Whether you’re looking to save money for your own education or if you’re thinking ahead to saving for your future children’s education, saving money for college is important. Besides, your bank account will thank you later for the work you put in up front.

Student Loans Exist. Why Should I Save Money for College?

Yes, you’re right, student loans do exist, and they can be a great option to supplement your college fund. But student loans have to be paid back, and their interest rates are…not small, that’s for sure. According to nerdwallet, the interest rate for federal student loans for undergraduates is 5.05% for the current 2018-2019 school year. For parent loans or graduate loans, those numbers go up to 7.60% and 6.60%, respectively. These numbers are also the minimum amounts – actual interest rates could be a lot higher than this.

You might be able to find an interest rate on a private student loan for less than that, but typically you need outstanding credit for that.

Here are some actual numbers: Let’s say you took out a $13,000 loan at this 5.05% interest rate with a term of 10 years. Your monthly payment would be $138.20, and you would pay $3,584 in interest. So over those 10 years, you would pay $16,584. 

Obviously these numbers vary by person, college, and situation, but this can give you an idea. Nerdwallet has a calculator on their site that can give you an estimate based on your situation.

Okay, So I Don’t Want Lots of Loans. Now What?

Start saving money now. Whether you want to find an app that rounds up your debit card purchases and puts the extra change in savings or if you want to add a line item on your budget, it doesn’t matter. Just start putting money aside now. 

If you’re looking for an easy way to make some extra money online, remember our services here at Checkout Saver. Whether you’re looking for cashback on online purchases or a way to earn some extra money through selling gift cards or one-time coupons, we have lots of options to help you generate some extra money. You can put that money directly into a college savings account, and your future self will thank you.

What About Saving While I’m in College?

There are some great ways to save money on little things while you’re in college.

• Find the cheapest places to purchase textbooks. (Hint: it’s probably not the official bookstore. Check places like Chegg and Amazon, or see if your book has a PDF available online.)
• Use your meal plan if you have it, or shop wisely at the grocery store. It might not be fun to go to the dining hall on Saturday instead of out to eat with your friends, but you (or maybe your parents) have already paid for that meal plan. If you definitely want to go out, don’t let that meal swipe go to waste. At least grab some fruit or something you can take to-go from the dining hall.
• Walk anywhere you can, or consider buying a secondhand bike. First of all, you need to be safe, so if that means getting an Uber when it’s late at night and you have a long walk ahead of you – put your safety first. But if it’s the middle of the day (yes, even if it’s raining), make an effort to walk where you need to go instead of paying for an Uber or other ride-share service. If you know you have long treks to work or class, consider purchasing a bike – either new or used. You won’t have to pay for the expensive car parking permit, and you’ll be able to get where you need to go more quickly.

If you end up taking out student loans, make sure you pay them off as soon as possible, even if that means starting to pay them off while you’re in school. The sooner you can be debt-free the better.

Do you have money-saving tips for college that we missed? Let us know in the comments below!

The post Tips to Save Money for College appeared first on The Checkout Saver Blog.

Yes, there really is a difference. More often than not people just seem to say “oh, just put it on the card.” “The card” has come to mean any piece of plastic people can use to pay for something. There are some major differences between charge cards, credit cards, and debit cards, though, and it’s important to do your research before you choose which card to get and use on a regular basis.

Charge Cards

Charge cards and credit cards are the most similar of the three, but there are some tricky differences between the two that you should know.

• Charge cards do NOT have a preset spending limit.
• You generally have to pay your charge card bill in full every month. (Although it’s always a good idea to pay off your cards completely and not carry a balance, but that’s another story!)
• Charge cards often have an annual fee.
• There are fewer charge card issuers than credit card issuers.
• If you lose your card or someone steals it, typically you aren’t responsible for any charges that were made.

It’s also important to note that if you can’t make a full payment each month, the charge card issuer reserves the right to shut down your card and charge you a fee. However, charge cards usually don’t have a spending limit on your card, but that doesn’t necessarily mean you have unlimited spending power.

Credit Cards

Credit cards can sometimes offer more flexibility than charge cards, depending on your lifestyle.

• Credit cards DO have a preset spending limit.
• You do not have to pay off your credit card each month. You will be issued a minimum payment, and any balance beyond that will be carried over with interest to the next month. (Again, it’s a good idea to not carry a balance and to always pay off your credit card bills!)
• Credit cards can have an annual fee, but there are many options that offer cards without fees, like Discover.
• There are many options when it comes to issuers of credit cards.
• If your card is stolen, you usually won’t be held responsible for the money that has been spent without your knowledge.

Credit cards give you flexibility if you can’t make a full payment at the end of the month, but there will also be a cap on how much you can purchase on credit throughout the month. 

Debit Cards

Debit cards are fairly different from charge cards and credit cards.

• Debit cards are linked directly to your bank account, either checking or savings.
• Money is automatically pulled from your account to make the payment.
• There is no “monthly payment” on a debit card, since you are paying for your purchases directly throughout the month.
• You cannot overspend with a debit card, as your card will be declined if your bank account does not have enough money to make the purchase.
• If your debit card is stolen, you are less protected against purchases made with your card.

Debit cards are easy to get, even if you don’t have good credit, and are usually accepted anywhere.

For easy reference, here are some of the biggest differences between the three:

Choosing between credit, debit and charge cards can be a big decision. If you’re just starting out, choosing a credit card with no annual fee, a good rewards program (like cash back), and a low credit ceiling is a good option. This can help you build your credit without tempting you with lots of credit that could get you into debt. 

The post The Difference Between Charge Cards, Credit Cards and Debit Cards appeared first on The Checkout Saver Blog.

If you haven’t heard, emergency funds are really important. An emergency fund is a separate savings account that has at least six months of living expenses. If you’ve got a lot of debt, it’s okay to start small – start saving towards $1,000 in an emergency fund in case of the unexpected. Once you’re out of debt you can build that up more. 

But what if you don’t have debt, but you are on a budget or want to focus on saving for retirement, a vacation, a new car, or anything else? Assuming you have at least a baby emergency fund of $1,000, there are a few ways you could handle the situation.

1. Give to the Emergency Fund First

I know, your upcoming wedding or that new house in the next neighborhood may look a lot more attractive than an emergency fund, but the smartest thing to do is build up that safety net. Emergencies can arise at any point, whether that’s an unexpected layoff, a car engine breakdown, or a broken pipe in your home. Having a solid emergency fund will decrease the stress of that situation.

Pro Tip: Set up automatic contributions to an emergency fund, preferably to a separate savings account you don’t have to watch carefully. Online savings accounts, like Marcus by Goldman Sachs or CIT, have great yields and are perfect for an emergency fund.

2. Save for Your Vacation/Car/House First

Putting money aside for the fun purchases is a lot more exciting and motivating. You have either an exact number or a good estimate that you’re trying to reach, and you’ll have a reward once you’ve hit your goal. Whether you’re looking to buy a new home because your family is growing or if you’re planning that trip to Paris you’ve been dreaming about for years, you are more likely to follow through on saving, or make small sacrifices in order to put money away.

3. Build a Retirement Fund First

Ah, yes. Retirement. This can almost feel like a mix of the first two. It’s fun, because you can envision a time in your life when you won’t be working out of necessity and you’ll be able to do what you like. It’s also somewhat boring, like the emergency fund, because there’s no immediate return. You might have a time you’d like to retire, but that’s not a guaranteed countdown. However, saving for retirement will definitely pay off in the long run, and it’s best to start saving for retirement as early as possible.

Save for All Three, at the Same Time

“What?! But that’s too much to save for! How could I possibly save for all three?” Take a deep breath, it’s okay. There’s a fairly easy way to save for all three at the same time, but it might take a bit of money out of your budget. Make sure you’re not going into debt, and then consider this approach. 

1. Emergency Fund: Consider this a line item in your budget. How much can you afford to give to your emergency fund each month? Is it $100? Is it $1,000? Is it $10? Whatever it is, commit to building your emergency fund until you reach at least six months of living expenses.
2. Fun Savings: This is something you’re excited about and looking forward to, right? Make a small sacrifice, whether that’s making coffee at home instead of going out, spending Saturdays at the park instead of the movies, or any other small change you can make. Put the money you would have spent toward your fun savings. If you’d rather not make sacrifices, find a way to bring in a little extra money on the side. Complete online surveys for money, create a blog with passive income, or find a way to get cash back and sell gift cards and one-time coupons, right here at Checkout Saver.
3. Retirement: Many employers provide a retirement savings match program for their employees. At the very least, give to your retirement fund the amount your company will match, otherwise you’re leaving “free money” on the table! If you’re self-employed or if your company does not offer this, make a line item in your budget for retirement savings, just like you did for the emergency fund. The earlier you can save for retirement, the more your money will grow with interest. If your employer offers a match, it’s best to setup automatic contributions to at least get the match (typically 2-4% pre-tax from your paycheck).

Automatic contributions are the key here. No matter what your goal is, setting up recurring automatic contributions (try for every payday) to a separate savings account is one of the best things you can do to achieve your goal. 

It is possible to build an emergency fund, save for retirement, and save for fun purchases at the same time. It might take some sacrifice or a little extra work, but it’s certainly possible. Be sure to take a look at how Checkout Saver can help you save more money than any other platform by combining cashback, discount gift cards, and one-time coupons to your online purchases. Let us know how we can help you save for your goals!

PS. Want a super cool trick to earn a little extra cash? Check out this post on selling your coupons for cash.

The post How You Can Build an Emergency Fund on a Budget appeared first on The Checkout Saver Blog.

This can sometimes sound strange, and many people have a tendency to be skeptical about this, but it really can help. Often it makes people focus on their money goal and it helps them realize other ways that they can make money, whether that’s reaching out to new clients, finding a side hustle or cutting back on an extra purchase every month.

There’s another aspect to money mindset, though, and it’s not about bringing in more money. It’s about keeping the money you already have.

Gratitude Brings Patience

Have you ever made an impulse buy and then wished you hadn’t later? If you are able to look at the money you have and feel a true sense of gratitude, you might be able to avoid that cognitive dissonance in the future. It turns out, according to a study in Psychological Science, that people who actively practice gratitude for the money they have are more likely to delay gratification.

Increase Your Generosity

This one sounds counterintuitive when it comes to keeping money, I know, but stick with me. Oftentimes we are more likely to want to donate to causes we care about if we’re grateful for the money we have. If you include charity in your budget or make it a priority in your life, you will need to keep track of your finances so you know you’ll be able to make that donation comfortably. (Not to mention that charitable donations are tax-deductible, which is also nice!) Many financial experts allocate 10% of their budget for charitable contributions, and while that may seem out of reach, a budget may help you get there. 

Be More Content

Money sometimes gets looked down on too much. “Money can’t buy happiness” is one of the most common phrases we hear. And that’s true, we shouldn’t rely on money to solve our problems and make us truly happy. If you get used to buying expensive things, sooner or later you’re going to want things that cost even more. Gratitude can help. If we shift our mindset to be grateful for the money we have, our happiness and contentedness is no longer associated with buying expensive things, it’s associated with being grateful for what we have. Whether you choose to buy fancier items or stick with what you have, you’ll be facing each scenario with gratitude.

As we mentioned, visualization of goals and having a positive money mindset is key, but an integral part of that is practicing gratitude for the current situation while we strive to make improvements.

The post Gratitude, Mindset and Money appeared first on The Checkout Saver Blog.

1. Pay with Cash, Not Card

Studies have shown that we are often less likely to overspend if we pay with cash. In fact, one study in the Journal of Experimental Psychology: Applied showed that consumers tend to treat credit, debit, or gift cards like “monopoly money.” It is psychologically more painful to hand over cash than a credit card. Challenge yourself to use cash whenever possible for the next 30 days and see how many purchases you change your mind about before buying.

2. Consider Your Card Payments

You might be thinking, “that’s great, but what about my online payments?”. True, there are certain times it’s incredibly inconvenient or nearly impossible to pay by something other than a credit card. That’s okay. If that’s the case, and if we’re not talking about a utility bill, take 24 hours before you make the purchase. Leave the item in your online cart and think about it. If you still think it’s a good idea 24 hours later, make the purchase. Again, see how many purchases you decide not to make in the next 30 days.

3. Cut the Extras

If you’re someone who loves going out to eat or getting a fancy coffee every morning, consider taking a break this month. Buy ingredients in bulk at the store to save money (you can freeze if you have more than you need!), and try out a new recipe. My best recipe hack is referencing Hello Fresh recipes – over 2,500 simple, quick, delicious and cheap recipes available online with picture instructions FOR FREE. Make a big batch of soup or salsa chicken or whatever sounds good to you on the weekend and use that to meal prep for the week. Not only will you save money, but you’ll save time, too!

4. Get Cash Back

For those purchases we mentioned above that have to be made with a credit card, consider harnessing the power of Checkout Saver. You’ll save some money on each purchase you make, on qualifying websites, so you can feel a little better about using your card. (Remember, no other tool saves you money with Cashback, Auto Gift Cards, and One Time Coupons)

What money saving tactics do you use after the holidays? Or did you have some pre- or during-holiday saving plans? Let us know in the comments below! 

The post 4 Ways to Save Money After the Holidays appeared first on The Checkout Saver Blog.

How would you like to generate more passive income from the blog you’re already maintaining? If you’re a blogger and you’re not already generating passive income, you are missing out. There are so many ways to generate income, so let’s take a look at a few here:

Sell Advertising

Advertising is actually one of the more difficult ways to make income, because you need to have a fairly high, consistent amount of visitors to your site. That said, if your blog consistently ranks on Google, you could certainly sell advertisements to companies.

Sell Information

If you’re an expert in something, or even if you are passionate about something, consider selling your thoughts. E-books, online courses and membership sites are all hot ticket items right now. These typically take a lot of work upfront in creating the products, but once that’s established, you can market and bring in money.

Affiliate Programs

Being an affiliate is one of the best and easiest ways to make money passively, especially if you already have a good-sized following. Simply endorse products, brands or companies, and if someone from your audience purchases using your link or code, you make a commission. This is one of our favorite passive income methods here at Checkout Saver, so we created a version of affiliate commission of our own!

If you want to go this route, we recommend one of the following affiliate networks to get started with: ClickBank, CJ Affiliate, and Share-A-Sale

Refer Checkout Saver and Earn Money

Let’s face it – everyone wants to save money, especially if it’s easy. So no matter what your blog niche is, chances are high that you will be able to find a way to offer Checkout Saver to your readers and maximize your earning potential. Here’s how it works:

Inform your followers about Checkout Saver, and offer them your referral code to use when they sign up on our website. This code will either be a link or an actual code they can enter at registration. Using this code gives your follower $5 just for signing up, and when they make their first purchase we’ll send you $5!

Why?

Well, we’re a lean startup and funding is minimal until we grow our platform. We want all of our users to love this platform, and you can help us promote our brand while you bring in some extra cash! And we’re not talking about pennies here. If you invite 20 people a month this year that would be an extra $1,200 that you can withdraw to your PayPal account. And all you did was tell your followers about Checkout Saver and helped them save money.

Ready to Get Started?

So do you want to earn passive income? Sign up now, before this feature disappears! Eventually the referrals will generate a set dollar amount rather than percentage, so lock in this awesome opportunity now!

The post How to Generate Passive Income with your Blog appeared first on The Checkout Saver Blog.