Kicking Assets

A young person's guide to personal finance

Author: Kristina

“Premium” and “Cheaper” Grocery Stores. Where Should you Shop?

April 23, 2020 / / 0 Comments

Written by: Kristina

Everyone seems to have their “go-to” grocery store, but what leads them to choose that grocery store? Is it the unbeatable prices or quality of the food? This blog will go through the pros and cons of the premium grocery stores as well as the cheaper groceries. In the end, you can decide which is the best to shop at.

Pros of Premium Grocery Stores

Ultimately, one of the pros of going to a premium grocery store is going to be the freshness and quality of the food you are buying. If you’re paying the money, it most likely is going to be higher quality. For example, many prefer to shop at stores such as Whole Foods because of the freshness and health benefits such as the natural products. A lot of these products are vegan or vegetarian which is helpful when living that lifestyle.

Cons of Premium Grocery Stores

One of the more obvious cons is going to be the price. Price could be higher because of the quality of products, but there may also be some other factors that affect price as well. This includes distributor pricing. While the stores may be receiving the same product, some may receive it for less because the distributor offers them more of a discount.

Pros of Cheaper Grocery Stores

A huge pro of cheaper grocery stores is the price difference. Products can differ even a couple of dollars, but in the end everything adds up. In this case, you can buy more for your money or save some money that you won’t need to spend. Some of the cheapest grocery stores in America is Aldi or Walmart.

Cons of Cheaper Grocery Stores

If you’re going to a cheaper grocery store, odds are there is a possibility of the food not being as high of quality. While this isn’t always the case, there’s probably a reason the store is so much cheaper compared to other stores.

All in all, if you’re concerned about price and quality of food, it’s possible to find a grocery store who offers both! Clark.com offers a list of the cheapest and best quality grocery stores. This includes Aldi and Trader Joe’s. Check out this list and see which grocery stores you think are the best!

#budgeting #personalfinance #groceryshopping #smartmoney

Edited by: Brianna

It’s Time to Say Good-bye to that Debt

April 2, 2020 / / 0 Comments

Written by: Kristina

Whether it’s credit card debt or student loan debt, debt is horrible and is something nobody wants lingering around their life. Unfortunately, as the years go on debt continues to rise more and more. According to NPR, national debt is expected to reach $28.7 trillion by 2029.

Although debt can be a burden, there are some ways you can relieve yourself of debt more quickly. (And no, one of these tips is not to take classes for the rest of your life so you never have to pay off loans!)

Pay More than the Minimum

Let’s say the minimum for your credit card payment is only $50.  Having a credit card in the first place probably means you have a decent income in order to have gotten approved. If possible, try paying more than that $50 to reduce the debt faster. Even doubling this payment to $100 will significantly reduce the amount needed to be paid.

Not only will this help with debt, but it will also help with interest rate. Most credit cards include an interest rate and the longer you don’t pay something, the more interest you will collect ultimately paying more than you would have in the beginning. An awesome tip when dealing with credit cards is to only use it if you know you can pay it off right away. This can almost completely avoid interest all together and keep you out of as much debt as possible.

Focus on the Debts with the Highest Interest Rates

The goal here is to be debt free, but to do that you’re going to want to start paying off the debts that are accumulating the most interest. This sounds like common sense, right? Rather than allowing more interest to add up, just knock these out first. This is not to be confused with the debt snowball method. This method suggests you should start with the smallest payment and slowly move up. Though this may sound like a good idea, in the end I’d want to insure that I paid the smallest amount I had to.

Get a Side Job

In the end, if nothing else works for you, you may decide it’s time to just get a side job. This can be something temporary just to give that extra push to pay these off faster. To discover new ways to make some money on the side check out, Finance Buzz.

While there are so many things you can try to pay off debt faster, these are just a few to help get you started.

Edited by: Victoria

#debt #studentloans #personalfinance

7 Tips to Cut Back on Spending

March 5, 2020 / / 0 Comments

Written by: Kristina

As a college student, money can get pretty tight (trust me I know). It can be difficult to go out and do the things you love when the bank account is saving no. This doesn’t have to be the case though! Here’s a list of helpful tips and tricks that’ll cut back on spending and allow you to still be young.

1. Plan your Week’s Grocery List

This may not seem like it would make much of a difference, but if you plan your grocery list and decide just how much you want to spend, then there shouldn’t be any reason to go over that budget. Blindly going into the grocery store may lead you to buying unnecessary items that in fact you don’t even need.

2. Cancel Subscriptions and Memberships

I know for me, I’ve allowed subscriptions and memberships to go on far longer than they should have. This can be a huge money waster especially when they’re not even getting used! Little subscriptions like Netflix, Hulu, and Apple music add up, so be careful. That extra $10-20 can make a difference.

This goes for gym memberships as well. Once a complete month has passed and the membership hasn’t been used, save yourself that money and cancel the membership. You can even save yourself money just by going on runs at your local park or doing work-outs at the comfort of your home.

3. Eat at Home

Eating at home rather than spending money at restaurants is a huge money saver. Who wants to spend money on groceries just to spend money on food at restaurants too? If you lack the time to cook everyday, meal prepping is definitely something to consider. Cook your meals for the week that way all you have to do is pop it in the oven/microwave when you get home from school or work.

4. Coupon

Don’t pass up those coupons you see in the mail or at the grocery store. Using coupons for purchases you actually need can save you tons.

5. DIY

DIY (Do it yourself) may take some time and skill, but it’s definitely worth it in the end. Why go out and buy something when you can just make it at home? It may sound easier to buy it, but where’s the fun in that. You may even discover a favorite hobby you never knew about.

6. Sell Unwanted Items

This is one of my favorite tips. Once you start noticing clothes or shoes sitting in your closet for months, maybe it’s time to say goodbye. There are many stores in the Austin area, such as Plato’s Closet or Uptown Cheapskate, that take unwanted clothes and give cash for them. You’d be surprised the pile of clothes you can accumulate.

7. Use Cash to Pay for Things

The last tip is to simply use cash to pay for things. This makes it so much easier to see exactly how much money you have and reduces the tendency to overspend. Swiping a card can be so easy, until you check the bank account and ask yourself where all your money went.

Money as a college student can be tough, but using some of these tips can help make it a little more manageable! Why not try them out!

Edited by: Brianna

#savingmoney #budgeting

 

So You Want a Credit Card?

February 12, 2020 / / 0 Comments

Written by Kristina

You’ve reached the point in your life when you decide it’s time to get a credit card. But what exactly does that mean?

“The most important thing to understand about a credit card is that it DOES NOT increase your buying power as a consumer. If you can’t afford those shoes with cash, you can’t with a credit card. If you don’t think with this mentality, you run the risk of developing large amounts of debt.”

Applying for a credit card for the first time can be a bit intimidating and overwhelming. I know for me as a college student and young adult, I wasn’t really taught anything about the steps for applying for a credit card. Here, you’ll find a basic guide on what to expect when applying for a credit card and some helpful tips along the way.

Prepare Before Applying

It may seem as though you can jump into the credit card application process right away, but it isn’t that easy. Obtaining a credit card requires approval. Here are some tips to take into consideration before going straight to the application:

  • Make sure your finances are up-to-par
  • Make sure you are eligible
  • Do research on cards/banks that will best fit you
  • Don’t apply for the first card you see
  • Look at rates and benefits

Taking these tips into consideration before applying for your credit card may improve the chances of your approval.

Choosing the Right Credit Card

Going into it blindly, you may not know that there are different types of credit cards. This include unsecured credit cards, secured credit cards, cash back reward credit cards, and retail cards. These are only some of the options available.

  • Unsecured credit card: This is the most popular form of credit card which requires no security deposit to be approved.  When someone  says “credit card”, this is typically what they are referring to.
  • Secured credit card: This card is typically for those with no or damaged credit. This type of card requires a refundable deposit so it is less risky for the banks.
  • Cash back reward credit cards: This type of card offers a percentage of cash back on certain purchases.
  • Retail Cards: This card is specific to certain retailers (e.g. department store) and provides discounts or points for products. (This card is not recommended for entry level credit card holders).

To learn more about specific credit cards that may be good for credit, click here: https://wallethub.com/credit-cards/good-credit/ 

Submitting the Application

Now that you’ve done your research and prepared, you’re ready to submit your application. You have two options when it comes to filling out the application. You can either 1. Submit an online application, or 2. Fill out a hand-written application at your preferred location.

With filling out an online application, there is a possibility that you can see your approval or denial instantly. Once the application is done it is time to wait. And don’t worry if you don’t get approved the first time, many don’t! It may take several applications, but with the proper knowledge and effort, you’ll soon get there.

#finance #money #credit #application

 

Edited by Victoria

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