Good morning, party people! 🥳 I have some great news for you…

Today is a new day. 🌅

And every new day is an opportunity to "hit the reset button” on whatever may have gotten you down in the past few days.

You can choose today to stop comparing yourself to the people around you (everyone is on their own journey).

You can choose today to stop letting past mistakes decide your future (what’s important are the lessons learned).

And you can choose today to build new habits that will carry you to success.

So let’s slam this reset button together and make today a good one. 💪

OK, on to the money stuff 🤑🤑🤑

TO DO

Trade Your Night Out For a Night In

Did you know that the average American spends an average of $168 per date night!? 🤯

It’s probably a good idea to go out if you’re getting together with a date or friends you don’t know too well. But if you’re just trying to keep in touch with your close friends or keep the romance alive with your partner, why not swap a night out for a night in?

Going to the movies, catching up over food or drinks, and trivia/game nights are easy to replicate at home. Even better, it’s socially acceptable to wear your pajamas. 😉

Need more ideas? Check out these 30 cheap date ideas (Pro tip- you can do these with your friends too!)

PERSONAL FINANCE

The Money Rules You SHOULD Break 😎

Some money rules are hard and fast, like the golden rules of credit cards and always living below your means. Others are more up for debate. So, if you’ve got an inner rebel like me, here are some money rules that you should break from time to time.

🏡 Always put 20% down on a house – While putting a 20% down payment on a primary home purchase is almost always the best move, if you’re planning to house hack, or to use that home as a rental property, having at least 20% stashed away becomes less important.

☕️ Don’t buy coffee out– Sure, if you replace your daily iced mochaccino with coffee straight outta the Keurig, you can save a few hundred bucks every month. But you could also be missing out on something that makes you look forward to getting out the door on your way to work. Never hitting up your local coffee shop sounds dismal.

🛍️ Shop sales – While looking for sales on items you planned to purchase anyway can be a great way to save, sales often tempt us to spend money on things we hadn’t planned on buying. The best discount is 100% off when you decide not to move forward with a purchase altogether.

💰 Always max out your retirement accounts – Investing for retirement is crucial, but it may not always be the most important financial goal to focus on. There might be other high-priority money moves you should be making first! Follow the 7 money gears to decide what personal finance goals you should prioritize, and in what order! 

🏢 Spend less than 30% of your income on housing – While spending less than 30% of your income on housing is ideal, we know that, depending on where you choose to live, this may not always be possible. If you live in a particularly high cost of living area, it’s okay to spend more than 30% of your income on housing IF you scale back in other areas of your budget. (Ex. spending more on housing and less on transportation because you live in a dense, walkable neighborhood).

🤑 Always take the higher-paying job — While a higher income can help you build wealth more quickly, sometimes it’s not all about the money! Life is too short to spend 40 hours every week doing something you hate.

Read the full post here- The 8 Money Rules You Should Break

TOGETHER WITH BETTERMENT*

Make your money hustle

TAX TIP: You have until April 15th to contribute to and max out an IRA for 2024. And you might even be able to deduct those contributions on your 2024 tax return. Get started

ECONOMY

“Petflation” Running Rampant 🐶

If you have a pet, you know that our furry friends quickly become like family. Unfortunately, these cute little bundles of joy could be putting a bigger strain on your budget than ever before.

According to Empower, the average American spends $318 on their pets every month for expenses like food, daycare/pet sitting, toys, clothes, and more.

As you can see in the graph below, pet-related inflation has outpaced overall inflation since 2019.

So what can you do to save money while still spoiling your fur baby? Here are just a few tips to reduce the costs of pet ownership…

🦮Opt for free/cheap pet sitting options - If you’ve got a vacation planned, or need someone to check on your pet while at work, check and see if any of your friends or fam are willing to do it for free or cheap before heading to sites like Rover. You could even institute a swap and help your friend out during their future travels!

🛍️ Choose your splurges wisely - Spend money in your pet budget on things that will most improve your pet’s quality of life. Your pet will probably appreciate higher-quality food more than those $50 doggy Crocs (yes, these actually exist).

✂️Learn some basic grooming skills - If you can learn to give your pet a trim at home, you can save yourself anywhere from $30-90 a pop!

🏞️ Quality time is free - Take your pup to the park! Spending quality time with your pet is one of the best ways to spoil them. Best of all, it’s completely free.

Remember, it’s okay to spend a little extra on your pets if it’s something that brings you joy. So long as it fits within your budget, feel free to make this a spending priority!

And if you’re thinking about getting a pet, remember to account for secondary costs of pet ownership before making your decision.

ICYMI

In other news…

Tariffs 101 🧑‍🏫
We’ve discussed that tariffs increase the cost of most products for consumers, including domestic ones- but why? As demand for domestic products increases, manufacturers will need to expand their production to meet that demand. Additionally, resources from other industries will need to be diverted to support domestic production of formerly imported products. Here’s a great explanation from Marginal Revolution.

Thomas Sowell on Tariffs 🧠
An absolute GOAT, Hoover Institute Senior Fellow Thomas Sowell (at the ripe ol’ age of 94!), weighs in on the economic damage that tariffs tend to create.

Passive Investing Wins Again 📈
Passively investing in index funds has once again outperformed the majority of actively managed funds. Nothing new here. That’s why we always recommend a simple, straightforward investing strategy.

Our AI Overlords 😬
According to polls from the Pew Research Center, U.S. Workers are worried about the use of AI in the workplace, with about 32% of workers believing it will lead to fewer job opportunities for them.

The Best States to Retire To 🇺🇸
Where you choose to live in retirement can have a huge impact on your finances and quality of life. When considering affordability, access to healthcare, low crime rates, and tax benefits, Texas, Pennsylvania, and Illinois came out on top!

Student Loan Update 🧑‍🎓
IDR applications are back online, many income recertification deadlines have been extended, and SAVE Plan borrowers remain in forbearance. Here’s what student loan borrowers should be doing right now…

COMMUNITY

Geocaching 🌎

Looking for a fun and totally FREE spring activity that’s fun for the entire family? Check out Geocaching!

If you’ve ever wanted to go on a treasure hunt, Geocaching is the perfect frugal hobby for you.

To participate in geocaching, you simply download the free app and use it to navigate to containers hidden all over the world. You can find millions of them spread across 190 countries!

Once you find a geocache, you can take a trinket from it so long as you replace it with something of equal or greater value. It’s a great way to visit new places you never would have seen otherwise. Even better, it gets you off the couch and into the great outdoors!

If you try this out, make sure to snap a picture and send us your finds! 📸

Have a great day - and before you go- take a moment today to think about something you’re grateful for. Practicing gratitude is a cheat code to a frugal life, and it’s proven to make you a happier person.

Best friends out 🍻