Happy Earth Day, friends! 🌎

As we celebrate our beautiful home today, I couldn’t help but find myself thinking about all of the ways that going green and saving money go hand in hand. 🤝

For example, choosing to carpool to work every week will cut your commuting costs AND result in one less car on the road, reducing traffic. 🚗

Thrifting not only gives a pre-loved item a second chance at life- it also allows you to snag something you need at a steep discount! 👚

And swapping out disposable items like paper towels, plastic bags, and plastic bottles for reusable ones can add up to meaningful savings each year. ♻️

All in all, taking care of planet Earth comes with some pretty sweet kickbacks for frugal folks. Remember that as we move into the week ahead.

Alright, show me the money! 🤑🤑🤑

TO DO

Ring up your connections 📞

One of the best defenses against financial hardship is building a strong professional network. But, you had better remember to dig that well before you’re thirsty!

No one wants to be hit up only when you need something from them. Remember that your network is made up of real human relationships that deserve regular tending.

Take some time this week to call up a few of your favorite connections- just to catch up!

REAL ESTATE

The Hidden Costs of Buying a Home 🏠

Home ownership is a quintessential part of the “American Dream,” but is it really all it’s cracked up to be?

Home ownership can provide amazing benefits, but a primary home isn’t necessarily the best investment. The truth is, renting is cheaper than purchasing a home these days, and since the 1960s, returns have paled in comparison to the S&P 500.

Additionally, buying a home comes with many costs beyond just the down payment and monthly mortgage payments!

That being said, homeownership can still be a worthy pursuit if it’s a meaningful goal of yours and you’re financially prepared to take that plunge! In fact, for many Americans, their primary home accounts for a significant portion of their net worth (although that’s not necessarily a good thing). Sometimes the more “frugal” approach to major decisions doesn’t necessarily align with what is best for you individually.

If you feel like homeownership is a savvy choice you’re keen to make, more power to you! Just make sure you plan and save for these secondary costs before you pull the trigger…

🏡 HOA Fees – If you live in a neighborhood with a homeowners association or a condominium association, you’ll be required to make monthly payments, which will not be included in your mortgage. These fees often include services like garbage and recycling, snow removal, and sometimes even landscaping. But they can be pricey!

💰Maintenance – Unlike when you rent, if something in your home breaks, you’re on the hook to fix it! Most financial experts recommend budgeting 1-3% of the home’s value annually for maintenance and repairs. If your home is older or there are lots of deferred maintenance projects that need tackling, you’ll need cash!

🛋️ Furniture – When you move into your new home, you’ll need to furnish it! And the bigger the home, the more furniture it will require. Luckily, you can look to sites like Facebook Marketplace and Craigslist to snag some awesome furniture at a steep discount. You can always upgrade down the line.

🍁 Outdoor Maintenance - Whether it's snow shoveling, leaf blowing, or trimming the hedges, you’ll need to spend some money on the tools to keep your home well-kept during all seasons. These costs can be especially high if you buy a home with a pool or a deck. If you opt to hire a pro instead of going DIY, be prepared to spend even more.

🏚️ Homeowners Insurance — You’ll also need homeowners insurance to protect against major home repairs. The average cost of homeowners insurance is around $2,110 per year! And home insurance costs are rising rapidly. Budget thoughtfully!

📝 Home Inspection – And, to make sure you avoid buying a total 🍋, you’ll need to pay for a home inspection. Shelling out a few hundred dollars up front can save you thousands in the long run. It can help provide the ammo to negotiate for repairs or to drive the price of the home down, too.

Ultimately, buying a home isn’t a no-brainer wealth-building strategy. Even less so given the current state of the housing market. Still, if you’re thoughtful, buying a home can represent a personal achievement and co-exist with your other financial goals.

Related- How to Create a Strategic Home Buying Strategy

TOGETHER WITH BETTERMENT*

Invest for a better world

Betterment makes it easy to invest in what matters so you can simply enjoy what matters. Grow your wealth while supporting companies that share your values with Socially Responsible Investing.

Learn more here!

CAREER

Should You Work Less? 🤔

In the past 5 years, we’ve seen a reduction in the number of hours worked by employees of all ages. The average hours worked have fallen to 42.9 hours, down from 44.1 hours in 2019.

According to Gallup, this reduction of hours could be caused by a number of factors, such as employees placing a higher emphasis on work-life balance and AI increasing productivity.

As you can see below, younger workers have seen the greatest decline in work hours, sitting at 41.8 hours per week!

While we are stoked to hear that folks are prioritizing work-life balance, these averages are still higher than your typical 40-hour work week- not to mention that some of these folks may even have side hustles! While grinding it out for a short period of time can help you achieve your financial goals, remember that overworking for too long can have some pretty serious consequences on your health.

Looking to reduce the hours you’re spending in the office? Here’s what you should consider before writing your boss that provocative email.

⏰Money vs. Time - No amount of money has ever bought a second of time. It is our single most valuable resource. Getting to spend more time doing things you love will ultimately lead to a more fulfilling life.

🗒️ Consider your budget - At the end of the day, you need to be able to pay your bills. A reduction in hours could be more plausible if you find ways to cut down your monthly expenses.

💰Think about your goals - Sometimes working more now is a worthy sacrifice if it means accomplishing your biggest money goals more quickly, or getting to enjoy more time freedom down the road!

Above all else, remember to keep the “why” behind your money at the forefront of your mind. If you know your ‘why’, it illuminates the ‘how.’

ICYMI

Extra, extra- read all about it…

Held Back By Debt ⛓️
Over half of older Americans feel held back by debt, citing credit card, mortgage, and medical debts as the most common sources. If you’re in this boat, we recommend tackling some of that debt with either the debt snowball or debt avalanche.

Car-Free Community 🚗
The tenants of the “first American car-free neighborhood,” Culdesac Tempe report reaping the community-strengthening benefits of ditching your car and getting outside.

P.S. you don’t need to live in a car-free community to ditch a car and save thousands. 😉

Frugal Tunes 🎶
Part of changing your money habits is swapping out the content you consume for media that inspires you to live a frugal lifestyle. Why not add this song from The Avett Brothers about being happy with less to your morning playlist?

Should you invest in gold? ⭐️
In volatile markets, many money gurus often sing the praises of investing in gold. But should you sink your hard earned cash into this precious metal? This debate from Peter Coy and James Grant takes a deep dive into both sides. Our take? We’d rather you just stick to these tried and true investing basics.

401k Madness 😱
More and more folks are taking out “hardship withdrawals” from their 401ks to make ends meet, to the tune of 15-20% higher than average. This is why we recommend building up a solid emergency fund with 3-6 months of living expenses saved up!

COMMUNITY

Unhinged Money Saving Tips 🤪

@alisontalksmoney

I wanna hear em 💰 #moneysavingtips #budgetingtips #personalfinance

This creator took to TikTok last week to ask for some of the internet’s most “unhinged money saving tips,” and the comments did not disappoint. Here are some of our favorites…

“I literally have a sticker chart where I give myself a gold star each day I don’t spend any money.”

“I make myself run for the amount of dollars something costs. $30 means a 30-minute run. Saved so much!”

“My sister and I are each other’s accountants. If we want to buy something, we have to make an application in person for the item, and it can be approved or denied based on the information presented.”

What do all of these comments have in common? To me, they all sound like great ways to gamify your finances!

Be sure to let us know what some of your most unhinged money-saving tips are in the How To Money Facebook group!

That’s all the money stuff we have in store for you today!

Best friends out 🍻