financial goals

How to Make Better Financial Decisions

Barbara O’Neill — Sun, 01 Nov 2020 17:32:44 +0000

A key financial decision people struggle to make is how to allocate savings for multiple financial goals. Do you save for several goals at the same time or fund them one-by-one in a series of steps? Basically, there are two ways to approach financial goal-setting:

Concurrently: Saving for two or more financial goals at the same time.

Sequentially: Saving for one financial goal at a time in a series of steps.

Each method has its pros and cons. Here's how to decide which method is best for you.

Sequential goal-setting

Pros

You can focus intensely on one goal at a time and feel a sense of completion when each goal is achieved. It's also simpler to set up and manage single-goal savings than plans for multiple goals. You only need to set up and manage one account.

Cons

Compound interest is not retroactive. If it takes up to a decade to get around to long-term savings goals (e.g., funding a retirement savings plan), that's time that interest is not earned.

Concurrent goal-setting

Pros

Compound interest is not delayed on savings for goals that come later in life. The earlier money is set aside, the longer it can grow. Based on the Rule of 72, you can double a sum of money in nine years with an 8 percent average return. The earliest years of savings toward long-term goals are the most powerful ones.

Cons

Funding multiple financial goals is more complex than single-tasking. Income needs to be earmarked separately for each goal and often placed in different accounts. In addition, it will probably take longer to complete any one goal because savings is being placed in multiple locations.

Research findings

Working with Wise Bread to recruit respondents, I conducted a study of financial goal-setting decisions with four colleagues that was recently published in the Journal of Personal Finance. The target audience was young adults with 69 percent of the sample under age 45. Four key financial decisions were explored: financial goals, homeownership, retirement planning, and student loans.

Results indicated that many respondents were sequencing financial priorities, instead of funding them simultaneously, and delaying homeownership and retirement savings. Three-word phrases like “once I have…,", “after I [action],” and “as soon as…,” were noted frequently, indicating a hesitancy to fund certain financial goals until achieving others.

The top three financial goals reported by 1,538 respondents were saving for something, buying something, and reducing debt. About a third (32 percent) of the sample had outstanding student loan balances at the time of data collection and student loan debt had a major impact on respondents’ financial decisions. About three-quarters of the sample said loan debt affected both housing choices and retirement savings.

Actionable steps

Based on the findings from the study mentioned above, here are five ways to make better financial decisions.

1. Consider concurrent financial planning

Rethink the practice of completing financial goals one at a time. Concurrent goal-setting will maximize the awesome power of compound interest and prevent the frequently-reported survey result of having the completion date for one goal determine the start date to save for others.

2. Increase positive financial actions

Do more of anything positive that you're already doing to better your personal finances. For example, if you're saving 3 percent of your income in a SEP-IRA (if self-employed) or 401(k) or 403(b) employer retirement savings plan, decide to increase savings to 4 percent or 5 percent.

3. Decrease negative financial habits

Decide to stop (or at least reduce) costly actions that are counterproductive to building financial security. Everyone has their own culprits. Key criteria for consideration are potential cost savings, health impacts, and personal enjoyment.

4. Save something for retirement

Almost 40 percent of the respondents were saving nothing for retirement, which is sobering. The actions that people take (or do not take) today affect their future selves. Any savings is better than no savings and even modest amounts like $100 a month add up over time.

5. Run some financial calculations

Use an online calculator to set financial goals and make plans to achieve them. Planning increases people’s sense of control over their finances and motivation to save. Useful tools are available from FINRA and Practical Money Skills.

What's the best way to save money for financial goals? It depends. In the end, the most important thing is that you're taking positive action. Weigh the pros and cons of concurrent and sequential goal-setting strategies and personal preferences, and follow a regular savings strategy that works for you. Every small step matters!

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

Ask the Readers: What Are Your Financial Goals For 2019?

Ashley Jacobs — Tue, 01 Jan 2019 09:30:08 +0000

Editor's Note: Congratulations to John, Angelo, and Hendrik for winning this week's contest!

The New Year is a popular time for setting all sorts of goals, from health and fitness to money and career. This week, let's share the financial goals that we'll be working on in 2019!

What are your financial goals for 2019? What steps will you take to achieve these goals? How do you plan to stay motivated as you work towards your goals?

Tell us about your financial goals for 2019 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win:

Follow us on Twitter
Tweet about our giveaway for an entry.
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Contest ends Monday, January 7th at 11:59 p.m. Pacific. Winners will be announced after January 7th on the original post. Winners will also be contacted via email.
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You must be 18 and U.S. resident to enter. Void where prohibited.

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Tell us about your financial goals for 2019 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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

6 Steps to Getting a Credit Card When You Have Bad Credit

Holly Johnson — Thu, 06 Sep 2018 08:00:10 +0000

It may not be easy to get a credit card with bad credit, but the effort you put forth to do so will be worth it in the end. Good credit is the key to being able to buy a home or finance a car, after all. When your credit rises to the "very good" or "excellent" level (typically a FICO score of 740+), you'll qualify for loans with the best interest rates and terms.

But how do you get a credit card with poor credit? It takes time and perseverance to get approved when you haven't yet proven yourself, or if you've struggled with credit in the past, but it's also hard to prove yourself when no one will give you a chance.

Still, you can get a credit card with bad credit if you're willing to spend time fixing your credit first. Here are the most important steps you should take along the way.

Step 1: Find out how bad things really are

Your credit may be terrible, or you might just assume it is. Either way, you need to find out for sure. Gerri Detweiler, education director for Nav, a company that helps business owners build and monitor strong business credit for free, says step one is checking your credit score — but not just any credit score.

Specifically, Detweiler says you should strive to check your FICO 8 score — one of the many credit score types lenders use. Typically, this is the one card issuers check before approving people for a credit card, she says.

Seeing your FICO 8 score is "not crucial, but it's helpful to see where you fall using this scoring system that card issuers actually use," she says. Another option is checking a free credit score offered through your bank (if applicable) or signing up for a free account with a service like Credit Sesame or Credit Karma to see an estimate of your credit score there. (See also: I Checked My Credit Score in 11 Places — Here's What I Learned)

Step 2: Consider other credit factors

In addition to your credit score, Detweiler says card issuers want to make sure you don't have an open bankruptcy. "If you have an open tax lien, that could also be a disqualifier," she says. In either of these cases, a credit card might not be possible until the situation is far enough in the rearview mirror.

Another common reason you'll get denied is the fact that issuers don't want to see more than six inquiries within the last six months, according to Detweiler. If you've been applying for a bunch of cards, wait to apply again until all your current inquiries are more than six months old.

Also, many card issuers don't want to see credit utilization higher than 60 percent — and they would prefer you have at least one credit card already.

"Most issuers want to see that you already have at least $500 or $1,000 in credit limits on other credit cards, which is a Catch-22," says Detweiler. If you do have high credit card balances already, paying down some of your debt should help your case.

Step 3: Take a close look at secured credit cards

If you have checked your credit and know you can't get approved for an unsecured credit card, you should consider getting a secured credit card. What's the difference? Where unsecured credit cards extend a line of credit without collateral, secured credit cards require you to put down a cash deposit upfront.

This may not be ideal, but secured cards do report your credit movements to the three credit reporting agencies. Ultimately, this is what you want. If you decide to go this route, make sure you're comparing secured cards to find an option with no annual fee, no ongoing fees, and other perks.

Step 4: Look into credit repair options

Detweiler says you can still work on your credit in other ways whether you get a secured credit card or not. "If you don't feel confident trying to figure out what's not accurate or complete on your credit report, then you could look into some inexpensive credit repair with an agency," she says.

Once again, this is an area where you'll want to do your homework. Look for a credit repair company that is reputable, has good ratings, and has very low costs. Also read the fine print and ask questions so you know what you're getting into. Be aware of credit repair scams, as there are many out there.

Step 5: Get added as an authorized user

Another really good way to get a credit card with bad credit is to get added as an authorized user by someone you know well and trust who has a perfect payment history and low debt. "Maybe it's a relative, a friend, or a spouse," says Detweiler.

This isn't the same as getting your own card, but it can help improve your credit since the primary user's payments will be reported on your credit history as well.

If the primary user is worried you'll get in trouble using the card, you can also get added as an authorized user but never use the card or hold it in your possession. The benefit still exists since the main cardholder will continue using their card and making payments.

Detweiler says it may also be possible to get a co-signer for a credit card, although "most banks don't even do this anymore." Co-signing for a credit card may be seen as riskier for the person who needs help with their credit since both parties are jointly responsible for the debt either one charges. On the flip side, authorized users aren't responsible for repayment of debt.

Step 6: Consider alternatives

Finally, there are a few alternatives to consider. Detweiler says that, if the major card issuers aren't willing to accept you, you could try applying for a credit card with a credit union you have an existing relationship with.

Prepaid debit cards are another option, but "this isn't an ideal substitute for a credit card," says Detweiler. Not only do prepaid debit cards not help you build credit, but they don't offer many perks. For example, you'll have no ability to dispute purchases, fewer consumer protections, and more exposure in the case of fraudulent use. Prepaid debit cards may also have fees for transactions and deposits, so make sure to compare options if you sign up for one.

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

Ask the Readers: How Are Your Financial Goals Coming Along?

Ashley Jacobs — Tue, 03 Jul 2018 08:30:12 +0000

Editor's Note: Congratulations to sweepermom, Mary, and Patricia for winning this week's contest!

It's right about the halfway point of the year, and if you've been keeping up with your financial goals, you should be seeing good progress. However, if you've let things slide a little, there's still time to get back on track.

How are your financial goals coming along? What steps have you taken to make sure you stay on top of things? If you've fallen behind a bit, what can you do you get back on track?

Tell us about how your financial goals are coming along and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win:

Follow us on Twitter
Follow our Executive Editor Janet Alvarez on Twitter
Tweet about our giveaway for an entry.
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Use our Rafflecopter widget for your chance to win one of three Amazon Gift Cards:

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Giveaway Rules:

Contest ends Monday, July 9th at 11:59 p.m. Pacific. Winners will be announced after July 9th on the original post. Winners will also be contacted via email.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook or Twitter.
You must be 18 and U.S. resident to enter. Void where prohibited.

Good Luck!

Tell us about how your financial goals are coming along and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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

5-Minute Finance: Create Financial Goals

Paul Michael — Tue, 17 Apr 2018 09:00:07 +0000

If you're currently stressed about money, you are certainly not alone. However, you don't have to stay stuck in a state of financial stress. By setting smart money goals and sticking to them, you can better prepare yourself for the future, lower your debts, boost your savings, establish a college fund for your kids, and have way fewer sleepless nights. All it takes is five minutes to get started.

What are financial goals?

In short, financial goals are monetary targets that you establish for yourself and your family. Most of the time, they are based upon specific needs both in the present and the future. Typical financial goals include establishing a savings account, building a college fund for the kids, paying down debt, saving for a down payment on a home, or investing.

Financial goals are also commitments that should become habits. Whether it's having money automatically taken from your salary to put into your retirement fund, or paying off your credit card in full every month, they become routine ways to manage your money and take control of your current and future finances.

Why you should have financial goals

By setting financial goals, you are being responsible with your money and setting yourself up for a more secure future. Without financial goals, you are leaving yourself wide open for all kinds of money problems.

Having no monthly budget can quickly lead to overspending on reckless purchases. When you have no idea where your money is going, it's hard to make smarter choices about it. Without a savings account, one emergency can drastically upset your current finances. You may be forced to take out a high-interest loan or turn to credit cards, both of which can takes decades to pay off. And a retirement fund is critical. With no retirement savings, you put your future self at great financial risk. To be blunt, without any goals for your money, you're asking for trouble.

How to create financial goals

It is relatively easy to create financial goals, although sticking to them can be a little more tricky. Get a pen and paper, or use your computer or smartphone, and write down every financial goal you have. These can include things such as being debt-free, having six months' worth of salary in a savings account, or hitting the max contribution limit for a retirement account. Make a complete list of every target you want to hit.

Next, stack these goals in order of importance; which one is a burning issue, and which one can wait? For example, if one of your goals is to save for retirement, the sooner you start putting money away, the faster it will grow.

After you have stacked the list, establish reasons why each goal is important to you and why you need to stick to the goal. Motivation is key. Then, display your list prominently in the kitchen or hallway. You have just created your financial goals.

Next steps

How are you going to achieve those goals? Start by taking an audit of your current finances. Look at every cent you have coming in each month, and every cent that goes out. Where is your money going?

Identify the bills you have to pay (mortgage, car, credit cards) and the flexible, unnecessary expenses you can cut (dining out, entertainment, clothing). When you free up money from your budget, put it toward your financial goals based on their importance. If paying down credit card debt is Number One on the list, for example, you can use the snowball method in which you tackle smallest balances first. The act of paying off a debt in full, even a small one, is a mega boost to your motivation to keep going toward the next money goal.

In order to make your financial goals really effortless, automate them. Having money automatically withdrawn from a paycheck to pay off a credit card or fund a retirement account means you won't have to rely on memory and willpower to make it work.

Additional resources

Reach Your Money Goals Faster With a Simple Naming Trick

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

Ask the Readers: What Are Your Financial Goals for 2018?

Ashley Jacobs — Tue, 16 Jan 2018 09:30:06 +0000

Editor's Note: Congratulations to Lindsay, Jenny, and Gina for winning this week's contest!

Setting goals, and having an action plan to achieve those goals, can help you make big changes to any part of your life — including your finances.

What are your financial goals for 2018? Why did you set these goals in particular? What steps will you take to achieve them?

Tell us about your financial goals for 2018 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win:

Follow us on Twitter
Follow our Executive Editor Janet Alvarez on Twitter
Tweet about our giveaway for an entry.
Visit our Facebook page for an entry.

Use our Rafflecopter widget for your chance to win one of three Amazon Gift Cards:

a Rafflecopter giveaway

Giveaway Rules:

Contest ends Monday, January 22nd at 11:59 p.m. Pacific. Winners will be announced after January 22nd on the original post. Winners will also be contacted via email.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook or Twitter.
You must be 18 and U.S. resident to enter. Void where prohibited.

Good Luck!

Tell us about your financial goals for 2018 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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

5 Details Your Financial Adviser May Be Ignoring

Denise Hill — Fri, 17 Nov 2017 09:30:10 +0000

All financial advisers are not created equal. And all financial advice — including advice recommended by top economists and financial experts — may not be the best advice for you.

Your financial plan should encompass your complete financial picture, including your goals and priorities. It should include planning for your children, your spouse, aging parents, long-term care, death, loss of income, and so much more. But just because these things should be included in your plan doesn't mean your adviser is automatically doing so.

Here are five key things your financial adviser may ignore or omit telling you.

1. He or she is not a financial fiduciary

The term financial adviser is becoming increasingly ambiguous. Due to the complex rules that determine who can call themselves a "financial adviser," many professionals who are unqualified to give financial advice are unfairly operating under this label.

Benjamin Brandt, a North Dakota financial adviser and host of the podcast Retirement Starts Today Radio, recommends that you only take advice from and follow a financial plan created by a qualified fee-only financial fiduciary. Fee-only fiduciaries are paid a flat fee that ensures they don't earn commissions on investment sales. Since they don't depend on commissions from sales, you won't have to question whether a fiduciary adviser is operating with your best interest at heart.

To ensure you are working with a true financial fiduciary, Brandt recommends checking the adviser's credentials using the Paladin Registry, which offers a database of financial adviser designations that can help determine if the adviser holds a professional designation (CFP, CPA, ChFC, and CFA) versus one they may have purchased online. (See also: Investment Advice You Should Never Hear From Your Financial Adviser)

2. Your complete financial picture

Understanding your complete financial picture — including where you are currently and your future aspirations — is key in developing a true financial plan that is beneficial.

According to Brandt, if a financial adviser shows you a glossy sales brochure and offers you investment products before ever looking at your budget, net worth statement, or written financial goals, you are not working with a fiduciary and should ignore his or her financial advice.

Before sitting down with an adviser, it helps to take a good look at your finances. Things like calculating your net worth, setting your financial goals, and creating an informal budget before your first visit with an adviser can help you start off on the right foot.

And while your calculations and budget may not be entirely accurate (hence the need for a financial adviser), you will have a better idea of where you are and what you have. It will provide your adviser with a more comprehensive financial picture. It will also allow you to discuss your liabilities and other investments that may not be profitable, as well as help to avoid duplicate investments. (See also: 11 Secrets You Need to Tell Your Financial Adviser)

3. Your personal and financial goals

A financial adviser who fails to ask about your financial goals as it relates to your children, your spouse, and your lifestyle is doing you an injustice. An adviser who merely wants to sell and manage your investments can actually set you up to lose more money long-term than if they include your financial priorities in the plan up front.

Take, for example, a parent who wants to send their children to school without student loans. That parent would need to explore options that help in saving specifically for college. This could be done through traditional methods or less conventional saving vehicles such as a 529 plan. There are many factors that can shape that decision and a good financial adviser should work with that parent to determine the best savings vehicle to suit the needs of that family.

Your financial adviser should understand and respect your financial goals and find the best avenues to help you achieve those goals. Things they should know and consider are:

If you are working to reduce or eliminate debt.
Your plans for one-time expenses such as paying for a wedding or taking a large vacation.
Education planning for you or your children (private school, college, continuing education programs, or advanced degrees).
A possible career change by you or your spouse.
If you are planning to start a business.

4. Preparations for long-term care

According to LongTermCare.gov, 70 percent of people turning 65 will require long-term care services sometime in their lives. And of that number, the U.S. Department of Health and Human Services found that 18 percent will have to live in a long-term care facility.

According to insurance firm Genworth, the average annual cost of a stay in an assisted living facility is $45,000, while a stay in a nursing home with a private room costs an average $97,455 per year. And avoiding a stay in a facility isn't necessarily the answer to saving money on long-term care; an individual receiving 44 hours of in-home health care weekly can expect to pay close to $50,000 per year.

Long-term care services come with significant costs that often impact retirement plans, savings and assets, and the level of care one receives. If your adviser doesn't account for these expenses in your financial plan, they are putting you at risk of financial turmoil later in life.

This means that for some, considering their age, family history, and potential health risks, a health savings account (HSA) may make more sense than a traditional IRA. With a traditional IRA, you contribute pretax dollars to the plan and the money grows tax-deferred. You pay taxes when you withdraw the money when you retire.

To enroll in an HSA, you must have a high-deductible health insurance plan (HDHP). With an HSA, you get the same pretax contribution benefit, but the difference is that when you withdraw money to pay for qualified health insurance premiums or medical expenses (including nursing home stays and in-home care), it comes out tax-free. And the funds rollover from year to year, so you don't lose what you don't spend.

But again, the decision on whether or not to invest in an HSA can only be determined on a case-by-case basis. What may make sense for one situation could be detrimental in another. (See also: 10 Reasons an HSA Is Actually Worth Having)

5. Tax efficiency

Unfortunately, a lot of financial advisers fail to take the time to comb through your tax returns to check for tax efficiency. And tax efficiency is one area where a good financial adviser can be the most helpful.

An adviser who only focuses on managing your portfolio may not have the expertise to accurately analyze your tax situation and understand how to maximize your income assets. A financial adviser who holds a CPA or CFP designation, on the other hand, would most likely be qualified to provide sound tax advice.

Financial planner Charles Scott recently told USA Today that if the only tax advice your adviser gives is to put your money in tax-deferred investments such as an IRA or 401(k), you may want to get a second opinion. Because even though you'll be in a lower tax bracket when you retire than you are currently, there are so many other factors that must be considered. He advises that you diversify your tax load now and in the future.

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

5 Things to Remember Every Time You Face a Financial Failure

Emily Guy Birken — Tue, 21 Feb 2017 10:00:22 +0000

Failure is a universal phenomenon, but it's one that makes you feel isolated and alone when it happens to you. When it comes to financial failures — from thwarted entrepreneurial ambitions, to poor investment decisions, to overwhelming debt — the feeling of failure is magnified by the fact that talking about money is taboo in our culture, and there are relatively few safe spaces to discuss your financial problems.

But financial failure is just as common as any other kind of failure, and there is no reason to let it derail your path to success. When you face a financial failure, remembering these key facts can help you pick yourself up, dust yourself off, and keep working toward your financial goals.

1. No One Else Is Keeping Track of Your Failures

Just out of my graduate education program, I applied for a teaching position at every school district within driving distance. I sent out about two dozen applications. I went on about four job interviews. And two weeks before the school year began, I landed an interview and a job at my preferred district.

During that time, I beat myself up for all the districts that weren't calling me and all the interviews that didn't result in a job. But from the outside, my series of failures looked like me landing a job right out of graduate school at the district of my choice.

Facing a series of failures before reaching success is a part of life, but no one other than you sees all of those failures. If you've tried over and over again to get the job you want, or tame your credit card debt, or qualify for a small business loan, no one other than you will be keeping a tally of the times it didn't work. You are the only person tracking your failures.

2. Failure Is Not the End

Life is a little messier than in the movies. Moments of success do not end with a swell of music and rolling credits — and neither do moments of failure. Your life continues after you declare bankruptcy, even if your day-to-day life looks a little different from it did before your bankruptcy.

That means no financial failure is the end of the story — unless you choose to let it be the end. Yes, you made some mistakes in the past that led to a big financial consequence, but you can always choose to get up each day after a bankruptcy, job loss, or disastrous investment, and get to work on rebuilding.

3. Without Failure, It Is Difficult to Recognize Success

If everything you tried came easily to you, then you would never feel anything but neutral about your success. It is failing at something that helps you recognize, enjoy, and be grateful for the success that comes afterward. Failure may feel pretty terrible, but it gives success its sweetness. This is especially true of the kind of behavioral changes you have to make to be financially successful.

For instance, sticking to a budget is a difficult skill, and very few rookie budgeters are going to be good at it right out of the gate. Having several months where you blow your budget might seem like a failure worthy of giving up on budgeting altogether, but such blown budgeting months are part of your learning experience.

If you're willing to learn from those mistakes, you'll get to a place where you know how to handle unexpected expenses, invitations, or financial problems without overspending. And it will feel so much better to succeed at your budgeting after learning from your failures than it would to have budgeting come easily to you.

4. No Failure Defines You

In the midst of a financial failure, it can be very easy to get discouraged and decide that you failed because there is something wrong with you. For instance, you might be furious at yourself for failing yet again to sign up for your company's 401K, or missing another due date for a bill. You might think that you can't do anything right because you've failed to do this task. But such global application of your anger at yourself is counterproductive and completely untrue.

Instead, invest the time to think about the specific reasons why you failed. Do you feel overwhelmed by the decisions you have to make to sign up? Do you have too many bills to keep track of?

Once you have pinpointed the specific reasons behind your failure, you can start to focus on what you need to do to rectify the situation, all while recognizing that you are not defined by your failure.

5. You Are Not in a Competition

Experiencing a job loss or other financial failure can be devastating no matter when it happens, but it is particularly tough when your friends or colleagues are doing well at the same time. Having to move back in with your parents after losing a job can already feel like a type of failure, but it can feel even worse if your best friend receives a major promotion and raise at work at around the same time. You might feel as if you're falling behind while they pull ahead of you.

However, comparing your life to others' lives is a losing proposition, since there will always be someone doing better (and someone doing worse, for that matter) than you. You are not in a race to succeed, and there are no winners and losers — so don't let yourself feel bad because of where you are in relation to others. You are where you are, and you can find success from there.

Don't Let Financial Failure Get the Better of You

We all face financial failure at some point in our lives. Feeling devastated is perfectly normal, but don't let it be your only reaction to such a failure. Instead, remember that failure is just one of the steps on the path to success.

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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:

Why You Need to Make Financial Habits, Not Goals

Andrea Cannon — Thu, 02 Feb 2017 10:00:16 +0000

With any luck you're still on track with your financial resolutions and making strides toward your financial goals. While your financial goals may look pretty on paper, they won't mean much until you start building the habits necessary to meet those goals. And if you have already given up on your resolutions, don't fret. Focus on financial habits, instead.

By adopting good financial habits, you are committing yourself to achieving your long-term goals. Once you've begun a habit, it will eventually become second nature, and before you know it, you'll have made real progress toward your goals.

Track Your Progress

In order to ensure you are on the path to meeting your goals, it's essential to track your progress. This means that you need to create habits that allow you to track your progress. In order to develop a habit, there needs to be some form of reward that happens each time you perform the action. After a while, this repetition will form a new habit. This "habit loop" is how automatic behaviors and successful habits are formed.

Recognizing the progress that you've made every week or month by adopting a new habit will motivate you to continue the action. For instance, by skipping your morning cup of coffee, you may be able to save up to $150 per month. Consider placing a reminder of this somewhere you'll see it throughout the day.

How to Form Good Habits

The only way to form habits that stick is through repetition. Forming a healthy habit is great, but the only way that it's going to be effective is if you continually repeat the behavior. In many cases, it can be good to have an accountability partner who can help you meet your goals. In fact, the Dominican University of California found that more than 70% of people who provided a friend with weekly updates on their progress were successful in accomplishing their financial goals.

Develop Habits Early

The earlier you begin developing financial habits, the better chance you'll have of sticking to the habit on a long-term basis.

Setting a goal determines your end target, but it doesn't necessarily set steps to achieve that goal. On the other hand, when you start forming habits, they can create long-term change. Goals can seem like large, looming things at the end of a long tunnel, whereas habits are something that you can begin doing today. By focusing on financial habits, you can form sustainable behaviors that help you meet your goals in less time.

Good Habits to Adopt

There are certain habits that can help you achieve a broad goal. For instance, if your goal is to pay off debt, then you can start by paying more than the minimum on your credit cards every month. By adopting this habit, you can more quickly pay off your credit cards and move on to other forms of debt.

If your goal is to invest more, then you can get into the habit of automatically transferring at least $35 per week into your retirement accounts so that you can become a millionaire by retirement (adjust the numbers for your age and personal retirement goals).

In order to start building healthy habits, you will need to first create a budget to determine how much you can save and how much you can spend on the "needs" and the "wants" in life. Checking your budget every week is a great habit to form. This will help you to determine where you're spending your money and what can be cut from your regular spending.

Automate Your Habits

Saving money can make you happier both in the short and long run, so it's one of the best financial habits to have. However, it can be difficult to save, so it's best to sign up for an automatic savings plan, which can deposit a certain amount into your savings account every month. You can also set your credit card and other bill payments to be paid automatically. By automating your finances, you get a step closer to establishing healthy financial habits.

The Best of Both Worlds

In an ideal situation, you will build financial habits that can improve your financial status for life. You will also focus on your goals and set the achievable steps you'll need to take to reach those goals in less time.

There are a number of evidence-based strategies that show that maintaining your healthy financial habits can help you reach your goals without even thinking about it. Once you have visualized your goals and outcomes, it's important to identify the obstacles standing in your way so that you can create a plan and begin adopting healthy habits that will benefit you for life.

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

15 Easy to Keep New Year's Resolutions That Really Pay Off

Andrea Cannon — Tue, 27 Dec 2016 10:30:34 +0000

New Year's resolutions are designed to help you improve your life in the new year. However, the vast majority of us have a very hard time sticking to them past January. That's why we've found some small changes you can realistically make that will result in a big difference over time. (See also: 12 Frugal Skills You Must Have to Survive Mondays)

Fitness Resolutions

Two of the top three New Year's Resolutions of 2016 had to do with staying fit and losing weight. Fortunately, there are some simple changes that you can make in the new year that will help you achieve your fitness goals more quickly.

1. Set Achievable Goals

Set achievable fitness goals on a daily, weekly, or monthly basis. You aren't going to get that perfect body overnight, so set goals that you can realistically achieve. Reward yourself when you reach your milestones by taking a day off, paying for a special exercise class, or purchasing affordable new workout gear. Don't over think things, try not to get frustrated, and remember that fitness takes time.

2. Save Money On Your Fitness

Getting in shape doesn't have to cost a fortune. There are endless ways to get in shape for free, such as running, yoga, and hiking. You can even join a hiking group or find free yoga classes near you to shake up your workout routine and spend time with friends without breaking the bank. You can also find free workout apps, follow fitness Instagram accounts, or follow a YouTube fitness page for new workouts and inspiration. (See also: 13 Easy Ways to Save on Your Gym Membership)

3. Keep a Food Journal

Keeping a food journal can keep you on track and accountable for what you eat. By writing down every little crumb that you eat on a daily basis, you can look back every week and see what you need to improve on and how well (or how poorly) you actually eat. It can also encourage you to eat fewer calories, improve your health, and help you make positive dietary changes for life. Your doctor or personal trainer may have already recommended that you keep a food journal, and the new year is the best time to start.

Health Resolutions

For the new year, focus on improving your overall well-being by making healthy changes that you can stick to.

4. Skip the Snooze Button

Waking up earlier can help you achieve so much more every week. By cleaning, stretching, or completing one item from your "to-do" list during your extra time, you can get your day started on a more productive note. However, waking up earlier can be difficult, so try getting up early (or ignoring the snooze button) just one day per week.

5. Multitask More

During commercial breaks, try multitasking. Do a quick exercise set or quick clean during each commercial break. For the average 60-minute show, there are about 13-19 minutes of commercials. Imagine what you could get done with all that extra time.

6. Start Meditating

Meditating has dozens of health and stress-reducing benefits. It can help you sleep better, make better decisions, and refocus your energy in a positive way. If you aren't familiar with meditation, consider starting with breathing exercises or use apps like Headspace to get you started. (See also: 7 Ways a Mindfulness Journal Can Fix Your Life)

7. Exercise More

The Centers for Disease Control and Prevention recommend getting at least two and a half hours of exercise each week. This means that you should be working out about 30 minutes per day, five days per week. This is a very attainable goal that can have huge health and fitness benefits both in the short- and long-term.

8. Clear Away Clutter

Clearing clutter from your life will make you more organized and productive, can decrease stress, and can make way for new things in your life. (See also: How to Clear Out Financial Clutter)

9. Drink Water in the Morning

Drinking a glass of water first thing in the morning on an empty stomach is a great way to soothe the stomach, curb your appetite throughout the day, boost energy, and improve overall health. It can also help you detoxify the body and even lose weight, helping you stick to your fitness and health resolutions.

10. Volunteer More

Volunteering more often has countless benefits for both you and those you volunteer for. While others can benefit from your time, energy, and talents, you can feel good about yourself for your efforts. Volunteering also looks great on your job applications, can help you make new friends, and most importantly, you're helping to make the world a better place.

Financial Resolutions

In 2016, more than half of Americans had a finance-related resolution. Fortunately, there are some simple changes you can make that can result in huge savings.

11. Save Your 5's

Save all $5 bills in a designated jar or drawer. At the end of every month, apply them toward your debt, emergency fund, or retirement account. You'll be amazed at how quickly this adds up, and you won't feel a huge difference in your spending. This is known as "The $5 Savings Plan" and can help you save hundreds each month. Even if you only save one $5 every week, you'll save an extra $260/year.

12. Invest an Extra $35/Week

According to Dave Ramsey, by investing $35/week for 40 years, you can retire a millionaire.

13. Sign Up for Automatic Deposits

Consider signing up for automatic deposits to your savings account every month. The money will add up quickly and you won't feel like you're missing much.

14. Eat Out Less

Eating out less often will save you money and can even help you achieve your fitness goals more quickly. If you eat out all the time, just try cutting back on your morning coffee or to-go orders by one day per week.

15. Cut Expensive Habits

By cutting an expensive habit like smoking, you can save up to $2,321 per year. Not only is this great for your pocketbook, but it is also a healthy change you can make in the new year. (See also: Save a Surprising Amount by Quitting These 4 Bad Habits)

How to Stick With Your Resolutions

According to The University of Scranton, only 8% of Americans are actually successful in achieving their New Year's resolutions. To ensure that you're part of that 8% this year, write down your resolutions in a place that you can see them daily. Also, determine what measurable steps you need to take to accomplish these goals. Consider using a bullet journal to help you track your goals and monitor your progress.

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

Here's One Good Financial Reason Why You Shouldn't Live in the Present

Sarah Winfrey — Mon, 21 Nov 2016 10:00:07 +0000

When I look around, when I think through all the people I know it seems like there are two kinds of people in this world: people made to save, and people made to spend.

The savers seem to accumulate money like it really does grow on trees. They can make a dollar last longer than I would have ever thought possible, and they can cover any number of financial emergencies because they're always prepared.

The spenders, on the other hand, seem to never have any money, even if they have a significant income. They often own a ton of stuff, but they don't have a solid idea of where it came from or why they bought it. And they're often afraid for their future and frustrated that they don't have anything set aside for a rainy day.

Whether you're a spender or a saver, I have good news for you: There's a pretty easy way to improve your ability to save. If you're a saver, this will make you even more efficient. And if you're a spender, it might help you turn some things around.

Focus on the Future

Researchers have found that focusing on the future helps people save more money, by curbing impulse purchases and limiting the effects of materialism. This doesn't mean just thinking about the future once in awhile, but developing a vivid, detailed picture of what you'd like your future to look like. Then reminding yourself of that picture often, and allowing that picture to influence how you live. This works because saved money is money for the future. Unless you have a very real idea of what you want your future to look like, saving can feel meaningless. After all, why put money aside for some vague reason when you could spend it now and enjoy what you buy?

When you focus on the future, you know exactly why you are setting money aside. You know what you want, and so you have some specific motivations to go after it. This helps your brain understand exactly why you are saving and keeps you motivated towards your goals.

Not sure how to develop this technique for use in everyday life? Here are some ideas.

Find Your Goal

What would you like to be saving towards right now? A house? A car? Retirement? Whatever your goals are, narrow them down. If you need to put money into an emergency fund, think about what you might use that for (medical emergencies, vehicle repairs, sudden job loss, etc.). Be as specific as you can be in naming your goals.

Write or Draw

After you know what you're going after, make that image as concrete as possible by writing about it or even drawing a picture of yourself enjoying it. Think about the details you'd like to have in your house — crown molding, barn doors, a large patio, whatever. Or consider where you'd like to retire and actually picture yourself there, enjoying it. You can even imagine yourself walking away from an emergency just grateful that it's over, rather than worrying about the financial ramifications.

The important part is that you get your goal down on paper in whatever way works for you. Spend some time on this, adding details that make it feel real and enticing.

Carry a Reminder

If you struggle with compulsive spending, carry some sort of reminder with you. If you're saving for a tropical vacation, maybe hold onto a picture of palm trees. Whatever you keep with you, make sure that it holds that vivid image that you came up with, above. Then, when you want to spend, take out your picture/item/whatever and look at it. Take a few seconds to focus on your image before you decide whether or not to make an unplanned purchase.

Revisit Your Goal

While making the goal in the first place is important, revisiting it will help it stick in your mind and feel more real. And, the more attainable that future becomes to you, the more likely you will be to save money in order to reach it.

Go back often and look at your picture or read what you wrote. Spend some time journaling about it, writing down more details, and dwelling on your feelings. Think about how good it would feel to be you, living that life. Let the relief, joy, excitement, confidence, or whatever wash over you again and again and again.

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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:

Ask the Readers: What Are Your Financial Goals for 2016?

Ashley Jacobs — Tue, 16 Feb 2016 11:00:05 +0000

Editor's Note: Congratulations to Pam, Matt, and Susan for winning this week's contest!

It isn't enough to simply save money. What will you do with it? Financial goals give you something concrete to work towards and help keep you motivated.

What are your financial goals for 2016? What steps are you taking to make sure you reach these goals? Do you have other long-term goals, too?

Tell us about your financial goals for 2016 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

Post your answer in the comments below. One commenter will be randomly selected to win a $20 Amazon Gift Card!

For Extra Entries:

You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

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If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

Contest ends Monday, February 22nd at 11:59 p.m. Pacific. Winners will be announced after February 22nd on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

Tell us about your financial goals for 2016 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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

Ask the Readers: Where Do You Want to Be, Financially, in 5 Years?

Ashley Jacobs — Tue, 02 Sep 2014 15:00:06 +0000

Editor's Note: Congratulations to Kim, Liz, and Louly for winning this week's contest!

Most of us have goals for our money, whether specific (pay off the mortgage) or general (maintain a comfortable lifestyle). We set our financial visions on different timelines, too — each person's circumstances are different, after all. This week, let's talk about where we want to see our finances in 5 years.

Where do you want to be, financially, in 5 years? What is your main goal for the next few years? What changes to your lifestyle (if any) will you need make to get your finances where you want them to be?

Tell us where you want to be, financially, in 5 years and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

Post your answer in the comments below. One commenter will be randomly selected to win a $20 Amazon Gift Card!

For Extra Entries:

You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

a Rafflecopter giveaway

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

Contest ends Monday, September 8th at 11:59 p.m. Pacific. Winners will be announced after September 8th on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

Tell us where you want to be, financially, in 5 years and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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

How I Erased $70,000 of Debt and Became an Eventual Millionaire

Jaime Tardy — Mon, 24 Feb 2014 10:36:17 +0000

Money can give you freedom or make you stuck. You have the power to change your future, and it all begins with your money. You want your money to work for you; you don't want to work for your money. I know, because I learned the hard way. (See also: Money Lessons From Millionaires)

In my early- and mid-twenties, my husband and I always felt broke even though we both had good jobs and were doing the best we could. And to top it all off, I wasn't happy with my job at all because I wasn't in control. I worked really long hours for a video-on-demand company as a project manager, but I realized I was spending too much time and energy on something that I wasn't passionate about. I really longed to do something that I cared about. But I felt stuck because of the choices I had made, and I owed too much to be able to quit my job.

Then I had the realization that only I could take control to change my situation. It was up to me and no one else. I could be the hero of my own story. (See also: Become Your Own Hero to Make Your Fortune)

Be Honest With Yourself

Ignoring your finances is so easy. It's normal to only pay attention when the next bill is due, or when you realize your bank account slipped below $100. We ignore our finances because we feel that it's too complicated to figure out, or we're afraid of what we might find when we actually do peek into Pandora's box. (See also: Ways You're Lying About Your Money)

But you need to be honest with yourself. And that means uncovering things you don't want to uncover and admitting things you don't want to admit. Being honest is accepting where you are now, exactly as you are.

You need to put it all down on paper; it can't just be a number in your head. It may be a hard thing to do but you need to find out how much you actually owe. This is a first step in controlling your money — you will figure out where the money you do have is going and then you can figure out different ways to bring more in.

I did this by adding up all of my debt. I had no idea I owed more than $70,000. In fact, I thought I was pretty good with my money. It wasn't just credit cards either. It was a home equity loan, a new car, and student loans.

Action Item: Look Hard at Your Numbers

Take a hard look at all of your numbers. They are the facts, so take some time tonight to lay it all out on the table. Pull together every number you can, your debt, your income, your assets, and retirement. In the immortal words of GI Joe, "Knowing is half the battle." (See also: Ways to Track Debt)

Be Value Conscious

Many millionaires know the value of a dollar. They know because many of them have been broke. Here's a question: What do you value? It's very important to figure out what you want in life and what's most important to you. Most of the time, it's not material items that you value. It's so much more than that. So after you figure out what you truly value, then your spending should reinforce that. You should start spending money in ways that make you happy. Here are a few key principles to make you happy. (See also: Scientifically Proven Ways to Be Happier)

Buy Experiences Instead of Things

Researchers have found that the happiness derived from experiences instead of things wears off slower. So when we think about that memory, we get to relive that experience all over again. It's like we get more bang for our buck over that "thing" we could have bought instead that loses its importance over time.

Help Others Instead of Yourself

Research also shows that whenever we improve our connections with others, we are happier. So when we get to spend money on others or help someone out, it brings us a sense of fulfillment. I have found a very common theme when asking people why they want to become a millionaire — it's usually something like, "to help others and give more." (See also: Easy Ways to Make Someone Happy)

Buy Many Small Pleasures Instead of a Few Big Ones

Does eating one 12-ounce cookie give us twice the pleasure as eating a 6-ounce cookie? Studies show the answer is no. In fact, eating two 6-ounce cookies gives you more satisfaction. So the lesson here is to learn to break up your spending into smaller pleasures.

Acting on My Values

I realized that I was acting so out of control with my money. I would go to the store and not remember what I bought a day later (though I remembered spending over $100 on the trip!). I started to cut out all of those pieces that didn't really matter.

I found that I really cared for experiences, so it was the act of going to the coffee shop that I liked. So instead of an expensive sugar-laden latte, I just bought the cheapest tea on the menu. We put in place a budget for extras (when we were getting out of debt it was $25 per month each!), and I learned how to stretch that $25 for the whole month.

Action Item: Identify What You Really Care About

Write down the last 10 items you purchased. What really made a difference to you? Was it being able to go to your favorite coffee house, or do you not care about coffee at all?

Numbers in Your Head Don't Count

To understand one's finances means that you understand the meaning behind the numbers, not just the basic figures themselves. We all need to seek to understand our finances. That means knowing the basics like your income and expenses and having them written down. But it's also knowing what those numbers mean to your life and goals. (See also: Achieve All Your Goals in 6 Steps)

Know Your Net Worth

The first number to figure out is your Net Worth. Your net worth is all of your assets minus all of your liabilities. This is simple math, just addition and subtraction. It just takes some time to find all of the numbers. It might be disheartening to see it in black and white after you figure this out, but at least you know where you stand and are being honest with yourself.

Develop a Budget

The second number to figure out is your Income and Expenses — a Spending Plan. No matter how much money you have coming in and going out, I firmly believe that understanding your finances is vital to having a healthy relationship with money. In other words, create a budget. (See also: How to Have a Better Relationship With Money)

Know Your Current Spending

The third number is your Current Spending. You need to know how much your spending matches the budget you set out for yourself. Budgeting helps you become very clear on your spending habits so you can start to predict what the future will look like.

My Results

We ended up realizing that the new car was a huge piece of the debt ($19,200). We also looked to see how long it would take us to pay off all of our debt. If we took out big chunks like the car, the number of months it took would be a lot less.

So we first started to look at bigger chunks. We got rid of the new car and bought a cheaper $8,000 car. We also sold kayaks, a jeep CJ7, and just about everything we could.

Then we looked at the smaller things in the budget. We did the standard things like canceling cable and negotiating our rates. Plus we really tried to raise our income every single month. My husband took on odd jobs. Every time we did a little more the length of time we had to do it got smaller. That was a huge motivation for us. (See also: How to Stay Motivated When the Going Gets Tough)

Action Item: Establish the Finish Line

Figure out your three numbers (or update them if you haven't lately!). Figure out that magic date, the day you will pay off all of your debt, or be able to quit your job, etc. It will set the goal in stone, and help you realize there is an end in sight!

Control Your Money

Now that you have all of the numbers in place and a plan of attack with your budget, you'll need to figure out what to do with your excess money! The goal at first is to reduce your expenses and increase your income so that the excess amount gets bigger.

You need to take a hard look at everything and see what and where you can cut things. Be deliberate with your money and know where every penny is going. And remember, these cuts are a temporary way to creating the best setup for you to move forward on your goals.

Keep reading sites like this one and finding stories similar to yours. That's how I persevered in getting out of debt. And that's how I'm on my way to a million dollars right now. I am interviewing millionaires who can tell me their stories of how they have done it, which inspires me to keep moving forward toward my goals.

To me, an Eventual Millionaire is someone who has the goal to be a millionaire, eventually. But they want to do it on their own terms; they want an enjoyable business and an enjoyable life.

I am an Eventual Millionaire.

Which action step will you be committing to today?

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Guest Post Blurb:

Jaime Tardy is a Business Coach and a Speaker who helps entrepreneurs to achieve their goals. She's the Founder of EventualMillionaire.com, a website that features a new millionaire interview each week and focuses on personal finance and entrepreneurship. You can grab The Eventual Millionaire Book at TheEventualMillionaire.com and also download the Eventual Millionaire Starter Kit for free right on the site. You can also listen in to all 100+ interviews with millionaires free on EventualMillionaire.com.

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

Ask the Readers: What Are Your Short-Term Financial Goals?

Ashley Jacobs — Tue, 07 Jan 2014 11:37:42 +0000

Editor's Note: Congratulations to Megan, Nicholas, and Thomas for winning this week's contest!

When it comes to financial goals, most of us share the biggies: paying off loans and credit card debt, saving for retirement, building up an emergency fund, and the like. But what about the short-term goals that are more specific to your wants and needs, like a new oven or a vacation fund or a bag that you've been eyeing for ages?

What are your short-term financial goals? Do you have a game plan for reaching those goals? How long do you think it will take?

Tell us about your short-term financial goals and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

Post your answer in the comments below. One commenter will win a $20 Amazon Gift Card!

For extra entries:

You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

a Rafflecopter giveaway

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

Contest ends Monday, January 13th at 11:59 pm Pacific. Winners will be announced after January 13th on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

Tell us about your short-term financial goals and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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