Feeling out of control with how much you are required to pay every month towards your federal student loans? Then you may want to consider other options.

For anyone with federal student loans, you have a few different choices when it comes to your repayment.

Income-driven repayment plans were created to help borrowers potentially lower their required minimum monthly student loan payment, making their required payment more affordable. Student loans are complicated, so think of this post as a an intro to income-driven repayment options.

Note – we don’t go into detail in this post, but there is brand new student loan repayment plan that was proposed by the Biden administration in January 2023. You can read all the details of this plan, which we are calling New REPAYE, in this post.

Types of Income-Driven Repayment Plans

 
When you start paying back your federal student loans, you are automatically enrolled into the standard ten-year repayment plan. This repayment plan assumes that it will take ten years to pay off your student loans, and will require you to pay a set minimum monthly payment. This payment doesn’t change from month-to-month – it remains constant throughout the ten years of your loan.

While the standard ten-year repayment works well for some people, it may not be an ideal fit for everyone. If your monthly student loan payments eat up too much of your take-home pay, you may want to consider an income-driven repayment plan.

The term income-driven repayment is a broad term that encompasses four different types of repayment plans. Each plan is a little different, and will be outlined in this post. Generally, with income-driven repayment plans, instead of paying standard monthly payments to your loan balance, the amount you will be required to pay is directly tied to your income (more specifically, your adjusted gross income as reported on your taxes). The idea behind this is to ensure payments are actually affordable for student loan borrowers.

Below are the four income-driven repayment plans, starting with the most favorable to least favorable:

• Pay As You Earn (PAYE)

• Revised Pay As You Earn (REPAYE)

• Income-Based Repayment (IBR)

• Income-Contingent Repayment (ICR)

Eligible Loans for Income-Driven Repayment Plans

Not all federal loans are eligible for income-driven repayment. Here is a summary of eligible loans for each plan:

PAYE: All Direct loans except Parent PLUS loans and consolidation loans that repaid Parent PLUS loans

REPAYE: All Direct loans except Parent PLUS loans and consolidation loans that repaid Parent PLUS loans

IBR: All Direct loans and FFEL loans except Parent PLUS loans and consolidation loans that repaid Parent PLUS loans

ICR: All Direct loans except Parent PLUS loans; Consolidation loans made after July 1, 20016 that repaid Parent PLUS loans are eligible

Note that private student loans and federal student loans that were refinanced through a private lender do not qualify for an income-driven repayment plan. If you have private student loans read this post for tips on how to best go about repaying them.

Here’s an overview of each repayment plan.

1) Pay As You Earn (PAYE)

 
Pay As You Earn, or PAYE, is the most favorable IDR plan. Monthly payments are capped at 10 percent of your monthly discretionary income, and there is an opportunity for loan forgiveness after 20 years of qualified payments.

You must have been a new borrower as of October 1, 2007 or had no prior outstanding loan balances and took out a new direct loan on or after October 1, 2011. If you are ineligible for this repayment plan, you REPAYE is a good alternative.

2) Revised Pay As You Earn (REPAYE)

 
The Revised Pay As You Earn, or REPAYE, repayment plan is the newest option for anyone seeking an income-driven repayment plan. It works similarly to the PAYE plan, except it doesn’t have the “new borrower” requirements that PAYE has. It does come with a “marriage penalty,” though; your spouse’s income is taken into consideration in the calculation of discretionary income. On the PAYE plan a spouse’s income is only considered if you file taxes jointly; you can file married filing separately to exclude their income from the calculation.

Loan forgiveness is possible after 20 years of qualified payments for undergrad debt, or 25 years if you are repaying any graduate debt.

3) Income-Based Repayment (IBR)

 
The Income-Based Repayment, or IBR, plan sets your monthly payments at 10% if you are a new borrower or 15% if you are not a new borrower. To be an eligible “new” direct loan borrower for IBR you must satisfy a couple of requirements: you have not taken out a federal direct loan prior to July 1, 2014 and have no outstanding balance on a FFEL Program loan when you receive a direct loan on or after July 1, 2014. If you are a new borrower you are eligible for loan forgiveness after 20 years of qualified payments, or 25 years if you are not a new borrower.

The biggest benefit of IBR is that FFEL loans are eligible, which isn’t the case on any of the other income-driven repayment plans. Granted you can create a direct loan by consolidating FFEL Program loans.

4) Income-Contingent Repayment (ICR)

 
The Income-Contingent Repayment, or ICR, plan, is the least favorable income-driven repayment plan. It caps your payments at 20% of your discretionary income and offers loan forgiveness after 25 years of qualified payments.

The biggest benefit of ICR is that it’s the only IDR plan that Parent PLUS Loans and consolidation loans that repaid Parent PLUS Loans are eligible for.

Is an Income-Driven Repayment Plan for You?

 
There are several benefits to income-driven plans. One of the most obvious benefits is that they allows for more affordable monthly student loan payments.

If you have a smaller income, a large amount of student loan debt, or both, you may be finding it difficult to pay your monthly student loan bill. While Income-Driven Repayment plans often cost more money over the long-run, it’s a better option than simply ignoring your student loans because you can’t afford the payments. Not making your student loan payments will eventually lead to default, which ultimately increases the amount of money that you owe. An income-driven repayment plan can help avoid default.

Depending on which plan you enroll in, you may be eligible for student loan forgiveness after 20 to 25 years if you make consistent, on-time payments. Just keep in mind, any remaining student loan balance that is forgiven will be considered to be taxable income and could result in a large bill come tax-time (something we commonly refer to as the “tax bomb”). With that being said, getting loans forgiven can be a big win. Student loan interest also doesn’t compound as long as you don’t have a capitalization event (i.e. switching income-driven repayment plans), so the actual debt you get forgiven will build up slower than, say, credit card debt, which has interest that compounds over time.

Finally, if you are working towards Public Service Loan Forgiveness (PSLF), an income-driven repayment plan is what you want to be in.

Understand your Student Loans using a Student Loan Spreadsheet

 
We have a free student loan spreadsheet that helps you organize all the details of your student loans in one place. This snapshot of your loans can help you determine what repayment plans you are eligible and what plans make sense.

You can download the spreadsheet in the box below, or read about all the features here.

I know I have. Minutes, days, and months all seem to fly by lately.

Before we know it, half the year is gone, and we’ve barely scratched the surface on accomplishing our goals.

Sometimes, this is simply the result of not using our time wisely.

Sure, dinner comes and goes, and it’s bedtime before we know it, but what were we doing to pass the time? Watching TV? Surfing social media feeds? Watching cat videos on YouTube?

Instead, why not try dedicating one or two hours of your nights and weekends to improving your life just a little bit?

Here are 12 productive things you can do on your laptop in your spare time.

1) Organize Your Files

 
Okay, maybe I’m an organizational weirdo (my closet is color coded), but I love having all my files on my computers organized. It makes it ten times easier to find whatever it is I’m looking for. (This is really helpful when you’re a freelancer with 10+ clients, too.)

For example, I have a folder for pictures which is separated into locations and years, images for my site, images for my clients’ sites, music (with separate folders for artists), articles (divided by client), tax documents…and that’s barely scratching the surface.

You can do the same if you use Dropbox or Google Drive, which I also do. The podcast I’m part of has a shared folder in Google Drive, and we have each podcast episode broken down by folder, so it’s easy to see which files go with which episode.

Getting your files organized and keeping them organized can save you a ton of time down the road. While you’re going through the process, delete files you no longer need to free up space!

2) Start a Side Hustle

 
We’ll leave off with the most obvious one: start a side hustle in your spare time on your laptop!

Yes, you can run a small business right from your laptop and become location independent, if that’s something you’re interested in. Or you can earn a few extra hundred dollars a month by using skills you already possess and offering the service to others.

Or you can start a blog and monetize it down the road. One guarantee if you start a blog – you will learn a lot in the process and you truly never know where it will take you. While it’s not always the case, many people who start a blog have turned it into a full-time income.

Earning more helps you advance toward your financial goals more than pinching pennies, and you’re bound to pick up valuable skills you can either take back to your workplace, or use to launch your own business full time.

3) Learn a New Language

 
Want to travel or ramp up your resume? Then learning a new language might be a great idea.

There is paid software out there that you can use, but why take the chance if you’re not sure you can commit to it?

Instead, try Duolingo. There’s both a free version and a paid version, and it’s also an app (so you can study on your phone). It offers a ton of different languages to learn. Babbel is similar, but only the first course in each language is free, so try each before paying for a subscription.

4) Study For a Certification

 
What’s more productive than studying for something that will potentially increase your salary? Whether you want to go into a new field or advance in your current field, try to search around for free courses that will prepare you to take exams for certifications.

You can do this even if you’re a freelancer looking to edge out competition. As an example, Google offers a free analytics course that helps you prepare for the Analytics Individual Qualification exam. Knowing how to track how effective an ad or social media campaign is can be pretty useful depending on the services you offer.

5) Learn a New Skill

 
Alternatively, you can choose to learn a new skill that doesn’t necessarily correspond with a certification, but will still boost your income.

Lynda.com is one of the best places to start as it has a crazy amount of courses on subjects ranging from video production to photography to web development.

Here’s a tip: check your library to see if it offers a free subscription to Lynda. If not, there are still plenty of free sites like Codeacademy that will teach you valuable skills, not to mention the plethora of MOOCs (Massive Open Online Courses) that can give you a great education without the hefty price tag.

If you’ve been meaning to learn something new for the challenge or because it interests you, you’ll likely find something on YouTube or a site that teaches the concepts for free.

6) Make Extra Money through Sharing your Opinion and Cashback Rewards

 
Along the same lines, if you like to unwind while watching TV, or if you spend a decent amount of time on the bus or train for your commute, why not take the time to earn extra money?

Sharing your opinion for cash is one of the easiest ways to lazily make money from home while binging on the latest Netflix show. Check out our big list of survey websites to get started.

Besides making extra money, there are also opportunities to get cashback on purchases you make. Sites like Rakuten offer cashback on purchases you make. Here’s a list of more than ten cashback sites you can sign up for. Some of these websites have sign-up bonuses when you use our link.

Finally, if you aren’t getting cashback through your credit card it’s time for a new one. Browse and compare the options available here.

7) Enter Giveaways

 
DC used to enter giveaways as a side hustle, and it has the potential to be fairly lucrative if you keep up with it. He even won a trip to Hawaii!

There are plenty of free giveaways to enter on your laptop during your spare time. If you’ve got nothing else going on, why not try? The more you enter, the more you increase your chances of winning.

Just as a bit of a warning, you might need various social media accounts to enter into these giveaways, as some require a like, follow, or tweet, so create a few specifically for entering giveaways before going on an entry spree.

8) Check in With Your Spending

 
You didn’t think we’d forget about money management, did you? Time spent managing your money is time well spent. Set a reminder for yourself to sit down with your laptop and have a budget check-in once a week to make sure you’re on track for the month.

You can use our free automated budget spreadsheet to help you stay on top of all your transactions each month. This spreadsheet uses Tiller to automatically pull in your transactions from all your bank and credit card accounts. It can be a huge time saver.

9) Watch Educational Videos

 
If you’re not a podcast person, Ted Talks might be up your alley. They tend to be on the shorter side, and they’re usually focused on one subject.

Experts talk about interesting discoveries they’ve made and explain how their findings can be applied to the real world. Others present a radically different perspective on subjects you might have learned in school that will make you think differently about them. You’re bound to find a few lifehacks here as well.

Maybe watching someone give a talk on a stage isn’t your thing, or you’re looking for material more in the realm of traditional education. Check out the following informational YouTube channels that also have animations to keep your attention: CrashCourse, AsapSCIENCE, MinutePhysics, and SciShow.

If you love picking up “useless knowledge,” give Mental Floss and Because Science (lots of “nerdy” topics) a watch.

Lastly, How to Adult is filled with useful knowledge on, well, something I’m sure we could all find useful as young adults.

10) Read a Book

 
I know, I know. Why read a book on your laptop when you might have a tablet or phone that can do the job?

Well, everyone has different reading preferences, and some people can’t stand holding an actual book or reading on a tiny screen. A laptop provides a middle ground. Check your library for ebooks or borrow a classic for free online.

You don’t necessarily need to read a book book, either. Maybe there’s a short ebook freebie you got when you signed up to a newsletter that you’ve been meaning to check out. PDFs longer than 20 pages count as long as you’re learning something, right?

11) Watch Tutorials

 
Are you awful at cooking? Always wanted to learn how to sew, draw, or play guitar? Maybe you want to pick up knitting or cosplaying? Is there a DIY project on your mind that you don’t know how to start?

There’s a ton of tutorials out there on each, and most of them are entertaining as well as informational. Try and find a series for beginners out there that can guide you step-by-step through a certain process.

12) Write in a Journal

 
Admittedly, I love journaling with pen and paper, but there are some pretty great online journals out there.

No, I’m not talking about LiveJournal (if anyone remembers those), but there’s one I’ve used called Penzu that allows you to customize the look of your journal, and allows you to password protect it.

You can have multiple journals if you want, which is great if you’re trying to track health or financial goals.

What are your favorite things to do to stay productive while on your laptop or computer? Have you already used any of these ideas? Share in the comments!

This isn’t surprising. We are inundated with Instagram pics of people visiting cool locations all over the world.

In Minnesota where we have brutal winters, a pic from a beach can instantly cause wanderlust (and jealousy).

The main thing keeping people from traveling is money.

I can relate: my wife and I graduated undergrad with $100k in student loan debt.

Even if you have little or no debt there is a never-ending list of things you need money for: rent, a down payment on a house, health care, retirement, pets, emergency fund…the list goes on.

Travel is something we wanted to prioritize after college. But we also wanted to hit other personal finance goals, including building an emergency fund which is no small feat.

One of the benefits of being a personal finance blogger is that I am exposed to many different ways to save money. The more I learned about credit card rewards, the more I realized that they could help make our travel goals possible.

Travel rewards credit cards oftentimes come with a “welcome” bonus, such as “get 50,000 miles if you spend $3,000 on your credit card within the first three months of signing up.” Those welcome bonuses can really pay off because they translate to hundreds of dollars of savings through a statement credit or through free flights.

 
A quick note: If you are currently in credit card debt I recommend not signing up for these cards. The amount you pay in interest will outweigh any potential benefits. Instead, read my post about what to do if you are in credit card debt.

OUR TOP CHOICE: Chase Sapphire Preferred

 
The Chase Sapphire Preferred has been one of the top credit cards on the market for some time now.

One positive of this card is the fact that there are so many partner programs that you can transfer your 60,000 Chase Ultimate Rewards® to. The points transfer 1:1 to the following programs:

• United MileagePlus®
• British Airways Executive Club
• Aer Lingus, AerClub
• Emirates Skywards®
• Flying Blue AIR FRANCE KLM
• Iberia Plus
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards®
• Virgin Atlantic Flying Club
• IHG® Rewards Club
• Marriott Bonvoy
• World of Hyatt®

Both my wife and I have signed up for this card and we transferred the points to our United MileagePlus® account. You don’t have to transfer your points to get value out of this card, though: the 60,000 Chase Ultimate Rewards® bonus points are redeemable for $750 on the Chase portal.

Bonus: 60,000 Chase Ultimate Rewards® bonus points

How to Unlock the Bonus: Spend $4,000 within the first 3 months of account opening

What the Bonus can be Used for: Redeemable for $750 through Chase Ultimate Rewards® or transfer 1:1 with partner travel rewards programs

Annual Fee: $95 (NOT waived the first year)

Capital One® Venture® Rewards Credit Card

 
The Capital One® Venture® Rewards Credit Card is one of the best travel rewards credit cards because of how flexible its rewards are.

This card offers $500 towards any travel-related cost after you spend $3,000 within the first 3 months of account opening.

This card is great because of its simplicity. You know exactly what you are getting with this card and you don’t have to limit yourself to specific companies or brands when redeeming your rewards.

An extra perk with this card is that you will receive up to $100 application fee credit for Global Entry or TSA Pre®.

Bonus: 50,000 bonus miles

How to Unlock the Bonus: Spend $3,000 within the first 3 months

What the Bonus can be Used for: Redeemable for $500 in travel-related expenses

Annual Fee: $95 (waived for the first year)

Chase Sapphire Reserve

 
The Chase Sapphire Reserve is a popular credit card, but it does come with a hefty price tag: a $550 annual fee.

Typically a card with a $550 annual fee wouldn’t be worth getting for anyone other than those who travel frequently. But one nice thing that comes with this card is a $300 annual travel expense credit. Assuming you will for sure have at least $300 in travel-related costs each year, the effective cost of the card is $150. Some of the other benefits of the card, such as lounge access and built-in trip insurance, can make the card annual fee worth the cost.

Similar to the Chase Sapphire Preferred, the Chase Ultimate Rewards® points transfer 1:1 to the following programs:

• United MileagePlus®
• British Airways Executive Club
• Aer Lingus, AerClub
• Emirates Skywards®
• Flying Blue AIR FRANCE KLM
• Iberia Plus
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards®
• Virgin Atlantic Flying Club
• IHG® Rewards Club
• Marriott Bonvoy
• World of Hyatt®

There are a couple additional perks worth pointing out. Chase will reimburse your expense for a TSA pre-check or global entry account up to $100, and they also provide you with one-year complimentary access to a network of over 900 airport lounges.

I signed up for global entry, which includes TSA Pre-Check, and it was so worth it. The first time I used it was a trip to NYC. I checked in online from home so I didn’t have to wait to print a boarding pass. Even with checking a bag it was under 10 minutes from stepping out of the car to being past security. I highly recommend it even for casual travelers.

Bonus: 50,000 Chase Ultimate Rewards® bonus points; $300 annual travel credit; Credit for Global Entry or TSA Pre-Check application

How to Unlock the Bonus: Spend $4,000 within the first 3 months of account opening

What the Bonus can be Used for: Redeemable for $750 through Chase Ultimate Rewards® or transfer 1:1 with partner travel rewards programs

Annual Fee: $550 (NOT waived the first year)

United Explorer Card

 
The United Explorer Card is a great card to have if you plan on flying United or if you either already signed up or plan on signing up for the Chase Sapphire Reserve® or the Chase Sapphire Preferred.

This has been my airline of choice the past few years because of how many miles you can rack up when you transfer Chase Rewards points 1:1. My wife and I have amassed over 300,000 miles and have used it to travel to Florida, St. Martin, and New York City. United is an ideal airline to have miles for because of the sheer number of locations they fly to.

Like most airline cards you will get free checked bags, but unlike other airline cards you will also get a pair of passes each year to the United lounge. I’ve taken full advantage of this perk over the past few years and it can make a layover at the airport a bit more tolerable.

Bonus: 40,000 United MileagePlus® Miles

How to Unlock the Bonus: Spend $2,000 within the first 3 months

What the Bonus can be Used for: Flights on United Airlines

Annual Fee: $95 (waived the first year)

Delta SkyMiles® Gold American Express Card

 
The Delta SkyMiles® Gold American Express Card has standard rewards you should expect from an airline credit card: first bag checked free (for everyone in your reservation) and priority boarding.

While there are other benefits such as no foreign transaction fees, the real draw of this credit card is the welcome offer.

Earn up to 70,000 bonus miles. Earn 60,000 bonus miles after you spend $2,000 in purchases on your new Card in your first 3 months. Plus, earn an additional 10,000 bonus miles after your first anniversary of Card Membership.

When you apply for the Delta SkyMiles® Gold American Express Card and spend $2,000 within the first 3 months of account opening, you earn 60,000 Bonus Miles. You can also earn an additional 10,000 bonus miles after your first anniversary of Card Membership.

Welcome Offer: 60,000 Bonus Miles

How to Unlock the Welcome Offer: Spend $2,000 within the first 3 months; also earn an additional 10,000 bonus miles after your first anniversary of Card Membership.

What the Welcome Offer can be Used for: Delta SkyMiles

Annual Fee: $99 (waived for the first year)

Southwest Airlines Rapid Rewards Plus

 
The Southwest Airlines Rapid Rewards Plus card is an airline card, and airline cards typically come with free checked bags. This card is no different, with first and second checked bags flying free.

But the main draw of this card is the 40,000 Southwest Airlines Rapid Rewards points, along with the potential of gaining their coveted Companion Pass. The Companion Pass allows you to book a designated companion’s flight for free, regardless of whether you pay with points or cash.

To get the Companion Pass you have to earn 110,000 Rapid Rewards points in a calendar year. This card will get you 40,000 (or 41,000 if you include the 1,000 you will get when you spend your $1,000 to get the bonus). If you get the Chase Sapphire Preferred and transfer over those 50,000 points you are even closer. Note: as of January 2020 you will need to earn 125,000 qualifying points to earn the companion pass.

Bonus: 40,000 Southwest Airlines Rapid Rewards® points

How to Unlock the Bonus: Spend $1,000 within the first 3 months of account opening

What the Bonus can be Used for: Southwest Airlines Rapid Rewards

Annual Fee: $69 (NOT waived the first year)

_________________________________________

There are a ton of travel reward credit cards with great bonuses. Using these cards alone could potentially save you thousands of dollars on travel.

Other Posts that Will Help You Save Money on Travel:

• Chase Ultimate Rewards: Our Simple Guide to Maximizing Your Points

• Tips for Making Travel More Affordable: Save Thousands on Travel

• What to Expect When Using AirBnB for the First Time

Since I started blogging a little over ten years ago I have consistently made more than $10,000+ a year while working a full-time job.

It’s been a perfect side hustle to diversify my 9-5 income, but it’s become more than that. It’s led to getting a book deal and writin books, interviews on local and national television, and becoming an expert in something that is totally different than what I do for my full-time job. It’s something that I can work on from anywhere, which is important to me.

The extra money I’ve made has not only allowed my wife and I to make progress on our student loan debt, build an emergency fund, travel, and make some major house renovations.

None of this would have been possible if I didn’t make the leap and start a blog.

In short, blogging has had a huge impact on my life – both financially and otherwise. I am not the only one with a story like this. There are many people who are consistently making thousands of dollars a month from their blogs, or who even make enough money to quit their job.

Because I’ve been a blogger for over ten years I’ve been able to see some of these remarkable stories play out. From creating a side income – whose impact shouldn’t be understated – to seeing people build a brand and business from nothing to a six figures, it’s incredible the opportunities out there for those willing to put in the effort.

The one thing all these successful bloggers have in common is this: they started a blog. Without taking this critical first step it’s impossible to make money blogging. It’s easy to think about “someday” starting a blog, but honestly the sooner you start one the better. By starting a blog today you are already far ahead of the millions of people who have the idea of blogging but have not (and may never) take the critical first step of starting a blog.

There are free blog options such as “Blogger,” and many people make the mistake of starting a blog on one of these free platforms. The problem with free hosting options is that advertisers do not like them. They like the self-hosted blogs and do not take the blogs on free hosting seriously.

I’ve seen many bloggers go through the headache of transitioning from a free hosting platform to a paid, self-hosted one like Bluehost and some have spent an entire weekend going through the process and working out bugs. Don’t make that mistake! The process can be so complicated that I completely abandoned one of my Blogger blogs instead of go through the headache of transitioning to Bluehost.

I have started a number of websites over the past 10+ years and helped many others get started. Since switching to Bluehost for web hosting I have always recommended them to people who are looking to start a blog. They are highly rated, offer affordable pricing, and make starting a WordPress blog extremely easy with their 1-click WordPress installation.

If you want to start a blog that makes money you are going to want to start one on Bluehost. Bluehost offers many advantages, including:

• Affordable – by using my link you get hosting for just $2.95 per month, which is less than $36 a year.

• Free Domain Name – you will get a free domain name when you sign up for hosting on Bluehost using my link

• Extremely Easy WordPress Installation – Bluehost has a “one-click” WordPress installation

• 24/7 Tech Support – Bluehost tech support is available 24/7 and has been outstanding every time I’ve used them

• Attractive to Advertisers – having a self-hosted blog is attractive to advertisers and will make it easier to make money blogging

• 30-Day Money Back Guarantee – if you cancel within 30 days you receive a full refund on your hosting service

• Extended Money Back Guarantee – if you cancel after 30 days you receive a prorated refund for the remainder of your hosting term

As you can see there are a ton of benefits of using BlueHost to start your blog. With their money-back guarantee there is very little risk of starting a blog through BlueHost, and so much potential for making money blogging.

1) Choose a Hosting Option

 
Once you have gone to BlueHost you will see the various hosting options. I highly recommend using the “Starter” package. Even though there are two higher-priced packages, there is nothing in the higher-priced packages that you need.

Keep in mind that this option is very affordable for self-hosting a website and comes with a money-back guarantee. If you decide within 30 days blogging isn’t for you, you can get your full payment refunded. Even at 10, 11, or however many months in, if you decide you don’t want Bluehost web hosting you will get refunded for any months you paid for but haven’t used yet.

You can also always upgrade to the other accounts if you reach any of the space limits from the basic account.

2) Choose a Free Domain Name

 
When you sign up for Bluehost using my link you get a free domain name. This is an ~$15 value if you had bought the domain name.

Once you click on the Starter package in the previous step you will be brought to a screen where you enter the domain name you want.

I will be the first to admit it’s not easy to choose a domain name. I got lucky by finding Young Adult Money, as many domains with “money” in it are already taken. But even Young Adult Money isn’t a perfect domain name.

It’s easy to overthink a domain name, but in all honesty the value of your blog will not be in the name but in the content you put out. There are many hugely successful blogs out there with obscure domain names.

It will almost for sure take a few attempts to find a domain name that isn’t already taken. Think of something unique (or not unique – i.e. Young Adult Money haha) and once you find one that is not taken, grab it. Just think of something that sounds good to you and you are good to go!

Once you have a free domain, you simply need to complete your registration and you officially have a blog! I would choose none of the extras on the last screen as they are just going to increase the cost of starting a blog.

The only one that I would consider is the $0.50 a month for “Domain Privacy Protection.” It’s not necessary, but it does shield and protect your information as a website owner.

Note: you can skip the section below and go straight to “Install WordPress” if you are registering a free domain name.

Already have a domain name?

If you already have a domain name that you bought on a site like GoDaddy, it’s easy to connect your domain name to Bluehost. Instead of registering a new domain, just choose the second option on the page and enter the domain you would like to be linked to your Bluehost hosting.

Here are the directions for connecting your GoDaddy domain to Bluehost:

To modify, add, or delete name servers (DNS) for your domain(s):

• Log in to the GoDaddy.com Account Manager.

• Select Manage Domains from the Domain Names drop-down menu or the Manage Your Account list.

• Select the domain name you wish to modify using the checkboxes and then click Set Name Servers.

• Enter your updated name server information in the spaces provided under the blue Name Servers heading on the right side of your page and click Save Changes at the bottom. Your entries should look like this:
  ns1.bluehost.com
  ns2.bluehost.com

This can all be done within the cpanel once you have purchased hosting. If you run into issues do not hesitate to email me. When I first got BlueHost I already had a domain, so I’ve personally gone through these steps a few times.

3) Install WordPress

 
Once you have signed up for an account, login to your Bluehost account and go to hosting -> cpanel.

Once on this page, scroll down to website builders and find the Install WordPress icon.

Once you click the Install WordPress icon, you simply need to click install and choose the domain you are installing WordPress to. You will then set up your login information.

To log into your WordPress blog, go to your domain name and add /wp-admin to the end of the domain. This will pull up the user and password fields that allow you to log into WordPress.

Just like that you have a living breathing WordPress blog. Congrats!

Remember, if you have ANY questions at all do not hesitate to ask. I am happy to help you with any blogging questions just as I’ve helped many others set up a blog.

Blogging Tips for New Bloggers

 
As I said earlier, I have over 10 years of blogging experience and have made thousands of dollars blogging. I do not say that to brag, but to make it clear that I can attest to the fact that it is possible to make money blogging. If I can do it, you can too.

Here are area few tips I have for new bloggers:

• Commit to 6 Months – While I don’t have a statistic to prove this, a common quote that floats around the blogosphere is “most bloggers quit within the first six months.” When you start your blog, consider making a a deal with yourself to blog for at least six months. If you still want to quit, you can, but at least you gave yourself a decent amount of time to build up content and truly give blogging a try.

  If you are hesitant about starting a blog on Bluehost because of the potential that you won’t like blogging, remember that they offer a refund for unused months that you already paid for. Even if you decide to quit after 3, 6, or any number of months you will get a refund for the remaining months you already paid for. There is very little risk in giving Bluehost – and blogging – a try.

• Connect with other Bloggers – The biggest mistake new bloggers make is thinking that traffic will simply appear. The reality is that getting ranked in search engines is difficult for established blogs and unlikely for brand new blogs. The best way to get some initial traffic and links to your site is by commenting on other blogs in your niche. This is extremely important for new bloggers!

• Plan ahead whenever possible – Many established bloggers do not write their posts on the fly. Instead, they plan their posts. This helps in situations where something unavoidable – an illness, a late night at the office, etc. makes it difficult to write a post the night before it goes live. Consider using an editorial calendar to plan posts in advance.

While this isn’t a comprehensive list of all the tips I would give to new bloggers, it should provide a good start for those who are looking to start a blog. Remember, it’s more important to actually start your blog than to have it be perfect from day one.

If you have any questions about Bluehost or blogging, do not hesitate to send me an email. I have been blogging for years and have helped many people start a blog, so I’m happy to help you as well.

One specific ways borrowers can feel helpless is with their job situation.

Borrowers may even hate their job, but they feel stuck because of their student loan debt. They have a lot of debt, so why would they ever rock the boat by applying to a different job? Or, God forbid, leave the career they went into so much debt for?

One of the most difficult stories I read when I was doing research for Student Loan Solution was about someone who turned down their dream job in marine biology because it wouldn’t pay enough to cover their nearly $100k of student loan debt. Instead they moved back home and took a store manager job at a retail store, which paid more than the job in marine biology.

They interviewed one of the borrower’s parents in the article and they said he seemed very unhappy. All he did was work, come home, and go to his room.

He was miserable.

He isn’t alone. There are millions of student loan borrowers in default, and millions more who are miserable in their current work situation but feel like they can’t change anything because of their loans.

If I could speak to the person in this story I would help him see how he could make working in marine biology possible.

There are always options for dealing with debt strategically. This is especially true with student loans.

If you hate your job but feel helpless because of your student loans, or this describes someone close to you, I wrote this for you. I’ll go through some of the options available to you and show you that by making a plan of action you can move on from your miserable job and not let your student loans keep you from living a happy and fulfilling life.

How Bad Is Your Situation?

 
The first thing I want to discuss is how bad your situation is. If you are being verbally, physically, or sexually abused at your current employer, it goes without saying that leaving ASAP is a top priority. I won’t pretend to understand how difficult this situation is for you, nor would I ever judge you for whatever choice you end up making, be it quitting tomorrow or staying for a longer-period of time until you have arrangements in place.

With that being said, in an ideal situation you would report your employer and put the ball in the employer’s court to make things right. If they retaliate against you, you should have a legal case for pursuing damages against them. (I am not a lawyer so please seek out legal advice from a qualified lawyer).

Now let’s focus on a less serious situation. Your job is a grind. Or boring. Or your manager sucks. The work is awful.

For whatever reason, you hate your job and want out. But you have student loans.

What should you do?

I’m going to state something obvious that I’m sure you’ve thought about: it’s easier to find a job when you are currently employed.

If you are willing to stay with your employer while searching for another job, use your disdain of your current job as motivation to take action. Update your resume, browse job openings, apply for open positions, and connect with your network. This is likely the right course of action if you have no emergency fund or a limited one, since leaving your job without another one lined up will likely result in you falling behind on bills and taking on credit card debt.

If you do have an emergency fund you will have to weigh whether or not quitting your job before finding a new one is worth it. The bigger an emergency fund you have, the better. Six months or more would be an ideal amount, but you could get by on less (and trust me, I know how difficult it is to build even a one-month emergency fund). If the economy was in a downturn I would advocate against quitting your current job before finding a new one, but with the economy being hot there is a higher likelihood you can find gainful employment relatively quickly. Regardless, you should have a good idea of how difficult this will be before you quit your current job.

In Student Loan Solution we talk about an emergency fund as an F off Fund. Having money set aside will allow you to not be reliant on anyone financially, and to tell people (like an abusive boss) to “F Off” if that’s what they deserve to hear (it’s up to you whether you say it in your head or out loud!).

If you don’t have an emergency fund, there is no better time to start than now. Even $100 a month can be beneficial, and any amount is better than $0.

This post isn’t just about emergency funds though. The underlying issue is student loans and how that makes borrowers feel stuck in their current jobs and careers, unsure how they will get out.

So let’s move into a discussion on student loans specifically.

What Does Your Student Loan Situation Look Like?

 
The type of loans you have will dictate what options are available for you. If you have never dropped all your student loan information into a spreadsheet, now is the time. Download our free student loan spreadsheet and follow the directions to populate all the details of your private and federal student loans.

Let’s start by looking at private loans and then federal ones.

 
Private Student Loans

Private student loans are becoming more common each year. One reason for this is how expensive college has become, which drives borrowers to supplement their federal student loans with private ones. The other reason is the millions and millions that have been spent marketing student loan refinance products.

With your private student loans you have a couple different options to make your payment a more reasonable amount:

• Work with your current lender – See if your current lender is willing to restructure your loan, either with a lower interest rate, longer payback period, or both.

• Refinance with another company – There are a ton of banks today offering student loan refinancing, so if your current lender isn’t willing to give you a better loan you can look elsewhere. Credible is a company that gives you free rate quotes from multiple companies. If you use my link and end up refinancing your student loans, you will get a $300 cash bonus if you refinance less than $100k and a $750 cash bonus if you refinance more than $100k. (All bonus payments are by gift card. See terms.)

Private student loans don’t have nearly as many options as federal student loans, but the one big benefit is that you can refinance over and over again if you find a better offer. I recommend people look every 6-12 months to see what sort of rates they will get from lenders. If you get a better interest rate you can ditch your current lender for the better loan.

 
Federal Student Loans

Federal student loans come with a lot of benefits, which is why I start with a word of caution on refinancing federal student loans. Once you refinance a federal student loan your federal loan no longer exists; you now have a private student loan. That means you no longer have access to benefits like income-driven repayment or opportunities for loan forgiveness, so take a pause before refinancing federal loans (private loans already don’t have these benefits, so feel free to refinance). Especially if you are struggling financially you shouldn’t consider refinancing your federal student loans.

With that in mind, here are a couple things you should look into:

• Income-driven repayment plans – There are four different income-driven repayment plans, each one with slightly different features. What they do have in common is they max out your minimum required monthly payment at 10-20% of your adjusted gross income (AGI), which can be found on your tax return. You can read more about the income-driven repayment plans here.

• Student loan forgiveness – There are two primary forms of student loan forgiveness: income-driven loan forgiveness and Public Service Loan Forgiveness (PSLF). Income-driven repayment works like this: make 20-25 years of payments on an income-driven repayment plan and your remaining loans (and accrued interest) will be discharged. You will have to pay taxes on the amount forgiven. For example if you had $100,000 forgiven, you’ll have to pay taxes on that amount as if it was income you earned.
   
  PSLF is the other major type of loan forgiveness. It’s received bad press, but fears about the program are overblown and more and more people will be granted PSLF over time. PSLF is the best type of loan forgiveness because it only requires 120 qualified monthly payments and you aren’t taxed on the amount that you are forgiven. It can be a difficult program to navigate, but for some borrowers it can literally result in a six-figure swing in their net worth. You can read more about PSLF here. I also wrote a post that shared tips for maximizing PSLF.

By strategically taking advantage of things like income-driven repayment, you can increase cash flow which allows you focus on goals like building a healthy emergency fund. As I mentioned earlier, it’s a lot easier to leave a job you hate when you cash in the bank than if you have no savings.

What Does the Rest of your Finances Look Like?

 
Your student loans are important to address, but it’s only a piece of your finances. There are other things to think about such as:

• Credit Card Debt – If you have credit card debt it should be prioritized over your student loan debt and you should be even more motivated to move onto an income-driven repayment plan and/or work towards getting your private student loans down to a more reasonable monthly payment. If your credit is good enough you may be able to refinance your credit card debt into a personal loan with a lower interest rate. Another option is a 0% APR transfer card, where you won’t be charged interest for the first 12-18 months. If you do take this approach you have to be sure you are 100% committed to paying down the debt and not simply letting it sit and/or increasing your credit car debt, which is common.

• Cash Flow – To track my income and expenses, I use Tiller, an automated tool that pulls all your credit card and bank information into one spreadsheet. I use it in tandem with an automated budget spreadsheet in Excel to keep tabs on how much we are spending on things like restaurants, auto insurance, and other spend categories. Ultimately I am able to see whether or not we have positive cash flow.
   
  Key to understanding your cash flow is knowing how much you spend, and on what. Use this as an opportunity to ask yourself whether you are spending your money on things you care about? If you value your daily Starbucks, that’s something that you should keep in your budget. If you don’t care about your car then you should find the best value (I fall in this boat and have been very happy with my inexpensive but reliable Kia Spectra). Only you can decide what you should and shouldn’t spend money on, but take this as an opportunity to prioritize your spending.
   
  One note on student loans specifically: moving your federal student loans onto an income-driven repayment plan can have huge positive implications for your cash flow. For example, a therapist with an AGI of $40k and $100k+ of student loans could see their required monthly payment go from more than $900 on a standard ten-year repayment plan to less than $150 a month on an income-driven repayment plan. That’s a lot of extra cash each month that can be used to transform the stability of your financial life.

• Credit Score – We talked a lot about refinancing, and nothing impacts your ability to refinance at the best interest rates more than your credit score. Virtually every credit card provides you access to a free credit score.
   
  If your credit score isn’t as high as you’d like (650 to 699 is good, 700 to 749 is very good, and 750 and up is excellent), don’t worry. There are plenty of practical things you can do to start improving your score. Here’s a post about a fellow blogger who improved their credit score 150+ points in just 8 months.

 
You don’t have to wait until your student loans are gone to start living a life you love.

I repeat: You don’t have to wait until your student loans are gone to start living a life you love!

Some borrowers will benefit from loan forgiveness, and for them paying off their loans either won’t be possible (think of a social worker making $40k a year with $160k student loan balance) or would cost them tens of thousands that could have been forgiven. Moving from a hopeless (and to be frank, bad) student loan repayment strategy to one that makes sense can be life-changing. For some that will be a strategy that involves pursuing student loan forgiveness, for others it will look different.

For various reasons, federal student loan debt is the best type of debt because of the numerous options it gives you for income-driven repayment and loan forgiveness. Private student loan debt is tougher, but there are still options for managing it through refinancing to a lower interest rate and/or extending the payment terms.

If you’re feeling stuck, don’t avoid your personal finances. I have people who are very close to me who didn’t read my blog for years because they were afraid to confront their finances. The sooner you do, the sooner you can take control of your money and your financial life.

Don’t let student loans keep you in a job you hate. You don’t have to be miserable because of your student loans.
 
 

Increase Your Savings

 
1) Open an online savings account with a higher interest rate. Online savings accounts, like CIT Bank, are able to offer a higher interest rate because they do not have to spend money keeping up brick-and-mortar locations. Consider making the switch and earning a few extra dollars in interest.

2) Set automatic increases. You can increase your retirement savings easily by setting auto-increases every year or so. You likely won’t even notice an additional 1% being deducted out of your paycheck, but that little extra contribution can add up overtime.

3) Automate your savings. The easiest way to meet your savings goals is to automate your savings. You can have money automatically set aside into a separate savings account each month. The important thing is to not touch it once it is there.

4) Keep a budget. Budgeting can be time-consuming, but it’s a habit that can have big implications for your finances. Check out our free automated budget spreadsheet if you don’t currently keep a budget.

5) Start an emergency fund. An emergency fund can save you and your loved ones from financial disaster. Make it a goal to set aside at least 3 months of living expenses in an emergency fund.

6) Meet your employer’s retirement match. If your employer offers to match a portion of your retirement fund contributions, make sure you are contributing enough to receive the full match.

7) Contribute to an HSA. If you are on the high deductible health plan, you are eligible to contribute to a health savings account, or HSA. HSAs offer huge tax advantages and can cover any health related expenses you may have. The best part is that they carry over from year to year, so you can build it just like a regular savings account.

8) Utilize catch-up contribution limits. For anyone over the age of 50, you are eligible for catch-up contributions, meaning you can contribute more to both an IRA and 401(k).

9) Save for your child’s education. A 529 plan allows you save for your child’s education while providing you with tax advantages.

10) Consider whether you should rent or buy. Depending where you live, it might make more sense to buy a house. If you are in an expensive city, you may not be able to afford to purchase a home right away. You’ll need to compare your financial position and personal priorities to make the best decision for you.

11) Compare car insurance rates. Get quotes from other insurance companies periodically. They may be able to offer you a cheaper rate for the same level of coverage.

12) Avoid ATM fees. ATM fees are ridiculously expensive considering that they are essentially charging you to access your own money. If you frequently use ATMs, locate machines that are free to use. If your bank does not offer free ATM use, consider switching to a bank that does.

Frugal Living

 
13) Meal plan. Planning out your meals can not only save you money in groceries, but it can save you a ton of time as well. You can plan out your meals, cook them all at once and be ready to go for the week.

14) Use a cash-back site. If you frequently shop online, Ebates will give you cash back for your purchases. It is free to use and sign up.

15) Turn off items electronics when not in use. Why spend money on things you are not even using at the time? You can save money by unplugging items when not in use.

16) Sell items you no longer need. Not only will selling household items declutter your home, but you can make good money by doing so. Take a few photos of what you are trying to sell and post it to sites like Craigslist, LetGo, and OfferUp.

17) Buy used or go thrifting. By buying used, you are saving money and helping the environment. You might be surprised at what you can find in a thrift store for cheap.

18) Adjust the temperature. You can save money every month by adjusting your thermostat by just a few degrees. To really save money, consider installing an adjustable thermostat. Many of the new thermostats allow you to control it from an app on your phone.

19) Plan gifts in advance. If you tend to frantically look for gifts last minute, you likely aren’t finding the best deals. You can save money (and prevent stress) by shopping in advance.

20) Consider cheaper hobbies. Everyone should invest in their hobbies, but some hobbies can drain a budget really quickly. Consider finding a few cheaper activities and splurging on your expensive hobby less frequently, or find a way to make money on your hobbies

21) Pay for maintenance. By prioritizing maintenance for the most important things (such as your house, health, or car), you are saving money in the long run. By doing regular maintenance, you are saving money in the long run by improving efficiency.

22) Learn to DIY. If you have the time, skill, and resources to do it yourself, you can save a sizeable amount of money.

23) Prolong purchasing anything new. If you tend to be an impulse shopper, make sure you are taking time to really evaluate the value of your purchase. After doing this practice, you will likely find that there are actually very few things you need.

24) Use less. With most things, you can get by with using less of a particular item. Using less is a practical way to save money in the long-run. For example, you can use less toothpaste, makeup, paper towels, or cleaning supplies with each use.

25) Make coffee at home. You can make your own coffee for literally pennies after you purchase a coffee maker. You can find a decent coffee maker for around $30. If you consider that each speciality drink at a coffee shop costs $4 to $5, you will quickly earn your money back.

26) Purchase discounted gift cards. Raise.com allows you to buy gift cards for less than what they are valued. Likewise, if you have gift cards you aren’t going to use, you can sell them on Raise.

27) Carpool. Carpooling to work can save you 50% of gas and will prevent wear-and-tear on your car. In some cities, you even get the added advantage of using the carpool lane, which results in you spending less time in traffic.

Career

 
28) Improve your soft skills. You can improve soft skills, such a public speaking, organization, and communication by participating in free organizations and classes around the area.

29) Take on additional responsibilities. By taking on additional responsibilities at your full-time job, you can show your boss that you are serious about the work you do. Management is more likely to give you a raise after clearly seeing the value you provide.

30) Organize yourself at your job. By prioritizing organization, you are ensuring that you are always prepared and operating efficiently.

31) Network, network, network. The best opportunities come through networking since everyone you know has a network of their own. If you are nervous about networking, you can read some tips here.

32) Make use of LinkedIn. LinkedIn is a great tool to collect with other professionals in your industry and community. Best of all, it is free to use!

33) Ask about remote opportunities. You are able to save money in gas and time if you are able to work from home even a few days a week. Plus, you may find that you actually increase your productivity. Talk with your boss to discuss the possibility of working from home.

34) Get certified. By getting certified in your field, you are able to better your chances for a raise or promotion.

35) Join professional groups. Professional associations and other organizations keep your skills sharp while simultaneously giving you plenty of opportunities to network within your field.

36) Consider switching jobs. If you feel stuck at your current job both professionally and financially, then it may be time to apply for new jobs.

37) Keep your resume up-to-date. You never know when the right opportunity may open up.

38) Always keep a business card on you. You should always be prepared. You don’t want to lose out on a potential connection simply because you didn’t keep a business card on you.

39) Spend less on accounting. If you are a business owner, you can save money by switching to Freshbooks for your accounting needs. They typically offer lower fees than many other software.

40) Take advantage of all employer benefits. Does your employer offer a 401(k) match? Free gym membership? Tuition assistance? Cell phone reimbursement? Failure to take advantage of employer benefits means you are leaving money on the table, so be sure to make use of everything your employer has to offer.

Pay Off Your Debt

 
41) Create a debt payoff plan. Before you can become debt-free, you have to know what you are up against. Make a list of all of your debt, the balance, interest rate, and the minimum monthly interest rate. This free spreadsheet was made to list out student loan debt, but you can use it for any debt.

42) Utilize the debt snowball method to pay off debt. The debt snowball is a very effective method of paying off debt. Essentially, you pay off your smallest debt first, even if it has a low interest rate. The psychology behind it is once you pay off one debt, you’re more motivated to pay off another.

43) Refinance your student loans. You may be eligible for a lower interest rate on your student loans through SoFi.

 
44) Refinance your credit card debt. If you have credit card debt, refinancing may help you to pay it off more quickly. Check out SoFi to see if you are eligible for a lower interest rate.

45) Avoid taking on more debt. Save for purchases ahead of time to avoid falling into a debt pitfall.

46) Settle on your car. Cars lose value the second you drive them off the lot, so they are not a wise investment. Settle for a less-expensive car and pay it off as quickly as you can.

47) Refuse to carry a credit card balance. Credit card debt has high interest rate and it can be one of the most difficult financial holes to crawl out of. Prevent credit card debt by paying off your credit card every single month.

48) Calculate your debt to income ratio. To calculate this ratio, add up your minimum monthly payments on all of your debt. Divide that amount by your monthly net income. If this percentage seems high, you should focus on either lowering your debt or increasing your income (or both!)

49) Make multiple debt payments. Instead of paying your minimum debt payment every month, split that amount into a few smaller, but more frequent payments. For example, instead of paying $400 once a month, pay $200 twice a month. This lowers the amount of debt you owe, so ultimately, you are paying less to interest.

50) Call your creditors. If you are struggling to meet the minimum debt payment, call your creditors. They might be willing to worth with you to setup a payment plan.

Make More Money

 
51) Start a blog. Blogging can be very profitable if you keep at it. Best of all, you can blog about any topic that is of interest to you.

52) Earn money through freelance writing. If you can write well, create detailed content, and meet deadlines, you can earn money through freelance writing.

53) Drive for Uber. Driving for Uber is perfect for anyone who is looking to make some extra cash in their spare time.

54) Rent out a room on AirBNB. If you have extra space in your home, you can rent it out on AirBNB. You can choose the days you are willing to rent out your space and charge as you would like.

55) Take surveys for extra cash. Surveys won’t make you rich, but it is a good way to earn a few extra dollars while sitting in front of the television. A few of our favorite survey sites include CrashCrate and Earning Station.

56) Evaluate your productivity. They say time is money, so it’s a good idea to know how much time you are spending on various tasks. RescueTime is a great tool to help you track your productivity.

57) Become a virtual assistant.Virtual assistants are administrative assistants that work from home. They might work for a large company or for a single business owner. Common virtual assistant tasks include scheduling, updating social media, coordinating travel, answering client questions, and more.

58) Earn a raise at work. Don’t forget that you can make more money at your current job. If you are trying to get a raise, here are some good tips.

Lifestyle

 
59) Read financial blogs. Blogs are a great way to learn a few personal finance tips as well as to stay on top of the latest personal finance news.

60) Have a mentor. Do you have someone you can talk to about your financial situation? A mentor can help guide you and hold you accountable.

61) Purchase a few personal finance books. Reading is such a great resource, and there are so many good personal finance books out there. Here are a few of our favorites.

62) Take free classes. Sites like Coursera and Udemy offer online classes from real colleges for free.

63) Find a financial community. Finding a community that prioritizes finances provides a huge advantage. So few people want to talk about money, but it’s holding everyone back. Maybe you find a financial class at your church or within your city, or you join the personal finance blogging community.

64) Keep a planner. Keeping a planner helps you keep your finances organized, ensuring that you never miss anything.

65) Write down your financial goals. Did you know you are over 40% more likely to accomplish a goal if you write it down first? Write down your goals and keep them somewhere visible to help keep yourself motivated. Here’s 15 financial goals to consider

66) Teach yourself something new. As we get older, we tend to stop teaching ourselves new things. Learning new skills or tasks keeps our minds sharp, which in return helps us make wise financial decisions.

67) Avoid FOMO. FOMO, or fear of missing out, can push a lot of your financial decisions if you aren’t careful. Keeping up with what everyone else has is not cheap, and you don’t want to be spending money on things that aren’t a high priority for you.

68) Listen to podcasts. Podcasts are a great way to learn about any topic. You can download podcasts for free on your phone and listen to them at the gym, in the car, or while at work.

69) Hold yourself accountable. Don’t let yourself slack on meeting your goals. Figure out how you can hold yourself accountable. Maybe you need to set small incentives for yourself, or maybe you need to find an accountability partner.

70) Stay healthy. By eating well, working out, and sleeping plenty, you are helping to lower your overall healthcare costs.

Perfect Your Budget

 
71) Always pay your bills on time. To avoid late fees or a potential negative impact on your credit score, it’s important to pay all of your bills on time.

72) Practice good record keeping. You want to be sure to always keep receipts and organize your finances. In case a mistake was made on a bill or taxes, you want to ensure that you have proof and documentation of each situation.

73) Track your net worth. Your net worth gives you a snapshot of where you stand financially. We recommend using the free Personal Finance app.

74) Cancel services that aren’t a priority. You can cancel services like cable, subscription boxes, and magazines to save money.

75) Analyze your budget every month. No two months are the same, and you won’t have a perfect budget right away. It takes some trial and error, especially in the beginning. You may find you regularly have a higher spending in one specific budgeting category and need to reallocate money to that.

76) Use a cash-only budget if you do not respond well to credit cards. Some people find credit cards too tempting. If you have racked up credit card debt in the past, it may be better for you to stick to an all-cash budget.

77) Figure out which budgeting system works best for you. Some people like to write their budget with pen and paper. Other people prefer spreadsheets or apps. However you decide to do it, the important thing is to just track your finances.

78) Like spreadsheets? Use our free automated budget tracker spreadsheet to keep track of your finances.

79) Use Personal Capital. Personal Capital is a financial software that puts all of your finances in one place. It essentially gives you a snapshot of your overall financial health. And it is free to sign up.

80) Learn to say no. Saying yes to everyone can result in a lot of unexpected expenses and can cause you to stress. By learning to say no, you are able to dedicate your time and money to things that are truly valuable to you.

81) Negotiate your bills. A quick phone call to your providers can save you money every month. You can negotiate almost any bill, including cable, car insurance, and internet.

82) Enroll in autopay. Autopay is an easy way to make sure all of your bills are paid. Some bills, like federal student loans, even give you a small discount if you enroll in autopay. Plus, it saves you time.

83) Check your tax withholdings. Though it might be nice to get that big tax return every year, you are essentially giving the government an interest-free loan by doing so. You also don’t want to be on the opposite end of the spectrum and owe the government money come tax time. Double check your withholdings to make sure they are correct.

84) Talk to your significant other about finances. Whether you are newly dating or married, you need to be on the same page with your finances. Be open and honest with one another.

85) Consider how to give back. Giving money away might not seem like a typical financial tip, but by donating your time or money, you are reminding yourself of the value of a dollar while improving the lives of others.

86) Budget for fun. Your budget won’t be very successful if it’s all work and no play. Be sure to set aside some money for entertainment and hobbies.

Use Credit Wisely

 
87) Open a credit card that is a good fit for you. Everyone has different financial priorities, and it’s important to find a credit card that works best for your lifestyle. You can compare the best credit cards here.

88) Learn about credit card travel hacking. You can take free trips across the world by learning how to travel hack.

89) Don’t open up lines of credit just for the deal. How many times have you been told you could save 20% on today’s purchase by opening a credit card at the checkout line? Avoid signing up for any credit card just for its short-term rewards.

90) Keep a credit card open. You can increase your credit score by having older lines of credit, so it’s always a good idea to keep your oldest credit card open, even if you rarely use it.

91) Have a low credit utilization. Credit utilization is another factor that makes up your credit score. By utilizing a small amount of the total credit available to you, you are working to increase your credit score.

92) Monitor your credit score. You can have peace of mind by monitoring your credit score with Credit Sesame.

93) And your credit report. According to the FTC, 1 in 3 consumers find an error on their credit report. An error on your credit report could result in a lower credit score, which may be costing you money by increasing the cost of borrowing. By checking your credit score, you are protecting your finances.

Secure Yourself

 
94) Get life insurance. Even if you are young, you never know what could happen. Life insurance is a way of providing financial security and peace of mind to your family. If you don’t already have life insurance, you can get a free quote to see how much it would cost for various levels of coverage.

95) Backup your computer. If your computer crashes, you might not realize what you have lost until it is gone. To prevent losing important data, backup your computer files regularly.

96) Keep important files in a safe place. You want to make sure you have all of your most important and private files locked away in a fireproof safe.

97) Get a will. Writing a will isn’t a fun thing to do, but failure to do so can result in big financial consequences for your family should something happen to you. You can contact a lawyer to start the process.

98) Compare your insurance premiums. If you have adequate money saved in an emergency fund, then it doesn’t make sense to pay extra in premiums to have a lower deductible. Consider the effects of having a higher versus a lower deductible, and you will be able to save money while still securing yourself.

99) Give instructions to your loved ones. If something were to happen to you, you will want your loved ones to have access to all of your important documents.

100) Change your account passwords frequently. You do not want to risk anyone getting access to your private information. You can prevent this by changing your account passwords frequently.

 
 
What are your best financial tips? Which of these tips has made the biggest impact on your finances?
 
 

I thrive when I have actionable items that I can work on.

This directly translates to money and finance. Making money, saving money, and managing money are things that everyone has to deal with.

But dealing with money can be daunting if it’s not broken down into actionable tasks. That’s why I decided to write a post about 40+ ways to improve your finances this month.

There’s many things you can do over the next year, two years, or ten years to get in a better spot financially. But what about this month?

My goal with this post was to provide a list of things that you can take action on within the next few weeks to improve your finances. Some will take longer than others, but all can at least be started this month.

1) Start Tracking Your Income & Expenses

 
Tracking your income and expenses can have a huge impact on your finances. When my wife and I started to track our income and expenses years ago, we immediately felt freedom by having a record of exactly how much we were making and how much we were spending. The sooner you start, the sooner you can make adjustments to how you spend and manage your money.

After years of doing a manual budget spreadsheet, I finally created an automated approach. You can grab my free automated budget spreadsheet here. It uses Tiller which is an awesome new tool that automatically formats all your data into one uniform format. I highly recommend it.

2) Start Tracking Your Net Worth

 
It was long after I started tracking my spending that I started to track my net worth. To be honest it can be a bit deflating for millennials to track their net worth, especially if they are buried in student loans (and other debt).

Regardless of how you will feel about your net worth, it can beneficial to track it. An easy way to track your net worth (automatically) is Personal Capital. Personal Capital is a free service use myself. Once you link all your accounts it’s super easy to go in monthly, quarterly, or annually to check your progress.

3) Review Your Debt

 
So you know what your net worth is because you set up a free account on Personal Capital, but I would encourage you to not stop there. Instead, dig deeper into your debt. Not all debt is equal. There’s a big difference between credit card debt with a 20% interest rate and a mortgage with a 3% interest rate.

My wife and I keep tabs on our debt using a simple spreadsheet. We list out what company owns the debt, what it was for, what the interest rate is, and what the outstanding balance is. We pay off the higher-interest debt first and some debt we put nothing extra towards (like our mortgage with a 3.15% interest rate).

I put together a free debt payoff spreadsheet that will help you estimate how long it will take you to pay off your debt based on the size of your payment each month. If you have student loans, I created a free student loan spreadsheet with a ton of tools and resources within it, which goes hand-in-hand with my book Student Loan Solution: 5 Steps to Take Control of Your Student Loans and Financial Life.

4) Make a Debt Repayment Plan

 
A debt repayment plan essentially maps out exactly how you plan on paying off your debt. It can include details like which debt you will pay off first, changes you will make in spending to pay off debt faster, or how you will increase your income to pay off debt faster (which is the basis of my book Hustle Away Debt).

While making a plan, think of actionable things that you can do today to lower your overall debt load. For example, should you consider a different repayment plan for your student loans? If you are in credit card debt, have you looked into moving them onto a 0% transfer card?

Once you have a plan created read this post to increase your chances of sticking to your plan.

5) Start Using a Calendar

 
The saying “time is money” is true: your income is constrained by your time. The biggest issue people run into when starting side hustles is the lack of time and inability to fit it into their schedule.

I use a calendar religiously and it’s really helped me juggle my full-time job, my side hustles (blogging, speaking, creating products), and everything else in my life. I use Google Calendar, but I encourage people to use whatever works for them. You may find my time tracking spreadsheet useful.

Having your time under control – and spending your time on the things that matter to you – can only help your finances.

6) Start Contributing to an HSA

 
If you have a Health Savings Account, or HSA for short, and aren’t contributing to it, you should start ASAP. HSAs are like IRAs, but on steroids (no pun intended) because you can use them both as an IRA in retirement or you can use them to pay medical bills, tax free, until the day you die.

I’ve talked to countless millennials who have HSAs through their employer but who are not contributing. Some of them say they simply do not have many medical expenses so there is no reason to. To that I say – that’s the best time to build up your medical emergency fund! Plus you can invest your funds and withdraw them in retirement, similar to a standard IRA (but better). I have a stretch goal of eventually having a $100k+ HSA.

7) Start Tracking Your Donations

 
When it comes to taxes you really need to keep good documentation. Some of this is done automatically through an employer or company you have a student loan through, but some of it falls on your plate.

Take donations as an example. Many people donate both money and physical goods, but how many actually keep detailed records? If you don’t have a record of your donations, you won’t be able to write them off.

Next time you go to goodwill or donate to a cause, keep detailed records of your donation. For physical goods, having details of exactly what you donated will help you calculate your write-off come tax time (and help if you ever are audited). If you really want to track donations properly, take a picture of the physical goods you donate. Make sure you get a tax receipt, both when you donate physical goods or when you make monetary donations.

Changes to the tax code last year make this less important as a majority of people take the standard deduction, but if there is potentially you will itemize your deductions its important to have this documentation.

8) Review Retirement Options

 
If you don’t already contribute to a retirement account, it’s time to start. And even if you do already contribute to a retirement account, it never hurts to evaluate how much you are contributing and whether you can/should increase the amount.

If you have the option, a 401k is a good place to start saving for retirement. Make sure you check and see whether your employer matches your contributions up to a certain percentage. If they do, make sure that you contribute at least enough to max out the employer match – anything less is leaving money on the table.

For those who do not have retirement account options through work, consider opening an IRA. A regular IRA gives you tax protection today but taxes you when you withdraw funds. A Roth IRA is after-tax money and does not protect you from taxes today, but you will not be taxed when you withdraw funds in retirement. Both have their advantages; the important thing to do is get started!

Don’t just stop at contributing – make sure you are putting your money in the best funds. Here is a free spreadsheet that will help you analyze your retirement account options.

9) Review Your Fees

 
Do you know how much you are losing in fees in your retirement account? Taking it a step further, do you know if you are paying the lowest possible fees on your retirement account?

Most people don’t think about management fees when it comes to their investments. After all, the difference between 0.5% or 2% seems minimal. The difference can actually be huge: 33% difference in savings after 30 years!

Again, using the free spreadsheet to analyze your retirement account options can help you avoid putting (and keeping) money in funds that gouge you on the fee front.

10) Get Life Insurance

 
If you are married and/or have children, you need life insurance. This is especially true if you have debt or if your spouse relies on your income.

Life insurance is an easy thing to put off. I put it off for more than 2 years – it always seemed to fall at the bottom of my to-do list. Finally I went through Policy Genius to get quotes online and see what my options are.

11) Write down your goals and get motivated

 
What are you working towards this month? This year? Five years from now?

Taking 10-30 minutes and setting goals can have a huge impact on your finances long-term. Once you have them written down you are much more likely to follow through with them.

Need ideas? Here’s 100 goals to focus on for a successful year.

Some goals – like paying off $100k of debt – are daunting. Breaking your goals down into achievable, actionable sub-goals can be a good approach. For example I made a goal out of college to make $1,000+ each month in side hustle income to offset my wife and my student loans. From there I broke it down even further into things I could do (start a blog, Excel spreadsheet consulting, freelance write) to make extra money each month.

12) Review Salary Data & Consider a Job Change

 
In my book Hustle Away Debt one of the things on the “Pre-Hustle Checklist” is see if there is an opportunity to make more at your 9-5. After all, in many jobs you will be working (close) to the same hours regardless of what level you sit at. Making an extra $10,000 at your day job may be a whole lot easier than making an extra $10,000 at a side hustle.

Two things I recommend everyone consider doing on a regular basis is review salary data on sites like Glassdoor and PayScale, and look at job openings at the next level. Salary data may reveal that you are getting paid lower than you should be, or that other employers pay a lot more than your company for similar positions (here’s how you can find and compare salary data). Looking at job openings helps you recognize the skills and experience hiring managers are looking for at the next level. You can develop those skills now so you are prepared when you are applying for those jobs.

13) Create or Update your LinkedIn Profile

 
Love it or hate it, LinkedIn can help you get job opportunities that otherwise wouldn’t come your way. Many recruiters spend countless hours looking at LinkedIn profiles. Not having a presence on LinkedIn could be costing you.

Even if you aren’t looking for a job, you never know what the future holds. There may be a shakeup in management and you could get caught in the cross-hairs. Even if you retain your job, you may not be fond of who you are reporting to or what your new duties are. Building connections on LinkedIn, particularly recruiters, could benefit you down the road. To get you started, here’s 15 in-demand skills that improve your LinkedIn.

14) Update your Resume

 
We’ve all been there. There is a job opportunity that comes up, and you need to submit a resume. But you haven’t updated it in years. You may even struggle to find an old copy of it on your computer!

Regularly updating your resume – every six months to a year – can make your life a lot easier. Beyond that it will show you gaps or areas for improvement. Is your resume unimpressive in the management/leadership area? How can you improve that over the next year?

While updating your resume may not directly improve your finances this month, it’s hard to argue that it won’t improve your finances long-term.

15) Meet with a Recruiter

 
If you’ve been at the same company for 5+ years, you likely would benefit from talking to a recruiter. Whether it’s a recruiter at another company you are interested in or a recruiter from a recruiting company like Robert Half, they typically have a lot of insight into what hiring managers are looking for in new hires.

Even if you don’t have plans of leaving your employer it can be beneficial to have another contact and hear what other employers compensation and career track is for your area of expertise. At the very least it gets your resume in front of another person – and someone who works directly with hiring managers, at that.

16) Attend a Networking Event – or Network 1:1

 
Networking events aren’t for everyone, but they can lead to good connections. Another option is to find people who work for companies you are interested in and setting up 1:1s with them. It may take some extra effort, but most people are open to meeting with others who work in their same field.

Finally something we can all do is keep up our current network. Think about a handful of people you’d like to stay connected with long-term, and schedule some time to get coffee with them and catch up. You never know what opportunities they may be aware of, or how you can help each other out down the road.

17) Start a Side Hustle

 
For those who are unfamiliar, side hustles are essentially any way to make money in addition to your 9-5 income. It can be as simple as working a retail job on the weekend, or as complex as creating a product that you have manufactured in China and sold on Amazon. Ultimately, though, side hustles are meant to help you increase your income so you have more money to reach your financial goals faster.

As student loans become a bigger burden and the overall debt people hold becomes higher, a 9-5 sometimes just won’t cut it. A side hustle like starting a blog, freelance writing, or selling on Etsy has the potential to give you the income you need to make your goals a reality. The important thing to do is to get started!

Here is a huge post I put together that lists 50+ online and at-home side hustles. You may also be interested in checking out this list of 15 hobbies and interests that can be profitable side hustles, or this post on how to start a blog side hustle.

18) Use Cash Back Apps

 
If you don’t feel like you have time to start a full-blown side hustle, there are a number of simple, easy, and non-consuming ways to make a little bit of extra money online each month. If you stick with them long-term you should make a small amount of extra money for very little effort – all from the comfort of your home.

One of the ways to do this is through cash back apps. There are a number of them, but a few I keep going back to are Ebates, swagbucks, and BeFrugal.

Here’s a list of 10+ cash back apps to check out. If you use the links in that post to sign up you can get $40+ in sign-up bonuses for the first five on the list.

19) Rent part of your house

 
I get it: it’s nice to not have roommates or renters. But honestly if you are single this can be a really great way to improve your finances. If you have a big enough house with enough extra bedrooms your rental income may even be high enough to cover the entire mortgage!

Because my wife and I are always looking for ways to increase and diversify our income, my wife and I rent out part of our basement. It’s laid out as a studio apartment and the rental income has been great the past five-plus years.

Of course renting out part of your house or getting a roommate may not be an option for you, but if you do have the space it can be a great way to increase your income and cut your expenses at the same time.

20) Work on a skill

 
It’s no question that employers are looking for skilled workers. So what is one way to make yourself more in-demand and, potentially, paid more? Learn new skills and continue to improve the ones you already have.

One of my favorite benefits of side hustles are that they offer you the opportunity to improve your skills. For example I have done some Excel Spreadsheet freelancing, and it not only provided me with extra income but also improved skills that I use at my 9-5. A win-win!

If one of your goals is to focus on self-improvement this year, working on your skill set is a great way to help your finances. For example, many programmers are primarily self-taught. They took the initiative to learn how to code and that has allowed them to land jobs in a very lucrative career path. With all the courses and free content available online these days you can learn and improve virtually any skill you desire.

Here are 15 skills that will help you make more money and 10 skills that can help you make money online.

And a final note that this doesn’t need to have anything to do with your 9-5. It could be a way to make more money through a side income, but it doesn’t have to be. Sometimes learning a new skill won’t directly impact your finances, but it can make your life more enjoyable. I’m learning French but I don’t foresee it having any monetary return.

21) Sell your stuff

 
I am a big fan of Gary Vaynerchuk, the entrepreneur and marketing guru. One thing he talked about recently was how some people will say “if I just an extra $500, $1,000, or $2,000 dollars I could do (fill in blank).” His suggestion was to go through everything you own and make a pile of things you can sell.

This is really great advice for someone who wants some extra money but doesn’t want to start a side hustle. You can sell your stuff on Craigslist, at a garage sale, or on eBay. You can even take it a step further and go to garage sales and flip things for a profit (one of my neighbors did this full-time with furniture).

So if you want to improve your finances this month, consider spending a weekend going through everything and selling it online or by hosting a garage sale. It can be a good way to practice minimalism as well as make some extra money.To help you start brainstorming, here’s 15 household items you could sell today for extra money.

22) Use Credit Card Rewards

 
When used appropriately, credit cards can provide you with cash back and travel rewards that will save you money. One credit card (actually the card I recommend as a first credit card) has provided my wife and I with cash back that we turned into Starbucks and Chipotle gift cards. I am not exaggerating when I say we’ve saved over $1,000 over the years.

Cash back rewards are good, but I’ve also saved a lot of money on travel as well. Here’s a post I wrote about saving money on flights and other expenses using an airline credit card and a general way to save money on travel using credit cards.

23) Set Up Automatic Savings

 
Building an emergency fund can be daunting, especially if you are in a lot of debt and want to make payments towards your debt as well. Nevertheless, having an emergency fund is essential, especially if you are in debt, because it helps you avoid having to go into debt if an emergency arises.

There’s a couple of ways to build up an emergency fund that take the pain and guesswork out of the equation. My personal recommendation is that anyone looking to build up their savings should set up automatic fund transfers from their checking to savings. This can be set up to align with when your paycheck hits your checking account. With money moving automatically you have less of a “choice” to save and are, in a way, forced to continue to save.

I am a huge fan of CIT Bank’s high yield savings account, and wish I had made the switch sooner. It’s a great place to put your emergency fund, or to build one. Here’s a post I wrote about building an emergency fund $100 at a time.

24) Review Your Spending

 
I suggested recording all your income and expenses, either in a spreadsheet, app, or whatever works for you. Once you have that data it’s time to analyze and adjust your spending.

Perhaps you didn’t realize you were spending so much money eating out each month. Or maybe it’s another spending area – like home improvement projects – that are costing you more than you’d like each month.

Once you recognize areas that you would like to change, the next step is to actually make those changes. Be conscious of where you are spending your money and consider rewarding yourself for successful adjusting your spending habits.

25) Cancel Subscriptions

 
With all the subscription options available today, it can be easy to forget about just how many subscriptions you have – and whether you are even actively using them.

Consider taking some time this month (put it on your calendar) to review all the things you are subscribed to. From magazines to subscription boxes, you may be surprised just how much you pay in subscription fees. (Here’s how I get magazine subscriptions for free).

Cable is always the big one, and for good reason: many people pay $100+ every single month for cable and internet. With more and more lower-cost entertainment options it may be time to evaluate whether you really need cable, or if you’d be better off cutting the cord and using a lower-cost option for your entertainment needs. I was happy to cut cable not only for the savings, but also to not waste my time playing the cable company’s games anymore!

26) Coupon

 
My wife and I have saved thousands the past few years using coupons on things we would have bought anyway. If you are struggling to save money I would encourage you to consider spending an hour or two a week couponing. The savings may be worth it.

Retailers and brands face fierce competition, and coupons are one way they can differentiate themselves from their rivals. Even when my wife and I go out to eat or get ice cream, we almost always have some sort of coupon to bring down the cost.

There are many sites like Target.com, Redplum.com, and Coupons.com that provide printable coupons. The fact they are online makes it easy to sort and filter only on the products you care about. There are also apps like Ibotta that offer additional savings (without having to physically print anything).

27) Plan Your Meals

 
Meal-planning is another way my wife and I save time and money. If you don’t already plan your meals, I would recommend you start for the benefits you’ll gain both in only buying food you will actually eat and not having to think “what should I have tonight?”

My wife and I plan two weeks at a time, but you can do just one week or take it further and plan a full month. Remember, this doesn’t mean you can’t change your mind later on. Being flexible is key, but the fact that you took the time to plan out your meals makes you more likely to stick to the plan. Your wallet will thank you.

28) Make a Grocery List

 
Along with meal-planning and couponing, making a grocery list is the third way you can cut down on the amount you spend on groceries and eating out at restaurants.

A good way to integrate all three is by first planning out what meals you want to have. Next, look for coupons that line up with those meals. Add anything else to your list (i.e. paper towels, toiletries, other household goods) and look for coupons for those as well. Finally make your grocery list.

Following this strategy will help you only buy the things you need and not purchase things because there are coupons for them. You will also cut down on the number of items you add to your cart simply because they caught your eye as you were going through the grocery store.

29) Brew Coffee at Home

 
I know a number of people who get Starbucks or Caribou every single day. While I’m not opposed to getting coffee from Starbucks every once in a while, I try to limit it as much as possible.

If you’re looking to save money and you find yourself going through the Starbucks drive-through frequently, brewing coffee at home can be a big win from a financial perspective. It also could save you time as it’s relatively quick and easy to brew coffee at home versus stopping by Starbucks in the morning.

30) Bring your Lunch to Work

 
When I was an intern I made a really dumb financial decision: I bought a salad at work every day. I’m not talking cheap salads. I’m talking $5-$8 salads. To put this in perspective I could get $2 or $3 bags of salad at the store and make 2 big salads per bag.

I certainly can understand the draw of purchasing your lunch at work. It’s so easy! Hauling tupperware to and from work each day isn’t fun. But the money you can save is real and can have an impact when we talk in terms of months or years.

Another reason my wife and I plan our meals is because we try to plan dinners that will have leftovers for lunch the next day. Lo mein, pasta, pizza, stir fry, salad…there’s a ton of options. Bringing our lunches to work has saved us thousands the past few years, and I’d recommend you give it a try if you are looking to improve your finances this month.

31) Put Off a Purchase (Big or Small!)

 
A piece of financial advice I like to use is “run your personal finances like a business.” With my six years of corporate finance and accounting experience I have seen many great parallels.

One of these parallels is this: delaying spend can be a big financial win. If a business is trying to hit financial targets for a quarter or a year one of the things that is almost always considered is delaying spend. And most times the result is better financial performance.

In the same way you can delay spend with your personal finances, with good results. It isn’t always the easiest thing to do, but putting off big purchases can typically result in better finances. Whether you are delaying the purchase of your next car, that bathroom/kitchen/basement renovation you’ve been wanting to do, or new shoes, delaying these purchases typically doesn’t greatly hurt your quality of life and can sometimes greatly improve your finances. Here is one strategy that immediately limits spending.

32) Go On a No-Spend Challenge

 
Have you considered going on a no-spend challenge? This may sound like an extreme measure, but it can work similar to the “delayed” spending tactic. If you force yourself to not spend money in a given week, month, etc., you by default must find a way to get by with what you have.

A lot of people do this with food. If you feel like your cupboards, fridge, and freezer are packed, but you constantly have food going bad before you can eat it, a no-spend challenge can force you to really look at what food you have on hand and eat that rather than purchase more food. Here’s why you should consider a no-spend challenge

33) Create a Student Loan Repayment Strategy

 
With over $1.4 trillion in outstanding student loan debt in the United States, student loans are a big problem. It doesn’t help that repayment plans and opportunities for loan forgiveness are complicated to navigate.

There are some authors and speakers in the personal finance space who don’t even mention income-driven repayment, or opportunities for loan forgiveness. This is a huge disservice to people who could greatly benefit from these. In certain situations, Public Service Loan Forgiveness can make a massive difference in someone’s finances.

If you don’t have a student loan repayment strategy, consider purchasing (or getting from your library) my book Student Loan Solution: 5 Steps to Take Control of Your Student Loans and Financial Life.

34) Go the DIY Route

 
I have a friend who has Summers off because he is a teacher. He tries to do one bigger home project each Summer. It’s the ideal time, as he has plenty of time to go through the project slowly and go the DIY route in virtually every aspect of the project.

A couple years ago he renovated their bathroom. He took everything down to the studs and even redid the wiring with the help of one of his relatives. The project ended up great and saved him anywhere from $5k – $25k.

While we may not all be able to go to the DIY route, it can be a good option for saving money. If you have extra time and aren’t pursuing other side hustles with your spare time, you can potentially save thousands or tens of thousands of dollars that otherwise would go to contractors. Consider the DIY route for your next project and see if you have the time and capacity to make it happen.

35) Read a Book about Personal Finance

 
I think of financial literacy as a lifetime learning program: there’s always more to learn. There are so many books out there about personal finance. Literally thousands upon thousands! So how do yo pick one? Here’s my list of personal finance books for millennials.

36) Take a Personal Finance Course

 
Courses are becoming more and more popular. There are courses on virtually every financial topic, like investing and budgeting, but there are also general personal finance courses. If I had to recommend just one it would be Tara Falcone’s MONEY course, which has over 75 modules and covers a wide variety of personal finance topics. You can learn more about her course here.

37) Learn about Tax Strategies

 
We’ve already mentioned HSA, retirement accounts, and recording all your donations, but typically most people don’t think about taxes as a way to save money. In reality if you are strategic about the opportunities given to you (i.e. 401k, HSA, etc.) that can save you money on taxes, you could greatly lower your tax bill at year-end.

A lot of tax savings has to be done over the course of a year. If you take some time this month to look into ways to lower your taxes, you may be surprised at how little you are actively doing to lower your tax bill. With our complicated tax code it’s natural to not want to deal with it or think about it except at year end.

I encourage you to take some time to analyze your tax strategy this month. And if you don’t have a “tax strategy”, consider creating one. Here’s a list of some tax-advantaged accounts.

38) Subscribe to Young Adult Money’s weekly newsletter

 
Can you blame for including a plug here :) I’ve started to put more time and energy towards our newsletter, and it can give you a quick recap of what posts were new the past week as well as other news and links to popular posts.

We are really committed at Young Adult Money to helping you make more, save more, and live better. Who doesn’t want those three things? Fill out the form below to join our community:

39) Work Out on a Regular Basis

 
The statistics don’t lie: Americans aren’t the healthiest. While there are two sides to the health equation, both eating healthier and getting more exercise, I wanted to specifically call out working out on a regular basis as a way to improve your finances.

I won’t bore you with countless stats on how exercising makes you healthier and at lower risk for various diseases. We’ve all heard this. But one thing I’ve noticed about exercise is that it really is about getting in the habit of making time for it. Once you are in the habit of going to the gym or exercising outside a few times a week, it does get easier.

There are some health conditions that simply can’t be prevented by exercise. I had two sinus surgeries and it had little to do with how many days I went to the gym. With that being said, if you can improve your health in general and in turn save money, it’s a good way to kill two birds with one stone.

40) Minimize Stress

 
My wife will probably read this tip and say “listen to your own advice!” I’m not the best when it comes to handling stress, but I do recognize that when I am calm and feel like I have control over a situation I generally handle situations better. This obviously has an impact on my job performance, side hustle performance, and ability to make wise financial decisions.

It’s incredible the amount of stress people are under from demands at work, packed schedules, lack of sleep, and anxiety in general. Some people have huge expectations put on them by others, while some put the expectations on themselves. It’s important to identify the source of stress and decide what you can do about it.

Most people, especially those in their 20s and 30s, have some sort of financial stress. For some it can become crushing. That’s why I am so passionate about financial literacy and proposing side hustles as a way to be proactive about taming debt and getting in a better spot financially.

Regardless of what your source of stress is, take some time this month to acknowledge the source or your stress. List out exactly what you can do to deal with it better and/or minimize the underlying issue.

 
 
What will you do this month to improve your finances?