This post may contain affiliate links. Please see my disclosure for more details. You know those people who pull out a different credit card each time they make a purchase? Admittedly, I'm guilty. I have several cards in my wallet that I use interchangeably to maximize reward categories. But it's important to note that I slowly built my way up to this point.
Spending on a credit card is a great way to earn cash back, travel rewards, and other perks. But if you're not diligent, you...more
This post may contain affiliate links. Please read my disclosure for more details. January is a great month to be a health club. Gyms rake in membership fees as new clients set fitness resolutions with the greatest of intentions. January 1 starts a clean slate, and it feels good to start off with a new diet or fitness regimen.
There's no doubt that working out is a healthy habit, but it can also be an expensive one. Especially if you overpay for a gym membership you don't actually...more
This post may contain affiliate links. Please read my disclosure for more details. Happy new year, everyone! I hope you all enjoyed a relaxing holiday with friends and family. Now that it's officially 2017, I have to admit that I have never been good at keeping New Year's resolutions. I tend to focus more on lofty end goals and less on the habits I need to adopt to get there. Inevitably, I lose track, get overwhelmed, and give up within the first month or two. Anyone else in the same...more
This post may contain affiliate links. Please read my disclosure for more details. Every year I plan to stay ahead of my holiday shopping. On Cyber Monday, I'm ready to knock out my whole gift list. But I never seem to make it all the way through! I either get distracted and move to another task, or I add to my list later on. As I sit here 4 days before Christmas, I still have a few last minute gifts to purchase. Please tell me I'm not alone! For those of you who are in the same boat, I...more
Many of us have that unused credit card that sits in the back of our wallets. Now be honest. Have you ever been tempted to cancel it? After all, doesn't cleaning up old credit make sense in theory? It is a common misconception that canceling an old credit card helps your FICO score. In reality, the opposite is true. Closing an old card can have a detrimental impact! And here's why.more
We've all been through this before. After exiting the dressing room, you approach the cash register with a few items in hand. You're already thinking about ripping off the tags and wearing your new clothes to dinner that evening. (Is that just me?) As you fumble for your credit card, the sales associate says, "You know, if you open up a store card, you can save an extra 15% today." What do you do? This sounds like an enticing offer! And you'll get instant gratification with a discount today. But before you reach for that shiny new retail card, there are a...more
This post may contain affiliate links. If you keep up with ModMoney, you know I talk a lot about the importance of saving early to build wealth. By now, you are an expert on the power of compound interest and the ability of time to exponentially grow your nest egg, allowing you to retire earlier than you ever thought you could.
Most of us save primarily through an employer-sponsored retirement account like a 401(k). However, your savings should not stop here! You can't withdraw from your 401(k) until retirement, so it's important to have savings you can access earlier. This...more
This post may contain affiliate links. I can't believe it's already Thanksgiving week! Black Friday, Cyber Monday, and a plethora of holiday travel are fast approaching. The holiday season can be chaotic and expensive, so I love to find new ways to save myself stress, time, and money. There are a few apps and tools I rely on to help me do that, and I'm excited to share them with you today! The first three apps are travel-focused and are essential for savvy flying. These will provide you with a smooth, comfortable, and well-priced travel experience. The last two involve holiday...more
This post may contain affiliate links. Saving money while you're young is one of the surest ways to build wealth. I talked about the importance of saving early in this post, but here's a quick refresher. When you put money into a savings account, your dollars earn interest. As time passes, you earn interest on your original balance AND on the interest you have accumulated. Earning interest on interest allows your savings to grow exponentially each year.more
You know that feeling when you find $20 in an old pair of jeans? Or in a handbag collecting dust in the back of your closet? Discovering lost money, in any amount, is a joyous occasion. Today, I'm sharing a website that creates a similar story line. This site helps you find unclaimed money you never knew you lost.
I know what you're thinking. How can I possibly have money floating around that I don't know about? Well, remember when you paid a security deposit on that new apartment lease? Did you ever get it back? How about that savings account your grandfather opened for you? Or that...more
This post may contain affiliate links. How many of you are big online shoppers? I have to admit, I will do almost anything to avoid fighting weekend traffic at the mall. My mother will tell you that I've always been this way. She used to beg me to go to the mall with her anytime I needed new clothes. In fact, shopping became a punishment for me. Whenever my sisters misbehaved, they went to time-out. Whenever I misbehaved, I went to the mall. Yes, I was quite the abnormal child. And trust me, I was a pretty good kid, largely influenced by the threat of this cruel and unusual...more
This post may contain affiliate links. We've all come to terms with the fact that technology is changing our world. Toddlers now have iPads, respectable adults play Pokemon Go, and robots can perform human jobs. Well, the investing landscape is no different. Technology is fundamentally changing the way we invest.
It matters because it's important to have a long-term investing strategy. Especially at a young age! Your 20s is generally the time when you can afford to take on some risk and allow your nest egg to grow exponentially (thank you,...more
A few months ago, Chase had the universe of credit card nerds (yes, that exists) going crazy over the release of its newest card, the Chase Sapphire Reserve. You can think of this as an upgrade to the Chase Sapphire Preferred (a must-have card until this new release). Y'all, the Reserve has all of the credit card nerds energized for a reason. In my opinion, it is the best travel rewards card on the market.
A quick caveat: I don't recommend the Reserve to someone who is starting...more
Driving a new car is fun. Buying a new car is not. Does anyone agree that negotiating with a car salesperson can be a downright nightmare? My lease expired last month, so I recently navigated through this process. In doing so, I noticed that when a young person walks into the dealership, many salespeople assume that (1) we don't know how to negotiate a car, and (2) we can be manipulated. However, by asking the right questions and exhibiting a baseline knowledge of car buying, we can quash those notions. Nobody should have to feel manipulated, so this post lays out the 7 things to...more
For me, personal finance goes beyond understanding how to save and invest responsibly. It has everything to do with feeling good about managing my money, and that includes having fun spending it! A few weeks ago, Chris and I moved into a 2-bedroom apartment, which has been an exciting start for both of us. Of course, along with a new chapter should come new furniture and a fresh look, am I right?
In typical fashion, I must admit to spending hours planning furniture and decor purchases within our budget. While Chris is more impulsive, I research until I know exactly what I want and...more
We’ve all heard it time and time again. We should start saving as much as we can, as early as we can. But why? As a 22-year-old in my first real job, I was tempted to contribute just a minimal amount to my retirement fund every month. After all, for every dollar I contribute, that’s one less dollar I can spend today on things that are way more fun than a 401k (Soulcycle and brunch are expensive, y’all!). Plus, I’ve got the rest of my life to save, right? This thought process is so common among...more
Credit card spending is a great way to earn cash back, award points, awesome travel perks, and lucrative sign-up bonuses. However, in order to fully enjoy these benefits, it is imperative that you take a disciplined approach and have a solid FICO score. This post will cover the basic building blocks of your FICO score: what it means, how it's calculated, and how you can find yours.more
After a few hours of navigating through flight cancellations and delays, Chris and I finally arrived in Punta Mita, Mexico for a few days of R&R. Now, I have to profess that I thoroughly enjoy planning and booking trips. While most people I know dread the mechanical, tedious process, I see it as an opportunity to get extra value for my dollar. And let's be honest, booking a sweet travel deal feels so much more rewarding than purchasing a discounted coffee table.
I have a few go-to credit...more
Saving for retirement can be a daunting and seemingly faraway concept for a recent college grad or young professional. After all, we're all navigating through busy lives and other more immediate financial obligations. Still, it's important to start saving early (here is the reason why), and a retirement account like a 401(k) is a great vehicle to save into. This post boils down the 5 things you need to understand about your 401(k) so you can effectively save for your future AND prepare for...more
It’s a beautiful day in Austin, Texas. After a 5:45am spin class, I have an hour of quiet time before I head into the office. With a large coffee in hand and endorphins kicking in, I’m sitting down to write my first ModMoney post. As a finance professional, I like to read fashion and lifestyle blogs as an escape from working behind spreadsheets and creating presentations. The nerdier side of me (let’s be honest, it makes up most of me) also enjoys reading about maximizing credit card points, managing money, long-term investing (have I lost you yet?), and other enthralling content...more