This post may contain affiliate links; please see our disclaimer for details.
Mint Mobile is becoming more and more popular nowadays. You’ve probably seen lots of their fun advertisements with Ryan Reynolds, who purchased the company in 2019.
My wife and I started to use them as our cellphone service provider back in college and are still using them to this day!
We are grateful Mint Mobile offers an affordable $15 monthly plan which has saved us so much money. It is one reason we have been able to keep expenses low, allowing me to graduate with my MBA student loan debt-free.
What is Mint Mobile?
Mint Mobile is a very affordable and reliable prepaid cellphone service provider with plans that start as low as $15 per month.
The company was founded on August 1, 2016, in Costa Mesa and is very popular right now thanks to advertisements by actor and company owner Ryan Reynolds.
In this article, we’ve included a rundown of everything potential Mint customers need to know. Let’s jump in!
How Much Does Mint Mobile Cost?
Mint Mobile offers four main plans: 4GB, 10GB, 15GB, and unlimited, as you can see below –
All of the mint mobile’s phone plans included unlimited talk & text, high-speed data (5G for free), free calls to Mexico and Canada, free mobile hotspot, free 3-in-1 sim card, and wifi calling & text!
Plans are as low as $15 per month, which is what my wife and I are using right now. Using their phone plan is one of the reasons that we can save 56% of our income.
My wife works from home and I am on a hybrid work schedule where I work from home two days a week, so we mostly use wifi instead of cellular data.
You can choose the most suitable plan depending on how much data you will use.
There isn’t a monthly plan. You must buy plans for either 3, 6, or 12 months at a time. The more you buy, the more you save.
That’s why my wife and I always get the 12-month plan. We like how we only have to pay once and then be all set for a year which feels nice!
Mint Mobile is also offering a free 7-Day Money-Back Guarantee refund policy. So don’t worry about giving it a try!
Why are Mint Mobile Plans so Affordable?
Many people may wonder why the plans are so cheap; let me share four reasons.
These reasons are why Mint Mobile can save money through its operations and pass those savings on to consumers through lower prices.
Unlike traditional operators, Mint Mobile is an online-only carrier. This means they do not operate in any physical stores/retail storefront locations. This is a huge saving point for their company.
The company is also owned by famous actor Ryan Reynolds with millions of followers on social media also helps a lot with free to low-cost advertising.
Mint Mobile offers its plan in bulk. Like Costco, the more you buy, the more you save. Selling cellphone plans in 3, 6 or 12-month increments will likely retain subscribers at a higher rate and give them a more stable revenue stream than traditional prepaid monthly payment models.
Mint Mobile uses T-Mobile’s network, meaning they don’t need to spend money on network infrastructure or maintenance.
Is Mint Mobile’s Coverage Any Good?
We first became Mint Mobile users in college and haven’t had any issues; that’s one of the main reasons we keep using them. 🙂
Since Mint Mobile is using T-Mobile’s network, you can enjoy premium wireless service on the nation’s largest 5G network.
What Other Features Does Mint Mobile Offer?
All of the mint mobile phone plans include these 6 features:
Unlimited talk & text
High-speed data (5G for free)
Calling to Mexico and Canada is Free
Free mobile hotspot
Free 3-in-1 sim card
Wifi calling & text
How Is Mint Mobile’s Customer Service?
We have contacted Mint Mobile’s customer service very few times, but they have been very happy to help us each time! This means a lot to us since we’ve encountered bad service multiple times when using other providers.
One of the reasons they can keep its prices low is that they are an online-only carrier with no physical store.
That means they don’t have in-person customer support. But you can phone, email, and chat with them when you need help.
Their website says “super short wait times (typically under 2-3 minutes).”
What do Customers say about Mint Mobile?
My wife and I are users ourselves and WE LOVE THEM. Not only are the service and reception great, but their affordable plans also make them a great F.I.R.E. friend.
You can find customer reviews online easily, but here are some examples.
They have 4.5 out of 5 on Google based on 6000+ reviews, 4.8 out of 5 on Facebook based on 17,000+ reviews, and 4.3 out of 5 on Amazon reviews based on 1,700+ reviews.
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
This post may contain affiliate links; please see our disclaimer for details.
529 for our son & daughter
As education costs continue to rise, more and more parents are looking for ways to save for their children’s education. 529 plans are one option that can help you save for higher education expenses.
The average cost of tuition and fees at a four-year public university is now more than $9,600 per year, and the average cost for a private university is more than $33,000 per year.
That’s only the tuition fees! Room and board, books, transportation, and other expenses can add thousands of dollars to the cost of higher education.
My wife and I had to work hard to pay off $56,000 of student loan debt. Having a student loan is a huge burden for parents and students. And no parent wants to leave their child with a student loan to pay off.
That’s why we started a 529 plan for both of our children. We are currently investing $200 ($100 each) per month.
In this article, I will discuss what a 529 plan is, how it works, the benefits of a 529 plan, and how you can get started.
What is a 529 Plan?
A 529 plan is a state-sponsored, tax-advantaged savings plan designed to help you save for higher education expenses. It is a great way to save for college and doesn’t require any contribution from the student. Since your savings will grow tax-free, you will not have to pay any taxes on the earnings when you withdraw them to pay for college.
As we mentioned, having student debt can be a huge burden. 529 plans can help reduce that burden. So if you are looking for a way to save for college, a 529 plan should be one of your top choices.
Different types of 529 plans
Now that we know what a 529 plan is, let’s look at the various 529 plans available.
There are mainly two types of 529 plans, each of which has its benefits. We will take a deep look into 2 main types of 529 plans, so it will be easier for you to choose one.
1. Savings plan
A 529 savings plan is the most common type of 529 plan. With this plan, you will invest your money in a mutual fund or another investment vehicle.
This can be a great way to save for college because your money will grow. And since the earnings are tax-free, you won’t have to pay any taxes when you withdraw them.
You can use the fund for educational expenses such as tuition, room and board, books, and more. And you can use the money at any accredited college or university in the US.
According to the Federal Law Secure Act, you can use a 529 savings plan for registered apprenticeship program expenses.
You can use up to $10,000 for student loan debt repayment for both beneficiaries and their siblings.
2. Prepaid tuition plan
The other type of 529 plan is a prepaid tuition plan, which differs from a savings plan in many ways.
Some limited states and registered institutions offer the prepaid tuition plan. With this plan, you are buying a future college education for your child.
The cost of the prepaid tuition plan will depend on the state and the institution
One benefit of a prepaid tuition plan is that it is less risky than a savings plan. Your money is invested in a college education for your child, so you know it will be used for that purpose.
However, the prepaid plan doesn’t allow you to use the funds for room and board, books, or other expenses, you can only use the funds for tuition.
The prepaid tuition plan also has a few restrictions, such as you can only use the plan at certain institutions. You might not be able to use the prepaid plan if your children decide to go to a different school or university.
So you must pre-plan everything before signing up for a prepaid tuition plan.
Key differences between Savings Plan and Prepaid Tuition Plan
Now that we have looked at the two types of 529 plans, let’s examine the key differences between them.
The main difference between the two types of plans is that a savings plan allows you to use the funds for education expenses such as tuition fees, accommodation, transportation, etc. On the other hand, a prepaid tuition plan only allows you to use the funds for tuition fees.
The other main difference is that a prepaid tuition plan is potentially less risky than a savings plan. With a savings plan, your money is invested in a mutual fund, which can go up or down in value. With a prepaid tuition plan, your money is invested in a future college education for your child, so you know that it will be used for that purpose.
A prepaid tuition plan usually comes with more restrictions than a savings plan. For example, you might only be able to use the prepaid tuition plan at certain institutions or a state. You won’t be able to use the prepaid plan if your child decides to go to a different school.
The last key difference between the two types of plans is that a prepaid tuition plan is usually more expensive than a savings plan. The cost of the prepaid tuition plan will depend on the state and the institution.
As you can see, both savings and prepaid plans come with their own benefits.
You must choose the one depending on your specific needs and goals. The best way to decide what you should go for is to consult a financial advisor.
Tax advantages of 529 plans: 529 tax benefits
529 plans are some of the best ways to secure your children’s future. Not only do they offer a wide range of investment options, but they also offer significant tax benefits. Let’s take a look at the three main tax advantages of 529 plans:
Tax-free growth: The money you invest in a 529 plan grows tax-free. This means you don’t have to pay taxes on the investment gains.
Tax-free withdrawals: You can withdraw the money from a 529 plan tax-free to pay for qualified education expenses. This includes tuition, room and board, books, and other related expenses. However, any other withdrawals will be subject to income tax and a 10% penalty.
Estate tax benefits: A 529 plan also offers estate tax benefits. This means that the money in the account is not counted as part of your taxable estate. This can be a significant benefit if you have a large estate.
How to open a 529 plan?
The process of opening a 529 plan is very simple. You need to provide some basic information when setting up the plan. You will also need to choose an investment option for your account.
We currently use Fidelity for our 529 plans. Setting everything up was super easy and didn’t take long.
Conclusion
If you are looking for a way to save for your children’s education, then a 529 plan is the perfect option.
You must keep your children’s future in mind no matter what plan you choose, 529 plans, or other plans like ESA, UTMA/UGMA plans.
Even a small amount each month can grow big if you keep saving for the long term. The sooner you start, the better it will be for you and your children!
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
Cryptocurrency is a hot topic of discussion, but knowing what it is and how to invest can be confusing.
Technology is constantly changing and improving, and so does our currency!
Digital currency evolves alongside technological advancements replacing physical currency like paper notes or coins.
The electronic exchange of money via bank accounts or electronic payment using credit cards is the method we use in our daily lives.
You can call it an early type of digital money. Digital currency is money that you exchange electronically for products and services. This includes bank-to-bank virtual transfers, an internet banking system, or the usage of a smartphone that carries a user’s card details (primarily by debit or credit card)
Today we can call this type of digital transaction a traditional method of money exchange.
As digital money is the reason for less usage of physical currency, now a new type of digital currency is the talk of the town, known as cryptocurrency.
This post may contain affiliate links; please see our disclaimer for details.
Cryptocurrency – What is it Exactly?
Cryptocurrency is a type of digital money that you may know as electronic or virtual currency. It enables electronic payments and works similarly to traditional currencies that rely on actual money.
Along with an electronic exchange, you can exchange traditional currency physically with notes and coins easily.
But in the case of cryptocurrencies, you can utilize them electronically with computer code only. It also does not come in any tangible form.
Unlike paper currency, central authorities do not issue a cryptocurrency. Hence, the value of cryptocurrency remains unaffected by monetary policy, inflation, or economic development.
On the other hand, certain factors can affect the value of cryptocurrencies, like the cost of creation or mining.
The most effective technique for creating a cryptocurrency (Bitcoin) is mining. Mining is a time-consuming method in which computers solve complicated algorithms to confirm the validity of network transactions.
Other cryptocurrencies may employ different techniques to produce and sell tokens.
How Does Cryptocurrency Work?
A significant percentage of cryptocurrencies exist independently without the involvement of a central bank or government.
The developers use decentralized blockchain technology for cryptocurrencies, a digital ledger system. This ledger system keeps track of transactions of cryptocurrency.
One of the essential features of this technology is that the whole public can view it. Neither a single party can change it nor control it.
Therefore, making cryptocurrencies safe for online transactions and impossible to copy.
Developers of blockchain also claim that it can improve data accessibility and security. Blockchain is the foundation of all cryptocurrencies. Some cryptos serve a utility purpose.
They are a collection of cryptocurrencies that work together to form infrastructure. They make it possible to build alternative cryptocurrencies on top of their networks.
Investors of cryptocurrency do not keep their funds in regular bank accounts. They possess digital addresses instead. These addresses include private and public keys.
They are long sequences of numbers and letters that allow cryptocurrency users to transfer money. Unlocking and sending cryptocurrency requires private keys.
Public keys are available to the public and permit the possessor to receive cryptocurrency from anyone.
What to Consider Before Investing in Cryptocurrency?
The safety of cryptocurrencies depends on how you want to utilize them. Cryptocurrency is relatively safe in terms of security and confidentiality for digital transactions.
Cryptocurrency is a high-risk investment because of its uncertain and unpredictable characteristics.
Consider the following before investing in cryptocurrency.
Don’t waste your money on something that is beyond your comprehension. Set aside some time to study everything to understand cryptocurrencies. Learning about the fundamentals of crypto is critical.
You should also understand what type of investor you are, as this determines the variants of investments suitable for you.
Set boundaries on how much you must invest in a particular digital currency. Never risk your money more than your capacity to lose it. You may lose money in this sort of investment.
If you are a beginner or new to this field of cryptocurrency, first invest a small amount.
Prices might fluctuate substantially from day to day. When prices are low, inexperienced traders start panicking and selling their assets. Cryptocurrencies are not even going away anytime soon. So, investing in them for months or years could yield the best results.
Trading bots are effective in different situations but are for beginners searching for cryptocurrency investment advice. They are typically hidden scams. One should be very careful with this.
The best way to make a wise investment is to look back at previous outcomes of particular crypto and explore the trends that could indicate future development.
You require skills to manage your risk, especially when dealing with assets like cryptocurrencies. As a beginner trader, you’ll need to grasp ways to manage risk and build a strategy to help you avoid losing money. This is vital when you are preparing to invest in cryptocurrency.
What are the Types of Cryptocurrency Investing Options?
When people talk about cryptocurrencies, Bitcoin is the one that gets all the attention. In reality, there are thousands of other potential options that people don’t know.
For a better understanding of cryptocurrency, we are dividing it into four different categories PoW (Proof of Work), Proof of Stake (PoS), Stablecoin, and Token,
Proof of Work
The first sort of cryptocurrency is one like Bitcoin, which depends on blockchain technology and processes transactions using a concept known as proof of work (PoW). It is an inextricably secure and reliable system.
Aside from making cryptocurrencies practical, blockchain technology’s security is finding its way into various other businesses.
Currently, there are two most popular and valuable cryptocurrencies in terms of trading volume count on PoW.
These two cryptos are Bitcoin and Ethereum. It primarily functions like currency, and you can use it similarly to traditional fiat currency. Bitcoin contains a finite number of coins.
These coins enhance the demand and strengthen their perceived value. The maximum supply of Bitcoin, for example, is 21 million, set by Bitcoin’s creator.
Bitcoin is an online alternative to cash with the largest market capitalization. Satoshi Nakamoto introduced Bitcoin in 2009. The world’s first and most popular cryptocurrency. Cryptography and Blockchain technologies track transactions of this currency. You can use it for facilitations like payments and digital transactions of money.
Proof of Stake (PoS)
Proof of stake is the ultimate solution for growing challenges that proof of work technologies are presently impossible to address. Not every node in a PoS system must authenticate every transaction.
To enter a transaction assurance group participating nodes must utilize their bitcoin holdings as a deposit. The idea of proof of stake draws its name from that deposit. PoS blockchains are now a reliable source for several cryptocurrencies.
Eos, Dash, and Tron are common among them. Ethereum 1.0 (PoW) is also upgraded into Ethereum 2.0 (PoS) using Proof of Stake.
Ethereum uses blockchain technology to create smart contracts and other decentralized applications. It is the most common way that people use to create new cryptocurrencies.
Ethereum blockchains perform a substantial amount of transactions. Ethereum already processes over 1,000,000 transactions daily, and the upgrade may skyrocket.
Without any third party, you can access Ethereum from any location. For the trade of digital assets, many platforms employ Ethereum as a currency.
Stablecoins
These digital currencies link with fiat currencies or valuables such as gold. Stablecoins allow consumers to sell into an asset equal to the national currency.
They combine tokens and traditional cryptocurrencies, but you can trade them for fiat cash. They are essential in the market because they allow for day-to-day, recurring transactions free of volatility. Tether, Paxos, and Gemini are examples of stablecoins.
Traditional cryptocurrencies such as Bitcoin and Ethereum can change dramatically in value over a short period, making them difficult to handle.
Tether is a stablecoin that combines the advantages of a cryptocurrency with the stabilization of a government-issued currency.
Tether frequently acts as a bridge. They use Tether instead of returning to dollars.
Token
Tokens are configurable assets that allow the development and execution of unique contracts.
Tokens differ from typical cryptocurrencies because you can not use them as a medium of exchange.
They are not a currency but rather a unit of measure that exists on top of the structure of an existing cryptocurrency like Ethereum.
They represent tangible assets like real estate (valuables) and digital assets. A basic Attention Token (BAT) is worth using the available token.
Basic Attention Token (BAT) is a cryptocurrency that aims to create a virtuous advertising cycle that benefits both creators and consumers.
It is a cryptocurrency that runs on Ethereum and incorporates the unique web browser called Brave. Its purpose is to make commerce easier for all three parties.
Should you Invest in Cryptocurrency?
When considering investing in cryptocurrency, you must consider the pros and cons. It’s been 13 years since the introduction of cryptocurrency, and people are still hesitating to invest in it. The reason for that hesitation is its volatility.
The viability of cryptocurrency depends on investors’ financial goals and risk tolerance. It will determine whether cryptocurrency is a good investment or not.
Cryptocurrency can provide the best opportunity to gain economic advantages once you are ready to take risks. Make sure to do your homework and also learn about risk management.
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
This post may contain affiliate links; please see our disclaimer for details.
Sometimes it can be hard to know the best place to start spending your tax refund wisely.
Most of the time, the first place we want to spend our money is at the stores. We purchase new clothes, electronics, shoes, and probably more products than we need.
Getting caught up in the hustle and bustle of looking cool is easy. Many try keeping up with the Joneses down the street; however, there are much wiser places to put your money that can help your financial goals.
So let’s explore 9 smart ways to spend your upcoming tax refund money to set you up for a better future!
1. Pay Off Your Debt
We know this is not the most glamorous or fun way to spend your money but paying off debt has many benefits.
With a little extra money in your pocket, it’s the perfect time to lessen the stress of those bills.
Almost every adult has some student loans, house bills, or credit card debt that needs to be paid. Tax refund money can help to help ease this burden.
Student Loans: Right now, almost one-third of American students will owe something in student debt, and the average student loan debt in 2020 was over $38,500 per person. These numbers are staggering and only expected to increase. Another crazy statistic about student loans is that about 9% of people who have student loans are falling behind on their payments.
Mortgage: According to the Federal Reserve Bank of New York, mortgage debt has risen to over $10 trillion by the fourth financial quarter of 2020. This has been increasing dramatically since the peak in 2008. If you are a home-owning adult with a mortgage, it may be a good idea to start decreasing your debt with a jump-start from your tax refund.
Credit Card Debit: Unfortunately, many struggle to break free of credit card debt worldwide. In the last quarter of 2021, the credit card balance was at a staggering $860 billion. These numbers are far from the number reached during the 2008 financial crisis. With your tax refund, it is time to start chipping away at your credit card debt and building your financial portfolio.
We can never anticipate every twist life throws at us. What if your car doesn’t start one morning, or if the pipes burst in your house while you were on a trip, and your home insurance doesn’t cover flood damage?
These are real problems we can run into, and if you don’t have a little extra money put aside, you may be adding more to your credit card debt or would have to take out a personal loan.
CNCB says that only 39% of Americans can afford an extra $1000 toward an unexpected purchase.
If you haven’t already, it is a good time to put aside some extra money for these unexpected purchases.
As a rule of thumb, some people like to have enough money in an emergency fund to cover anywhere from three to six months of expenses.
Let’s say you got laid off and didn’t have enough to cover the bills. This would be stressful for anyone, but having an emergency fund provides peace of mind.
It is time to ease your worries and start saving for these mishaps by creating an emergency fund.
3. Add to Your Retirement Account
You have likely said, or a coworker has said: “can I retire yet?” Retirement and even early retirement (and maybe having a house on the beach) are what most people are striving to achieve.
Using your tax refund money to add to your 401K, Roth IRA, or Traditional IRA is a smart way to spend that money.
If you haven’t set up a brokerage account to invest in a retirement fund, this is a great time to start, so you aren’t working until you are 80.
By setting up a brokerage account, you are building your way toward financial freedom. If you dedicate all or some of your tax refund every year to your retirement fund, you will be in a great spot by the time you are ready for that phase of your life.
M1 Finance is a great investment opportunity with its robust yet simple app. There are ZERO commissions or account management fees.
Deposits $1,000 or more into your M1 Invest account within two weeks of signing up and get a cash bonus of $30-$500 to that account.
It is not just a trading stock brokerage account but also offers an IRA option that allows you to invest in your retirement.
We highly recommend using M1 Finance to open a brokerage or retirement account! M1 Finance can undoubtedly help you on your financial independence journey.
Although all of the following are fun, by reinvesting in yourself, I don’t mean buying a luxury car, having a spa day, or going on a shopping spree.
If you want to take a budgeting course or purchase some new self-help books, using your tax refund would be a great way to use that money.
We rarely have money fall in our laps, so when we have some (like after tax season), it can be nice to use it to improve ourselves.
One way to better reinvest is to take a course on something that will earn you more money. There are countless courses on becoming successful at affiliated marketing, writing, investing, real estate, or other ways to make passive income.
Investing in yourself is a smart move when it comes to your tax refund.
5. Home Renovation
Have you been putting off upgrading your kitchen or getting new floors for the bathroom?
Home renovations are a common expense, but with the help of your tax refund, it might be a wise place to use your money.
If there are “absolutes” when it comes to your home for home renovations (i.e., you NEED a new water heater, or your washer is held together with duct tape), that is probably where you should spend your money first; however, there are other options that can save you big down the road.
Here are some home improvements to consider that can save you money in the long run:
Switching to low-flow toilets and showerheads: This can help to reduce the cost of water.
Upgraded security system: If you have an outdated security system yet more valuables in your house, it might be a wise choice to update that to protect your valuables when you are away.
Shifting to LED light bulbs: These light bulbs can help you to save money on your next energy bill
Using your tax refund money to upgrade your house and add value is an excellent way to get the most out of your money!
Before renting our second property, we painted all cabinets white (see picture below). This did not cost much money and helped make the place look a lot nicer / added value. 🙂
Are you new to the world of investing? It can be overwhelming to try and follow the stock market and know what purchases to make.
However, if this is something you have always been interested in and want to try, using your tax refund money is a good start (that way, if you make a wrong decision, you aren’t using your life savings).
A safe place to start when it comes to the stock market is the S&P 500. The S&P 500 (Standard & Poor’s 500) is an index that tracks the most notable 500 companies in the U.S. These companies have some of the greatest impacts on the economy.
By investing in the S&P 500, you own a small portion of those 500 publicly traded companies. If you are new to investing, this is safer for your money than purchasing individual stocks.
With individual stocks, you risk losing all the money you put into that company going bankrupt.
If you have been dying to dip your toes into investing, why not start this year with some of your tax refunds?
7. Jump Start Your Business
You have a little extra money and a great idea. Why not leap and start your business?
You can use the money to hire a website creator or buy the necessary supplies. You can also file for an LLC with the money.
Investing your money into creating a business can help bring you financial freedom and allow you to have more money in the future. Take this as a sign to jump-start your business with your tax refund money.
8. Travel
Although this may sound like a way of wasting your money, hear us out because we don’t mean drinking endless margaritas on a beach (even as tempting as that sounds).
Taking a vacation to clear your mind, discover your passions, and learn about a new culture is not wasted.
Traveling allows you the opportunity to explore our world and all its uniqueness with it. You could also travel to do volunteer work.
If you have always wanted to volunteer abroad, you could use some of your tax refund to finally do it. There are plenty of affordable programs that do 1–2-week volunteering opportunities.
Traveling can also be good because it gives you experiences that can give you an edge.
Many companies ask about your experiences with diversity or what diversity means to you in an interview.
If you have traveled and have experiences with new cultures, you have a great answer to those types of questions because you have had that experience.
Spending your tax refund money on a new and exciting adventure could be a wise decision that can benefit you for years.
If you have never heard of a 529 plan, don’t worry because you aren’t alone.
A 529 plan (also known as a qualified tuition plan) is a way to save money for possible future educational costs for your children.
To be a little more specific, according to the U.S. Securities and Exchange Commission, the 529 plan is a “tax-advantaged savings plan designed to encourage savings for future educational costs.”
The two types of plans are prepaid tuition and education savings plans.
Prepaid plans allow the saver (you) to buy credits, at the current price, to a university for your child. Prepaid plans are typically only for tuition and fees and do not help cover room and board.
The biggest advantage to a prepaid plan is it allows you to pay at today’s prices versus the future prices of college.
Education savings plans allow the saver to open an investment account to save for all higher education costs, including room and board.
These plans are known to be a bit riskier depending on how you invest your money. They also are not as protected by the state as many prepaid plans.
It is important to do your homework regarding the best option for you and your family when it comes to opening and investing in a 529 plan; however, if you know your kids have dreams of going to college, this may be a smart option for you when it comes to your tax refund this year.
In Conclusion
There are a variety of smart ways you can spend your tax refund money. We want you to make the best decisions for yourself with your money.
Whether saving for retirement or paying off your debt, you will set yourself up for a better financial future!
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
This post may contain affiliate links; please see our disclaimer for details.
You want to lose weight, but challenges will always get in the way when you’re on a budget.
“There are too many people who have joined that gym. I don’t have enough time in the day. I’m just too tired, and (one of the most famous lines) it costs too much money.”
It always seems like we go back to the thought of money. The million-dollar question is how to lose weight while on a budget.
The cost of new equipment, special gym memberships, and food plans can add up! Then too often, it just doesn’t seem as worth the price.
While your health and weight loss are important, it is also important to save money when you can.
We are reviewing 10 tips to help you lose weight without breaking your bank account.
Watch the pounds shed off and the money pile up by applying these tips in your everyday routine!
1. Budget Your Meals
This simple yet effective concept has helped countless people lose weight on a budget and keep it off!
It may take a little more time at the beginning of the week to sit down and plan. Heading to the grocery store with a list will save you time while you are there and money!
Without a list, unintended purchases can add up for you and counteract the budget you have been sticking to.
Another important tip to remember at the grocery store is to buy fruits and vegetables in season. Cut those fruits and vegetables at home rather than buying precut produce.
These little changes to your next grocery trip could help you slim down and save big!
2. Do Budget-Friendly Workouts
Are your friends joining the newest spin class, or is your roommate begging you to take a hot yoga course? As fun as these endeavors seem, they may not be the best option for losing weight on a budget.
For example, a monthly membership for four workout sessions could be around $60.00.
Paying $60.00 a month for only four sessions doesn’t seem as financially sensible since a basic gym membership is $10.00 a month.
One beautiful aspect of most gym memberships is they usually have unlimited entry into the facility. Also, many of the gyms come with perks as well like free workout classes.
Plus, you can use YouTube for free to help design the workouts you can do at the gym. Many of the HIIT workouts or spinning classes you would pay for can be found on YouTube and recreated.
With so many wonderful and free resources, you can work out and lose weight without ruining your monthly budget.
How often do many of us think about our food and each mouthful we consume as we eat?
Scarfing it down and moving on to your next activity is easy. There are actual studies and research about the benefits of mindful eating habits.
According to an article written by Harvard Health Publishing, a nutritionist, Lilian Cheung, says that mindful eating habits can help to lose weight.
Due to hormones and the nervous system, it takes around 20 minutes for our brain to register the full stomach. Therefore, if you eat too quickly, you may eat more and overeat.
Some interesting ways to practice mindful eating and slowing down your meals include setting a timer for 20-30 minutes and using the entire time to eat the meal or eating with your non-dominant hand to slow down.
A more meditative way of practicing mindful eating habits would be to imagine all the steps it would take to produce the meal you are eating, including the growing and harvesting of the crops, to the preparation it took to process, package, and ship the food, to the meal preparation itself.
Chewing each bite more thoroughly throughout this practice will also help decrease the bloating that could occur with eating quickly.
Not only will mindful eating practices help to save you money, but they might also help you to destress at the same time.
4. Reduce Stress in Your Life
Some of you may have heard of the hormone cortisol. Cortisol is the “stress” hormone, and it is the bad hormone that makes us gain weight. This is only partially true.
Cortisol is released from a part of the brain when we experience stress. These stressors include giving a big presentation at work, raising your hand in class, or simply putting your body under physical stress like exercising.
Our bodies need cortisol as a part of life. The trouble comes in when we are experiencing elevated levels of chronic stress, which can lead to damaging effects like increased blood sugar.
Interestingly, incorporating more exercise into your life can decrease circulating cortisol levels in your body. This result is because when you exercise, you are putting your body under stress. Then you are building up your tolerance to stress, and your body decreases the amount of cortisol released with everyday stressors.
It is important to remember to eat good carbohydrates, like whole grains, when exercising and avoiding weight gain related to cortisol.
If you don’t, your body will use proteins for energy instead of carbs and fat, which defeats the purpose of weight loss and will not help you lose weight related to the hormone cortisol.
Try finding easy and free ways to help you destress, including meditation, journaling, taking a walk, calling a friend, and overall recognizing what items in your life are causing the most stress and trying to eliminate those.
If that cannot be done, then destressing your life in other ways will help.
5. Cutting Out the Sugary Drinks
Sometimes, nothing is more satisfying than the crack of the can and the sizzle of the drink. Unfortunately, most delicious sizzle drinks aren’t good for us. Whether it’s a soda, energy drink, or beer, it will be high in sugar and calories.
Also, keep in mind the prices. The average pack of coke goes for around $6.00. It can be difficult for you to switch to a healthier alternative if you are used to your midday Monster, but the results with your weight loss and overall health will be worth it.
If you don’t like drinking plain water, a healthier alternative for you would be lemon water. It might be a good time to join if you haven’t hopped on the lemon water craze yet.
Lemon water has some great aspects, such as it is a great source of vitamin C. Vitamin C is essential for your health and can help with brighter and better skin.
Lemons might not be the first fruit you buy on your grocery trips, but they are typically priced around $0.89. This can seem pricey; however, if you buy three lemons and use half a lemon a day, that would be a week’s worth of lemon water!
Drinking more water is also known to make you feel fuller and eat less food, aiding your weight loss journey.
Everything is good in moderation, so try and start small by switching one soda for water and see where it takes you!
6. Good Quality Sleep
We all know how important sleep is for our health. Most people do not get enough sleep at night to live healthy lives.
Not only is it important for our overall health to get a good night’s sleep, but it can also add to your weight loss.
The Sleep Foundation recognizes how important it is to get a good night’s sleep to help aid in weight loss. They have stated that many studies show the relationship between the lack of sleep and metabolic disorders, weight gain, and the risk of obesity.
It is also known that more research on these relationships needs to be conducted to solidify the exact reason for this connection.
Some ways to better your sleep
Not eating late at night or right before bed.
Trying to sleep in a dark room.
Reducing electronic use before bed.
Having a regular sleep schedule.
Reducing your stress before bed.
Whatever works for you to ensure you get quality rest will only help improve your overall health!
7. Intermittent Fasting
One inexpensive and effective method for weight loss is intermittent fasting.
Intermittent fasting is a wonderful way to lose weight and not break your budget because it doesn’t require any purchases. You don’t have to buy any special plans or subscriptions.
Intermittent fasting focuses on when you can eat during a period. Mark Mattson, P.h.D, of Johns Hopkins, explains how intermittent fasting causes metabolic switching, which is your body using your sugar stores to start to burn fat.
It is also advised to check with your health care provider to ensure this is a safe option for you for weight loss.
There are many methods of intermittent fastings, such as the daily method. This method consists of being allowed to eat for six or eight hours and fasting for the rest of the 24 hours.
Another option would be eating regularly for five days of a week and then for two days a week you limit your calorie intake.
If you decide intermittent fasting might be a good option for you, remember not to go too long (as in days at a time) without eating because it could put your body in starvation mode, which would lead to weight gain and be dangerous for your health.
Also, it may take a few weeks (two to four) before you start to notice a difference in how you feel and your weight.
This is a great and cheap way to jump-start your weight loss and help you save money and not break your budget.
Our digestive tract and intestines (i.e., “the gut”) are filled with trillions of little bacteria, fungi, and other little microbes that can affect weight loss.
These microbes impact our hormones, energy levels, how food is absorbed, and how fats from our diet are stored.
Gut health is also very individualized because of the different factors that can affect it, such as your environment and genetics. There are a variety of ways you can improve your gut health.
One step is to add more fiber to your diet. Adding fiber can be easy by planning meals and snacks rich in fruits, vegetables, or seeds, and can help with weight management.
Another tip is to add fermented foods to your diet. Fermented foods like yogurt, pickles, and kombucha are loaded with gut-healing probiotics.
A happy gut can mean all the difference in weight loss and doesn’t have to break your budget.
9. Less Meat – More Savings
When you look at your grocery bill, it can be shocking how expensive a pack of ground beef or chicken breasts is. Fish and seafood have even higher-priced usually.
You don’t necessarily have to go meatless to save money and lose weight but opting for beans or eggs as a protein source may save you some money.
It is known that people who follow a vegetarian diet tend to be leaner and have less of a risk of obesity.
Just remember that substituting meat by eating more sugars and fats through non-meat alternatives is not healthier.
Gaining protein through other outlets is important if you decide to go meatless. Also, remember to maintain a balanced diet of fruits, vegetables, and healthy proteins and carbs.
10. Lastly, Losing Weight Saves Money
Hear us out; deaths related to heart disease are one of the top killers in America. There are numerous other comorbidities linked to obesity.
These include hypertension, multiple cancer types, high cholesterol, type two diabetes, coronary heart disease, etc.
According to the CDC, in 2008, the US spent around $147 billion on diseases related to obesity. The bottom line is chronic health diseases related to obesity can be costly.
This is not a tip we all think about when you want to lose weight on a budget, but it is a reminder of why we are trying to be the healthiest versions of ourselves every day!
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You can take numerous paths to assist with your weight loss journey. Remember, there are many ways to help save money in the end and not break the bank.
The best tip is to focus on how you feel and what makes you the healthiest! What are some ways you’ve lost weight on a budget? Please comment below and let us know! 🙂
Disclaimer
The content on this blog includes our personal experiences and opinions in regard to pursuing a healthier lifestyle. We hope the information provides valuable insights to every reader but we are not health advisors. When making your health choices, we recommend researching multiple sources and/or receiving advice from a doctor or licensed health professional.
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