Personal Finance | Young Adult Money https://www.youngadultmoney.com Make More. Save More. Live Better. Fri, 05 Apr 2024 19:40:08 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Finally! An Automated Budget Spreadsheet in Excel 2024 https://www.youngadultmoney.com/automated-budget-spreadsheet-in-excel/ https://www.youngadultmoney.com/automated-budget-spreadsheet-in-excel/#comments Tue, 02 Apr 2024 10:00:17 +0000 http://www.youngadultmoney.com/?p=24760   There are a ton of budgeting apps out there, but many people end up using some sort of a spreadsheet for their budget. Spreadsheets offer control and flexibility to users, and allows them to look closer at the transactions going through their accounts. I have nothing against apps. Many people find them useful, and […]

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Automated Budget Spreadsheet 2024 Pinterest

There are a ton of budgeting apps out there, but many people end up using some sort of a spreadsheet for their budget.

Spreadsheets offer control and flexibility to users, and allows them to look closer at the transactions going through their accounts.

I have nothing against apps. Many people find them useful, and there’s no denying that there are a ton of good ones out there.

But I personally have used a budget spreadsheet for years and have found it useful. The more people I talk to about budgeting, the more I hear that people desire a spreadsheet-based budget without all the manual work that comes with it.

Today we finally have a budget spreadsheet in Excel that is automated and easy to update. But first let me tell you a bit about the budgeting process I’ve used in the past.

 

My Budgeting Process

 
I’m an Excel nerd so using a spreadsheet to budget was a no-brainer for me. I’ve had the same spreadsheet for over four years now. But why haven’t I shared it?

When I share spreadsheets and tools I want them to be as easy to use as possible. The biggest issue with spreadsheet budgeting is getting all the data in the proper format.

I have a number of credit cards due to credit card churning, plus throw in a bank account and you can see why it would take quite a bit of time to reformat everything. No two financial institutions seem to export data in the same format. So there’s a lot of work on the backend.

I didn’t want to share a budgeting spreadsheet until I solved this key piece of the puzzle. Fast forward four years and I still haven’t shared a spreadsheet.

That all changed when I discovered Tiller.

 

Tiller – The Key to Automation

 
tiller logo automated spreadsheet budget toolTiller is what I have been waiting for: it automates the process of pulling in your financial data into a clean, uniform format.

Now there are a ton of apps out there that link to your accounts. But they don’t allow you to dump your data into a spreadsheet because they either haven’t built a tool that can do that or they have a huge incentive to not allow their users to dump data into a spreadsheet.

Once you sign up for Tiller you simply have to connect your accounts and your financial transactions will be dumped into a Google Spreadsheet each day. They will come through in a uniform format that looks something like this:

 
Tiller Transactions Data 2019 Automated Budget Spreadsheet

 
Tiller does cost money. You can use my link for a free 30 day trial, but after that it’s $6.58/month. If you’re like me and spend an hour or more getting your data into a uniform format or have avoided budgeting because you don’t want to take the time to mess with your data, $6.58/month is well worth what you are getting in return for Tiller’s service. (Don’t worry they have a 60-day money-back guarantee as well).

Tiller has bank-grade security and has partnered with a company that works with some of the biggest banks in North America to ensure it’s up to the same high standards banks are held to. What was even more reassuring to me was hearing that their employees can’t even see your financial data. You can read more about their security and other features of their service on their website.

I’m all for Google Sheets, and Tiller absolutely can work simply using Google Sheets, but Excel is where it’s at if you want a clean and good-looking budget spreadsheet.

So I took it a step further and created an automated budget spreadsheet in Excel.

 

An Automated Budget Spreadsheet in Excel

 
Tiller is a great start, but my automated budget spreadsheet in Excel is where people will feel most “at home.” Excel is widely used and I’ve created a spreadsheet that someone with limited experience can use.

The spreadsheet has a directions tab that guides you through the process of updating the spreadsheet with your data. It also points out best practices that will help you not “break” the file.

 
The data tab is where you will want to paste your Tiller data. The data will then become part of a table that uses formulas to automatically populate the monthly summary tabs and the annual summary tabs.

Note that Tiller does not automatically populate the category for each transaction. Having the user populate the category allows the user to assign relevant categories and look at the transactions at a lower level of detail than they would if category was auto-filled.
 

Automated Budget Spreadsheet in Excel - Data 2024

 
On the categories tab you can add or delete categories as you see fit.
 

Automated Budget Spreadsheet in Excel - Populate Category 2024

 
On the monthly summary tabs, everything is automated except for the budget column and the categories. You can add and delete categories as you see fit. You can unhide the hidden rows towards the bottom if you need to add more categories.

Everything is formula-driven, making it easy to see a snapshot for the month. While tabs have already been created for each month in 2024, you can easily make a copy of any of the months tab and choose a different month and year drop-down as you see fit. Everything will update automatically for whatever month you choose.
 

Automated Budget Spreadsheet in Excel - Summary of Month 2024

 
One additional thing included in this file is the annual summary. If you go to the 2024 tab you can see an annual summary of your income and expenses by month. This is automatically populated and you can easily make a summary for future years by choosing a different year from the drop-down.
 

Automated Budget Spreadsheet in Excel - Annual Summary by Month 2024

 
This spreadsheet takes a lot of the manual work out of the budgeting process and gives you nice clean views of your financials, both budgeted versus actual as well as net inflow and outflow of cash.

My hope is that this easier process of importing and tagging data will encourage others to start budgeting. After all, using this process you can easily update your budget in less than 30 minute a month, perhaps even less than 10 minutes depending on how many transactions you need to tag.

 

 

Automated Budget Spreadsheet 2024 Pinterest
 

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Here’s What I Recommend for a First Credit Card https://www.youngadultmoney.com/recommend-first-credit-card/ Sat, 27 Jan 2024 11:00:08 +0000 https://www.youngadultmoney.com/?p=30570   There are hundreds of credit card options out there, so how does someone go about choosing their first credit card? “What credit card should I get?” is a question I hear often. Many who are picking out their very first credit card are overwhelmed by the options. Not all credit cards are available to […]

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Signing up for a first credit card can be overwhelming. With hundreds of options out there, how do you decide which credit card is right for you? Here's my recommendation for a first credit card, one that has no annual fee and great cashback rewards.

There are hundreds of credit card options out there, so how does someone go about choosing their first credit card?

“What credit card should I get?” is a question I hear often. Many who are picking out their very first credit card are overwhelmed by the options.

Not all credit cards are available to those who have never opened one. Many require good or excellent credit scores. But if you haven’t opened a credit card you haven’t had time to build a solid credit history that would qualify you for a wide range of cards.

There’s a few things I think people should keep in mind when opening their first card, such as opening one with no annual fee, using only a small percentage of your available credit, and more. We’ll get into all of that, but first let’s get to what I recommend for a first credit card.

 

The Best First Credit Card

 
Discover it Cash Back Card
The card I recommend for a first credit card is the Discover it® Cash Back card.

Discover was my first credit card. I opened my Discover card about a decade ago and have been using it ever since.

Special Offer: When you use our link to sign up (any link on this page), you will get a $100 statement credit when you record your first purchase within three months.

Here’s some reasons I think the Discover it® Cash Back card is the ideal first credit card:

 

1) No Annual Fee

 
When it comes to a first credit card, having no annual fee is the most important feature I look for. If a card has an annual fee, it’s simply not a good first credit card.

Your credit score is, in part, based on your credit history. If you open a card with no annual fee you can keep it open forever even if you decide to stop using it and move on to a different card. If you open a card with an annual fee you will likely end up closing it, perhaps even within a year or two of opening it.

The Discover it® Cash Back card does not have an annual fee, so it fits the bill.

 

2) Solid Rewards

 
While it’s true that there is no huge sign-up bonus for the Discover it card, it does have solid rewards you will be able to take advantage of.

  • 1% Cash Back on Every Purchase
     
    The Discover it® Cash Back card has always offered 1% cash back, regardless of where the purchase was made, what was purchased, etc. No matter what you will always get 1% cash back on every purchase.
  • 5% Revolving Quarterly Cash Back Categories
     
    Each quarter of the year Discover offers a new 5% cash back offer. For example, this quarter it may be 5% cash back on restaurants, up to a certain amount (i.e. $1,500). Next quarter it could be Amazon purchases. There is a new category every quarter.
     
    This is a great perk if you take advantage of it. 5% cash back is not something you will find on many other cards.
  • Partner Gift Cards
     
    One of my favorite benefits of the Discover it® Cash Back card is the partner gift card program. My wife and I have used this for years and it’s always nice to get a “free” gift card.
     
    It’s a really simple program. If you use your cash back rewards to redeem a gift card, you will get the gift card at a discounted rate. For example my two personal favorite gift cards to get are $50 Starbucks and Chipotle gift cards. You can get either of these for just $45 of your cash back, which means you get another free $5 on top of the $45 you already accumulated through cash back rewards.
     
    There are currently 100+ participating stores/brands and some have even better deals than what I described for Chipotle and Starbucks. For example, a $50 Gap gift card can be had for just $40 in cash back rewards. A $50 AMC gift card can be had for $45 in cash back rewards, and so on.

 

3) Free FICO Credit Score

 
If you get a Discover it® Cash Back card you have complimentary access to your FICO credit score. This perk is no longer unique, as many if not most credit cards now offer a free credit score. With that being said, I like how the Discover FICO credit score shows your total number of accounts, length of credit history, number of credit inquiries the past 12 months, and what your credit utilization is.

 
Special Offer: When you use our link to sign up (any link on this page), you will get a $100 statement credit when you record your first purchase within three months.

 

Tips for People Getting their First Credit Card

 
It’s important to use your first credit card responsibly. It can be a great tool to build your credit history, but only if you use it right. It’s best to be disciplined from the get-go so you don’t fall into the trap and habit of maxing out your credit cards.

Here’s 3 tips for people getting their first credit card:

  • Treat your credit card like cash
     
    The fact that you are getting your first credit card means that you are not in credit card debt. You have an opportunity to never get into credit card debt, but it requires you to immediately get in the mindset of treating your card like cash.
     
    If you don’t have the money, don’t charge it, and make sure you pay off your credit card in full each month.
  • Only use 1/3 of your available credit at any one time
     
    Using only 1/3 of your available credit may not seem like common sense, but your credit score is impacted by how much credit you utilize. So if you were approved for $1,000 in credit you should keep the balance on your card below $333, or less, at any given time.
     
    There is no penalty for making multiple payments towards your credit card throughout the month, so consider taking that approach if you are worried you will go above the 1/3 credit utilization threshold.
     
    This can be difficult with your first credit card. There is a good chance you will only be approved for a small amount, such as $500. 1/3 of that is not much, so you’ll need to limit what you charge to your card as well as pay it off diligently.

    That brings us to our next tip of requesting an increase in your credit after 6-12 months.

  • Request a credit increase after 6-12 months
     
    Along the same lines of only using 1/3 of your available credit, you will also want to consider requesting a credit increase after 6-12 months. If you have been consistently paying off your card you are likely in a good position to have your request approved.
     
    How do you request a credit increase? With Discover it’s an option within their online dashboard. If you aren’t approved, don’t sweat it. You can wait another few months and submit the request again.

 
To summarize, I recommend the Discover it® Cash Back card as a first credit card. It has no annual fee, solid rewards, and a free FICO credit score.

When you apply through our link, you get a $100 statement credit when you make your first purchase within 3 months.

 
To be clear, this isn’t the only option for a first credit card. There are other good cash back and rewards credit cards that you may want to consider for your first credit card. You can browse the other options here.
 
 

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How Much Can You Make in Dividend Income? This Spreadsheet Will Show You https://www.youngadultmoney.com/how-much-can-you-make-in-dividend-income-this-spreadsheet-will-show-you/ https://www.youngadultmoney.com/how-much-can-you-make-in-dividend-income-this-spreadsheet-will-show-you/#comments Fri, 12 Jan 2024 11:00:11 +0000 http://www.youngadultmoney.com/?p=24890 A popular topic in personal finance is passive income. Income that doesn’t require you to trade your time for money is “the dream” for many people. There are many different forms of passive income, but the ultimate passive income is dividend income. Dividend income comes from owning dividend-paying stocks. Not every company pays dividends. If […]

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How Much Can You Make in Dividend Income? This Spreadsheet Will Show You

A popular topic in personal finance is passive income.

Income that doesn’t require you to trade your time for money is “the dream” for many people.

There are many different forms of passive income, but the ultimate passive income is dividend income.

Dividend income comes from owning dividend-paying stocks. Not every company pays dividends. If a company is focused 100% on growth, they are going to use all their earnings to continue to grow their business.

With that being said there are many large companies that are focused on growth that pay a dividend. In fact it would almost be silly for a publicly traded company to not have a growth strategy.

Many of the large blue chip companies pay dividends, though their dividend yield (Amount paid out in dividends annually divided by current stock price) can vary. For example, Best Buy has a relatively high dividend yield of 4.18%, while Visa has a modest 0.80% dividend yield.

Even if you have other financial priorities that take precedence, learning and being aware of the opportunities that come with dividend income can motivate people to save more money, pay off debt faster, and make more money so that they can take advantage of all the benefits that come from dividend income.

With that in mind, let’s get to the real question here: how much can you make in dividend income?

 

How Much Can You Make in Dividend Income?

 
The first thing I need to say before answering this question is this: it’s not easy to make a sizable amount of dividend income. If it was easy no one would work and everyone would simply live off of their passive dividend income.

Using the spreadsheet I created, let’s look at what you would be able to make annually from dividends if you invested $5,000 in 3M stocks:

 
3M Dividend Analysis Tool

 

 
Okay so you’d only make $123 each year. Now that may not feel like much, but remember it’s also reasonable to expect 3M’s stock to appreciate over time. Also, don’t forget how great dividend income is: you are getting $123 by simply owning $5,000 worth of 3M stock! No effort required.

Let’s take a look at a higher investment amount: $100,000.

 
3M Dividend Analysis Tool 100k

 
Nearly $2,500 a year – not too bad! You can see why dividend income is so attractive, especially to those looking to retire early or who don’t want to spend down their assets in retirement.

Quick math shows that owning $1 million of 3M stock would yield $25,000 a year in entirely passive income. Do you have $2 million to invest? double it up to $50,000 a year.

I don’t know about you, but this sort of scenario analysis is incredibly motivating to me.

I spend most of my free time working on side hustles to increase my income, and while paying off debt is the primary goal right now, long-term I would love to regularly funnel “extra” side hustle income into dividend-paying stocks.

If you are an entrepreneur or want to be an entrepreneur, dividend income just might give you the motivation needed to put in the long hours and hard work to build your business. After all, if you are able to sell for a couple million dollars – or more – you very well could live off of passive dividend income the rest of your life.

 

Want to try out some scenarios in the dividend income tool?

Get the spreadsheet below and find out how much you can make in dividend income with your current and future investments.

 

 

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52 Week Money Challenge Spreadsheet and Printable https://www.youngadultmoney.com/52-week-money-challenge-spreadsheet-and-printable/ https://www.youngadultmoney.com/52-week-money-challenge-spreadsheet-and-printable/#comments Wed, 03 Jan 2024 11:00:00 +0000 http://www.youngadultmoney.com/?p=23089   Have you heard of the 52 Week Money Challenge? It’s an easy way to save over $1,000 in one year. $1,378 to be exact. The 52 Week Money Challenge is realistic for anyone because it doesn’t require the same amount of money to be saved each week. That’s because over the course of 52 […]

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Have you tried the 52 Week Money Challenge? Do you want to save over $1,000 the next year? Learn how you can save $1,378 in 52 weeks by taking on the fun and easy 52 Week Money Challenge! Download a free spreadsheet or printable to get started on the challenge this week. You can also explore variations of the challenge if your savings goal is higher.Have you heard of the 52 Week Money Challenge?

It’s an easy way to save over $1,000 in one year. $1,378 to be exact.

The 52 Week Money Challenge is realistic for anyone because it doesn’t require the same amount of money to be saved each week. That’s because over the course of 52 weeks you save as little as $1 and, at most, $52.

Let’s take a more detailed look at how the 52 Week Money Challenge works, and some alternative ways of doing the challenge.

 

How the 52 Week Money Challenge Works

 
The 52 Week Money Challenge is simple. Over the course of 52 weeks, you make a deposit into your savings account once a week. The deposits range in value from $1 to $52.

One way people do this is deposit $1 the first week, $2 the second week, $3 the third week, and so on. At the end of 52 weeks the deposits total $1,378.

Another way to do this is vary the payments. Perhaps you deposit $52 the first week, $1 the second week, $51 the third week, and so on. This works well when there are busy times, like Christmas, where money is tighter, or if you have an unexpected expense that sets you back.

Being able to adjust your weekly contribution as needed is an added layer of flexibility to the challenge, but not everyone takes that approach. It can be easier to just stick with increasing your contribution each week by $1. Who knows? Maybe you will even continue past the 52 weeks.

Another variation is to multiply the amount you save. Depositing $1 through $52 is great because you will save $1,378 in one year, but why not up the ante? If you deposit $5 through $260 in increments of $5, you would have nearly $7,000 saved. This is a great way to make a game out of building an emergency fund.

I recommend having a separate savings fund at a different bank than your home bank or credit union to create a separation between the money you have for spending and the money you are saving for a rainy day. My choice is a high-yield savings account at CIT Bank. Many banks pay almost nothing in interest for their savings account. You deserve to get a high interest rate on your savings account, and CIT Bank is a great option.

 

Download the 52 Week Money Challenge Spreadsheet and Printable

 
If the 52 Week Money Challenge sounds like something that you want to try, we have a free 52 Week Money Challenge Spreadsheet and Printable for you.

The 52 Week Money Challenge

If you want the spreadsheet or printable, you can get a free copy below.

Don’t miss out on our free budget spreadsheet or these travel rewards credit cards that can help you achieve your travel goals faster.

 

Get the spreadsheet here:

 

Get the printable here:

 

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100 Goals to Focus on for a Successful Year https://www.youngadultmoney.com/100-goals-to-focus-on-for-a-successful-year/ https://www.youngadultmoney.com/100-goals-to-focus-on-for-a-successful-year/#comments Mon, 01 Jan 2024 16:00:37 +0000 http://www.youngadultmoney.com/?p=20968   This is a time when many of us are thinking about what went right or wrong this year, what we want to do differently next year, and how we can get there. If you’re like me, a lot of ideas are swimming around in your head. It can be hard to nail down what […]

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Want to make this year the best yet? Take a look at these 100 goals related to money, fitness, career, and personal development to get on the right track.This is a time when many of us are thinking about what went right or wrong this year, what we want to do differently next year, and how we can get there.

If you’re like me, a lot of ideas are swimming around in your head. It can be hard to nail down what areas of your life you want to focus on.

That’s where this list of 100 goals to focus on for a successful year comes in handy!

100 goals is a lot of goals, but this list is meant to give you a bunch of ideas that you can pick and choose from. We have ideas for money goals, career goals, personal development goals, and finally health & fitness goals.

You’ll find inspiration and things you can take action on below.

 

Money Goals


 
This website is, after all, focused on personal finance first and foremost. We’d be remiss if we didn’t mention essential financial goals you should work toward first!

 

  1. Create an emergency fund
  2. Automate your savings
  3. Create a budget
  4. Track your income and expenses
  5. Save for a down payment on a house, a wedding, a baby fund, a car, etc.
  6. Create a student loan repayment strategy.
  7. Travel more, but spend less by travel hacking using credit card rewards to get free flights and hotel stays
  8. Make a plan to give a percentage of your income to charity
  9. Identify your spending triggers and create a plan to cut temptation out
  10. Make a plan for paying off your debt
  11. Commit to not getting further into debt
  12. Learn more about investing
  13. Open an IRA and start saving for retirement
  14. Contribute more toward your 401(k) – enough to get matching contributions from your employer (if it’s offered)
  15. Learn how to invest in rental property
  16. Read some awesome personal finance books
  17. Spend in a way that reflects your values
  18. Save a certain percentage of your income each month
  19. Start a side hustle
  20. Review your insurance coverage to make sure your needs are met
  21. Consider refinancing your student loans and learn about income-driven repayment plans
  22. Try calling creditors to get your interest rates lowered if you have credit card debt
  23. Cut cable (if you haven’t already!)
  24. Take a “no-spend” challenge or a ban on buying certain things
  25. Calculate and track your net worth
  26. Learn how to optimize your taxes and take advantage of tax savings
  27. Create a will and an estate plan if you have a family

 
 

Career Goals


 
A huge part of the “earn more” equation is focusing on improving your career and earning potential. Here are some things to think about, whether you’re a full-time employee or self-employed.

 

  1. Ask for a raise, or work toward getting one
  2. Work toward a promotion (and a raise)
  3. Update your resume
  4. Go to networking events in your area
  5. Go to a conference in your industry (yes, even if you are a huge introvert!)
  6. Try learning one new skill each quarter that you can apply directly to your job
  7. Create a “pat on the back” folder in your inbox and fill it with praise you receive from coworkers and managers
  8. Distance yourself from office politics as much as possible
  9. Start a side business to diversify your income
  10. Look for a better paying job with more opportunities for growth if you feel stagnant at your current job
  11. Find a mentor in your field
  12. Work toward receiving recognition for something you’ve done – does your employer offer awards?
  13. Work more hours or less hours depending on your personal and financial goals
  14. Get comfortable with negotiating
  15. Take a public speaking class, join Toastmasters, or seek out opportunities for public speaking
  16. Explore other interests you have to gear up for a career change
  17. Do regular salary research to make sure you are getting paid what you should be
  18. Consider going back to school for an advanced degree
  19. Take a course to get certified in something related to your industry
  20. If you’re still in college, research internship opportunities
  21. Raise your rates with clients if you’re a freelancer and/or business owner
  22. Get comfortable with the idea of outsourcing and think of how it can benefit your career instead of hurt it
  23. Learn how to manage your time better
  24. Set expectations and boundaries with clients/customers
  25. Find a way to showcase your creativity in your job

 
Want to make next year the best yet? Take a look at these 100 goals related to money, fitness, career, and personal development to get on the right track.

 
 

Personal Development Goals


 
A lot of people want to “better themselves” in the new year, but what does that really entail? See if any of these goals resonate with you.

 

  1. Find things to be grateful for
  2. Control your thoughts and emotions and choose to react better to negative situations
  3. Give meditation a try
  4. Learn the art of having patience – good for those with a short fuse
  5. If you’re Type A, try going with the flow and being spontaneous more often
  6. If you’re Type B, try embracing organization and planning more
  7. Think of a few habits you want to develop (like not checking your phone/social media as often) and mindfully incorporate them into your life
  8. Consider enlisting professional help in the form of a coach or psychologist
  9. Read inspirational stories from others
  10. Make more time for yourself; stop focusing on others as much
  11. Live more intentionally and mindfully each day
  12. Volunteer at an organization close to your heart
  13. Become more confident in yourself; have faith you can accomplish new things
  14. Get out of your comfort zone and do something completely out of character (but still legal, of course)
  15. Learn a new language
  16. Travel to a different country and live like a local to immerse yourself in a different culture
  17. Write something, whether that means starting a blog or going all in and writing a book
  18. Put yourself in the shoes of others more often
  19. Get rid of your tendency to procrastinate and get ahead on a few projects
  20. Pick up a book like How to Win Friends & Influence People by Dale Carnegie (a classic) or The 7 Habits of Highly Effective People by Stephen R. Covey
  21. Learn a new language using software like Duolingo or Rosetta Stone
  22. Wake up earlier to get a head start on the day (or work through the night ;))
  23. Cut out or decrease the time you spend in front of the TV
  24. Consume more information – there’s tons of free content out there in the form of books, blogs, podcasts, video courses, etc.
  25. Keep a daily journal or blog

 
 

Health and Fitness Goals


 
Of course, this list wouldn’t be complete without health and fitness goals, probably some of the most popular! (Obvious disclaimer – check with your healthcare provider before diving into these.)

 

  1. Try cutting out sugar from your diet
  2. Eat smaller meals frequently throughout the day
  3. Cut out all fast food
  4. De-stress and relax more often
  5. Be proactive and get an annual checkup
  6. Set aside 10-15 minutes each day, search YouTube for a exercise video, and do it!
  7. Get into exercising at home with light weights or kettlebells
  8. Go to your apartment complex’s gym or your town’s community fitness center for free
  9. Become vegan or vegetarian
  10. Have vegetables with every meal, or at least two out of three meals per day
  11. Drink more water (a Contigo water bottle can help)
  12. Choose to walk to places within a mile or two of your house instead of driving
  13. Start a couch to 5k program to work your way up to running
  14. Make it a point to try a new, healthy meal at least once per month
  15. Join a community sports team or find a Meetup group where people play sports
  16. Improve your posture by being mindful of how you sit at work, or…
  17. Get a standing desk (you can build your own)
  18. Increase your flexibility
  19. Commit to working out at least three times a week, every week
  20. Visit a nutritionist to optimize your diet
  21. Get more sleep
  22. Decrease or cut out any unhealthy vices you have, like smoking, drinking, or eating frozen meals all the time
  23. Pick a workout or diet program and stick with it consistently for a month or two
  24. Make sure you’re getting enough vitamins from your diet and if not, choose appropriate supplements
  25. Try a new fitness class to get more excited about getting in shape (Groupon always has deals)

 
If you’re looking to make next year your best year yet, then these 100 goals focused on money, career, personal development, and health and fitness should help make it happen!

 

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14 Creative and Cheap Alternatives to Christmas Gifts https://www.youngadultmoney.com/alternatives-to-christmas-gifts/ https://www.youngadultmoney.com/alternatives-to-christmas-gifts/#comments Sun, 10 Dec 2023 11:00:48 +0000 http://www.youngadultmoney.com/?p=26640   The holiday season is gearing up. Are you ready? With Christmas gifts, holiday cards, travel plans, corporate parties, and more, it can be an overwhelming, not to mention expensive, time of year. Luckily, you have control over one of the most notoriously expensive parts of Christmas – gift giving. Here are 14 creative and […]

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Is spending money on Christmas blowing your budget? Here are 14 creative and cheap alternatives to Christmas Gifts.The holiday season is gearing up. Are you ready? With Christmas gifts, holiday cards, travel plans, corporate parties, and more, it can be an overwhelming, not to mention expensive, time of year.

Luckily, you have control over one of the most notoriously expensive parts of Christmas – gift giving. Here are 14 creative and cheap alternatives to traditional Christmas gifts.

 

1) Donations

 
Giving a donation in someone’s name in lieu of gifts can be even more meaningful, and can really help those who are truly in need during this time of year. Making a donation in the name of your family or friend is something nearly everyone would like or at least appreciate.

If you aren’t sure what organization your friend or family member supports, just ask. They will appreciate the thought, and it’s always better to ask to ensure money in their name is going to a cause they really care about.

DC here – I’ve given a donation as a gift and received one as a gift in the past and it was awesome. Especially as an adult, so often we already have so much “stuff” that it can be refreshing to receive a gift that is actually a donation helping a good cause. Highly recommend it! My go-to is the World Wildlife Foundation, which has a great gift option where you can give a stuffed animal or other gifts as a physical representation of the donation you gave.

 

2) Secret Santa

 
If you can’t bear the idea of a gift-free Christmas, why not consider a Secret Santa gift exchange? Before Christmas day, everyone randomly draws another family member’s name and purchase a gift for that specific person. During the gift exchange, everyone gets one gift.

You can even put a price limit on how much everyone can spend. This not only make a Secret Santa an incredibly budget-friendly option, but it also forces participants to get creative with their gifts.

 

3) Potluck Dinner

 
Hosting a big potluck dinner can be celebration enough. At a potluck, everyone can bring their own dish to share, which can be considered a gift in itself. In addition, a potluck takes some of the stress and financial responsibility off the host.

To make it even more fun, you can consider a theme meal, where everyone brings a dish and dresses up according to the theme.

 

4) Make Memories

 
Instead of gifts, think of something you and your family or friends can all do together. It doesn’t have to cost much, but chances are, experiences you’ve had together are going to be more memorable than a gift.

This could really be anything – a trip to the movies, a weekend getaway, a fancy meal out. You may even find that this becomes tradition.

 

5) Create a “Need” List

 
It’s never easy to guess what people want for Christmas. Instead, ask everyone what they really need.

If you’re going to be spending money on them, they would probably appreciate something they really needed versus a gift that they might not even use.

 

6) Give Your Time

 
The gift of time is not only one of the most meaningful gifts, but it can be one of the most helpful. Everyone could use additional help in some area of their life – whether it’s a house cleaning, organizing, cleaning up the lawn, or a special project.

Helping them for an afternoon might not even feel like much work to you, but the recipient will surely appreciate your help.

It’s also worth pointing out that actually scheduling this is much preferable to giving a coupon for future use. Many people who receive coupons as gifts rarely redeem them. Offering to help with landscaping or watching someone’s kids so they can go on a date night should be put on the calendar so it actually happens.

 

7) Start a Savings Account

 
For anyone with children in your family, consider starting a savings account. Instead of spending money on gifts, put a few dollars into a savings account to give them when they graduate high school.

Okay, maybe a FEW gifts. But you can still get the savings account rolling as well.

Though it might not save you lot of money right now, it does re-purpose that money into something more meaningful than the latest gift. If you are unsure whether this would be appropriate, talk with the child’s parents.

 

8) Go Homemade

 
Whether or not you consider yourself crafty, you can make a variety or relatively simple homemade items to give as gifts. Everyone appreciates a creative homemade gift, and the possibilities are endless.

You can make anything from woodworking projects, scarves, body scrubs, food items, and more. Making items homemade can be much more cost effective versus buying a gift for everyone. They might just take a little more time since you have to actually make the gift, so be sure to start plenty of time in advance.

 

9) Give Household Staple Items

 
Giving household staple items might not be the most meaningful gift, but they rank high in usefulness and simplicity. If you’re unsure of what to give, household items like nice hand soaps, bath items, cleaning supplies, or even laundry detergent can make great gifts.

I like this gift because I’m practical. It’s something that will never go unused, and allows me to save more money in my budget by not having to buy such household items for a few months. To make it seem a little more special, you can wrap it up into a gift basket to give to the recipient.

 

10) Don’t Exchange Gifts at All

 
Though it may seem taboo to some, it is possible to forgo gifts entirely and without guilt.

The important step is to ensure everyone is on board with a no-gift Christmas. If you are proposing a no-gift Christmas, you’ll also want to stress that this truly means no gifts. Inevitably, one family member will give small gifts, causing everyone else to feel slightly guilty. When you all talk about it beforehand, it allows everyone to be on the same page.

 

11) Celebrate Christmas in the Off-Season

 
Though it is possible to find sale items during the holiday season, the sales are far less significant than other times of the year. Add that to the already hectic holiday season, and you’re spending much more money than you would be during another time of year.

One way to elevate some of these costs is to hold the holiday celebration during another time of year. Many people find a “Christmas in July” is more affordable than celebrating in December.

 

12) Limit the Number of Gifts

 
It can be easy for gift-giving to get out of hand. You may feel inclined to buy endless gifts for everyone. One way to combat this is to limit the number of gifts you buy for each person.

The key is communicate your ideas with everyone you are celebrating with. This ensures that no one feels slighted or upset after Christmas.

 

13) Host a White Elephant Exchange

 
For a fun and informal Christmas gift exchange, you can declare it white elephant. That means everyone buys or finds one funny gag gift. It truly can be anything. Then you go about exchanging the gifts by drawing out of a hat.

This may not be for everyone, but it is a fun and very affordable way to celebrate a family Christmas.

 

14) Split Meaningful Family Gifts

 
What gifts could your family all benefit from or enjoy? Why not go in and purchase a group gift?

This could be something such as family portraits, a new household item if you all live together, a trip you take together, or even purchasing the research to create a family tree.

 
 

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The Most Popular Side Hustles According to Research https://www.youngadultmoney.com/popular-side-hustles-research/ https://www.youngadultmoney.com/popular-side-hustles-research/#comments Tue, 25 Apr 2023 10:00:35 +0000 http://www.youngadultmoney.com/?p=26553 We hear about side hustles all the time, but have you ever wondered what people are actually doing to make money on the side? I’m a big fan of research because it’s data-driven and objective. When it comes to side hustles the two biggest questions are: how many are doing them and what are they […]

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We have all heard of side hustles, but what are the most popular side hustles? Here's the most popular side hustles according to research.

We hear about side hustles all the time, but have you ever wondered what people are actually doing to make money on the side?

I’m a big fan of research because it’s data-driven and objective. When it comes to side hustles the two biggest questions are: how many are doing them and what are they doing? Perhaps the biggest question is: how much are they making?

CareerBuilder recently released research on side hustles that I thought was insightful. Today I want to talk about the most popular side hustles according to research.

Let’s take a look at the list.

 

The Most Popular Side Hustles According to Research

 
Below are notable side hustles per CareerBuilder Research:

  • Survey taker
  • Babysitter
  • Chef/baker
  • Dog walker
  • Blogger
  • House sitter
  • DJ
  • Bartender

 
What stands out to me when I read this list is the general lack of “technology-based” side hustles. Survey taker and blogger are really the only pure “technology-based” side hustles on the list.

I wasn’t surprised to see survey taker mentioned, as it’s long been a way to make a (little) extra money on the side.

I was happy to see blogging on the list, especially with blogging being one of the most mentioned and talked about side hustles. Depending on the niche of the blog, bloggers can work anytime, anywhere.


How to Start a Blog

While dog walking and house sitting may seem like “old school” side hustles, I think it makes sense. Technology, specifically sites like Rover.com, have made it easier than ever before to become a dog walker and/or a dog sitter. You don’t necessarily have to go out and attract clients, as the website does some of the work for you.

We have a rental apartment and our renter’s side hustle is dog sitting and house sitting. It’s something that is easy to do on top of a 9-5, and once you have regular clients it’s easy to continue the side hustle without having to constantly land clients.

I think the demand for dog walking and house sitting will only increase over time. More and more people are opting to have dogs instead of kids, or at least are delaying children and are, in turn, adopting dogs. I also am convinced that social media is a boon for the security industry, as people like to post real-time, including while on vacations. A house sitter adds an additional layer of security.

The other side hustles listed are also “old school” in the sense they have been around for a long time. Bartending will always be in demand, and the demand is typically nights and weekends. Same goes for DJS. And while we may think of babysitting as something 20-somethings and 30-somethings don’t do, there is probably more people doing this as a side hustle than we realize.

 

How Side Hustles are Changing

 
Side hustles are, for the most part, about supply and demand. The list that CareerBuilder put out makes sense: there is constant, if not growing, demand for these services.

But how will side hustles change over the next few years? Or even the next ten years?

I think we’ll always see the location-based side hustles that are popular today, but as we saw from both blogging and taking surveys making the list, the world of side hustles will continue to evolve. Virtually everyone is, at minimum, intrigued by the idea of a location independent option for making extra money in their spare time.

12 Income Streams You Can Create By Starting a Blog

As someone who has blogged for nearly a decade and run Young Adult Money for more than six years, I have seen more and more content out there, and the quality does seem to be increasing. With that being said there seems to be a nearly unlimited demand from businesses and consumers for content, so those who “cut their teeth” blogging are going to be well positioned to work on content full-time, consult on content marketing, or some other upside from the huge demand for content.

Here’s a few other examples of side hustles I think will become more prominent over the next few years:

  • Freelance Writer
  • Graphic Designer
  • Photographer/Videographer
  • Social Media Manager
  • Virtual Assistant
  • Uber/Lyft Driver
  • Programmer

The first few that I listed above go along with the content theme. They also are side hustles that give the individual performing the service a large degree of freedom. You could argue a videographer/photographer have less freedom, but they ultimately have say over what type of work they do, how often they work, and where they work. I don’t foresee demand slowing down for freelance writers, graphic designers, photographers, videographers, and social media managers anytime soon.

Virtual assistants are going to be in higher and higher demand as the economy becomes more digital-based. We already have millions and millions of people going into jobs where they sit on computers all day. If business owners took advantage of the huge savings they can realize from a mobile workforce, virtual assistants will be swept up in the wave. I also think the rise of freelancers and contractors will inevitably lead to demand for virtual assistants.

While all the talk is on automated driving, the reality is that automated driving is still years down the road. There is actually a huge shortage of Uber and Lyft drivers, and Uber is actively recruiting drivers as we speak. This demand goes beyond traditional Uber drivers and includes things like UberEats, which is really looking to staff up drivers. As there is more and more demand for Uber and Lyft, prices and convenience of being a driver will cause people to consider taking it on as a side hustle.

Finally, I think programming will continue to rise in popularity as a side hustle. While many programmers only work their 9-5, there is a whole subset of full-time programmers who are working on an app idea, or partnering with others on business ideas. The demand for programmers won’t slow down anytime soon, and I think programming will be an extremely popular side hustle the next 5-10 years, and beyond.


How to Start a Blog

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