Thanksgiving is almost here – cue the turkey, the bins of decor coming down from the attic and your ever-growing list of Black Friday promo codes. Amid the chaos, we’re taking a moment to appreciate the wisdom that truly keeps us warm this season: the money tips our community swears by.
We asked HerMoney readers, “What are the best money tips you’re thankful for?” And wow, did you deliver. Here are some of your favorite nuggets of financial wisdom:
Make your money hustle: “Don’t let your cash be lazy!” shares Heather. “Put money you need to keep liquid in high-yield savings accounts.”
Save something every payday: “Put the money somewhere where it’s out of sight,” says Carol. “Back in the 80s, I put $50 every other week into a money market fund. That was the beginning of my financial security journey.”
Never pay sticker price: “Always negotiate a discount – rarely is there not a coupon, rewards program, or another type of discount,” says Beth. “You won’t get it if you don’t ask, sign up and use!”
Build an emergency fund: “When I learned I would be losing my job, my emergency fund gave me peace of mind,” says Kristin. “I strongly encourage anyone who doesn’t have an emergency fund to build one, so you have it when your rainy day comes, whether it be a job change, medical emergency, or something else.”
Pro-tip: A high-yield savings account is a great place to build your rainy day fund.
Get support when you need it: Kristin also credits HerMoney’s coaching program, FinanceFixx, for helping her build good money skills. “If you’re not sure where to start, I recommend joining FinanceFixx, so you can start learning HerMoney CEO Jean Chatzky’s tips and tricks to build your own emergency fund in a supportive group environment,” she adds.
Don’t leave money on the table: “Always contribute enough to get the full 401(k) match,” shares Melissa. “Don’t pass up free money.”
Give your raises a job. “Avoid lifestyle creep,” says Megan. “When you get a raise, think about putting that extra money into savings for retirement, or invest it.”
It all adds up: “Always consider the percentage,” says Phyl. “Saving five cents sounds tiny, but saving five of ten cents is a 50% savings.”
Live the zero-balance life: Annie credits her father for teaching her just how important it is to keep her credit card spending in check. “Even before I was too young to have one, my dad made sure to remind me that it’s best to pay your credit card bills off in full, every month,” she shares.
Know the power of buying young: HerMoney staffer Sarah made the decision to go from renter to homebuyer at the age of 26. “Thanks to some serious savings efforts (and doubling up on mortgage payments when I could), I paid off my home within ten years,” she shares.
Pro-tip: If you’ve been thinking about buying, now is a great time to compare mortgage rates.
Do you have a piece of money advice you’re feeling extra thankful for? Drop us a line here and let us know!
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