Happy Tuesday, Money Nerds! 

If you’re feeling overwhelmed by the busy week ahead, join me now for a quick reset! 

1. Write everything you want to accomplish down. Having all those tasks sloshing around in your brain makes it nearly impossible to focus. 📋

2. Let go of multi-tasking. It won’t actually save you time. Tackle that to-do list one task at a time. ⚡️

3. Set a timer. Get as much done as you can within 2-3 hours. Stop as soon as the timer goes off, and continue on with your day! ⏰

Repeat as needed until you’ve cooked through that to-do list. Reward yourself with a fun activity or your favorite drink after! 

Okay, let’s talk about moneyyyy! 🤑🤑🤑

TO DO

Go on an Unsubscribing Blitz 💻

Have you ever gone a weekend without checking your email, only to log back on to 50+ marketing messages? I have… 🤦

Signing up for marketing emails from our favorite brands can be useful sometimes. I can snag between 10-20% off a purchase I was already planning on making in exchange for my email address. However, after a few months of doing this, the emails start to pile up! 

Aside from being annoying, these advertisements can seriously impact our spending if they catch us at the right moment. I’ve been guilty of buying something I didn’t need because a coupon appeared. But real frugal folks know that sometimes the best discount is 100% off (meaning you don’t buy the item. We are NOT encouraging theft!)

This week, take a sec to go through your inbox and unsubscribe from marketing emails. By eliminating temptation, it will be easier to stick to mindful spending habits!

SAVING ON EDUCATION

Retirement Funded Education 😱

It’s no news that the cost of college education has been skyrocketing, and if you’re the parent of a college-age student, or a student yourself, you’re likely feeling the squeeze of those increased costs on your budget. According to Sallie Mae’s “How America Pays for College Report,” the price folks are paying has risen 9% over the last year, reaching a whopping $30,837, including tuition and room and board. 

But what’s even more concerning is how these families are shouldering the growing costs of a college education. While 58% primarily used their parents' current income to pay for college, 17% of folks withdrew money from their retirement account to afford spiking higher education costs. Yikes!

1️⃣ Students have multiple options for funding college. You do not have multiple options for funding your golden years. There are no scholarships for retirement! 

There are a number of ways to fund a college education without taking on debt or draining your retirement savings. In fact, we interviewed Jason Brown on the pod, who was able to get not one, but two debt-free degrees! 

Look to options like scholarships, grants, and financial aid to save money on school. And remember to take affordability into account when choosing a school in the first place. Private school tuition can cost you 4x more than a public university. 

Don’t sleep on financial aid options when making a plan for paying for school. According to the same Sallie Mae report, applications for the FAFSA were down year over year. In fact, most families that skipped submitting did so because they were under the impression that they made too much money. Here’s the thing- you won’t know unless you try! And you lose nothing by taking the time to apply. Even if you only get a few hundred dollars of aid, that’s a few hundred you didn’t have before. 

2️⃣ If you hurt your retirement savings, you may not have enough time for that account to recover. While some retirement accounts allow penalty-free withdrawal to fund education, your money’s growth depends on compound interest. The longer your funds sit untouched in your account, the more your contributions will grow. If you put up a compounding roadblock, you’re missing out on meaningful growth. 

Wanting to help your kids through college is generous, but you need to put your own mask on before you help others. If you are unable to save enough for retirement, you may need to rely on your kids for financial support as you age. That’s why we recommend you wait to start saving for college until you reach Money Gear 7. ⚙️ 

At the end of the day, taking money out of your retirement to afford higher education for your kids just is not worth it. Even if you’re unable to fully cover the cost of school, having your kids take out a small amount of “good debt” to pay for school is not the end of the world (I know, a hot take!). A good rule of thumb to follow is to try to avoid taking out more student loan debt than your expected post-graduation salary. 

TOGETHER WITH VISIBLE*

Get Extensive Coverage for Less 💰

Visible not only runs on the Verizon Wireless network- it’s actually owned by Verizon, which has the most extensive cell coverage in the US.

They offer two unlimited plans, starting at $25/month — the more expensive one has faster data speeds and more international capabilities. This means that you can snag Verizon service at a steep discount!

If you own your device, aren’t locked into a contract currently, and top-notch coverage is important for where you live, check out Visible! Depending on how much you’re currently paying, you could cut your phone bill in half!

ICYMI

In the News…

Retired Renters 👵
With rising property taxes and housing costs, more and more folks aged 55 and older are opting to rent instead of buying, becoming the fastest growing renting demographic in the country!

Kids Meal Craze 🍔
Nearly half of US adults reported that they’re now ordering from the kid’s menu when going out to eat. This new trend comes falls in line with consumers cutting back on restaurant and takeout spending, and customers cite simpler menus, lower prices and smaller portion sizes as the driving factors behind this choice!

Early Retirement 🌴
The pandemic ushered in a wave of early retirements as the workforce participation rate plummeted to the lowest rate in 50 years. However, the 55+ age group in large part has still yet to return to the workforce.

Money & Dating 👩‍❤️‍💋‍👨
This New York Times post discusses why more and more young people are waiting until they’re financially stable to start dating. These observations are backed by data that shows that folks with higher income are likely to feel more ready to enter a relationship, and more likely to end up in one.

That’s all we’ve got this Tuesday! Wishing you an exciting and pumpkin-spiced start to the fall season. 🍁🍂

Best friends out! 🍻