Tag: Weekly Roundup

 

4 Inspiring Stories to Motivate You to Become More Financially Literate

Let’s say you’re hanging out with a bunch of wine snobs. Everyone is talking about their favorite merlots and chardonnays and wineries. And you, a consummate beer lover, keep your mouth shut, for fear of being perceived as an uneducated philistine.

If you don’t know much about personal finance, you might behave similarly. Chances are, you don’t want to announce that there’s no money in your bank account at month’s end. You also don’t want to tell anyone that you don’t know the difference between a 401(k) and an IRA.

Your knee-jerk reaction might be to bury your head in the sand.

If you’re clueless about your finances, you’re in good company. It turns out that 32 percent of young adults have limited money management skills, according to a University of Illinois study.

But, here’s the good news: You can start taking charge of your financial situation at any time. And,  in honor of Financial Literacy month – and to give you inspiration –  we’ve rounded up stories and tips from people who went from being financially illiterate to money-saving champs. Take a look:

Get Your Side Hustle On

When Logan Allec graduated from college, he was a financial mess. At 21 years old, he had more than $35,000 in debt, no car, and zero balance in his bank account. The little money he earned straight out of college went toward rent and student loans.

Allec remembers sitting at his cubicle one morning, pondering what his life would look like in the future, and he suffered a minor panic attack.

“I saw future me living a life of want and need,” says Allec, who is now a CPA and owner of Money Done Right.

To turn things around, Allec focused on boosting his income while lowering his expenses. To increase his take-home pay, he worked as much overtime as possible at his day job while side hustling. To save on rent, he moved in with roommates and ended up sharing a room with three other guys, which lowered his rent by $275 a month. He also cut costs by preparing food at home instead of eating out, and opting for generic rather than brand-name items at the supermarket.

By the time he turned 22, Allec had over $10,000 in his savings and investment accounts, and was adding $2,000 to his balance each month.

Start Small

When Jon Dulin became interested in personal finance, he read books and blogs, and listened to podcasts on the topic.

“I wanted to understand how people build wealth so they could choose to work or not work,” says Dulin of MoneySmartGuides.com

Dulin found that all the money experts were saying the same thing: It starts with saving money. But he was still skeptical.

“I didn’t think that it really was this simple. I was certain there was a trick or secret no one was willing to share.”

Regardless, he started squirreling money into his workplace’s 401(k) plan.

“I was saving twenty dollars a paycheck. It felt pointless, but I did it anyway.”

To his surprise, by the end of the year he had close to $1,000 after growth and dividends. By the end of the second year, he was closing in on $2,000. Dulin was in disbelief.

“I realized it was that simple. Now I find every way I can to save money, even if it’s five dollars, because I know that it will grow into larger sums,” he says.

Pay Yourself First

A few years ago, Todd Kunsman was stuck in an apartment he could barely afford, had a high car payment and two student loans. To make matters worse, he was laid off from his job a few weeks shy before Christmas. This left Kunsman with just a few dollars each week in his checking account to scrape by on.

He started getting knee-deep in reading books, following blogs and listening to podcasts on his own time in order to learn more above finances and investing.

“I realized that becoming financially literate was on me,” says Kunsman.

“And while there is a lot of information, it’s not that hard to understand once you take time to digest the material.”

Fast forward to the present, and Kunsman has invested over $70,000, knocked out 95 percent of his student loan debt, and his car is fully paid off. Plus, he’s maintaining a 65 percent savings rate.

Kunsman also adopted the pay yourself first mindset. Each time he gets paid, he socks away a percentage for retirement and for his savings. To stay consistent, he suggests auto-saving for your money goals. And of course, be patient.

“Even if you can only save a few bucks each week, by the end of the year you’ll be amazed at your progress. We all have to start somewhere,” says Kunsman.

Track Your Spending

Camilo Maldonado grew up in poverty and was never taught how to manage money at home. But when he went to college and had to stretch his dollars and handle his own finances, he began using a money management app to track his spending. Knowing how much he spent in all areas — meals, entertainment, travel — changed everything.

“When I graduated and got my first job, I was already comfortable with living within my means. That experience in college fundamentally changed my attitude toward money,” says Maldonado, now a co-founder of The Finance Twins.

“If you don’t track where your money is going, you’ll never be able to master your personal finance situation. You also don’t have to use a fancy program if you don’t want to. You can start with your bank and credit card statements and a blank sheet of paper. It’s that simple,” he says.

Start Today

Are you ready to increase your financial literacy?

Even if you don’t feel like you know enough about your money matters, you can learn from these financial tips and take action today. In turn, you’ll start to make headway toward your money goals. What could be more motivating than growing your net worth?

 

The Weekly Roundup: What to Know this Week

Welcome to the Chime Weekly Roundup! Each week we bring you a roundup of the best money tips, tricks, and hacks that will help you, and your friends, lead healthier financial lives.

Whether it’s paying taxes, being aware of what you pay in bank fees, or having the money-talk with the roomies, it’s never a bad time to assess how effectively you are managing your money. Even an effort to make small changes can have a big effect on your financial wellness, and there’s no better time than now to get started.

1. What to say to your friend who is paying bank fees and doesn’t know it…

Time to investigate. Most people are getting charged some kind of bank fee and not realizing it’s happening. Call your bank and ask what kind of fees they charge, and if you’ve been charged for any of those recently. If you decide you don’t want to pay fees, you could benefit from switching to a bank that does profit by charging its members fees.   

2. What to say to your friend who looks forward to tax season as a chance to go shopping…

Invest in the long term. Stash away that money in a tax-sheltered account so goes further, or try to kick-start a few savings goals. You could even put that money away to help build your emergency fund. Whatever it is you decide on, try to think how the choice will benefit you in the long term.

3. What to say to your friend whose roommates get out of hand with the money…

Set the ground rules. Review your monthly expenses and decide what is important, and who will handle each role. Remember to be clear and firm about these roles, as it will be less of a headache now to ensure everything gets done in advance, then to play catch-up later in the month. Also, plan a time in the future to have a sit-down and have a financial check-in to make sure everyone’s happy with the process.

4. What to say to your friend who thinks they are all prepared for tax season…

Are you up to date on current events? While you may be prepared and confident from preparing last year’s taxes, with a new administration in office, there are some significant changes coming. Read up on the upcoming changes and look into how they will affect you so you can prepare an accurate tax return. If you need help always consider reaching out to a professional.

We hope you enjoyed this week’s weekly roundup, and of course your weekly roundup bonus from being enrolled in our Automatic Savings program! 

 

The Weekly Roundup: What You Need to Know

Welcome to the Chime Weekly Roundup! Each week we bring you a roundup of the best money tips, tricks, and hacks that will help you, and your friends, lead healthier financial lives.  Here are the most-shared articles this week: 

1. What to say to your friend who struggles with their money…

There’s never a better time than now to start improving your financial health. Knowing what questions to ask is a great way to start enhancing your financial knowledge. Simply just asking the right questions is a great help you better navigate tough situations and also prepare you to have greater wealth in the long run.  

2. What to say to the friend who can’t stand carrying change…

Cash could soon be a thing of the past. Digital and mobile payments continue to grow as the preferred way to most people to pay. With more and more merchants jumping on board, you may soon run into trouble even just trying to pay with cash. 

3. What to say to your friend who is always fretting about their tax return taking so long to arrive…

Go for direct deposit and skip the physical check. The quickest way to get your refund is by having it directly deposited into your spending account. To get to you money even quicker, when you use Chime, you will get notified instantly when your refund arrives. Also, make sure to be aware of and all important deadlines.

 

The Weekly Roundup: 3 Mindful Money Articles We Loved This Week

Mindfulness and meditation are amazing tools to improve our overall health and well-being. These techniques are often practiced to improve our emotional health, but they can also be applied to dramatically improve our financial well-being. By slowing down and reflecting, we become in tune with ourselves—allowing us to make more mindful decisions that can help us reach our money goals.

1. What to say to your friend who’s stressed about money all year long…

Be mindful and work to reinforce positive habits. Spend time thinking about what you want your financial life to look like and create a spending plan that reflects your values.

2. What to say to your friend who’s eager to make this year’s tax season stress-free…

Research and start preparing now. If you haven’t already, compile a list of your deductions early so you have time to slow down and reflect on any extraneous expenses you may have forgotten to add. Also, make it easy on yourself by utilizing free online tax software that can help walk you through the process.

3. What to say to your friend who has no experience saving money…

Let’s start with the basics. Review your past spending habits to give you an accurate picture of your lifestyle, then reflect on any changes you’d like to make and set related goals. Address any conflicts you see between your past spending and current goals. Then, develop a consistent pattern of checking in with yourself so you stay on track towards building new spending habits.

We hope you enjoyed this week’s weekly roundup, and of course your weekly roundup bonus from being enrolled in our Automatic Savings program! 

 

The Chime Weekly Roundup: Holiday Edition

Welcome to the Chime Weekly Roundup! Each week we bring you a roundup of the best money tips, tricks and hacks that will help you, and your friends, lead healthier financial lives.

It’s a busy time of the year. We are all hustling to buy gifts, book last minute travel, and attend holiday parties, all while trying to keep our budgets in check. It can be overwhelming, but we’re here to help. So, take a deep breath and check out this week’s roundup of holiday travel hacks that will help you go further on less while creating memories that will last a lifetime.

1. What to say to your friend who can’t figure out what to give this year…

Give the gift of travel! Experiences are all-around the best kind of gifts to give. Giving someone an experience provides them with the opportunity to learn more about themselves, and the world around them. Remember, it doesn’t need to be some exotic vacation across the sea, local museums and food festivals work just as well.

2. What to say to your friend hasn’t booked their flight home for the holidays…

Have you explored all the options? If you want to get home for the holidays without breaking the bank, and staying put due to fearful financial factors, these tried and true travel hacks are sure to help.

3. What to say to your coworker who always gets everyone the lame office gift…

Did you just wrap office supplies again? Some of the best gifts are practical with a twist, like a wordy office mug or quirky sticky notepad. These gifts have the benefit of being affordable, practical, and charming. Don’t be the person who gives an eraser or sticker pack, dazzle your coworkers with creative simplicity.

4. What to say to your friend who’s putting off open enrollment because “it’s complicated”…

There are resources that can help! Don’t just wing-it, follow advice from those who know what they are doing so you reduce the risk of missing out and losing money, on employee benefits. The process will go smoother and seem less complicated if you spend more time in the beginning on the initial prep work of gathering everything you need to complete your benefits enrollment. If you run into problems you can always utilize free online tools to help you estimate insurance costs and employer coverage, or as said earlier, ask an expert.    

5. What to say to your friend who always runs out of money around the holidays…

Develop a spending plan. You can always find a way to participate in the holiday giving if you get a little creative. Set yourself a budget, or take part in a small gift-giving event like Secret Santa or White Elephant. Try giving something sentimental and handmade, while cheap these gifts always pack that, “it’s the thought that counts” punch. Whether it’s helping a friend clean out their garage or regifting something you never use, there is always a creative way for you to get involved in the holiday cheer.

We hope you enjoyed this week’s weekly roundup, and of course your weekly roundup bonus from being enrolled in our Automatic Savings program! 

 

ICYMI: The Chime Weekly Roundup

Welcome to the Chime Weekly Roundup! Each week we bring you a roundup of the best money tips, tricks, and hacks that will help you, and your friends, lead healthier financial lives.

Holiday shopping and expenses are on our mind as we enter the biggest spending season of the year. Remember that planning ahead and having a sound strategy for seasonal spending will help you avoid the holiday hangover.

Here are 4 articles to help awaken your fiscal spirit just in time for the holidays:

1. What to say to your friend who always gets carried away with holiday shopping…

Plan ahead! Setting a holiday budget can become a simple task, and you can avoid the experience of spending more than you planned and feeling the repercussions the following month with some simple guidelines. These seven simple tips cover everything from enlisting budget apps to encouraging early shopping.

2. What to say to your friend who gets stressed out every holiday season…

Get shopping out of the way early. Let’s face it, the holidays can be stressful, especially when it comes to money. The key to happy holidays is finding ways to manage financial stress before it hits. In this article, LearnVest offers some great ways to navigate the holiday chaos.  


3. What to say to your friend who thinks they can’t afford the holidays…

Skip the fancy latte! Making room in your budget for large purchases is as easy as changing a simple habit in your daily routine. In this podcast, Shannah discusses savings strategies, what to do when you go over budget, as well as advice on some useful holiday shopping apps.

 

4. What to say to a coworker who still hasn’t enrolled for 2017 benefits…

Winter is coming. Open enrollment is ending soon for most employers. Maximize the use of your employee benefits so that you have more money for gifts and experiences. Knowing what to opt in or out of is not always as straightforward is it seems. There are always articles to read, or experts to help. Read on to learn the best ways to handle your employee benefits and optimize your coverage.

We hope you enjoyed this week’s weekly roundup, and of course your weekly roundup bonus from being enrolled in our Automatic Savings program!

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