Goooooood Morning HTM Family!

“Everyone wants a village, but no one wants to be a villager.”

I saw this quote online the other day, and it served as an excellent reminder that if you want to be part of a community, you also need to go out of your way to support the folks around you.

Being a part of a greater support system doesn’t just mean that people will show up for you when you need help. It also means that YOU will show up for others, even if it isn’t always convenient.

So this week, try to find one way to help out a neighbor, friend, or family member. Whether it’s picking up your friend’s kids, sharing leftovers, or offering to grab something from the store for a neighbor, find ways to connect with and help the people around you. You’ll find that the love you spread comes right back around tenfold! 🥰

OK, let’s talk about MONEY! 👇👇👇

TO DO

Pay LESS for Better Internet 🛜

63% of Americans saw an increase in what they paid for internet last year- but worst of all, many of the same folks reported unreliable service! 🤯

Paying more for subpar service… well, it sucks! But luckily, there are ways to fight back against inflated internet prices.

This week, take a look at your home internet bill. Has it jumped over the past few years?

If so, give your ISP a call and ask if there are any promotional discounts available that you can take advantage of. If the representative you talk to first can’t help you, make sure to ask for the customer retention department.

You can also consider switching to another ISP. While there’s not a lot of competition in this space, this move could help you pay less for better speeds!

And if all else fails, you can always consider downgrading to a slower speed. Most folks don’t need lightning-fast 1TB speeds. Dropping down to 100mbps or 300mbps will allow you to still stream HD videos, and can lower your bill significantly.

Related - Yes, You Can (And Should) Negotiate Your Bills

SAVING

Money Advice for Recent Grads 🎓

It’s that time of the year when college students everywhere are grinding it out on finals, soaking in the last few days of the semester, and getting ready to toss those caps at graduation.

While graduating from college can be an incredibly exciting milestone, for many graduates, it can feel overwhelming, especially for those who may be starting to manage their finances on their own for the first time.

That’s why we wanted to share our 6 biggest money tips for college grads who are just getting started. If you follow this advice, you’ll be putting yourself in a great position during those early earning years.

1. Spend less than you make - Whether you’re making $30,000 or $100,000 at your first job, the biggest key to financial success at this stage in life is to spend less than you make. Budgeting can be a great tool to help you achieve this. We recommend starting with the 50/30/20 budget. You’re already used to living like a college student, so keep some of those cost-cutting habits around even as you start making real money.

2. Avoid high-interest rate debt at all costs - Debt with interest rates in the teens (or higher) is an act of financial self-immolation. Credit card debt, BNPL, and car loans can wreak havoc on your finances at any age. If you use a credit card, make sure to always follow the golden rules of credit cards. Pay them off in full and on time every single month.

3. Consider living at home - While this won’t be practical for everyone, living at home with your folks after college can be a great way to jump-start your savings. Not having to put a considerable portion of your paycheck towards rent can make it much easier to reach important financial milestones, like saving up an emergency fund. Even a few months can make a huge difference!

4. Don’t ignore your student loans - With all of the turbulence and changing politics surrounding student loans, it’s more important than ever not to turn a blind eye to that debt. While many recent grads will have a grace period before their loan payments kick in, don’t wait until then to make a plan to pay for it. In fact, we recommend you begin “practicing” making those payments by transferring the same amount to a savings account before they are due.

5. Don’t try to keep up with the Joneses - One of the weirdest parts of graduating from college is realizing that everyone has a different starting point. While you may see some of your friends living it up after school, don’t spend all of your money trying to keep up. You don’t know what their finances look like underneath the spending, and true friends stick around whether or not you blow your cash at the club alongside them or not.

6. Invest in Yourself - Don’t forget that YOU are your most important capital! Continuing to learn new skills, gain more life experience, and meeting new people will only make you more attractive to potential employers and increase your earning potential for years to come.

And if you’re not one of the millions of college students graduating this spring, send this to any future or recent grads you know. The earlier they learn these financial basics, the better off they’ll be!

TOGETHER WITH YNAB*

Your Budgeting Bestie 👯‍♀️

Budgeting successfully is all about finding a workflow that works for you. If you’ve struggled to stick to a budget in the past, YNAB could be a total game changer for you.

YNAB helps you to create and manage a flexible spending plan that works for your life. Even better, it syncs with your bank accounts and credit cards to make tracking your spending a breeze.

The average new user saves $600 in their first month, and they offer a 34 day free trial. After that, it’s just $109 per year.

Find out how much you can save by trying YNAB today!

DEBT

BNPL Burgers 🍔

Buy Now, Pay Later is becoming increasingly popular… to the detriment of many Americans, with around 22% of consumers reporting having used these services more than 6 times. The BNPL addiction is still in its infancy.

While BNPL offerings may sound like a good way to split up larger purchases into smaller payments over time, this payment method encourages overconsumption, makes it easier to get disorganized with your finances, and could hurt your credit if you miss a number of payments. BNPL promises convenience, but is becoming a scourge.

But what’s more concerning is that more and more folks are using BNPL services for essential purchases, like food, instead of just for the occasional splurge or technology purchase. According to a survey in April, 1 in 6 shoppers have used BNPL for takeout and delivery, and 1 in 4 have used it as a way to purchase groceries! 🤯

Unfortunately, with food prices rising 24% since 2020, this isn’t surprising. That being said, it’s never a good idea to use BNPL for your monthly expenses. Sure, it may sound good to pay only $50 for your groceries this week instead of $200, plus you don’t have to pay interest. Win/win right!? But what happens when you need food again next week?

Instead of using BNPL to cover those rising food costs, consider other options for lowering the cost of your grocery bill. Here are a few of our favorite tips!

🥫Try a Pantry Challenge - If money is especially tight, a pantry challenge can be a great way to stretch your grocery budget. Raid your pantry for canned goods, grains, or frozen foods. Get creative with inventing recipes based on what you already have at home! Need help? This website can generate a recipe with what you have on hand.

🛒 Switch your Grocery Store - One of the best ways to instantly see a drop in your grocery spending without changing your shopping habits is to change where you shop. Choosing a budget grocer like Trader Joe’s, Aldi, and Lidl can cut your grocery bill by up to 33%. Opting for store brands at these discounters makes you even more brilliant!

🧀 Skip Convenience Items - If you’re working to lower your grocery budget, it’s time to cut out those convenience items from your shopping list. Pre-cut veggies, shredded cheese, and prepared rice packets cost a premium compared to their unprepared counterparts.

🫘 Eat More Meatless Meals - While you don’t need to give up meat forever, cutting meat out of a few of your meals every week will save you a bundle at the grocery store. Instead, opt for some plant-based proteins like beans, nuts, seeds, tofu, or tempeh! Even just doing meatless Mondays could save you $20+ every week!

✂️ Clip coupons - Grabbing the weekly ad from your local store and downloading their app to clip virtual coupons can save you tens of dollars every shopping trip. Don’t head to the grocery store without checking for digital coupons and deals first!

💛 Try the Food Pantry - If you don’t have the cash to get groceries this week, instead of putting it on BNPL, try heading to your local food pantry. There’s no shame in getting aid when you need it. Remember, these programs exist to help anyone who needs some extra help affording groceries in trying times.

And at the end of the day, while BNPL is marketed as a way to help you financially, it exists to incentivize greater levels of spending so that retailers and tech companies can profit off of those who may not be able to afford these purchases in the first place.

Instead of utilizing these services, focus on implementing more mindful spending techniques into your life and consciously work to reduce your monthly expenses.

Related - 10 Ways to Slash Your Grocery Bill 

ICYMI

Money news…

FREE Personal Finance Classes! 💰
Purdue University, in collaboration with Fidelity, is offering a number of free virtual financial well-being “summer school” classes throughout the spring and summer. Topics include investing for beginners, retirement planning, social security basics, and more. Find more information and registration details here!

Hidden Cash 💵
According to a recent survey, the average American has $544 worth of valuables hidden in their home, but your mattress may not be the best place to store your cash! Here’s a great post on just where you should be keeping that cash instead!

Recency Bias 🗓️
With all this talk of a potential recession and volatile markets, it’s easy to take on a more pessimistic view of the current state of our finances. But, don’t let recency bias get you down. Taking a look at the bigger picture will reveal that despite some pretty major market downturns, the S&P 500 has returned 566.18% over the past 15 years. 

Money & Your Mental Health 🧠
A recent Bankrate survey found that money is the top factor negatively impacting the mental health of Americans, with respondents reporting that inflation and rising costs are their number one concern.

Related - 12 Ways to Battle Money Anxiety

Buffett’s Bon Voyage 🏆
At its most recent shareholder meeting, finance and investing GOAT Warren Buffett announced that he will be stepping down from his position as CEO of Berkshire Hathaway at the end of the year. This announcement earned him a standing ovation from the thousands in attendance. Pour one out for the GOAT!

COMMUNITY

“How should I strike the balance between paying off my student loans and investing?”

The Short Answer: With all the turbulence surrounding student loan payments, this is a question more and more folks are asking. When it comes to federal student loans or private student loans with a lower interest rate, you might not need to prioritize paying these loans off earlier than scheduled. That’s because for many folks, you could earn more than you’ll spend on interest by even just keeping that cash inside of your high-yield savings account.

However, you’ll need to actually save or invest the difference to see those returns!

Listen to the full answer here!

Well, that’s all the money updates we have in store for you today! Enjoy the week ahead, my friends. ☀️

Best friends out! 🍻