budget tips

7 Ways to Entertain Party Guests on a Shoestring Budget

Rachel Slifka — Wed, 07 Nov 2018 07:48:37 +0000

Some people are natural entertainers. They can throw the perfect party together seamlessly and effortlessly. From having the most delicious food, to amazing decorations, and of course, the best guest list, they make party planning look easy-peasy.

More often than not, however, the best parties comes with a hefty price tag. Hiring event planners, DJs, and caterers, can cause party costs to get out of control quickly. Fortunately, you don't have to spend thousands of dollars for a memorable party. With a little creativity and planning, you can throw a party that will keep your guests raving for years.

1. Start a party fund

First order of business? Create a budget.

Parties become expensive quickly if you don't have a predetermined budget. And the worst part is, you could spend too much on one aspect of the party (like drinks) and not have enough for another important component (like decor).

Start by determining how much you plan to spend on the whole party. Then divide it up into categories, such as food, decor, invitations, entertainment, and other. Next, set a realistic limit to each category. You can do this in a simple Excel spreadsheet or on paper. As you purchase items for the party, be sure to keep track of every expense.

2. Ask for help

Planning a party can be stressful, but you don't have to do it alone. Instead of hiring an expensive event planner, ask a friend to throw the party with you. He or she can take some of the burden and expenses of party planning.

Have a friend who is an incredible baker? Ask him to make desserts. Know someone who has the best taste in music? See if she can make the party playlist to keep everyone entertained all night long. Outsourcing doesn't just help make your life easier, it also allows other people to join in on the party planning process. Plus, it's way cheaper to solicit the help of friends than it is to hire a professional.

3. Get creative with decor

No party is complete without decor! While decorations are what really brings a party theme to life, you don't have to blow your budget. You can save money by looking at what you already have around the house.

Instead of buying multiple centerpieces (that you might never use again), try mixing a variety of vases, figurines, and decorations from around your home. Or, hit up the dollar stores for affordable candles and votives. Have a mishmash of china at home? Theme your party around that and mix and match all of your decorations for a whimsical vibe. If it's an outdoor party, hang up some cheap cafe or christmas lights to create a cozy feel. (See also: 12 Ideas for Cheap, Festive, Fall Decor)

4. Supply cheap food

As the party host, no one is expecting you to serve a five course, Michelin star-worthy meal. The key is to keep your food simple and appealing to everyone.

If you're cooking yourself, consider making easy batch meals, such as pasta, tacos, chili, or BBQ. These types of foods are easy to batch-cook and are liked by most people. To add a creative flair, set it up as a station so guests can add their own toppings and create their own dish.

If you're not a cook, you can still cater meals while on a budget. The trick is to reach out to casual, smaller restaurants or catering companies. They are more likely to cut you a deal and allow you to personalize your menu. (See also: 14 Crock-Pot Dishes to Serve at Your Next Party)

5. Set up games

Who says entertainment has to be expensive? There are plenty of ways to keep your guests occupied and having fun without spending an arm and a leg.

For an outdoor party, set out a few yard games such as cornhole, croquet, or horseshoes. Everyone loves these classic games, and it's an easy way to bring guests together.

And if you're throwing an indoor dinner party, it's still a good idea to keep some games in mind, such as Pictionary and charades. You never know how late guests will want to stay or when there might be a lull in the party. Having a few games on hand can be your saving grace. (See also: The 5 Best Board Games for Adults)

6. Rethink booze

If you choose to provide alcohol, the costs can add up quickly. It's a slippery slope because everyone tends to have different preferences as to what they drink. You risk overspending by trying to purchase alcohol to fit everyone's tastes.

Alternatively, you can get creative with booze. Instead of providing a full bar, choose some staple liquors and offer several mixers like juice and soda. Also, most people will be happy with a selection of beer or wine. On the invitations, you can let guests know what alcohol you're providing, and encourage them to bring their own beverage if they prefer something different.

Or, if you're throwing a themed party, a signature drink can fit the bill. Create a themed cocktail and whip up a big batch for everyone. Not only is this cheaper, but it allows you to step away from playing bartender all night at your own party.

7. Create a playlist

No need to hire an expensive DJ or band for the perfect party. Create the perfect ambience by arranging your own playlist through Spotify.

Throwing a dinner party? Classical, low-key music can provide the ideal background noise. Backyard barbeque? Try throwing in some country and pop hits. You can create your own playlist or use one of many preset playlists offered on Spotify.

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This article is from Rachel Slifka of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Guilty Pleasures That Are Killing Your Budget

Ashley Eneriz — Fri, 27 Apr 2018 09:00:09 +0000

When it comes to guilty pleasures, we all have a few. Some vices are fine to indulge in every once in a while — like that weekly caramel latte. However, splurging too much on these vices can rob our budget, and in some cases, our health. Here are six guilty pleasures that are destroying your budget.

1. Smoking

Smoking is famously detrimental to your health, of that we are all aware. But it's also a nightmare for your budget. The average cost of a pack of cigarettes is $6.16, with most states charging between $5-$10 a pack. Smoke five packs a week, and you are looking at spending more than $1,600 a year on cigarettes.

Even if you label yourself a social smoker, and only smoke the occasional cigarette, you're risking getting addicted, or resurrecting a smoking addiction you've previously kicked. Your financial and physical health will both prosper by dropping this habit. (See also: Here's How Rich You'd Be If You Stopped Smoking)

2. Eating out for lunch

When you're rushing around in the morning, it seems easier to just buy lunch near your place of business. But shelling out your hard-earned cash every day of the workweek can quickly add up. According to a Visa survey, the average American spends $11.14 twice per week on eating lunch out. And that works out to be over $1,000 annually that you could be putting into an emergency fund, your 401(k), or your child's college fund while bringing a bag lunch to work instead.

3. Monthly subscriptions

How many subscriptions do you currently pay for each month that you can live without? Add up your magazine subscriptions, radio, books, TV subscriptions, meal deliveries, and any fun monthly boxes you receive each month. If you aren't using these subscriptions or can do without them, now is the time to cancel.

Canceling $150 worth of subscriptions and memberships a month will allow you to save $1,800 a year. Think about how far that $1,800 could go in your debt repayment quest. You could even plan a European vacation with your spouse with that money. Is a monthly box of makeup samples or dog treats really worth it? (See also: 7 Ways to Save on a European Getaway With Kids.)

4. Buying lottery tickets

Whether you drop a few hundred dollars playing poker with friends or buy $10 worth of lottery tickets each week, this guilty pleasure adds up quickly. Even if your casual gambling habits only cost you $200 a year, think about how much more likely your $200 can yield a return if you invested it into the stock market or an ETF. (See also: 5 Ways to Safeguard Your Financial Future With Just $200)

5. Retail therapy

Retail therapy is a quick way to turn a frown upside down, for many people. It's also a quick way to spend tons of money. Even if you stick to seasonal sales and the clearance rack, it's easy to spend $100 on unneeded items in a single shopping spree. Feeling the need to shop like this once a month will drain you $1,200 a year, and you will probably be struggling with extra clutter, too.

Invest this $1,200 in your retirement account each year instead and that'll be one less thing (and a big one) causing you stress — that often leads you to retail therapy in the first place — effectively breaking this cycle and improving your financial health.

6. Daily lattes

Five-dollar lattes or blended coffee drinks seem like a drop of change in the bucket. Buy one 300 days out of the year, however, and your coffee habit runs up a $1,500 tab. Brew from home and in five years you'll have enough for a $7,500 down payment on a home instead. (See also: Here's How Rich You'd Be if You Stopped Drinking Expensive Coffee)

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This article is from Ashley Eneriz of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Flashback Friday: 44 Ways to Effectively Resist Impulse Buys

Chrissa Hardy — Fri, 27 Oct 2017 08:30:12 +0000

The impulse buy is sly. It is cunning. It can suck you into its wasteful clutches before you realize you don’t actually need that gadget or geegaw or trifle in the first place. Impulse buys are also major budget busters, as they are often unplanned expenses that can add up quickly. If you're looking to resist the lure of the impulse buy, succumb to the charms of these 44 impulse buy busters.

10 Classic Impulse Buys We Need to Stop Falling For — To defeat your enemy, you must first learn everything you can about them. So in terms of impulse buys, you need to know which products to avoid. These are the items we all fall for, so steer clear.

6 Ways Having Your Groceries Delivered Can Save You Money — A big chunk of impulse buys include food. Whether it's candy at the checkout line, ice cream when you decide you've had a bad day and deserve it, or three extra frozen pizzas because you've had a bad week, if you get your groceries delivered to your doorstep, you can likely avoid all of these purchases. And save money while you're at it!

Now or Later: How to Decide the Right Time to Buy Almost Anything — Cutting out the classic impulse buys entirely from your budget isn't a good idea though, because it'll come to feel like deprivation, which can lead to even more reckless spending. So if you use this guide to determine when you should stock up on some of your favorite comfort buys, you will be victorious.

9 Simple Ways to Stop Impulse Buying — Cutting back on impulse buys is a great idea, in theory. But so is eating right, getting eight hours of sleep, and exercising four or five times a week, and not many of us practice these healthy habits consistently. These tips will simplify the concept, though, so that in a moment of weakness, you'll make the right choice.

7 Effortless Ways to Prevent Budget-Busting Impulse Buys — Sure, "simple" ways to prevent impulse buys sounds helpful, but you know what sounds even better? "Effortless." These tips will make impulse buys seem as easy as breathing, well, almost.

11 Money Habits That Make You Look Financially Immature — Impulse buying is a bad habit. It's also a financially immature habit, because it screams, "I want it now, so I will have it now!" Once you accept that, and decide you want to avoid all immature financial habits, you'll be less likely to make these poor shopping choices.

This article is from Chrissa Hardy of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Easy Ways to Improve Your Life Before the End of the Year

Sarah Winfrey — Fri, 27 Oct 2017 08:00:06 +0000

The new year is on its way, and we all know what that means: People will be planning their New Year's resolutions en masse. Whether you love 'em or hate 'em, they're definitely going to start popping up in conversations soon.

While post-ball drop is the perfect time to set goals in order to improve your life, we sometimes forget that we can change our lives anytime. In fact, why not get started today? Here are some small things that could change your life for the better by the time January 1 rolls around.

1. Defeat negative thoughts

We all think negatively from time to time, but if you are someone who gets into negative feedback loops that just don't stop, it's time to figure out how to get out of that pattern. You can try everything from simply looking for the positive, to talking to someone you trust, to writing those thoughts down in order to find patterns and triggers. You may even want to consult with a medical professional if you try everything and find yourself still stuck. (See also: How to Be a More Positive Person)

2. Check your credit report

Sure, you're supposed to do this every year, but do you get it done? It's an easy thing to put off, even though it's important to know as soon as possible if there are items on your report that shouldn't be there. It usually doesn't take more than an hour to check with all three bureaus. If you find a mistake, contact the bureau and dispute the error. You may also need to contact the creditor who provided the information to the credit bureau. Just like that, you'll have improved your financial future. (See also: How to Read a Credit Report)

3. Ask someone new out for coffee

Getting to know new people can be hard. Make it a goal that, before the new year, you'll find someone you'd like to know better and actually go on a coffee date with them. This can be someone you're interested in as a friend, significant other, mentor, or more. Inviting new people into your life will give you new perspectives and may open doors you never expected.

4. Clean out your inbox

That massive number in the red bubble on your phone is probably stressing you out more than you know. Take 10 minutes every day to whittle it down, and by the new year, you will feel like you have a new inbox, too. You'll also be able to ensure that you're caught up on everything. As a bonus, take the time to unsubscribe from anything you're not actually interested in, so those emails don't keep cluttering up your space. (See also: 5 Easy Ways to Declutter Your Digital Life)

5. Start a nightly routine

Good habits make us feel better and live better, and nighttime is a great place to start. Begin by setting the same bedtime each night and sticking to it, so you can make sure you're getting all the rest you need. Add in things like setting out your clothes for the next day, tidying up for five minutes, or meditation, and your routine will serve you even better. (See also: How to Fall Asleep When You Can't)

6. Make doctor's appointments

Going to the doctor isn't easy, even if it's just a routine preventive visit. However, these are the visits where you can get questions answered by your doctor and catch ailments before they leave you flat on your back. So if you have appointments you've been putting off, make it a goal to have them done by the end of the year. That way, you'll start 2018 with all the knowledge you need to live well and be healthy.

7. Practice gratitude

Every night, maybe as part of your nightly routine, write down at least three things from the day that you are grateful for. Having a regular gratitude practice can help you feel better physically and mentally. It also makes you feel better about yourself and adds to your mental strength. (See also: 6 Ways to Feel Better About Your Financial Situation)

8. Check your retirement contributions

Are you contributing enough to your retirement fund? Use a retirement calculator to find out. Even if retirement is far in the future, you want to make sure you're ready when you get there. If you aren't contributing enough, you'll have time to make changes to your budget so you can contribute more in the new year. (See also: This One Thing Could Be the Key to Retiring Rich)

9. Keep a list of accomplishments

Most of us have some sort of to-do list, whether it's in our heads or written down. But we don't keep a similar list of the things we get done. Sure, it may not be important to note that you successfully bought cat food today, but getting in and out of the store with three kids in tow is certainly an accomplishment.

This can be especially useful when you are pursuing big goals, because it's a constant reminder that you are chipping away at what you want, even if it doesn't always feel that way. Start your list today, and by the new year you'll be able to see that you've accomplished quite a lot.

10. Set up automatic savings contributions

Saving money is often an afterthought. However, when you set up your accounts to automatically transfer money to a savings account every time you get paid, it gets a lot easier. Even if you only transfer $20 a paycheck, you'll have almost $500 within one year. That's significant and, over time, it can become even more so. Set a goal for your savings and watch it become reality. (See also: How to Find the Savings Strategy That Works For You)

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This article is from Sarah Winfrey of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Effortless Ways to Prevent Budget-Busting Impulse Buys

Emily Guy Birken — Wed, 25 Oct 2017 09:00:06 +0000

I can remember a time when controlling impulse spending was relatively easy — if you avoided going into stores, you missed the vast majority of spending opportunities. Yes, there were the As Seen On TV products you could buy over the phone, as well as the occasional door-to-door salesperson or girl scout giving you a chance to fall victim to a spending impulse — but in general, pre-internet consumers had much greater control over their shopping environments.

Now that the majority of Americans have smartphones or tablets, you don't even have to get out of bed to have to spend money. That means you still have to avoid the types of impulse purchases that have been plaguing would-be savers for years — like the candy bars in the checkout at the grocery store — and beware of the more modern spending temptations — like shopping apps, targeted advertisements on social media, and freemium games.

However, even though impulse spending is effortless in the modern age, avoiding impulse spending can be just as effortless. Here are seven ways you can control your impulse buys without ever breaking a sweat. (See also: 10 Classic Impulse Buys We Need to Stop Falling For)

1. Remove your credit card information from online retailers

Every online merchant offers the same helpful "service," which is remembering your payment information so you don't have to enter it every time you make a purchase. But that service is actually only helpful to the retailer, since it makes it possible to buy something with a single click without giving the purchase a second thought.

It's a major bummer to have to get up and hunt down your wallet or purse to enter in your credit card information. But that "major bummer" of having to get up is the time that the angel on your shoulder needs to remind you that you probably shouldn't be spending any more money. And having time for such a mental reminder is a necessary part of keeping your spending in check. After all, retailers wouldn't remember your information for you if it weren't in their best interest. (See also: 8 Self-Destructive Habits That Keep You in Debt)

2. Block internet access to your favorite retail sites

I removed my credit card information from all of the usual retail shopping sites, but since I have my credit card number memorized, it did not slow down my impulse purchases a great deal. An easier way to keep me from surfing my favorite online retail sites is to install a web-filtering software to automatically block them for me.

For instance, programs like Optenet Web Filter PC completely block users from accessing entire genres of internet sites. You can pick what types of sites you want to block (such as shopping, games, social media, etc.), which you then password protect. Either let a friend choose your password to keep you from disabling the block, or choose a random string of letters and numbers for your password, and store the impossible-to-remember password someplace difficult to access. If you have to get a ladder to get the password down from the very top shelf of your guest room closet, you're less likely to disable the block when you're in the mood to shop.

3. Remove shopping apps from your phone

You may love scrolling through the apps for your favorite retailers, but they are just another path to impulse spending. There is no reason for you to invite these temptations into your life!

4. Unsubscribe from shopping emails

Along the same vein, it's a lot harder to succumb to the temptation to shop if you aren't reminded of the opportunity. Unsubscribe from any retailer emails you receive — or if going through the unsubscription process is too much of a hassle, then simply filter those emails to go straight into the trash. That way, you won't see them before they get trashed. (See also: 5 Easy Ways to Declutter Your Digital Life)

5. Use gift cards for mobile purchases

Deciding to download your new favorite song from iTunes seems like a no-brainer, since it only costs 99 cents. But it's surprisingly easy to spend a small fortune on songs, apps, and in-game upgrades on your mobile devices, since each little purchase doesn't seem to be worth worrying about. Unfortunately, you might find yourself staring down the loss of big bucks if you let yourself click-to-buy any kind of mobile purchase that tickles your fancy.

To protect yourself from wasting more money than you can afford on mobile device purchases, pick up a gift card to iTunes or Google Play each month. That works as a natural limit on how much you can spend on mobile purchases. Once you've reached your limit, you'll just have to wait until the following month before you can start buying again.

6. Make it easy to get entertainment for free

I'm an avid reader, and I'll often receive emails or ads that suggest books that I might be interested in reading. On the plus side, the algorithms that Amazon and Audible use to recommend books are top-notch, and I love the books I end up reading or listening to. However, it's very easy to spend more than I can afford on these books.

That's why I have my local library's website bookmarked on my computer, and its app installed on my phone. When I learn of a book that I want to read, I immediately log onto the library and put a hold on the book. I feel the same sense of instant gratification I would experience by buying the book, without having to spend a penny.

While it may take a little longer for me to receive the book than it would if I bought it, I'm putting holds on books at least once a week, so I consistently have a new book or audiobook waiting for me at the library through this system. This method could work just as easily for movies and music, or any other entertainment you can find at your local library. (See also: 5 Easiest Ways to Score Free eBooks)

7. Have a snack

There is definitely something to the age-old advice about never going grocery shopping on an empty stomach: according to a 2007 study by Matthew T. Gailliot and Roy F. Baumeister, your ability to exert self-discipline depends partially on your blood-glucose levels.

This is pretty obvious when you are hungry in the supermarket, since you're feeling tempted by the very thing you lack. However, the relationship between self-discipline and blood-glucose levels is also behind your struggle to avoid other types of temptations. That's because, according to the researchers, "self-control requires a certain amount of glucose to operate unimpaired."

This means that an easy way to control your impulse spending is to have a piece of fruit or other complex carbohydrate when you're feeling tempted to buy something you don't need.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Ways Your Credit Card Can Help You Manage Your Finances

Jason Steele — Thu, 19 Oct 2017 08:30:10 +0000

When most people think of credit cards and personal finances, they imagine the former ruining the latter. It's incredibly easy to make purchases with your credit card, which can be both its greatest strength and its most profound weakness.

But rather than seeing credit cards as an enemy of your budgeting efforts, consider all the ways your cards can actually help you to manage your financial life. Try thinking of your credit cards as incredibly powerful financial tools that can be harnessed to achieve your goals.

Here are five ways that your credit card can help you manage your finances.

1. Keeping records

One of the great things about both credit cards and debit cards is that they can offer you a record of every transaction you make. Your statements include the merchant name, the date of the transaction, and the amount. So if you ever wonder where your money is going, this is one way to find out in great detail. (See also: Top 7 Reasons I Use My Credit Cards for Everything)

2. Paying taxes

The record of all your payments can be vital when it comes time to complete your taxes. Your credit card statements can help you to identify and claim charitable contributions and other deductions, as well as business expenses.

3. Tracking category spending

Many credit cards have reporting features built in, so you can see statistics on where your money is being spent. For example, you can find out if you spent more at restaurants this month versus last, or how much you've been spending at gas stations. If you're a small-business owner, your credit card may contain even more robust expense reporting tools. Using these tools, you can see if you need to adjust your budget or tighten up spending in certain areas. (See also: Best Credit Cards for Your Small Business)

4. Smoothing out your cash flow

Our income and our expenses are never as predictable as we would like them to be. Freelancers and small business owners occasionally deal with delayed payments from, and all of us will eventually have an unexpected home repair, car repair, or health care bill. Thankfully, your credit card can be used as a shock absorber of sorts for your personal finances. When a large bill arrives, or your income is delayed, you can rely on your credit card's grace period to hold you over until you can make ends meet.

A credit card's grace period is the time between when your statement period closes and your payment is due. When you pay your statement balance in full before the grace period ends, nearly all credit cards waive your interest charges. By law, a credit card's grace period must be at least 21 days, but many have grace periods of 25 days. This means that you could have as many as 30 days before your statement period ends, plus as many as 25 days to pay your balance in full. That adds up to an interest-free float of up to 55 days on your credit cards, giving you a lot of time to get your finances in order while avoiding interest charges.

5. Earning rewards

When you avoid interest charges by paying your monthly statement balances in full, then you can earn rewards from your credit cards at no cost. For example, some credit cards offer cash back or travel statement credits worth a percentage of all your purchase transactions — sometimes as high as 2 percent on every purchase. Two percent might not sound like a lot, but it can help you to make ends meet.

Instead of earning cash back, some people use travel rewards credit cards to earn frequent flyer miles or hotel points. When you are able to use these travel rewards instead of paying out of pocket for a flight or a hotel stay, it's another way that your credit card can help you save money and manage your budget. (See also: Best Travel Credit Cards for Small Businesses)

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This article is from Jason Steele of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

11 Things That Should Never Cost More Than $99

Mikey Rox — Thu, 25 May 2017 08:30:13 +0000

Life is expensive, y'all. Food, rent, home energy, gas — the basic necessities for modern living — cost a fortune these days. This is precisely why we need to avoid overpaying elsewhere in our budget. Save yourself some dough by rethinking some of these could-be pricey purchases that should never come in at more than $99.

1. Men's haircut

I don't have the beautiful ginger locks I once had — it's gettin' pretty sparse up there, friends — but even when I did have a generous coif to maintain, I never spent more than $20 on a haircut. I spend even less now — from $8 to $15 at Great Clips (they often have $9.99 specials in my area, and I receive $2 off regularly priced haircuts when I show my local gym membership). Unless you're getting a serious 'do done, you shouldn't pay more than $35. That's the highest I've ever forked over — in Manhattan — which included shampoo, cut, rinse, and hot towel service. Even then, I could have done without three of those things.

2. Jeans

If you read my posts frequently, you know I like to shop. Clothing is one of my few budget vices, and I'm generally not apologetic about the amount of money I spend to look good. I do draw the line at expensive jeans, however.

In the past, I've spent more than $100 on a single pair of jeans — with purposefully designed holes in them, no less. But you know what happens to them? Eventually I get tired of them or they fade or I lose/gain too much weight to wear them, and they get sent to charity. And when I started putting that sitch in perspective, I decided I'd much rather send $20 jeans to charity than $150 jeans. Now I almost strictly buy denim at the J.Crew Factory Store (they retail for around $65) that I can score between 40 percent and 60 percent off, and many times I have an additional discount on top of that. I've also started selling my unwanted jeans on Swap.com to recoup some of that cost. I recommend the latter strategy if you have stylish, in-good-shape denim lying around. You may be surprised at how much you'll get for your old clothes. (See also: How I Make $800 on Month on eBay Selling Used Clothes)

3. Halloween costume

Some of my friends are super into Halloween, spending hundreds of dollars on their elaborate costumes each year. I don't get it. A couple Benjis on a goofy get-up that you'll wear one time for, like, four hours? Get outta here. Raid your closet and the local thrift and craft stores to DIY your costume if you enjoy the holiday, but there's no reason to spend more than $99 to be an internet meme or a superhero.

4. A dress you'll only wear once

If you plan to be buried in that dress, spring for it. But if you know you'll only wear it once, what's the point of dipping into your savings to buy it? Instead, ask your friends if they have a dress you can borrow for whatever the occasion may be. It'll be new to you, and no one else has to know you borrowed it. Otherwise, try secondhand stores, online consignment shops, and re-accessorizing what you already have to find a dress you won't feel guilty about wearing when you're already short on rent. Or, if you are looking to splurge on a dress, make sure it's versatile enough to wear multiple times. You can never go wrong with an LBD, after all.

5. Multiple trips to Starbucks in one month

Listen, if you have a $99-plus monthly coffee habit, you have a problem. Coffee is so much cheaper when you make it at home. Brew a pot before work and take it to go. Then take that extra cash you save by making coffee at home and put it toward a vacation fund or retirement. (See also: Here's How Rich You'd Be if You Stopped Drinking Expensive Coffee)

6. Gym membership

Even when I lived in Manhattan, I didn't pay more than $99 a month for a gym membership, and mine gave me access to all the locations on the island, including the steam rooms, saunas, showers, and towel service. It wasn't a luxury gym, per se, but it did have some luxuries. Plus, there are so many ways to get fit for free that a triple-digit monthly charge hardly seems worth it.

If I ever pay more than $99, I want somebody to work out for me while I watch. Weight loss through osmosis. I like that idea.

7. Textbook

College courses like to stick it to you by constantly updating the editions of the required textbooks so you have to buy the latest, most expensive version. Sometimes you can't avoid it, but most of the time you can find used versions of the books you need in the campus bookstore or online. Bonus if they have notes from the previous owner in them. Added value!

8. Massage

There are very few professions out there that command nearly $100 per hour for services. Massage therapy is one of them, but usually you're not getting what you deserve for the money, i.e. the therapist has hands like a Tonka truck. Skip the high-end spas and try out your more affordable, local options instead. You can also score really great spa deals on daily deal sites that often cut the prices in half.

9. Sneakers

In New York City, I regularly see people standing in line for expensive limited-edition kicks, and I'm sure you've heard the story about NBA newbie Lonzo Ball, who recently released his own $495 shoes. I get it. Guys love their sneaks and they'll pay out the wazoo for them. But until they make shoes that render me able to fly, I'm perfectly happy staying in the $75 to $95 range for shoes that I plan to get dirty and sweat all over.

10. Warehouse club memberships

We've written about the pros and cons of warehouse memberships, and they make sense if you're feeding a large family, but if you're only feeding one or two mouths, you're probably paying more for the membership than you'll save over its annual lifetime. Combine that with the amount of food you'll waste when you buy in bulk without the need to buy in bulk, and you're really doing your wallet a disservice. Clip your coupons and shop small at your local supermarket where there's no fee to enter.

11. Fresh flowers

If you think about it, flowers are the only living, non-consumable item that we buy at extraordinary prices just to watch die and throw in the trash five days later. Would you buy a fish for $100 if the pet store told you you're gonna have to lay it to rest by the end of the week? Absolutely not. Set a reasonable maximum amount for your fresh bouquets, never exceeding $99. Or skip the buds altogether and spring for alternative gifts that bring joy, like ice cream. Wouldn't you be happier with a pint of Ben & Jerry's than a bouquet of wilted roses? So would everyone else.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Budget Overhaul Tricks for the Recently Unemployed

Emily Guy Birken — Wed, 03 May 2017 07:49:36 +0000

Losing your job is an overwhelming experience. Not only do you have to deal with the emotional and psychological fallout of being let go, but you also have to quickly figure out how to survive financially until you land a new job.

Fortunately, there are some budgeting tricks that even the most budget-averse can use to stretch their dollars after a job loss. Here are five tips that can help you make the most of your finances while you are unemployed. (See also: How to Manage Debt While Unemployed)

Cut spending from easiest to hardest

The trick to an effective budget overhaul is to start your cuts with the expenses you care the least about. Freeing up money that is going to budget items you don't care about is much easier than having to restructure your life by moving to a cheaper place or selling your car. So it is always smart to start with the easy cuts, and move up the chain to the ones that are harder to cut.

1. Cancel unused subscriptions

Subscription-based companies are a huge part of our economy right now, and many companies make their money through subscription services their customers no longer use. You are probably aware of your subscriptions to services such as Audible or Stitch Fix if you use them often, but if you're like many consumers, you're still paying for older subscriptions you've forgotten you signed up for.

Taking a couple of hours to comb through your statements to find unused subscription charges and cancel them can free up a surprising amount of money without you having to give up anything you need or use. Even if you are unwilling to do the work of canceling these subscriptions yourself, apps like Trim and Truebill will do the work for you for free.

2. Reduce necessary expenses

Once you've taken care of the expenses that you didn't know you had, you can start working on reducing your necessary expenses — without eliminating them entirely. In particular:

Cut your cellphone bill by reducing your data plan. Not only will you probably be using less data while you are job hunting from home, but you may already be paying for more data than you need. Android and iPhone users can download the free My Data Manager app to track their data usage.
Call your internet or cable company to downgrade your package. Canceling cable is the standard advice for saving money, and for a good reason — it's an easy place to trim budget fat. However, even if you don't have cable, you can often negotiate a lower price with your internet service provider simply by asking. When you call, know the lowest going rate your provider is offering to new subscribers, as well as the rates of the competition. Mention that you are a loyal customer for however many years, and ask for some price consideration. (See also: 3 TV Must-Haves Once You Cut the Cable Cord)
Reduce your energy bills by plugging energy leaks, lowering (or raising) your thermostat, and using your appliances more efficiently.
Lower your food bill by reducing or eliminating dining out, and by following the rules of frugal grocery shopping: eat beforehand, make a list and stick to it, and shop your pantry before you go to the store.

3. Call your creditors

If you have a student loan, it's a good idea to call your lender let them know of your job loss. Federal student loans offer options for hitting the pause button on your payments if you are struggling financially. While there are no such options for private loans, calling your lender and explaining the situation can still potentially get you a reduction in your monthly payment. Creditors would prefer to have you be proactive about a financial hiccup than have to get in touch with you after you miss a payment.

You can make a similar call to your credit card issuer if you are unable to afford the minimum payment. Many banks will work with you if you explain the situation and propose some sort of repayment plan. They may even waive fees and reduce your interest rate. You may also want to request that they report your payments as on time to the credit bureaus. They can always say no, but it's worth asking.

Just be aware that many of these actions will mean you are spending more for your loan overall, because they will increase your repayment timeline. If this will give you the breathing room you need until you find another job, it will certainly be worth it, but be mindful of the long-term consequences. (See also: 5 Tricks to Consolidating Your Debt and Saving Money)

4. Negotiate your rent payment

Even though your rent payment may seem like it's a take-it-or-it leave amount, there is often some wiggle room, especially if you are a reliable tenant and have plans to stay where you are for a while. The best way to accomplish this is by asking your landlord for a longer-term lease in exchange for a discount on your rent. That can be a win-win for both of you.

5. Slash your car payment

Having a car payment is a tough Catch-22 when you are unemployed. Unless you live in a place like New York City, you generally need the car to be able to effectively search for a job and show up to interviews. But without a job, the payments can be overwhelming.

If you have good credit, your lender may be willing to let you adjust your loan by extending the term to lower the monthly payment. This helps you keep your car and lower your monthly expenses, although it will increase the amount you pay overall for the life of the loan.

If eliminating the expense of the car payment will make a big difference to your unemployment budget, then it might be a good idea to sell the car. This option is best if it will enable you to secure other transportation. In some cases, car owners with enough equity in their cars can sell it off and buy an inexpensive used car for cash.

Know what luxuries you need to keep going

After a major financial setback, many people are tempted to cut every expense to the bone in an attempt to stretch their money as far as it'll go. While you certainly do need to cut back and be mindful of how you spend your money, an austerity budget can be a mistake because it can be next-to-impossible to adhere to. The minute you cheat a little bit on your budget, it triggers the "what-the-hell" effect, wherein you think that you've already screwed up your budget a little, so why not screw it up a lot?

In addition, being unemployed and looking for a job is emotionally taxing. If you cut out every little luxury, then you'll have less emotional bandwidth to keep up the difficult slog of applying for jobs.

So it's a good idea to maintain a small line item in your budget for a luxury that will help sustain you through the unemployment. For example, you might maintain your gym membership, so you can keep working out and enjoying the mood-enhancing effects of endorphins. Or you could keep the occasional happy hour with friends, so you can stay connected with your favorite people or former colleagues (who may even provide knowledge that could help you find your next job).

The important thing to remember about these types of luxuries is that they do need to be small line items. There is a difference between sustaining yourself and indulging yourself, and you need to keep that difference in mind until you find a new job.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Ways to Save Big on Appliances

Carrie Kirby — Thu, 03 Mar 2011 13:00:11 +0000

There are two kinds of appliance shopping: the happy kind and the sad kind. Happy appliance shopping occurs when you're remodeling your kitchen, or you know that your washer and dryer are nearing the end of their life span and you've saved up enough money to upgrade them. Sad appliance shopping happens when you return from vacation to find that your freezer conked out a week ago, or your oven stops working the night before Thanksgiving.

Whether your shopping mood is jubilation or despair, know one thing: You do not have to pay full price, no matter what you're buying. Here are seven ways to save big on appliances.

1. Buy at the right time

The best time to buy an appliance is during a holiday sale. In 2017, Consumer Reports partnered with market research company Gap Intelligence to track prices on ranges, TVs, refrigerators, and dishwashers over the span of a year. They found that the lowest prices coincided with Independence Day, Labor Day, and Black Friday/Cyber Monday, with the biggest price drops occurring on the latter.

Another timing strategy is to wait for a new model to come out, then buy the old model. For most appliances, new models come out in September, October, and January. For refrigerators, it's in the spring. If you're looking for a smart appliance, like a refrigerator you can check using your phone, new models are usually announced at the Consumer Electronics Show in January, so right after that is a good time to jump on last year's products. (See also: This Is How Long These 6 Appliances Should Last)

2. Shop an outlet

Browse the listings at Sears Outlet, GE Appliance Warehouse, or another factory direct outlet store, and you'll typically see discounts of 15 percent or more off the MSRP. I bought my dryer at Sears Outlet, and I will warn you that I had to work for my savings. One difficulty with an outlet is that while they might have many appliances in stock, they may not have the one you're looking for. They don't always have a lot of customer service people around to answer questions. You might also have to travel out of your way to visit a showroom.

One tactic that can help smooth outlet shopping is to view appliances in the main store showroom, then browse the outlet website for the same model and order it. (See also: 4 Questions to Ask Before Buying Refurbished Appliances)

3. Buy an imperfect model

This is where doing your research really helps, because every damaged appliance is unique and if you go home to think about it, someone else may buy it.

There are several places to look for scratch-and-dent discounts. At regular home improvement or appliance stores, slightly damaged appliances sell for about 15 percent off, depending on how the damage affects the appliance. If the unit is not already marked down or you think it should be discounted more, ask the manager. Factory outlet stores may have more scratch-and-dents on the floor, and they may also be listed online with their damage described.

4. Comparison shop by phone

It seems antiquated, but Consumers' Checkbook explains that because of agreements with manufacturers that set minimum advertised prices, you might actually get a better deal by calling the major retailers in your area and asking for their best price on the model you want. In their 2015 survey of one California metro area, Costco, Best Buy, Home Depot, and Lowe's were the national chains with the lowest prices, so start with them, and throw in any local retailer who is known for competitive pricing.

Of course, you can also make your inquiry while you're in the store. Whether on the phone or in person, try haggling when the manager tells you the lowest price. You might not think that managers at large chains have the authority to lower the price for you, but they just might.

5. Comparison shop using technology

Appliance stores often advertise standard prices or only tiny discounts as major sales, so don't take their word for it. The easiest way to price check is to look up the exact appliance on Amazon. Or, use a barcode scanning app such as ShopSavvy to compare prices while in the store. Once you know the lowest price offered by any store, ask your store of choice if they will price match, or use this information when haggling. (See also: 28 Ways to Never Pay Full Price for Anything)

6. Don't miss rebates and tax credits

You can input your ZIP code at Energy Star to find rebates offered by your local utility. There is a major push to use more energy-efficient models of every appliance we've come to rely on, and if the models you're interested in buying meet Energy Star's specifications, you could really cash in, all while saving the environment.

Energy Star also lists federal tax credits you can apply for. (See also: 34 Smart Ways to Cut Your Electric Bill)

7. Skip the extended warranty

Warranties on appliances are usually a bad investment. They're seen as a big profit center for retailers. Most appliances are unlikely to break during the extended warranty period, and if they do, the part that breaks may be excluded from the warranty.

On the other hand, it's a great idea to use a credit card that offers extended warranties as a benefit, since this won't cost you any extra.

This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Frugal Lessons from Great-Grandmother

David Ning — Fri, 12 Nov 2010 13:00:08 +0000

If there is anything good that came out of the financial disaster we just experienced, it's the general public's attention to frugal living and the realization that money does not, in fact, appear out of thin air. During the boom years of the 90s and the easy credit of the last decade, the whole country seemed to forget how to live below its means. Luckily, we don't have to venture far to find the appropriate way to live. If we just look at our great-grandmother's way of life, we can get insights into how to save money. Here are eight ways that she lived with less.

She did things herself.

She almost always cooked for the whole family (and probably cooked while they were on vacation too), and it doesn't end there. She had no maids, nannies, or even a handyman to call on. She fixed small problems like leaky faucets and non-working toilets while leaving the bigger jobs to her husband.

She saved every condiment, napkin, and anything else unused.

It didn't matter if it was from the occasional takeout or from a dinner out on Mother's Day. She saved everything, taking it out when she needed it next time.

Actually, she would rather not use paper napkins at all.

Anything that's one-time use is a waste. Convenience is great, but saving money and reusability is much more important to her.

She had a clothesline.

Why use a dryer when all it does is ruin the fabric and waste energy? There's really no need to look at the instructions tag if you are drying clothes via fresh air.

She brought drinks from home.

Whenever there would be a family trip, she always brought everyone's favorite drink from the fridge. "Can I buy a can of Coke mom?" "Are you nuts? That costs 5 cents!"

She wasn't addicted to technology.

Not that there were nearly as many gadgets back in the day, but she lived just fine. She had no smart phones, no iPods, no laptops to replace every three years.

She used public services.

She encouraged the kids to use the libraries, didn't have a pool in her backyard when there was a community pool just outside, and certainly would have taken the bus (or walked) instead of buying that fancy car.

Few great-grandmothers lived with more resources than we have today, but they managed, on avarage, and with bigger families, too. You may hate the idea of living frugally, but perhaps a more relaxed life will change your mind. Great-grandmothers show us that frugal living is really not a sacrifice.

This article is from David Ning of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: