resolutions

16 Small Steps You Can Take Now to Improve Your Finances

Alicia Rose Hudnett — Wed, 04 Nov 2020 17:32:44 +0000

You have all kinds of financial goals you want to achieve, but where should you begin? There are so many different aspects of money management that it can be difficult to find a starting point when trying to achieve financial success. If you're feeling lost and overwhelmed, take a deep breath. Progress can be made in tiny, manageable steps. Here's are 16 small things you can do right now to improve your overall financial health. (See also: These 13 Numbers Are Crucial to Understanding Your Finances)

1. Create a household budget

The biggest step toward effective money management is making a household budget. You first need to figure out exactly how much money comes in each month. Once you have that number, organize your budget in order of financial priorities: essential living expenses, contributions to retirement savings, repaying debt, and any entertainment or lifestyle costs. Having a clear picture of exactly how much is coming in and going out every month is key to reaching your financial goals.

2. Calculate your net worth

Simply put, your net worth is the total of your assets minus your debts and liabilities. You're left with a positive or negative number. If the number is positive, you're on the up and up. If the number is negative — which is especially common for young people just starting out — you'll need to keep chipping away at debt.

Remember that certain assets, like your home, count on both sides of the ledger. While you may have mortgage debt, it is secured by the resale value of your home. (See also: 10 Ways to Increase Your Net Worth This Year)

3. Review your credit reports

Your credit history determines your creditworthiness, including the interest rates you pay on loans and credit cards. It can also affect your employment opportunities and living options. Every 12 months, you can check your credit report from each of the three major credit bureaus (Experian, TransUnion, and Equifax) for free at annualcreditreport.com. It may also be a good idea to request one report from one bureau every four months, so you can keep an eye on your credit throughout the year without paying for it.

Regularly checking your credit report will help you stay on top of every account in your name and can alert you to fraudulent activity.

4. Check your credit score

Your FICO score can range from 300-850. The higher the score, the better. Keep in mind that two of the most important factors that go into making up your credit score are your payment history, specifically negative information, and how much debt you're carrying: the type of debts, and how much available credit you have at any given time. (See also: How to Boost Your Credit Score in Just 30 Days)

5. Set a monthly savings amount

Transferring a set amount of money to a savings account at the same time you pay your other monthly bills helps ensure that you're regularly and intentionally saving money for the future. Waiting to see if you have any money left over after paying for all your other discretionary lifestyle expenses can lead to uneven amounts or no savings at all.

6. Make minimum payments on all debts

The first step to maintaining a good credit standing is to avoid making late payments. Build your minimum debt reduction payments into your budget. Then, look for any extra money you can put toward paying down debt principal. (See also: The Fastest Way to Pay Off $10,000 in Credit Card Debt)

7. Increase your retirement saving rate by 1 percent

Your retirement savings and saving rate are the most important determinants of your overall financial success. Strive to save 15 percent of your income for most of your career for retirement, and that includes any employer match you may receive. If you're not saving that amount yet, plan ahead for ways you can reach that goal. For example, increase your saving rate every time you get a bonus or raise.

8. Open an IRA

An IRA is an easy and accessible retirement savings vehicle that anyone with earned income can access (although you can't contribute to a traditional IRA past age 70½). Unlike an employer-sponsored account, like a 401(k), an IRA gives you access to unlimited investment choices and is not attached to any particular employer. (See also: Stop Believing These 5 Myths About IRAs)

9. Update your account beneficiaries

Certain assets, like retirement accounts and insurance policies, have their own beneficiary designations and will be distributed based on who you have listed on those documents — not necessarily according to your estate planning documents. Review these every year and whenever you have a major life event, like a marriage.

10. Review your employer benefits

The monetary value of your employment includes your salary in addition to any other employer-provided benefits. Consider these extras part of your wealth-building tools and review them on a yearly basis. For example, a Flexible Spending Arrangement (FSA) can help pay for current health care expenses through your employer and a Health Savings Account (HSA) can help you pay for medical expenses now and in retirement. (See also: 8 Myths About Health Savings Accounts — Debunked!)

11. Review your W-4

The W-4 form you filled out when you first started your job dictates how much your employer withholds for taxes — and you can make changes to it. If you get a refund at tax time, adjusting your tax withholdings can be an easy way to increase your take-home pay. Also, remember to review this form when you have a major life event, like a marriage or after the birth of a child. (See also: Are You Withholding the Right Amount of Taxes from Your Paycheck?)

12. Ponder your need for life insurance

In general, if someone is dependent upon your income, then you may need a life insurance policy. When determining how much insurance you need, consider protecting assets and paying off all outstanding debts, as well as retirement and college costs. (See also: 15 Surprising Insurance Policies You Might Need)

13. Check your FDIC insurance coverage

First, make sure that the banking institutions you use are FDIC insured. For credit unions, you'll want to confirm it's a National Credit Union Administration (NCUA) federally-covered institution. Federal deposit insurance protects up to $250,000 of your deposits for each type of bank account you have. To determine your account coverage at a single bank or various banks, visit FDIC.gov.

14. Check your Social Security statements

Set up an online account at SSA.gov to confirm your work and income history and to get an idea of what types of benefits, if any, you're entitled to — including retirement and disability.

15. Set one financial goal to achieve it by the end of the year

An important part of financial success is recognizing where you need to focus your energy in terms of certain financial goals, like having a fully funded emergency account, for example.

If you're overwhelmed by trying to simultaneously work on reaching all of your goals, pick one that you can focus on and achieve it by the end of the year. Examples include paying off a credit card, contributing to an IRA, or saving $500.

16. Take a one-month spending break

Unfortunately, you can never take a break from paying your bills, but you do have complete control over how you spend your discretionary income. And that may be the only way to make some progress toward some of your savings goals. Try trimming some of your lifestyle expenses for just one month to cushion your checking or savings account. You could start by bringing your own lunch to work every day or meal-planning for the week to keep your grocery bill lower and forgo eating out. (See also: How a Simple "Do Not Buy" List Keeps Money in Your Pocket)

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

5 Brilliant Money Moves You Should Make on January 1

Dan Rafter — Wed, 27 Dec 2017 09:00:07 +0000

Plenty of us make resolutions on New Year's Day. And, yes, most of us break those same resolutions before January ends. But what about positive money moves? Are there steps you can take on the first of the year that can help ensure a financially healthy new year?

There are. And the best news is that most of them are relatively simple. Here are five money moves to make on January 1 to ensure your finances have a happy new year.

1. Start building an emergency fund

What happens when your car unexpectedly needs a new set of brakes or your home's hot water heater bursts? If you're like many, you'll put the repairs on your credit card, adding high interest debt to your list of financial concerns.

The better move is to build up an emergency fund of cash — usually stowed in a no-risk savings account — that you can tap to pay for unexpected emergencies. Financial experts recommend that you have from six months' to a year's worth of daily living expenses saved in an emergency fund. That might sound intimidating, but even making a small deposit is a good start. If you put $100 a month into an emergency fund, you'll have $1,200 saved after a year. Make your first deposit on January 1. (See also: 7 Easy Ways to Build an Emergency Fund From $0)

2. Automate your savings deposits

Financial experts say that people are far more likely to save money if they automate their savings. If you haven't already done so, start the new year by setting up an automatic transfer from your checking account to your savings account.

The amount doesn't have to be large. Maybe you'll automatically move $25 a week into your savings account, or maybe you'll set up a deposit of $200 a month. Either way, automating your savings helps guarantee that when the year ends, you'll have set aside a solid chunk of change. And that's one New Year's resolution that isn't tough to keep. (See also: 5 Ways to Automate Your Finances)

3. Make a budget

Making a household budget might sound intimidating, especially on New Year's Day, when you might be a bit foggy from celebrating the night before. But drafting a budget is easier than you'd think.

First, list all the money you have coming into your home each month. Then, list all your fixed expenses — everything from your mortgage payment to your car loan. Third, estimate the costs of necessities that fluctuate each month, such as your utility bills, your transportation costs, and groceries.

Look at what's left and choose an amount to save each month that will help you meet your financial goals. Be realistic, but also aggressive. You can always readjust later. Whatever's left over after paying for your basic needs and your savings is what you can spend on dining out, entertainment, and other "wants."

Setting up a budget shouldn't take longer than an hour. And it's a great way to start the new year. (See also: Build a Better Budget in 5 Minutes Flat)

4. Order your credit reports

Lenders will pull your credit reports when you apply for a loan. Banks will do the same when you apply for a credit card. It's helpful to know before you apply exactly what's being said about you in your credit reports. You can order one free copy of each of your three credit reports (from Experian, Equifax, and TransUnion) each year by visiting AnnualCreditReport.com.

Ordering a report is a smart move to make on January 1. Each report will list your open credit card accounts and loans, and how much you owe on each of them. It will also list any missed or late payments that are seven years old or younger.

Check your reports for errors. It's important to report any mistakes you find on your credit report to both the credit bureaus and the creditor.

Don't find any errors? Great. You've still done yourself a service by finding out what's in your reports. If the information you find is discouraging — maybe your credit card balances are too high — you can at least resolve to make the financial changes necessary to improve your credit.

5. Order your credit score

Your credit score is linked to the information that's in your credit reports, but you won't find the actual score in your reports. That's why you've got to pull the score separately.

Your credit score is one of the most important numbers in your life. Lenders use it as a snapshot of your credit behavior. It can determine if you qualify for loans or credit cards, and at what interest rates. If your score is low, you may either not get approved for the loans at all, or you could get stuck paying high interest.

In general, lenders consider credit scores of 740 or higher to be strong. Where does your score rank? You can find out by ordering your credit score from Experian, Equifax, or TransUnion. These scores aren't free: You'll usually have to pay $15 or so to get them. Alternatively, you can use a free service like Credit Sesame or Credit Karma to keep track of your score. If you have a credit card that offers a free credit score, that's another easy way to get an idea of what your credit score is on a regular basis.

However you access it, your score is important to know. If your score is too low, you can take steps to correct the financial issues that are dragging it down.

Maybe you have too much credit card debt: You can resolve to start paying it down. Maybe you have late payments that are hurting your score: You can resolve to never make a late payment again. You'll find clues about the factors hurting your credit score by reading your credit report. (See also: How to Read a Credit Report)

These are all crucial steps to starting a financially healthy 2018, and the good news is that you can do them all before the black-eyed peas are even ready. Pour yourself a warm beverage, snuggle up with your laptop or smartphone, and get your new year off on the right foot.

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

4 Money Resolutions Anyone Can Conquer

Emily Guy Birken — Fri, 22 Dec 2017 09:00:07 +0000

It feels great to make New Year’s resolutions — but following through on them is much more difficult. In fact, according to U.S. News and World Report, 80 percent of New Year’s resolutions fail by February.

It doesn’t have to be this way, particularly if you want to improve your financial life in the coming year. Just front load a little bit of work right around January 1, and you’ll be able to conquer the following money resolutions without having to lift a finger over the rest of the year.

Resolution: Build an emergency fund

You know that you should have a savings cushion to protect yourself in case of an emergency, but putting aside the money for an emergency fund never seems to make it to the top of your to-do list. No matter how many times you’ve resolved to cut out the lattés and bank the savings, it never seems to happen.

Do it now: Adjust your withholding

If you regularly get a large tax refund each year to the tune of thousands of dollars, you can effortlessly build your emergency fund without having to quit your latté habit. Just imagine how quickly you could build up your emergency fund if that extra money went into your savings account instead of taking a trip to the IRS and back.

While you’re feeling resolved and virtuous, adjust your withholding to do just that. Start by visiting the IRS withholding calculator to determine how many withholding allowances you may take. Remember that the withholding allowances you claim do not determine your tax bill, only how much you pay in taxes per paycheck, so your answers on the calculator can be approximate.

Once you have figured out your allowances, request and fill out a W-4 form from your employer's human resources department. At the same time, set up an automatic transfer of the difference into your emergency fund. You can do this either through your bank’s website, or with a direct deposit from your employer.

And just like that, with an afternoon’s worth of paperwork, your resolution will work for you throughout the year without you thinking about it. (See also: 7 Easy Ways to Build an Emergency Fund From $0)

Resolution: Pay off debt

According to The Motley Fool, the average American household owed $6,183 in credit card debt, $10,397 in student loan debt, and $9,206 in auto loans as of the fourth quarter of 2016. Resolving to get those balances paid off in the new year will not only free up more money each month, but will save you thousands of dollars in interest payments over the life of the loans. But finding extra money in your budget to send to your creditors is just as difficult as finding spare cash for an emergency fund. So how can you fulfill this resolution without feeling the pinch?

Do it now: Set up weekly or bi-weekly payments

Whether you are looking to pay off credit card, student loan, auto loan, or even mortgage debt, you can channel the power of your calendar to help you reach that goal. Many creditors will allow you to send partial payments on a bi-weekly or weekly basis. Instead of making one monthly payment, you can break it in half or quarters and pay it bi-weekly or weekly instead.

Not only will this allow you to send in more payments, but it can also save you interest on your credit card debt because you are generally charged interest on a daily basis. The best part is that your payments will feel basically the same to you, while they are working harder to eliminate what you owe. (See also: 5 Ways to Pay Off High Interest Credit Card Debt)

Resolution: Increase your retirement savings

Retirement is so far away that it’s hard to even take the prospect seriously. But you know that you should be saving more for retirement, and you really do mean to look into contributing up to your employer match in your 401(k) — you just never get around to actually doing it. Enough is enough: This will be the year that you actually increase your retirement savings and get on top of planning for your future.

Do it now: Have 1 percent automatically transferred to your retirement account

A quick trip to your human resources department can help you get this resolution working for you throughout the year. First, determine how much you need to contribute to your 401(k) to receive the employer matching amount. Even if there is no way you can afford to contribute up to the match, start by having an additional 1 percent transferred to your account.

While you’re there, set up an automatic increase of your contribution by an additional 1 percent in three months, another 1 percent for six months down the road, and another 1 percent for nine months from now. These automatic bump-ups will make sure you are contributing to your retirement without having to think about it, and the changes will be gradual enough for you to easily weather them. (See also: Stop Making These 10 Bogus Retirement Savings Excuses)

Resolution: Spend less

You make a good living, but it just seems like there’s not enough money at the end of your month. The problem is that resolving to spend less money usually results in living like a monk for the month of January, then going on a shopping binge the minute those Presidents Day sales are announced. But just how can you spend less money without resorting to these sorts of yo-yo money diets?

Do it now: Negotiate your bills

Take an afternoon to call your service providers and ask for a better price. There is no better place to spend less money than on your regular bills, since those are predictable and can make a big difference in your budget. While it may feel a little odd negotiating with service providers, the results can range from modest to impressive — and it certainly can’t hurt you to ask.

Consider calling your cellphone and internet service providers first, as they are often open to negotiation to keep loyal customers. It costs them far more money to woo a new customer than it does for them keep you happy. Make sure you do the research to know competitive prices — both among other providers, as well as the new customer pricing with your current provider — so you have some leverage for your request. (See also: The 6 Monthly Telecom Bills You Can Negotiate)

You can also potentially negotiate your rent payment with your landlord, especially if you are a reliable tenant who is planning on staying put for a while. You could ask your landlord for a longer-term lease in exchange for a lower monthly rental payment, which can be a win-win for you both.

Resolutions don’t have to be daily chores

Though New Year’s resolutions are often about changing your daily habits, making the most of your financial life doesn’t necessarily require such diligence. Instead, take a little time right now to set automatic financial decisions in place that will take care of you all year.

Then all you have to do is sit back, relax, and watch your resolutions handle themselves.

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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:

10 Financial Resolutions You Can Conquer Before New Year's

Kentin Waits — Mon, 06 Nov 2017 08:00:06 +0000

The new year is right around the corner and with it, a whole new set of resolutions. But why wait? There's still time to reshape your financial life before the ball drops and the Champagne toasts begin. Here are 10 financial resolutions you can conquer before New Year's.

1. Clarify your money goals

Success will always be elusive if you don't define it. Get specific about the goals you want to accomplish in the short-term (within the next year) and the long-term (beyond three years). Do you want to pay off credit card debt in the next six months? Do you want to save for a down payment on a home in five years? Write down each objective and include the mini-milestones you need to hit along the way.

2. Build a budget

Don't let the word "budget" strike fear in your heart. The best ones are simple, realistic, and flexible. With your short and long-term goals in mind, develop a budget that accurately reflects your income and expenses. Refine as you go; some variable expense categories can be reduced and others may need to be expanded. (See also: Build a Better Budget in 5 Minutes Flat)

3. Cut your spending by 5 percent

Look for ways to cut your spending by just 5 percent starting next month. Can you finally cancel that unused gym membership? Switch to a cheaper cellphone plan? Brown-bag your lunch three days a week? All of the above? The percent you save is less important that simply being able to consciously change your spending habits. (See also: Boost Your Savings With This Easy Budgeting System)

4. Don't incur any new consumer debt

More debt means more interest, more stress, and fewer options in the new year. Put the credit cards on ice. Switch to cash if it helps control your spending. (See also: 11 Good Money Habits That Will Keep You Out of Debt)

5. Prioritize (and attack!) existing debt

Once you've cut your spending 5 percent, funnel the extra money toward paying down debt. But be strategic: Prioritize what you owe based on the interest rate and attack the highest interest debt first. (See also: 5-Day Debt Reduction Plan: Pay It Off)

6. Open an IRA

Whether you choose a traditional or Roth, an individual retirement account can provide valuable tax advantages that make saving for retirement easier and much more effective. Start now. If you're under age 50, you can contribute a maximum of $5,500 in 2017. (See also: 5 Retirement Accounts You Don't Need a Ton of Money to Open )

7. Start building an emergency fund

Life is unpredictable. Having an emergency fund large enough to cover three to six months' worth of living expenses is a smart strategy. It can help you weather a layoff, cover an uninsured medical expense, or deal with an urgent household repair. Not sure how to begin? Explore some simple ways to build an emergency fund from $0.

8. Start saving your change

Every time you pay for something with cash, pocket the change and save it. Stash all those coins in empty coffee cans or Mason jars. At the end of the year, you'll likely have a few hundred dollars to bulk up your emergency fund or IRA. (See also: Spare Change Apps — Are They Worth It?)

9. Get serious about a side hustle

There are two ways to improve your financial position: spend less or make more. And if you really want to shake things up, do both. Brainstorm ways to earn extra income outside your 9-to-5 job. The cash can be used to pay down debt or invest. (See also: 14 Best Side Jobs For Fast Cash)

10. Try shopping secondhand

This resolution may surprise you, but I'm a firm believer in the power of thrift-shopping. Buying quality goods secondhand can save you thousands over the course of a year. Expand your consumer horizons and make paying retail your method of last resort. (See also: 31 Reasons I'm in Love With Thrift Shopping)

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

8 Smart Money Moves to Make in the New Year

Mikey Rox — Mon, 16 Jan 2017 10:00:10 +0000

Maybe your New Year's resolution is to budget more consistently, save more, or spend less. Maybe it's investing a portion of your disposable income wisely. Whatever your financial objectives are, setting money-minded goals is important to ensure a more prosperous 2017 and beyond. Here are a few ways to build and improve upon the foundation you've already laid.

1. Enlist Professional Help

Guess what? Everybody gets themselves into a financial pickle every now and then — myself included — and it's not the end of the world. Don't beat yourself up about it. You can fix this.

If you overdid it during the holidays (or even all of last year), identify your missteps so you don't repeat them in the future, and you can formulate a plan of resolve. If finances aren't your forte (though you should make them your forte ASAP), consider consulting an expert.

2. Learn to Cook

I know a staggering number of people who can't cook. Like, if they tried to sauté a few shrimp, you'd probably walk away from the dinner table with hepatitis. I don't understand it — which is why I harp on those who avoid the kitchen to get in there and learn. Refusing to prepare yourself fresh, delicious meals is just plain lazy.

The other problem with not being able to cook is that the alternative is expensive and very unhealthy. For starters, you're at the mercy of the microwave or what's already prepared at takeouts and restaurants — and more times than not, that food is loaded with fats and sodium. Second, you're paying about three-to-one for ready-to-eat dishes (unless you're buying the worst of the worst from the freezer section) versus what you could make in your own home using store-bought ingredients.

Cooking shows on the Food Network and recipes off the Internet taught me a lot of kitchen basics (like how to make sure a chicken breast is thoroughly cooked so I don't poison myself). A friend of mine recently hired a cook from Craigslist to come into his home once a week to help him learn how to prepare standard meals, like pork chops, veggies, and rice. There are plenty of resources available to help you learn how to cook, too. Find them, graduate to adulthood by making your own dinner, and then count all the cash you're saving. Your mama will be so proud.

3. Cut the Fat From Your Expenses

Along with cutting the fat from your diet, you also should look for ways to trim it from your budget. End memberships and subscriptions you don't use, and call your service providers to renegotiate your deals. I shaved $15 per month off my mobile phone bill last year by calling to update my 12-year-old plan. Also, investigate your bank accounts for erroneous fees; you may be paying for something on a recurring basis that you totally forgot about. Commit to shopping less, and saving more when you do need or want to spend. I don't buy anything without a coupon or discount code. Positive personal finance is a way of life.

4. Increase Your Retirement Savings

If there's extra money in your budget at the end of the month, spend it on your future by increasing your retirement savings. If your employer matches 401K contributions, you should at least be maxing them out. If you don't have an employer-sponsored plan, look into a Roth IRA as an alternative.

5. Consider a Balance Transfer

If you're underwater on your credit cards, consolidating that debt onto a card that allows balance transfers could save you a decent chunk of change. Just make sure you check the fees and pay it off during the promotional period, otherwise interest can revert much higher, making repayment even more expensive. (See also: Which Balance Transfer Credit Card Is Best for You?)

6. Lower Your Investment Fees

If your finances are already fairly on track, there are still ways you can put more money back into your bank account — like lowering your investment fees if you play the stock market.

Take a closer look at your portfolio, and re-evaluate to see how you can restructure so fees aren't costing you significant amounts in the long run. Now might also be a good time to consider investing in index funds, the benefits of which include broader market exposure, low operating expenses, and low portfolio turnover.

7. Research How the Trump Administration Will Affect Your Finances

Things are going to change, perhaps significantly, once Trump takes office. The new tax code overhaul alone could affect your finances one way or another. But there are other effects to consider, like rising interest rates, which may reduce the pool of potential buyers of a home sale if you're planning to sell in the near future. The repeal of Obamacare may also alter your budget, depending on what health care alternatives you have. Nonetheless, I recommend researching how the new administration's fiscal plans will trickle down to your own pocket. Hopefully you'll come out ahead, but you should prepare yourself, either way.

8. Just Say No

Make 2017 the year that less is more. Buy fewer retail items, dine out less frequently, limit your alcohol consumption, and learn how to say no to recreational activities that aren't in your budget. You don't have to do or have it all to feel satisfied. Rather, you'll start to experience satisfaction in other ways, like not living paycheck to paycheck because of frivolous spending. You deserve better; give it to yourself.

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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:

23 Frugal Living Resolutions Anyone Can Master

Max Wong — Thu, 29 Dec 2016 10:00:21 +0000

Ooooooooh! I love a good challenge, don't you?

Every year, 50% of Americans make a New Year's resolution. But each year, 88% of New Year resolvers fail to meet their goals. How is that possible? And how can we beat that disheartening statistic?

Do Less, More Often

The problem with most resolutions isn't too little willpower, but too much abstraction. Most people choose a gigantic, but vaguely defined, goal to achieve. Too many moving parts, mission creep, a steep learning curve; these things are obstacles to attaining goals. The key to success is to make the goal a small, but achievable habit. To quote Tim, my yoga teacher: "Do less, more often."

For example, I am currently trying to lose the 15 pounds I packed on this past year while recovering from an ankle injury. If I want to be successful in my goal to lose weight, my New Year's resolutions should not be, "Get back in shape." That's a huge and amorphous mandate. Instead, my New Year's resolution should be a tiny daily habit like, "Jump rope for 20 minutes every morning before breakfast."

Plot twist: My New Year's resolution isn't actually about losing weight. My resolution this year, as it is every year, is to save more money.

Choose a Resolution That Requires No Talent

"Save more money" is about as undefined and unwieldy as you can get with a New Year's resolution. There are so many things that can throw a wrench into your plans and destroy your motivation to save in the course of 12 months. Trust me, this resolution is dumb.

If you want to grow your savings, simplify your life, or just live a little lighter on the planet, here's a list of simple, frugal living resolutions that require no talent.

1. Don't Drive Like a Jerk

It was a word problem on a 7th grade algebra exam that taught me that speeding wastes money. Aggressive driving (speeding, rapid acceleration and braking) can lower your gas mileage by up to 33%. Stop speeding and practice hypermiling instead.

2. Carpool

My husband saves thousands of dollars each year by carpooling to work. But don't limit your carpooling to just your daily work commute. You can save a ton of money by using a rideshare service to carpool home for the holidays or to a cultural event in another city. My awesome neighbor Patria and I carpool our errands at least once a week. It saves time, money, wear and tear on the car, and makes boring trips to the post office way more fun.

3. Go Carless for Short Trips

I try to walk, bike, or take public transportation to all events within a three-mile radius of my house. This habit saves me on gas money and allows me to avoid a costly gym membership. The hardest part about this practice is the time management. I no longer have to schedule around my workout, but it takes me much longer to get to the grocery store.

4. Stop Paying to Park

The hardest thing about driving in Los Angeles is not the traffic, but the parking. The city makes up its budget shortfall by aggressively doling out parking tickets, which start at $35 and go up from there. Parking signs are notoriously difficult to parse, of course.

The key to saving money on parking is to give yourself extra time to find a free or cheap parking spot, so schedule that into your day. Also, there have been manifestos written about how to park on a budget in LA. I am sure parking apps and maps exist in other cities, too.

5. Be on Time

It takes absolutely no talent to be on time. There's a reason why the saying, "Time is money," is a thing. Even so, American CEOs are late to 80% of their meetings. According to a survey by Proudfoot Consulting, CEO tardiness costs the U.S. economy $90 billion in lost productivity every year.

But, even if you aren't a captain of industry, lateness is a money loser. Worst case scenario, you could get fired. As the job market becomes more competitive, more companies have decided to take a zero tolerance stance against employee tardiness. Your boss might be able to show up late, but you could lose your job.

Also, being chronically late says a lot about you, and none of it is good.

6. Get Rid of 10 Things a Day

Clutter will keep you poor and drive you crazy. My November 1, 2001 Resolution was Get Rid of 10 Things a Day. I keep clutter at bay by removing 10 things from my home every day. That comes to 300 things per month, or 3,650 things per year, that leave my house. A thing can be as big as a car or as small as a safety pin. I can trash, donate, or recycle a thing. As long as the item physically leaves my house, I can count it as part of my 10 things.

7. Mari Kondo Your Home

Japanese organizing guru Mari Kondo has taken the world by storm with her very simple method of managing clutter: Only keep the things that bring you a spark of joy. (Anything that doesn't bring you a spark of joy gets tossed.)

8. Downsize Your Storage

If your goal this year is to downsize, you should definitely start by emptying your storage.

If you have ever watched Storage Wars, then you already know that most people pay a lot of money to store a lot of worthless crap. Personal storage is a huge money drain. Do the math. It might actually be cheaper to buy and then sell seasonal items like sleds and garden tools each year rather than paying to store them during the offseason.

9. Join the Compact (Buy Nothing New for One Calendar Year)

I joined The Compact in 2007 out of green guilt. Almost 10 years later, I am still a subscriber to this conservation movement. In addition to helping me live a more environmentally sustainable life, it has also helped me save over $30,000. Also, it's a super fun challenge that has taught me so much about myself!

The core idea behind The Compact is to lighten your environmental impact on the planet by reducing the number of virgin resources you take out of it. You achieve this by agreeing to step off the consumer grid and buy nothing new for one calendar year, save for necessities like food, medication, and safety supplies.

While buying nothing new sounds like deprivation, it's really more like a treasure hunt, because you can buy anything you want used. Under Compact rules, you could buy vintage furniture, or used clothes, or even a classic automobile, because none of these items are new.

It's a super simple idea that runs deceptively deep, as sourcing used goods upends modern life's push for instant gratification.

10. Create a Capsule Wardrobe

While fashion bloggers on Pinterest and Tumblr might lead you to believe that a capsule wardrobe is all about shopping for the perfect minimalist wardrobe, I would argue that those people are doing it wrong. A true capsule wardrobe is a tightly edited collection of garments that fit your lifestyle, year-round.

A capsule wardrobe shouldn't be about perfection, but about creativity and practicality. How many outfits can you create out of the smallest number of garments?

Since most people only wear a fraction of the clothes in their closets, downsize to the favorite items you wear over and over and get rid of everything else. Replace only your favorite garments when they wear out. Your new, smaller wardrobe will save you money and time.

11. Shop in Your Own Home First

Before you make a purchase, search your home first for an alternative that you can use instead. Can you make do with a navy blue dress instead of a little black dress? Can you learn how to cook on the stovetop instead of replacing your broken microwave with a new one? For the love of all that is good and beautiful, can you watch an instructional video to learn how to make your own fancy coffee at home for 10 cents versus buying it for $2.00?

12. Be a Part-Time Vegetarian

Meat costs a lot of money and is hard on the planet. The Meatless Monday Movement found that by cutting meat consumption to just one day a week saved participating families $80 per month on their grocery bills. Save even more by going meatless several days a week.

13. Eat Your Leftovers!

My sister and I grew up eating last night's dinner leftovers for breakfast. In addition to cutting food waste, eating leftovers also sped up the morning schedule because on most days, we didn't even bother reheating the food. This weird, frugal hack has saved my sister and I a small fortune in food costs.

A lot of people who hear about our dinner for breakfast habit are grossed out. Of course, these same people probably have no problem with eating dinner for breakfast as long as they pay a lot of money for steamed table food and call it brunch.

If dinner for breakfast doesn't float your boat, make Thursday Night Soup out of your kitchen scraps to stretch your grocery budget and keep your fridge compost-free.

14. Bring Your Lunch to Work

My husband has saved over $2,500 this year just by bringing his lunch to work instead of going out to eat. My husband doesn't feel deprived or shamed by his brown bagging. A brown bag lunch doesn't have to be boring. My husband takes great pleasure in preparing elaborate meals for himself that cost pennies.

Alternately, if you have a favorite food, eating the same lunch every day can be a comforting ritual that saves a lot of time. Jennifer Aniston and Courteney Cox famously ate the same salad for lunch for 10 years. My mother, who is an excellent cook, loves peanut butter and jelly sandwiches so much, that she has special refillable tubes that allow her to take her favorite lunch ingredients with her when she goes camping. Eating the same lunch each day also makes it easy to save money on groceries. You can budget down to the penny what your lunch costs and buy the ingredients when they go on sale.

15. Use Less

This one is easy. Just use less. If you use half the amount of detergent, will your clothes still get clean? Can you split an entree at dinner with a friend and still feel full? What would happen if you just lathered and rinsed, but didn't repeat?

16. Save Water

Is your water bill sky high or would you just like to do your part to preserve the water table? It's time to plan out your water-saving plan.

17. Save Electricity

Turn off those lights! Make these energy-saving strategies part of your daily life and save big.

18. Cut Down on Your Trash

The average American generates 4.4 pounds of trash per person, per day. You can do better! Here are 12 ways to cut down on garbage and save money (and your sanity, too).

19. Recycle

Before I was old enough to legally work, I earned pocket money by collecting bottles and cans and recycling them for money. As an adult, I still make several hundred dollars a year recycling the bottles and cans that my wino neighbors throw onto the parkway. Yes. It might be embarrassing to cruise target-rich public areas like fraternity row or the trash cans outside your local concert venue for recyclables. But, if you are scrambling to make ends meet, consider the cost of your vanity. There's at least one Los Angeles family that sent their three kids to college with the money they made collecting bottles and cans.

Recycling is obviously good for the wallet. But, if you already recycle for the money, consider recycling items that don't offer a rebate for the sake of the planet. An increasing number of companies are now offering free recycling for their packaging.

20. Keep Making Payments

My husband and I finally paid off our home equity line of credit! We've been making the $423 payments each month for over a year now, and we intend to continue paying the $423… but as extra principal payments on our home mortgage. Since we're used to covering the $423, we won't even notice a difference in our budget.

21. Collect the Change

Every time you get a $5 bill, put that money into your savings account. If your budget won't permit $5 increment savings, put your spare change into a piggy bank at the end of each day. Either way, your savings will pleasantly surprise you at the end of the year.

22. 52-Week Challenge

This savings strategy has a slow roll out, but strong payout. Every year is divided into 52 weeks. On week one, put $1 into your savings account. On week two, put $2 into your savings account. On week three, save $3. You get the idea. The largest weekly deposit you will have to make is $52. At the end of the year you will have saved $1,378!

23. Learn and Practice One New Skill

I didn't become a ninja saver overnight. Every year I try to master one new skill that will make or save me more money. One year, my friend Carol Ann taught me how to can my cranberry jam, and now I own an artisanal food company. This last year I learned how to forage for edible plants in my own backyard to save money on fresh produce. Years ago I taught myself how to sell online on Etsy and eBay. Each year I make at least $1,000 selling trash picked items that I have literally pulled out of the garbage, for cash.

In 2017, I am going to learn how to refinish wood furniture like a pro. With the help of my friend Kirk, a retired painting contractor, I am currently refinishing an original Jens Risom coffee table that was purchased for $3 at a garage sale and hidden under layers of paint. Modern reproductions of this same table sell for over $3,000 and originals in pristine condition go for even more.

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This article is from Max Wong 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:

4 New Year's Resolutions Your Pet Wants You to Make

Emily Guy Birken — Mon, 26 Dec 2016 11:00:07 +0000

Making New Year's resolutions feels great, but let's face it — we are terrible at it. According to research by a University of Scranton, Journal of Clinical Psychology study, only 8% of people who make New Year's resolutions actually achieve their goals. If you're like most people, your plans to go to the gym four times a week, stop wasting time on Facebook, and organize your entire home are probably going to fizzle before the end of January.

But there is someone in your life who can help you create achievable New Year's resolutions: your pet. What Fido and Fluffy want from you in 2017 are actually things that will help to make your life better. So forget the usual resolutions this year, and make some resolutions that will make your pet (and you!) happy:

1. Go On a Daily 30-Minute Walk

You know that Rover loves going on walks with you, but some days, it's all you can do to walk him around the block to his favorite fire hydrant. Especially in the winter, it can be very easy to hustle through a quick walk in the cold and head back inside to your laptop and Netflix.

But your pooch loves the daily exercise and stimulation that a long walk can offer — even in cold weather — and he's not able to understand your enthusiasm for binge-watching The Crown. A nice long walk is just what he wants, even when you want to curl up with a hot chocolate.

Of course, a daily 30-minute walk is literally just what the doctor ordered for you, too. Not only does a daily walk help you maintain (or lose) weight, but such moderate exercise helps to prevent and reduce the severity of chronic diseases like high blood pressure and diabetes. In addition, the exercise and the time outside can both help to improve your mood.

Rather than making a resolution to become a gym rat — and plunking down the gym's hefty joiner's fee and monthly membership fee — resolve to take Rover for a long walk every day, no matter the weather. You'll both be happier for it.

2. Take More Naps

Mittens may act aloof, but there is something she wishes you'd do more of: nap with her. Cats are notorious nappers (and cuddlers), and there is nothing more satisfying than taking a snooze with a purring kitty perched on your belly.

Of course, such naps are going to do more than just make your cat happy. They will also improve your health, your mood, and your level of self-control. According to a 2011 study by the Center for Disease Control, an estimated 50 to 70 million Americans are suffering from sleep deprivation. And being sleep deprived means that you are more vulnerable to chronic illnesses and more irritable, not to mention too mentally exhausted to avoid procrastination.

So this year, commit to curling up with your cat and catching 40 winks a couple of times a week. She'll love the closeness, and you'll reap the benefits of being well-rested.

3. Do Less

Having a full social calendar can be tough on your pets. They miss you terribly when you go out in the evening, especially if you are already working long hours. They would love nothing more than to have you home and available for tug-of-war, fetch, or belly rubs most nights.

It turns out that having a wall-to-wall schedule of events in your life isn't so great for you, either. According to Eldar Shafir and Sendhil Mullainathan, authors of the book Scarcity: The New Science of Having Less and How It Defines Our Lives, you're likely to make bad decisions if you have too little free time. Here's why: Managing your time is something like packing a suitcase. If you have an empty suitcase (or an empty schedule), it's easy to add something new. But if your suitcase or schedule is full, then you have to decide what to remove in order to add a new commitment, and that can be stressful.

The commitments that are most likely to come out of the "time suitcase" are the ones that don't feel urgent — like your commitment to spend time with your pets. But not only does spending time with your four-footed friends make them happier, it is also a great way to relieve your own stress. It is well documented that interaction with animals reduces tension and improves mood.

That's not to say that you should completely clear your social calendar so you can spend every moment with Buddy and Boots. But if you resolve to do less in 2017, you can take the time to determine whether you really want to say yes to the invitations that come your way. Then you'll only agree to the ones that you really want to do — and make yourself and your pets happier.

4. Clean More

Bandit can't get on his favorite spot on the sofa because the laundry basket is in the way. Cleo's litter box has gotten so ripe she's leaving "gifts" on the floor beside it. They may not be able to tell you in words (although your cat's method of protest can be pretty eloquent), but your pets would love it if your house were a little cleaner.

Tidying up would also offer a big benefit to you. According to Sherrie Bourg Carter, writing for Psychology Today, "Messy homes and work spaces leave us feeling anxious, helpless, and overwhelmed." Those piles of clothes and papers overwhelm our senses and make it difficult to truly relax. That can affect everything from your mood to your ability to sleep well at night.

Getting on a cleaning routine this year will not only help your pets to feel comfortable in your home, but it will help you feel better, too. And knowing that you can have unexpected guests drop by without worrying about the pet hair tumbleweed in the living room or the freshness of the litter box is an incredibly freeing sensation.

Listen to Your Pets

Resolutions are often grand promises to ourselves, but making small promises to our pets will actually lead to a better, healthier, and happier year. For 2017, resolve to get more purring and tail wagging from your pets, and you'll also reap the rewards for yourself.

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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:

10 More Hobbies You Can Start for Free

Ashley Marcin — Fri, 05 Feb 2016 16:00:05 +0000

In a 2014 time use survey, the Bureau of Labor Statistics uncovered that Americans — on average — spend 2.8 hours watching television each day. That's a lot of time staring at a box, right?

Well, instead of straining your eyes and allowing your brain to transform into mush, maybe it's time for a new hobby. Here are a bunch more cool hobbies you can start today for free! (Related: 10 Fun Hobbies You Can Take Up for Free)

1. Cooking or Baking

Learning to make better dinners or desserts doesn't have to cost anything outside of your normal grocery budget. There are millions of recipes you can access for free online. To make sure you have the right ingredients and don't go over budget, try meal planning. All you have to do is find recipes that look good, write down what you'll need, and head to the store. You might not be able to make something special every night of the week, so start by cooking on a weekend when you might usually go out.

2. Nature Identification

Take out some books from your local library on nature identification. You can focus on birds, plants, insects, stars, or whatever else interests you most. Then step into your backyard and take a look around. I used to collect leaves so I could figure out the exact type of trees that we had growing in our neighborhood. Now that my daughter is older, she can join me on the adventure.

3. Weather Reporting

Are you always watching the precipitation or other weather events in your area? Your local branch of the National Weather Service likely runs free training sessions on how to become a weather spotter through the SKYWARN volunteer program. After you've taken the class, you'll work to identify and describe severe weather in your area and report back to your local station.

4. Drawing

I've never been good at art, so I was delighted to find Draw Space. This corner of the web offers free tutorials and instruction on drawing and other art for beginners all the way to advanced artists. Focus on contours, shading, composition, or any other area that interests you.

5. Photography

Yes! You can take up photography for free, provided you have an iPhone (or other cell phone with camera capabilities). And though you might not believe me, you can shoot DSLR-quality photos with your phone and a little knowledge. The iPhone Photography School has a number of tutorials on everything from "making the most of light" to photo editing.

6. Whittling

Whittling is a relaxing craft that also happens to be free if you have an old pocket knife. According to The Art of Manliness, softwoods work best (you can find basswood, pine, and others at your local craft shop), but backyard twigs work just as well. Make sure your knife is sharp, learn the basic cuts, and get creative. Your library might have books with ideas for projects.

7. Vlogging

If you're not into writing or blogging, considering heading over to YouTube and starting your own vlog. Creating an account is free and — if you get popular — you may even make some money on the side if you link up your channel to Adsense. You can take videos and upload them in no time using your cell phone. What you talk about is up to you, so long as you follow the community guidelines.

8. Dancing

Could your moves use some work? Check out Club Dance Lessons for free videos on hip-hop, electronic, salsa, and all other types of dance. Whether you're looking for twerking lessons, dance seduction moves, or freestyle grooves, you're covered. Plus, dancing is great exercise if you hate going to the gym.

9. Couponing

I still haven't gotten into coupons, but some of my friends swear this ever-popular hobby saves them tons of cash. You'll likely want to get the Sunday paper, and scour the web for digital deals, but the savings you'll see is most usually worth the few dollars you'll spend. (See also: Score Coupons for Every Online Store)

10. Meditating

Sure, your body might be fit and active, but what about your mind? Try meditating to relieve stress, lower blood pressure, improve circulation, and more. Gaiam offers a wonderful (and free!) start-up guide for How to Meditate. Start by sitting and closing your eyes. Breathe naturally. Focus your attention on your breath and work up to concentrating in this way for two to three minutes. From there, work your way to longer periods of time.

Did we miss any cool free hobbies? Let us know in the comments!

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

Learn Something New With These 9 Cheap Apps

Damian Davila — Wed, 03 Feb 2016 18:19:00 +0000

With so many new things in the world to learn and so little time in your hectic schedule to spare, the learning part should be easy and accessible. For those who don't have the patience to sit down with a book, and who also are extremely attached to their smartphones, apps are a great way to turn a potential distraction into a powerful and portable medium for learning.

Here are nine cheap or free apps to help you learn something new.

1. Couch to 5K

Right now, many Americans are trying to keep their New Year's Resolutions. Among the top resolutions is to "get fit" and one of the most common ways to achieve that is to get off the couch and train for a 5K race.

Recommended by Shape Magazine as the best app for new runners, Couch to 5K provides you a training schedule of three 30-minute sessions a week for nine weeks to achieve your goal of running your first 5K race. It costs $2.99 to download and it's available on iTunes and Google Play.

Ready for the next level? There are also 5K to 10K and half-marathon (13.One) training apps. (See also: 5 Apps That Pay You to Exercise)

2. Dictionary

Want to become a "logophile" or discover what that word even means? Then download the Dictionary.com mobile apps for free (available for iPhone, iPad, Apple Watch, Android, Android Wear, and Amazon devices). With over 100 million app downloads and 5.5 billion word searches per year, Dictionary.com is the world's leading digital English dictionary.

Through its Word of the Day feature, you'll learn a new word every day, including its definition, pronunciation, origin, and example of use. This dictionary app also allows you to keep track of your favorite words so that you can bring them up when the time is right — and impress the pants off everyone you know with your massive vocabulary.

3. Duolingo

Speaking more than one language may enable you for higher pay in certain jobs and help you fight against Alzheimer's disease. By gamifying the language learning process, Duolingo (available on iTunes, Google Play, and Windows Store) makes your lessons fun and provides immediate gratification. Duolingo grants you points for completing tasks so you can see how you stack up against your friends.

Chosen as 2013's App of the Year by Apple and available for free download, Duolingo is a top choice for learning Spanish, French, German, Portuguese, Italian, Dutch, Irish, Danish, and English.

4. Fooducate

With an average rating of 4.5 stars out of 5 from a total of 11,200 ratings, Fooducate is another useful app to keep your resolution for a healthier and fitter 2016. This app, available on iTunes and Google Play, grades food items from A down to D based on the item's nutrition facts panel and ingredient list.

By scanning the UPC of many food items, you'll be able to spot information that may be hard to identify, including tricky trans fats, added sugars, and controversial food colorings. The rating isn't arbitrary. In 2012, the U.S. Surgeon General's Healthy App Challenge awarded Fooducate first place in the category of nutrition and healthy eating.

5. Khan Academy

Use it or lose it. Spreadsheet software and modern calculators hinder many math skills, including performing long division, factoring a quadratic equation, finding the least common multiple, or solving a system of linear equations. While you may have thought that you would never have to perform these math operations ever again, you would run into them if you were to take a standardized test, such as the GMAT, GRE, or ASVAB.

Without ads and subscription fees, the Khan Academy app, available on iTunes and Google Play, allows you to review those key math skills. You can also find plenty of free online classes on science, computer programming, history, art, economics, and other topics.

6. Mint

Available on iTunes, Google Play, and Amazon, the free Mint app helps you track all your financial accounts, cards, and investments in one place so you can improve your financial wellbeing. While you could try to keep track of all of your finances from statements, you could benefit greatly from Mint's visual dashboard. And since 65% of individuals are visual learners, the app's bar charts, pie charts, and colorful alerts allow you to spend smarter and save more.

One of the best features of the app is the ability to create a detailed budget so you can keep track of how much money you have left for the month in specific categories, such as dining, clothing, and transportation.

7. Poems By Heart

Another way to keep your mind sharp is to improve your memory. The Poems By Heart app helps you memorize and recite poems from several genres, including the "Shall I Compare Thee to a Summer's Day" sonnet by Shakespeare and "Eldorado" by Edgar Allan Poe.

The app is only available for iPhone and iPad and comes with four free poems. You can buy additional poem packages that feature the works of iconic poets like Walt Whitman, W.B. Yeats, and James Weldon Johnson. Apple featured Poems by Heart as one of "Apple's App Store Best of 2013" because it's highly engaging (and addictive!) user design.

8. Photomath

One of the hardest things about solving mathematical problems is to understand all of the steps involved in the process. Even worse, it's hard enough trying to write down a complicated arithmetic operation or lengthy linear equation.

The Photomath app allows you to snap a photo of a wide variety of mathematical expressions, including basic arithmetic, fractions, decimal numbers, linear equations and several functions, with the camera of your iPhone or Android device and show you a step-by-step answer. This is a very useful app for math students of all levels and parents of those young students willing to help out.

9. Quizlet

Flashcards are an excellent study tool because they allow for a self-directed personalized study experience that help us gauge our progress. Available on iTunes and Google Play, the Quizlet app allows you to build your own set of digital flashcards on any subject that you're trying to master. From learning new words in Spanish to memorizing kitchen recipes to preparing for a driving permit practice test, use Quizlet to unlock the learning power of flashcards in six study modes.

What are other cheap or free apps to help you learn something? Share with us in the comments!

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

5 Ways to Restart Your Resolutions This Spring

Marla Walters — Fri, 22 Jan 2016 12:00:04 +0000

Sure, I resolved to "be better about flossing" and "do more crunches" in my list of resolutions for 2016. I even spoke my resolutions aloud in my work wellness group to reinforce ethem. And then, upon re-reading them, I wondered how long those goals would last. A little research told me that only 8% of people who make resolutions actually achieve them.

As it turns out, maybe New Year's just isn't the best time to make resolutions. Maybe we should all be waiting until the snow melts and the flowers start to bloom. Isn't that a better setting to tap into your motivated self anyway? Here are five ways to restart your resolutions this spring, so you actually achieve them.

1. Remember That Goals Can Be Made Anytime

We like to make resolutions in January, because it's the traditional time to do so, and that "new year, fresh start" feeling is palpable and contagious. By breaking free of that January tradition, you might be able to actually achieve success. According to StatisticBrain, the top New Year's Resolutions in 2015 were:

Lose weight
Spend less, save more
Enjoy life to the fullest
Stay fit and healthy
Learn something exciting
Quit smoking
Help others
Fall in love
Spend more time with family

Sure, it's easy to hop on the scale January 1 and resolve to move more and consume less, but when the days are short and your energy is at an all-time low, it can be tough to get motivated. Why not start that new fitness chapter of your life once the snow melts and when being outdoors is actually bearable?

And for "spend less, save more," wouldn't reviewing your financial goals after your taxes are done make more sense? That's a very natural time to review what you've done, and see where you need to work harder. April, then, could be a month to begin setting financial goals.

Many of these resolutions can be implemented at any point during the year. There is nothing magical about starting them in January.

2. Learn to Exercise Because You Want to, Not Because You Have To

A soon-to-be-published Duke University study found that measurement of exercise "Has these pernicious effects. Enjoyable activities can become almost like a job, by forcing out the outcomes of things that used to be fun," said Professor Etkin, of the results.

I'm guilty of that. I like to write tasks down, and then cross them off. In doing those crunches, I'm not focusing on whether I'm doing them well, and using good form. I'm just counting them. I see a lot of this on Twitter, in tweets about how far a person has walked, or the amount of exercise performed. Instead, find something that's actually enjoyable, and it will feel less like a chore and more like a treat. (See also: 5 Things Yoga Can Teach You About Money)

3. Get Focused on Being Frugal

What do many of us do in January? We pay, or begin to pay, our credit card bills. Christmas was merry, but the Macy's bill isn't. And yet, what do we do? Join gyms. Buy exercise equipment. We pile debt upon debt in the name of self-improvement. And then tax season hits and we're back to suffering through another financial stress period.

Once Tax Day passes, look at springtime as a fresh start for your finances. Banish the urge to buy a new spring wardrobe and focused on becoming more frugally-minded instead.

4. Use Winter as a Recovery Period

After the delightful fun vibe of the holiday season, we put away our decorations and gear up for the new year. Many of us have put off big work projects until the holidays are over, since it's frustrating trying to coordinate meetings or meet deadlines at the end of the year. So, work in the winter becomes one long day after another. If you have resolved to go to the gym before or after work, that's just one more thing you need to get done each day. If you are already stressed about bills, work, family pressures, or other areas of your life, this is the wrong time to try to "better yourself."

What's best is to get your life in a calmer place, first. Think of winter as a recovery time for every aspect of your life, and use the dewy beauty of spring for rejuvenation and goal achievement.

5. Go Slow and Steady Toward Your Goals

Would you like to make a lot of self-improvements? First, remember that Rome wasn't built in a day. Next, try making a list. Pick the one thing on that list that is the most important to you. Make sure it's realistic. When you feel you are ready to try to achieve this goal (meaning not stressed out about other parts of your life), give it a while. If, after a month or two, you are sticking with it, then add another. Be like the tortoise, and you'll get there way before the hare.

Will you restart your resolutions this spring? Let us know in the comments!

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

10 Money Goals All 30-Somethings Should Have

Tim Lemke — Thu, 14 Jan 2016 12:01:03 +0000

You are not 29 anymore. It's time to start acting like a grown-up. Aside from doing mature things like ironing your clothes and eating more kale, it's also time to get your financial house in order.

Take a look at these 10 financial goals that all 30-somethings should have. Do yours line up?

1. Saving for a Comfortable Retirement

You may think that retirement is a long way off, but you're approaching a time when retirement age is closer than your college years. Crazy, but true. Hopefully, you've saved at least a little bit toward retirement up until this point. Now is the time to ramp it up. Try to max out your contributions into retirement accounts, if you can. If you're maxed out on your 401K, open an IRA. The last thing you want is to be sitting there at age 65 unable to retire because your 30-something self didn't plan ahead. (See also: 6 Financial Mistakes to Stop Making by Age 40)

2. Rebalancing Investments

If you began putting money into your 401K or other retirement plans in your 20s, that's great. But have you looked at them recently? Chances are, the balances of those investments may be out of line with what you intended. You may be too heavily invested in company stock. You may have less exposure to international investments than you planned. You may have too many large-cap investments and not enough small-cap stocks. Consider talking with an investment advisor to find the right investment mix, and get in the habit of rebalancing once each year.

3. Eliminating Credit Card Debt

If you racked up bills due to some irresponsible spending habits when you were younger, it's time to get yourself in line and eliminate that high-interest debt. Start by paying off the card with the highest interest rate and go from there. And then once you that debt paid off, start getting in the habit of paying your credit card bill in full each month. (See also: When to Use a Balance Transfer to Pay Off Credit Card Debt)

4. Paying Off Student Loans

Student loans were crushing to you in your 20s. But now you're reaching a point when maybe you can see the bottom of that debt pile. If elimination of that debt is within reach, go after it aggressively until it's all gone. You'll be amazed at how liberating it will feel, both financially and psychologically. (See also: Should You Refinance Your Student Loan?)

5. Earning More Money

Now that you're in your 30s, there's a good chance you have a good sense of what you want to be when you grow up. You have chosen a career path and can gain some income stability. Moreover, you have now been in the workforce for more than a decade, and have experience that you can leverage to go after that new job, that raise, and that promotion.

6. Saving for a Down Payment On a Home

If you are earning more and have your credit card and student loan debt gone, now's the time to stop renting and buy a home. If you plan to settle down, you're doing to want to save as much as you can to afford the house you want. Being saddled with a huge mortgage will only kill you later. Save up, so those monthly mortgage payments are manageable — or even non existent.

7. Building Up an Emergency Fund

Living on the edge was fun and exciting when you were in your 20s. If you got into a pinch, you could always bum money off your friends or parents. But it's not so cute when you're in your 30s and one major car repair or broken furnace from a financial disaster. It's time to start building up that emergency fund — at least three months worth of expenses — so you can easily handle whatever comes your way.

8. Being Properly Insured

When you're young, you may not feel it's necessary to save for your car insurance. You might settle for a low-cost health plan and skimp on some cheap renters' insurance. But you're older now. You have stuff that's worth money. And you're no longer invincible, health-wise. You may even have people in your life who count on you. This means you may need a more robust health insurance plan. You may need better homeowner's insurance. And it may be time to look into some term life insurance plans, so that your loved ones are taken care of if something happens to you. You may not want to think about bad things happening, but it's not like being unprepared for disasters will prevent them from happening.

9. Writing a Will

I'm not suggesting you need to start worrying about death, but you need to at least give some guidance on how your things should be divided up if you pass. And if you have kids, it's especially important to outline a plan for how they'll be cared for. You can get a will completed fairly easily online at websites like LegalZoom.

10. Giving to Charity

You are hopefully at a point in your life when you have a little extra money to give to those less fortunate. If you have some extra cash, consider donating it to a cause that you support. Not only will it be great for the recipient and make you feel good, but you can get a tax deduction as well.

Do you have your act together, or are your finances still stuck in the previous decade?

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

Fitness Resolutions: How Much Will Your New Exercise Routine Cost?

Ashley Marcin — Wed, 13 Jan 2016 22:00:03 +0000

Are you working hard to get fit in 2016? Welcome to the club. What you might not have considered before heading to that fitness class or lacing up your shoes is what that new routine is going to cost you. Here are five popular forms of exercise with a quick breakdown of some initial and regular costs you might incur. (See also: These At-Home Exercises Will Give You a Gym-Quality Workout for Free)

1. Walking or Running

One of the cheapest and easiest forms of exercise is walking. Depending on where you live, you may already have everything you need to take a jaunt around the neighborhood. You don't necessarily have to buy a fancy pair of shoes, but walking-specific sneaks might run you somewhere between $35 and $120. Otherwise, just map out some paths around your area and dress for the weather.

Walking and running are similar in cost, but running does entail a few extras. You'll likely sweat much more while you're running, so you may want to invest in some tech fabric clothing. Big box stores like Target and Walmart often have good deals. And while you can walk in most pairs of shoes, running requires a bit more support and cushioning. At sites like Running Warehouse, you can find a pair ranging in price from $50 to $180 and up.

Of course, if you live in a colder climate, you might also consider joining a local gym for treadmill access. Buying your own treadmill can cost well over $1,000. Check Craigslist and yard sales for gently used models at a fraction of this price.

2. Yoga

Breathe in, breathe out. Yoga is all about the mind-body connection and can do wonders to de-stress your life. What's also cool about yoga is that you can do it from the comfort of your living room. A basic yoga mat costs only $10. You may also want to pick up a block and a strap to help ease your body into certain positions, but they're also low in price.

Studio class costs range depending on location, but I've seen anything from a $5 student drop-in rate to $25 or more per group session (the prices climb significantly if you want a private lesson). If you're a member of a gym, check around to see if yoga classes are offered for free or at a lower price. And ask studio managers if they offer introductory class passes that give you a number of sessions at a discounted price.

Better yet, you can find countless free yoga workouts on YouTube. I like Yoga with Adriene — budget is no excuse not to get your flow on. (See also: 7 Online Workout Videos for Free or Cheap)

3. Spinning

I've never seen people more passionate about cardio than in my old spinning classes. My group met early in the morning at the local YMCA. Classes cost a modest $5 a pop (on top of our $70 monthly family membership). As far as equipment goes, a towel and water bottle are important for staying on top of hydration. Some riders choose to wear actual clip-in cycling shoes that cost anywhere from $50 to $100 and up.

Don't have a gym membership? Independent studios, like SoulCycle in New York City, can cost around $34 per class. You get better rates if you buy class passes. For example, if you're loving it, a 30 class pass runs $850 or $28 per class.

Eventually I caved and bought my own entry-level spinning bike for around $200. I've used it at least once or twice a week for the last five years. It hasn't needed any maintenance, so I consider it money well spent.

4. Pilates, Barre, etc.

Need to work on your core muscles? The Pilates method will surely get you on the right start and even help with your posture. Another routine worth mentioning is Barre, which blends the best of yoga, Pilates, and ballet into one handy workout. Equipment is minimal and often supplied by the studio. You'll mostly need a yoga mat and small hand weights.

Like other studio classes, the costs range depending on your area. For example, at the Pure Barre studio in Syracuse, NY, you can get an introductory month of unlimited classes for $99. Otherwise, a single class costs $20. And Ploome Fitness in Philadelphia, PA charges $28 for group Pilates classes and $99 for private sessions. You can always search for free workouts online on sites like Fitness Blender.

Do you enjoy exercise classes in general? Don't discriminate! Consider getting a ClassPass, which gives you unlimited fitness classes at a variety of studios in your area for just $125 per month.

5. CrossFit

Full disclosure: I've never participated in CrossFit — but it's extremely popular among my friends, both male and female. The format of the class is all about the W.O.D., or workout of the day. You do a mix of bodyweight challenges, heavy weights, and bursts of intense cardio among other things. You get ripped and gain confidence all at the same time.

According to Men's Fitness, there are over 5,000 certified "boxes" (CrossFit gyms) across the United States. Prices vary by location. At CrossFit NYC, for instance, box membership gets you access to over 400 workouts each week. It costs $225 per month if you attend at any time or just $165 if you commit to off-peak hours. For comparison, at CrossFit Austin in TX, an unlimited, all-hours box membership runs $169.

Though doing CrossFit workouts at home might be difficult without all the weights and other equipment, you can still get your sweat on for free. Check out this Do-Anywhere Workout that runs through a series of burpees, butterfly sit-ups, jump squats, and more. You'll just need your body weight and maybe a good pair of CrossFit shoes that might run between $40 and $175.

What are your fitness goals this year?

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

8 Financial Decisions You'll Never Regret

Dan Rafter — Wed, 13 Jan 2016 14:00:03 +0000

A new year is here. And even if you've already broken the resolutions you made at the end of the holiday season, it's never too late to make new ones, especially when it comes to your finances.

Here are eight financial decisions you can make now that you'll never regret. Make the moves on this list soon, and you'll dramatically increase your odds of a happy financial future.

1. Save More for Retirement

How much money will you need each year to enjoy a happy and healthy retirement? That depends on what you want to do after you leave the working world. You'll need more money if you plan to travel the world, and less if you envision days spent reading, binge-watching TV, and playing with your grandchildren.

A survey released last April by the Employee Benefits Research Institute suggests that more workers understand they'll need large amounts of money to enjoy their retirement years. The survey found that more than one in 10 workers think they'll need to save at least $1.5 million for their retirements. That's a lot of money. One way to reach such a lofty goal? Put away as much as you can each year now, even if your retirement days seem far away.

You'll never regret your decision to maximize your contributions to your 401K plan or your annual deposits to an IRA. Start boosting those savings today.

2. Building an Emergency Fund

What happens if your furnace conks out today? What if your car's transmission needs to be replaced? If you're like too many people, you'll put the cost of replacing these items on your credit card, building your debt.

The better option is to draw from an emergency fund of cash that you have already saved, usually in a savings account. Financial experts recommend that you build an emergency fund that can cover at least six months of your daily living expenses. (See also: 6 Emergency Fund Myths You Should Stop Believing)

This might seem daunting. But if you deposit what you can each month — even if it is as small as $100 — that emergency fund will steadily grow.

3. Pay Off Your Credit Cards

Carrying a balance on your credit cards each month is a terrible financial decision. That's because cards come with such high interest rates — sometimes 18% or more. This makes your monthly debt grow by too much, even if you don't add any new purchases to your cards.

Don't just make the minimum monthly payment on your cards. If you do this, it will take far too long to pay off your credit card debt. Say you have a credit card with a balance of $5,000 and an interest rate of 18.9%. If your minimum monthly payment is 4% of your outstanding balance, it will take you more than 11 years to eliminate this debt, even if you don't make any new purchases with this card.

The better move is to always pay more than the monthly minimum. And don't buy items with your cards that you can't afford to pay off at the end of every month.

4. Pay Your Bills on Time Every Month

A single missed payment — on credit cards, mortgage loans, auto loans, and other debts — can drop your three-digit FICO credit score by 100 points. That missed payment will also stay on your credit report for seven years.

Decide today to never make a late payment again. Having a low credit score makes it difficult to qualify for loans or credit. When you do qualify for these loans, you'll be faced with high interest rates.

5. Buy a Home That You Can Actually Afford

It's tempting when home shopping to stretch your budget to get into a bigger, more expensive home. But buying a home that's out of your budget, even by a bit, can be a big financial mistake. Those monthly mortgage payments can quickly become a burden.

Instead, buy a home that you can comfortably afford, even if it's not your dream residence. Mortgage experts recommend that your total monthly housing expenses, including your estimated new mortgage payment, be no more than 30% of your gross monthly income. Follow this guideline if you don't want to feel the strain each time your monthly mortgage payment comes due.

6. Track Your Spending

You might be surprised by how much you spend each month on take-out lunches or morning coffee runs. But if you create a spending book and track those expenses, it might help you make lifestyle changes that can add up to big savings each year.

A spending book is just a notebook in which you record all your daily purchases for a set period of time, usually anywhere from two weeks to two months. Once you're done tracking your expenses, add them up. This gives you an idea where you are overspending. (You can also use automated tracking at free sites like Mint.com.) If you're spending too much on those morning coffees, for instance, you might decide to limit your time at Starbucks to twice a week instead of five times.

7. Create a Household Budget

You might shudder at the thought of drafting a budget for your household. But you can't get control of your finances if you first don't know exactly how much money is coming in and going out of your home each month. Fortunately, creating a budget isn't difficult.

First, write down the income you receive each month. Then write down those monthly expenses that never change, everything from your mortgage payment to your auto payment to your student loans. Then, write down those payments you make each month that fluctuate a bit. This would include your utility bills, credit card bills, and transportation costs to and from work. Estimate these. Finally, include estimated amounts for monthly groceries, entertainment, and eating out.

Once you have these figures, you can determine how much money you should have left at the end of the month. Armed with this information, you can figure how much money you can save, invest for retirement, or put away for a child's college education.

8. Save First, Then Buy It

You want that new computer or that high-end flat-screen TV. It's tempting to simply use your credit cards, but the better move is to save up for that big-ticket non-necessity, and only buy it when you can pay for it with cash.

This takes patience, of course. It might take you several months to save up for that new TV. But you'll enjoy your new electronic treat more if you don't have to dread next month's credit card bill.

What financial decisions have you never regretted?

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

5 Everyday Words That Are Making You Look Stupid

Amanda Meadows — Tue, 13 Jan 2015 12:00:07 +0000

We use so many words to get us through basic conversation, and we often think very little about how they make us look (like these 10 words corrupting the smartest of us). Let's make correcting our speech an easy New Year's resolution! Let's start with five everyday words that are making you look stupid.

1. "Seriously"

Let's cut to the chase here. If you're really serious about something, just use earnest language. Starting a thought with "seriously" will totally undercut your meaning. In other words, using "seriously" now signals the opposite — that you are not serious about yourself or what you say.

2. "Unique" or "Creative"

Your parents are most likely to fall into this trap, so don't do this to yourself! People tend to say something is "really unique" or "very creative" when they don't understand what they're looking at but want to sound nice. These are phrases that somehow manage to make you look both ignorant and condescending, without providing any useful feedback. The worst part is that all of this is wholly obvious to the recipient.

3. "Actually"

Mansplainers, please find a new word. "Actually" is a great way to tell someone that you think what you are saying is a fact, when it's usually an opinion, speculation, or interpretation of someone else's findings. If you want to correct someone, try talking to them like a person, not like an armchair professor without the credentials. "Actually" is not only a crutch, but a signal to others to stop listening.

4. "Awesome"

It's time to cut all those excessive superlatives from our vocabularies. Describing things, people, and places as "awesome" or "totally rad" or "way cool" all the time betrays a lack of adjectives in your arsenal. With too much use, you could also appear immature and lacking in perspective. If everything is awesome or it sucks, are you capable of observing nuance in the world? Your friends certainly won't think so.

5. "Random"

Our everyday lives are mostly a sequence of cause and effect, right? Calling something or someone "random" on its face is a meaningless comment. Is what you witnessed absurd, surreal, or otherwise strange? Attempt to describe it without calling it "random," which makes you sound like a teenager. There's nothing worse than discussing a topic with someone who displays zero points of reference or bases for comparison.

Any other words to add to this list? Please share in comments!

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