5 Kylie Cosmetics Products to Try The naysayers will say that once you have sees one makeup product, you have seen it all. But the truth is, every makeup brand or … Read More »

6 Tips to Help You Smartly Save for Retirement According to a Northwestern Mutual study, more than half (56%) of Americans don’t know how much they’ll need to retire. What’s even more shocking is the median amount of retirement savings for U.S. citizens is $5,000. Depending on when you retire, you must expect yourself to live a few decades after. That means you’ll need to have enough saved throughout your working years for you to financially survive retirement. There isn’t enough emphasis on saving for retirement, so I want to share 6 tips to help you smartly save for retirement. If you’re young, retirement may seem like a lifetime away. However, the younger you start saving, the less you actually need to save every month. That’s because earnings compound over time, which puts you further and further ahead. If you don’t believe me, read the article 7 Reasons to Start Saving for Retirement Early. Assuming that you already know the importance, let me share some words of wisdom to help you smartly save for retirement. 6 Tips to Help You Smartly Save for Retirement #1 Don’t leave money behind The worst thing you can do for your future is to leave money behind. What I mean is that you should be taking full advantage of any employer match or contribution. Often times, employers will match their employee’s retirement contributions up to a certain amount. At minimum, you need to be contributing to what your employer will match. Failing to do so means you’re turning down free money – and for retirement, that’s silly! Do your research to know what your company offers and make sure you’re taking advantage. In addition to 401k matching, some companies offer additional retirement savings options, like annuity plans. Understand everything available to you, and take advantage of all options (whether now or in the future, when you can afford to take on more). #2 Strongly consider a Roth option When saving for retirement, you have the option to contribute pre-tax or post-tax dollars. When you contribute pre-tax dollars (traditional), you’re lowering your taxable income in the present. When you contribute post-tax dollars (Roth), you’re paying the taxes now so you don’t have to pay them in the future. How do you know what’s best for you? Think about what your life will look like in retirement. Do you plan to still be making money through rental properties, investments, businesses? If so, you may be in a higher tax bracket when you retire, then where you are now. Wouldn’t it make sense to pay the taxes now (while you’re in a lower tax bracket)? It sure would! If you know that when you retire you won’t be doing anything, then you’ll be in a lower tax bracket at that time, and you’ll want to pay taxes then. It can be hard to know exactly what’ll happen in the future, but you know yourself. If you won’t be able to sit still during retirement, you may as well pay your taxes now and go with the Roth option. #3 Rollover any old retirement plans Most people make a few industry and company changes throughout their professional careers. If you took advantage of retirement savings at old companies, you’ll want to roll over those funds into your current retirement plan. Once you leave a company, your retirement contributions stop. That means any money you had previously earned is not growing in value. Instead of having that money sit there over time, not accumulating anything, you should roll it into a plan that you’re contributing to. Now, this money is helping you get further ahead because it has a chance to continue growing. It’s not the smoothest process to roll over old plans, but it’s the smartest move for your retirement savings. #4 Think about what you’ll need at retirement and save accordinglyI touched on this in tip #2, but I want to spend more time here. Whether you expect a lavish retirement or not, you can still pinpoint the absolute basics you’ll need to survive. Will you still have a mortgage payment? That will increase what you need to have come retirement time. Will you have children to take care of?  Think about the bare minimum necessities you’ll need at retirement from an annual perspective. For example, when you retire, you’ll need a minimum income of $40,000 every year. Would that $40,000 (or about $3000/month) cover all of your expenses? What about medicine? When you think about what you’ll need, at minimum, from an annual perspective, you can use a retirement calculator to see how much you’ll need to start saving now, every month. I personally love the Merrill Lynch Retirement Calculator. #5 Have someone review your investment selections Here’s the thing. Saving for retirement doesn’t stop with what you’re contributing. You actually need to make sure you’re invested in the right funds to have what you need come retirement time. The only way to do this is to review your investment selections. Not everyone knows what they’re looking at, so you may want a professional to assist. You can also read How to Research Your 401k Investment Options and pick the best funds for you. After reading about the appropriate investment mix for my age, I picked my own 401k investment options. That was about 5 years ago, and after the switch, my balance skyrocketed. You don’t want to skip this step, otherwise, you’re losing out on thousands in gains.  #6 Avoid pulling from your retirement savings early The last piece of advice I want to leave you with for smartly saving for retirement is to not touch your retirement savings before you retire. I know it’s tempting, and I know that money could help you accomplish other things (like paying off debt or purchasing your first home), but it’s costing you your comfort during retirement. If you absolutely need to pull from your retirement savings early, do so in the form of a loan. That way you’re paying yourself back over time. It’s still not an ideal situation, but at least you’re putting the money back where it came from. The downfall is that you lose out on gains that the money would’ve had before it was taken out. Related: 5 Ways to Boost Your Retirement Savings I hope this article inspires you to take retirement savings seriously. Your future is no joke and you don’t want to be forced to work through your retirement years because you failed to plan. Start assessing where you’re at with your retirement savings and make adjustments accordingly. Do you feel you’re on track with your retirement savings? Share your thoughts or questions in the comment … 6 Tips to Help You Smartly Save for RetirementRead More »

6 Signs You’re Ready for a Successful Debt Free Journey Considering that I’ve gotten myself into (and out of) debt multiple times, I think I’m more than qualified to talk about what it takes to have a successful debt-free journey. Let me start by saying this: the debt-free journey was not a quick and easy ride for me. Some people have the kind of luck that allows them to be in and out of debt…that’s not me.I did all the things I shouldn’t have done. Including buying things I didn’t need, then buying things I didn’t need for my business. I definitely didn’t learn my lesson the first time, and that’s what got me in trouble the second time. Despite my multiple mistakes, I managed to climb my way out. Outside of my mortgage, I’m happily debt-free. Do you want that too? I’m sharing 6 signs you’re ready for a successful debt-free journey.Signs You’re Ready for a Successful Debt Free Journey#1 You have your budget in orderBefore you can even begin your debt pay off journey, you need to know what you can afford to put towards your debt every month. The only way to know that is by having a budget. A budget tells you the ins and outs of your money – meaning, the money coming in and the money going out. When you know this information, you know what you can afford to pay towards your debt.Here’s the thing…you don’t want to just put all your extra money towards your debt. You’re probably raising an eyebrow, but hear me out. When you put all your extra money towards debt, without understanding what’s realistic for your situation, you’re setting yourself up to be broke!To make your debt pay off journey a success, you have to manage your budget WHILE you pay off your debt. Get your budget in order, and you’ll be well on your way to debt-free.#2 You’re ready to control your spendingThe first time I got into debt was because I couldn’t control my spending. I bought clothes, shoes, purses, plane tickets, rental cars, fancy meals, and the list goes on. I didn’t need any of that stuff, and I definitely couldn’t afford it. That’s where credit cards or personal loans get dangerous. It’s almost like you think the money is yours to spend. It’s not. It’s yours to pay back.For your debt-free journey to be a successful one, you need to be ready to control your spending. You need to be ready to say “no” to things you want. You need to be ready to be disciplined. If you aren’t ready, you’ll still swipe your credit cards – keeping you exactly where you are. Have you made it to the point where you just want your debt gone? Good. Let’s keep that vibe!#3 Your credit cards are locked up and out of sightIs swiping credit cards your problem? Don’t worry, it happens to the best of us! Be prepared to lock them up, cut them up, or freeze them…Literally, I had a client stick her credit cards in water and freeze them! My point is that you need to be willing to let go of using your credit cards. Not permanently, but long enough to pay them off and get to a place where you don’t need to use them.Don’t convince yourself that you always need a credit card on you because “something” could go wrong. I had a client do this as well. She used her card on things she didn’t need significantly more than using it for “something” that went wrong. You can have a successful debt-free journey; you just need to put the credit cards away to do it!#4 You have funds put to the side in case something pops upPeople ask me this all the time – should I save money if I have debt? The answer isn’t one-size-fits-all, but I can tell you that you absolutely need something saved before you aggressively focus on your debt. I’ve explained why plenty of times, but it’s worth repeating.Imagine you are putting all of your money towards your credit cards to pay them off. You don’t have anything in savings because you just want your debt gone. You’re on your way home from work and your car breaks down. You don’t have savings, and all of your extra money went to credit cards. You’ll have no choice but to pay for that car maintenance with credit. Now, you’ve just undone your progress.I don’t want that situation for you. It can 100% be prevented by having something put away before you focus on paying off your debt. It doesn’t have to be a large number. Start with $500-$1000 and see how you feel. If you need more, keep saving. If not, shift your focus to your debt.#5 You’ve reached the point of “now or never”There’s nothing like a “do or die” situation to help you get your act together! If you’re of the mentality that it’s now or never for paying off your debt, you’re well on your way to a successful debt-free journey. That mindset is what’s going to keep you pushing forward, even when you don’t want to. That mindset is going to keep you motivated when you just want to spend money.That mindset is what’s going to lead to your success. It’s sink or swim, baby…which one are you doing? You’re not here to sink. You’re here to swim (AKA thrive)! You can do this, so put yourself in a position where there’s no other choice but to do it.#6 You’re willing to invest in your successThe final sign you’re ready for a successful debt-free journey is when you’re willing to invest in your success. You’re willing to put up your extra time or money to help you succeed. You’ve tried this debt payoff thing on your own for a while, and it’s not working. You’re at the point where you need the guidance to make true change and you’re willing to pay for it.Not only does putting up extra time or money make your investment worth working towards, it also puts you in a position to lose something if you don’t do the work. In addition to a “do or die” mindset, this also helps put a different level of commitment into your journey. Some of the best results come from your biggest investments.If you’re ready to go for your successful debt free journey, schedule a financial focus call with me and get the guidance you need! Related: What No One Tells You About the Debt Free JourneyBecoming debt free sure isn’t easy. But it’s so worth it! Anything worth having is worth working for. A life free of debt is certainly worth working for! Have you started your debt free journey? If not, what’s holding you back? Post a comment below to share your feedback and experiences! You may … 6 Signs You’re Ready for a Successful Debt Free JourneyRead More »

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September 2020 Money Pulse Check When it comes to your financial situation, it’s important to set goals and keep tabs on your progress along the way. If you aren’t setting goals, then what are you really working towards? And, if you aren’t keeping tabs on your progress, how do you know if you will actually reach your goals? The ability to pulse check your money at the end of each month will help! I am a firm believer in pulse checking your money and progress at the end of each month. I do month end money pulse checks myself, I help clients complete their month end money pulse checks, and in January of 2018, I started to go live at the end of each month to share my results. Every month, I quickly break down exactly how to pulse check your money, and share my month end money pulse check results. If you want a more in-depth overview of how to pulse check your month, watch the How to Pulse Check Your Money video. I hope this encourages you to start pulse checking your money each month. It’s a great way to pinpoint areas of opportunity, celebrate wins, and make sure you are on track to reach your goals. Here is a quick recap on how to pulse check your money: Refer to your budget Refer to your spending Refer to your goals Then, ask yourself the following questions: Did anything unexpected come up to throw off my budget? Should I budget for it moving forward? What areas did I overspend in? What areas did I under spend in? Did I spend more money than I made this month? How much did I contribute to my goals? Am I on track to reach my goal savings amount by my deadline? Your answers will help you plan your budget better for next month! You may even realize spending patterns you didn’t know you had. This will allow you to make changes to help you save more and manage your money better. My September 2020 month end money pulse check results: Made more money than planned, which helped offset unexpected costs. Increase in Personal Bills category this month due to purchasing things for my house (one-off) September was my birthday month, so increase in Fun Spending. I did better with Meals Out this month. Digit saved me an extra $57 this month. Overall, much better month than August.   Like I mentioned earlier, I hope my pulse check tutorial and results helps you to start this habit on your own! I will be going live at the end of each month on the City Girl Savings Facebook group to recap how to pulse check and sharing my results for the month. More money pulse checks are coming! -RayaThe … September 2020 Money Pulse CheckRead More »

5 Reasons Why You Need an Emergency Fund Bankrate’s January 2020 Financial Security Index survey revealed that 41% of U.S. adults would cover the cost of a $1,000 car repair or emergency room visit using savings. The survey found that an additional 37% of U.S. adults would need to borrow the money in some capacity. This basically means that more than half of the U.S. adult population doesn’t have an emergency fund. If you’re a part of the population who doesn’t have one, I’m sharing 5 reasons why you need an emergency fund…like yesterday. 5 Reasons Why You Need an Emergency Fund #1 – You’ll be covered when a pandemic hits If the coronavirus has taught us anything, it’s that we absolutely need to have savings. Millions and millions of people lost their job. Combining that fact with the statistic above, it means that millions of people wouldn’t be able to survive. They wouldn’t be able to keep a roof over their head. I don’t want that for you, for myself or for anyone. So, you want to know what the solution is? An emergency fund. A savings account that has no need to be touched unless something truly traumatic happens – like job loss, or unexpected medical costs, or a series car malfunction. Do yourself a favor and get those savings in order BEFORE something drastic happens. #2 – There’s a peace of mind that comes with an emergency fund You may be one of the lucky individuals who hasn’t been financially impacted by the coronavirus. That doesn’t mean that other types of emergencies can’t pop up for you. A stable situation is all the more reason to have an emergency fund together. Not to mention, the sense of security and peace of mind that comes from knowing you have money in case something happens is priceless. You can sleep at night. You can make decisions from a place of security, not a place of scarcity. You can take comfort in knowing that you’ve bought yourself some time, should something ever happen. Maybe nothing ever happens! However, we’ll never know either way. That means, it’s better to be safe than sorry. #3 – You can’t predict when things will come up The thing I’ve come to realize about life is that nothing goes 100% according to plan. We can’t plan for everything, and we can’t predict everything. This is where having an emergency fund can be a lifesaver. Because we don’t know when bad, expensive or unexpected things are going to happen, if we have a savings built up, those things aren’t so devastating (ideally). While we can’t predict when things will come up, we can control what we do now in preparation for those things! Having an emergency fund will allow you to “plan for the unplanned”. Life can still keep moving because you can leverage your savings to pick up the slack. #4 – Desperation makes people do things they normally wouldn’t No one wants to be a position where they’re forced to do things they wouldn’t normally have to do. You don’t want to get a 3rd job because you can’t cover a new bill. You don’t want to use credit cards because you don’t have money to pay for an expense. You don’t want to take out a payday loan to get you through next payday. My point is that having an emergency fund can keep you out of that desperate place. Desperation is no fun, and it usually comes with all sorts of other negative feelings. Get your emergency fund in order so you don’t have to get desperate just to make ends meet. #5 – Life can still move on, even when an emergency comes up Imagine something popping up that could completely throw your budget out the window. Instead of giving up on your budget, you take from your emergency fund to cover the cost. That means you can still go about your monthly budget. You can bounce back! That is why an emergency fund is so important! It helps you keep things moving business as usual. Knowing that you can cover [almost] anything that comes your way because you have an emergency fund is a wonderful feeling. It makes having the emergency fund worth it! Even if it’s never used. I’m sure it will be, but it’s meant to be used in cases of emergency! How to Start Prioritizing Your Emergency Fund #1 – Review your budget to see what you can afford to save Now that you know the reasons why you need an emergency fund, let’s talk about how to start getting yours set up! First, you’ll want to review your budget and pinpoint any opportunity you have to save money. Can you cut back your fun spending? Can you pay the minimum payment on your credit cards until you get your emergency fund in order? Review your budget to see how much you can start putting to the side for your emergency savings. #2 – Open a new high-yield savings account for your emergency fund Since your emergency fund should only be used in cases of emergency, you’ll want to keep it somewhere where you aren’t as likely to touch it. I always recommend high-yield savings accounts, like those offered through online banks, because they are not as easy to get to and you get more interest on your money sitting there! You basically earn more in interest, just for having your money in one of these accounts. If you never have an emergency come up, you’re gaining more and more interest! You also need to think through getting to your funds, because it’s a process. That could help you make sure you’re not spending your emergency fund on things you shouldn’t! #3 – Don’t stop saving until you reach your goal amount Once you have your savings amount decided and your account set up, it’s time to start saving! Think about how much you want to have put away for emergencies, and keep saving until you reach that goal. If you come into extra money, put it in your savings. You’ll be able to reevaluate where your money goes after you reach your goal. Need help saving for emergencies? Schedule a free financial focus call with me and let’s chat about getting you started! Related: How to Successfully Build an Emergency Fund An emergency, big or small, can happen at any time. You don’t want to undo years of progress because you weren’t prepared! Everyone, no matter how much money they make, needs an emergency fund. Hopefully, I’ve convinced you of that! Do you have an emergency fund? How much do you have saved for it? Drop a comment bel … 5 Reasons Why You Need an Emergency FundRead More »

6 Self Care Ideas to Feel Rejuvenated Taking care of yourself can get a bad rep for being seen as being selfish or self-absorbed.  However, making small positive additions to your life can result in you living a lovely, beautiful, not to mention stress-free life.  For instance, indulging a little on a self-care trip can make a huge difference in your life. So you aren’t feeling particularly stressed – who cares? Pressing pause and enjoying some of the fruits from your labor is ok, and always very much needed. Getting away for a weekend every now and then or doing the things that bring you peace can help you disconnect, relax, and be rejuvenated. Check out these six self-care ideas to feel the rejuvenated. #1 Stop being a Perfectionist There is no such thing as a perfect person, a perfect, life, or a perfect career journey. As a matter of fact, the word “perfect” should be removed from the dictionary and thrown away. The idea that we have to be perfect in almost everything we do sets a new level of pressure on us that just brings added stress.  Stress is such a silent killer that it is important we treat ourselves with love and care. In order to achieve the feeling of rejuvenation, you must eliminate any idea of wanting to be perfect.  You were made uniquely you and because of that, you are already more than enough. Life is full of adventures that don’t need to be planed or organized down to the very last detail. Perfection is the enemy of the good. There is no one in the world that has created something that went perfectly.  When you come to a place in your life where you truly allow yourself the freedom to move and let go of the idea of perfection, you create new pathways to create something fresh.  #2 Groupon If you want to get some mental clarity but have been working off a strict budget, no worries! Groupon has amazing deals for getaways or other adventures to help cure that self-care drought.  Groupon is an American global e-commerce marketplace connecting subscribers with local merchants that are offering activities, travel, goods, and so much more. You can find things such as facials, guided tours, boat rides, and physical activity classes, all on Groupon for a low price.  Groupon is the greatest and most affordable way to give yourself a self-care weekend.  #3 Use Accountability Partners Having friends that hold you accountable means you have a group of supporters who want to see you win. In some ways, it is hard to hold yourself accountable, especially when you have deadlines you need to meet.  If you fall short, it can be a blow to your creativity, which leads to a lack of rejuvenation in your life. When you have friends that hold you accountable,  that in itself is treating yourself. You are the company you keep and it helps to surround yourself with like-minded people or people that encourage you to go outside of your comfort zone.  Relying on your accountability partners costs you nothing, but rewards you with so much. Find someone who you can share goals with. Then, when you do accomplish something you worked so hard at, you have someone else to celebrate with.  It is equally important to be aware of who in your circle is rooting for you and who isn’t. Weeding out the ones that are not supportive is self-care as well! #4 Use the Sandwich Principle  Not very many people are familiar with the sandwich principle, so let us introduce you. The sandwich method involves incorporating something new into your already scheduled routine.  Think of it as the three S’s of habit cultivation. Do things at the Same time, Same place, and Sandwich something new in between the two habits you already have. Some people sandwich meditation between the last meal of the day and going to bed, for example.  Self-care is important for your mental as well as a physical being. Including this method into your daily lifestyle will bring you a newfound peace that you didn’t know was missing.  #5 Say No Saying no is priceless. As CGS has mentioned before, just because you are caring for yourself does not mean you will go broke! As women, we often feel like we have to wear many different hats and always say yes.  The truth is, you do not have to do something you do not feel like doing. The demands that get placed on us may feel overwhelming; the goal of taking care of yourself is putting you first. One of the vital ways of practicing self-care is protecting your energy, and more importantly your sanity.  Give yourself time before you feel the need to respond if you can or cannot commit to something.  #6 Recognize your success  Time stops for no one, as we have all heard time and time again. Nevertheless, it is healthy for us to stop and smell the flowers and take the time to recognize our successes.  A lot of the time, we keep our heads down and work but never remember to bring it back up to see how far we have come.  Celebrate your wins and strengths, whether that is over a brunch or a girl’s night out!  When you take the time to honor your success, you are practicing self-care. Self-care comes in different ways. Related:8 Simple Self Care Habits to Start Now For the folks in the back who feel like they have to dig deep in their pockets to spend a ton of money to self-care we are here to tell you: you won’t and certainly shouldn’t. These self-care trips don’t have to be costly! It is possible to treat yourself without breaking the bank.  Stay up to date with us through our other social networks such as Twitter and Instagram @citygirlsavings. Also, if you’re on Facebook, join our CGS group and jump right into the conversation. We always love hearing from members of the community.    -Ta … 6 Self Care Ideas to Feel RejuvenatedRead More »