🔥 ^{Hot off the press: Here’s what’s burning up our news feed.} 🔥

• The 3 things you are Definitely over paying for.

• We don’t agree with typical “Emergency Fund” advice. Do this instead.

• The numbers don’t lie: Here’s how to actually increase your income.

Let’s Chop It Up…

3 things you are Definitely overpaying for

Let’s be honest. We are all constantly looking for ways to trim the fat and keep more of our hard-earned cash in our pockets each month. And while little expenses (within the $5-$20) do add up, the big wins come from the big savings.

Here are the most common places you overspend + some suggested alternatives.

1. Utilities

Here are the facts:

• Utility costs are one of the most expensive bills on your roster

• Electricity is the most expensive utility (typically)

• $5,640.72 is the average annual utility bill

The Solution: Shop around for a better provider

1. Where to Look

   Websites like ChooseEnergy.com and Power2Switch.com allow you to compare rates for utilities in your area. Simply input your ZIP code and get a list of providers and their rates.

2. What to Look For

   • Rate Structure: Some companies have a flat-rate structure, while others have a tiered structure where the rate changes depending on the amount of usage.

   • Contract Length: Short-term contracts may have lower rates, but they could increase after the initial period. Long-term contracts may have higher rates, but they provide the security of a locked-in rate.

   • Early Termination Fees: If you're on a contract, find out if there's an early termination fee.

3. How to Judge A Good Offer vs. an “Okay” One

   • Price: Obviously, a lower price is better, but remember to factor in the rate structure, contract length, and potential fees.

   • Stability of Rates: Some providers may offer low introductory rates that increase significantly after the intro period. Be wary of these offers and look for providers that offer rate stability.

   • Added Benefits: Some providers offer additional benefits, such as rewards programs, energy-efficiency programs, or free smart home devices. These can add value to your contract.

   • Customer Reviews: Read reviews from other customers. They can provide insight into the provider's customer service, reliability, and overall satisfaction.

2. Cell Phone Service

Here are the facts:

• The average bill increases every year (2023 = $114 per line)

• $114 per line, per month = $1,368 per person

• A Household of 4 =$5,472 Annually

The Solution? A New Provider

Where to Look:

• Comparison Websites: Websites like WhistleOut.com and Wirefly.com allow you to compare cell phone plans from different providers. Simply input your needs (data usage, number of lines, etc.) and these sites will show you a list of plans and their prices.

What to Look For:

• Check Coverage: Coverage can vary greatly between providers. Tools like OpenSignal.com or RootMetrics can provide a coverage map to ensure the providers you're considering offer good service in your area.

Suggested Alternatives:

• Boost Mobile Unlimited

  • Best for a single line with unlimited data

  • Price: $25 per month

  • See at Boost Mobile

• Visible Unlimited

  • Runner-up for single line with unlimited data

  • Price: $30 per line

  • See at Visible

• Mint Mobile 12-Month Plan

  • Second runner-up for single line

  • Price: $30 per month, per line

  • See at Mint Mobile

• Google Fi Simply Unlimited

  • Best for a family of four

  • Price: $80 per month for four lines

  • See at Google

3. Car Insurance

Here are the facts:

• Full coverage = $2,014 (annual avg. for one vehicle)

• Most households have 2 cars = $4,028

• Florida, New York and Louisiana are the most expensive cities for car insurance

The Solution? A New Provider

Where to Look:

• Comparison Websites: Websites like The Zebra, QuoteWizard, and Insurance.com let you compare car insurance quotes from multiple providers at once. Simply input your information and see a list of quotes tailored to your needs.

• State Insurance Department: Your state's insurance department often provides comparison guides for auto insurance. This can be a useful tool for seeing average rates in your area.

What to Look For:

• Check Coverage: The coverage you choose will depend on your individual needs. Consider your vehicle, driving habits, and financial situation when deciding on coverage.

• Cost: Consider both the premium and deductible. A higher deductible generally means a lower monthly premium, but you'll pay more out of pocket if you file a claim.

• Customer Service: Good customer service can not be underestimated. Look for providers with positive reviews and responsive customer service.

• Discounts: Many providers offer discounts for good driving, multiple vehicles, safety features, and more. Be sure to ask about any discounts you may be eligible for.

The Generic “Emergency Fund” Advice is Terrible

Someone needed to say it. 3-6 months worth of expenses is idealistic but not realistic. Here’s what you actually need:

Target Goal: $1,000

In most emergency situations $1,000 is a quick-fix problem solver. Think about it…

• Dog needs to go to the vet: ~$200

• Flat tire/blowout: ~$205 per tire

• Plumbing repair: ~$500

• Uninsured Doctors visit: ~$600

… you get my point. If you really want to pinch pennies, most of those are actually well within the $500 range.

Now obviously things like job layoffs, major surgery, etc. are when that 3-6 months worth of expenses is great to have, but most of the time it’s not the big surprises that catch you— it’s the one-off life mishaps.

🔑 Pepper's Key Takeaways:

That padded savings account might look nice as a visual on your banking app, but the interest you’re being charged from outstanding debt (credit cards, loans, vehicle financing, etc.) is much more than you’re earning from any High-yield savings account.

Save for a rainy day but don’t get crazy. Prioritizing debt payoff is like giving your budget a much-needed pay increase.

• Kill the car note: 💥Boom extra ~$700 in your pocket

• Kill the credit card debt: 💥Boom extra ~$250 in your pocket

• Kill the student loans: 💥Boom, extra ~$400 in your pocket

Having this kind of money allows freedom to save effortlessly.

Job Hopping Jackpot: How 1 in 3 Job Changers Make 30% More

Yes, you heard it right. Gone are the days when sticking to a job was as fashionable as bell bottoms and mullets. Now, it's all about the leap of faith.

Here's the thing: more often than not, changing jobs actually pays better than hunkering down in one place like a hermit crab in its cozy shell. Don't believe me? Well, when was the last time your boss came into your office, patted your back, and said, "Hey, you've done a terrific job. How about a 15-20% pay raise?" Yeah, I thought so.

Here are some numbers to back it up:

A pool of 2,600 workers was asked - If you left your organization during the pandemic for another job, which best describes your new cash compensation package (salary + bonus)? Their response?

• 31 percent of women and 28 percent of men said they now earn 30% or more.

• 64 percent of women and 70 percent of men saw a pay increase of 10% or more.

So, yes, while job-hopping can keep your salary from getting steamrolled by inflation, it's a decision that should be made with more factors in mind than just the dollar signs.

Think about your happiness, your stress levels, and whether or not you can stand the thought of another office potluck. Life's a buffet, my friends. Choose wisely.

🔑 Salt's Key Takeaways:

If I told you today you could increase your salary by 30%, you’d probably say “Where do I sign up?” And I would tell you, freshen up your resume, get a haircut, and go on the job hunt. The fact is the average annual pay raise is 3% and with the inflation rate at 4.9% (as of April 2023) that just isn’t cutting it.

And I’m sorry but this isn’t Grandpa’s America anymore where you hit working age, get a job, and they throw you a sad retirement party after you broke your back for a company for 40-50 years. Nowadays LOYALTY DOESN’T PAY!

To prove that point here’s what loyalty pays vs. changing jobs:

Now which number looks better to you? Don’t worry I’ll wait…

That’s a potential pay increase of almost $19,000. It would take you about 8 YEARS of 3% increases to reach that same $91,000 you could have next month if you just bit the bullet and switched employers. Now that’s food for thought to leave you with.

Buckle up for some real talk. Our candid, no-nonsense advice may not win popularity contests, but it sure gets results.

1. Invest in yourself: Boost your earning potential by investing in your skills and education 📚. Acquiring new knowledge or honing existing talents can lead to better job prospects or even entrepreneurial opportunities, providing a solid foundation for long-term financial success.

2. Automate your savings: Take advantage of technology and set up automatic transfers to your savings or investment accounts 📈. By making saving a priority and removing the temptation to spend, you can steadily grow your wealth over time without relying solely on willpower.

3. Protect your financial future: Don't overlook the importance of insurance and estate planning 🏦. Ensure you have appropriate coverage for your health, home, and other assets, and consider drafting a will or establishing a trust to protect your loved ones and preserve your wealth for future generations.

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