Search Results for: budget

8 Ways to Save For an Engagement Ring Without Going Broke

March 24, 2021 By Justin Weinger Leave a Comment

When you’re ready to ask the big question, the thing that can be a little daunting is figuring out how to afford a ring. Living the broke life means you probably don’t want to get a high interest loan, or add more debt to your credit card, so what can you do instead? You can save. If you haven’t started saving yet, now is a good time to start. Because if you want her to say, “I do”, you’ll probably want to put a ring on it.

Set a Budget

Start with a reasonable (for you) budget in mind. If you’re slinging burgers and hustling Uber rides for money, it’s likely that a $10,000 ring isn’t right for you. While old-school experts say you should plan to spend 2-3 months salary on a diamond, new research shows that’s not the case anymore.

The truth is, you decide on a budget that works for you. Pick a number, and plan to stick to it. It can be easy to get carried away later on, but if you know how much you have to spend, it becomes easier to stick with the budget.

Split it Up Over Several Months

If you’re thinking about marriage but not ready to ask just yet, it’s a great time to start setting aside money each month. Once you’ve figured out how much you want to spend on a diamond ring, you can figure out how much you need to have on hand. Let’s say you want to spend $2400, you would need to set aside $200/month to have enough money for it in a year.

Be a Cheap Date

Setting financial goals, means you might need to make some sacrifices. If you aren’t already frugal in some areas of your life, it’s probably time to start so you can get that ring. There are plenty of ways to go out with your loved one without spending a fortune every time. Go out to eat less each month. Rent movies instead of seeing them at the theater. Don’t splurge on expensive trips.

Find Affordable Rings

The truth is you don’t need a ring with a diamond the size of the crown jewels to pop the question. Princess cut engagement rings are one of the most affordable cuts and one jeweler, Diamond Nexus, has several sparkly options for under $1000. If you got frugal enough, you could save for one of these beauties in just a few months.

Automate

It’s hard to spend your money if you can’t see it in your bank account. Automate your saving using the tools your bank offers or even using an app. Forbes mentions in this article that one of the best ways to save money is through automation. Some people even use apps that round up their savings. It’s a great way to set aside your “spare change” from purchases you already make.

Check Your Entertainment Budget

If you’re paying for 7 streaming services plus cable, internet, and 14 other subscription services, maybe it’s time to say goodbye to some of these or try to do more free and outdoor activities. Once you fill your time with sunshine, maybe you can say, “see you later.” Some people save as much as $300/month by cutting subscription services or getting smaller cable and internet packages.

Change Your Insurance Company

Insurance costs a lot of money over time. There is insurance for your home, your car, your health, and even your death. One way to cut costs to save up for that engagement ring is to switch insurance companies. While you may not be able to choose your health insurance, you can save big when you switch your car, home, and life insurance. Some people are overpaying on these important items by thousands of dollars a year.

It’s easy to save up for your engagement when you put your mind to it. The best thing about saving up and paying cash for a diamond ring is the peace of mind you gain by not having to worry about paying for it later. You can get down on that knee and ask for her hand in marriage without the dark cloud of debt. And with these good savings practices put in place, you’ll set the stage for a healthy financial future in your marriage.

Understanding AMC: Practical Solutions To Help You Get Ready for Investing

March 22, 2021 By Justin Weinger Leave a Comment

If the madness with Gamestop and AMC stocks has you interested in investing your money in the stock market, you’re not alone. But the movement Redditors were able to garner isn’t the status quo for the average investor, so it’s not something you’ll find on a regular basis.

However, just because you missed the AMC movement doesn’t mean you shouldn’t dabble in the stock market. It just means you’ll have to grow your earnings over a more extended period. But before you decide to grow your money by investing, you should first understand what happened with the AMC Entertainment stock.

What Happened With AMC?

A large number of investors bet that the AMC stock would decrease in value, but a group of day traders collaborated to buy large amounts of the stock, which caused the price to increase. If the day traders didn’t sell the stock and bring down the price, the investors who bet the AMC stock price would decrease were going to lose large amounts of money on the deal.

The day traders who shorted their shares, or bet on a decrease, then had to buy their shares back at some point. And because the stock price was high, it forced them to pay a premium on the stock, which was good news for the other investors but bad news for them. Hedge funds lost a lot of money when it happened.

How It Changes Investing

Although large investors frequently manipulate the market in this way, keeping smaller investor gains to a minimum, this move by the day traders may have leveled the playing field to an extent. If everyone can coordinate, choose a target, and manipulate the market, significant leaps in stock values can occur at any time. The impact on the stock market’s future is unknown because these particular moves by this level of investors aren’t a usual occurrence.

For now, since the little guy can make big impacts in the stock market, it might be time to dip your toe in the pool to see what you can do. But before you can invest your money, you have to find the extra cash to grow.

Get Your Finances Ready to Jump In

With the coronavirus still bearing down on the United States and unemployment at all-time highs, finding extra money in your budget to invest in the stock market might seem impossible. And while it’s true that increasing your income at this point might be a challenge, you can at least go through your expenses to see if you can reduce or eliminate some of them to free up cash.

If you hold credit card debt, that’s the perfect place to start cutting, and you can do so by using debt consolidation. The right financial agency can look at your eligible debt and roll those balances into a single loan with one monthly payment. Having only one bill instead of many for your debts can give you the flexibility to use the extra money for investing.

Take Out A Loan

The stock market is constantly changing. One minute a stock is worth pennies and the next its value increases exponentially. If there’s an investment you can’t afford to pass up on, you could use bad credit loans to get started. These are short-term loans for borrowers with poor credit histories. You can receive a deposit of up to $2,000 to invest in stocks. Just ensure that you borrow responsibly and repay the loan in a timely fashion to avoid financial consequences down the road.

Beware of the Risks

Once you decide to invest in stocks, keep in mind that doing so doesn’t come without risk. It’s essential to do your research before jumping into a stock, and if you don’t know what you’re doing, you should seek out a professional. The last thing you want to do is lose the money you invest, so a financial advisor can help you diversify your portfolio and tailor your choices to your goals.

Grow Your Holdings

Taking the free cash in your budget and putting it to work in the stock market is exciting, but don’t get caught up in the AMC hype because that’s not always going to happen. Instead, invest in companies you believe in, take advice from the pros, and minimize your risk as much as possible when you are starting out. That way, you can have fun and grow without adding unnecessary risk to your bottom line.

5 Things to Consider When Shopping Around for Car Insurance

March 20, 2021 By Justin Weinger Leave a Comment

You’re ready to get car insurance but don’t want to pay more than you need to. To get a good deal, you need to know a few things. The more you know, the better your arrangement is going to be. The following are five things you need to consider as you shop for car insurance.

The Claim Frequency

Some insurance companies look back three years to see if you’ve had a claim. Other companies look back five years. If you haven’t had an accident, this shouldn’t worry you too much. If you’ve had an accident in the last four or five years, you might find this information quite helpful. If you don’t want your insurance company to go back that far, then opt for one that looks back three years, and you should end up with a better deal than you would have otherwise. As a side note, if you’ve never had an accident, then ask about a safe driver discount. Some companies offer them.

Have a List

You should consider writing a list of questions as you shop for your auto insurance policy. You need to ask questions like do you need insurance on a car that doesn’t run or if the coverage will cover you in certain lines of work. Most policies will not cover you if you’re a delivery person or use your car for freelancing jobs. You’ll need to get additional coverage to take care of yourself during those times. If a vehicle doesn’t run, it needs to be insured unless the car isn’t registered. Include any other questions you can think of on this list.

Look for Discounts

It’s essential to find out about potential driver discounts offered by auto insurance companies. Each insurance company offers specific discounts to their drivers, so find out what those are. Some of them offer discounts to warehouse shopping clubs, while others offer discounts to folks who’ve taken defensive driving classes. Some insurance companies offer discounts if you don’t drive your car as much. Each of these discounts could make it easier to pay for your policy. Find out what deals are offered by many companies until you find one that gives you the most.

Ask About Optimal Coverage

Insurance companies offer optimal coverage options, and you need to know what those are. Some offer things like roadside assistance, but you can add additional coverage to your policy, like having rental reimbursement. You know how much a car rental can cost. Imagine using a rented car for days. It could end up costing you a lot more than you want to pay. If you get this coverage, you won’t have to worry about it. Remember to find out how these additional coverages are going to affect the entire price tag.

Consider Deductibles

Deductibles are important. If you’re willing to accept a high deductible, then you might be able to lower the amount of money you have to pay each month to be covered. If you can’t pay a high monthly installment, you could raise your deductible. It’s crucial to find out more about this before you make a decision. Work your budget out and find out how much you can handle a month. If you are going to have a high deductible, make sure you have this cash saved somewhere, just in case you ever need it.

These five things should help you get pretty good car insurance. Don’t rush this journey. Talk to as many companies as possible so that you get the best deal you can.