<p>Planning for retirement can feel like an overwhelming task. It can require years of work, a basic understanding of finances and investing, and the discipline to see your plan through, sometimes decades into the future. But don’t worry — every good plan starts with simple steps. And your retirement plan is no different. If you’re ready to get moving on your retirement goals, check out these five simple tips to help you save for retirement.</p><p></p><p></p><h3>1. CALCULATE HOW MUCH MONEY YOU WILL NEED</h3><p>You might not know exactly how much money you’ll need in the future, but a great place to start is to understand how much money you’re spending right now. Write down all your current monthly and yearly expenses. Then, determine whether these costs will likely stay the same, go up, go down, or go away by the time you retire. While you’re at it, think about how you want to live and what you want to do when you retire. This can include trips you want to take, family you want to visit, a community or home you want to live in, and any other goals you have for your retirement. Then, add in the extra expenses to cover these goals. This exercise can give you a rough idea of how much money you’ll need on a monthly and yearly basis in retirement.</p><p></p><p></p><h3>2. CALCULATE HOW MUCH MONEY YOU’LL NEED TO SAVE</h3><p>Now that you have an idea of how much money you’ll need to retire, calculate how much money you should save to reach your goal. You can use an<span>&nbsp;</span><a href="https://www.bankrate.com/retirement/calculators/retirement-plan-calculator/"><span>online retirement calculator</span></a><span>&nbsp;</span>to help you figure out how much you’ll need. Or, you can do the math yourself. Decide when you want to retire — whether that will be 10, 20, 30-plus years from now — and calculate how much money you’ll need to save every year until you retire to hit your goal. Again, these numbers are rough and will change, depending on your investments, your interest rates, any new goals you decide on later for retirement and other factors, but it can give you a good savings goal to get you started and on the right track.</p><div></div><p></p><h3>3. UNDERSTAND THE TIME VALUE OF MONEY</h3><p>Your money is worth more in the future than it’s worth today, as long as you invest it right. The longer you save (and the more you can keep contributing to your savings), the more your money will<span>&nbsp;</span><a href="https://www.investopedia.com/terms/c/compounding.asp">compound</a><span>&nbsp;</span>and the faster it will grow. Your money’s earned interest gets reinvested and earns even more interest (hence the name compounding), which helps your savings grow over time. In other words, it makes all the sense in the world to make your money work for you now, so you don’t have to work so hard in retirement.</p><p></p><p></p><h3>4. EXPLORE SAVINGS OPTIONS</h3><p>If you work for an employer that’s willing to match your retirement contributions (sometimes call 401(k) contributions), you should try to contribute as much as you can every month to take full advantage of the free retirement money. If not, you can always look into<span>&nbsp;</span><a href="https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans"><span>other retirement account options</span></a>, including Individual Retirement Arrangements (IRAs), Roth IRAs, and more. Traditional IRAs allow you to save for retirement without having to pay taxes until you make withdrawals in retirement. Roth IRA contributions are not tax deductible, but you won’t have to pay taxes on withdrawals after you reach a certain age. Both options can help you save money and earn interest, which gets added to your savings.&nbsp;</p><div></div><p></p><h3>5. WEIGH INVESTMENT RISK</h3><p>When you contribute to a retirement account, your money gets invested in either<span>&nbsp;</span><a href="https://www.investopedia.com/articles/basics/11/3-s-simple-investing.asp"><span>stocks, bonds, mutual funds, or other investments</span></a>. These investment types range from potentially risky (with a potentially high reward) to relatively safe (with a relatively expected reward). Most experts advise taking on more risk when you’re younger and reducing your investment risk the closer you get to retirement. Each investment carries its own individual risk, but in general, stocks are riskier (but have a potentially high reward), while bonds and mutual funds are generally considered safer investments, with expected returns.</p><div></div><p></p><p></p><p>Your retirement plan might just be the biggest plan you ever make. But as long as you start simply — learn the basics and start investing your money as early as possible—you can reach your retirement goals one simple step at a time.&nbsp;</p><p></p><img src="https://images.contentstack.io/v3/assets/blt6c40640a229ed552/blt3cc44d016705bcea/66704ac51774d29ac6a1626b/MER21-0076_VP_Jul-Sep_Blog-Image_Saving-for-Retirement_800x800_v1.jpg" alt="MER21-0076_VP_Jul-Sep_Blog-Image_Saving-for-Retirement_800x800_v1.jpg" height="auto"/>

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5 Tips to Help You Start Saving for Retirement

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3 Tips to Wrap Up Your Holiday Spending Budget

<p>The holiday season is just around the corner and these three tips can help you wrap up your holiday budget well before the season begins.</p>

<p>When it comes to spending money, everyone has their own weaknesses. You see something you really want to buy, and your mind enters into a tug-of-war. One side of your brain says save. The other says spend. It’s completely natural. And both sides take turns winning over the course of time. But when spending becomes the stronger emotion, a simple mind game can turn self-destructive. If you’re hoping to strengthen the savings muscles in your mind, here are 5 ways you can avoid unnecessary spending.</p><h3><strong>1. HAVE A BUDGET</strong></h3><p>The<span>&nbsp;</span><a href="https://www.daveramsey.com/blog/the-cure-for-excessive-spending"><span>basic necessities of modern living</span></a><span>&nbsp;</span>include food, shelter, utilities, basic clothing and transportation. Everything else may not be considered a necessity. But that doesn’t mean you shouldn’t spend any of your money on things you want. Instead, you should have a budget and plan for all your expenses. Without a budget, you’ll never know what you can and can’t afford. With a budget, your mind is already made up when you encounter those tricky spending dilemmas.<span>&nbsp;</span><a href="https://merrickbank.com/Learn/Budgeting/Six-Basics-of-Building-Your-Budget"><span>Follow the six basics of building a budget</span></a><span>&nbsp;</span>and you can eliminate a lot of unnecessary spending.<span></span><span><div></div></span></p><h3><strong>2. STOP PLAYING KEEP UP</strong></h3><p>Your neighbors just bought a new TV, so why shouldn’t you have one? Your friend just bought a new car, so you deserve one too. This may seem like a good thought process, but it can quickly lead to your own financial woes. You should always buy things because you can afford them, not because someone else can afford them. That new car and TV might seem appealing, but if you can’t afford them, they won’t be worth the money or the heartache in the long run.</p><h3><strong>3. TRACK YOUR SPENDING</strong></h3><p>If your paycheck money always disappears too quickly, it might be time to track your spending. Write down all of your expenses for a month or look at your bank statements to see what you’re really buying. If you’re surprised at the amount of money you spend on anything other than necessities, it may be time to come up with a plan to spend less on things you don’t actually need.</p><h3><strong>4. SHOP WITH A LIST</strong></h3><p>Unnecessary spending usually goes something like this: you go to the store for a new toothbrush, but you end up leaving with a shopping cart full of items you never intended to buy. You’re out $100, but at least you can brush your teeth tonight. It’s the same story at the home improvement store, clothing shop, and wholesale retailer. To<span>&nbsp;</span><a href="http://money.com/money/3070984/overspending-overconsumption-stuff/"><span>avoid unnecessary spending</span></a>, never go shopping without a list. Write down every item you need to buy, then check your budget and resist the urge to add to your list on the fly. If you want to make a special trip to the store for a toothbrush, write it down and stick to your one-item list.<span><div></div></span></p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER19-0022_VP_Jan-Mar_Blog-Image_Unecessary-Spending_800x800.jpg?h=800&w=800&la=en&hash=D62998FD9AC1846751E544290BA09403C0A6E438" width="100"/><h3><strong>5. STOP EATING OUT</strong></h3><p>Food is one of the necessities of life. But overpriced, on-the-go food, where you pay primarily for convenience, is completely unnecessary. By making a commitment to eat more dinners at home and pack more lunches for work, you can cut out a significant amount of unnecessary spending. To help with your goal,<span>&nbsp;</span><a href="https://www.thebalance.com/how-to-trim-unnecessary-spending-4129673"><span>make a weekly meal plan</span></a>. This will focus your shopping and lower your overall food costs.<span><div></div></span></p><p>You might be of two minds about some of your purchase decisions. But as long as you work to reign in the part of your brain that really likes to spend, you can save money (and hassle) for your efforts.</p>

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5 Ways to Avoid Unnecessary Spending

<p>The holidays are all about tradition. The parties, the presents, the partridge in a pear tree – it wouldn’t be the holidays without them. And one of the most common holiday traditions is the tendency to overspend. In fact,<span>&nbsp;</span><a href="https://www.forbes.com/sites/joshuabecker/2016/11/28/7-simple-strategies-to-avoid-overspending-this-holiday-season/#5ca202555462"><span>Americans spend 9 times more money on retail shopping during the holidays</span></a><span>&nbsp;</span>than any other season of the year. But is there a way to celebrate the most wonderful time of the year without making it the most expensive one too? Here are 4 ways to avoid blowing your budget this holiday season.<span><div></div></span></p><h3><strong>1. MAKE A BUDGET</strong></h3><p>Is it possible to blow a budget if you don’t have a budget in the first place? It is. And it happens to people every year. If you don’t know the relationship between your spending and your income, you run the risk of overspending. The first step of every holiday spending season is to<span>&nbsp;</span><a href="https://www.moneytalksnews.com/step-step-how-not-blow-your-holiday-budget-this-year/"><span>make a budget that will guide your purchases</span></a>. Here’s how to start:<span><div></div></span></p><ul><li><strong>Write down every gift you plan to buy</strong>. This includes everything from gifts for close family members to smaller gifts for teachers, co-workers, and friends. And while you’re at it, write down the “white elephants” and charitable donations too.</li><li><strong>Write down all your holiday food expenses</strong>. Whether you’re hosting a large gathering or contributing to a family meal, food is another major expense during the holidays. And don’t forget about the holiday cookies, treats, and overpriced eggnog.</li><li><strong>Assign a dollar amount to each item</strong>. Estimate how much you’ll spend on each person and each item and calculate the cost of your holiday meals and treats. If the total seems too high, find ways to reduce or eliminate expenses and make adjustments to your budget.</li><li><strong>Stick to your budget</strong>. If your budget aligns with your income and you’re comfortable that you can afford the total amount, stick to your budget and don’t stray from it.</li></ul><h3><strong>2.</strong><span>&nbsp;<span>&nbsp;</span></span><strong>GET CREATIVE</strong></h3><p>Who says the perfect holiday gift has to be store-bought? Some of the most<span>&nbsp;</span><a href="https://www.moneytalksnews.com/step-step-how-not-blow-your-holiday-budget-this-year/"><span>meaningful holiday presents</span></a><span>&nbsp;</span>come from the heart, and not necessarily the store. A heartfelt holiday card, service project, or plate of cookies can go a long way toward making the season merry and bright. And it can save you a lot of money too. Rather than giving expensive office, friend, or sibling gifts, suggest a “white elephant” exchange. Or consider pooling your money for a secret Santa service project.<span><div></div></span></p><h3><strong>3. COMPARISON SHOP AND START EARLY</strong></h3><p>Instead of putting off your holiday purchases, take time to do some comparison shopping. With the help of the internet, deal hunting has never been easier. In fact, there are<span>&nbsp;</span><a href="https://www.cnet.com/how-to/the-best-sites-to-track-black-friday-deals/"><span>entire websites dedicated to helping you find the best holiday shopping deals</span></a>. But you have to start early. Deals will pop up during the holidays, but usually not toward the end of December. Be patient and be ready to pounce at the right price.<span><div></div></span></p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER18-0014_Blog-Image_Holiday-Budget_800x800.jpg?h=800&w=800&la=en&hash=19A11952621FB128A112F8E45295018643F096E1" width="100"/><h3><strong>4. GIVE THE GIFT OF SAVINGS</strong></h3><p>You’ve spent the entire holiday season thinking of others. Now it’s time to treat your future self. With all the spending going on, don’t forget to keep up with your personal savings and debt reduction goals as well. Make it a part of your holiday budget. With a plan in place to<span>&nbsp;</span><span>stay on track with your long-term financial goals</span>, you can avoid the stress and guilt of spending money during the holidays.</p><p>‘Tis the season to spend money. But that doesn’t mean you have to bust your budget or break the bank. By sticking to your spending and savings goals, you can make this holiday season both happy and affordable.</p>

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4 Ways to Avoid Blowing Your Budget During the Holidays

<p>With everything you have to do during the day, planning and cooking meals aren’t always at the top of your to-do list. Sure, you crave the taste of a home-cooked meal, but sometimes eating out is just more practical.</p><p>If this describes your lifestyle, you’re not alone. More than<span>&nbsp;</span><a href="https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=58354"><span>one-third of the U.S. food dollar is spent eating out</span></a>. In today’s on-demand world, instant access to food (without the fuss of cleaning up) is more common than ever. But this convenience comes with a price – eating out is simply more expensive than making meals at home. If you’re spending too much of your budget on food, here are three ways to save money on eating out.<div></div></p><h3><strong>1. FIND DISCOUNTS</strong></h3><p>Coupons are great for grocery shopping, but did you know they can also be used for restaurants? Before going out to eat,<span>&nbsp;</span><a href="https://www.moneycrashers.com/save-money-eating-out-restaurants/"><span>search online for discount coupons</span></a><span>&nbsp;</span>and gift certificates for your favorite restaurants. At sites like<span>&nbsp;</span><a href="https://www.restaurant.com/"><span>Restaurant.com</span></a>, you can purchase gift certificates at discounted prices, essentially giving you more meal for your money. Just be sure to read the fine print restrictions and expiration dates. You can also find discounts in the form of group deals at sites like<span>&nbsp;</span><a href="https://www.groupon.com/"><span>Groupon</span></a><span>&nbsp;</span>and coupons at local eateries through<span>&nbsp;</span><a href="https://www.valpak.com/"><span>Valpak</span></a><span>&nbsp;</span>and<span>&nbsp;</span><a href="http://www.smartsource.com/smartsource2/static_content/app/start.html#/?Link=27VCPTQCAKZAK&locale=en_US"><span>SmartSource</span></a>. And when you get to the restaurant, add your name to an email list if you plan to eat there often. Sure, you’ll have a few extra emails to filter every month, but many of them come with money-saving coupons and other discount offers.<div></div></p><h3><strong>2. SKIP THE EXTRAS</strong></h3><p>When going out to eat, it can be tempting to splurge on appetizers, sides, drinks, and desserts. But to save money, skip the extras and focus on the main dish. The food you buy at restaurants is already<span>&nbsp;</span><a href="https://www.forbes.com/sites/nadiaarumugam/2011/10/19/restaurant-foods-that-are-ripping-you-off/#3c31a6897cb4"><span>marked up a lot</span></a>. And the price of extras—especially ones that are easy to prepare on your own, like salads, breads, ice creams, coffees, etc.—are<div></div><span>&nbsp;</span><a href="https://www.everydollar.com/blog/save-money-on-restaurants"><span>inflated even more</span></a>. Instead, drink water with your meal and find restaurants that offer free bread or chips and salsa while you wait. If you want to get the most bang for your buck, order meals that are difficult to make at home, either because of specialized cooking processes or the equipment involved. And sometimes the bigger the portion you order, the more money you can save. Instead of eating the entire meal in one sitting, eat half and save the rest for leftovers the next day.<div></div></p><h3><strong>3. SHARE A MEAL</strong></h3><p>The portion sizes at most restaurants are big enough that a meal can feed more than one person. To save money (and cut down on calories),<span>&nbsp;</span><span><a href="https://www.rd.com/list/saving-money-restaurants/">bring a friend or two to share a meal</a></span>. Many restaurants will split the meal into smaller, single-plate portions for you and a friend. And splitting the tip two or more ways makes dining at a fancy restaurant with friends even more affordable. By sharing a meal with a friend, you get the best of both worlds – the experience, ambiance, and cuisine of a good restaurant with the price of something much closer to eating at home.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/11_Save-Money-on-Meals.jpg?h=800&w=800&la=en&hash=5221D3401D9F2B52BE956541BCA8F43CF442C469" width="100"/><p>In an ideal world, every meal would be homecooked. But eating out regularly has become a fact of life for most people, and eliminating it altogether is simply unrealistic. By following these three tips, you can have all the convenience of eating out while saving a little money in the process too.</p><p><em>&nbsp;</em></p><p><em>Merrick Bank is not affiliated with Restaurant.com, Groupon, Valpak or SmartSource. Reference of said websites are strictly for informational purposes only. No endorsement or authorization is intended or implied.</em></p>

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Three Ways to Save on Eating Out

<p>You go to the grocery store and fill your cart with food, household items and other necessities. When you proceed to the checkout line, you load all of your items onto the conveyor belt and try to pay. But then, unfortunately, the cashier says your debit card is declined. There’s no more money in your account. You don’t have cash. You’re out of luck. Does this sound familiar? If so, it may be time to start tracking your monthly spending.</p><h3>WHY SHOULD YOU TRACK YOUR SPENDING?</h3><p>For many Americans, living paycheck-to-paycheck is all too common. In fact, the<span>&nbsp;</span><span><a href="https://www.thesimpledollar.com/money-management-101-why-you-should-track-your-spending/">median American savings rate is close to $0.</a></span><span>&nbsp;</span>This means it is hard for most people to save money. And most don’t take the time to create a budget or track their spending. This can lead to those difficult (and often embarrassing) situations where your money runs out before your next paycheck comes in. Luckily, there are some simple ways you can learn to track your spending.</p><h3>HOW DO YOU TRACK YOUR SPENDING?</h3><p>To find out where your money is going, start with where it’s been. Pull up your bank and credit card statements for the last few months. Sort your purchases by type (groceries, dining out, entertainment) or by store. Then add up all your purchases for each category. If what you see surprises you, look for ways to<span>&nbsp;</span><span><a href="https://www.stretcher.com/stories/13/13mar18c.cfm">eliminate the non-essential expenses.</a></span><span>&nbsp;</span>Realizing that you’ve spent too much eating out or at a particular wholesale, clothing, or big box store will make you think twice before making the same mistakes in the future. Repeat this exercise every month and you’ll have more control over where your money goes.</p><h3>HOW DO YOU USE YOUR TRACKING TO CREATE A BUDGET?</h3><p>Now that you have a better idea of your spending habits, use this information to<span>&nbsp;</span><span><a href="https://www.nerdwallet.com/blog/finance/how-to-build-a-budget/">set up your own personal budget</a></span>. Your budget doesn’t have to be fancy. You don’t have to use expensive software or have an accounting degree. Just open up a spreadsheet, use pencil and paper or a smartphone app, and list everything you buy. Again, it’s important to categorize your expenses and keep a running tally that you can check often to see how you’re doing.</p><p>Start with a simple, bare-bones budget if it’s easier to manage. Or set up a<span>&nbsp;</span><span><a href="https://www.thesimpledollar.com/how-and-why-to-use-a-zero-sum-budget/">zero-sum budget</a></span><span>&nbsp;</span>to account for every incoming and outgoing dollar. Whatever method you use, keep your tracking consistent. Put in the time, be disciplined, and stick to your budget. But don’t be afraid to make adjustments down the road if you’re having a hard time staying motivated.</p>&nbsp;<img src="https://merrickbank.com/-/media/Merrick/Images/Blog/6_Budgeting-Blog.jpg?h=800&w=800&la=en&hash=7620F8480499A129FF8B4F51A3D5C6C771521C73" width="100"/><h3>CONCLUSION</h3><p>Changing your spending habits requires a change in lifestyle. And keeping track of your purchases can help you to bring your lifestyle in line with your income. Before long, your ability to track your spending (and your ability to budget) will become less about meticulous money management and more a natural way of living. Just stick with your spending goals long enough for your lifestyle to adjust to its new limitations. Eventually, proper spending habits will become second nature and the days of living paycheck-to-paycheck will be a thing of the past.</p>

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Financial Success Starts with Tracking Your Spending

<p>Groceries are expensive. In fact, Americans spend an<span>&nbsp;</span><a href="https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2018/05/08/how-does-average-american-spend-paycheck/34378157/"><span>average of more than $7,000 on food</span></a><span>&nbsp;</span>each year. But that doesn’t mean you have to blow your budget every time you go to the grocery store. There are things you can do to make your grocery store trips a little easier on your wallet.<span><div></div></span></p><h3><strong>1. SHOP WITH A LIST</strong></h3><p>Have a plan in place before you go to the grocery store. Make a list of the meals you want to eat each day of the week. Then, create a shopping list based on those meals. With a well-organized shopping list, you don’t have to browse every aisle and item in the store. This creates less opportunities for you to buy food items you won’t use or don’t need.</p><h3><strong>2. PASS ON INDIVIDUALLY PACKAGED ITEMS</strong></h3><p>When you buy individually packaged items, you spend more on packaging and less on the actual food items. Instead,<span>&nbsp;</span><a href="https://www.moneytalksnews.com/slideshows/25-ways-spend-less-food-2/2/"><span>buy larger portions</span></a><span>&nbsp;</span>and take an hour each week to split them into smaller portions for your daily meals and snacks.<span><div></div></span></p><h3><strong>3. RETHINK MEAL SIZES</strong></h3><p>Instead of buying groceries for a week’s worth of extravagant meals with meat, sides, drinks, and desserts, think simple. Grab a few inexpensive meals to supplement the occasional, thoughtfully prepared dinner. Things like omelets, soups, and sandwiches with fresh fruits and veggies on the side are perfectly adequate dinner options that will also save you money.</p><h3><strong>4. GO GENERIC</strong></h3><p>You’re probably aware that buying generic brands can save you money. But did you know that it can<span>&nbsp;</span><a href="https://www.daveramsey.com/blog/buying-generic-groceries-saves-money"><span>save you more than $1,000 per year</span></a><span>?</span><span><div></div></span><span>&nbsp;</span>Many generic food items like milk, juice, spices, flour, sugar, and produce are nearly identical to their name brand counterparts. In fact, many of them are produced in the exact same facility, giving you practically identical taste and quality.</p><h3><strong>5. BE CAREFUL WHEN BUYING IN BULK</strong></h3><p>Buying bulk is great for certain commonly-used items like laundry detergent and toiletries. But when you buy perishable items in bulk, the food often ends up spoiling before you can eat it. Even food items you can put in the freezer tend to get thrown out either because of freezer burn or you get tired of eating the same thing over and over again. Before buying bulk,<span>&nbsp;</span><a href="https://www.daveramsey.com/blog/how-to-save-money-on-groceries"><span>compare the price per unit or price per ounce</span></a><span> </span>displayed on the price tags with non-bulk items to get the most out of your food dollars.<span><div></div></span></p><h3><strong>6. BE WARY OF SALES</strong></h3><p>Sometimes sales can save you money on items you already intended to buy. And sometimes they just trick you into buying stuff you don’t really need. Just because an item is on sale<span><a href="https://www.rd.com/advice/saving-money/secret-grocery-shopping-tips/"><span>&nbsp;</span>doesn’t necessarily mean it’s the cheapest option</a></span>. Think about whether you really need a sale item before dropping it in your shopping cart. And compare prices with generic alternatives to see which one will save you the most money.</p><p>&nbsp;</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER18-0014_Blog-Image_grocery-store_800x800.jpg?h=800&w=800&la=en&hash=EB06967CB0ED612712DF900202A4F1F272C41F86" width="100"/><h3><strong>7. SHOP ON A FULL STOMACH</strong></h3><p>What happens when you shop on an empty stomach? Everything in the grocery store looks delicious and you usually end up buying more than you need or want. Shop after a meal. Or, if the best time to go to the store for you is in between meals, having a quick snack to curb your hunger can help you save a lot of money at the grocery store.</p><p>These few simple tricks can add up to big savings at the grocery store over time. Be proactive and mindful about saving money when you shop for food. Your budget and bank account will be better off for your efforts.</p>

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7 Tips to Save Money at the Grocery Store

<p>No one likes planning for life’s rainy days. It’s uncomfortable enough just thinking about the potential storms on the horizon, and planning for them means acknowledging that times won’t always be bright and sunny. But, putting away a little money for an emergency can help you see the silver lining when life’s storms start raging. Here are seven of the best ways to build an emergency fund.</p><h3><strong>1. CUT BACK ON DINING OUT</strong></h3><p>In order to set money aside for an emergency, you may have to cut back in other areas of your life. If you’re like most people, the biggest area of improvement on your monthly budget revolves around your eating habits. Sure, eating out is convenient and fun, but it can also be incredibly expensive. By planning out your meals, preparing your own food and even bringing a brown bag lunch to work, you can save a lot of money. Even if you cut back on eating out just a few times per month, you can save a decent amount of money that you could put into a savings or emergency fund for your future rainy days.</p><h3><strong>2. TAKE A WAIT-AND-SEE APPROACH ON EXPENSIVE ITEMS</strong></h3><p>One of the biggest reasons people fail to fund an emergency account is because the money has already gone toward other expenses. And, in the same vein as eating out, expensive discretionary purchases are often to blame. Instead of planning for uncomfortable times ahead, it’s easier to spend money on things that will bring pleasure now. It’s human nature. &nbsp;So, instead of always buying impulse items right away, consider implementing a 30-day wait-and-see approach. This means thinking about your potential purchase for at least 30 days before making the transaction. Then you can decide if the purchase is really necessary. You may often decide you didn’t really need that item in the first place, which will save you money. &nbsp;This waiting period will help you weed out any unnecessary purchases, so you can put some money away for an emergency.</p><h3><strong>3. FIND A SAVINGS APP</strong></h3><p>These days, you can practically run your entire life from your phone. And, saving for an emergency is no different. Start by looking for apps from your favorite stores. Many large retailers have apps that can save you money on things you already purchase anyway. Other savings apps make it easy to find coupons and rebates, and even track your spending to remind you when you’re over budget. These apps can offer easy ways to set aside a few dollars every month for an emergency. However, be sure to avoid talking yourself into buying discretionary items you don’t need. It’s easy to justify unnecessary purchases, especially when there’s a great deal staring you in the face.</p><h3><strong>4. REVIEW PREVIOUS UNEXPECTED EXPENSES</strong></h3><p>Now that you’ve cut back on unnecessary expenses and saved a little money along the way, it’s time to plan for the unexpected. To start, view your bank statements for the past year and calculate how much you’ve spent on emergencies. These can include unexpected car repairs, doctor’s visits, or emergency out-of-town trips. Reviewing these will give you a good idea of what to plan for moving forward. Of course, you can’t always predict every emergency that will pop up, but this will give you a reasonable starting point.</p><h3><strong>5. SET SAVINGS GOALS</strong></h3><p>Take the information you’ve learned from reviewing your past emergencies and use it to set savings goals. Target your goal in dollar amounts. For example, starting with $1,000 in your emergency fund will cover most expenses. Then, based on your research, decide how much you can set aside every month to cover unexpected costs throughout the year. &nbsp;&nbsp;</p><p>&nbsp;</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/1_Emergency-Fund.jpg?h=800&w=800&la=en&hash=4AC84111A5E58546A72C2F1FD0CD6F7FB475BDF1" width="100"/><h3><strong>6. FIND A SECURE HOME FOR YOUR SAVINGS</strong></h3><p>If you don’t already have a savings account, open one. Placing your money in a separate account is a great way to tell yourself that certain money is off limits. You could even open up a separate savings account for your emergency money.&nbsp; Doing so can help you avoid the temptation to dip into your savings for non-emergency purchases.</p><h3><strong>7. FUND EMERGENCIES (AND SAVINGS) FIRST</strong></h3><p>With so much of your money spoken for (in the form of bills, rent, mortgage, and more) even before your paycheck comes in, it might seem counterintuitive to live by the policy of paying yourself first. But, the best way to afford your emergency purchases is to fund your savings and emergency accounts before anything else. Plus, doing so will help you avoid those unnecessary purchases down the line. If your employer offers direct deposit, use it to allocate a certain amount toward savings and emergency right away.</p><h3><strong>CONCLUSION</strong></h3><p>Emergency expenses have a way of throwing a wrench in your financial planning that can be difficult to overcome. So, when it comes to planning and saving for the unexpected, it’s always better to be safe than sorry. Even if you can’t always avoid life’s little mishaps, planning (and saving) for them can give you peace of mind now and help you get back on your financial feet in the future.&nbsp;</p>

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7 Ways to Build an Emergency Fund

<p>Spending money is fun. The thrill of buying something shiny and new is part of the human experience. But because spending is so fun, it can become a bad habit and impact your ability to save money and live within a budget. Here are 10 quick tips to help you stop overspending.</p><h3>1. RECOGNIZE YOUR SPENDING WEAKNESSES</h3><p>Knowledge is power. Pay attention to your spending temptations and look back at your bank statements to see where you tend to overspend. When you understand that you have a weakness for a particular store or non-essential item, you can make goals and take steps to keep more of your money.</p><h3>2. MAKE A BUDGET</h3><p>You’ve heard it a hundred times before, but living within a budget is the best way to ensure you don’t overspend. Instead of looking at your budget as limiting, set it up as a way to accomplish your savings and spending goals. Make a category for something you really want to buy and use your budget to save for it.</p><h3>3. PAY ATTENTION TO PRICE ANCHORING</h3><p>The concept of price anchoring involves making you guess how much something is really worth based on other prices. For example, if you go out to eat at a nice restaurant, you might think you’re getting a good deal on an appetizer that only costs $20 when the rest of the menu is so expensive. In reality, $20 is $20, and price anchoring subconsciously pushes you to spend money you wouldn’t otherwise spend.</p><h3>4. BEWARE OF SOCIAL MEDIA</h3><p>Social media is extremely good at making people play “keep up with the Joneses.” It’s a natural advertising platform that feeds big business products and services directly to your devices through content creators, influencers, and even your inner circle of friends. Distance yourself from social media if you need to. At the very least, check your impulses to spend just to keep up with others.</p><h3>5. PAY ATTENTION TO PRICE PER UNIT</h3><p>As you shop at the grocery store, pay attention to the fine print. Underneath the actual price of the item, you may see a smaller per-unit or per-ounce price. This can help you know how much an item really costs. For example, you might spend less money on a smaller box of cereal, but you’re actually spending more per ounce and per serving.</p><h3>6. STOP EATING OUT</h3><p>In today’s on-the-go world, nearly everyone overspends on eating. In fact, one of the surest ways to save money is by eating at home as often as possible. It takes discipline, but there’s a reason that restaurants stay in business—they markup the actual cost of food by a significant amount. And that means you’re overspending every time you eat out.</p><h3>7. PAY ATTENTION TO YOUR MOODS</h3><p>Mood spending is a very real thing. Pay attention to your emotions and which moods tend to trigger spending. Do you like to buy food when you’re hungry (who doesn’t?)? Then try to plan trips to the grocery store on a full stomach. Similarly, pay attention to when you’re most energetic, most stressed, and most tired. These times can lead to impulse buying and overspending.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER20-0049_VP_Jan-Mar_Overspending_800x800_V1.jpg?h=800&w=800&la=en&hash=C96D6B2ADC6D9955A6022B301D864EE8C0DB2746" width="100"/><h3>8. SEE THROUGH THE “SALE”</h3><p>You should absolutely try to find the best prices possible on everything you have listed in your budget. You should not buy something just because it’s on sale. Sales can be alluring. They push you to spend money you might have otherwise kept for yourself. Think of it like this: if you get 20% off an item you wouldn’t have otherwise purchased, you’re really just paying 80% more for something you don’t need.</p><h3>9. PAY OFF YOUR DEBTS</h3><p>You might not think of making debt payments as overspending, but the sooner you pay down your debts, the less money you have to spend on interest in the long run. When you have the choice between spending more or less on interest, the concept of overspending becomes clearer.</p><h3>10. BE GRATEFUL FOR WHAT YOU HAVE</h3><p>When you are content with and grateful for what you have, you’re less likely to overspend. Spend time appreciating what you do have instead of looking online or at stores for what you don’t. It’s a practice that’s perfected over time, but one that can help you stop overspending.<span></span></p><h3><span>LEARN MORE</span></h3><p><span><a href="https://merrickbank.com/Learn/Budgeting/5-Ways-to-Prioritize-Your-Savings-Goals">5 Ways to Prioritize Your Savings Goals</a></span></p><p><span><a href="https://merrickbank.com/Learn/Budgeting/7-Tips-to-Save-Money-at-the-Grocery-Store">6 Tips to Save Money at the Grocery Store</a></span></p><p><span><a href="https://merrickbank.com/Learn/Maintaining-Good-Credit/4-Ways-to-Avoid-a-Late-Credit-Card-Payment">4 Ways to Avoid a Late Credit Card Payment</a></span></p>

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Our Top Ten Tips to Stop Overspending

<p>The idea of buying a new home is exciting. It’s the American Dream to have a place all your own. But, a home is also a huge responsibility, especially when it comes to paying your monthly mortgage. Because, while you might be able to put off repairs or skip a week of upkeep, failing to pay your mortgage means trouble. If you feel like you’re ready to buy a home, here are a few questions to consider to help you decide if you can take on a mortgage too.</p><h3><strong>WHAT DOES IT TAKE TO QUALIFY FOR A MORTGAGE?</strong></h3><p>Mortgage lenders look at a variety of factors before deciding to give you money. Your income, debt, savings, and credit score are all included in the equation, though your credit score may be most important. In fact, your credit score not only determines whether you’ll get a loan, but the type of loan too.</p><p>According to<span>&nbsp;</span><a href="https://www.creditsesame.com/blog/credit/what-credit-score-is-needed-to-buy-a-house/"><span>Credit Sesame</span></a>, the minimum credit score a lender will consider for a mortgage loan differs, depending on the economy and type of lender. But, in general, the following rules apply:</p><ul><li>To qualify for a conventional loan, a credit score of at least 620 is required.</li><li>To qualify for an FHA loan, a credit score of at least 580 is required.</li><li>For credit scores below 580, it can be difficult to get a mortgage loan.</li></ul><p>Income is also an important factor.<span>&nbsp;</span><a href="https://www.forbes.com/sites/trulia/2017/03/01/how-much-of-my-monthly-income-should-i-spend-on-a-mortgage/#75975db17a90"><span>Most experts suggest</span></a><span>&nbsp;</span>that your monthly mortgage payment shouldn’t be more than 28% of your monthly income. And lenders can’t approve a mortgage application when the payment exceeds 35% of your monthly income.</p><p></p><h3><strong>WHAT KIND OF DOWN PAYMENT WILL IT TAKE TO GET A MORTGAGE?</strong></h3><p>If your credit score is already in shipshape, you’ll next have to ask how much you can put down on your new purchase. And, once again, your answer will affect the type of loan you receive. While it’s true most lenders<span>&nbsp;</span><a href="https://www.nerdwallet.com/blog/mortgages/payment-buy-home/"><span>recommend a 20% down payment</span></a>, you’re not out of luck if you don’t have that kind of cash handy.</p><p></p><span><a href="https://www.thetruthaboutmortgage.com/mortgage-loan-types-home-loan-types/">Here is a breakdown</a> of a few common loan types and their down payment requirements:</span><ul><li>FHA loans require a 3.5% down payment.</li><li>Conventional loans backed by Fannie Mae and Freddie Mac require 3% down.</li><li>Certain government agencies offer zero down payment options for qualifying members of the military.</li></ul><p>The more money you put down, the more equity you’ll have from the get-go. And the fees and costs associated with closing your loan may be lower too. But, if you’re trying to move into your new home with the lowest amount of upfront money possible, that’s fine too. Just be aware of the<span>&nbsp;</span><a href="https://www.nerdwallet.com/blog/mortgages/payment-buy-home/"><span>extra expenses</span></a><span>&nbsp;</span>that come with the decision.</p><p></p><p>If you decide to contribute less upfront, lenders will look at your loan as being a little risker. And that usually means you’ll have to pay for mortgage insurance, which gets rolled into your monthly mortgage amount. Either way you go, buying a home requires at least some money down, and a lot more down the road, so be prepared for the extra expenses.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/Are-You-Ready-to-Take-on-a-Mortgage-image.jpg?h=800&w=800&la=en&hash=E46E4DBBE38B098462B1E7CB79FA09D32CDCAE0F" width="100"/><h3><strong>WHAT ARE THE OTHER COSTS OF HOMEOWNERSHIP?</strong></h3><p>In addition to your mortgage, homeownership comes with a whole slew of extra expenses. In fact, on average,&nbsp;<a href="https://www.gobankingrates.com/investing/heres-costs-1126-month-maintain-average-american-home/"><span>Americans spend about $1,200 per month</span></a>&nbsp;on maintenance costs and other expenses. That figure includes repairs, upkeep, insurance, taxes, and utilities. So, in case you thought you were home free after closing, think again.</p><h3>CONCLUSION</h3><p>There’s no doubt about it: buying a home is expensive. But that’s not to say homeownership isn’t worth the price. It can be an incredibly rewarding experience. Just be responsible, make your payments, and budget accordingly, and your decision to buy a home may turn out to be one of the best investments you ever make.</p>

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Are You Ready to Take on a Mortgage?

<p>After the bills are paid and the groceries are purchased, it can be hard to find even a little money to put into savings. But as you plan your budget for the month, having a savings plan can be key to accomplishing your financial goals. Where you put your savings and exactly how much you save will depend on your personal financial situation. But there are 5 things you can do to prioritize your savings goals.</p><h3><strong>1. SEPARATE WANTS AND NEEDS</strong></h3><p>Prioritizing your savings goals starts with<span>&nbsp;</span><a href="https://merrickbank.com/Learn/Budgeting/Balancing-Wants-vs-Needs-to-Build-a-Better-Budget"><span>separating needs and wants</span></a>. Your needs include buying food, clothes, healthcare, and shelter. Beyond that, needs will vary from person to person. This exercise isn’t necessarily meant to tell you what you can and can’t buy. But it should help you separate your money into different budget categories and let you know what you have to buy every month. It also gives you a good idea of how much money you can put toward savings and discretionary spending.<span><div></div></span></p><h3><strong>2. TRY THE 50/30/20 RULE</strong></h3><p>Even after separating needs from wants, the categories can sometimes get confused. You have to spend money on housing. But how much housing can you afford? The same goes for clothes and food. To avoid overspending,<span>&nbsp;</span><a href="https://www.moneyunder30.com/save-for-multiple-goals"><span>try the 50/30/20 Rule</span></a>. This rule says that you should spend no more than 50% of your net income on needs. After that, reserve 30% for wants and 20% for savings. To be safe, set aside your savings first. Then spend money on your needs. If you’ve planned it right, you should have 30% of your income left over to buy whatever you want.<span><div></div></span></p><h3><strong>3. PAY OFF YOUR DEBTS</strong></h3><p>Interest rates on loans are usually higher than a typical savings account. So if you’re paying more interest than you’re earning on your savings, you’re probably losing money. As part of your savings plan, prioritize debt reduction. Make extra payments on your high interest loans, but also have balance between saving and paying off loans. After all, if you don’t have any savings, you may have to go deeper in debt to pay off unexpected emergencies and other expenses.</p><h3>4. PLAN FOR EMERGENCIES</h3><p>You’ve set aside 20% of your income for savings. But where should that money go? Again, this will depend on individual circumstances. Many experts say that you should prioritize saving for emergencies. In fact,<span>&nbsp;</span><span><a href="https://www.moneyunder30.com/emergency-fund-calculator">experts recommend</a></span><span>&nbsp;</span>having enough money to cover three months of living expenses. This emergency money should be readily available. But you should also separate it from the money you use every day. Putting it in a separate savings account or money market account is a good way to keep it off limits. And it may help you earn some additional interest as well. Use emergency money for serious financial events like losing your job, major property repairs, or emergency medical expenses.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER18-0014_Blog-Image_prioritize-savings_800x800.jpg?h=800&w=800&la=en&hash=461A045FBFCA345E5528FD536CB7A4D8321BAE18" width="100"/><h3><strong>5. SAVE FOR RETIREMENT</strong></h3><p>Saving for retirement is a priority for many, but the same plan doesn't necessarily work for everyone. When it comes to saving for your retirement, select a method that works best for you and your current financial situation. There are<span>&nbsp;</span><span><a href="https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans">several different methods to saving for retirement</a></span>, so it's a good idea to do your research to understand which will be right for you. Then, put as much money as you are able to into that account each month or pay period. You'll thank yourself later for making retirement a savings priority now.&nbsp;</p><p>Saving money is a necessary part of every budget. With a plan to save money and pay down your debts, you can be that much closer to your financial goals in the new year.</p>

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5 Ways to Prioritize Your Savings Goals

<p>Eating healthy can be challenging, right? Especially when you’re trying to eat healthy and stick to a budget. But there are some things you can do to help maintain your budget and still keep your meals healthy.</p><h3>1. PLAN YOUR MEALS</h3><p>As much as 40% of harvested food in the U.S. goes to waste every year. That’s a lot of money to be throwing down the garbage disposal. When you plan out and cook your meals, you are in control of the ingredients, the cooking methods, and the amounts of food you prepare and consume. This control has benefits for both your budget and your healthy eating goals, as you spend less on the food you don’t eat and focus more on eating the foods that are good for you. Try dedicating an hour every week to researching healthy recipes. Search<span>&nbsp;</span><a href="https://www.foodnetwork.com/healthy/photos/budget-friendly-healthy-dinners"><span>budget friendly, healthy recipes</span></a><span>&nbsp;</span>online and pick out a few meals to get you through the coming week.<div></div></p><h3>2. PLAN YOUR SHOPPING</h3><p><div><a href="https://news.gallup.com/poll/215597/far-american-grocery-shoppers-buck-online-shopping-trend.aspx"><span>More than 1/3 of Americans visit the grocery store more than once per week</span></a><span>.</span><span>&nbsp;</span>These frequent trips often result in buying more than you went shopping for. Just as you plan out your meals, take time to plan out your grocery visits too. Take inventory of the ingredients you already have, and write down a list of what you need to complete your meal plan. Then, take a look at your weekly schedule to see how many meals you’ll need to prepare and find a time to do your shopping. This simple scheduling tip can help you reduce waste and limit your trips to the store, saving you money and helping you to stick to your healthy meal plan.</div></p><h3>3. READ LABELS</h3><p>As you shop for food, get in the habit of reading the<span>&nbsp;</span><a href="https://www.cdc.gov/nutrition/strategies-guidelines/nutrition-facts-label.html"><span>Nutrition Facts section</span></a><span>&nbsp;</span>of everything you buy. It’s a little extra work, but making it a regular practice can help you know what’s healthy and what you should avoid. Look for vitamin and protein content, and compare fats, cholesterol and sodium content between brands. As you inspect your foods, pay more attention to price tags too, including price per unit (it’s easy to get in the habit of throwing something in the cart without paying attention to price). Doing a little in-store studying on price and nutrition can help you choose the best foods that fit your healthy eating and budgetary goals.<div></div></p><h3>4. BUY FROZEN INGREDIENTS</h3><p>You can<span>&nbsp;</span><a href="https://www.forbes.com/sites/learnvest/2017/03/06/cut-food-costs-by-going-frozen-without-sacrificing-health-or-taste/#f1d098c56e9f"><span>save twice as much money</span></a><span>&nbsp;</span>(if not more) by buying frozen foods instead of fresh foods. Not only do frozen foods keep for longer periods of time, which reduces waste, they’re often less expensive to begin with. You can find plenty of healthy eating options in the frozen section, including fruits, vegetables, and other natural foods. And frozen foods are usually<span>&nbsp;</span><a href="https://tasteforlife.com/diet-nutrition/eat-for-health/save-time-money-with-frozen-foods"><span>just as nutritious</span></a><span>&nbsp;</span>and their fresh counterparts.<div></div></p><h3>5. STICK TO YOUR LIST</h3><p>Your grocery list is part resource and part reminder. You made that list as an important starting point to your plan to eat healthy and save money on grocery expenses. If something isn’t on your list, try to resist the urge to buy it. Chances are, the extra items that find their way into your shopping cart aren’t all that healthy for you, and only add to your overall grocery bill. When you stick to your list, you can save money and shop healthy.</p><h3>6. GO GENERIC</h3><p>You can probably find almost every ingredient you need for your healthy meal plan in generic form. Buying generic can save you a lot of money on groceries too. In fact, switching to generic brands could<span>&nbsp;</span><a href="https://www.daveramsey.com/blog/buying-generic-groceries-saves-money#:~:text=The%20truth%20is%2C%20one%20of,for%20all%20your%20grocery%20needs.">save you over $1,000 a year</a><span>&nbsp;</span>on your food expenses. But be careful you’re not buying anything you don’t want when you go generic.<span>&nbsp;</span><a href="https://www.thehealthy.com/food/foods-to-never-buy-generic/"><span>Some generic foods include additives</span></a>, extra sugars, and other ingredients you may not want in your healthy eating plan. These include generic cheeses, peanut butters, and yogurts.<div></div></p><h3>7. BUY FRUIT IN SEASON</h3><p>Supplement your healthy meal plans with healthy side dishes and snacks, including fruits and vegetables. But produce isn’t always cheap. In fact, you’ve probably noticed that buying fresh fruit is often more expensive than buying canned or jarred fruit. One reason is that<span>&nbsp;</span><a href="https://www.vox.com/videos/2018/3/22/17152460/healthy-eating-expensive"><span>fresh fruit is usually more expensive to farm</span></a>. But you can solve this problem by trying to buy fresh fruit that’s in season. Browse your grocer’s produce section to find deals. If you’d like to know what you’re going to buy while you plan out your meals, you can also<div></div><span>&nbsp;</span><a href="https://fruitsandveggies.org/stories/whats-in-season-2/?gclid=EAIaIQobChMI5rXZ8bab6gIVRr7ACh1DFg2aEAAYASAAEgKj_vD_BwE"><span>look online to see what’s in season</span></a><span>&nbsp;</span>and more likely to be on sale.&nbsp;<div></div></p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER20-0055_VP_Jul-Sep_Blog-Post_Healthy-Eating_800x800_V1.jpg?h=800&w=800&la=en&hash=7DC93C73BFC3CC368F2DE2F60FE767E2663F13C6" width="100"/><h3>8. DO LEFTOVERS</h3><p>When you eat leftovers for your next meal or lunch the next day, you can know you’re eating healthy (you planned and prepared it) and you’re limiting waste and not having to spend any extra money. It’s a win-win for eating healthy on a budget. Get creative with leftovers, especially if you’re the type of person that doesn’t like to eat the same meal twice in a row. Turn your previous meal into a sandwich, a stir-fry, sauce, or some other&nbsp;<a href="https://moneywise.com/a/are-your-leftovers-going-to-waste-use-these-brilliant-ideas-to-save-money"><span>second-chance meal or snack</span></a><span>.</span><div></div></p><h3>9. BE SELECTIVE WITH EATING OUT</h3><p>Eating out is convenient, but considering the average American household spends more than<span>&nbsp;</span><a href="https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/how-to-meal-plan-effectively-to-save-money"><span>$3,000 a year on meals away from home</span></a><span>,</span><span>&nbsp;</span>it’s not always budget friendly. Eating out on occasion is a necessity of modern life. But in addition to being more expensive, you also have less control over ingredients and cooking methods, which often means it’s less healthy than eating at home. As you plan out your meals and grocery shopping schedule, try to limit the times you eat out as much as possible.</p><h3>10. CONSIDER MEAL DELIVERY</h3><p>Many meal delivery services offer<span>&nbsp;</span><a href="https://www.healthline.com/nutrition/best-meal-delivery-service#2.-Sun-Basket">h<span>ealthy meal plans</span></a><span>&nbsp;</span>delivered right to your door. They are also simple and surprisingly affordable compared to regular trips to the grocery store. If meal planning and prep for healthy eating and lifestyle is difficult for you and your schedule, do some research on healthy meal plans that do most of the legwork for you.</p><p>Follow these 10 tips to enjoy all the benefits of healthy, nutritious eating and the satisfaction of saving money.</p>

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Our Top Ten Tips for Healthy Eating on a Budget

<p>Budgeting your money probably isn’t the most fun item on your to-do list. But financial management is a lot easier when you use a few simple savings tricks. So whether you’re living paycheck-to-paycheck, or you have a little money stashed away for a rainy day, here are 7 easy budget hacks to help you save money.</p><h3>1.<span>&nbsp;</span><strong>REVIEW YOUR ACCOUNTS DAILY</strong></h3><p>Have you ever experienced a situation where you had to make a big purchase, only to find that you’re out of money? If you’re not careful, the funds (or lack of funds) in your account can creep up on you. Instead of spending money without knowing your limits,<span>&nbsp;</span><a href="https://fitmymoney.com/zero-based-budgeting/" target="_self"><span></span>review your accounts every day</a>. A quick look at your phone’s banking app as part of your morning or evening routine can help you keep track of how much money you have for expenses.</p><div></div><p></p><h3>2.<span>&nbsp;</span><strong>AVOID EXPENSIVE BUDGETING SOFTWARE</strong></h3><p>Budgeting doesn’t have to be complicated, and it most definitely shouldn’t be expensive. Spending money on an expensive program designed to help you save money just doesn’t make sense. So grab a pen and paper, open a free app or a new<span>&nbsp;</span><span><a href="https://www.makeuseof.com/tag/excel-spreadsheet-techniques-to-make-a-personal-budget/">spreadsheet</a>,</span><span>&nbsp;</span>and get to work. Create a few budget categories, allocate some money to each, and then track your purchases. Don’t make it harder than it has to be. Besides, you’re much more likely to stick to a budget of your own making.</p><h3>3.<span>&nbsp;</span><strong>CANCEL YOUR SUBSCRIPTIONS</strong></h3><p>If you look at your spending and there are subscription expenses you never even use, cancel them. Companies love selling subscriptions. It’s automatic money for them and a constant drain to your account. So take inventory of your subscriptions like Netflix, online newspapers and magazines, and even gym memberships. If you’re not using the service, cancel it. Or, at the very least, call and<span>&nbsp;</span><a href="https://www.moneycrashers.com/successfully-negotiate-lower-prices/"><span>ask for a discount</span></a><span>&nbsp;</span>if your introductory rate has expired.</p><div></div><p></p><h3>4.<span>&nbsp;</span><strong>CALCULATE PURCHASES IN WORK HOURS, NOT DOLLARS</strong></h3><p>Before making a big purchase that you might not really need, try this trick. Calculate the expense of the item in the total number of hours it takes you to earn it. Finding out that a big screen TV equals a full week of work at your job might make you think twice before pulling the trigger.</p><h3>5.<span>&nbsp;</span><strong>MAKE SAVING A GAME</strong></h3><p>Saving money isn’t exactly fun. In fact, the opposite is usually true. Instead of finding the fun in getting rid of your money, make saving a game. Challenge yourself to put away a certain amount of money, and then reward yourself for achieving your goals. It’s a great way to<span>&nbsp;</span><span>“<a href="https://www.mint.com/money-management-2/4-money-management-hacks-to-boost-your-budget">earn” those discretionary purchases</a></span>, and you’ll be saving money in the process.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/4_Budget-Hacks.jpg?h=800&w=800&la=en&hash=40D183FEBB907A5DCA9C622A077FCB76590A4248" width="100"/><h3>6. UPGRADE TECHNOLOGY ONLY WHEN NECESSARY</h3><p>For whatever reason, technology is hard to resist. It’s human nature to want the latest and greatest. And it seems like there’s always something new on the horizon. Instead of caving to every mid-generation tech upgrade, look at your old technology a little differently. Take pride in your last generation equipment. Own your love for all things retro. And wear your used car, old phone, and second-hand computer and TV like a badge of honor. Only upgrade to a new model when the old one no longer works the way you need it to.&nbsp;</p><h3>7.<span>&nbsp;</span><strong>PAY SAVINGS FIRST</strong></h3><p>If you’re like most people, you’ve spent most of your paycheck before payday even arrives. As part of your budgeting process, take the first 10% of your paycheck (or more if you can afford it) and<span>&nbsp;</span><a href="https://www.thebalance.com/what-does-pay-yourself-first-mean-453696"><span>put it into savings</span></a><span>.</span><span>&nbsp;</span>Doing so will help you avoid the temptation to spend that money later in the month. In fact, most employers that offer direct deposit will let you route part of your paycheck into a separate savings account, so you don’t have to do the work yourself.</p><div></div><p></p><p>Saving money isn’t easy. But that doesn’t mean you can’t use a few tricks to make it a little more manageable. Practice these simple budget hacks and you’ll be on your way to achieving your savings goals in no time at all.</p>

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Seven Easy Budget Hacks

<p>Building a budget is all about perspective. If you think of your budget as the only thing between you and a more lavish lifestyle, there’s a good chance it fails. But if you look at your budget as the key to unlocking more financial freedom, your budget has every chance of succeeding. With the proper perspective as a foundation, the rest of your budget can start to take shape. Here are the 6 basic building blocks for constructing a successful budget.</p><h3><strong>1. CALCULATE YOUR INCOME</strong></h3><p>The first part of building a successful budget is to<span>&nbsp;</span><a href="https://www.youneedabudget.com/how-to-make-a-budget/"><span>calculate your current income and savings</span></a>. Add up your cash and the amounts in your disposable accounts and write the figure down on a piece of paper or spreadsheet. Next, write down your monthly take home pay. If your income fluctuates from month to month, look back at the past several months or years to get a better idea of your average monthly income. If you’re still unsure of what your monthly income is, start with the lowest amount you’ve made in the last six months.<div></div></p><h3><strong>2. CATEGORIZE YOUR EXPENSES</strong></h3><p>With a better idea of your income, it’s time to track your outgoing money. Again, look at your bank statements over the past several months. Then write down all the categories you spend money on, including rent/mortgage, food, transportation, phone, and individual utilities. For each category that has a fixed expense, write down a dollar figure next to its name. For yearly costs and those that vary, estimate monthly averages and jot down those figures as well.</p><h3><strong>3. EVALUATE YOUR SPENDING</strong></h3><p>Because the whole purpose of a budget is to make sure that you spend less money than you make, if your monthly expenses total more than your monthly income, you’ve got a spending problem. After you’ve calculated your monthly income and expenses, compare the two figures and evaluate your spending habits. Look for areas where you feel you’ve been spending too much money – the discretionary categories like entertainment and eating out are the usual suspects. These categories where you’re spending too much should be your focus as you create your budget.</p><h3><strong>4. FOLLOW THE 50/30/20 RULE</strong></h3><p>A good rule of thumb when creating a budget is to<span>&nbsp;</span><a href="https://www.discover.com/credit-cards/resources/easiest-way-to-budget/"><span>follow the 50/30/20 rule</span></a><span>.</span><span>&nbsp;</span>That is, limit spending to 50% of your take home pay on needs and 30% on wants. Then put the remaining 20% toward savings. Necessities include the obvious categories of transportation, groceries, and living expenses. But there are gray areas, including eating out, which could fall into either wants or needs. There’s really no right or wrong answer. Where you put each category should be a personal decision since a budget will be different for each person. Just write down a budget goal for every category and try to limit your spending to just 80% of your income.<div></div></p><h3><strong>5. TRACK YOUR PURCHASES</strong></h3><p>Because your budget is completely personal to you, your decision for tracking expenses should be made with convenience and personal preference in mind. Pen and paper is handy for simple budgets. A spreadsheet can help you perform even complex calculations with ease. And there are plenty of<span>&nbsp;</span><a href="https://www.investopedia.com/university/budgeting/basics2.asp"><span>phone apps that can sync with your bank account</span></a><span>&nbsp;</span>to keep track of every penny you spend. Whatever method you use, stay consistent and don’t miss an entry. Subtract each purchase from its corresponding category amount and you’ll always know exactly how much you have left to spend on groceries, clothes, entertainment, etc.<div></div></p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/12_Budget-Basics.jpg?h=800&w=800&la=en&hash=15A6F47EC496D031C078B17E58C7225955181660" width="100"/><h3><strong>6. CHECK YOUR BUDGET OFTEN</strong></h3><p>No matter how you choose to build your budget, it’s important to check it often. This will ensure that you’re staying within your spending goals and within your means. Take pride in your budget. Let it guide your spending and savings decisions. Even your discretionary purchases can be made guilt-free as long as you plan for them and stick to your budget.</p><p>&nbsp;</p><p>Yes, a budget is restrictive. Yes, it’s primary purpose is to help you spend less than you make. But done properly, a budget can also be the key to unlocking more financial freedom. If you’re willing to invest the time, energy, and dedication to make it your own, your budget can help you build a better, more secure financial future.</p>

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Six Basics of Building Your Budget

<p>Times Square is already shining the light bulbs for the famous ball drop, and that can only mean one thing: It’s time to start developing a New Year’s resolution. In January 2017, 42 percent of Americans made a money-related resolution, and perhaps you were among them. 4</p><p>Did you find it difficult to stick to your money-saving plan? The key to a successful resolution is to create a realistic goal, generate a way to keep track of it and not give up if you backslide at some point. With careful planning and determination, at this time next year, you’ll be celebrating resolution met.</p><h3>DON’T GET IN OVER YOUR HEAD</h3><p>The surest way to set yourself up to fail is by creating a financial goal that is way out of reach. If you strive to pay off your entire student debt, for instance, you may be bound to fall short. This leads to frustration and makes it more likely that you’ll give up by summer. Instead, choose a single, measurable goal within reach. Rather than trying to pay off a mountain of student debt, create a resolution to pay off one or two of the smallest loans. As CNBC points out, goals should be SMART: specific, measurable, achievable, realistic and time-bound. 1</p><h3>DEVELOP PLANS TO MAKE IT STICK</h3><p>A resolution is only as good as your specific tactics to keep it. Whether you aim to pay off your credit card or have $5,000 in savings by the end of the year, utilizing savvy strategies makes it easier to stick to your goal. Some expert tips include:</p><p>Automate everything. Put your goals on an automated schedule to streamline the process and reduce the chance of failure. If your bank transfers $100 into your savings account every month, you can’t forget to initiate the transaction. 2</p><p>Create a visual display of success. Small reminders of your progress can be incredibly powerful. On a whiteboard or printed calendar, write down visual milestones or reminders and mark them with a star or other indicator once they’re achieved.</p><p>Tap into technology. As the saying goes, “There’s an app for that.” And when it comes to financial goals, there always is. From tracking your savings to creating a customized budget, apps and online software can be a tremendous help. You may even be able to get a personal budget tracker for a small fee. 3</p><h3>CELEBRATE THE FRUITS OF YOUR LABOR</h3><p>Setting a reward to celebrate the Fruits of Your Labor may motivate you to stick to your resolution. Choose a few milestones along the way and an associated reward. If your goal is to put $2,000 into savings this year, treat yourself to a manicure after every $500. Maybe you want to pay off your car loan six months early; allow yourself a night at your favorite local hotel once you’ve made three extra payments. Small rewards help you feel good about your resolution and may be the extra kick in the pants you need to stay on track.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/new-years-resolution-800x800.png?h=300&w=300&la=en&hash=64F06551C4A23C8AFDB254A6822B72093143F142" width="100"/><p>&nbsp;</p><p>If you’re thinking of developing a financial goal for the new year, remember to make it a SMART one. About 80 percent of all resolutions fail by February, and you don’t want yours to be among them, right? 5 With a specific and realistic goal in mind and the tools you need to achieve it, all that’s left to do is tap into your determination and get ready to pat yourself on the back.</p><h3>SOURCES:</h3><p>1 Tom Anderson, “How to make your financial New Year’s resolutions stick,” CNBC, January 2, 2017, https://www.cnbc.com/2017/01/01/how-to-make-your-financial-new-years-resolutions-stick.html.</p><p>&nbsp;</p><p>2 Trent Hamm, “How to Build an Effective Financial New Year’s Resolution,” U.S. News, December 27, 2016, https://money.usnews.com/money/blogs/my-money/articles/2016-12-27/how-to-build-an-effective-financial-new-years-resolution.</p><p>&nbsp;</p><p>3 “Financial Resolutions: 6 Tips to keep you Accountable,” Stowe Financial Planning, LLC, January 25, 2017, http://www.stowefinancialplanning.com/blog/financial-resolutions-6-tips-keep-you-accountable.</p><p>&nbsp;</p><p>4 “New Years Resolution Statistics,” Statistic Brain, Accessed November 19, 2017, https://www.statisticbrain.com/new-years-resolution-statistics/.</p><p>&nbsp;</p><p>5 Joseph Luciani, “Why 80 Percent of New Year’s Resolutions Fail,” U.S. News, December 29, 2015, https://health.usnews.com/health-news/blogs/eat-run/articles/2015-12-29/why-80-percent-of-new-years-resolutions-fail</p>

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Creating a Financial New Year's Resolution That Sticks

<p>Summer is here! And with it comes sunshine, no school and a need to keep everyone entertained. When you think of summer fun, you might start to get stressed out thinking about how much it’s all going to cost you. But there are actually some very affordable ways to make this summer one to remember.</p><h3>1. TAKE A STAYCATION</h3><p>Sometimes we get so caught up in the idea of travel and the concept of seeing something new and far away, we forget about the adventures closer to home. This summer, use travel restrictions and social distancing guidelines as a good excuse to save some money and explore your own city or state. Look online for a few historic places of interest near you. Research the local plant life and wildlife that are common to your area. Then take a short drive or walk and go see them in person. You could even make up a scavenger hunt of places or things to see in your own city. There’s much more to do and learn in our own backyards than we sometimes give them credit for.</p><h3>2. TAKE A VIRTUAL VACATION</h3><p>Even with so much to do close to home, there’s no doubt that traveling is a valuable part of life. It opens your mind to other cultures and offers insight into different ways of thinking. It can even<span>&nbsp;</span><a href="https://www.forbes.com/sites/nomanazish/2018/01/22/five-reasons-why-travel-is-good-for-your-mental-health/#3c261b755934"><span>fuel creativity and boost confidence</span></a>. If you can’t take that special trip this summer, find ways to visit your favorite vacation destination virtually. From<span>&nbsp;</span><a href="https://www.tomsguide.com/us/best-vr-headsets,review-3550.html"><span>virtual reality vision</span></a><span>&nbsp;</span>to<span>&nbsp;</span><a href="http://www.airpano.com/"><span>360 degree tours</span></a><span>&nbsp;</span>and<span>&nbsp;</span><a href="https://www.ricksteves.com/"><span>guided online videos</span></a>, modern technology offers several easy ways to<span>&nbsp;</span><a href="https://mashable.com/article/virtual-vacation-online/"><span>see the world</span></a><span>&nbsp;</span>from the comfort and safety of your home. Want to see the<span>&nbsp;</span><a href="https://www.toureiffel.paris/en/news/130-years/virtual-tour-eiffel-tower"><span>Eiffel Tower in Paris</span></a>? What about the<span><span>&nbsp;</span><a href="https://www.afar.com/magazine/take-a-virtual-tour-of-the-great-barrier-reef-with-david-attenborough">Great Barrier Reef in Australia</a></span>? Maybe you just want to experience the thrill of a roller coaster from your favorite theme park. You and your family can even take a virtual tour of several<span>&nbsp;</span><a href="https://zoo.sandiegozoo.org/upgraded-experiences/inside-look-tours"><span>popular zoos</span></a><span>&nbsp;</span>to get<span>&nbsp;</span><a href="https://www.dallaszoo.com/bringthezootoyou/"><span>up close and personal with wildlife</span></a><span>.</span><div></div><div></div><div></div></p><h3>3. START STORYTIME</h3><p>Who doesn’t love a good summertime book? Whether you curl up inside with a blanket (and the air conditioning blasting) or you find a secluded spot to read outdoors, a book’s adventure is somehow better when the weather is warm. Some authors are making their works (including<span>&nbsp;</span><a href="https://www.forbes.com/sites/emmapocock/2020/04/15/alexa-home-device-users-can-now-access-the-first-harry-potter-audiobook-free/#26afe7d03df7"><span>some well-known audiobook</span>s</a>) free during social distancing.<span>&nbsp;</span><a href="https://www.audible.com/ep/freetrial?source_code=GO1GBSH07111690BP&device=d&ds_rl=1262685&ds_rl=1257031&ds_rl=1260658&cvosrc=ppc.google.free%20books%20on%20tape&cvo_campaign=264095889&cvo_crid=384307815520&Matchtype=e&gclid=EAIaIQobChMI3t7AmOua6QIVuR6tBh3cAw_FEAAYASAAEgLgq_D_BwE&gclsrc=aw.ds"><span>Audible</span></a><span>&nbsp;</span>is offering a free 30-day trial that includes a free audiobook, and many local libraries offer both audiobooks and eBooks that can be downloaded to a phone or tablet free of charge. Do a little research about the best way to find your favorite books and get lost in another world this summer.<div></div></p><h3>4. GO CAMPING</h3><p>By its very nature, camping is one of the most socially isolated activities you and your family can do. Many popular camping spots, including those near tourist destinations and national parks, may be closed this summer. But with a little research, you can likely find a number of camping spots close to home. Look online for the best camping destination near your hometown, then head for the lake or hills, or simply set up camp in your own backyard for the weekend. Nature has a way of giving back to those that explore its beauty. You might find more than Mother Earth in your adventures—<a href="https://positivepsychology.com/positive-effects-of-nature/"><span>an improved mood, less stress, and a better outlook</span></a><span>&nbsp;</span>on a troubled world.<div></div></p><h3>5. LEARN TO GARDEN</h3><p>With grocery shopping becoming more inconvenient than ever, there’s no better time to grow your food at home. Whether you grow fruits, vegetables, or just a yard full of beautiful flowers, gardening is a quintessential summer activity. And you can do it without spending a lot of money. Many local nurseries are providing pickup and delivery service. And there are<span>&nbsp;</span><a href="https://www.burpee.com/"><span>ways</span></a><span>&nbsp;</span>to<span>&nbsp;</span><a href="https://www.gardeners.com/home"><span>purchase</span></a><span>&nbsp;</span>flowers, seeds, bulbs, and plants online. Gardening is a valuable life skill in times of pandemic and in times of plenty. But it takes practice, so learn all you can about the soil, light, and weather<div></div><span>&nbsp;</span><a href="https://www.almanac.com/vegetable-gardening-for-beginners"><span>conditions that are optimal for plant growth</span></a>, find a few plants that will grow well where you live, and get gardening.<div></div></p><h3>6. PLAY ONLINE GAMES</h3><p>Social connection is a fundamental human need. It can help<span>&nbsp;</span><a href="https://cmha.ca/blogs/the-importance-of-human-connection"><span>reduce anxiety and depression, improve sense of self-worth, and may even boost your immune system</span></a>. When you can’t connect with friends and family in person, you can still find ways to laugh and have summer fun by playing online games. Set up a weekly<div></div><span>&nbsp;</span><a href="https://myquiz.org/"><span>online quarantine quiz</span></a><span>&nbsp;</span>competition with your extended family, look for the<span>&nbsp;</span><a href="https://www.mentalfloss.com/article/621061/classic-board-games-to-play-online"><span>app version of your favorite board game</span></a>, or find an<span>&nbsp;</span><a href="https://www.gamesradar.com/best-online-games/"><span>online video game</span></a><span> </span>on Xbox, Switch, PlayStation, or PC to pass the time with friends. Hosting a virtual game night with friends is easy with modern technology. You can even set up a<div></div><span>&nbsp;</span><div><a href="https://zoom.us/"><span>Zoom meeting</span></a><span>&nbsp;</span>or video chat with friends as you play. It’s the next best thing to being there in person.</div></p><h3>7. LEARN A NEW SKILL</h3><p>Recent<span>&nbsp;</span><a href="https://www.bbc.com/future/article/20170828-the-amazing-fertility-of-the-older-mind"><span>psychology and neuroscience studies</span></a><span>&nbsp;</span>show that the human brain has amazing capacity for learning new skills at any age. So take advantage of the extra time at home this summer to learn something new. Buy an inexpensive guitar or other instrument and start taking online lessons. If music isn’t your thing, start<span>&nbsp;</span><a href="https://www.cnet.com/news/best-language-learning-apps-of-2020-update/"><span>learning a new language</span></a><span>&nbsp;</span>(it might come in handy when you can finally take that vacation). Or, fulfill that lifelong dream of becoming an amateur chef in your own kitchen by experimenting with new recipes and food combinations. Whatever passion you’ve been putting off, now is the time to reconnect with your interests and learn a new skill that will enrich your life.<div></div></p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER20-0053_VP-Apr-Jun_Camping_Blog-Post_800x800_V1.jpg?h=800&w=800&la=en&hash=F19D4917465380A22AEE1BA4CFEEB320AE76665C" width="100"/><h3>8. VISIT A MUSEUM ONLINE</h3><p>Always wanted to visit the Louvre in Paris or New York’s Museum of Modern Art? Now you can go there without actually going there. Many of the world’s most famous<span>&nbsp;</span><a href="https://www.gearbrain.com/online-virtual-museum-gallery-tours-2645883190.html">museums offer virtual tours</a><span>&nbsp;</span>via Google Arts &amp; Culture (think street view style museum tours a la Google Maps). Amid the current Pandemic, more museums are joining an already impressive list of collections online. If you have kids, bring them along with you. Exploring a museum can have<span>&nbsp;</span><a href="https://www.arts.gov/art-works/2014/importance-taking-children-museums"><span>big benefits for growing minds</span></a>. It exposes them to new experiences and helps them develop curiosities in ways few other experiences can.<div></div></p><h3>9. MAKE A MOVIE</h3><p>Your local movie theater may or may not be open for business this summer. But even if you can’t experience the big screen in person, you can still make movie magic (on a much smaller screen) at home. Using your phone’s camera and a software program like iMovie or Windows Movie Maker, you can write, shoot, and edit your own film with relative ease. You can even upload your creation to YouTube to share with friends, family, and strangers from around the world. Get started with a how-to video tutorial for<span>&nbsp;</span><div><a href="https://www.youtube.com/watch?v=U1Hd60lwOyA"><span>iMovie</span></a><span>&nbsp;</span><a href="https://www.youtube.com/watch?v=O99NXVHfqMs"><span>Movie Maker</span></a>, or your software of choice, and let your inner creative genius take over.</div><div></div></p><h3>10. WATCH AND LISTEN</h3><p>Don’t pay attention to those who discount the value of a good story—even if that story comes from a screen. There are many options to<span>&nbsp;</span><a href="https://www.pcmag.com/picks/the-best-video-streaming-services"><span>stream high quality movies and TV series</span></a><span>&nbsp;</span>to your home. You’ll have to pay a monthly subscription fee to access most content, but it’s still a relatively inexpensive way to spend a summer evening. You can even<div></div><span>&nbsp;</span><a href="https://www.theverge.com/2020/3/25/21191604/watch-movies-friends-online-netflix-hulu-youtube-party-twoseven-metastream-amazon-hbo-scener"><span>watch shows online with friends and family</span></a><span>&nbsp;</span>while social distancing. Podcasts are another great way to find interesting stories and creative content, and most of it is free. Pull up the podcast player on your smartphone, search for a subject that interests you and start listening. Listening to a podcast is a great way to pass the time while doing yardwork, household chores, or exercising.<div></div></p><p>&nbsp;</p><p>This summer might be slightly different than past summers, but that doesn’t mean you can’t find ways to make it fun. Use these affordable ideas (or get creative to find a few ways of your own) to make this summer memorable for all the right reasons.</p><p><span>&nbsp;</span></p><h3><span>LEARN MORE:&nbsp;</span></h3><p><span><a href="https://merrickbank.com/Learn/Budgeting/Our-Top-Ten-Tips-to-Stop-Overspending">Our Top Ten Tips to Stop Overspending</a></span></p><p><span><a href="https://merrickbank.com/Learn/Budgeting/Three-Ways-to-Save-on-Eating-Out">Three Ways to Save on Eating Out</a></span></p><p><span><a href="https://merrickbank.com/Learn/Marriage-Children-and-Family/6-Ways-to-Save-on-After-School-Activities">6 Ways to Save on After-School Activities</a></span></p>

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Our Top Ten Tips for Affordable Summer Fun

<p>It's nearly that time of year again -- you'll gather your receipts and W2s and cross your fingers that you have a small windfall. That's right, tax season is around the corner. Filing taxes can be stressful, but if you maximize your deductions April 17th could turn out to be a day worth celebrating. Here are a few potential tax deductions that you might consider and could save you big for the 2017 tax filing season. Saving a little bit here and there adds up to a lot.</p><h3>1. JOB HUNTING COSTS</h3><p>If you were laid off or fired over the last taxable year, you may be bummed out about the lack of deductible business expenses available to you. Did you know that&nbsp;<a href="https://www.irs.gov/newsroom/job-search-expenses-can-be-tax-deductible-2017"><span>job hunting</span></a>&nbsp;costs can also be deducted? Many people don't. As long as you recently lost your job and are seeking employment within the same industry, you can deduct everything from resume costs to travel expenses in service of finding work. This tax deduction is also applicable to fees paid to a job placement agency. Keep in mind this particular deduction can't be taken if you're looking for a job for the first time.<div></div></p><h3>2. MOVING EXPENSES</h3><p>Did you move to a different city to accept a new job this year? Good news! Even if it's your first job after high school or college, you can&nbsp;<a href="https://turbotax.intuit.com/tax-tips/fun-facts/the-10-most-overlooked-tax-deductions/L2WjmvZAH"><span>deduct some of your moving expenses</span></a>&nbsp;on your taxes. If you have moved more than 50 miles from your former home for your new position, the IRS says you can deduct 23 cents per mile for moving your belongings. If you paid any highway tolls or parking fees along the way, those are deductible, too.<div></div></p><h3>3. TUITION EXPENSES</h3><p>Many older students assume their chances to deduct tuition ended at a certain age. Untrue! Thanks to the&nbsp;<a href="https://www.irs.gov/credits-deductions/individuals/lifetime-learning-credit"><span>Lifetime Learning Credit</span></a>, you can deduct up to $2,000 in tuition and fees at most universities. Just keep in mind that you can't use this deduction if you are already applying the American Opportunity Tax Credit to your tax return.<div></div></p><p>&nbsp;</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/201802_tax_form-800x800.png?h=800&w=800&la=en&hash=ED359CF2FE73EC0E1F186342639E704E4283D3B1" width="100"/><p>&nbsp;</p><p>With significant tax changes recently signed into law, we suggest reviewing how the changes for 2018 may impact you. When in doubt, contact a CPA to help you search for new deductions and prepare in advance for next year’s filing.</p>

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Don't Miss These Top 3 Overlooked Tax Write-Offs

<p><span>Life is uncertain. So having a little extra savings set aside can help you prepare for future plans, overcome emergency expenses and give you peace of mind for whatever lies ahead. It’s time to start building your savings account. And it’s easier than you might think. Begin with these four simple savings tips.</span></p><h3><span>1. EAT AT HOME</span></h3><p><span>You aren’t alone if you tend to eat out a lot. It's easy, quick and convenient. However, those takeout bills can add up, especially for families. Restaurants markup their prices by<span>&nbsp;</span></span><a href="http://blog.plateiq.com/should-you-get-the-guacamole-on-your-burrito-a-price-analysis-of-your-favorite-foods-59ad19a6e13f"><span>an average of 300%</span></a><span><span>,</span><span>&nbsp;</span>which means you’re overpaying for your food when you eat out. For one month, plan your purchases, go to the grocery store and cook in your kitchen for every meal. You’ll be amazed at how much you save in just 30 days.</span><div></div></p><h3><span>2. LIVE THE 30-DAY RULE</span></h3><p><span>If you’re having trouble saving, a quick look at your bank statement will probably reveal a long list of non-essential purchases. You need food, clothing, and shelter, but where can you cut out unnecessary purchases? Instead of spending all your money on non-essentials, implement the 30-day rule. That is, wait 30 days before deciding to pull the trigger on a purchase for an item you may not need. At the end of the 30 days, you may like the larger sum in your bank account more than the idea of that non-essential item.</span></p><h3><span>3. SAVE EVERYTHING</span></h3><p><span>Saving a few dollars on your utilities this month can also help your bank account. Save energy by turning off lights and other electronics. Save water by being more efficient with your shower time, laundry, and outdoor watering. Save clothes by making repairs. And save on gas and auto repairs by walking or riding a bike. Every time you’re being smarter about using these resources, you will save money on your monthly bills. And by making these changes, your bank account will benefit.</span></p><h3><span>4. OUTSMART THE MARKETERS</span></h3><p><span>Advertisers make it easy and alluring to spend money on the things you like most. If you find yourself falling for their tricks too often, you need to outsmart the marketers. Unsubscribe from your favorite stores’ email lists and avoid giving away your personal information to marketers when you make a purchase.</span></p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/6_5-Ways-to-Save-Money.jpg?h=800&w=800&la=en&hash=2504CD8EE5137B74946DE60EF90E5424F3CAE1D6" width="100"/><p><span>Building up your savings isn’t always easy. But with a few simple savings practices, you can have enough money put away for the rainy days and the sunny ones in between.</span></p>

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Four Ways to Save Money This Month

<p>The start of a new month is a great time to set some new financial goals for yourself. If one of those goals is to save a little extra cash this month, we’ve got some tips to help you get started.</p><h3>1. TAKE INVENTORY OF YOUR SUBSCRIPTIONS</h3><p>Between streaming services, gym memberships, music services, meal services, and retailer memberships (both online and in-store), most of us have several subscriptions. If you’re not careful, it’s easy to lose track of where your money is going. In fact, the average American spends<span>&nbsp;</span><a href="https://www.ngpf.org/blog/question-of-the-day/qod-how-much-do-americans-spend-monthly-on-subscriptions/#:~:text=The%20average%20American%20pays%20%24237,month%2C%20according%20to%20the%20report."><span>$237 a month on subscription services</span></a>. This month, take inventory of every subscription you have, check how much you’re paying for each, and ask yourself which ones you’re not using regularly and which ones you can live without. Cancel a few and see how much you miss them over the next 30 days.<div></div></p><h3>2. TRANSFER MORE INTO SAVINGS</h3><p>It might seem like a simple move, but putting more of your money into your savings account can actually help you save a little bit more. Not only will you earn more interest, but when there’s less money in your checking account — it’s out of sight and out of mind — there’s less temptation to spend. If possible, try automatically allocating a portion of your direct deposit paychecks into savings. Or, just transfer the money on your own and consider it off limits as much as you can.</p><h3>3. SAVE EXTRA INCOME</h3><p>Extra income can be money given to you as a gift, tax refund, stimulus check, a work bonus or any other cash that comes your way that isn’t from your paycheck or other primary income source. It’s easy to spend this kind of extra cash right away. But if you’re able, try to save it instead of spending it. Sure, it’s easy to spend, but it’s just as easy to put that money in your savings account and watch it grow for another month.</p><h3>4. CONTINUE TO PAY DOWN DEBT</h3><p>It might not make an immediate impact this month, but continuing to pay down your debt can help you save more money in the long run. In fact, putting more of your money toward paying off debt this month will help you save more money because you’re saving on interest. Start with<span>&nbsp;</span><a href="https://merrickbank.com/Learn/Budgeting/Snowball-Your-Debts"><span>the snowball method</span></a><span> </span>to pay off your smallest debt first, then snowball that money into your next largest debt when it’s all paid off.<div></div></p><h3>5. RECORD ALL YOUR EXPENSES</h3><p>Often, people go through the entire month without ever realizing how much they’ve spent. This month, try to keep a running tally of all your expenses. That’s everything from your rent or mortgage payment to smaller things like quick stops to the coffee shop. Write down what you bought and how much it cost. Refer to it often and always keep your current total in mind. When you know exactly how much you’ve already spent, you can rein in your purchases and save more money.</p><h3>6. TAKE ADVANTAGE OF DISCOUNTS</h3><p>Before you spend your money, consider looking for any discounts that might be available to you. Seniors, students, and members of the military often also qualify for special savings and discounts on phone bills, subscriptions services, and more. Check your emails and mail for any discount codes or coupons. You can even search online or look directly on retailer’s sites to see if they’re currently offering any discounts or sales. See if you can save some money this month with any special offers.</p><h3>7. TRY A FINANCIAL FAST</h3><p>This month, challenge yourself to stop spending money on anything that’s non-essential.&nbsp;So anything that you don't absolutely have to buy to make it through the month, wait to buy it. Make a game of it. Challenge family members or friends and compete to see who can spend less money this month.</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/MER20-0055_VP_Jul-Sep_Blog-Post_Save-Money_800x800_V1.jpg?h=800&w=800&la=en&hash=96E86A585DCD7E92BAFB888A34EF72EDEFA1AC26" width="100"/><h3>8. SELL YOUR STUFF</h3><p>The average American home has about&nbsp;<a href="https://www.latimes.com/health/la-xpm-2014-mar-21-la-he-keeping-stuff-20140322-story.html"><span>300,000 possessions</span></a>. That’s a lot of stuff! Chances are you have a few things laying around your house that are both valuable and no longer used. Modern online marketplaces offer convenient ways to gauge the value of your stuff and put it up for sale. From musical instruments and electronics to old video games and toys, if you have anything that’s no longer used and&nbsp;<a href="https://konmari.com/"><span>no longer brings you joy</span></a>, consider giving it a new home and increasing your savings in the process.<div></div><div></div></p><h3>9. USE A FEW ONLINE SHOPPING TRICKS</h3><p>For a month, consider removing all the online retailer apps from your phone. While you’re at it, consider removing your saved payment information from these sites too. When you don’t have the Amazon, Target, Best Buy, Walmart, etc. apps on your phone, you spend less time browsing for things you never knew you needed. And when you have to take that extra step to input your payment information, sometimes you realize you can save your money instead. Try it for a month. You can always redownload the apps and re-input your payment information next month.</p><h3>10. TAKE ADVANTAGE OF MARKET CONDITIONS</h3><p>Current interest rates and mortgage rates are at historic lows. That means you might be able to save money every month (and long term) by refinancing your existing loans. Talk to your lender to see if a refinance makes sense for you and your circumstances.</p><p>&nbsp;</p><p><span>Try these 10 tips to save more money this month. Pick a few that resonate with you, or try some that don’t sound as fun and challenge yourself to follow through with each goal. If they help you save at the end of the month, consider incorporating them into your regular financial practices.&nbsp;</span></p>

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Our Top Ten Tips for Saving Money This Month

<p>The term “get the ball rolling” has application in many areas of life. You might get the ball rolling on a difficult work project, home repair, or nagging personal pursuit. It means starting simply, and allowing your initial efforts to pick up steam over time. The wisdom behind the words is that once the ball is rolling, it can be hard to stop. And, before you know it, your difficult project is complete.</p><p>Coined by<a href="https://www.daveramsey.com/blog/how-the-debt-snowball-method-works"><span>&nbsp;</span></a><a href="https://www.daveramsey.com/blog/how-the-debt-snowball-method-works"><span>financial guru Dave Ramsey</span></a>, debt snowballing is the exact same concept. It refers to a method of eliminating debt where you start simply and let your work gain traction over time. And, it’s a great way to find motivation to eliminate debt, where it was once lacking.&nbsp;<div></div></p><h3><strong>1. REDUCE SPENDING</strong></h3><p>The first step to getting the snowball rolling is to<span>&nbsp;</span><span><a href="https://www.thesimpledollar.com/save-money/twenty-key-strategies-for-finding-incremental-savings-in-your-life/">reduce your spending</a></span><span>&nbsp;</span>in order to free up extra money that can be put toward debt elimination. As with most difficult projects, finding motivation to start might be the hardest part. It means changing your habits and having uneasy conversations with yourself about your lifestyle and spending practices. It also means you’ll have to stop adding debt entirely. But, the good news is that you’re starting simply, and you don’t have to find a lot of extra cash to get the ball rolling in the right direction.</p><h3><strong>2. LIST YOUR CURRENT DEBTS</strong></h3><p>Now that the ball is finally rolling, it’s time to take a closer look at your debts. List them in order of payoff amount, smallest amount on top and most burdensome on bottom. For example, you might have a credit card bill for $2,000, a student loan for $10,000, and several debts in between. Looking at your entire debt picture at the same time can be intimidating, but rather than focus on the collective weight of your entire debt, set your sights on your smallest debt first.&nbsp;</p><h3><strong>3. START MAKING PAYMENTS</strong></h3><p>In addition to making monthly minimum payments on all your debts, let’s say you have an extra $200 to put toward debt elimination. By focusing on your<span>&nbsp;</span><span><a href="https://www.nerdwallet.com/blog/finance/what-is-a-debt-snowball/">smallest debt first<span>&nbsp;</span></a></span>– your credit card debt, in the example above – you can eliminate it within a year by allocating just a little extra cash every month. Then, keep the ball rolling by taking your $200, adding the amount of the minimum payment you were making on your old credit card debt, and applying both toward the next debt on your list. And, the process goes on and on until you’re completely debt free. By snowballing your debt payments, your initial $200 allocation eventually becomes an unstoppable, debt-eliminating force, rolling its way toward financial freedom.&nbsp;</p><img src="https://merrickbank.com/-/media/Merrick/Images/Blog/2_Snowball-Your-Debts.jpg?h=800&w=800&la=en&hash=38EA57BEA66B95C784975B00D606F002A8F7E35F" width="100"/><h3><strong>CONCLUSION</strong></h3><p>The debt snowball method can be a great way to find motivation to eliminate your debts. Be aware that this method doesn’t necessarily eliminate your highest interest loans first, so you may want to explore other methods if you’re concerned about high interest rates adding up. But, for those looking for a simple way to get the ball rolling on the difficult process of debt elimination, the debt snowball is a great place to start.</p>

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