It’s Friday! And it’s the first Friday of the month. A long month. If you’re like me, that means there is an automatic money win built into this magical month. (If you’re retired, well, that’s a whole different money win, isn’t it?)
It’s a three-paycheck month for me!
Woohoo! With back-to-school time just around the corner, it means back to work for me and back to paying for childcare. The fact that this month comes with some extra cushion makes me feel like I can do a lot more than just a little when it comes to debt this month.
Now, I’ll take my confetti and party hat and get out of the way. Because the real money wins come from Kate, Are We Adults Yet, and Money Saved is Money Earned.
Kate
What is your money win?
I found out this week that my employer will match my donation for a small organization that I use frequently. I have a diabetic cat and for the last 2.5 years the Diabetic Cats in Need (DCIN) website has been incredibly helpful. But, as bloggers know all too well, there are costs associated with running a website and message board. The organization counts on donations to keep the site up and running smoothly.
Why are you pumped?
It’s a small organization and they could really use the money. The employer match is 40% of my donation! I already knew that the company would match donations to larger non-profits so this came as a surprise to me. I love when my donations can go even further.
What can others learn from it?
Always check with your employer to see if they match donations! Most companies have some kind of community relations team or initiatives so it’s definitely worth checking to see if the organizations you care about (regardless of size) could be on the receiving end of additional money.
(Penny’s note: I messed up my charitable giving budget for July and had $15 left in it. So I tossed it toward Kate’s charity. It doesn’t compare to what Kate did, but hey! Does this make this a triple money win? I THINK SO!)
Stella and Laura at Are We Adults Yet
What is your money win?
One of our favorite money saving tips is to work or volunteer for a local yoga studio in exchange for class time. Yoga is pretty much a nonnegotiable for both of us for all of the physical and mental benefits, but the $80-$150 price tag per month is a lot to swallow. Laura was able to find a studio that needed a desk sitter on Sunday mornings. She works 5 hours opening the studio and checking in students in exchange for free classes. Stella’s husband invested (both the money and time!) in teacher training with the knowledge that once he started teaching at their studio both his and Stella’s memberships would be free.
Why are you pumped?
There are lots of opportunities similar to this that we’ve come across at studios and gyms alike, sometimes all it takes is an ask and you can save up to $2k a year!
What can others learn from it?
Beyond the savings, it is also a great way to be more involved in a different community; we’ve both found ourselves making new friends and connections through the studios!
Sebastian and Tawnya at Money Saved is Money Earned
What is your money win?
Last year (April, 2017) I had to upgrade my dog-hauler vehicle. I decided to go with a used truck because they were only slightly more than an SUV, get similar gas mileage, and I wanted the dogs to be separate from the cab so they wouldn’t get it dirty.
I ended up going with a 2007 Chevy Silverado. Even though it was 10 years old, I bought it for $1,000 under KBB at $19,500, it only had 87k miles on it, and it had a lot of upgrade features.
I put 3k down, and had a 4-year loan of $16,500. My payments are $352 a month. Although the interest isn’t very high on this loan (2.39%), I knew going in that I would pay it off early, and my goal was to pay it off in 2 years (half the time).
Why are you pumped?
I have consistently put extra money toward my monthly payment, and often only an extra $100 or so. However, I’ve also paid larger chunks when I had extra money come in, such as from my tax refund. In June (Penny’s note: EKKK! I’ve been sitting on this win for a while!), I made an extra payment of $705 to make the loan an even $6,000. That means in 15 months I’ve paid $10,500 off the loan (an average of $700 a month), and I’m on track to pay it off next April at the 2-year mark. After that, I’ll be able to put that $352 toward investing or my mortgage!
What can others learn from it?
I think the first lesson is that you should be able to easily make payments on your loans. If you’re so maxed out you can’t make extra payments once in awhile then you probably shouldn’t buy whatever it is you’re buying. Next, paying off your loans early saves you a tremendous amount of interest (several hundred to many thousand depending on the loan). Finally, you can get some great deals on used cars and save money!
If you want more details on the why behind their truck purchase, check out their post on how this purchased helped them save big!
Final Thoughts on Money Wins
There are so many ways to win with money. While I am firmly in the new car buyer camp, I can feel the enthusiasm (and I get the logic!) from Sebastian. Though my not-very-Gumby-like self doesn’t do yoga in a studio, the wheels are turning for ways that I can swap my talents to save some dough like Stella and Laura. And I cannot applaud Kate enough for putting money toward a cause that matters to her and getting her employer to do the same.
WHAT A WEEK! WOO!
If you missed any of the past money wins, check them out here:
Volume 1 – Kate, Revanche, Melody
Volume 2 – Jody, Aitza, Little Miss Fire
Volume 4 – Zero, Kat, Mystery Money Man
Volume 5 – Anna, Debra, Claudia
If you’d like to join the money win party, drop me a line at shepicksuppennies (at) gmail (dot) com with your answers to the three questions. Whether you are a blogger or a reader or both, you are welcome to party here!
Mrs. Picky Pincher
Woohoo! What a great week of money wins!! I love catching up on this series. 🙂
Revanche @ A Gai Shan Life
It feels like school just let out a minute and a half ago, how is it already back to school time? I’m still firmly against school starting in August instead of September, no school districts seem to be listening to me, though. 😛
I’m always excited for people with 3 paycheck months but I don’t get them anymore so I now feel like there’s a little imperative to create my own 3rd check this month. I’m going to work on this for a future post! 😉
Mrs.Sweetspot
Congrats to all. The yoga one also applies to one off events. You can ask to help with set up or tear down for races to waive the fee, or check people into a Zumbathon and get to dance for most of it.
Penny
Those are awesome tips, Mrs. Sweetspot!
Laura
Love this series and so glad to be included! Hoping to “cash in” on lots more tips to come ?
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http://www.areweadultsyet.com
Penny
Happy to include you! Thanks so much for sharing, Laura!