Alright, so last week we featured a ton of financial tips and motivation from our *readers* of the blog here, so today I thought we’d share a handful of tricks from the *bloggers* in our space. Many of which I’ll be hanging out with today and over the next few days at our yearly FinCon conference, so if you’d like me to personally thank any of them for you just shout! ;)
(And btw, if I’m slow to respond to any of you for the rest of the week, now you’ll know why… Got lots of hanging and drinking and nerdy $$$ talking to do!)
Here are the last of all the tips I’ve been saving over the months:
How To Not Blow Your Windfall
Any time you get a new windfall (bonus check hits, you have a great month of sales or another one time windfall), put that money into a 3 month CD.
This is boring. The reason why you’re doing this is to allow your dopamine levels to settle at its normal baseline (you’ll have a temporary spike after receiving the windfall). We’ve found that 90 days is enough time to allow your body to reset (get used to the money).
If you spend a single cent of the windfall within the first 90 days it usually leads to “buyers remorse” which is just another way of saying regretful purchases. We’ve deployed this tactic many times and continue to do so despite being financially independent (no one likes regretting purchases).
— The Wall Street Playboys // How to Avoid Negative Life Style Inflation
How To Push Your Kids To Self-Improvement
My dad sometimes comes up with creative ways to push me towards self-improvement. His most recent concoction is what he fondly calls, “Dad’s Investment Reading Club.” He has put forth this offer to both my brother-in-law and me.
Here are the terms:
– We can read 4 specific investing books for a reward/bribe of $100 per book.
– We must provide a 2 page “book report” for each book read.
– The funds must be invested in a Roth IRA for long-term savings
– After finishing all 4 books, we get a bonus/bribe of $100, and have the option to read 5 more books for $100/book.
– In total, we have the option to read 9 books about investing for a total of $1,000. The deadline is December 31st, 2017.
So essentially, my dad is bribing us to read books of his choosing about investing, and I think it’s a brilliant idea for all involved.
— Matt Spillar // How My Dad Finally Got Me to Read Investing Books
How To Not Be Stupid(er)
I leave one account as my Stupid Mistakes Fund, and every month I just put in a small amount into that account. It covers me for when I do something dumb like get a parking ticket. I remember learning this from Ramit Sethi way back in the day.
How to Better Pay Your Medical Bills
Don’t pay medical bills with credit cards! Most medical providers don’t charge you interest, and they’re usually very willing to work out payment plans with you.
How To Save Money Shopping (And Piss Off Store Employees)
Well, I’m famous for going “shopping,” filling my cart, trying on clothes, and leaving the cart in a random aisle before walking out of the store. Yes, I know this is cruel to the kind workers in Target (if I’m still in the clothes section I put them back) but I can’t help myself!!
I have a rule that if I didn’t know that it existed and was needed 5 minutes before I picked it up, then why do I feel I need it now?? It takes about 30 minutes to talk myself off the ledge, and when I do I hightail it out of there so the clothes don’t chase me down.
How To Really Afford Something
If I’m going to start getting a massage once a month, I won’t consider myself able to ‘afford it’ until I can build both the cost of the massage and match that with an additional contribution to my savings, into my budget.
How To Pay Less For College
For the last 18 years, my credit card rewards have funded a 529 college saving account. The balance is now over $36K, enough to fund over a year at the average school. It adds up fast.
How to Save For Emergencies and Vacations
(And Where Do You Park Your Car?)
For emergencies, I keep a $100 bill hidden in my car. If it doesn’t get spent that month then it goes into our vacation fund. It’s a good way to try and stay on track!
How to Keep Your Inheritance From Going to Jerks ;)
We have been working on wills/trusts and were joking about putting in an a**hole clause, where if something happened to us while they were still young my sister-in-law would be have the ability to determine if they had turned into jerks and their portion of the inheritance should go to charity :)
— Mrs. Retire to Roots
And that’s the end of my tips hoarding! I’ll start saving them all up again to dish out another round in a few months… If you missed any of the other articles in the series, you can find them here:
Come find me if you’re at FinCon this week!!
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!