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After graduating in 2010, she saw her student loans grow to a balance of over $100,000. Jean-Baptiste writes, "If I told you that my checking account had more than two thousand dollars in it at a time, I'd be lying to you and myself. Jean-Baptiste writes, "At the height of my lesson plan selling era, I had forty to sixty assets in my digital store and was making $10,000 to $12,000 a year. "I was making money, but as soon as it came in, it went out and I wasn't able to save like I wanted to, " Jean-Baptiste writes. Debt consolidation can be a useful tool to help pay down existing debt at a lower interest rate.

Persons: Melissa Jean, Baptiste, Jean, I'd

I have seen this myself when I go to the grocery store and buy five items … for $60. As we know, inflation has resulted in higher consumer costs: higher prices for groceries, gas, and other everyday goods and services. Take advantage of memberships like Costco, where you can buy items in bulk and fuel up at Costco gas stations for less per gallon than the competition. When I sat down and went through my budget, I found several items I didn't know I was even paying for. Leave room for small splurgesYou can save money and not deny yourself happiness.

Organizations: Federal Reserve, Costco, Marriott, Netflix, HULU, Apple

Before inflation and high interest rates, mortgage rates were around 3% and now they can be as high as nearly 7%. The higher interest rates have made many potential homeowners press pause, but are interest rates the only thing you should be watching when considering a home purchase? You have significant debt alreadyIn reality, everyone seems to be carrying some form of debt. To move, means you have to sell your home — and it is really hard to change your mortgage payment. If you have significant debt, maybe wait to purchase a home until that debt is paid off.

Organizations: Federal Reserve

Identify your financial habits and adjust if need be"Your financial habits will strengthen or weaken your financial health," Jean-Baptiste writes, "and your biggest and smallest life decisions impact your financial habits." She continues: "You have to intentionally develop financial habits that will be the foundational blocks that you build into your daily routines." I had to look at my financial habits and determine if my habits were putting me in a position to save." This piece of advice really resonated with me because I also had to develop financial habits that made room for me to save money. Jean-Baptiste writes, "Saving money is a skill that is developed with practice and steady financial habits.

Persons: Melissa Jean, Baptiste, —, Jean, Uber, I've Organizations: Service

Florida and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

Author Jason Vitug says we need money to be happy and it should not be a source of stress. Not having enough money is an immediate stressor and saving money protects against that." It comes down to how you want to live your life, happy and free or in-debt and stressed." Vitug writes, "Saving purposefully leads to growing your money (making money with money)." He concludes, "You need to be good with money to live a happy life.

Persons: Jason Vitug, Vitug, Vitug's Organizations: Service Locations: Wall, Silicon

I sold my home in 2018 and started renting and was surprised by how much I liked it. But for me, after owning a home for seven years and being a very engaged homeowner, I prefer to rent for right now. I learned that I prefer to rent — and not only that, but renting right now is beneficial for me. When I owned my home, I was constantly a homeowner, meaning that there were always projects, renovations or issues that came up. As soon as I sold my home and moved into a luxury apartment building, the money in my savings account increased.

Persons: Krav Maga, I'm, homeownership Organizations: Service Locations: Wall, Silicon, New York

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Student loan payments can span an entire lifetime, with more Americans shouldering the student loan burden into their later years. It's really important to understand what you are signing up for with student loans — before the payments start. Bonus: What I did right with my student loansThe aforementioned is what I wish I had known before borrowing student loans. Understanding the unwanted lifetime commitment student loans can be, the impact of student loans needs to be fully explained and understood ... and really, the last option for a student furthering their education.

Organizations: Service Locations: Wall, Silicon

In retrospect, I wish I had asked more questions about the mortgage process, homeowners insurance, and more. There are definitely things I wish I had known earlier in the process, and I certainly would have done things a bit differently if I had known these things in advance. Here are five things I wish I knew before buying my home:1. If I had purchased a home for that amount, it would have been quite a large monthly mortgage payment. This is why you must consider the total cost of owning a home, not just the mortgage payment.

Persons: It's Organizations: Service Locations: Wall, Silicon

Sometimes, I've made my January mortgage payment in December to deduct the interest for that year. So heading into fall, I review my budget, income, and expenditures and target areas where I can cut back. Do an insurance reviewI check all insurance policies: homeowners insurance, renters insurance, car insurance (when I owned a car), and health. This is a great time to do a comprehensive insurance review. Bonus: Plan for an extra mortgage payment and charitable contributionsIf you can, plan to make your January mortgage payment in December.

Persons: I've, it's, TransUnion —, transpire, you'll Organizations: Service Locations: Wall, Silicon

Automating your savings helps you grow and increase your money over time. Typically, a good plan is to set up an individual savings account for each savings goal (like an account for travel, emergency fund, or down payment) and then automate deposits to each account on payday. Avoiding the temptation to spendThe hardest part about saving money is overcoming the temptation to dip into savings for non-essential purchases. By setting up automated transfers to your savings account, you create a barrier between your discretionary income and the money you have saved. But building the habit of saving can be the best thing that you can do for your financial journey, and automating it makes the habit much easier.

Persons: isn't, that's, it's Organizations: Service Locations: Wall, Silicon

It may seem like a lot, but my five bank accounts help me manage and organize my money. I have a checking account , an emergency fund savings account, a business checking account, a travel account, and an everyday savings account. When I first moved to New York, I already had three bank accounts, but I knew that I needed a local bank to receive my income and to have accessibility to funds. Figure out how I will get my moneyIn choosing my emergency fund savings account and my everyday savings account, I considered account accessibility. Look into specific accounts made for my needsSpecialty accounts are accounts built for a specific purpose, and I have two.

Organizations: Service Locations: Wall, Silicon, New York, Mexico

☆ A millennial private equity founder explains how the 'girl math' taking over social media can help more than it hurts
▼ + stars: | 2023-08-29 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +4 min

Girl math is a viral Tiktok trend where women justify spending with their discretionary income. Girl math is often about quality of life decisions and the impact of your spending's value. Maybe girl math isn't the trap it seemsFinancial expert Kelly Ann Winget, the millennial founder of a solo-female-founded private equity fund, says that girl math isn't exactly what its critics describe. "If women are using girl math to justify spending that doesn't derail their financial well-being, that is a good thing. "Instead of focusing on girl math so much, think about ways to secure your income," Winget tells Gen Zers.

Persons: Kelly Ann Winget, you've, it's, Christopher Bechler, Huang, Joshua I, Morris, Taylor Swift, Winget, Gen Zers Organizations: Service, Stanford Graduate School of Business Locations: Wall, Silicon

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). I had my own student loan repayment journey after amassing nearly $70,000 in student loan debt. I realized that my student loan payment amount could be used to pay my condo fees on a home that I owned and in which I was building equity. 3 steps I took to pay off $70,000 in student loan debt1. I chose to double my paymentsMy student loan payment was $450 and I doubled it every month.

Persons: — Organizations: Service, College of Charleston, Harvard, Princeton, Stanford Locations: Wall, Silicon, Charleston , South Carolina, Charleston, New York

After paying off $50,000 in debt, Berna Anat started saving money seeking financial freedom. "Saving is one of the best things that you can do for your life," writes Anat, who started saving money to reach her life goals after paying off over $50,000 in debt. Anat writes, "Saving money unlocks your wildest dreams. View offers and start saving today »How to save money the right wayIt's easy to find saving tedious or punitive when you're saving just to save. Saving money is the ultimate pay yourself first move, and being specific about what you are saving for gives you something tangible to reach for.

Persons: Berna Anat, Anat, we've, — Organizations: Service Locations: Wall, Silicon, New York

Over time, I made four smart money moves that put me on the path to financial success. Paying down debt, contributing to a 401(k) as soon as possible, and building an emergency fund created financial security. Here are four smart money moves that I have made with my money:1. I grew my emergency fund for financial securityRight after paying off my student loans, I got to work on growing my emergency fund. These were the money moves that worked for me and set me on the path to financial security.

Persons: I've, Lynnette Khalfani, Cox Organizations: Service Locations: Wall, Silicon

After selling my home and moving to New York, I've found renting to be a better fit for my lifestyle. I'm not saying that owning a home, or the desire to be a homeowner, is a bad thing. Here are four reasons why I am actually benefiting from being a renter right now — and why it's not a waste of money:1. For now, not having a mortgage and maintenance costs has put more money in my savings account, which brings to my next point. My savings account is easily accessible if I need it or the unexpected happens.

Persons: I've, I'm, it's Organizations: Service Locations: New York, Wall, Silicon, New York City

As a financial journalist, I've heard tons of financial advice from dozens of financial experts. The best pieces of advice are about your money mindset, automating your savings, and paying yourself first. I have heard tons of financial advice, but I've found that the best advice, and the insight that really resonates across the board, pertains to everyday money management. Money scripts are beliefs that we have around money and they influence how we handle money. "The way that we handle money is a direct result of our money scripts and how we view money," Tisdale told me.

Persons: I've, Stacy Tisdale, Tisdale, Lynette Khalfani, Cox, aren't Organizations: Service Locations: Wall, Silicon

Jean-Baptiste, who paid off over $100,000 of student loan debt, has seven bank accounts: one for each savings bucket in her budget. I actually have five accounts: checking, high-yield savings account, a travel account, a business account, and an account for a down payment on a home. Pay yourself first every paycheckSet up an automated transfer from your checking account to your savings account every time you get paid. And if you have savings set aside for discretionary expenses, economic challenges like inflation may have less of a bite. Jennifer Streaks Senior Personal Finance Reporter and Spokesperson Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider.

Persons: Melissa Jean, Baptiste, Jean, —, Jennifer, Read Organizations: Business, Black Enterprise Magazine, CNBC, Forbes, Twitter

☆ A 30-something who used a side hustle to pay off $100,000 of debt explains what we get wrong about passive income
▼ + stars: | 2023-08-15 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +4 min

A passive income stream can be a great way to generate extra money to pay down debt or save. Melissa Jean-Baptiste learned first-hand that passive income is not that "passive," especially in the beginning. Jean-Baptiste learned for herself that "creating a stream of passive income is hardly ever simple or passive." Although passive income is often not 100% passive, at least at first, the value of a side hustle or an additional income stream is undeniable. Jean-Baptiste writes, "the passive income I generated was critical in my debt-payoff journey because I could pay more towards my debt and it gave me more options."

Persons: Melissa Jean, Baptiste, Jean Organizations: Service Locations: Wall, Silicon

This change in location brought about a change in how I viewed homeownership from "necessary" to "not right now." Before purchasing a home, ask yourself if you are ready and can handle the ups and down of homeownership. At the time, I was living in Washington, D.C. and there, the focus was definitely on buying a home. Moving into an apartment in New York where I don't have to lift a finger has changed my perspective on that part of owning a home. I feel better prepared for next time and when I do buy again — and I will — I know I'll be ready.

Persons: I'd, Will homeownership Organizations: Service Locations: New York, Wall, Silicon, Washington ,, Charleston, New York City

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Melissa Jean-Baptiste graduated with $50,000 in student loan debt that ballooned to over $100,000. After graduating in 2010, Jean-Baptiste was in more than $50,000 of student loan debt. Despite making every single payment on her loans without fail, over time and with varying interest rates, she saw her student loan debt balloon to over $100,000. Here are the steps Jean-Baptiste took to pay off over $100,000 in student loan debt in six years:1.

Persons: Melissa Jean, Baptiste, Jean, Baptiste wasn't, Jean Baptiste, It's Organizations: Service, Citibank Locations: Wall, Silicon

Known for offering little to no interest, savings account interest rates have greatly increased as the Federal Reserve raised interest rates several times in 2022 and 2023 to combat inflation. The average savings account interest rate in the US is 0.42% APY, but the account you choose has a big impact on that rate. If you opened a savings account years ago and never looked again, it's likely you're not earning nearly as much as you could. I have my own version of a savings ladder using three savings accounts: an emergency fund, a high-yield savings account, and a savings account for a down payment on a home. Products in this post: Betterment Cash Reserve Account, OceanFirst Bank High Yield Savings Account, Milli Savings Account, SoFi Checking and SavingsJennifer Streaks Senior Personal Finance Reporter and Spokesperson Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider.

Persons: it's, aren't, Jennifer, Read Organizations: Federal Reserve, Products, OceanFirst, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: Santander, Investor.gov

From early withdrawal fees and penalties to the loss of investment earnings, this option is rarely worth it. Credit card debt has reached a staggering $1 trillion, and the 401(k) plan may seem like the next stash of cash to access. We've seen it before: Back in the height of the pandemic, Americans were also taking withdrawals from retirement savings to make ends meet. In fact, the government made it easier, eliminating the 10% early withdrawal penalty on withdrawals up to $100,000. The 401(k) early withdrawal penaltyA 401(k) loan will cost you more than just 30% — mandatory 20% federal tax and 10% early withdrawal penalty.

Organizations: of America, Service, Bank of America's Locations: Wall, Silicon

☆ A millennial who bought a house by 30 says it was one of the hardest things she's done — and that renting is never a waste of time
▼ + stars: | 2023-08-08 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +4 min

Author Melissa Jean-Baptiste might own a home, but she still sees value in renting. Take a look at lifestyle and affordability to make sure that homeownership is right for you. Jean-Baptiste goes on to say, "Thinking that renting is throwing money away is a money myth that needs to go away. Here are a few reasons why renting could be the better option for you and your wallet right now:1. Whether you rent until you are financially ready to buy or you just prefer to rent right now (like me), know that you are not wasting your time or money.

Persons: Melissa Jean, Baptiste, isn't, Jean, Realtor.com, Homeownership isn't Organizations: Service Locations: Wall, Silicon

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