Woot woot! Today we have some exciting news…

It’s our 2-year Newsletter-iversary!! 🥳 

Massive CHEERS to all of you readers and listeners. Thank you for playing a part in our overall mission to spread good financial info far and wide, and help folks all over the world improve their money situation. 🙏

To celebrate, we’re giving away 10 pairs of the world’s warmest, coolest, most comfy socks! 👇

Want to win a pair? Here’s how… You just need to refer 2 new friends to this newsletter and you’ll be entered into the drawing.

Click this fancy referral hub link, then copy and share your unique signup code with your buddies or on social media. We’ll pick the 10 winners next week!

This newsletter is a labor of love. Thank you for reading, sharing, and caring. 🤗

OK, now let’s get to the money stuff… 👇👇👇

TO DO

Borrow it — Don’t buy it. 📚

Your library offers more than just books these days… You can rent movies, puzzles, and games. Plus, they offer a ton of free activities and programs -- like passes to the zoo, museums, cultural events, etc. Not to mention, some libraries can be a great place to work remotely 👨‍💻 with free WiFi, silence, and excellent people-watching 😂

This week: Check out your local library or community center. (Or download one of the library apps like Libby or Hoopla onto your phone!)

SAVING

Deal or No Deal? 🙅‍♂️

A friend of mine is addicted to shopping at The Dollar Tree… There’s one right by his house, so he walks over every few days to “see what’s new”…

Each trip he ends up spending $8-$10 on a handful of cheap items, and although he knows deep down that none of the stuff he buys is high quality, he feels compelled to buy “good deals” when they’re in front of him.

“5 x spatulas for $1? What a deal!” —> yes, but do you need 5 extra spatulas?

“Paw Patrol dry-erase markers for $3? Nice!” —> Yeah, but your kid hates drawing and you don’t even have a whiteboard!

Online stores and shopping apps are becoming addictive too. Just last week I read about middle-aged folks getting hooked on Temu, a Chinese-based shopping app that offers massive discounts.

Maybe it’s time to reinforce some guidelines to encourage smarter spending habits. Here are some reminders:

🙅‍♂️ Spending money is not saving money. Buying in bulk for staple items you use regularly is savvy. But for anything that’s not a necessity in life, buying stuff just because it’s on sale doesn’t equal saving money.

🧥 Quality trumps quantity. While a cheap item might save you a few bucks now, it's likely to wear out or break more quickly than a higher-quality alternative. You'll end up replacing it sooner, ultimately spending more money in the long run.

😈 Hidden Costs: Cheap products often come with hidden costs. Whether it's frequent repairs, replacements, or even health issues caused by subpar materials. Saving money on shoes is great, but not if those inferior sneakers give you decades of back pain!

♻️ Environmental Impact: Cheap, disposable items contribute to a throwaway culture that harms the environment. Our penchant for ‘stuff’ means more items in landfills, adding to pollution and resource depletion. Investing in quality, long-lasting goods is not only better for your wallet, but also for the planet.

I’m all for using deal sites and spending less! But remember the best way to save money —> is not spending on needless stuff in the first place!!

Related stuff:

• 💻 Should I Buy It?: Flowchart questions to help you shop smarter

• 👩‍💻 Deal Sites: Coupons, discounts, and product comparison tools

TOGETHER WITH TRUST & WILL*

Estate Planning, Made Easy

If you’re one of the ~35% of folks who don’t have a legal Will, it’s time to set one up ASAP! It’ll save your family major headaches if something horrible were to happen to you.

Be sure to check out Trust & Will. They help create customized, state-specific Wills for individuals or couples, all online within minutes.

Don't wait until it's too late. Plan for tomorrow, today, with Trust & Will.

CARS

Auto Insurance Hikes 😭

Good news! New and used car prices are finally getting cheaper…

Bad news?… The price to insure those cars is becoming way more expensive!

Check out the Reuters chart below — the red line represents car insurance premium price changes. They’re up 22% since this time last year! 👇👇👇

We’re not huge fans of cars (a.k.a. money pits). They’re more like a necessary evil. Anything you can do to reduce your auto expenses is a win in our book.

• Be sure to shop around when you get your renewal notice. There’s no harm in getting multiple quotes from different insurance carriers. Loyalty is great in most facets of life, but not this one!

• Start saving early. If your policy is renewing soon, start setting aside a few extra bucks in your sinking fund to cover any increases. Those price hikes can be significant. Be ready!

• Think twice before switching/upgrading cars. Getting insurance estimates before you buy a new ride will ensure you know the true ongoing cost of ownership before making a purchase. Don’t upgrade to a newer model or brand-new EV before talking to your insurer!

• Explore higher deductible options. The Insurance Information Institute says bumping your deductible from $500 to $1000 could save you 20-25% on average policy premiums. This is a no-brainer for many. Pad your savings, increase your deductible, and drive safely.

• Mind your credit score. Remember, insurance companies factor in your credit score when giving you quotes (except in HI, CA, MA & MI where that practice is illegal). The difference between poor credit and excellent credit can mean paying DOUBLE the policy premium.

• Take a defensive driving course. You can sign up and complete these courses online now. It might cost $25 and take a couple of hours but it could significantly reduce your premiums for years to come!

Lastly, since Summer is nearly here, isn’t it a good time to dust off that bike and drive less anyway? 😉

Related stuff:

• 🧾 Discounts: Common auto insurance discounts (like good driving history, installing anti-theft devices, etc)

• 💻 HTM Blog: How to reduce monthly auto expenses

ICYMI

In other news…

YOLO 🤪
Are you willing to go into debt to have more fun this year? The latest Bankrate survey finds that almost a third of folks would happily take on debt in exchange for a fun trip or other experiences. 🤦‍♂️

Standby Cruising 🛳️
Some cruise lines are offering crazy-cheap deals to fill last-minute spots. This can create a great opportunity if you live near a port and can drop everything last minute to jump on a cruise!

Apple Pay 📲
Phones are the new credit cards… New research shows folks who use frictionless payments end up spending more! Something to be mindful of… When things are too easy and convenient, spending can get out of control.

Date the Rate 🏡
As inflation remains sticky, mortgage rates haven’t seen the drop that many people were expecting. This is a great reminder that buying a home with a high interest rate and banking on “refinancing in a few years” is a risky strategy. It can take much longer for rates to come down!

Stadium Names 🏈
Here’s a super interesting post about the history of stadium/arena naming rights and how sports marketing changes over the years!

Abs of Steel 💪
A 58-year-old Grandma just broke the women’s world record for planking! DonnaJean Wilde held a plank position for 4.5 hours. Inspiring stuff — I can barely hold a 2-minute plank!

FRIENDS OF HTM

Retire Often w/ Jillian Johnsrud

Jillian is the queen of “mini-retirements” — which is when you take lengthy breaks away from work, helping you balance work/life better throughout a long career.

Check out the free resources over at Jillian’s site, RetireOften.com. You can also follow her on Twitter and Insta!

That’s it for now. Don’t forget to refer a couple friends to enter the sock giveaway!! 🧦 

Best friends out! 🍻