If you want to be a shining example for your kids, credit monitoring can help. Building your credit is easier than you think. It starts with knowing and understanding your score, creating goals, and then monitoring your credit as you take steps to build it.

Why is it important to teach kids about budgeting?

It is beneficial to teach your child about budgeting before they get a job. Even if your child already has a job, educating them on money can go a long way. These are some of the reasons it’s important to teach kids about budgeting.

Develop good money habits early on

Teaching your kids budgeting will give them a better understanding of how money works and how to manage it. Early financial education can instill good financial habits that serve them well throughout their lives.

Promote responsible financial decision-making

Your kids will get confronted with many financial decisions in their lifetimes. They will have to resist the urge to buy discretionary items to cover living expenses. Teaching your children the importance of investing can also inspire them to build their portfolios early instead of waiting until later to get started.

Foster independence and self-sufficiency

Money is one of the most important resources for people’s livelihoods. The amount of money people have impacts their opportunities, the type of neighborhood they live in, and whether they can cover emergency expenses. Teaching your children about budgeting can make them self-sufficient and help them live more enjoyable lives.

Fun and meaningful age-appropriate budgeting activities

You can teach budgeting to your kid through various strategies. You don’t want to make it too complicated. It’s also important to teach your kid in a way that makes learning about money enjoyable. These are some ideas for teaching your kid about budgeting based on their age.

Young children (ages 4-7)

Young children can learn about budgeting, but you have to focus on the basics. Teaching them these lessons early on will set them up for more budgeting lessons in the future.

• Use piggy banks and allowance jars or envelopes: A piggyback acts as a savings account, while the allowance jars or envelopes act as a checking account. You can teach your child that they must put more money in the piggyback than they get in an allowance jar or envelope.
• Basic counting and saving skills: Use small dollar amounts to illustrate concepts. For instance, you can ask your child how many $4 items they can buy with a $10 bill. You can then explain to them that they can save the remaining $2 if they buy two items or save $6 if they only buy one item. 

Pre-teens (ages 8-12)

You can teach a pre-teen more about budgeting once they have mastered the basics.

• Create a simple budget for wants and needs: Teach your child how to allocate expenses for necessities like food and wants like toys. You can use smaller numbers for the needs and wants to avoid overwhelming your kid.
• Introduce basic financial terms (income, expenses, savings): Mention how income, expenses, and savings differ. Income is what you make, expenses are what you spend, and savings is your money after expenses.
• Encourage goal-setting and saving for desired items: If your child wants to save for an item, you can help them map out a path to earning that item. If you give your child a $10 weekly allowance and the item costs $100, you can explain how saving for 10 weeks will give them the necessary $100.
• Grocery shopping game: You can take your child to the grocery store and give them some money to spend. Your child has to decide what to buy with the money you have given them.

Teens (ages 13-18)

When your child becomes a teen, it is important to educate them on resources and long-term financial strategies. Here are some of the areas you can cover:

• Introduce budgeting apps and tools: Budgeting resources can give your child a better overview of their finances and help them stay sharp with their money.
• Teach the importance of tracking expenses: Share examples of what happens when people do not track their expenses. You should also share instances of people who track their expenses and achieve their financial goals.
• Discuss long-term financial goals and college savings: Teach your child how to think ahead with their budget. Their financial needs aren’t so much now, but they will have more expenses when they go to college and raise their own families. You can give them this education now so they are prepared for more of life’s challenges.

Tips for teaching kids about money

It is important to teach your children about money early. Following these tips can make it more enjoyable for both of you and ensure good money habits stick.

Encourage open discussions about money and financial decisions

Encouraging open conversations about money can help you serve as a mentor to your child. Your child will come to trust you and may feel more confident to ask for your thoughts on more complicated financial situations. Each of these conversations gives you the opportunity to instill good money habits and talk about your own experiences.

Lead by example and practicing good financial habits

Children will look to you as a role model. If you have good money habits and practice them, your child is more likely to do the same. You must lead by example and show your kid what is possible for them if they develop strong money habits.

Make budgeting fun and interactive

You can give your child a budgeting worksheet that invites them to get creative. When your child has more flexibility and can decide how to allocate some funds toward certain items, budgeting can become more fun. 

Allow kids to make and learn from their own financial mistakes

It’s important for your child to experience financial mistakes and learn from the consequences of mismanaging their money. As a parent, it is easier to see financial mistakes before they happen, but your child may not know better. It’s important to let some financial mistakes happen, especially with small sums of money. That way, your child makes small mistakes and learns from them before they become big mistakes. When your child makes a financial mistake, kindly walk them through what happened and how to improve.

Guide your kid to financial success

Teaching your kid about budgeting can lead to a better life. Your child will have a better grasp of money and may be able to achieve their long-term financial goals sooner. The lessons parents teach children early have a ripple effect that can last a lifetime.

FAQ

So … what exactly is spaving?

Spaving is the concept of spending more to save more. When you think of it on its own, it doesn’t seem to make sense. But walking around any mall or going online to buy anything, you’ll see countless opportunities to spave your day away. Think: “buy more save more” events, promo thresholds (i.e., save $100 when you spend $500), and adding a few things to your cart just to reach that magical order total to unlock free shipping. All of a sudden it’s easy to see why spavers are popping up everywhere — and why credit card debt in America is at its all-time high.

The pitfalls of spaving

Once you start recognizing chances to spave, you might notice that they’re often marketed as golden opportunities to save. It’s easy to get the sense that buying more to save more makes you frugal, financially responsible, and completely sensible (“I’m going to need it all anyway, so why not add it to my cart now?!”). And, in some cases, it absolutely makes financial sense. But for many, the math doesn’t exactly work out in the consumer’s favor. But that can be tough to see in the excitement — and impulsivity — of the moment.

3 tips to avoid spaving so you can actually save money 

Here are some ways to avoid falling prey to the spaving monster, so you can be successful when it comes to saving money.

1. Set a budget and stick to it

This may not seem like revolutionary advice, but it’s tried, tested, and worth repeating. Set spending limits for different categories, such as groceries, home decor, entertainment, and clothing. Then track your expenses against that budget. Sticking to a budget encourages disciplined spending habits and discourages impulsive purchases that could upend your financial goals. By the way, this doesn’t mean you need to strip every shred of enjoyment out of your life. Sticking to a budget means that you can occasionally treat yourself to something (or a few things) extra. But staying within your budget, in the big picture, will keep you from venturing from self-care to self-sabotage. And setting up a budget is simpler than you think. 

2. Try a different activity

Retail therapy and impulse buying can feel like they’re alleviating stress in the moment, but ultimately, they only add to it once that bill shows up. Substitute shopping with alternative activities that are inexpensive or free but just as stress-relieving: from museum-strolling, to bike-riding, to volunteering. 

3. Sleep on it

Spaving often happens on an impulse. Giving yourself a designated “no-buy” period — even just waiting until the next morning — gives you more time to reflect on the potential purchase and see if you still want it once the initial rush of getting a good deal wears off. You may well find that the interest dissipates with time.

3 things you can do instead of spaving to actually save money 

1. Shop around

Sometimes a limited-time sale looks so enticing, it’s impossible to think that this life-changing deal could potentially be beaten. But in today’s ultra-competitive consumer world – especially online – that first “amazing deal” you see is often far from the best you can find, and it’s always a smart idea to shop around for a better price. There are plenty of online comparison tools and shopping apps that help you do this, especially for apparel and accessories purchases. But a good old Google search often does the trick: just put in the item name or SKU number and see what comes up. If it’s something that you need, and you decide it makes sense to buy, you might as well get it for the very best price. 

2. Play the long game

Write out a statement of your long-term financial objectives. What are you really saving for? A physical inspiration board is a good way to picture it. Take a look at it when the spaving urges hit. When you’re tempted, remember to distinguish between essential purchases and non-essential indulgences, and prioritize the former. Before deciding to splurge on something new, consider if it’s aligned with your financial objectives — and whether it’s worth sacrificing your long-term savings for immediate gratification. Practicing mindful spending in this way can help you build a robust financial safety net for the future. 

3. Set it and forget it

Implement automatic transfers from your checking account to a designed savings account on a regular basis. By automating your savings, you ensure that a portion of your income is consistently set aside for the future before you have the chance to spend it.

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

Related: Loud Budgeting: 14 Ways the TikTok Trend Is Helping Americans Save Money

Now that you’ve learned all about spaving — and when to avoid it — it’s time to put the above ideas into practice. But remember that you’re human. It’s OK to deviate from your plan sometimes, and practice self-care while staying on budget. Because the goal here isn’t to remove the joy from your life. It’s to keep you moving onward and upward toward a more secure financial future, and less stress — which is a reward that’s worth pursuing. 

Ready to take control of your financial life?

What is a financial plan?

A financial plan is a formal strategy that takes inventory of your current financial situation, sets goals for the future, and creates action steps to achieve those goals. You can create a financial plan on your own, although you can also enlist the services of a financial planner. 

Having a person to guide can be important if you’re just starting the process. However, their services can also be valuable as your strategy becomes more complex because of life insurance needs, retirement planning, and other factors.

Why is financial planning important?

Everyone needs a financial plan. Having one in place will help you take greater control of your finances. A well-developed financial plan can help you by:

• Improving the understanding of your finances
• Allowing you to set measurable and attainable future goals
• Growing your wealth through investments

Whether your dream is to pay off your student loans or retire poolside, you need a financial plan.

How to create a financial plan in 12 steps

It’s never too late or too early to start planning for your future. Here’s how to create a financial plan.

1. Assess your current financial situation

How much debt do you currently have? How much equity do you have in your home? Do you know your credit score? A quick checkup can help you understand where you currently stand, which can assist you as you chart a course for the future.

2. Set financial goals

Set a clear financial goal for yourself. Common examples include:

• Saving for retirement
• Eliminating debt
• Launching a business
• Planning a vacation

Make sure that your goals are realistic and measurable and that you have a general timeline for when you would like to achieve them.

3. Create a budget

On one side of a sheet of paper, write down all your monthly expenses. Then, on the other side, write down your monthly income. Now, take an honest look at how much you’re actually spending each month. 

Many financial experts recommend the 50-30-20 rule. This involves spending 50% of your income on your needs, spending 30% on your wants, and saving or investing the remaining 20%.

4. Track your money

Keep track of what you spend. A banking app will help you track your expenses. If you have an investment or retirement account, make sure to keep tabs on how your money is growing and be prepared to make adjustments accordingly.

5. Save for emergencies

In the U.S., nearly a quarter of people have no emergency savings. If you have no emergency fund, you’ll be forced to dip into your primary savings account or take out a loan if you experience an unexpected car repair or medical bill or other emergency.

Aim to save for three to six months’ worth of expenses. Putting your money into a high-yield savings account will also help you grow your wealth while saving for short-term emergencies.

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

6. Settle outstanding debts

Debt can hold you back in your financial planning — especially if you’re paying high interest rates on things like credit cards or auto loans. By working to eliminate debt, you’ll have more money to invest in your future goals. 

In the avalanche method of resolving debt, you pay off your largest debt first, then your second largest, and so on. Alternatively, you can use the snowball method where you pay your smallest debt before using the extra money to pay off your next debt. 

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $50,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

7. Invest for the future

Investing allows you to help grow your wealth through things like stocks, bonds, real estate, and more. The stock market has historically delivered an average rate of return of around 10%, although past performance is not a guarantee of future success. Investing is subject to risk of loss, including loss of principal. Investing in the stock market comes with risk, which investors can reduce — but not eliminate.

MoneyLion offers a fully managed portfolio that requires no management fees or minimums.

8. Plan for your retirement

Your employer may allow you to divert some of your paycheck to a retirement plan such as a 401(k). Alternatively, you can invest in an individual retirement account (IRA). 

In a traditional IRA, you can deduct your contributions from your annual income taxes, though your future withdrawals are taxed as ordinary income. In a Roth IRA, you’ll pay tax on your current contributions but not your future withdrawals. 

9. Protect your assets

You may already have homeowners insurance or auto insurance to protect your house and vehicle. Personal insurance can also protect your finances in the event of a lawsuit. Covering yourself with an insurance policy ensures that you keep your hard-earned wealth and that your family’s needs are cared for.

10. Plan for taxes

Financial planning also allows you to strategically prepare for tax season. Make sure to keep track of all your sources of income to meet your tax obligations. You may be able to reduce your tax liabilities by deducting things like charitable contributions and business expenses as well as by taking advantage of certain tax credits. These strategies can reduce your tax burden, leaving you more money to save, invest, or lower your debts.

11. Start your estate planning

Estate planning starts with creating a will so that your assets are distributed according to your wishes. You can also work with an estate planner to plan for things like business succession or a final charitable contribution. 

12. Monitor and adjust the plan as needed

Monitor your progress toward your goals by determining how much debt you have left, how much you’ve saved toward retirement, and how your investment portfolio is performing. If you’re not on track toward your goals, it’s time to repeat some of the planning steps to continue progressing.

Map your future

Creating a financial plan can help clarify your goals and create a strategy for reaching them. It may seem overwhelming, but following the above guide will help you tackle your finances one step at a time. Before you know it, you’ll be on track for a brighter financial future.

FAQ 

1. Build your emergency fund

An emergency fund is like a financial safety net for life’s surprises. Imagine having a stash of cash set aside in case you lose your job, have a medical emergency, or your car decides to call it quits. As for where to stash your emergency fund cash, a high-yield savings account is a great option to earn a bit more interest while keeping your money liquid and accessible. 

Money market accounts also offer good interest rates. Or you could ladder certificates of deposit (CDs) for potentially higher returns. The key is keeping your emergency fund separate from your other accounts so you don’t accidentally spend it for non-emergencies.

2. Pay off debts 

Paying off debt can feel like an uphill battle, but it’s freeing once you conquer it. Here’s why debt is so damaging. When you save money, you earn interest — for example, a high-yield savings account pays the saver about 4% interest in April 2024. When you owe money, you pay interest to the lender, and that rate is light-years higher than any yield you could earn. For example, mortgage interest rates run about 6%, student debt could be at 8%, and credit card debt might be anywhere from 12% to over 22%.

The key is finding a strategy that works for your unique situation and sticking to it. You could try the debt snowball method, where you pay off your smallest debts first to gain momentum and motivation. Or go for the debt avalanche approach by tackling the highest interest rates first to save the most on interest over time. Debt consolidation is another popular option — rolling multiple debts into one new loan, often with a lower interest rate and one monthly payment. 

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $50,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

3.Get your 401(k) match

When it comes to building your retirement fund, your traditional 401(k) is like your superhero sidekick. It lets you sock away part of your paycheck before paying tax on it. Your company may also match part of the money you contribute, up to a certain percentage.

The key is making sure you’re contributing enough to get the full company match. It’s usually something like a 50% or 100% match on the first 6% you put in. If you make $60,000 and your company matches 50% up to 6%, that could mean an extra $1,800 per year into your 401(k) on top of your contributions. It’s an easy way to supercharge your retirement savings without feeling it in your daily budget. 

4. Roth IRA

Here’s how a Roth IRA works — instead of getting an upfront tax break like with a traditional IRA, you contribute wages you’ve already paid taxes on. That money grows 100% tax-free, which means years down the road when you’re ready for retirement, you can withdraw all that cash without paying any tax on it. Make sure you play by the income limits to qualify. By stashing cash in a Roth, you’ll be ahead of the game when it’s time for life after work. It’s a retirement power move.

5. Start investing

Investing is like planting a money tree that could keep growing over time. Even if you don’t have tons of cash to start, putting away a little bit regularly can add up. You could invest in the stock market, choosing individual stocks or diversified exchange-traded funds; buy bonds; or invest in mutual funds. It’s easier than ever to start investing with user-friendly apps and robo-advisors that do a lot of the work for you. You can often open an account with as little as just a few bucks. The sooner you plant those first money seeds, the more time and potential they have for growth. However, growth is not a guarantee. Investing and purchasing crypto currency is subject to risk of loss, including loss of principal so if you are not sure, consider consulting an investment advisor to help build your portfolio. 

MoneyLion offers a fully managed portfolio that requires no management fees or minimums.

6. Pay for insurance

Insurance is kind of like a force field protecting you from life’s crazy curveballs. With the right insurance policies in place, you can breathe easy knowing you’ve got a safety net to cover those costs if something goes sideways. For example, home and auto insurance help protect two of your biggest investments — your house and your vehicle. Travel insurance gives you backup for delays, cancellations, or medical emergencies far from home. The key is assessing your personal risks and assets to determine what coverages make sense for your situation.

PRO TIP! Search numerous auto insurance providers to find savings in seconds.

7. College fund for your kids

Starting a college fund for your kids is like giving them a supercharged head start on their futures. Instead of them being saddled with massive student loans later, you’ll have a stash of cash just waiting to make their higher education dreams a reality.

The earlier you start squirreling away funds, the better, as it gives your money more time to grow. Even saving small amounts regularly into a tax-advantaged 529 plan can potentially blossom into tens of thousands of dollars over 18 years as the interest accumulates on top of your contributions.

8. Home renovation fund

A home renovation fund is like a piggy bank for making your dream home a reality. Instead of scrambling to cover costs when those renovation projects pop up, you’ll be ready with a dedicated stash of cash. The trick is setting up a high-yield savings account specifically for this fund, separate from your normal banking accounts. That way the money is liquid and accessible whenever you need it but safely partitioned off from your day-to-day spending. And higher interest rates will give your renovation dollars a boost while you save.

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

9. Vacation fund

A vacation fund is like a passport to adventure and relaxation. Instead of dreaming about exotic getaways, you’ll have a stash of cash saved up and ready to make your travel dreams a reality. The trick is treating your vacation savings like an essential bill you pay each month by automatically funneling money into a separate high-yield savings account. Not only does this prevent you from accidentally spending your travel cash, but higher interest rates will give your fund a little bonus boost while you save up. 

10. Start a small business

Instead of daydreaming about being your own boss, you can use your extra cash for start-up funds to realize that goal. Imagine getting to pursue your true passion, set your own schedule, and watch something you created from scratch start to flourish and grow. With seed money from your savings, you can invest in essential equipment, inventory, marketing, or whatever your budding business needs to get off the ground. If you think a loan is what you need to get started with your small business, MoneyLion can help you compare loan options.

Gotta be startin’ something

You did it! You sacrificed, scrimped, and did without, and the result is extra money that you can use to propel you toward realizing long-held dreams or pursuing new goals. The question is — which ones? The 10 ideas discussed here mark just a beginning; if you’ve been able to get to this financial pinnacle, it’s only a start in your financial ascent. You’ll soon be looking for more ideas for what to do with extra money you’ve generated. Way to go!

FAQ 

In this guide, we break down the finer details of loud budgeting, including its origination on TikTok and how it’s helping Americans take control of their money.

What is loud budgeting?

Loud budgeting is a concept where individuals are open and vocal about their money goals.

The phrase was coined by Lukas Battles, a writer and comedian known for his TikTok trends. He described it as a method for politely declining requests from friends, family, and others who pressure you to spend money.

How does loud budgeting work?

Loud budgeting involves openly declining social invitations that conflict with your financial goals and clearly communicating this reason to others. This technique encourages transparency in managing personal finances by vocalizing financial priorities.

In many ways, loud budgeting is more of a behavioral change and less of a financial change. Here’s how it works:

• You’re vocal with your financial boundaries.
• You don’t feel compelled to explain your financial decisions.
• You say no to spending money when you don’t want to — it’s that simple.

Financial-related peer pressure is real. Loud budgeting can be the solution to this social challenge. 

14 loud budgeting strategies to save money

If you’re inspired by loud budgeting and want to cut out excess spending to boost your savings, here are strategies to help you get started.

1. Eliminate unnecessary memberships

Review all your subscriptions and memberships. Identify those you rarely use and cancel them to cut costs. This simple step can significantly reduce your monthly expenses and streamline your financial commitments.

2. Perform manicures and pedicures at home

Instead of visiting salons, consider doing your manicures and pedicures at home. Purchase a basic nail care kit and follow online tutorials to achieve professional-looking results. This simple change can save you a substantial amount each month.

3. Reduce dining out; cook more at home

Minimize your restaurant visits by planning and preparing meals at home. Cooking at home not only reduces spending but also allows you to eat healthier. Start with simple recipes and gradually explore more diverse cuisines.

4. Cancel credit cards with annual fees

Assess the benefits you receive from your credit cards against their annual fees. If the benefits don’t justify the cost, cancel those cards and switch to no-fee options that still meet your needs without the extra expense.

MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences.

5. Skip professional beauty treatments

Save money by learning to perform beauty treatments at home. Numerous online resources and tutorials can teach you techniques for everything from facials to hair treatments, reducing your reliance on costly professional services.

6. Make your own coffee at home

Brewing your own coffee can lead to savings over purchasing it daily from coffee shops. Invest in a good coffee maker and experiment with different beans and brew styles to create your perfect cup.

7. Use the library for books and audiobooks

Maximize the resources at your local library. Libraries offer a vast range of books and audiobooks that you can access for free. This habit not only supports your local community but also saves you money from buying new books.

8. Avoid fast fashion; opt for sustainable clothes

Shift your shopping habits from fast fashion to sustainable clothing. Investing in higher-quality, sustainable pieces can reduce your environmental impact and lead to longer-lasting wardrobe options. Also make sure to check out opportunities to buy second-hand clothes from resale apps, like Poshmark, or your local thrift shop.

9. Find ways to increase your income

Look for opportunities to increase your income through side jobs or freelance work. A great way to get started is by assessing your skills and marketing them for additional work. Even small projects can add up to a significant amount of extra income over time.

PRO TIP! Create additional income by doing surveys and playing games.

10. Take part in no-spend week challenges

Participate in no-spend weeks to challenge your spending habits. These challenges help you identify essential expenses and cut down on unnecessary purchases, ultimately helping you boost your savings efforts.

11. Reduce overconsumption

Focus on reducing your overall consumption. Before making a purchase, consider if it’s necessary and how it fits into your life. This approach helps minimize waste and encourages more thoughtful spending.

12. Start an emergency fund in a high-yield savings account

Establish an emergency fund in a high-yield savings account. Consistently contribute a portion of your income to this fund to build a financial safety net that can cover unexpected expenses.

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

13. Buy refills only

Commit to buying refills — such as for shampoo and body wash — rather than new products when possible. This practice saves money and reduces packaging waste, supporting a more sustainable lifestyle.

14. Stop purchasing new seasonal decor

Instead of buying new decorations for each season or holiday, get creative with what you already own. This practice can unleash your creativity and significantly cut down on your seasonal spending.

How to incorporate loud budgeting into your lifestyle

For some, loud budgeting will turn into a habit. For others, it’s just a fad — although it’s a fad that can save you money while you’re doing it. 

If you’re serious about loud budgeting, you need to turn it into a habit. Here are some of the ways to do just that.

Set specific financial goals

Setting specific financial goals is a cornerstone of effective loud budgeting. By defining clear objectives, such as saving for a down payment or eliminating debt, you create a roadmap for your finances. 

This clarity motivates you to make conscious decisions about spending and saving, aligning your daily habits with your long-term financial aspirations. It also helps you measure progress, keeping you engaged and motivated to adhere to your budget.

Track your expenses regularly

Regularly tracking your expenses is vital to integrating loud budgeting into your lifestyle. By monitoring where your dollars go, you gain a clear understanding of your spending patterns and can identify areas where you can cut back. Use apps or a simple spreadsheet to record and review your expenditures weekly or monthly. 

Financial oversight of your expenses allows you to adjust your spending in real time and ensures that your financial actions align with your goals.

Seek accountability and support

Incorporating loud budgeting successfully often requires support and accountability from those around you. Share your financial goals with family or friends who can offer encouragement and hold you accountable. Having a support network makes you less likely to make impulsive financial decisions and more likely to stay on track. 

Discussing financial struggles and successes with trusted individuals can provide new insights and strengthen your resolve.

Avoid the fear of missing out (FOMO)

To truly embrace loud budgeting, it’s crucial to overcome the fear of missing out. Just because others are spending on the latest trends or dining out frequently doesn’t mean you have to follow suit. Focus on your financial goals and remember that each decision to save rather than spend brings you closer to financial independence. 

Cultivate contentment with your choices by remembering the long-term benefits of sticking to your budget and find low-cost or free ways to enjoy life without straining your finances.

It’s time to consider loud budgeting

The pressure to spend could be the one thing standing between you and financial freedom. If you’re ready to put this behind you — and take control of your finances as a result — you could turn loud budgeting into a habit. 

FAQ 

While a college degree was once the path to stable employment, that’s not the case today. Some of the wealthiest people in the world, including Meta Platforms Inc. CEO Mark Zuckerberg, Microsoft Corp. Co-Founder Bill Gates and the late founder of Apple, Steve Jobs, are all college dropouts who became highly successful entrepreneurs.

Many major names in the music industry also don’t have a formal college education, from Taylor Swift to Justin Bieber, Katy Perry, Elton John, and The Beatles. 

While that is a list of superstars, many average people can make an above-average salary without a college degree. Below are jobs that pay $50k a year without a degree to help you launch a career without years of education or major debt. 

24 jobs that pay $50K a year without a degree

Getting a good job without a degree is like making a soufflé — it takes some serious effort and skill, but with the right ingredients and a bit of practice, you can whip up something truly impressive. It’s totally possible to land a great job without a degree, but it doesn’t automatically happen. 

You’ll have to put in hard work, develop the necessary skills, and show employers you’re worth hiring. You may also need to start with a lower salary before working your way up. But with a bit of perseverance and determination, you can rise to the top and achieve your career goals. Without further ado, take a look at how you can make $50,000 per year without a degree!

Find side gigs designed around your time. 

1. Warehouse manager

A warehouse manager oversees the process of receiving and shipping products for numerous businesses. You’ll be responsible for managing employees, handling inventory, and operating equipment. 

In most cases, you don’t need any certifications to become a warehouse manager. But if you have qualifications, they can certainly be helpful. You can learn more about the industry by taking a professional course in distribution and warehousing. 

Experience needed: High school diploma or general education development (GED) and two years of warehouse experience. 

Salary: $43,000-$85,000

2. Police officer

As a police officer, you’ll enforce laws and keep the public safe. Police officers are responsible for responding to complaints and calls reported to the police department. They also take on the responsibility of detaining those who break the law. 

You’ll be in charge of making sure people follow traffic laws and filing detailed reports in cases where people don’t abide by the rules of the road. While becoming a police officer can be a high-stress and highly demanding profession, there are also opportunities for advancement. 

Experience needed: High school diploma or GED and completion of police academy training. 

Salary: $41,000-$102,000

3. Property manager

When it comes to managing property, you have many responsibilities. You’ll also be expected to oversee moving inspections, process payments, screen new applicants, and coordinate maintenance requests and repairs. In addition, your main job is to provide customer service to tenants and potential renters. 

Experience needed: A high school diploma or GED, and most states require you to pass your state’s real estate licensing exam. 

Salary: $36,000-$81,000 ($55,000 median salary)

4. Pipe welder

As a pipe welder, your job is centered around the construction and preparation of piping systems that involve welding equipment. You’ll be responsible for measuring, cutting, and welding materials for repairs and working on new projects. You’ll need extreme attention to detail as well as an understanding of how to follow safety precautions. YouTube is a great resource if you’re wondering how to get your foot in the door and become a pipe welder. 

Experience needed: High school diploma or GED, two years of welding experience; some companies require pipe welders to have a certification in welding.

Salary: $39,200-$88,860

5. Pilot

Becoming a pilot means learning to fly airplanes, helicopters, and other forms of aircraft. Depending on your area of expertise, you’ll transport people or cargo to various locations. 

You can make a significant salary by being a private pilot or working for a commercial airline but requires additional certifications and training. You need flying experience to complete the Airline Transport Pilot (ATP) certificate. 

Experience needed: Private pilot certificate, Instrument Flight Rules (IFR), commercial pilot certificate, certificated flight instructor (CFI), multi-engine rating, and Airline Transport Pilot (ATP) certificate.

Salary: $53,000-$258,000

6. Claims adjuster

As an adjuster, you inspect property damage and personal injury claims and determine the insurance company’s payment to cover the losses. 

As a claims adjuster, you’ll interview clients filing claims and witnesses who need to make statements. You can also expect to be in charge of inspecting the property and reviewing police reports. 

To get started, you need only pass your state’s licensing exam. You can take courses online to prepare for your adjuster exam.

Experience needed: Pass the insurance adjuster exam.

Salary: $46,000-$84,000

7. Flight attendant 

If you’re a jet setter, you can take to the sky and become a flight attendant. Flight attendants are responsible for keeping airplane passengers safe and comfortable. You’ll provide food, offer drinks, report suspicious activity, inspect safety equipment, and explain safety procedures to passengers. You can work on private planes or commercial airlines. 

Experience needed: Federal Aviation Administration (FAA) Certificate of Demonstrated Proficiency and flight attendant certificate course.

Salary: $36,100-$141,700

8. Construction Superintendent 

As a construction superintendent, you oversee construction and renovation projects for nearby buildings. You maintain top-tier quality control at construction sites and work with subcontractors. You also must schedule deadlines and allocate your budget appropriately.

Experience needed: High school diploma or GED, five years of experience in the construction industry, and completion of the Occupational Safety and Health Administration (OSHA) 30 certification.

Salary: $54,000-$121,000

9. Plumber

Although it’s not the most glamorous job, you can make some serious cash as a plumber. Plumbers install equipment, repair water damage, tend to gas leaks, and fix broken pipes, among many other tasks. You’ll need to know how to install plumbing fixtures like bathtubs and toilets as well as appliances like dishwashers. 

You can enroll in an apprenticeship to learn the skills you need from companies like Roto-Rooter, or you can attend a local trade school. 

Experience needed: High school diploma or GED and completion of an apprenticeship or training at a local trade school; some states require proof of licensing.

Salary: $33,020-$78,220

10. Insurance agent

Insurance agents sell different types of insurance. They help their clients prepare to have protections in place when life happens. As an agent, you can either work for insurance companies, refer clients to independent brokers, or become an independent broker. You can also choose a home, auto, life, health, travel or other types of insurance. Many insurance providers offer training programs for new hires, such as State Farm’s training program to become an independent contractor.

Experience needed: Complete the pre-licensing course and pass the state exam. 

Salary: $30,000-$71,000

11. Commercial truck driver

Love to drive? Consider commercial truck driving, which pays well and requires only a short training. You’ll be responsible for operating tractor-trailers and many other types of large vehicles that you’ll use to transport goods to various locations. 

Some jobs are local gigs where you make deliveries to nearby businesses or drive within the state. Other jobs require you to travel long distances. Truck driving offers a flexible schedule with either part-time or full-time work available, but can also mean you’re away from home for days at a time. 

To get started, you can check out TransForce to find out more about truck driving or learn more at FreightWaves. 

Experience needed: Must be at least 21 years old and have a commercial driver’s license (CDL) Class B.

Salary: $34,960-$60,240

12. Electrician 

Electricians install electrical systems in homes and businesses. You’ll be responsible for rewiring equipment, inspecting electrical service panels, checking fuse boxes for safety issues, and identifying sources of power outages, as well as installing new electrical systems in homes or commercial buildings. You can work as an employee for a company or find work as an independent contractor. Indeed.com can help you find work right away. 

Experience needed: High school diploma or GED, completion of an electrician apprenticeship, and proof of passing the state electrician exam.

Salary: $34,000-$85,000

13. Food service manager 

As a food service manager, your job is to oversee the daily operations of a restaurant. You’ll learn how to order inventory, hire employees, and train the new hires as well as manage budgets and take care of payroll. You are also responsible for making sure customers are satisfied, and if they’re not, you must handle any issues or complaints that arise. 

Experience needed: High school diploma or GED and two years of work experience in the food service industry.

Salary: $27,000-$65,000

14. Firefighter EMT

Although it’s no easy task, becoming a firefighter can be extremely rewarding. As a firefighter, you’re responsible for putting out fires, finding missing people, and rescuing victims who are trapped inside burning buildings. You’ll also perform emergency or life-saving medical treatments before patients can be transferred to a hospital. 

You’ll also be involved in other emergencies centered around helping the public. You must be comfortable driving vehicles because you’ll be responsible for operating fire trucks and other emergency vehicles. 

Firefighters have physically and mentally demanding jobs. They also work long shifts that can last up to 24 hours each. However, you could also have more flexible shifts to spend time with family. You’ll be expected to work at least ten days out of the month.

Experience needed: Pass a written exam, psychological and physical evaluations, and graduate from the fire academy; some departments may require an emergency medical technician (EMT) certification

Salary: $36,000-$94,000

15. Real estate agent

If you love helping people and you have great customer service skills, becoming a real estate agent might be perfect for you. Helping people find their new homes is both exciting and rewarding. The hours are flexible, and you can often set your own schedule. You’ll show potential buyers properties for sale while helping other customers sell them. 

Experience needed: Complete the appropriate pre-licensing education for your state and pass your state’s real estate license examination.

Salary: $29,000-$150,000

16. Personal trainer

If you love fitness and want to help people transform their lives, personal training could be a fulfilling profession. It’s an industry that offers more flexibility than ever before. You can work virtually, in person with clients at a nearby gym, or with sports teams. As you build a reputation, you can also offer courses online.

As a trainer, you will be putting together workouts and writing nutrition programs for your clients as a way of helping them both look and feel their best. It’s important to be a great listener and know how to personalize a fitness plan that meets your client’s needs. You can expand your clientele through continuing education certificates through organizations like the National Association of Sports Medicine (NASM).

Experience needed: Personal training certification from an accredited organization like NASM.

Salary: $26,000-$106,000

17. Solar sales rep

Solar sales are a great way to help the environment while generating an income stream. Your job would be to help sell solar energy systems. As interest in renewable energy rises and government incentives are in place to help defray costs, it’s a good time to enter the industry. As a solar sales rep, you’ll assist clients, write reports, and develop sales strategies.

Good communication skills are important for this gig. Prior customer service or sales experience will also give you a leg up. 

Experience needed: Requirements vary by company. None is required, but one year of sales experience can help you get your first job.

Salary: $36,000-$188,000

18. Cable installation tech

If you pay close attention to detail and are a good problem solver, you might be a good fit for a cable tech position. Your responsibilities will include installing, repairing, and maintaining all things cable-related. This job also includes feeding cable lines, laying cable, and setting up equipment in homes and businesses. 

While employers often look for people with experience in the field, some companies will train you on the spot. 

Experience needed: Complete a telecommunications program and an apprenticeship program. 

Salary: $31,000-$68,000

19. Travel agent

Love to travel? Have great customer service skills? Being a travel agent might be the job for you! 

As a travel agent, you’ll be responsible for helping people book trips. You’ll also work with families, individuals, and businesses to book flights, schedule hotel stays, plan transportation, book activities, make dining reservations, and much more. As a travel agent, you’ll plan other people’s trips based on their needs, wants, and desires. 

Some companies will hire you without experience and train you in the job duties. Other jobs require you to know everything before you’re hired, but there are courses you can take online, such as those offered through The Travel Institute, that can help you expand your knowledge and make more money. 

Experience needed: High school diploma or GED, one year of sales experience, and one year of customer service experience.

Salary: $30,000-$61,000

20. Loan officer

As a loan officer, you’ll work for a bank or independent lender to help people apply for loans. You’ll check credit, fill out applications, and work one-on-one with clients to assist them with the financial help they need. 

Experience needed: Register with the Nationwide Mortgage Licensing System (NMLS), complete 20 hours of pre-licensing education courses approved by the NMLS, and pass the NMLS mortgage licensing exam.

Salary: $34,000-$84,000

21. Software Developer

Software developers can make a lot of money without having a degree. As a software developer, you’ll design, develop, and test software. This career path can be beneficial to those who are technically minded but do not have the financial means or time to obtain a college degree. 

Software developers typically have strong analytical and creative problem-solving skills, as they must be able to rapidly develop solutions for technical challenges. 

Experience needed: Superior programming knowledge, including at least one programming language. Proficiency in languages such as C++, Java, JavaScript, and Python is a plus; proficiency in HTML and CSS for front-end development; technical school or coding boot camp is preferred, but not required. 

Salary: $54,000-$119,000

22. Dental Hygienist

Dental hygienists are among the most well-paid and in-demand healthcare professionals who do not require a college degree for their careers. Many employers and professional organizations provide classes, webinars, and seminars to help new practitioners learn the skills required for success in this growing field. 

The American Dental Hygienists’ Association (ADHA) provides resources such as information about registration requirements, continuing education opportunities, and more so that you can stay current on industry trends. 

Experience needed: Certification from the state or local board of dental examiners after completing an approved educational program in most states. 

Salary: $61,000-$100,000

23. Chef

Chefs are skilled culinary professionals who create delicious and visually appealing dishes for restaurants, hotels, and other food-service establishments. While some chefs have a culinary arts degree, becoming a successful chef without one is possible. Many of the world’s top chefs, including Gordon Ramsay and Wolfgang Puck, didn’t attend culinary school. 

Chefs need a wide range of skills, including creativity, culinary expertise, and knowledge of food safety, nutrition, and sanitation. They should also have excellent organizational skills to ensure that all food is prepared correctly, on time, and up to high standards. Chefs also need the ability to multitask and handle pressure in the kitchen. 

Communication skills are essential for coordinating activities in the kitchen with other staff members and dealing with customers. Chefs must be detail-oriented to consistently create quality dishes that meet customer expectations.

Experience needed: Experience in a culinary role is usually required. Many chefs start their careers as line cooks, kitchen assistants, or apprentices in restaurants, hotels, or catering companies.

Salary: $31,000-$71,000

24. Land surveyor

If you love being outdoors or want to set your own hours, consider becoming a land surveyor. Land surveyors work with sophisticated field equipment such as high-order GPS, and aerial and terrestrial scanners to identify and document property boundaries or other key characteristics.

You could learn to use auto-CAD software to map, plan and draft measurements. You can start becoming a land surveyor through an entry-level role or apprenticeship. Some companies will support your state certification exam for licensing.

Experience needed: While some states require either an associate degree or a bachelor’s degree, many do not. You may need four years experience of working under a licensed surveyor before becoming eligible to take the licensure exam to work as a surveyor. You’ll need to pass the principles and practice of surveying exam. 

Salary: $33,000-$92,000

Building careers that pay 50k a year

Building a career without a degree is more doable than ever. From coding to cooking, plenty of opportunities exist for those willing to work hard and learn new skills. The list above includes 24 high-paying jobs that don’t require a degree, but there are many more out there! Whether you’re a natural-born salesperson, a creative genius, or a master of all things analytical, there’s a job out there you can do without a degree. 

A degree can be a valuable asset, but it’s not the only path to success. You can also check out weekend side hustles, side hustles for women, or flexible side jobs to supplement your primary career.  With some planning and dedication, you can work to gain the skills to land that dream job or build your customized career.

FAQ

10 best ways to turn $100 into $1,000

Learning how to turn $100 into $1,000 is all about finding a strategy that works for you. Below are some common methods, but keep in mind that they vary in the time it takes to grow your wealth as well as in risk level.

1. Opening a high-yield savings account

A high-yield savings account is a risk-free way to grow your investment. Some of the best high-yield savings accounts offer interest rates as high as 5%. The catch is that it can take time for wealth to accumulate. If you deposit only $100 in an account with 5% interest, it will take 47 years to reach $1,000.

However, you can build wealth more quickly by making regular $100 deposits. Following this method, you would accumulate $6,931 in your account after five years, nearly $1,000 of which would be pure interest.

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

2. Investing in stocks, bonds, crypto, and real estate

Investing has the potential to build wealth much faster than a savings account alone. The average rate of return on the U.S. stock market is 10%. Assuming you saw similar results in your portfolio, you’d see your money double every six or seven years. With stocks in particular, there’s no real minimum investment, and some brokers allow you to buy fractional shares of high-value stocks.

Just be mindful of the risk involved. The money you put in stocks, bonds, crypto, or other assets can be lost if the asset loses its value. That’s why it helps to build a diversified portfolio managed by professionals. 

PRO TIP! MoneyLion offers fully managed portfolios designed by industry experts, personalized to your risk level with no management fees or minimum balance requirements.

3. Online selling

Why not use that $100 to start a business? At a minimum, you could start by buying and selling items on eBay. If you’re crafty, you could sell handmade goods on Etsy or launch your own e-commerce business.

Drop shipping has become another popular business model. This is an order fulfillment service where you’ll manage a portion of a company’s inventory and send packages to customers. In each of these options, you can choose your level of involvement, though you’ll have to regularly invest your time and energy to generate profits.

4. Blogging or vlogging

Share your knowledge with the world by starting a blog or vlog. Bloggers can monetize their content through affiliate marketing or by allowing advertisers to place ads on their websites.

YouTube allows vloggers to monetize content once they reach certain requirements, after which they pay $0.01 to $0.03 per view. Though it takes time to build wealth this way, the advantage is that you’ll earn passive income once your content is online and regularly getting views.

5. Opening a Roth IRA

A Roth IRA allows you to make contributions with after-tax dollars (meaning you pay tax before investing), and then make tax-free withdrawals after the IRA matures in five years. However, these vehicles are designed as retirement vehicles, which means you could face penalties for withdrawing money before age 59.5. 

The good news is that IRAs offer a range of retirement vehicles, including stocks, bonds, and mutual funds. Thus, they provide a solid return on your investment, especially if you make regular contributions. 

6. Freelancing and other side hustles

Want to learn how to turn $100 into $1,000? Get a side job. Many talented individuals find ways to freelance or take on a side hustle. Ridesharing and food delivery are common choices, but creative professionals might consider dabbling in copywriting, photography, or other outlets.

Web-based side hustles are ideal because you can accomplish a lot without ever leaving your couch. Just remember that the amount you receive from any side hustle or freelance work depends on what you put into it, so make sure to find a balance between your side hustle and your day job.

PRO TIP! Create additional income by doing surveys and playing games.

7. Affiliate marketing and promotion

In affiliate marketing, you’ll use your blog or social media channels to promote products from other companies. The company will pay you a commission for generating traffic for their website or driving product sales.

Affiliate marketing also provides an opportunity for passive income, since your marketing content will continue to drive traffic/sales after it’s published. The amount you receive can vary by the company, product, and work you put in. Amazon Associates, for instance, can earn anywhere from $100 to $25,000 per month, though the wide range highlights the variability of this income stream.

8. Online teaching

Online teaching is in high demand. If you have knowledge in a particular subject area, you might consider devising an online course. 

Platforms such as Udemy and Teachable allow you to publish online courses and receive money based on the number of views. The amount varies by platform as well as by the popularity of your content. For best results, find a way to address a need felt by a specific audience.

If you have prior teaching experience, you might also consider online tutoring. By working with sites like Tutor.com or Chegg, you’ll be able to connect with students across the country without having to market your online content.

9. Peer-to-peer lending

Peer-to-peer lending networks allow you to lend money to other users and receive money back through interest payments. You can set your own interest rates, though most peer-to-peer lenders see between 5% and 10% on their investment.

Be cautious, as a $100 investment may not be sufficient to really get started with this method. And since peer-to-peer networks aren’t regulated in the same way as traditional lenders, there can be more risk involved. But it can still be a solid method for passive income.

10. Creating digital products

Digital creators can create products and sell them online. What kinds of products? Depending on your skill level, you can create anything from digital apps to blog content to digital photographs. 

Your income will vary depending on the content you create and its demand. Digital photographs, for example, won’t generate much per purchase, but you can earn a passive income and accumulate wealth through sales volume.

Choose the method that’s right for you

For the industrious, there are lots of opportunities to make extra cash. These methods can show you how to turn $100 into $1,000 but keep in mind that no method will provide that kind of money overnight. If you ever do need cash fast and you’re stuck waiting on your next paycheck, consider using a cash advance app or MoneyLion Instacash^SM. With no fees, interest, or credit requirements, Instacash is an easy way to take control of your finances.

PRO TIP!  Don’t rack up debt when hit with unexpected expenses. Bridge the gap between paychecks with Instacash.

FAQ

It may not be as eye-watering as the gas bill, nor as variable as grocery costs, but it’s a steady player in the monthly budget league. With a variety of carriers rolling out competitive packages like bakers do morning pastries, a review of the average cell phone bill per month might reveal whether your current cellular deal is a sweet one or if it’s leaving a bitter taste in your wallet.

How much should my phone bill be?

The cost of your cell phone bill can vary depending on how much coverage you need, the number of lines you have, the type of cell phone you have, whether you’re leasing or financing your phones, your international calling options, and whether you carry insurance on your cell phones. 

Do you want the latest and greatest iPhone? Do you actually need unlimited data? How many people need to be on your plan? Are you someone who worries about breaking your phone screen often? These are all questions that factor into what your cell phone bill should be.

Keeping a detailed record of your monthly phone-related expenses is crucial. Track usage patterns, scrutinize additional charges, and consider utilizing budgeting apps to manage and analyze your spending. This proactive approach ensures financial awareness, helping you stay within budget and make informed decisions to optimize your cell phone costs.

PRO TIP! With the Moneylion app you can track your spending (like your cell phone bill) with weekly reports, insights and smart tools that help you monitor your total financial health in one place. 

It’s possible to cut cell phone costs by doing things like using a smaller carrier, reducing the amount of data your plan provides per month, holding off on upgrading your phone, and using a credit card with rewards for paying monthly phone bills. 

All in all, your cell phone bill should reflect your everyday lifestyle and needs as well as the needs of your family. You can reduce your cell phone bill without necessarily getting the cheapest cell phone service, but a reduction in cost may come with a trade-off. 

Cheapest cell phone service

The cheapest cell phone service may come with a trade-off you’re not willing to make, such as horrible coverage or slow data. Cheap is not always better, but there are solid economic options with well-known and high-quality nationwide carriers. 

How much is a typical phone bill?

The three major U.S. carriers have similar phone plans and coverage. The following table shows different pricing for these carriers for one line.

For each carrier, the least expensive 5G plan was selected. Keep in mind, the cost represented below does not include taxes and fees. Nor does the cost reflect the cost of financing a phone, insuring the phone, or additional add-ons you may elect to include on your plan. 

What can make your cell phone bill go up?

Carriers typically discount the cost per line when you add more lines to a plan or when you go with a family plan option. 

Multiple factors contribute to your cell phone bill. To avoid unnecessary fees, it’s important to know what you are actually paying for.

1. Unlimited data plans

Unlimited data plans are the most popular plans people sign up for and are the main plans that carriers advertise on their websites. Because of this, as well as the emergence of 5G, more data is traveling across networks than ever before.

The COVID-19 pandemic has only amplified this. In fact, a report done by NPD Connected Intelligence showed that cellular data usage increased 75% year over year. The rate of mobile hotspot usage also increased to a record high of 30%. 

To figure out how much data you actually need, you can start by checking out how much data you are currently using. The typical cell phone consumer is said to use about 3 GB to 5 GB per month. A good portion of increased data usage is the result of using social media apps, video conferencing, and mobile gaming.

Ask yourself: Do you really need to use all of that data on a daily basis? The average person has around 40 apps installed on their phone, and this number can be much higher for teenagers and children. In fact, adding kids to the family plan is a new tech milestone that Americans as a society have achieved in the last decade.

You do not use data when you are connected to Wi-Fi. You should set your phone to automatically connect to your home’s Wi-Fi, or the Wi-Fi in your office, to reduce the amount of data you use. If you can limit how much data you use, you can select a plan that restricts your high-speed data and rely on Wi-Fi to browse the internet, engage on social media, and enjoy the apps you love to spend time on. 

2. Number of devices 

If you visit any of the main three carriers’ websites and look at their plans, you’ll notice they usually put the price point of a plan that includes four lines at the forefront. 

It can be hard to find pricing for individual plans. This sometimes leaves people wondering why their plan seems to be so expensive when the one advertised was so much less. This is because the number of devices, or lines, that your plan has directly correlates to how much money you spend.

3. Your device model 

Each year or every other year, a new model of your phone is typically launched, inviting you to upgrade. Many folks take the bait and choose to finance new phones, typically shelling out $30 to $40 per month. For instance, AT&T charges $30.56 per month for 36 months to snag an iPhone 15 Pro with 256 GB.

Now, here’s the kicker. Every time a snazzy new model rolls out, many are tempted to upgrade, even if they haven’t paid off their current phone yet. So, by the time you’ve paid off your phone, a newer model is already winking at you from the store shelves. It’s like a merry-go-round of payments, where you’re always paying for a phone, but the finish line keeps moving.

This merry-go-round keeps your cell phone bill plump each month. If you’re dreaming of trimming that bill, you might want to hit pause on upgrading your phone every time a new model comes a-calling. Another savvy move? Consider taking out a personal loan to buy the phone outright, which could slice your monthly bill. Or, explore buying a second-hand or refurbished model. These options could help you hop off the upgrade merry-go-round and keep a little extra cash in your pocket each month.

4. Insurance

Insurance for your phone is another product that many find necessary — but insurance can add around $10 to $15 per line per month. 

Keep in mind that there is a limit to the number of times you can file a claim per year, and it’s usually much less than one time per month. This limit can also be determined by how many lines you have on your insurance plan.

A deductible is also paid when you file a claim when you have a broken screen or you need to completely replace your phone. The deductible price is dependent on your device type, location, and plan, and each carrier has a maximum value you are able to claim.

If you are someone who frequently needs repairs or has a history of losing or breaking your phone, insurance can definitely pay off. Otherwise, it might make sense to just invest in a really good phone case. A water- and shatter-resistant case can cost you $40 to $100. But that’s a one-time fee, and if you do not constantly upgrade your phone, the investment made into a phone case will last you a long time. 

The cost of your insurance and the deductible you may need to pay if you ever file a claim may not be worth it. 

5. Carrier

Most people use the expensive services of the big three carriers, but other low-cost carriers that actually use the bigger carriers’ networks for their wireless coverage could also work.

It is possible to use a more economical carrier and save money each month when compared to partnering with T-Mobile, Verizon, or AT&T. An economic carrier may not have as many cell towers as one of the big three giants, which could ultimately result in less coverage. 

In addition, not all low-cost carriers will provide you with service or coverage in rural areas. One feature you’d probably want to evaluate before moving to a cheaper carrier is the quality of its customer service. 

It might be a good idea to ask friends and family members in your area which service they use to get a first-hand perspective on a carrier’s customer service, reliability, and network. 

How to manage cell phone expenses

A good first step to reigning in those bills is understanding where the money goes. Yes, it’s all in the details. And with phones practically glued to your hands nowadays, what better way to track those expenses than with the device itself?

Use monitoring apps

You can download plenty of smartphone apps designed to monitor data usage and track spending. These little digital watchdogs sit quietly on your phone, keeping tabs on your data munching and dollar dispatches. They’ll give you a nudge when you’re nearing your data limit or when your spending is mimicking a rocket launch. The beauty of these apps is they offer a clear lens through which you can view your cell phone usage and expenses, making it easier to spot where you can cut back.

Set a budget

With a clearer picture of your cell phone expenses, it’s time to set a budget. It’s about drawing a line in the sand that your expenses shouldn’t cross. Start by allocating a specific amount for your monthly cell phone bill, and stick to it like peanut butter to bread. Remember, emergencies have a knack for popping up unannounced, like that time you dropped your phone in the toilet. When such misadventures occur, having a budget will be your financial lifebuoy. If an unexpected expense comes knocking, consider options like a 0% APR cash advance to tide you over. 

A budget isn’t just about preparing for the rainy days; it’s about ensuring you’re not left out in the cold when the storm hits.

Choose the plan that’s best for you

For the data-hungry, an unlimited data plan is like an all-you-can-eat buffet, always there no matter the appetite. It offers a cushion of comfort knowing that whether you find yourself lost in the wilderness or simply lost in a YouTube rabbit hole, your trusty cell phone won’t suddenly go on a data diet.

On the flip side, there are the digital nibblers, those who venture into the app world with a lighter step. Perhaps they’ve mastered the art of Wi-Fi hopping or have a lifestyle that doesn’t demand constant connectivity. For them, a leaner data plan fits the bill. When it comes to insurance, they might prefer to brave the elements with just a sturdy phone case as their shield, betting on a protective shell over monthly premiums.

Now, the marketplace is a smorgasbord of cell phone plans and carriers, each with its own offerings. 

Plenty of cell phone plans and carriers are out there. You should take some time to figure out exactly what you need (how many lines, how much data per month, and what phone you want), and find the carrier that will provide you with the best coverage at the lowest cost. 

Imagine trimming your bill by half leading to a neat little pile of savings by year’s end. It’s all about tuning your cell phone plan to your lifestyle and budget, making way for a lighter cell phone bill and perhaps, a heavier wallet.

PRO TIP! The only money app you need with personalized tools, tips, and offers to control every money moment in your life. 

FAQ

Some people interpret the check as free money, while others don’t like getting these checks because it means they could have paid less on tax day. Either way, you may be wondering – where can I cash my tax refund check?

With the check in hand, you have several choices for cashing it out and using the funds in any way you would like. Let’s go over them below!

With the Moneylion app you could link your accounts and see your finances in one convenient place for better financial management.

Do I need a bank account to cash my tax refund check?

Creating a bank account has many advantages. You can store money and create multiple accounts to categorize your funds. However, you don’t need a bank account to cash your tax refund check. Since the United States Treasury backs your refund check from the IRS, it may be easier to cash your IRS check at a bank, credit union, or retail store, than if you were attempting to cash a personal check. 

Do I need an ID to cash my tax refund check?

Consumers have several choices for cashing out their checks, but you will need an ID to receive your funds. If this requirement didn’t exist, anyone could walk around with your tax refund check and claim to be you. Several documents count as valid IDs, such as an unexpired state-issued photo driver’s license or identification card, an unexpired passport, or a permanent resident card. In some cases, you may be able to provide a birth certificate and proof of your social security number if you don’t have a valid picture ID. 

5 places to cash your refund check

When you get your tax refund check in the mail, you want your funds as quickly as possible. IRS checks from the U.S. Treasury expire in a year, and if you delay making a deposit, you could forget about the check. Life can get busy in a hurry. It’s best to get the deposit over with so you can focus on other things. Below are five places to cash your federal tax refund check. 

1. Bank, online bank or credit union

You should start with your bank or credit union if you already have an account. Many banks and credit unions will cash a check for free if you have an account with them.

Banks and credit unions set their own policies when cashing checks for non-customers, including fees. While a bank or credit union may be unwilling to cash a personal check if you aren’t an account holder, they may accept your federal tax refund check since it is backed by the government.

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2. ATM

Many people use ATMs to get cash from their accounts. These convenient options can also help with federal tax refund checks, but you need to have a bank account. The ATM route requires a deposit before you can make a withdrawal. You would have to transfer the funds from the tax refund check to your bank account and then withdraw them.

3. Check cashing services

Check cashing services help people who want immediate access to cash and don’t have a bank account. Some stores require you to set up an account with them, and they all require a valid identification document. Creating an account with the check cashing service will make it easier to cash an IRS check in the future.

Check cashing stores typically charge fees based on a percentage of the check. This structure can become expensive, especially if you receive a large refund from the IRS. You can keep more of your money if you cash the check with another party. 

4. Large retail stores

Some large retailers and grocery stores will cash tax refund checks, but you may have to pay a fee. To cash a check at these stores, you may need to sign up for a free account and present valid identification.

Walmart cashes most pre-printed checks, including your federal tax refund. You don’t need to have an account, and you can cash checks of up to $7,500 between January and April and $5,000 for the remaining months of the year. 

Walmart’s fee depends on your check’s face value. You can expect a $4 fee for checks up to $1,000 and an $8 fee for checks up to $5,000. Check cashing services are not available in every state, so it’s a good idea to check with your local Walmart to see if they offer this service. 

KMart will cash your federal tax refund check of up to $2,000 for a fee of up to $1. In some states, such as Georgia or New Jersey, you pay no fees to cash your refund check. 

You can also cash checks at your local grocery store. As long as you know your social security number and bring valid identification, you can cash your tax refund check at over 2,000 Kroger stores. Depending on the check amount, fees start between $3 and $5.50 with your Shopper’s Card. Publix offers check cashing services in its customer service department, but you’ll need to check with your local store on required identification, check limits, and fees. 

5. Prepaid cards or debit cards

Not everyone wants to cash their tax refund. Some people prefer to store the funds on a prepaid card or debit card. With 7-Eleven’s Transact Prepaid Mastercard, you can deposit your tax refund check through the app using your smartphone’s camera.  

Likewise, if you are an account holder with a bank or credit union, you may be able to access your funds immediately through your debit card. This feature is available if you can deposit your check through the app. 

Access your federal tax refund quickly 

When you finally get your tax refund, you may not want to wait for the check to clear before using your money. You have several ways to cash your federal tax refund check when you want your money now, even if you don’t have a bank account. As long as you bring the check and have valid identification, you can still find ways to cash your federal tax refund check.

FAQ

Transferring money from a prepaid card to a bank account is simple. All you have to do is know the bank account number and routing number where you want to transfer and follow the steps associated with your card and bank. It isn’t always possible to transfer money from a gift card to a bank account, but with a prepaid debit card, you usually can. Just be mindful of any potential fees that could chip away from your funds when you make that transfer. 

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What are prepaid cards?

Prepaid cards, sometimes called prepaid debit cards, are issued by companies like American Express®, Visa®, Discover® and Mastercard®. Prepaid cards have a set amount of money on them to help with overspending because you can typically only spend your available balance on the card. Most prepaid cards can be reloaded, helping people to budget or to give someone else specific amounts of money as a gift. 

Unlike some gift cards, prepaid cards can be spent anywhere the brand is accepted and on anything, just like a debit card. Another benefit is that the value on the card can be transferred to your bank account if you’d rather have all your money in the same place. 

Can you transfer money from a prepaid card to my bank account?

Most companies that issue prepaid cards allow you to transfer money from the card to your bank account. This will be outlined in the cardholder agreement. That means more money in your account after just a few simple steps at a bank or ATM, plus a few days of waiting.

6 steps to transfer money from a prepaid card to a bank account 

Transferring money from your prepaid debit card to your bank account is a straightforward process that only takes a few steps. 

1. Check whether the prepaid card allows bank transfers

Although most prepaid cards allow you to transfer the balance into your bank, not all of them will. If you aren’t sure, you can check on the agreement that came with the prepaid card, or you can look at the company’s website online to find out. Look for a section labeled “transfer prepaid card to bank account” or something similar. 

2. Check for fees

Some prepaid cards may come with fees for use. Certain card programs may have a small fee for each transaction. Most will have some sort of fee if you’re transferring money to your bank account rather than using the prepaid card directly to pay for something. They could cost a small amount upfront to purchase.

3. Gather the required information

Before making the transfer, double-check to ensure you have the correct bank account number and routing number for the account that you’re transferring the money to. You should also take note of the number on your prepaid card.

4. Follow the step-by-step instructions 

The process for transferring money from your prepaid card to your bank account depends on the terms of your prepaid card. Some cards must be activated before they can be used. The card should have come with a cardholder agreement, instructions on how to activate it, and there should be a number on the card you can call if you need help.

Many prepaid cards have apps or online portals that allow you to manage your money and make transfers quickly. Depending on the card issuer, the money might hit your account anywhere from immediately to within a few business days.

5. Consider any fees or restrictions

Sometimes the fee to transfer money from your prepaid card to your bank account can be several dollars. If you’re only planning to make a small transfer, it may not be worth it. Plus, remember that it may take a few days for that money to show up in your account. 

6. Monitor the transfer process

Like other transfers to your bank, it may take as many as three to five days for the balance to show in your account. You should be able to check online or in your banking app to see when the funds are processed and when they’ve been successfully deposited.

A simple process: How to transfer money from prepaid card to bank account

Prepaid cards are extremely convenient. They can be helpful for budgeting or for gifting cash to a friend or family member. If you want to access the money, the funds can be transferred to your bank account if allowed. Just make sure to follow the instructions from your card issuer to set up the transfer. 

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FAQ