Save Money with a Garden

Hobbies do not always have to be expensive. When it comes to gardening, expenses can quickly add up, but this does not have to be the case. There are several ways to avoid spending a lot of money when gardening that can come with careful planning and a little foresight. Employing these simple tactics can ensure that your Summer garden is full of a bounty harvest:

Growing Plants from Seed

One of the easiest ways to save money while gardening is to grow your plants from seed. A packet of seeds is extremely inexpensive and growing from seed takes relatively little work. You can take this a step further and harvest your own seeds from plants that you grow and save them for next season. Separating sprouts is another way to save money yet have enough plants in order to have a full garden. Another route to explore is exchanging seeds with friends and neighbors.

Purchasing Plants

If you don’t have time to grow your own plants from seedlings, you can save money by purchasing plants that are not fully grown. It is usually the case that the larger that plant, the more expensive it will be. Additionally, transplanting plants when they are small is less stressful on the plant. A third attractive option is to buy a large plant and divide it into several smaller pots.

Plant Swap

If you find find yourself with too many of one type of plant or seed, you made consider hosting a plant swap. Everyone has too much of something, and a plant swap is a great way to acquire new plants that you may not be able to find in a nursery. Another great option if you have a group of people who are interested in gardening is to buy in bulk. Online stores provide for an easy way to buy in bulk from an assortment of different options.

Composting

A valuable money-saver that can be made right in your backyard is a compost pile. Yard refuge, dried leaves, and other household waste can all be thrown into the pile to make rich compost that will keep your plants happy and healthy. Additionally, many items that we typically throw away are great for using in your garden. Newspaper make great weed barriers, as well as a means to retain moisture at the bottom of pots. Seedlings can be started in many food containers that have been washed out.

Watering

A large expense that is faced by many gardeners is continuous watering. Although it may seem like an expensive feat, it is relatively cheap and can save you a lot of money in the long term. Another option that is slightly more complicated is redirecting a faucet. This may require the help of a professional but the savings can be huge.

Maintaining a healthy garden does not have to be expensive when implementing these few money saving tricks. It is also important to consider the money saved by growing your own food which should be factored in when determining how much money to spend on your garden.

Financial Tips for Young People

Most people want quick, easy tips about money to use so they don’t have to delve into it in too much depth. This is why we are giving you some financial tips for young people.

It is difficult not to make a big purchase when you finally receive your first real paycheck after graduating from college. Although it is tempting, it may be wise to consider a few other options before splurging.

1. Young Adults Should Pay cash for big purchases

If you can’t pay for it in cash, you can’t afford it. There are a few exceptions such as investments, mortgages, etc. however in general this is a good rule to follow. High interest rates will eat at your new paycheck and keep you from getting the most from your money. Putting off large purchases until you are able to pay for them in cash is a great way to prevent unnecessary purchases. Young adults also are tempted to buy things on credit cards. It is a good practice to start building your credit while you are young, but only if you do so responsibly and pay off your balances every month.

2. Young People Need to Create a budget

Knowing where your money is going is the first step in controlling your spending. Once this is determined, a budget can be created in order to prevent frivolous spending and create savings and investment goals. No matter what, you should always “pay yourself first”. Set an amount that you would like to save each month, and create a budget based on what is left over. Take it a step further and automate your savings to be invested elsewhere so that you don’t ever even see that money. This is not only an efficient way of saving, but before you know if you will have accumulated a hefty sum of cash.

3. You are Never too Young to Start saving for Retirement

Americans are not saving nearly enough for retirement. Time is the most valuable asset when it comes to investing, so the earlier you start, the better. If your employer offers a 401(k) invest at least the amount of the match. Additionally it is a good idea to fully fund an IRA. If you become especially skilled at investing, you just may find yourself financially independent at a much younger age than is considered retirement age.

4. Start saving

Every purchase, no matter how small, counts. By making a few small changes and eliminating excess spending, you can easily start to accumulate a substantial amount of savings. Living frugally now before expensive life events occur is much easier than trying to save when you have a mortgage and children.

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5. It’s the Best Time to Focus on Your Career

If you can’t cut expenses, find a way to earn more. Moving your way up the ladder and proving your value while you are young will only help you in the long run when it comes to promotions. Changing jobs to something with more earning or growth potential is a great move to make while you are young.

6. Young Adults NEED to Learn About Investing

Investing can make you rich. In fact, it is passive income that can help grow your wealth on TOP of your income from your career, so you must take advantage.

Learn about investing before you jump in head first. I learned about investing by taking the short and easy Investing 101 Course (click the widget below to start learning)

Even making a few of these changes in your life now can have a serious impact on your financial well being. Hindsight is everything, and a common piece of advice is that they wish they would have started sooner. Making these a part of your life today will bring you one step closer to living in complete control of your finances.

Does Everyone Need and Emergency Fund?

An emergency fund is often times something that you don’t think about until it comes time that you need it. There are a number of items to save for including future goals such as retirement, a down payment on a home, or paying off debt. For this reason, it is no surprise that an emergency fund can be pushed to the side. There are some cases where it is said that an emergency fund may not be necessary at all.

So, does everyone need an emergency fund? The answer to this question has a lot to do with your current situation in life. Determining your needs is the first step in analyzing your situation and determining if you really need an emergency fund after all.

Towards High Interest Consumer Debt

There is no closer emergency than the present day emergency of credit card debt. There is no sense in saving for a future emergency when you are paying high interest on your debt today. The rates that you will get from an emergency fund in a savings account or CD will not offset the interest you will be paying in interest on your credit cards.

If You Have No Retirement Savings

Retirement is an easy aspect of your personal finances to forget about, especially when you are young. In the decision between saving for an emergency now, and saving for your future, always chose the latter. The money put aside today in a Roth IRA or 401(k) will far exceed the growth that you will ever see in an emergency fund. Plus, certain retirement vehicles will allow you to borrow principal if you ever get into a situation where you need cash fast.

You Have No Debt and Low Expenses

In the case that you have managed to live debt free and below your means, you also may be in the category of someone who doesn’t necessarily need an emergency fund. Redirect your cash from emergency funds towards investments that offer long term returns. Reinvest your dividends until they grow to a substantial amount, at which time you can either retire or use the dividends in the case of an emergency to either live off of or subsidize your income.

Easily Accessible Investments

It just so may be the case that you have an emergency fund and don’t already realize it. If you have been investing heavily for the past few years, you may have already accumulated a sum that would more than cover you in the case of an emergency. As long as you can withdraw without penalty, you may very well be sitting on an emergency fund that is making money for you.

Regardless of where you are in life, having peace of mind is invaluable. Despite your current standing you should be constantly working towards having the ability to live on your own terms without having to be dependent on anybody else. In all cases, financial preparedness is key. Being alert to your financial situation allows you the ability take advantage of opportunites that come your way as well as protect yourself when you are met with misfortune. One size does not always fit all, especially when it comes to personal finance. Sometimes the best preparation is knowing what you don’t need to prepare for.

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