Little Ways to Save Big Bucks for Millennials
Little Ways to Save Big Bucks for Millennials

Parents Plan To Spend More On Prom This Year

By Fender Lowex

With high school graduation quickly approaching, most seniors are already gearing up for their prom. While this can be a very formative and memorable event in any young adult’s life, that doesn’t mean you need to go into debt paying for it.

Rising Cost Of Prom

A recent report from Visa shows that the average amount of money an American household spends on a single prom has risen 33.6 percent from 2021. As a result, this has pushed the average cost to an estimated $1,078, up from $807 last year.

Different Spending Habits Between Income Groups

The report noted that there was a significant rift between the prom-oriented spending habits of different income brackets. Specifically, households that make between $20,000 and $29,999 will spend a baffling $2,635 on prom night expenses. In addition, the next highest group makes less than $20,000 per year and plans to spend roughly $1,200. In contrast, families that make between $40,000 and $49,999 will spend the least, at an average of $695.

Who Is Absorbing The Rising Cost?

The report indicated that parents plan to pay for 61 percent of prom expenses, while their children will only be responsible for the remaining 39 percent. Experts believe that televised red carpet events and reality shows are two driving social influences that may be responsible for the surge in the cost of the average high school prom night.

Regionally, households in the Northeast plan to spend the most at an average $1,944 per child, while Southern families claim they will spend the next highest at $1,047. Meanwhile, families in the West and Midwest plan to spend $744 and $696 on prom, respectively.

While you may think that it’s reasonable to spend a lot of money to please your child, if the expense doesn’t fit your overall budget, try to refrain. Overspending on prom, and subsequently needing a payday loan advance to cover your monthly bills, may give your child short-term satisfaction, but it can hurt your financial future.…

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Financial Fundamentals You Should Always Keep In Mind

By Fender Lowex

As your financial situation changes over the years, so too can the way you handle it. There are a few fundamental ways to treat your money that are a sure way to pave your path to financial success.

Define What You Need Versus What You Want

A human being needs very few things to actually survive: food, shelter and clothing. Technically speaking, anything more than this can be defined as something you want. But if you have limited money, you need to start making sound financial decisions about what extra products and services you purchase. If you don’t, you could find yourself reaching for bad credit loan every time you need it. Letting your wants overpower your needs is a quick way to find yourself in troubling debt that can lead to other hardships.

Financial fundamentals with bad creditNo Matter How Much You Make, You’re Always Broke

This well-known saying doesn’t always have to come true, but the reality of it can be baffling. This is also known as the “hedonic treadmill”. To put it simply, this means if your financial situation improves, your lifestyle will also change. In turn, and you will end up spending more money than you previously did, because you can justify spending more cash.

For example, if you get a pay raise at work, you could go out and buy a nicer car, more expensive clothing or move into a larger home. However, once these craving are met, and you come down off of the high of making these upgrades, you will find yourself where you started.

Understand Opportunity Costs

Every major decision you make about spending money often comes with an added cost, but this may not be exactly what you think. An opportunity cost is missing out on an alternate situation as a result of a decision you make. While this can be applied to many areas of your life, it’s especially important when it comes to your long-term financial planning.

For example, if you make the decision to invest in going to college, the opportunity cost of choosing this option is that you will miss out on roughly four years of working. However, in the big picture, this choice can earn you more in the future.…

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Price Tag Of Healthcare Rising Fast

By Fender Lowex

Price Tag Of Healthcare Rising FastHealthcare can be very expensive, especially if you don’t have insurance. If you encounter a medical emergency that you are unable to pay for right away, you should consider using a cash loan to help cover the cost. This is especially recommended since the the cost of medical care is quickly rising.

Healthcare Expenses On The Rise

A recent study conducted by Deloitte indicated that Americans spent an estimated $363 million on healthcare during the course of 2022. This is a 14.7 percent increase from just four years earlier, and this rate of inflation isn’t expected to slow anytime soon.

Cutting Into Household Budgets

As a result, experts say the medical expenses are quickly delving into other areas of consumers’ budgets, leaving them unable to meet additional financial demands. During the first quarter of 2022 alone, the average family of four spend nearly $1,000 on out of pocket medical expenses, which is a 3.3 percent increase from a year earlier, according to a report from Palo Alto-based Simplee.

Meanwhile, for American families who are insured, healthcare premiums rose 9 percent in 2021 from the previous year to an average annual payment of $15,073, according to the Kaiser Family Foundation. However, most employers covered nearly 72 percent of this cost, which still left household with an annual tab of roughly $4,000.…

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Saving money can be difficult

By Fender Lowex

but there are some small changes you can make to your everyday life that can help the process. Major changes to your lifestyle, such as moving to a more affordable home or finding a job with higher pay, can free up a ton a cash. But accomplishing these feats is often difficult. Instead, here are a few small adjustments you can make that may not seem like a lot at first, but can save you lots of money over time.
Cook in Your Own Kitchen

Eating at a restaurant is a nice experience. However, if you do it too often, it can add a lot of pressure to your budget, and leave you reaching for an advance loan to cover an unexpected bill. In fact, changing your dining out habits can save so much money, that a majority of American are catching on. According to a recent survey conducted by The Harris Poll, seven in 10 Americans now cook at home more often with the sole purpose of saving money.

However, if both you and your spouse have jobs, this transition can be hard, since you are both busy. Instead, try to stop eating at restaurants slowly, and start cooking at home at a higher frequency once you find a routine that suits your lifestyle.
Brew Your Own Coffee

The cost of a single cup of coffee may not seem like a lot individually, but if these expenses occur every day, it can really add up. The price of coffee is expected to increase in the coming years. This is why brewing your own supply at home can help you save big now and in the future.
Write it All Down Before You Hit the Grocery Store

If you head to the supermarket without laying out exactly what you need, you can end up wasting money. Not being aware of what products you need can lead to impulse purchases and may cause you to overspend. If you forget a crucial item, you can waste even more money driving back to the store to pick it up.

Additionally, rather than buying expensive brand names, opt for generic alternatives. Not only are these items priced 30 percent lower on average, the taste and quality is often the same as their counterparts.…

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