Posts by Francisco Saenz
Beware of Digital Kidnapping
Most parents warn their kids against taking candy or accepting a ride from a stranger, but there’s a digital equivalent to conventional kidnapping that is unknown to many people. Digital kidnapping happens when a crook takes control of a target’s social media profiles and holds them until a ransom is paid. It can also involve “kidnapping” photos that are posted on social media pages. Here’s what you need to know about digital kidnapping and how to protect yourself from falling victim. How the scams play out In a digital kidnapping scam, a hacker or ring of scammers will take control of one or more of a target’s social media profiles. The target will be effectively locked out of their own social media accounts and will be unable to access or update them. Once the scammer has control of the profile, they’ll contact the target, demanding a hefty ransom in return for access to the account. They may even threaten to post damaging or humiliating content on the social media profile unless the ransom is paid. In another version of this scam, hackers will “kidnap” a photo of a child or baby off an unsecured social media account. They will post these photos in their own accounts, using the picture-perfect moments to create a fantasy world of their own. In a creepy twist of reality, they’ll pretend these are snapshots of their own family. They may use this fake world to help them create an imaginary escape, or to draw traffic to their own public accounts. Sometimes, they’ll utilize these photos to help build a bogus story, such as a baby being put up for adoption, or a charitable fund to benefit a child whose parents are struggling financially. Unfortunately for the actual parents, it can be months or years before they find out that their child’s picture is splashed across a public account with thousands of followers. If you’ve been targeted If you believe you’ve been targeted by a digital kidnapping scam, there are steps you can take to mitigate the damage. First, alert the company that owns the social media platform to let them know your account has been compromised. They’ll likely have specific instructions for you to follow to ensure your account remains safe. They may even advise you to close the compromised account and open a new one. Next, tip off the Federal Trade Commission (FTC) and local law enforcement agencies which can help you determine whether it makes sense to pay the requested ransom. Finally, clean up your accounts and make sure there is no identifying or potentially dangerous information being posted on a public forum. Protect yourself The best way to protect yourself from digital kidnapping is by keeping your accounts private and secure. Always choose the strongest security settings on your devices and opt for private social media accounts across every platform. This will limit your audience to by-invitation-only viewers while helping to keep hackers and creeps away. It’s also a good idea to be mindful of what you post, and how often you post it. Even when using the strongest security settings, sharing a picture online essentially means sharing it with the public. You never know who may be trolling your accounts or looking for pictures to “adopt” as their own. Think three times before posting a picture of your kids. Extra caution is advised for those with super-cute kids. Finally, be sure to follow basic online safety rules to avoid giving a scammer access to your accounts. Use strong, unique passwords for each of your online accounts and change up your passwords every six months or so. Avoid using public WiFi unless absolutely necessary. Accept every security and software update offered for your device to keep them operating at optimal security. Finally, avoid sharing sensitive information with an unverified contact and never download an attachment or click on a link within an email from an unknown sender. Stay alert and stay safe!
12 Steps to Financial Wellness Step 7: How to Pay Yourself First
Now that you’re managing your money well and you’ve even learned to share the gifts you’ve been given, it’s time to start perfecting the art of saving.
“Pay yourself first” is a catchphrase that means prioritizing your personal savings above other expenses. Savings should not be an afterthought or an extra that only happens if there’s money left over at the end of the month. Putting aside money should be a fixed line on your budget that happens every month without fail. Here’s how to successfully pay yourself first. Take a clear look at your spending. If you already have a budget, this will be as easy as reviewing the column that lists all of your expenses, including your discretionary spending. If you don’t already have a budget, track your spending over several months to identify your primary expenses and to find the average amount of money you spend monthly. A budgeting app, like Mint or YNAB, can make this step super simple. Before you start setting aside money each month, you’ll want to have a clear picture of your saving goals. Short-term savings, or funds you want to be able to access in the near future if necessary, can be allocated to an emergency fund. Experts advise having three to six months’ worth of living expenses set aside in an emergency fund in case of a sudden, large expense and/or loss of employment. Some people also build a rainy-day fund or a slush fund that can be used to pay for anything at all, such as a spontaneous vacation or a large discretionary purchase like a new phone. Long-term savings should include funds you can afford not to touch for several years or more. Your long-term saving goals can include funding your retirement, as well as a downpayment on a home, a new car, a sabbatical from work, or any other super-big expense. Narrow down your short- and long-term goals until you have a realistic picture, then attach a number to each savings category. Now that you have a number for the amount of funds you want to save, you’ll need to determine a realistic timeline for meeting those goals. You’ll want to give first priority to your emergency fund, but at the same time, it’s best not to neglect your future and to start saving for retirement today. This allows time to let compound interest work its magic. To that end, you may want to allocate the bulk of your monthly savings to your emergency fund until you meet your goal. Once your emergency fund is full, you can divide your savings more evenly between your short-term savings and long-term savings. While you work through this step, you may want to reach out to an HR rep at your workplace and/or your accountant to discuss your options for a 401k, IRA, or another retirement plan. You’re ready to determine how much money you’ll need to put into savings each month to reach your goals by their deadlines. Take your total for each goal, and divide it by the number of months in your timeline. For example, if you’ve decided you want to have an emergency fund of $24,000 set up in four years’ time, you’ll divide $24,000 by 48 months to get $500 a month. This is the amount you’ll need to set aside each month to reach your goal in time. Do this for each of your goals. As you work through this step, don’t forget to account for any interest you’ll accrue for your long-term savings. Also, remember to prioritize your short-term savings for emergencies and adjust your savings allocation once your emergency fund is set up. Without the funds to get you through an emergency, your savings can be depleted as soon as any unexpected expense crops up. Once you’ve got your savings plan ready to go, it’s best to make it automatic. You can set up a monthly transfer from your credit union checking account to your credit union savings account [or share certificate]. This way, your savings will grow even when you forget to feed them. Think of this money like taxes – it’s not actually part of your take-home pay, because it gets skimmed off the top before it even hits your wallet. But unlike taxes, all of this money (and the dividends or interest it earns) will land in your pocket one day, with some extra, too! Life is dynamic, and your savings plan should be, too. If you find the system you’ve set in place is not working anymore, you can always tweak and come up with one that better meets your lifestyle. If you find that you’re short on the funds you need for paying yourself first, consider trimming your discretionary spending in a budget category or freelancing for extra cash before lowering your monthly savings goal. Congrats–you’ve mastered the art of paying yourself first!
Fourth of July Cookout on a Budget
The Fourth of July is the perfect summer celebration for grilling out — the fireworks, parades, and sun are all outside, so why not eat outside? But, if you are the one hosting the festivities this year, a big cookout can quickly get expensive. No worries! Barbecue chicken, grilled corn on the cob, and a quick macaroni salad make for an affordable menu that’s easy breezy, and delicious. For the barbecue chicken: 4 pounds of bone-in, skin-on chicken parts (legs, thighs, wings, and breasts) Directions: Brush the chicken pieces with oil. Sprinkle the chicken with salt and pepper on all sides. When you have a good sear, turn the pieces over and move them to the cool side of the grill. Cover the grill and cook for 20-30 minutes. For the grilled corn on the cob: 6 fresh ears of corn, in their husks Directions: Preheat your grill. You’ll be cooking the corn over direct, high heat. Once you move the chicken to the cooler side of the grill, you can use the hotter side to cook the corn. For the macaroni salad: 1 cup carrots, shredded Directions: Boil a large pot of salted water and cook pasta as directed on the package. Drain and cool. Servings: 6
Ingredients:
Salt and pepper
Olive oil or vegetable oil
1 cup of your favorite barbecue sauce
Prepare the grill. You’ll need one side of your grill prepped for high, direct-heat cooking while the other side of the grill remains cooler, for indirect cooking.
Lay the chicken pieces skin side down on the hottest part of the grill. Grill uncovered for 5-10 minutes. Keep an eye out. You want to sear the skin, but don’t want the chicken to burn.
Turn the chicken over and baste with your favorite barbecue sauce. Cover the grill again and continue to cook for another 15-20 minutes.
Repeat the process. Turn the chicken over again, baste with sauce, cover, and cook for a final 10-30 minutes. The chicken is done when the internal temperature near the bone reads 165 degrees Fahrenheit.
Ingredients:
Butter
Salt
Place the corn, still in husks, on the hot side of the grill.
Cover the grill. Turn the corn occasionally, until the husks are blackened and charred on all sides, about 20 minutes.
Remove the corn from the grill. Let sit for 5 minutes, until cool enough to handle.
Remove the silks and charred husks from the corn.
Serve with butter and salt.
Ingredients:
1 bell pepper, diced
3 stalks of celery, diced
⅓ cup sweet or dill relish
1 pound elbow pasta
1 cup red onion, diced
2 tablespoons mustard
1 ½ cup mayonnaise
1 tablespoon vinegar (white or apple cider)
2 teaspoons salt
2 teaspoons black pepper
2 tablespoons dill
1 teaspoon white sugar
In a big bowl, stir shredded carrots, red onion, bell pepper, celery, and relish. Add pasta and toss together until well incorporated.
In a small bowl, mix together mustard, mayonnaise, vinegar, dill, salt, pepper, and sugar. Mix well with a whisk.
Fold sauce into the pasta, making sure that the salad is well coated.
Place in the fridge until ready to serve. Great when made the night before!
Should I Buy an Electric Car?
Q: With gas prices soaring and expected to continue climbing into the foreseeable future, I’m wondering if this is a good time to consider purchasing an electric car. Should I buy an electric vehicle now?
A: Thousands of drivers are grappling with this question as gas prices peak. While an electric vehicle (EV) might be the right choice for many, there are lots of variables to consider before making this decision. Here’s what to know about electric cars before going this route: What are some pros of owning an electric car? The most obvious and prominent advantage of owning an electric vehicle is saving on fuel costs. Driving a car that runs on electricity instead of gasoline means saving money on a large expense category of your budget, month after month. Of course, the higher the cost of gas, the more you save. Right now, with most drivers experiencing pain at the pump, going electric is more popular than ever. Another budgeting bonus to consider is the fact that electricity costs tend to be far more stable than gasoline prices. Another well-known advantage of driving an electric-powered car is the environmental benefits. Lower fuel emissions means a smaller carbon footprint on the environment, which is always a good thing. Yet another advantage to EVs is their superior efficiency. EVs can convert more than 77% of their electric energy to power their wheels. In contrast, gas-powered cars can only convert 12-30% of the fuel stored in their gas tanks into driving power. What are some disadvantages of owning an electric vehicle? There are several disadvantages to owning an EV to be aware of before making a purchase. First, it’s important to note that the battery of every EV may need replacement sometime down the line. Federal regulations require automakers to cover the battery of their vehicles for a minimum of eight years or 100,000 miles, whichever comes first. Some automakers also cover battery degradation, which is when a full charge powers fewer miles than it should. However, if the battery dies after the warranty expires, the cost of replacing it, which can run from $5,000 and $16,000, will need to be covered by the owner. The good news is that, as EVs become increasingly more popular, they are also becoming less expensive to manufacture and the prices of their parts are decreasing as well. In addition, automakers are working to manufacture EVs with batteries that last longer than most drivers will own the vehicle. Another disadvantage to owning an EV is being limited in the number of miles you can drive before you will need to recharge your vehicle. The number of miles you can drive on a full charge, also known as the vehicle’s range, will vary with each car. Most EVs will average 250 miles of range. While this will cover most people’s daily commute, road-tripping in an EV will take some planning. Luckily, as electric cars become more commonplace, finding a charging station on a major highway is becoming a non-issue. However, if you plan to take many road trips with your EV, you may want to purchase a car that is capable of fast charging so you don’t have to spend hours at a charging station every few hundred miles on your trips. Can I charge my electric vehicle at home? Yes, you can charge your EV at home. Plug it in at night, and it’ll be ready to go in the morning. How’s that for convenience? However, before ordering a Tesla, it’s good to be aware that the standard 110-volt wall outlet (Level 1 charging) is relatively slow, adding approximately four miles of range per hour. If you depleted a full 250 miles of range, it can take several days to fully recharge your vehicle. If you’ll be charging your car outside, be sure to verify your charging cord is designed for outdoor use. Most EV owners hire an electrician to install a 240-volt outlet in their garage. This allows for Level 2 charging, which can add 25 miles of range per charging hour. Be sure to get a reliable quote to know the cost of such work. How much does electricity cost? Electricity, though much cheaper than gas, typically isn’t free. The exact price will vary by state, so check how much electricity will cost in your own home state before purchasing an EV. To save more on charging your EV, consider these points: Charging an EV at home is typically less expensive than charging it at a public charging station – unless, of course, you find one of those rare cost-free public charging stations. In addition, charging your EV overnight, or on the weekend will cost less than charging it at peak times, such as weekday afternoons and evenings. You may want to reach out to your utility company to learn exactly what it’ll cost you to charge your vehicle. Some companies offer special plans for EV owners, so be sure to inquire about that as well. What kind of maintenance will my electric vehicle need? A big bonus of owning an EV is having lower maintenance costs. Electric motors have fewer moving parts than gasoline engines. This makes EVs far easier to maintain than their gas-powered counterparts. In addition, many car parts, which generally need replacing after a while – like spark plugs, filters, and oil – are irrelevant to EVs. This means fewer trips to the mechanic and significantly lower maintenance costs. How much will an electric vehicle cost? All the convenience and long-term savings of an EV comes at a high price, and most of them have a higher starting cost than gas-powered cars. Of course, there’s a large range, starting with the Nissan Leaf at just $27,400 and going all the way up to the Tesla Model 3 at $58,990. Fortunately, there are many government-sponsored incentives for purchasing an electric car. These incentives are offered on the federal, state, and local government levels, so be sure to see what’s available before completing your purchase. It’s important to note, though, that many of these incentives are not open to every buyer and every kind of EV. For example, the most well-known incentive, the Federal Qualified PEV Tax Credit, which offers up to $7,500 off the MSRP of qualified EVs, is only available for the first 100,000 EVs an automaker manufacturers and is no longer available for the purchase of any Teslas. If you’re looking to finance an auto loan for your new electric car, look no further than SRI Federal Credit Union! Our auto loans offer low-interest rates with a discount rate [see for current rates], easy payback terms, and a quick approval process. Apply today!
4 Ways to Stay Financially Fit this Summer
Ahh…summer! The season of flip-flops and sunscreen, lemonade and baseball games. What’s not to love about summer?
Unfortunately, though, summer is also the season of overspending for many. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So, how can you stay financially fit this summer? Keeping your finances intact throughout the summer is well within reach if you’re ready to plan ahead and make responsible choices. Here are four hacks for a summer of financial fitness. If you’re a freelancer, business owner, or you get paid per diem, you can expect to see a drop in income during the summer months. Business is notoriously slower across a wide range of industries during the summer, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, you can trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income. Your budget will see some changes in the summertime, and it’s a good idea to prepare in advance instead of being caught unaware. Here are some changes you can anticipate: Aside from adjusting your monthly spending plan, you’ll want to build a workable budget for your summer getaway to avoid overspending. Money choices are nearly always better made in advance, so plan for every conceivable expense during your vacation. Attach a dollar amount for your hotel stay, car rental, food costs, transportation expenses, entertainment and outings, gifts, and any other cost you might have. Leave a bit of wiggle room for miscalculations, but try to keep your budget as close to the actual cost as possible. While on vacation, be careful not to go over budget and be open to a last-minute change of plans if some expenses end up being substantially higher than expected. Like going off a diet, blowing a budget is never an excuse to go all out and overspend without sparing a thought to the consequences. To avoid falling into this trap, resolve to review your budget and your overall spending on a regular basis throughout the summer. You can choose to do this weekly, or bi-weekly, but be sure to take a careful account of every dollar in and every dollar out. Being aware of the state of your finances in real-time instead of waking up after the damage has been done will make it easier to make responsible choices going forward. The temptation to overspend is especially strong during the summer. Follow these tips to keep your finances intact throughout the summer.
What is a Fraud Ring and How Can I Keep Myself Safe?
Q: I’ve been hearing a lot about fraud rings and how dangerous they can be for both businesses and consumers. What is a fraud ring, and how can I keep myself safe from falling victim?
A: A fraud ring is a group of fraudsters and merchants that can operate for years, stealing money and information while causing tremendous damages and loss.
Let’s take a deeper look at fraud rings, how they operate and how consumers and merchants can keep themselves safe. What is a fraud ring? A fraud ring is an organized circle of criminals that works to defraud and steal from people. They’ll use the same tactics as smaller groups of scammers and individual crooks, but they work on a much larger scale. They also tend to have access to more technology and resources than a scammer who is working alone. Consequently, the harm they can do is on a much larger scale as well. A fraud ring can consist of a group of criminals, as in any organized crime ring, or it can consist of a family of crooks working together to pull off their crimes. The members of the fraud ring collaborate to share information that can help them commit acts of fraud to net vast amounts of stolen funds and merchandise. Fraud rings take a tremendous amount of skill and coordination to create and run. Unfortunately, though, they can be very lucrative for fraudsters. In addition, the skill used to operate these rings makes them very difficult to detect and they can operate for years before being caught. The good news is that investigators can use their own advanced methods to identify and catch fraud rings and bring their operators to justice. How does a fraud ring operate? A fraud ring can operate under one of several pretexts. One common premise involves forgery, in which the fraud ring will create fake claims, steal identities and even print counterfeit checks and currency. Some rings target individuals, committing identity theft and the like, but many will focus on targeting eCommerce websites, businesses, charities, or government agencies. The fraud rings will often test their software against the business’s payment solutions by trying to make purchases through bogus giftcards or by using fake credit cards. If the fraud ring can get past the first line of defense the business has in place, it will move on to more severe crimes against the business, including larger purchases paid for via fraudulent means, hacking into the company’s database, and stealing the personal details of their customers and more. A fraud ring can commit any of the following scams: How can I recognize a fraud ring? Unfortunately, with the world of commerce and banking moving more online, fraud has become more rampant than ever. There are millions of pieces of sensitive data floating around the internet, including Social Security numbers, checking account information, credit card numbers and more. While most of this is inaccessible to the common crook and hidden behind safety measures like encryption, lots of data slips through cracks and gets picked up by scammers. There are also sophisticated hacking and phishing methods that help criminals gain access to this information. Finally, scammers can use a few bits of innocent, but identifying information, such as a date of birth, street address, and hometown — all of which can easily be found online and on social media accounts — to crack open passwords for accessing sensitive data. In fact, the internet has made fraud so rampant that research shows there is a new victim of identity theft every two seconds. Fraud rings have naturally also benefited from the massive amounts of information that can be scraped off the internet. With their increased manpower and resources, fraud rings can, unfortunately, access lots of data from individuals and merchants. Fortunately, you can learn to recognize signs of fraud and protect yourself from falling victim to a fraud ring or a scammer working alone. Look out for these red flags which can indicate signs of fraud: If you own a business, you may be at even greater risk of falling victim to a fraud ring. Be sure to look out for several sudden and large purchases from a customer who hasn’t made a purchase in a while, new accounts from customers that quickly become big spenders, and claims that demand refunds for faulty products you believe were in perfect order when shipped. It’s also important to follow rules of safe online interaction and identity protection at all times. Never share any sensitive information online or on the phone unless you are absolutely sure you are engaging with a reputable entity on the other end. Detecting instances of fraud at the first sign of suspicion can help mitigate the damage and keep your money and your information safe.
Step 6 of 12 to Financial Wellness: Pay it Forward
Now that you’ve started paying down debt, you and your partner have tackled big money issues, and you’ve mastered the art of spending mindfully, you’re now ready to think beyond your own needs by learning how to pay it forward. Money management can sometimes feel inherently selfish. You’re earning, budgeting, saving, and investing, all so you and those you love can enjoy a worry-free life on your own standards. But there is so much more you can do with the money you’ve been blessed with – as well as with your time, talents, and possessions. Let’s explore five different ways you can make the world a better place by paying it forward. The classic way to pay it forward can also be the simplest. Find a charity or two that speaks to your heart and make a donation that fits your budget. Ideally, it is substantial enough to make a difference, but any amount you are able to responsibly commit adds value and is appreciated. Be sure to verify the authenticity of the organization on a charity-vetting site like BBB Wise Giving Alliance, Charity Navigator, or CharityWatch. Don’t forget to save your receipt so you can claim a charitable-giving deduction on your taxes. Kindness doesn’t have to be big or loud to make a difference. It doesn’t even have to be costly. Small things that mean a lot can really make someone’s day. You can offer to make a coffee for your coworker, feed a parking meter that’s about to run out for a stranger’s car, remove a branch or rock from the middle of a busy thoroughfare or walking trail, or let someone go ahead of you at a checkout counter. There’s so much you can do when you look to give. When was the last time you thanked your child’s teacher for doing such a fantastic job on providing your child with an education? When was the last time you thanked your parents for giving you life, a happy childhood, and their ongoing love and support? When was the last time you thanked your mailperson? Pick up a nice set of thank you cards and spend 20 minutes writing thank you cards to the people in your life; those who do so much for you, but aren’t always thanked for everything they do. Your letters will likely be cherished by the recipients for many months to come. Unfortunately, there are numerous people in this world who are suffering from sickness, poverty, loneliness, mental health challenges, or other hardships. With just a small donation of your time, you can help alleviate some of their suffering. You can volunteer at a soup kitchen, help bring cheer to hospitals, offer to babysit for a couple who is going through hard times so they can have a night out to themselves, or make a habit out of visiting a lonely person. You can brighten someone’s day with your presence alone! Aside from money and time, there are so many ways you can use what you have to bring cheer into someone else’s life. You can donate old clothing to Goodwill or gift a friend or neighbor with a full set of your child’s outgrown clothing if it’s still in great condition. Offer to lend out your books to your bookworm friends. Run a low-cost, or even no-cost, yard sale for all the toys, furniture, and other items in your home that you don’t use any longer. Share your unused sports equipment with children who are less privileged than yours. There are so many ways to pay it forward and make the world a better place. And when you give to others, you’re really giving to yourself by learning how to be a better, kinder person.
The Nissan Rogue – A Buyers Guide and Breakdown
The Nissan Rogue at a Glance:
- Vehicle type: AWD, FWD, 5-seater SUV
- Base price: $26,700
- Engine/transmission combo: 1.5 liter, VC-turbo, 3-cylinder direct engine hooked up to an Xtronic CVT
- Power: 201 horsepower @5,600 rpm
- EPA fuel economy: 30/37 mpg
Pros Cons Infotainment Safety features Interior Trim levels: If you’re looking to finance an auto loan for your new car, look no further than SRI Federal Credit Union! Our auto loans offer low-interest rates (click here for current rates), a choice of term lengths, and a quick approval process. Click here to apply or call 650-859-5477 to speak with a loan officer to get started or discuss available options!
How to Celebrate Memorial Day on a Budget
Celebrating Memorial Day can cost a pretty penny, but there’s no need to spend lavishly to have an epic holiday weekend. Here’s how to celebrate Memorial Day on a budget. 1. Hit the beach Get out to the shore at the first opportunity! The beach can provide hours of relaxation and fun for the entire family at little or no cost, depending on your location. Stock up on some inexpensive patriotic-patterned towels to make the day feel a little more festive. 2. Attend a local event There’s no need to travel far for a fun Memorial Day outing. Check out local online forums and newspapers to see what’s happening in your town. You’ll likely find a carnival, parade, concert and/or street fair that’ll give you some Memorial Day fun at no cost. As a bonus, local activities that do charge an entrance fee will often donate all proceeds to charity, so you’ll be paying it forward all day long. 3. Host a potluck If you’ll be hosting this Memorial Day, make it a potluck party. Ask each guest to bring one dish for a complete dinner that won’t cost anyone a lot of money. As a bonus, the menu is a lot more fun when it’s varied and prepared by lots of different cooks. 4. Go easy on the decor No need to blow a ton of money on making your Memorial Day celebration look festive. Spruce up the place with some red, white and blue balloons from the dollar store, find some patriotic banners and deck the tables with inexpensive and on-theme tablecloths, too. 5. Make a signature drink Instead of setting up a full bar, make one signature drink for the night. Festive and fitting for the celebration, this comes out a lot cheaper than springing for a full-blown bar. You can find some great ideas for your signature Memorial Day drink here. 6. Look for coupons Don’t go anywhere without first checking if you must pay full price. You can pick up some great discounts on restaurant meals, entertainment venues, and more at websites like Groupon.com. If you are a member of AARP or AAA, check to see if you can enjoy some additional exclusive discounts as well. 7. Host a DIY sports event For a fun and frugal alternative to the traditional Memorial Day BBQ, invite family and friends over to your place, or meet up at a park, for a day of sports and games. You can play flag football, soccer, have a tug-of-war competition or even drum up a full game of baseball. You can set up some light drinks and snacks, or ask your guests to bring their own for a truly cost-free day. 8. Visit historical sites What better way to spend Memorial Day than checking out historical attractions? Lots of historical sites, like the Gettysburg National Military Park in Pennsylvania, host free events in honor of the three-day holiday. This event, along with other similar events across the U.S., like the Annual Flag Planting Event at the San Francisco Presidio National Cemetery are a great way to honor the courageous men and women who have served and lost their lives for our country. 9. Rent a boat Enjoy a day out on the water at little cost by renting a boat from a nearby boat rental service or a private owner. Small boats, like kayaks and canoes, can cost as little as $30 for a few hours of use. Speed boats and pontoons will be pricier, but can also hold more people to share the cost. Bring along some snacks and drinks and good music for a fantastic day of water fun. 10. Participate in a race Joining a race can be an enjoyable and healthy way to spend your Memorial Day. Participating in a race can cost you as little as $50. As a bonus, lots of Memorial Day races donate all proceeds to organizations that help soldiers pay for expenses that are not covered under military benefits. You’ll be supporting our servicepeople while stretching those muscles! Memorial Day is always great fun, but it doesn’t need to cost a great deal of money. Use these tips to enjoy a memorable holiday weekend on a budget.
Step 5 of 12 to Financial Wellness: Practice Mindful Spending
Creating a budget and deciding to stick to it is easy; it’s actually carrying through on your plan that’s the hard part. For too many people, financial responsibility ends at having good intentions and real-life gets in the way of all well-laid plans. A large part of the discrepancy between what they want to do and what they actually do is caused by their failure to spend mindfully. When every indulgence and impulse buy is just a swipe away, it can be super-challenging to rein in that spending instinct – but it is possible. Here’s how to learn the art of mindful spending. Find alternative ways to de-stress Too often, people claim they need “retail therapy” and use it as an excuse to practice mindless spending. But choosing to turn to shopping for alleviating stress, dealing with a challenging situation or just to escape real life for a bit makes it very difficult to make smart, responsible choices. In addition, the bills, or debt that will likely accumulate as a result will increase stress levels considerably. Instead, it’s best to find another way to lift a heavy mood. Find someone to talk to, take a long, hot bath, go for a jog while listening to your favorite pick-me-up playlist or take up a forgotten hobby again. Consider disabling the one-click feature for online shopping If you’re big into online shopping and often end up buying more than you’d planned, you may want to disable the one-click feature on sites like Amazon. You can also choose not to have your device “remember” your payment information so you have to input it whenever you shop. The more resistance or friction required to complete a purchase, the greater the chances of that purchase being a mindful choice and not a decision you’ll soon regret. Leave your cards and cash at home When you don’t plan on spending any money, don’t take any with you. For safety reasons, you may choose to carry a card with you, but it’s a good idea to keep it as out-of-reach as possible. If you make all your payments with your phone, keep it tucked away, too. Similarly, if you’re hitting the shops to pick up a specific item, bring just the amount you’ll need for the purchase and nothing more. Put large purchases on hold One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your own dollar amount for what you consider to be a large purchase and resolve to wait a while before completing any purchase in that amount or more. For example, you can decide to wait two weeks for every purchase of $50 or more. Delaying a large purchase will give you time to think it over and consider whether you really want to spend this money now. Of course, if you’ve been saving up for a large purchase for a while, you’ve already thought about the purchase and decided it’s worthwhile. Avoid temptation It’s hard to keep telling yourself no when temptation is constantly flashing across your screen. Opt-out of social media accounts that get you to spend more than you should, and unsubscribe from email lists. Avoid browsing on brand sites that often trigger overspending and only visit when you need to make a purchase. You can do this in real life as well, being careful to avoid shops that provoke mindless spending. Similarly, when shopping for groceries, keep away from aisles and checkout counters that cause you to overspend and purchase more than you have on your list. Mindless spending can be the undoing of the most carefully-crafted budget. Follow these tips to learn how to spend mindfully.