Hello, money friends! 👋

Often, when we splurge on little treats and trinkets in our everyday lives, we rationalize our purchases by telling ourselves, “we deserve it…” Well, maybe that’s true!

But have you ever stopped to think that you deserve more than just pastries and Amazon trinkets?

Maybe you deserve financial security. To rest without money anxiety taking up so much of your mind space. 😌

Maybe you deserve time freedom and the ability to say no to an extra shift because you simply don’t need the extra cash. ⏰

And maybe you deserve to close out this year with the savings to show for how hard you’ve worked. 💸

Sometimes the little splurges are worth it- but it’s also important to remember that you deserve more. A little bit of sacrifice here and there can help ensure that you’re getting after your goals. Just a little food for thought as we move into the week ahead!

Alright, enough preaching! On to the money stuff! 💰💰💰

TO DO

Shop Secondhand 📲

Now is an exceptionally good time to shop secondhand, thanks to spring cleaning! 🧹

The secondhand market is thriving (especially when it comes to used phones), as folks seek to earn some extra cash by decluttering and selling their stuff.

This week, challenge yourself to buy something you need secondhand instead of heading straight to your fave online retailer (assuming you truly need something). Facebook Marketplace and eBay are two great places to start looking.

You get a sweet deal on something you need, help out planet Earth, and support another frugal individual. It’s a triple win. 😎

CAREER

Should You Negotiate Your Own Layoff? ✌️

Severance. It’s all the rage right now…

But today, we’re not talking about the hit Apple TV+ show (can Season 3 come out already?!?). We’re talking about how YOU can potentially take advantage of company layoffs to engineer your own severance package. This won’t be the right move for everyone, but if you are:

• Already looking to leave your job in the near future

• Have saved up a good amount of “peace out money”

• And have a plan for what you’d like to do after you leave this job

Then don’t just quit. Find a way to get paid to leave.

In fact, our very own Joel managed to do this before going full time with How To Money! When his previous employer started undergoing layoffs, he actually volunteered to leave even though his position would have been safe.

So, if you’re looking to leave your current job to pursue a side hustle full time, retire early, or are planning a career pivot, negotiating your own layoff could be a great way to snag some extra cash and keep some of your benefits for a minute. Here’s how to do it…

👀 Look ahead – As you start a new job or renegotiate your contract, consider including your severance package in the conversation. Having this ironed out ahead of time can help you take advantage of other opportunities more easily in the future.

💪 Don’t slack off – If you want a shot at negotiating a sweet severance package, you’ll want to be more difficult to replace. If your employer needs you to stick around to train people, they’ll be more likely to “play ball.”

😊 Know your worth – Typically, workers can expect to receive about 1-2 weeks’ worth of pay for every year of service. If you’ve been with your company for 20 years, don’t settle for just 4 weeks of pay.

🏖️ Vacation Days- Some states require companies to provide a payout for any unused vacation days. Even if your state doesn’t require this, it’s a great idea to request compensation for any remaining PTO days.

🤝 Don’t let it get ugly — Don’t burn any bridges during these negotiations. If you were planning on quitting anyway, anything you receive here is a bonus! The grass isn’t always greener, and you may find yourself wanting to return to your old role someday.

🧑‍⚕️ Don’t forget benefits– And lastly, make sure you include benefits in your severance negotiation talks. See if you can convince your company to let you keep your current healthcare plan for a little bit. Because most folks get their health insurance through their workplace, it’s important to have a plan in place for how you will handle healthcare costs after your employment is severed.

Above all, make sure you’re truly ready to leave your job by considering these 11 Questions to Ask Yourself Before Quitting Your Job. You don’t want any regrets down the line!

Resource- How to Negotiate a Severance as A High-Performing Employee

TOGETHER WITH US MOBILE*

Try Before You Buy 📲

US Mobile lets you try out their coverage and service for free for 30 days to see if they’re a good fit for you…

With no contracts, there’s nothing to lose by giving them a try! With the cheapest unlimited plans available, starting at just $17.50 per month, a switch to US Mobile is well worth considering.

If you own your phone and want to slash your phone bill, check out US Mobile. 💪

LIFESTYLE

The Most Affordable Places to Rent 🏠

While making cuts to your daily spending is a great way to save more money, getting the big money decisions right can have a greater impact on your finances.

Making some lifestyle changes to the three biggest spending categories, housing, transportation and food, means not having to sweat the small stuff nearly as much.

Maybe you’re already thinking about a move. Maybe not. But its worth considering, because it could make achieving your biggest financial goals far more likely. If so, moving to one of these affordable cities could be a great move for you.

According to a study by WalletHub, the 6 most affordable cities to rent in are:

• Bismarck, ND (Median rent is 15.34% of median income)

• Sioux Falls, SD (Median rent is 15.95% of median income)

• Cheyenne, WY (Median rent is 16.09% of median income)

• Cedar Rapids, IA (Median rent is 16.36% of median income)

• Fargo, ND (Median rent is 16.65% of median income)

• Charleston, WV (Median rent is 16.70% of median income)

Looks like we’re all bound for the Dakotas, right!? Maybe not. But even if you don’t want to move across the country in pursuit of savings, you don’t need to just accept shelling out more and more of your hard-earned cash on rent. Remember that you can still…

🏡Negotiate your rent - A responsible tenant who always pays on time is valuable to landlords. Consider intelligently negotiating your rent to save money on housing expenses every month! (hint: signing longer leases and offering to DIY more around the property can go a long way)

👯 Get a roommate - Splitting your housing costs with a friend or family member can help you significantly lower your housing costs. While it may feel like a sacrifice now, it can be worth it to increase your savings rate and boost your financial margin.

⚡️Save on utilities - While you may not have total control over your rent amount, you do have a good bit of control over your utility bills. Be mindful of your gas, water, and electric usage.

We’d be remiss not to mention that renting is still cheaper than buying across most of the country. Despite popular opinion, renting is not throwing money away.

And even if you don’t move to a low-cost city, many of you will be able to invest more by continuing to rent. And when all else fails, you can always look to make cuts to the other major expenses in your life. Might we suggest…

• Ditching your car to save $9,282 every year

• Slashing your grocery bill 

ICYMI

Newsy News…

Being frugal is cool 😎
A new survey reveals that more Americans are more “accepting of frugality.” Woohoo! But even better, 71% of folks shared the sentiment that being honest and open about being on a budget was socially acceptable. We’re all for folks being more open to talking about money with their friends!

A Silver Lining 🙂
A new survey from Beyond Finance finds that economic uncertainty is pushing people to prioritize financial security, with 60% of folks stating that they plan to learn more about managing their money in the coming year! (Might we suggest a podcast?)

Average Retirement Age 👵
This interesting article from the Center for Retirement Research at Boston College examines why the average retirement age began to increase in the 1990s, and discusses whether or not this has leveled out (TLDR, this expert thinks so!).

Gratitude for the Win! 💛
Can gratitude make you better with money? Joel stopped by Elisabeth’s blog (The Optimistic Musings of a Pessimist) to talk impulse spending, smoked brisket, and why contentment (plus a 20-year-old SUV) might just be a secret to financial freedom.

Mini-Retirements 🏝️
More Millennial and Gen Z workers are changing the way they think about retirement, and are opting to take career breaks along the way! This can be a great way to enrich your life, as well as help you to avoid overworking and burnout. Here’s how we recommend planning to take a year off from work!

ASK HTM

“Should I dial back my 401k contributions to build an e-fund, or can I rely on my HELOC?”

The short answer: Skipping the savings phase and going straight into investing could present some problems if a financial hardship occurs. If you need money quickly, you could be forced to sell investments at a loss or incur early withdrawal penalties.

And while HELOCs can be a good “backup for the backup,” it’s a bit too risky to use them as your first line of defense. For example, if you lost your job and needed to tap into that HELOC right away for a few months, you could rack up a lot of debt that could put you in an even more difficult financial situation.

That’s why we’d recommend dialing back the investing until you save up 3-6 months’ worth of expenses in an emergency.

Here’s the longer answer!

Alrighty friends, that’s all the money stuff we have for you today! Let’s crush this week ahead. 💪😤

Best friends out 🍻