Why You Need to Start Planning Your Estate According to the dictionary, the word “estate” has multiple definitions. It can mean social standing or rank, especially of a high order. The word can also mean the assets and liabilities left by a person at their death. For the purposes of thinking about your financial situation, we’re focusing on the latter definition. Every adult has an estate—because every adult has some type of assets or liabilities. Some children even have estates, if they have life insurance or are the recipients of trust or investment accounts. When you have an estate, even if it’s just in the form of liabilities (debts), you want to have a plan for it in the event of your passing. It might not be a fun thing to think about, but it is critical. Keep reading to learn why you need to start planning your estate. Why You Need to Start Planning Your Estate #1 So you dictate what happens with your assets and/or liabilities The best way to plan your estate is to have a will in place. A will is a legal declaration of your wishes regarding the disposal of your estate after death, a binding document that outlines how you want your assets disbursed. Do you want your assets going to family, children, or friends? What if you want some of your assets to support a cause or charity? Maybe you have a person in mind who you want overseeing what happens. All of these factors can be laid out in your will. The point is that your will dictates what you want to have happen with your things when you pass away. You’re not leaving anything up to chance or guesswork. #2 So you don’t leave your loved ones trying to figure it out Another important reason for having a plan for your estate is to avoid having your children or family members trying to figure it out for you. Speaking from personal experience, this is a terrible position to be in when you’ve just lost a loved one. Leaving your family members to puzzle out what you might have wanted with your assets can cause animosity, bring out greed, and make people feel differently about their relationship with you. That’s not a legacy you want! Instead of having people fight over your things, have your will in place so no one has to wonder what should happen. No one can argue your wishes—well, they can try, but legally, their argument doesn’t matter. I had a great conversation on IG Live with @TheEstatePlanningMom – Check it out! #3 So you know your loved ones are taken care ofAs you get older, you will begin to accumulate assets, whether in the form of property, investments, money in the bank, or valuables. You’ll have things that are worth something, and you can pass them down to your loved ones so you know they’re taken care of in the event of your death. This aspect of estate planning is especially important if you have people who rely on you financially. If your absence would put someone in a worse financial position, you can remedy that problem by having an estate plan. When you pass away and have a will, the process moves pretty quickly. #4 So you don’t waste money Do you know what happens if you don’t have a will at the time of your death? Your estate goes into “probate,” meaning an administrator or executor (usually an outside party) is assigned to it. That costs money. If there are minors involved, each minor is assigned an attorney. That costs money, too. Guess where all the money to pay these costs comes from: Your estate. Having a will or other plan in place for your estate ensures that your assets are not wasted while people try to figure out what should happen. This leaves your loved ones with more of your money and ensures you’re not paying people you never knew or cared about. #5 So you don’t let the state or federal government decide what happens Continuing the example above, a probate administrator or executor will ultimately decide what happens with your assets. They’ll decide who’s a rightful heir and who isn’t. Maybe you didn’t want to leave anything to a particular person, for whatever reason—but if you don’t have a will and that person is an heir in the eyes of the court, then your wishes won’t matter. Not only does letting the government have control of your assets make you feel crappy, it will absolutely make your loved ones feel crappy after you’re gone. That will be on top of the pain they already feel because of losing you! No thank you. Let’s avoid that outcome at all costs by having an estate plan in place. So where do you start? I hope I’ve convinced you the importance of having a plan in place for your estate, even if you’re young or don’t have many assets. The best place to start is by hiring an estate attorney. Prices can vary, but they typically aren’t high. Work with this attorney to have your will created and legally bound. You can also use websites like LegalZoom if you want to get something simple put in place. If you’re struggling to allocate your income properly, schedule a free consultation with me now and let’s work through it together! Related: Estate Planning for Millennials  I know this is not a fun thing to think about, but it’s the responsible thing to do! Anything can happen and to make things easier on your loved ones, you’ll want to have a plan for your estate laid out. Don’t put this off! Do you have a will in place? How did you begin the process? Share your thoughts, questions and experiences in the comments se … Why You Need to Start Planning Your EstateRead More »

5 Ways to Sneak Veggies into Your Diet As kids, having to eat our vegetables seemed like the end of the world—but now that we’re older, all we can think about is how to incorporate as many veggies as possible into our diet! Eating vegetables every day is vital to long-term health. Veggies provide vitamins, minerals, and other nutrients, such as antioxidants and fiber. Research consistently shows that those who eat at least 5 servings of vegetables every day have the lowest risk for many diseases, including cancer and heart disease. Check out these 5 easy ways to sneak more veggies into your diet! #1 Drink your VeggiesDrinking your veggies can be way easier than cooking them. Simply toss a handful of spinach, kale, or beets into your favorite smoothie blend for an added serving of veggies. The amazing thing about drinking your veggies as opposed to eating them from a plate is that you can’t taste their flavor in your drink—it’s a great way to add your least favorite veggies! The unique combination of fruits and vegetables provides a tasty flavor you just can’t beat. You can experiment with fruit and vegetable juices as well. Instead of reaching for a sugar-loaded donut, go ahead and get a jump start to a healthy day. Making your beverage takes no more than 10 minutes, and you can make smoothies for breakfast, lunch, or dinner! Try a simple spinach smoothie to get you started. Take 2 cups spinach, 1 apple, 1 banana, ¾ cup of orange juice, and a handful of ice. Add all the ingredients into your blender and blend until smooth. Pour and enjoy! #2 Substitute Veggie Pasta for Regular Pasta If you’re also a pasta lover, then this easy method of incorporating veggies into your diet will be a snap. Grocery stores now often carry gluten-free veggie pastas of various kinds, and you cook and prepare them just like you would a regular pasta. This is a great veggie hack, as it reduces your carb intake while adding vegetables to your died. Veggies are a great gluten-free and low-carb option, and they also offer a more complete set of nutrients. For example, veggie noodles provide vitamin A (good for vision, as well as the immune and inflammatory systems), C (an antioxidant that’s good for skin and bones), E (which protects against heart disease), K (good for blood and bone health), and more fiber (good for digestion and cardiovascular health). None of these nutrients can be found in regular pasta noodles! Treat yourself to a heaping plate of veggie noodles with your favorite sauce and toppings, knowing that you’ve found a great way to get more vegetables into your diet. #3 Swap in your Vegetables Eating a well-balanced diet doesn’t have to mean cutting out all the good stuff. Adding vegetables as a side dish to your favorite meals is a great way to incorporate them into your diet, and veggies can also be swapped in for other ingredients. For example, if you love a good wrap or sandwich, try using some leafy greens to roll up the ingredients instead of tortillas or bread! You can even sneak veggies into your sweets! Don’t tell the veggie haters, but adding spinach or avocado to a dessert like brownies or chocolate cake will mask the taste of the vegetables while keeping the decadent chocolate flavor. You can also add things like pumpkin or squash puree to pancake batter. Get creative! #4 Eat them in a soup Finding healthy alternatives to replace carb-heavy meals is a good way to modify your diet and avoid the unhealthy yo-yo effects of fad diets. Soups are a tasty, healthy way to increase your veggie intake. A lot of us dislike the taste of vegetables—but it’s often more an issue of how the vegetables were prepared than anything else! Preparing vegetables in new ways, such as adding them to a soup, can unleash their flavor and banish those childhood veggie nightmares. You can never go wrong with the OG of soups: chicken noodle. Vegetables like carrots, onions, garlic, and celery are staple ingredients for this soup, and give it its rich, soothing taste. Other veggie-packed soups include spicy butternut squash, green vegetable minestrone, and classic tomato soup. #5 Tuck them in your salad Adding vegetables to your salad might seem like a no-brainer, but you’d be surprised how few people think to do it! It’s important to eat a variety of fresh fruits and vegetables, and you should aim to eat them in as many colors as possible. The combination of leafy greens and a handful of vegetables paired with dressing or a drizzle of olive oil will satisfy your appetite while increasing your veggie intake. You can include raw or roasted veggies, and get delicious flavor either way! Vegetables that pair best with salads include broccoli, cauliflower, cabbage, carrots, celery, cucumbers, endive, escarole, green onions, mushrooms, peas, bell and chili peppers, radishes, and tomatoes. Add them to a salad composed of lettuce, kale, or spinach, and you’ll be set! Loaded with vitamins and minerals, a salad a day is a great way to up your veggie intake and increase the level of powerful antioxidants in your blood. Vegetables are important sources of nutrients like potassium, dietary fiber, folate/folic acid, vitamin A, vitamin C, and more. Diets rich in potassium are linked to healthy blood pressure, and eating more veggies will lead to better overall health. Related: Spruce Up Your Veggies   A few more quick tips! Kale chips make a great replacement for potato chips. You can try lightly breaded and baked avocados, carrots, or zucchini strips for a delicious French fry substitute. Cauliflower tots are a fun and delicious alternative to tater tots, too! Don’t forget to check us out on IG, YouTube, and Twitter @citygirlsavings. And if you haven’t joined our Facebook group, what are you waiting for? We love hearing from the community, so drop by and say hey … 5 Ways to Sneak Veggies into Your DietRead More »

4 Rules to Follow When Setting Up Your Budget Did you know that one Editor’s Choice survey found that only 32% of American households maintain a budget? Even more frightening, fully 50% of Americans are living paycheck to paycheck! I have no doubt that the lack of budgeting in our country contributes to the paycheck to paycheck lifestyle. Here’s the thing: a budget is your number one tool for financial success. The reason for that is that a budget tells you what should be happening with your money. That’s some powerful information! When you know what should be happening, you can make sure it happens! When you don’t know what your money should be doing, though, it does whatever it wants. Whether you’ve set up a budget before or not, there are certain rules to follow to make sure you’re set up for success. Keep reading to learn the 4 rules to follow when setting up your budget. 4 Rules to Follow When Setting Up Your Budget Rule #1: Only budget consistent income, but have a game plan for extra income When setting up your budget, you’ll want to factor in your consistent income: the money you know for sure will be coming in. If you try to budget using inconsistent income, you may end up feeling defeated if and when things don’t go as planned. Equally important, however, is having a plan in place for any extra income that does show up throughout the month. This will ensure you’re not carelessly spending that extra money! Ideally, your consistent income will cover all of your required bills and spending. Any extra money can be saved towards your goals, put towards debt payoff, or allocated for things you enjoy. Have the plan in place ahead of time so you’re not caught off guard.  Rule #2: Factor in “fun spending,” in moderation Believe it or not, one of the most important rules of budgeting is including the fun spending! Now, I’m not saying to go wild with unnecessary spending, but you do want to make sure you have something set aside to live life with. If you want your budget to be sustainable over the long term, you can’t feel deprived month after month. To avoid feeling like you can’t enjoy yourself, factor in a reasonable amount of money for guilt-free fun every month. This reasonable amount can be used for the things you enjoy most. The key word here is reasonable! The goal is to not feel deprived, but also to make sure your priorities are covered and that you’re making progress towards your goals. Rule #3: Have a plan for unexpected or one-off expenses It never fails: something always comes up. They might not happen frequently, but unexpected expenses are inevitable! We all experience them at some point or another—so a good rule to follow is making sure you have a plan for those one-off expenses. As I like to say, plan for the unplanned! There are two ways to do this. First, you can have a savings account dedicated to emergencies or unexpected expenses. Or, you can include a category in your budget (I like to use “Miscellaneous”) that acts as a catch-all for expenses you didn’t plan on. You don’t want an unexpected expense to pop up and throw your budget out of whack! So get prepped and ensure you’re ready to handle that expense when it inevitably comes. Read How to Start Saving for Unexpected Expenses for some more insight. Rule #4: Don’t forget about the variable spending areas The final rule to follow when setting up your budget is to make sure you’re including variable spending. Variable expenses are things that don’t have a set amount or due date each month, but are still necessary expenses. Some examples of variable spending include groceries, gas, public transportation, fun spending, and dining out. These expenses vary from month to month, but you can count on having most of them every month. If you’re not sure how much to allocate to these areas, start by looking at what you normally spend on them—I recommend looking at the last 3 months of expenses to get an average cost. If the number is higher than you’d like, work on bringing it down! Get comfortable knowing that your budget will ebb and flow over time. What you spend on groceries this month might drastically change next month—and that’s perfectly fine. Related: 5 Commonly Overlooked Budgeting Blunders If you can follow the 4 rules above when setting up your budget, you’ll be golden! Now, don’t forget: There’s more to budgeting than just creating the budget. Make sure you have a plan in place to stick to the budget—and the best way to do that is by tracking your spending. Do you have any must-haves that you factor in when creating your budget? Drop a comment below to share your tip … 4 Rules to Follow When Setting Up Your BudgetRead More »

6 Home Décor Ideas to Spark Mental Stimulation It’s in the comfort of our own homes where we can finally let our hair down and truly be ourselves. It’s when we’re comfortable that we’re able to let our creative juices flow—and a person’s home is a prime breeding ground for creativity. Just what you need to spark mental stimulation!Our homes are were we can get into that unfocused but comfortable mindset that enables creativity, and that creativity can extend to how we decorate our homes! Unless you live in a neighborhood where every house is identical, most people have different décor styles that showcase their unique personalities.A home’s existing features can almost always be altered to showcase and boost creativity. Check out these 6 home décor ideas to spark mental stimulation!#1 Let the Outside InA common theme of homes that promote a sense of creativity is a view of nature, or natural elements. Any design choices that emphasize natural light, views of nature, greenery, and even fresh air can help provide that extra boost of creativity. Surrounding yourself with your favorite greenery can spark mental stimulation!Natural colors can also play a huge part in mental stimulation. Being in a dark, gray room all day can certainly reduce one’s ability to be creative. On the other hand, colors like blue and green can support creativity—in part, it’s thought, because they remind people of things like skies, water, and trees.#2 Indulge in Open SpacesA lot of us have gotten accustomed to working from home, but sometimes that’s meant squeezing ourselves into whatever work space is available. It could be helpful to start incorporating open spaces and refreshing elements into your home!Spread out furniture and eliminate clutter as much as possible. Even creating the illusion of open space by clearing off a desk or counter top can work wonders!Use colors that inspire and motivate you—splash them across your walls, furniture, art, and accessories. Don’t fill your home with museum-quality furniture that you have to keep under plastic and can’t sit on. Create spaces where you can really relax.Create a home that encourages experimentation and provides pockets of open space, creating a culmination of feel-good vibes that is sure to boost creative thinking. #3 Use What You HaveOften, our budget just isn’t as big as we’d like—but that doesn’t mean we can’t create a space that supports mental stimulation! Pay attention to the aesthetic and ambient details of your home that might lend themselves to creativity with just a few tweaks.For example, if you don’t have a great view or a big open space, you don’t need to move—and you might not even need to move furniture! Try putting up a mirror, or a poster or print of a landscape. Mirrors make rooms feel larger, while artwork can center our attention and expand our perspective.The goal is to create a sense of depth, even with a two-dimensional object. It will trigger the same response in your head as seeing the real thing!#4 Embrace Your Home’s FeaturesA well-designed shower space, home gym, or even a kitchen sink with a view can all be worth prioritizing. An open-concept space—or at least a space that feels spacious and airy—is a good foundation for promoting creativity.Your home already has features that will lend themselves to a sense of calm and creativity with the right tweaks. Opening the curtains to let in natural light at different times of day, rearranging your tools so you have easy access to the ones you use the most, and other small changes will make a big difference.Put a little thought into how you arrange your home and the features it already has, and it can quickly impact your sense of creativity.#5 Focus on FurnitureSeating that lets you recline has been shown to relax the mind and spark creative thinking. The type and placement of your furniture matters!You can also use colors and textures that stimulate the brain into using both hemispheres. A bright pop of color against the dark fabric of a chair or couch can create an environment that’s more conduce to creativity than one where everything feels static.Similarly, placing a desk against a wall can create a constricting mindset. Try turning your desk so it faces into a room, sits perpendicular to the wall, or looks out a window.#6 Make Space for PlayBeing able to move around was essential for getting through quarantine—having a space for physical activity is essential for well-being and creativity. Physical activity and exercise can have immediate and long-term health benefits, and exercise can feel more like play than work!Designate a space for movement and play, and you’ll be amazed at what a difference it makes in your creativity and mental stimulation. Keep a yoga mat and a set of weights so they’re easily available, string up some fairy lights or turn on some music that gets your blood pumping, and watch what happens! Who said you needed to hire an interior decorator? A little bit can go a long way! If you ever needed to spark some mental stimulation, we definitely encourage you to check these ideas out and let us know how they worked for you.Follow and join our City Girl Savings Facebook page and join the conversation. Be sure to stay connected with us via our IG and Twitter accounts @citygirlsavings—we love hearing from members … 6 Home Décor Ideas to Spark Mental StimulationRead More »

5 Simple Ways to Make Budgeting a Habit There’s no doubt about it: budgeting carries stigma. Or, at least the word “budget” does. Seriously, people hear you say budget and literally cringe. I even had a conversation with another finance coach who said she doesn’t even use the word. A finance coach who doesn’t use the word “budget”! That’s how bad the stigma has gotten. I want to break through the stigma and break the mold. The reality is that the word “budget” isn’t really what’s scary for people—it’s what the word means. To most people, especially those who don’t budget, budgeting means they can’t spend money or enjoy life. But that’s not true! Do you know what actually dictates your spending? Your current income and your expenses. Yup, I said it. A budget has nothing to do with you not being able to spend money. Your income, bills, spending, and debt do. Your budget, however, can tell you what’s realistic for you to spend on things you enjoy. How powerful is that? To me, that knowledge alone makes budget worthwhile. Whether you’re a reformed over-spender, newly on the budget journey, or finally ready to face the music with your money, I’m going to share 5 simple ways to make budgeting a habit for you. It’s worth it, and you’ve got this! 5 Simple Ways to Make Budgeting a Habit #1 Schedule time on your calendar to budget The best way to build a habit is to dedicate time to doing it! If you want to make budgeting a habit, you need to prioritize the time to budget. You can do this by plopping some time in your calendar every week, pay period, or month. Seriously. I’m not kidding. Budgeting is already a habit for me, but I still have a recurring task on my calendar at the end of every month to do my month end money review. I don’t necessarily need the reminder, but it’s always there just in case. Set yourself up for success by blocking out the time you need to get the job done. Eventually, you won’t need the time blocked off because you’ll know what needs to get done with your budget and when. For now, if you want to make budgeting a habit, make sure you have the time set up. #2 Find a budgeting system that fits your personality Some people love to physically write out their budget every pay period. Others prefer to track their numbers in a spreadsheet on a monthly basis. The great thing about budgeting is that it’s not one-size-fits-all. You can find or create a system that works best for you and your personality. When you have a system that works, you’ll be more inclined to stick with it. Not sure how to find a budget system that works for you? I suggest first determining which budgeting method you want to use. Once you know how you want your budgeted to be formatted, you can determine if a notebook, a spreadsheet, or an app will be best to help you stick with it. #3 Make your money dates something to look forward to I personally love reviewing my money with a lit candle on the table and an iced coffee in my hand. It gets me excited! Budgeting is about spending quality time with myself in an environment that helps me thrive, and that’s critical for making the most of my money. Put on some relaxing music. Grab a cup of tea or glass of wine. Shut off your notifications. Think of this time as self-care for you and your finances. Self-care is fun, so make financial self-care fun too! Check out How to Enjoy Budgeting Your Money for more ideas. #4 Reward yourself for budgeting wins Small treats are a perfect form of recognition for a job well done. If you’ve been consistent with your budgeting routine, do something nice for yourself! If you stuck to your budget for the month, treat yourself to a pedicure! Rewarding yourself for budgeting wins will help you want to keep budgeting—and not just because you want the treat! When you start seeing those wins with your money, it means bigger results are on the way. Those results are what will keep you motivated to keep pushing through. #5 Don’t let budgeting mistakes keep you down If you truly want to be successful with budgeting, not just in building the habit, you’re going to have to learn the art of bouncing back. No one, and I mean no one, is perfect with their budget 100% of the time. I’m a budget coach, and I’m not 100% perfect! However, I’ve mastered the art of the bounce back—I don’t let budget mistakes keep me down. What that means is I don’t tell myself stuff like, “Well, I already overspent, so I might as well keep going.” Instead, I pick myself up after the setback and get back on track. The sooner you can learn to do this for yourself, the better off you’ll be when it comes to budgeting for the long haul. Get back on track after your missteps, give yourself some grace, and know that you’ll be just fine! Related: How to Conquer Your Fear of Budgeting  With the 5 tips above, you’ll be a consistent budgeter in no time! And before you know it, you’ll actually enjoy the process! Budgeting can be fun, empowering and motivating…if you let it! I would love to hear what your budgeting story looks like! Drop a comment below to share any tips, experiences, or questions you have around budget … 5 Simple Ways to Make Budgeting a HabitRead More »

June 2021 Money Pulse Check When … June 2021 Money Pulse CheckRead More »

6 Trendy Watches for Less than $50 A watch is a classic accessory, and a good watch never goes out of style. While it often seems that trendy watches will break the bank, it’s surprisingly easy to find a great watch that will fit your needs and go easy on your wallet!Many prefer to have more than one watch so there’s something to wear with every outfit, and with these cute but inexpensive watches, that’s more than doable. Check out these 6 trendy watches that are under $50!#1 Fossil WatchFor an affordable and elegant watch, you can bet your bottom dollar that Fossil will get the job done. Fossil watches start as low as $40, and are inspired by American creativity and ingenuity.These quality, fashionable accessories bring new life to the watch and leathers industry, and the watch styles are both fun and practical. Fossil watches are even water resistant up to 100m, meaning you can keep your watch on while bathing, swimming, snorkeling, or shallow diving.You can even customize your watch with complimentary engraving at your local Fossil store!#2 Jessica CarlyleJessica Carlyle’s classic black-and-gold-tone timepiece has gorgeous crystal accents and an adorable owl on the dial—plus it comes with a few beaded bracelets! The watch comes in at $40, but you can occasionally find it on sale as low as $20.The watch and bracelets will pair beautifully with the right outfit. The watch is also water resistant, and adds flair to any occasion. #3 Aikela Smart Watch and Fitness TrackerThe Aikela Smart Watch has an incredibly long battery life, making it perfect for those long days at the office—or out for a hike. When in standby mode, the watch will stay charged for a month or more, and only needs charged every 8-10 days when in use.Aikela offers a full-touch LED screen with multiple clocks to choose from, meaning you can set the watch face to match your outfit or your mood every day!This watch is perfect for fitness tracking, and has 9 different fitness modes, as well as blood pressure, heart rate, and even blood oxygen level monitoring. On top of that, you can control music and see your incoming texts and calls.You can get the Aikela from Amazon for as low as $45, and it pairs easily with both Androids and iPhones.#4 CasioThe Casio men’s watch is scratch-resistant thanks to the protective mineral crystal, and sports a rectangular shape and large digital screen while still creating a retro look. Modern watches are great, but this watch combines high-tech features and a vintage-style package.This watch is water-resistant, so don’t worry about sweating, swimming, or splashing around. The Casio has an alarm clock to make sure you wake up in time for your morning routine, and it starts as low as $15!#5 Timex: Easy Reader Leather StrapThis timeless wrist piece starts at only $35, and it’s a purchase you won’t regret. The Timex Easy Reader displays the time, as well as the day of the month, and is the perfect choice for those looking for a stylish and dependable timepiece.Timex is a trusted brand, and the Easy Reader is no slouch. It’s a great choice for everyday wear, is water-resistant, and offers 15 color and style combinations to choose from. The wrist band is adjustable up to an 8-inch wrist circumference.#6 YAMAY Smart WatchSmart watches are the kind of futuristic technology we all dreamed about as kids—and they’re becoming increasingly affordable! The Smart Watch from YAMAY is Bluetooth supported and pairs readily with Androids and iPhones.This watch pretty much does it all: there’s a customizable watch face, long-lasting battery, message notifications, sleep tracking, and fitness tracking. The fitness tracker monitors heart rate and tracks walking, running, cycling, climbing, yoga, skipping rope, tennis, baseball, basketball, badminton, football, rugby, and even table tennis! Get yours for as low as $45.Related: Hot Watches Whether you prefer a minimalist watch with a plain brown leather strap or a metal-toned wrist,  keep in mind there’s a watch or two out there for everyone. Do you have any trendy watches that you wear with almost anything or any occasion?Don’t forget to like and follow us on our other social media platforms! We’re on Twitter and IG @citygirlsavings. And if you haven’t joined our City Girl Savings Facebook group, what are you waiting for? We love connecting with members from the community!-TaelorThe C … 6 Trendy Watches for Less than $50Read More »

5 Tips to Make Saving for Money Goals Fun Do you find it hard to get excited about saving money? Well, it could be that the approach you’re taking just isn’t working for you! When it comes to saving money, a few things can make the process fun and effective. Saving money is a discipline that financially successful people have mastered. Therefore, it’s a discipline you’ll have to master if you want to become financially independent yourself! The good news? Saving money doesn’t have to be a boring process. I’m sharing 5 tips to make saving money for goals fun! #1 Create goals that are worth working towards If you want to make saving money fun, you have to enjoy what you’re saving for! Saving just to save is boring—there’s nothing tangible there to work for. Saving for a brand new car, on the other hand? That’s exciting! Before you can give yourself the opportunity to enjoy saving for your money goals, you have to set goals that actually mean something to you. Trust me on this! It’s so much more fun to put away money every month for your dream vacation than it is to put money away for what feels like no reason at all. Start by getting goals in place that excite you, inspire you, and motivate you to want to achieve them. #2 Update your accounts to reflect your goals One of the best things you can do to make saving for money goals fun is to update your accounts to match! Change the names of all your savings accounts to reflect what you’re actually saving for. I’ve been doing this for years, and it really helps. Not only does it keep me organized, because I never wonder what the money is being saved for, seeing the names also gets me pumped. As you can see in the picture above, one of my money goals is to purchase a home in Palm Springs. Not only did I change the account name to reflect that goal, but Betterment allows you to add pictures as well! I love opening this account on the app and seeing the goal in a tangible form. #3 Participate in challenges to gain some steam Sometimes, there’s nothing like a little challenge to get the money saving juices flowing! I host multiple savings challenges throughout the year for the CGS community. Savings challenges are fun, and they’re a great way to surround yourself with people who are in the same boat as you! You don’t have to wait for outside challenges to make saving money fun, though! You can set your own personal challenges and work to constantly achieve—or surpass—those goals. Competing with yourself is a great way to build discipline and self-accountability. You’ll want to keep it going when you see the results! #4 Track your progress every month One thing that always motivates me to keep working hard is seeing my progress every month. For me, tracking my net worth has been one of the best tools for keeping me focused on my money goals. Seeing the progress every month and knowing that I’m getting closer and closer to my goals is such an amazing feeling. You can track your account balances, your goal amount, your progress to the goal amount, or your net worth! Whatever data point you need to see to get you motivated and enjoying the process is what you’ll want to track. At minimum, track some type of progress every month. #5 Reward yourself for wins along the way Maybe what you’re saving for right now isn’t that fun or exciting. You might be focused on paying down debt or building your emergency fund, and that doesn’t do it for you like a new car or a vacation would. I get it, but that shouldn’t stop you from enjoying the journey. One thing that can help is rewarding yourself for wins along the way. When you hit milestones as you’re saving for your money goals, treat yourself to something nice! Even if it slightly changes your budget for the month, you deserve it for a job well-done! Don’t think that your only reward is you achieving your goal (that’s a great reward, but it’s not the only one). Take the time to do something nice for yourself, so you feel recognized for your progress along the way. Related: 6 Traits of Successful Savers Who knew saving money could be so much fun? Not only will you enjoy the process of saving money with the tips above, you’ll start making progress towards the things you want most in your life! In my opinion, the best part of saving for money goals is when you actually achieve the goal! It’s such a liberating feeling. I want that feeling for everyone! How do you make saving for money goals fun? Do you have any tips to share for other looking to get started with saving for their goals? Post a comment below and share what’s working for you! We’d love t … 5 Tips to Make Saving for Money Goals FunRead More »

5 Tricks for Brighter Eyes With … 5 Tricks for Brighter EyesRead More »

6 Ways Sinking Funds Help Your Finances I just have to shed some light on sinking funds because they can be a true game-changer for your finances! Sinking funds are a way to save for something specific by allocating money towards the fund every month or paycheck.Sinking funds are a great way to categorize your savings, have what you need for future expenses, and take the pressure off to pay for everything all at once. If you want to learn more about sinking funds, check out the YouTube Video below to get some more details!https://youtu.be/e2Q3QlxOae0 6 Ways Sinking Funds Help Your Finances#1 Sinking funds help keep your goals organizedOne of my favorite things about sinking funds is that they allow you to stay on top of your savings goals. This is super helpful if you constantly find yourself saving for multiple things, at the same time or not…like I do!I’m a firm believer that every account should have a purpose and each savings goal should have its own account. Sinking funds reaffirm this belief. Since each specific sinking fund is tied to a specific savings goal, you always know what you’re saving for.You also know where you can pull money from if you need to. For example, a sinking fund for a vacation could be used for an emergency (assuming you don’t have an emergency fund) instead of using a sinking fund for annual expenses. Because sinking funds have different priorities, if you need to use the money from a low-priority fund, you can always replace it later.#2 Sinking funds make paying for recurring expenses easierTime flies, okay?! I used to always be caught off guard when my annual bills for credit card fees or car insurance would come up. “How did that happen so fast?” I hadn’t prepared my budget for it, so I was scrambling to find the money to pay the full amount.Then, I started saving for those expenses every month. I took the annual cost and divided it by 12. From there, I had that monthly number included in my budget and moved to my sinking fund for annual expenses. I’ll never go back to scrambling again! Sinking funds truly make paying for those annual or semi-annual expenses so much easier!#3 Sinking funds keep you motivated to budget and saveOne of the reasons why I believe each specific savings goal should have its own account is because it’s motivating to see the account growing. It’s motivating to know that you’re getting closer and closer to the goal. This is why sinking funds are so inspiring!The goal isn’t to save as much as possible, but to save what you can afford over the course of time. As my Palm Springs sinking fund grows, even though it’s not by much each month, I get motivated knowing I’m making my way to the goal. Let sinking funds inspire you to keep doing what you’re doing to get the fund where it needs to be!#4 Sinking funds allow you to save a little at a time and still have what you needI touched on this above, but let me go a little deeper. When you set up sinking funds, you first review your budget to see what you need to have saved and how much you have available to save. This means that you’re only saving what you truly can afford to.Your budget includes the sinking funds, so you know that your income is covering everything it needs to, plus saving for the funds. This is such a relief. It’s also why sinking funds are so great.You don’t have to put all this pressure on yourself or your budget to hit your savings goals. With sinking funds, you just have to know what you can afford to save for them each month and make it happen. Anything extra is extra.#5 Sinking funds help you keep your spending in checkBecause sinking funds are included in your budget, you know they’re accounted for. You know you need to save for them before you go overspend your income. When you put your money in your sinking funds each month or pay period, you’re only spending money after saving for your sinking funds.Sinking funds follow the “pay yourself first” rule. This means you allocate your money to your sinking funds before anything else. You know you can afford to put money towards your sinking funds (thanks to your budget), so you handle it as soon as the money comes in! That means you’re only spending money that you should be.#6 Sinking funds make you a money management master!The more sinking funds you have that make saving for goals or expenses easier, the better you become at managing your money. It may be a little difficult when you’re first starting out, but once you get the hang of it and see how effective your sinking funds are for your budget, you’ll be just fine!The goal is to always have what you need, and sinking funds make that happen. Sinking funds allow you to save for things effectively…and that’s what makes someone a money management master! Trust me, I’d know!Related: The Skinny on Sinking FundsI’m not sure about you, but having money when I need it automatically makes sinking funds valuable for me! If you’re not incorporating sinking funds into your budget, I challenge you to give it a try! Even if it’s a little bit every month, start getting into the habit of saving for things you know you’ll need. Anyone is capable of saving $5! I’d love to hear about how sinking funds help your finances. Post a comment in the section below to share how they work for you!-RayaT … 6 Ways Sinking Funds Help Your FinancesRead More »

5 Sinking Funds I Use in My Budget If you’re not 100% clear on what sinking funds are, let me enlighten you! Essentially, a sinking fund is a way to save money for something specific by setting aside money towards the fund every month. For example, you could have a “travel” sinking fund. You would contribute a specific amount of money, usually not much, toward that fund every month.You can learn more about sinking funds in the article The Skinny on Sinking Funds, but in simple terms they are basically specific saving funds/accounts for specific savings goals. I’m fully on board with the notion of separating your goals into different accounts – I recommend 1 account for 1 goal. This helps you stay focused on achieving the goal and avoid muddying your savings for multiple things. Check out 5 sinking funds I use in my budget, as of right now!5 Sinking Funds I Use in My Budget#1 TravelHere’s a sinking fund I’ll probably never get rid of! Even when I don’t have any trips planned, I still find a way to consistently put money into my travel savings. Now, when I do have a trip planned, I’ll use the money from my travel savings to pay for things ahead of time.Since I don’t have credit card debt, I put all travel-related expenses on a credit card that earns me points for hotel stays. I personally love the American Express Bonvoy Card. I then use the money in my travel sinking fund to pay the credit card in full.Outside of any spending I do while on my trip, my goal is always to have the trip paid for before I leave. There was a point in my life when I would put vacation costs on a credit card, and it would take me months to pay off. Never again!#2 Second Home in Palm SpringsI would consider this sinking fund more of a specific savings goal, but once I purchase my second home in Palm Springs, I’ll use the account to save for another down payment! I’ve been saving in this particular account for 3-4 years now.Because owning a home in Palm Springs is a true life goal of mine, it felt fitting to start saving for it. I’ve had more pressing savings goals since I opened this fund, but that hasn’t stopped me from at least putting $50/month into the account. I’m actually using Betterment to save for this goal. The money that I deposit is invested to help me get more growth before I bite the bullet and purchase the home.I recommend this strategy (contributing regularly to an investment account) when the goal is a few years out. This allows you to take advantage of any gains that come in the market during that timeframe.#3 Car Pay OffLast June, I was finally able to purchase my dream car! I took home a black Lexus RX350. I love that car! My intention at the time wasn’t to finance the car, but because my credit was so high, I was able to finance at a 0% interest rate!This allowed me to keep the cash I would’ve put towards the car and make monthly payments. Obviously, this adjusted my budget drastically. I don’t recommend changing the game plan unless you know you can make the numbers work.Anyways, now that the car is financed, I decided I want to proactively pay it off faster than the loan term. I don’t have to do this, because I’m not being charged interest for paying monthly, but I would like my budget to go back where it was before!So, I’m leveraging Digit to save additional money for “Car Pay Off”. What I love about Digit is that it transfers small amounts of money out of your checking account and into your Digit account. It takes enough that you won’t miss but it adds up over time! Every time I have an additional car payment saved, I’m going to put it towards my car loan!#4 Annual ExpensesOne of my most effective sinking funds is my fund for annual expenses. I calculated out what the monthly cost was for the expenses I pay annually and have that amount deposited into this fund. That way when the time comes to pay the bill, I’m not scrambling or hurting my budget.If I come into extra money, I transfer it into this fund so that I can keep the monthly transfer amount in my checking account. I never want to have to worry about not having the money to cover these costs, so I’ll save for them as quickly as possible.#5 Medical ExpensesMy final sinking fund is for medical expenses and I’m saving for this through my H.S.A. I’ve been contributing to this account for years, so I’ve built a nice little cushion. I’m pretty healthy, but I do have to pay for contacts on a regular basis. Sometimes, I’ll also have to pay for co-pays and prescriptions. My savings allows me to do so with ease!Related: 10 Sinking Funds to Include in Your BudgetThe beauty about sinking funds is that you can tailor them to your liking! No one person’s sinking funds would ever match 100% because we all have different goals and needs. Get creative with sinking funds and start saving for things you know you’ll be spending money on! Do you currently have sinking funds? Drop a comment to share which funds you have set up!-RayaThe … 5 Sinking Funds I Use in My BudgetRead More »

May 2021 Money Pulse Check When … May 2021 Money Pulse CheckRead More »

5 Thoughtful Gift Ideas that Won't Hurt Your Budget As we all know, the world doesn’t stop for anyone or anything—and that includes your bank account! However, you don’t have to have a lot of money to give fabulous gifts. Thoughtful gift ideas come from the heart!Those of us with limited budgets have to apply a little creativity to be able to show our appreciation to friends and loved ones. Check out these five thoughtful gift ideas that won’t hurt your budget, but will bring a smile to anyone’s face.Budget-friendly thoughtful gift ideas…#1 A Gift They Can ReadYou might be thinking that gifting a book is boring and basic, but it all depends on the genre of book and the person receiving it! As you’re browsing your local bookstore, keep the recipient and their personality and interests in mind. Are you shopping for someone who would jump at the latest adventure novel, devour a self-help book, or sneak in the occasional gossip magazine?Once you’ve thought through the type of material they enjoy, picking a great and inexpensive gift should be a snap. Most books won’t cost too much, and there are plenty of formats to pick from, including hardcover, paperback, and e-books, all of which have different prices.#2 A Keepsake GiftWhen considering a keepsake gift, think about the person you’re shopping for and specific events you’ve experienced together. Keepsakes should be a gift from the heart and given to someone you care for deeply—they are precious items that can last a lifetime and beyond.However, a keepsake gift doesn’t have to be expensive! It’s the personalization that makes the gift meaningful. For example, you could print out high-quality photos of a favorite vacation or night out with that person and put them in a nice frame.A keepsake gift is not only thoughtful, but can be affordable if you apply a little creativity. The benefit is that when someone receives such a gift, the thoughtfulness that inspired it is clear.#3 A Gift They WantBeing about to treat someone to an item you know they’ve been eyeing is one of the coolest feelings—especially when you’re lucky enough to find that gift on sale or within your price point! A gift like this shows the recipient that you pay enough attention to them to know exactly what they wanted.When tracking down a gift like this, it helps to browse multiple retail stores or websites to find the best deal. If something is really outside your price range, you could always ask another friend or family member to split the cost with you and give the gift as a pair or group.As with a keepsake gift, a truly thoughtful gift transcends what is clearly visible on the outside and shows the recipient that you appreciate them.#4 A Surprise GiftSometimes, the best gifts are the ones no one sees coming! While it’s great to get a gift you know your recipient was already hoping for, there is a lot of joy in unexpected surprises.One of the best, and cheapest, surprise gifts is a handwritten letter paired with a gift card to their favorite store. The letter can be funny, deep, or cheerful, but it should reflect sincere sentiments on your part. This is one of the best types of surprise gifts, because it comes straight from the heart.#5 A Gift they NeedGiven that the world is still in pandemic limbo, it can be hard to get together in person to exchange gifts. However, it’s not essential to be face-to-face for a gift to have a big impact—and the gift itself doesn’t need to be big or expensive to make an impact. A gift of something that the recipient needed but didn’t expect can be amazing!A lot of times, people get caught up thinking about items they want, and forget about the things they actually need. This could be anything from a fresh set of essential items to new apparel. Be the person who purchases an item someone needs, and watch how they light up when they realize you remembered.Related: 5 Wedding Gift Ideas on a Tight Budget Gifts should always be offered from the heart, no matter what, and every gift should be purchased thoughtfully. Have you ever found the perfect thoughtful gift that stayed within your budget? Let us know what it was!Check us out on IG and Twitter @citygirlsavings, and join in the conversation on our Facebook group! We love to chat all things … 5 Thoughtful Gift Ideas that Won’t Hurt Your BudgetRead More »

6 Ways to Secure the Bag for Retirement Okay, here’s the deal: Retirement might seem like it’s far off in the future (and you’re probably right, it might be decades away)—but that doesn’t mean you shouldn’t be thinking about it right now! In fact, one of the most important things you can do for retirement is starting early. Need more proof? Check out the article 7 Reasons to Save for Retirement Early. Whether you plan to start saving early or not doesn’t take away from the fact that you should be looking for ways to secure the bag for retirement now. And when I say “secure the bag,” I mean making sure you’re financially prepared when it’s time to retire. Not sure where to start? Keep reading! I’ve got you covered. Check out these 6 additional ways to secure the bag for retirement. #1 Start Contributing More to Your 401k If you’re lucky enough to have an employer that offers a 401(k) or any other retirement plan, then take advantage of it, especially if your employer matches some of your contributions! As of the writing of this article in early 2021, the IRS annual contribution limit for a 401(k) is $19,500. Your goal should be to hit that number! This is the best way to secure the bag for retirement! That becomes even more true if your employer offers some sort of match. The match means that whatever you contribute to your 401(k) or retirement plan will be matched by your employer, up to a certain percentage or dollar amount. That means you get free money—and we’re not in the business of turning down free money, are we? #2 Open an IRA and Contribute Sometimes an employer won’t offer a 401(k) or retirement plan, but don’t worry! There’s an alternative: the Individual Retirement Account, or IRA. Anyone can open an IRA! They’re offered through most financial institutions, as well as roboadvisor companies like Betterment and Digit. In fact, my own IRA is through Betterment—and you can get free management for a year if you sign up with my link! You can contribute to both a 401(k) and an IRA, but the annual contribution limit on the IRA as of the writing of this article is $6,000. If you have a 401(k), it’s best to max that out first and then focus on building up your IRA. However, if you don’t have a 401(k) or other retirement plan, an IRA is the next best thing to secure the bag for retirement. Don’t forget that once you make contributions to your IRA, you need to invest that money so it will grow! #3 Rollover Any Old 401ks401(k)s and IRAs are the best tools for securing the bag for retirement, but there are a few other ways to make sure you’re taken care of. The first thing you need to do is roll any old 401(k) plan into a current or new 401(k). While it’s nice to know you have an old 401(k) sitting around somewhere, you’re no longer able to make contributions to it after you leave your employer. That means you’re not going to see the gains you’re so worthy of! Sure, the money will grow over time, but to see true compounding growth, you need to keep funding it. The only way to do that is to roll the balance over into your current 401(k). Fortunately, completing a 401(k) rollover is a relatively simple process! Contact your old 401(k) plan provider and get any documentation you need to roll it over into your new plan. Contact your current 401(k) provider to give them a heads up and ask about any steps you need to take so they can process the rollover. Once all your 401(k) plans are rolled into one, you can get back to maximizing your retirement savings—and you’ll have one less account to keep track of! #4 Focus on Becoming Debt Free You might be scratching your head at this one, but hear me out! When it comes to securing the bag for retirement, of course, the more you have saved the better. However, we also want to make sure life is as easy as possible during retirement. That means getting rid of all your debt before you retire. I guarantee you that the last thing you’ll want to be focused on during retirement is paying off debt! Prioritize getting rid of all of your debts while you’re still working and generating income. Start by paying down all high-interest debt like credit cards and personal loans. Then shift your focus to any secured debt you have, like auto loans or mortgages. The faster you can pay off your debt, the more time and money you’ll have to put into your IRA and other investment accounts! #5 Give Your Investment Options a Refresh If you want to make the most bang for your retirement buck, you need to make sure you’re invested in the right options in your retirement portfolio. If I lost you, please come back! Let me break it down: Your retirement plan (such as a 401(k)) is made up of investments. If you didn’t pick the investments yourself, then you were automatically placed in a plan. The good news is, you’re invested! The not so good news is that you might be leaving money on the table if you’re not invested in the right options based on your age and time remaining in the workforce. Check out the articles How I Picked My 401k Selections and How to Research Your 401k Options for some guidance on what to look out for. #6 Consider Going the ROTH Route If you’re unfamiliar with the term ROTH, you’re in the right place. A ROTH account, or ROTH IRA, involves contributing post-tax funds to a retirement plan (unlike a regular IRA, which uses pre-tax dollars). What this basically means is that you’ve already paid taxes on whatever goes into the ROTH—so when it’s time to retire, you don’t have to worry about paying taxes on that money. If you’ve already completed steps 1-5, I highly recommend this route! Take me as an example: I already know that when I’m ready to retire, I’ll likely be in a higher tax bracket than I’m in now. That means I could wind up paying more in taxes at that time. No thanks! I’d rather take my chances and pay tax on that money now. Read Retirement Savings: ROTH vs Traditional for more insight on this concept. Related: 6 Tips to Help You Smartly Save for Retirement  Girl, let’s secure the bag for retirement! The last thing on your mind at retirement should be money worries! When you have what you need in the bank, you can spend your later years doing whatever you’d like! That’s what I’m talking about. The earlier you start, the easier it will be. Have you started securing the bag for retirement? What questions or tips do you have to share? Post your thoughts and questions in the comments section be … 6 Ways to Secure the Bag for RetirementRead More »