Month: February 2017

Apps for Financial Peace? Part One: Penny

Hello Lovely Savers!


The blog post is a little late today, my only coworker has been out for the last few weeks so I’ve been busy, busy, trying to keep up. Silver lining, we’ll have a nice over-time padded savings account for our move next month! Without any further ado, let’s get into today’s post.

Today we are starting a short series on online financial tracking apps/websites. The first app we are looking at is one I had never tried before working through it for this blog, Penny. Penny is a relatively new app from the company Friendly Finances, Inc. The app is supposed to be able to track your spending, income, and bills. All while delivering you the information like a text chat with your new best friend, Penny!


Let’s start with the beginning, super cute hello and sign up!

Ok, so far, so easy, then we get to see how exactly this “texting” thing is going to work.

Evidently, you don’t get to personalize your responses to her, but it’s straightforward and I see where this is going.

Then you will enter which bank accounts you’d like to connect to, I was even able to attach my student loan accounts. AND she sends you cute gifs to emphasize how she’s feeling!

She asks you to answer quizzes, like “where is your favorite fast food place?” This was not entirely applicable to me because I rarely eat fast food and if I stop somewhere it is for fries. However, she decided my favorite fast food place is McDonalds based on that I was there two times in the last three months. And she gave me some fun facts about how terribly the average person eats.

Then things went a little wonky. For instance, when I paid taxes for my bakery, she marked that as a food transaction. Understandable mistake, but it didn’t end there.

She only breaks things down into five categories. Food, Transportation, Bills, Income, and everything else… which is not very specific. Simple for those who like it that way, not my personal favorite. You can also have her ignore certain transactions, like transferring money between accounts, so it doesn’t mess up your tracking. When I went in to look more closely at how she was breaking things down, she was ignoring a lot of them or marking them “everything else” when it should have been falling under transportation for a gas stop. She apparently learns from what you change them to, but she is not very intuitive at the beginning and ignoring expenses could be dangerous for careful trackers.
The five categories she does offer, are able to be viewed in different ways which make them easy to read, but again, a little too simple. It is cool to see the different graphs and visuals, but when things are so general it is easy to nickel and dime yourself into trouble.


As a details person, Penny might not be the right app for me, but I can definitely see her charm! If you really spent the time to go through all of the charges and try to teach her what you want her to track and which category you want it in, Penny might work for you! Otherwise, I personally will be waiting to use it again, at least until the company adds a bit more to its features.

That charm though.

If you’d like to download Penny you can find her on the Google Play app or the Apple store.


Next week I will look closely into Mint, an app that I’ve used off and on for a few years. Comment below which apps you use or which you’d like me to do a review on!

Sugar and Savings,
Taylor

XOXO

This entry was posted in Debt.

14-Day Money Finder Challenge -Part Two-

Last week we started the first half of Rachel Cruze’s 14-Day Money Finder Challenge. You can read all about the first seven days here. If you’d like to join Rachel, and receive her emails and companion blog posts, you can sign up on her website here!
Today I will be going over the second half of the challenge and what I did with the days. I will also give out some ideas for how you can save even more on some of your “normal” expenses.

Day Eight- Figure out what you spend on groceries vs. eating out

By now we are all experts at working on our online banking site or app, so we’ll just log in and take a peek at where our money went before it made it into our bellies. For me, Handsome Man and I are living seperately right now so our grocery buying habits and eating out habits are a bit out of whack. Last month I spent $116.30 on groceries and $102.85 eating out. When deciding which counted as groceries or eating out, I counted anything bought at the grocery store as groceries (even if it was a snack or whatever) and everything that I got at a quick gas-station stop or restaurant was “eating out”. Working right next to a gas station has been dangerous for me.

Day eight, check.

Day Nine- Save money by packing lunch, buying generic, and planning meals ahead of time

Truthfully, I am pretty good when it comes to eating leftovers, but making dinner the night before and having that act as your lunch the next day is a great way to save! (If you can remember to grab the container -cough-HandsomeMan-cough-) I am also a snacker, so unless I want to be running over to Holiday on my break to satisfy my munching habit, I need to buy and pack ahead of time when it comes to snacks. I like Honey Cinnamon Almonds and fruit snacks, both of which you can buy generic versions of to save a few dollars.

Day nine, check.

Day Ten- Find your $20 you hid and spend it on something fun!!!

Really! Her words, not mine, so you have full permission! I bought Handsome Man and I a great big beautiful frame that was on sale, to go in our new apartment next month. This day was great for me because I am so excited about the move, I just want to buy anything and everything that I see to decorate the new space. The permission to spend this day, with the $20 that I saved, was a huge deal.

Day ten, check!!!

Day Eleven- Figure out your housing fees

This includes anything like rent, homeowners association fees, your water, gas, or electric bills,  cable, internet, phone bills, etc. I personally already avoid most of these things, so I counted up what it might be for next month instead.

Day eleven, check.

Day Twelve- Find ways to save on your housing fees

There was not much money to be found here for me today. If our apartment didn’t require it, we would not pay for cable, so that would eliminate a $40 some charge each month- but they do. There are ways to bundle your cable and internet and landline (ha, landlines) if you are in the situation like we are. As for electric, turn of your lights! Water? Hurry up those showers. Turn down the heat when you are not home, or leave it down and cozy up with some blankies! I will be keeping it cool in our place and snuggling up with my puppy.

Look at that face. Check.

Day Thirteen- How much did you spend last month on insurance?

We’ve all see the progressive commercials with Flo, I may or may not have also been her for Halloween one year. This does sound a little time consuming but I know you know that there is already one place that lets you shop around for rates, so I don’t want to hear anything about not knowing where to start! Also, I am sure at least ONE of your friends from high school went on to work in insurance so feel free to give them a call to see what they could do for you. Helps you, helps them, win win.

Day thirteen, check.

Day Fourteen- WE DID IT!!! How much did you find?

This is going to be different for everyone, but overall I have to say this challenge created by Rachel Cruze is super easy to follow and even includes some fun days too! Much like the Dave Ramsey debt snowball effect, you start with small tasks and suddenly you could save hundreds. I give this challenge a 10/10 and three gold stars. Share it with your friends and get started today! (Check 😉 )

Next week I am going to dive deep into different money tracking apps to compare them for you. We’ll look at Mint, Everydollar, and a new one called Penny. See you next week!

Sugar and Savings,
Taylor

XOXO

This entry was posted in Savings.

14-Day Money Finder Challenge -Part One-

Hello Lovely Savers!

This post we will be looking into the first week of Rachel Cruze’s 14 Day Money Finder Challenge. If you’d like to join her, you can sign up on her website here!


Cruze breaks it down into simple tasks you can do each day to really look closer at what you are spending money on and where you could afford to save. Each day has a companion blog post and she gives you even more ideas on how to cut back in places you don’t even notice.

Anyone can look at where their money goes each month, but few break it down into small enough pieces that they feel they can really make a difference. I took her challenge to see just how effective her approach is and how easy it is to do for someone who has not looked at their budget before.

Day One- Figure out how to log into your bank account.

Yes, the first task really is that simple! Whether your bank has an app or if they just have an online banking option, the first task is to log in. That’s it!
I was just talking to a friend recently and she was talking about how she has a hard time keeping track of her 15 year-old daughter’s babysitting money account. I asked, “well, why can’t she do it?” She can DO that? I asked which bank she was a part of and it turns out that not only can her daughter put the app on her phone, her mom could add the app and be able to transfer money into her account with the push of a button.

Mind. Blown.


If your bank does not have an app but logging into the online deal is too time consuming or annoying, you could add an app like Mint and attach your accounts straight to a budgeting program!

Day one, check.



Day Two- What is your monthly take home pay?
Again, you may already know this. If not, look at your paychecks from last month, that’s what it is. Some people take advantage of direct deposit, so they don’t necessarily see the physical check or know the exact amount each pay period, but now you have your fancy online banking/app to let you look instantly!
If you do not have a set income each month, you can take the average of the last couple of months to help you get a better idea. That number is what you will budget with and any income over that amount will be gravy!

Day two, check.

 

Day Three- Do something generous today!

Yep, really! Do something easy, like pay for the person behind you at Caribou, or get creative! There are tons of ideas to be found for paying it forward. I tipped my server overly-well and in cash, this one is tricky because some places use computer systems that will not allow credit card tips to go through if it is over a certain percentage of the bill, this is to protect the customer from accidentally being overcharged. If you pay in cash the server will not only get to keep it, but will only be taxed on what the bill would have lent to a normal sized tip. As a former server, I know how amazing it is when someone makes you feel like you did a great job.

Day three, check!

 

Day Four- Put $20 in an envelope and hide it out of sight.

This one will make for a nice surprise later in the challenge (or if you totally lose it, then a really nice surprise way later when you forget what it’s from 😛 )

Day Four- check.

 

Day Five- Write down your monthly entertainment expenses.

This could be coffee, a gym membership, movies, cable, streaming services, date nights, etc. Handsome Man and I do not belong to a gym or have cable, and I don’t really drink coffee, so the only places we really spent money on entertainment was in our streaming netflix and going out to movies. This made Day Six a little tricky…

Day five, check.

 

Day Six- Figure out where you could cut back in entertainment expenses.

See what I mean? If you are someone who goes out to get a coffee everyday, it is easy to say you’ll only get coffee 3 times a week, or start making it at home. But with Netflix, it is $10 a month, which we could cut back by getting rid of it completely but it certainly isn’t breaking the bank. Going out to movies, you can definitely cut back the expense of that by going to see the movies once they hit the cheap theaters, or skipping the popcorn. Handsome Man and I love movies and even though it is sometimes hard to wait that long, RedBox is also a great alternative when they won’t be coming to netflix anytime soon.

Day six, check.

 

Day Seven- Save on gas! How much do you think you spent last month on gas? How much did you actually spend?

This is it for the first week! I guessed that I spent $100 or so, maybe more because I went down to Illinois for a work thingy. Using my handy-dandy banking app, I was able to count up that I actually spent $211.67. Which was obviously a lot more than I anticipated, but made sense with my unusual travel. Looking at previous months I was a lot closer to my original guess. Saving on gas can be easier than you think too, a lot of stations have reward systems you can use. Holiday stations participate in Cub Rewards, where when you shop at Cub Foods, you save money on gas with a little rewards card. Super America has a rewards card that can save you $0.03- $0.05 per gallon when you swipe it, and there are a lot of other programs at local stores as well. Professional sports teams will sometimes have discounts when you see their games, for example you will receive a few cents off of gas for every run the Twins get, or for every free-throw the TimberWolves make (it works out better if your local teams are good…). There are also apps out there like GasBuddy that show you which stations have the lowest prices near you. It may seem insignificant but it adds up!

Day seven, check, check, check!

 

That is it for the first week of the 14 Day Money Finder Challenge, although I don’t have all of the “normal” expenses she talks about it was still easy for me to see where I can make small changes to see big improvements.

Thanks for following along today Lovely Savers, I will be back next week with the last seven days, and on Thursday with the weekly recipe. I’d love to hear what you think of this challenge and if you are participating too, comment below!

 

Sugar and Savings,

Taylor

XOXO