thought, but two separate infections. Fun times!

I am telling you this because I had plans last week to tell you about WHY I want to be debt free — I wanted to share things with you about my dreams of travel, moving, and giving back. I wanted to regale you with talk of a life I don’t have yet, but aspire to have once all this debt is gone.

But let’s have some real talk and deal with this unproductive misery of an illness I’ve dealt with for the past week.

First — being sick is expensive.

At one point, my boyfriend and I were both sick, and despite having food in the house, we both had zero energy to make it. So, we went out. Then, I tried to cure this thing on my own and stock up on cold medicine at the drugstore and bought new toothbrushes. After that didn’t really help, I decided to go to urgent care. I was desperate for relief. I hate when anything comes in between me and my work, and let’s face it, I don’t wear sick well. I can’t relax, I feel like I’m being lazy, and I’m quite frankly, pretty bored. Yeah, I’m the worst.

After paying my co-pay and the fee for the tests to determine what this is, that was a cool $50. After I got my prescriptions, that was another $50. Of course, this is all money I had no intention of spending, but I had to.

I can’t wait to be debt free, so that I don’t have to think twice about canceling work when I’m sick. I can’t wait to be debt free, so that spending $100 on health seems reasonable, instead of something that stresses me out.

I can’t wait to have my money be my own, so that I am truly in charge of what I do and where my money goes.

I know that in situations like this, I should be trying to recover and be grateful for my overall health. But when stuff like this happens, it just exacerbates my money woes and reminds me of my WHY.

Money should never come between you and your health — yet for people in debt, it can be a struggle to pick the right answer, even though it’s obvious.

So, my WHY of getting out of debt still includes traveling and a better lifestyle — but on a more practical level, it means a lot less worry.

Worry is a poison on the soul and I’m so done with it.

What is your WHY? Why do you want to get out of debt?

This post is part of the #DebtIsNotForever series by Jackie Beck over at the TheDebtMyth.com. Share your WHY on social media using the hashtag #DebtIsNotForever

January 27, 2015 41 comments

debt

#DumpDebt: Making Progress on Your Financial Dreams in 2015

by Melanie January 20, 2015

written by Melanie

Hey debt fighters and money mavens! It’s been a wild ride in 2015 and we’re not even at the three-week mark. I’ve experienced the good, the bad, the ugly, along with the strange and unfortunate — it’s been a whirlwind.

I’m so grateful I took that time off to be with family and friends for 2 weeks in LA over the holidays.

But aside from everything that is going on, you know that I’m committed to paying off debt right? I’m so excited to say that in the last month, I put $1,000 towards my debt! It’s been a while since that happened, so I’m super jazzed about it.

My student loans are now at: $33,740.36

Woo hoo!

I look forward to getting rid of more debt this year, so I can accomplish my financial dream. What is my financial dream — or life after debt? It means more traveling and less worrying, more generosity and less fear, and more security. Later this week I’ll be talking about WHY I want to get out of debt, so stay tuned.

In the meantime, come join me and LaTisha Styles for a fun and inspiring Twitter chat this Wednesday, January 21st at 8pm EST/5pm PST. The chat will be with Payoff, an awesome company that focuses on uplifting people and empowering them to think about life after debt. They merely don’t want to focus on debt payoff but life after payoff. We’ll be chatting with the CMO, Carey Ransom, who is a pretty rad guy. We’ll be talking about making progress on your financial dream in 2015 and how dumping debt can get you there.

We’re hoping the later time will help folks who work during the day be able to attend — and you won’t want to miss it! It will be great fun AND we are giving away $125 in prizes (SUH-WEET!).

If you can attend, please RSVP here (you can still attend if you don’t, but it is suggested): http://goo.gl/forms/fFlaFlPkyx

If you can’t, would you mind sharing? Thanks debt-fighting friends. May all your debt free dreams come true.

It’s Game time!

Are you ready to #DumpDebt? Join us on Wednesday, January 21st at 8pm EST for strategies and tips to make progress on your financial dreams in 2015.

RSVP Here: http://goo.gl/forms/fFlaFlPkyx

Then follow @DearDebtBlog, @YoungFinances, and
@Payoff to join in on the conversation!

To participate in the Twitter chat other than using Twitter by searching keyword #DumpDebt; you can use
http://twubs.com/dumpdebt. Sign in using your Twitter account for an easy way to keep up with the chat.

(http://www.tchat.io/rooms/dumpdebt is also an option)

During the chat, you’ll have a chance to win! $125 in prize money will be awarded. (Must RSVP to be eligible)

Share the info and send out a tweet to share how excited you are to participate in the #DumpDebt chat on Tuesday. Ex. “I’m ready to #DumpDebt on Wednesday @ 8PM EST w/ @YoungFinances, @DearDebtBlog, and @Payoff”

January 20, 2015 27 comments

Uncategorized

How I Save Money on Nearly Everything

by Melanie January 15, 2015

written by Melanie

This post is part of the TaxACT How I Save blog tour which teaches you ways to keep more money in your pocket. Last year, TaxACT saved America over $240 million on tax preparation. How much can you save? To learn more about tips and strategies on saving, click here.

If you are anything like me, one of your goals for this year is to save more money. Saving money can help you get off the debt roller coaster and cushion your finances when an emergency occurs. Not only that, but saving money means more possibilities — things like quitting your job, traveling the world, and saving for your first house.

But let’s face it: saving can seem like a chore. Spending is often seen as the sexier, more fun option. However, there are easy ways to save money on just about everything.

Saving, like anything that you want to master in life, requires persistence and practice. Saving money will stop being something that you force yourself to do, and will become a lifestyle.

For me, I had to learn early on how to save money. As a perennial nonprofit worker turned freelancer who also happens to be fighting off the beast of student loan debt, saving money was always part of my lifestyle — especially because I didn’t have a credit card until I was 28, so I relied solely on the money I had.

Here is how I save on nearly everything:

Housing

Housing costs can often eat up a large chunk of your budget. When I lived in LA and NYC, I could feel it with my rent costs inching up to 50% of my income. I now live in an area with a lower cost of living in a modest studio apartment with my partner. As we have gotten older, we have said “no” to lifestyle inflation. While many of our friends are buying houses and enjoying large 2 and 3 bedroom apartments, we are content with our small, yet cozy space. We save thousands of dollars each year by choosing to live in a modest space.

I know living in such a small space won’t work for everyone, but here are some tips to save on housing:

Ask yourself, what do you really need space wise? Can you afford to downsize?
Consider moving to a lower cost of living area
If you are in a larger city, consider a cheaper neighborhood or living with roommates
Live close to work

Food & Drink

This year, I plan on saving more money than ever by eating at home more and drinking less. Eating at restaurants is my Achilles’ heel, but eating and drinking out is just so expensive. I am looking up cheap recipes on Pinterest, doing more meal planning, and buying mostly fresh produce and beans in bulk. We don’t eat much meat, which also helps the bottom line.

If we do go out, it is often with some sort of coupon or for happy hour. Also, we like to have a rule that we either go out to eat, or go out for drinks, but not both. We’ve learned that doing both can quickly lead to a hefty bill.

To save money on food and drink:

Buy in bulk
Meal plan
Cook at home
Only go out for happy hour or with a coupon

Transportation

Ever since leaving LA, I have been carless, and it’s been fabulous. Between insurance, gas, repairs, and potential car payment, cars are money-hungry beasts. I am saving thousands of dollars per year opting to bike, walk, and take public transportation everywhere.

If going carless is not an option for you, consider being a one-car household, or commit to taking public transportation a few days per week. Buy used, instead of new and use sites like GasBuddy to find cheap gas in your area.

To save money on transportation:

Go carless
Take public transportation
Walk or bike if possible
Carpool
Become a one-car family
Buy used instead of new
Compare prices on insurance

Entertainment

Because I am in serious debt pay off mode, my entertainment budget is abysmally small. As much as I’d love to go to more concerts, more movies, and see more live art, it’s a luxury I often can’t afford.

But I still do manage to have fun and get my fill of culture on the cheap. I save money on entertainment by:

Going to museums on ‘pay what you can’ days
Attending my local art walk
Using Netflix over cable
Attending free movie screenings
Volunteering to be an usher to see a live show

Business

Now that I’m a full-time solopreneur, I’m always looking for ways to save money. This means that when possible, I prefer checks over PayPal, or even better, direct deposit. I know PayPal fees are the cost of doing business, but it doesn’t hurt to ask your client if they offer another method of payment.

In addition, I make sure to keep track of business expenses, like computer repairs, so I can deduct them from my taxes. After all, you want to save as much money as possible on your taxes, so be sure to keep your receipts and stay organized with your finances!

How I Do It

After saving so much money in all aspects of my life, I make sure to pocket that money and not go out and spend it. Remember, it’s not how much money you make, but how much you keep. I am a firm believer in targeted savings accounts, which can align with your financial goals.

Personally, I automate my savings so that money is deducted from my checking account each month to fund my goals. That way I don’t have to think about it and there are no excuses. I use targeted savings accounts to fund all my short, medium, and long-term goals such as my emergency fund, travel, taxes, and retirement. This way, I know exactly what that money is for.

As you can see, saving money doesn’t have to be hard or even painful. You can still live an awesome life AND save money. Start by saving as much as you can (10-50%+ of your income) and choose to spend on your values, while cutting out the rest.

Use these tips to start saving today so that you can rock your goals this year. If you want to save even more money by saving on your taxes, enter to win a free copy of TaxACT below:

a Rafflecopter giveaway

How will you save money this year?

Photo credit: http://deathtothestockphoto.com

January 15, 2015 25 comments

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