Money Saving Duo

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Purchasing Your First Home? Money Savvy Tips to Keep In Mind

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Purchasing your first home is an exciting milestone, but it can also be a significant financial investment. Saving money during this process is crucial to make the most of your budget and ensure a smooth transition into homeownership. In this blog post, we will provide you with essential tips to help you save money when looking to purchase your first home. By following these practical strategies, you can maximize your savings and make a more informed decision.

Money Savvy Tips to Keep in Mind When Purchasing Your First Home

Start Saving Early

One of the best ways to save money when purchasing your first home is to start saving as early as possible. This allows you to build a substantial down payment, which can lower your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). Set up a separate savings account specifically for your home purchase and contribute to it regularly. Automating your savings can be an effective way to ensure consistent progress.

Establish a Realistic Budget

Before diving into the home-buying process, it’s essential to establish a realistic budget. Consider your income, expenses, and financial goals to determine how much you can comfortably afford. Factor in not only the down payment but also other costs such as closing costs, moving expenses, and potential renovations or repairs. By having a clear budget in mind, you can avoid the temptation of overspending and ensure you’re financially prepared for homeownership.

Be sure to look for a high interest rate savings account to maximize your savings. Right now, Wealthfront is offering 4.55% APY (annual percentage yield) – one of the highest rates of return we’ve seen. Sign up for an account through our referral link and we’ll both get a +0.50% bump on the current APY.

Improve Your Credit Score

Your credit score plays a significant role in determining the interest rate on your mortgage. A higher credit score can qualify you for more favorable loan terms and potentially save you thousands of dollars over the life of your loan. Start by reviewing your credit report for any errors or discrepancies and address them promptly. Make all payments on time and reduce your credit card balances to improve your credit utilization ratio. Avoid opening new lines of credit or making major purchases before applying for a mortgage, as this can negatively impact your credit score.

Shop Around for the Best Mortgage

When it comes to securing a mortgage, don’t settle for the first offer you receive. Shop around and compare rates and terms from different lenders to ensure you’re getting the best deal. Even a slightly lower interest rate can save you a significant amount of money over time. Consider working with a mortgage broker who can help you navigate the process and negotiate on your behalf. Be sure to read and understand the terms and conditions of any mortgage agreement before signing.

Consider First-Time Homebuyer Programs and Assistance

Many governments, organizations, and financial institutions offer programs specifically designed to assist first-time homebuyers. These programs often provide financial assistance, down payment assistance, or reduced interest rates. When we purchased our first house, we qualified for such a program and this helped us afford our first home.

Research and explore the options in your area to see if you qualify for any programs. Additionally, some employers offer employer-assisted housing programs or down payment assistance as part of their employee benefits. Take advantage of these opportunities to save money and make homeownership more attainable.

If you live in Michigan, first time homebuyers may want to look at the following programs to see if they qualify:

  • MI Home Loan – eligible individuals may qualify for a $10,000 loan
  • Mortgage Credit Certificate Program – first time homebuyers may also be eligible for a federal tax credit which would allow qualified homebuyers the ability to credit 20% of their annual mortgage interest paid against their year-end tax liability.

Other programs to consider include:

  • Chase Bank’s Grant Program for eligible homebuyers. These grants range from $2,500 – $5,000 and Veterans may be eligible for additional benefits.

Be Mindful of Additional Costs

When budgeting for your first home purchase, it’s essential to consider not only the upfront costs but also the ongoing expenses. Property taxes, homeowners insurance, maintenance, and utilities are all ongoing costs that should be factored into your budget. Consider the location and condition of the property when estimating potential maintenance costs. Look for energy-efficient homes or appliances to save on utility bills over time.

There is nothing wrong with renting. If you are looking for something with more of a ‘known’ cost or something that allows a little more flexibility, renting may be the right option for you. The mortgage cost is usually the bare-minimum cost you will spend on a house each month and this is important to keep in mind. Yes, a house can be a good investment, but there are a lot of factors to keep in mind when making this big decision. Make the decision that’s best for you and the money goals you hope to achieve.

Purchasing your first home is a significant financial decision, and saving money throughout the process is vital. By following these tips, starting from early savings and establishing a realistic budget, to improving your credit score and shopping around for the best mortgage, you can save money and make a more informed choice.

Want to Save Money Fast and Jumpstart Your Emergency Fund? Here’s How to Save $1,000 in 30 Days

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Are you trying to save money fast? Saving a $1,000 for your emergency fund is a good goal to shoot for. Whether you are able to make big changes or small, here are some of our top tips to help you spend less and save $1,000 in 30 days:

An image with text that says "How to Save $1,000 in 30 Days" over a hand dropping coins into a jar

Start by looking at your budget

Before you can reach any of your money goals, its important to make sure you look at your budget. Don’t have a budget? Then your goal is to set one. Budgets may seem scary if you aren’t use to having one, but they are a really great tool to help you maximize how you use your money.

Not Sure How to Budget? Start With These Four Simple Steps

Once you have your budget set up, look at where you might be able to cut back spending. Are there any unnecessary expenses that are either eating away at your savings or preventing you from putting money into savings? If so, determine how much you are willing to cut back on those expenses and total those up. Put that amount towards your $1,000 goal.

Once you have cut back on those unnecessary expenses, look for other categories you may be able to spend less in by making some simple changes in your daily routine. You may be surprised at how many of these small changes add up.

For example: If you spend any money on food that you don’t make at home, this could be an area where you could save quite a bit if you are willing to give it a try. Instead of dining in at restaurants or ordering takeout, consider making meals at home and packing leftovers when you can. You don’t have to be the world’s greatest chef to make this work for you – stick with simple recipes and add the money you save to your emergency fund. And who knows, you may find that that this is a habit that sticks.

Cancel the memberships you never use and rethink the ones you do

Every few months, our family takes a look at what memberships we have – especially our streaming memberships – and cut whichever ones we aren’t using as much as we used to. If you are looking to save $1,000 in 30 days, this might be something worth doing if you haven’t considered doing so or haven’t done in awhile. Other examples of memberships to reevaluate include:

  • Gym memberships. If you have a gym membership and haven’t gone in awhile, cancel it.
  • Magazine subscriptions. Cancel magazine subscriptions and other publications that aren’t essential to your life.
  • If you haven’t cut cable yet, now might be a great time to do that. Switch over to streaming and you’ll save whether you choose a free streaming platform or one with a monthly subscription. Just remember, to keep it in budget.
  • Subscription boxes. Whether you cancel or delay your subscription box, this could be another way to save money if you are currently receiving these on a regular basis.
  • Cell phones and Internet. Do you really need the plan you have or can you shop around for a better price? This may be a way to save a little extra money each month.
  • Insurance policies. When is the last time you shopped around for insurance? Sometimes when you shop around, you can find better prices without sacrificing on coverage. If its been awhile since you’ve done this, this might be a great time to start asking around.

Don’t buy more groceries than you need; eat out less and have meals you can make quickly and cheaply at home.

It’s easy to get carried away when you’re shopping for groceries. You may find yourself picking up extra items, thinking you’ll use them later in the week or month. But if you don’t actually use those items, they’ll just go bad and end up costing money!

It’s better to plan your meals ahead of time and only buy what you need for those meals–no more, no less. If there are certain ingredients that would be useful in other recipes but aren’t needed right now (such as garlic or spices), add those things onto a separate list so that you remember to buy them later on down the road when needed again by another meal you are planning to make.

Be smart about shopping for groceries and essentials like toilet paper, paper towels and detergent.

If you’re like most people, your grocery bills can add up quickly. The good news is there are plenty of ways to save money on groceries:

  • Make a list and stick to it. This is an incredibly helpful way to stay in budget when shopping for grocery and household essentials.
  • Use cash back apps on your phone. We have a whole list of apps that we use to save money when grocery shopping. Many of them allow us to cash out through our PayPal account while others let us cash out for gift cards we can use for later purchases. Either way, this can be a helpful way to put more money aside for your emergency fund.

Consider what assets you can let go of

Saving is great, but sometimes its still not enough to kick start your emergency fund – especially if you don’t have much wiggle room in your budget to begin with. If this is you, it may be time to consider letting go of some of your personal belongings that you are comfortable parting with. Can you sell them on Facebook marketplace or host a garage sale? Selling items that are still in relatively good condition can be a great way to jumpstart your emergency fund.

Start a side hustle or consider whether its time to ask for a raise

Another way to bring more money into your account on a regular basis is to either start a side hustle or consider whether its time to ask for a raise. Both options can potentially bring in more money on a regular basis to your account and you can set this aside towards your emergency fund. Side hustles are great if you just need a short term infusion of cash – like if you’re trying to quickly put aside an extra $1,000 in 30 days. Asking for a raise may result in more money coming in on a more consistent basis and if you haven’t asked for one in awhile, maybe now is the time.

You can save money fast by making small changes

You can save money fast by making small changes to your spending habits. For example, canceling the membership you never use or adding cash back apps on your phone are easy ways to make more room in your budget for funds you can put towards your emergency fund. Don’t have a lot of margin to begin with? Consider selling some of your personal items you are comfortable letting go of or starting a side hustle that works with your schedule. Any of these steps can help you work towards putting money aside for something unexpected.

Conclusion

You don’t have to be an expert to save money fast. Identify ways you can reduce what you spend and reallocate that money to your emergency fund. If that’s not enough to reach $1,000 in 30 days, you may need to look at ways to bring more money in. This could include picking up a side hustle or selling some of your personal items you are ready to say goodbye to. Either way, these steps can help you reach your goal of saving $1,000 in 30 days, and have a better idea of how much money comes in and goes out each month–which means you can start saving even more!

Make Mom Smile Without Spending a Fortune: ‍ Low Cost Gift Ideas for Mother’s Day

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As Mother’s Day approaches, you may be finding yourself scrambling to find the perfect gift to show our appreciation for the amazing mom (or moms!) in your life. However, you don’t have to spend a lot of money on gifts to show mom you care. That’s why we’ve compiled a list of low-cost gift ideas that will make your mom smile without breaking the bank.

Kati and the boys on a Sunday at church.

Why Low Cost Gifts Matter

While it’s easy to think that the cost of a gift is proportional to how much you care, that’s not always the case. Sometimes, the most thoughtful and meaningful gifts are the ones that cost very little. In fact, a low-cost gift can be even more special because it shows that you put thought and effort into finding something that your mom would love, even on a tight budget.

Additionally, with the current economic climate, many families may not have the financial means to spend a lot of money on gifts. By choosing a low-cost gift, you can still show your mom how much you care without adding to any financial stress.

Budget-Friendly Mother’s Day Gift Ideas

Although it may seem like you need to spend a lot to show mom you care, we’re pretty sure no mom wants you to go into debt or break your money saving goals to celebrate her. In fact, there are many ways you can show mom you care regardless of budget. Need a little inspiration? From thoughtful, no-cost gifts to a few of our favorite ideas costing $30 or less, we’ve got your back this Mother’s Day season.

Kati with the girls as she volunteers at the Daddy Daughter Dance.

DIY Mother’s Day Gifts

  • Homemade coupon book: Create a personalized coupon book filled with things like breakfast in bed, a day of cleaning, or a special movie night that mom can “cash in” whenever she’d like.
  • Hand-painted vase: Purchase a cheap glass vase and use acrylic paints to create a one-of-a-kind design.
  • Handwritten recipe book: Collect your family’s favorite recipes and handwrite them into a notebook or recipe card set for your mom to cherish.

Thoughtful Yet Inexpensive Mother’s Day Gifts

  • Handwritten letter: Write a heartfelt letter to your mom expressing your love and gratitude.
  • Virtual experience: Plan a virtual movie or game night with your mom to spend quality time together, even if you can’t be in the same place.
  • Charitable donation: Make a donation to a charity that your mom cares about in her name.

Mother’s Day Gifts Under $30

If you have a bit more wiggle room in your budget, consider these gift ideas under $30:

  • Tea sampler: For the tea-loving mom, purchase a sampler set of loose-leaf teas for her to enjoy.
Buy on Amazon
  • A beautiful puzzle: For the mom who loves to problem-solve, purchase a beautiful puzzle for her to work on. There are many gorgeous artworks to choose from these days, so you are sure to find one that she’ll love.
Buy on Amazon

Mother’s Day Gifts Under $20

For those on an even tighter budget, these gifts under $20 are sure to make your mom feel loved:

  • A candle featuring mom’s favorite scent: Let your mom create her own personal oasis with a gorgeous candle that features her favorite scent! Many can be found for under or around $20, like this one from Voluspa.
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  • Portable Coffee or Tea Mug: Whether you get mom the tea sampler as mentioned above OR just this mug, what we love about it is its flexibility. It comes with everything you need for coffee or tea and can keep mom caffeinated all morning long.
Buy on Amazon

Mother’s Day Gifts Under $10

Believe it or not, you can still find meaningful gifts for your mom under $10. Consider these options:

  • Bath bomb set: Purchase a set of bath bombs for a relaxing and indulgent gift.
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  • Succulent plant: A small succulent plant is a great way to add some greenery to your mom’s space without spending a lot of money. Plus, you might find a funny succulent plant pot like this one below for under $10 as well!
Buy on Amazon

Free Mother’s Day Gift Ideas

Sometimes, the best gifts are the ones that don’t cost anything at all. Here are a few ideas for free Mother’s Day gifts:

  • Quality time: Plan a day of activities with your mom, such as a hike or picnic.
  • Acts of service: Offer to do chores or run errands for your mom to give her a break.
  • Homemade meal: Cook your mom’s favorite meal or bake her favorite dessert.
  • Words of affirmation: Consider writing a poem or creating a homemade card to tell mom how much you love her. If you have little ones, this can be a great way for them to get in on the gift giving as well.

How to Make the Most of Your Gift on Mother’s Day

No matter what gift you choose, there are a few things you can do to make sure your mom feels extra special on Mother’s Day:

  • Add a personal touch: Include a handwritten note to make your gift feel extra thoughtful.
  • Spend quality time: Whether in person or virtually, make time to spend with your mom on Mother’s Day to show her how much you care.
  • Show your appreciation: Make sure to express your gratitude and appreciation for all that your mom does for you.

Wrap Up Your Gift With Love

No matter what gift you choose, remember that the most important thing is to show your mom how much you love and appreciate her. With these low-cost gift ideas, you can make your mom smile without spending a fortune.

Conclusion

Mother’s Day is a special time to celebrate the amazing mothers in our lives. While it’s easy to get caught up in the commercialism of the holiday, remember that the most meaningful gifts are often the ones that cost very little. By choosing a low-cost gift and adding a personal touch, you can show your mom how much you care without adding to any financial stress. Happy Mother’s Day!

Our Ultimate Money Saving Grocery Shopping App List

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This post contains referral and affiliate links meaning that if you sign up for one of the apps discussed below, we may be compensated for that referral. The views expressed our ours alone and we do use these apps regularly for personal use. 

Looking for ways to reduce your grocery bill but don’t want to mess with the headache of coupons in the checkout line? If you have a smart phone, there is a better way. Take a look at our favorite apps that will help you save money with little extra effort.

Money Saving Grocery Apps

Over the years we’ve worked hard to get our grocery budget down and even with rising prices, we’re still keeping our budget under the USDA’s Low-Cost Food Plan recommendations with a family of six. These apps let me save even more by providing cash back or rewarding me with gift cards I can use on future purchases.

Related: Grocery Budget Calculator

Ibotta. If you’re only going to download one app, this would be the one I’d suggest. I’ve cashed out the most often with the Ibotta app and I really appreciate how easy it is to use. Unlike other apps, Ibotta will often have “no brand” offers on things like milk, bread, eggs, produce and general receipts. This means you can get cash back for buying some of the basics.

Want to give Ibotta a try? Sign up with our affiliate link and you’ll get $10 cash back when you submit your first receipt. 

Checkout 51. Checkout 51 works similarly to Ibotta in that it features various cash back offers on specific products. Offers are updated every Thursday and are often available in limited quantity. To be honest, the products featured typically aren’t the ones our family buys on a regular basis and sometimes the quantity required to purchase seems rather high, but every now and then we are able to find items and deals that do work for us.

Checkout 51 has also offered cash for watching videos in the past, but hasn’t done so recently; however, you can earn extra cash back at the gas station and by taking surveys through this app.

Want to give Checkout 51 a try? Sign up through our affiliate link and you’ll get $5 when you redeem your first offer. 

Receipt Hog. Another one of my favorites is Receipt Hog. With this app, you don’t have to select individual items to claim rewards. Instead, you simply upload your receipt and receive coins for each one you upload. There is a limit on how many tokens you can receive each week, but I’ve only ever reached that threshold once. And every week you upload at least one receipt you’ll get a chance for extra coins by earning spins on the slot machine. You’ll also get additional opportunity for more coins as you level up.

Occasionally Receipt Hog will give you bonus points for answering questions about a recent purchase. as well.

Want to give Receipt Hog a try? Sign up here. 

FetchRewards. This is another very easy app to use. Simply select which special offers you want to claim and select the brand names you typically purchase. When you scan your receipt you’ll get points for the items in your cart that fit under one of those brands or meet the criteria for your special offer. Every receipt you upload from the grocery store automatically gives you 25 points regardless of whether any specific items are present. Every 24 hours you’ll also be eligible for a receipt bonus you snap a photo of. Unfortunately, this doesn’t seem to apply to digital receipts just yet. Points can be redeemed for a variety of gift cards.

Want to give FetchRewards a try? Download at www.fetchrewards.com and use our referral code PD1CE to get 2000 points just for starting.

ShopKick. If you enjoy scavenger hunts, this app is for you. You can get “kicks” for walking into certain stores and for scanning bar codes on various items. This means it is possible to get rewards without having to actually make a purchase; however, if you happen to purchase the items you scan, you’ll get even more kicks to play with. Kicks can be exchanged for gift cards… or a Vespa. We’re always curious if anyone has scored enough kicks for that. We tend to use our kicks to redeem gift cards.

Want to give ShopKick a try? Use our referral code SHOP307617  when you download it and you’ll get 250 kicks once you scan your first item or complete a walk-in. 500 kicks = approximately $2.

Drop. This app is a little unique in that you don’t have to upload any receipts. Instead, you link your credit card and choose 5 stores or restaurants you frequent. Whenever you use your linked card to make purchases at those places, you’ll receive a certain number of points for every dollar you spend.

Bonus – once you’ve claimed 5 deals, you get to score bonus points by playing a Snake game! Aaron was made for this app.

We chose Target, Bath and Body Works, Starbucks, McDonalds, and Chipotle for our five core destinations. But other offers have come in since we initially signed up for this app. You can also get points for taking surveys in the app and by playing a basketball game twice a day.

Want to give Drop a try? Use our referral code x4u82 to sign up and get 10,000 points (equivalent to $10) when you link your first card.

Have used any of the above apps to get cash back or redeem gift cards? Which is your favorite? We’d love to hear about it in the comments.

Budget Friendly Fall Fun For Families

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Now that fall is officially here, you may be looking for ways to keep your family entertained without spending a lot of money. We’ve got you covered! Here are some of our favorite family-friendly activities that will cost you very little, if anything at all.

  1. Head to your local library and pick up some new books that are fall-themed to read together.
  2. Go on a nature walk in your neighborhood or local park and take pictures of falling leaves, bugs, and anything else you find interesting along the way—then bring those pictures home and make a collage or photo book about your adventure!
  3. Visit a local apple orchard or pumpkin patch. Let your kids pick out their favorite pumpkin or enjoy a glass of apple cider.
  4. Carve pumpkins – the ones your kids picked up at the pumpkin patch! And don’t forget to roast the seeds too.
  5. Print out fall-themed activity sheets and have an ‘art night.’
  6. Check out your local bike trails.
  7. Attend community events hosted throughout your town.
  8. Visit a local farmers’ market and pick up some fresh produce. It’s a great way to support local farmers while getting some exercise at the same time.
  9. Have an adventure day! Set aside one day this fall where everyone goes off on their own to explore something new—a museum, an art gallery, or even just another part of town that hasn’t been explored before. It’ll be fun for everyone involved!

What are your favorite ways to enjoy the fall season? Share in the comments.

8 Ways to Save Money on Gas for Your Car

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With gas prices on the rise, you may be looking for ways to save on fuel. Discover a few top recommendations we’ve received to help make every dollar at the pump stretch its furthest.

Our family last summer on a camping adventure!

If you want to save money on gas, here are a few simple ways to get started:

Scope out the best price at the pump and get cash back on each fill up. One of my favorite cash back apps, Checkout 51, offers you great deals not only on groceries and prescriptions, but gas too! Pull up the gas tab and you’ll see the price of gas in your area and the amount per gallon in cash back you’ll get. We typically get ~$0.10-$0.15 per gallon, sometimes up to $0.25, in cash back through this app and can withdraw it by either PayPal or check once a $20 balance in cash back is hit.

Be a more relaxed driver. This one might take some practice, but is another great way to save on the number of trips you’ll need to make to the pump. In fact, the US Department of Energy indicates that if you ‘hit the breaks’ on aggressive driving – hard breaking, quick accelerating and speeding – you can reduce your gas mileage by 15-30% at highway speeds and 10-40% in stop-and-go traffic. That’s an equivalent gas savings of $0.36-$0.44 per gallon. Need some help, newer cars have a helpful gas mileage feature on their dashboard console.

Not sure what speed you should go? The most fuel efficient speeds have been found to be between 55 and 65 mph.

Check Your Tires. It may not seem like routinely checking your tires would impact your gas use; however, maintaining proper tire pressure will make an impact on the frequency of your fill ups. Underinflated tires can actually increase consumption by up to 3%.

Clean out your car. If your family is like mine, it doesn’t take very long for things to accumulate inside our vehicle. Those items not only clutter up the inside, but add to to overall weight of the vehicle. The more weight, the harder your car has to work and thus the more gas it has to use. Get rid of the heavy stuff just sitting there.

Park further away. No one likes parking further away. Especially in Michigan, in winter. But if you are able to find a spot more quickly by parking a little further away, do it! Not only will this use less fuel than if you spend your time circling around a parking lot or a street looking for a spot, but walking a little further is good for your body too.

Carpool when you can. This one may not be realistic for every family – I know its not for mine; however, it is when I think about some of the work trips that I take. When possible, I try to carpool with others from my office if we have a meeting outside the office we need to attend together.

Work from home if you can. Again, this one might not be realistic for everyone; but if your work allows you to work from home even just occasionally, this can help you save on gas too.

Join a Fuel Rewards Program. Another way to save a little money on gas fill ups is to join a fuel rewards program. Many gas stations offer them. For example, we save $0.05 per gallon at Marathon gas stations through their fuel rewards program. If you shop at a certain brand of gas stations more often than others, this can be another way to save a little more when you fill up on gas.

Hope this helps you save a few bucks at the pump. Have any additional ways you save? Share them in the comments.