Thanks Sue. It is hard and not intuitive for most of us... and I agree 100% that we absolutely should be talking about this stuff, esp. as freelancers.
Practical and sound advice. Thank you for sharing! Emergency fund is key- used mine up during the pandemic then replenished it when I had a job. Using it again while I'm in-between.
Melissa, I’d like to suggest I-bonds through the US Treasury as an excellent savings tool. They are fully backed, open to only citizens, and can be (sometimes) used for children’s college expenses. They yield a base interest rate plus the inflation rate. Over the years, they’ve done much better than savings accounts (I made 9% a couple of years ago.) limit $10,000/year. They can also be given or received as gifts.
Hey, that's a great suggestion. I always debate how much into the weeds to go on posts like this. But you're spot on. I bought a few years ago when inflation was off the charts high, and like you got in on those nice interest rates. It's definitely a good option for folks who are already doing most of the other things.. AND is comfortable parting with that money for at least 5 years (I believe that's still the minimum time one has to invest in an I-bond, right?).
Pay cash. As often as possible but things with cash. If you don’t have the cash in your pocket, don’t put yourself in debt with a credit card.
Those reward type cards will cost you more in interest in the long run!
Stay out of debt.
Buy the used vehicle.
Buy the bicycle.
Get to where your mortgage is your only debt. Is it easy? Nope.
Work extra shifts.
Bank that cash or put it in your cookie jar. Pay cash for your coffee, hot dog or pastrami sandwiches. Pay for your daily “stuff” with cash.
Your notebooks and pens and pencils. It helps keep local money local without the shopkeeper having to pay theirs giant bank fees.
Shop at your local mom and pop.
Support youth sport teams when you can. Buy a hot dog and soda at the concession stand if you can’t afford to sponsor a team. Keeping your purchasing dollars local helps out your community. Did I mention, pay cash!
I avoid those stadiums, venues and such that only accept payment by card. Tip your waitress in cash. Bartenders too. And the band. Go watch some local bands.
Amazing content. Regarding the main topic of this post - there is actually a dedicated company in Europe which operate with being amount your money: https://www.samlino.dk/
All that you wrote was time consuming for you to learn. You should be paid. This is a great side hustle for you. Or, a consultancy if you prefer.
Excellent, M. It’s hard to talk about money, especially if one grew up in an environment that was maxed out with money-stressed (me).
Break the pattern! Learn from Melissa’s wise and accountable methods. You can do it. Ask for help.
Thanks, Melissa!
Thanks Sue. It is hard and not intuitive for most of us... and I agree 100% that we absolutely should be talking about this stuff, esp. as freelancers.
Practical and sound advice. Thank you for sharing! Emergency fund is key- used mine up during the pandemic then replenished it when I had a job. Using it again while I'm in-between.
This is a really informative post. Thanks for sharing.
Melissa, I’d like to suggest I-bonds through the US Treasury as an excellent savings tool. They are fully backed, open to only citizens, and can be (sometimes) used for children’s college expenses. They yield a base interest rate plus the inflation rate. Over the years, they’ve done much better than savings accounts (I made 9% a couple of years ago.) limit $10,000/year. They can also be given or received as gifts.
Hey, that's a great suggestion. I always debate how much into the weeds to go on posts like this. But you're spot on. I bought a few years ago when inflation was off the charts high, and like you got in on those nice interest rates. It's definitely a good option for folks who are already doing most of the other things.. AND is comfortable parting with that money for at least 5 years (I believe that's still the minimum time one has to invest in an I-bond, right?).
One year. After five, the two month interest penalty is eliminated.
Pay cash. As often as possible but things with cash. If you don’t have the cash in your pocket, don’t put yourself in debt with a credit card.
Those reward type cards will cost you more in interest in the long run!
Stay out of debt.
Buy the used vehicle.
Buy the bicycle.
Get to where your mortgage is your only debt. Is it easy? Nope.
Work extra shifts.
Bank that cash or put it in your cookie jar. Pay cash for your coffee, hot dog or pastrami sandwiches. Pay for your daily “stuff” with cash.
Your notebooks and pens and pencils. It helps keep local money local without the shopkeeper having to pay theirs giant bank fees.
Shop at your local mom and pop.
Support youth sport teams when you can. Buy a hot dog and soda at the concession stand if you can’t afford to sponsor a team. Keeping your purchasing dollars local helps out your community. Did I mention, pay cash!
I avoid those stadiums, venues and such that only accept payment by card. Tip your waitress in cash. Bartenders too. And the band. Go watch some local bands.
Save that money for your 8 month emergency fund!
Really good advice! Excellent share this week Melissa!
Damn. This was amazing
Amazing content. Regarding the main topic of this post - there is actually a dedicated company in Europe which operate with being amount your money: https://www.samlino.dk/