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

• Summer activities that won’t break the bank

• They’re baaaccckkk. Student Loans payments that is

• The four financial mistakes that no one talks about

Let’s Chop It Up…

🏖️ Summer Series 🏖️

Budget-Friendly Summer Activities

Congrats, you made it. It’s June 8th so we’re casually assuming that the kids have been home for about a week and the reality that it has only been a week is setting in. Two things have happened:

1. Nothing… which is boring

2. A slow drift into insanity (mostly for the parents)

I recall summer growing up being a love/hate relationship for those very reasons. Either the kids were doing absolutely nothing or they were doing everything all at once.

But the unfortunate reality is activities are expensive.

Salt and I like to joke that it costs at least $100 just to leave the house. All jokes aside— we aren’t too far from the truth. Gas, food, and the activity itself are all pricey. So we thought we’d help you out. Here are some budget-friendly ideas:

10 Sun-Kissed Activities That Won’t Cost You a Fortune

1. Go Natural: Explore local parks, trails, or beaches. Mother Nature provides a spectacular show, and the admission fee is free!

2. Star-gazing: Invest in an inexpensive telescope or use a stargazing app and discover the mysteries of the night sky.

3. Book Swap: Organize a neighborhood book swap. It’s a new library at zero cost!

4. Game Night: Dust off those board games for a night of friendly competition.

5. DIY Spa: Treat yourself to a homemade spa day. All you need is some Epsom salt, essential oils, and a soothing playlist.

6. Outdoor Concerts or Theatre: Many artists and theaters offer free or low-cost performances.

7. Garden Fun: Plant a veggie garden. It’s therapeutic and will help cut down on grocery bills.

8. Museum Free Days: Check out local museums or zoos. They often have free admission days.

9. Master Chef: Host a themed potluck. It’s a culinary adventure on a budget.

10. Fitness Challenge: Organize a community fitness challenge. The only thing you’ll lose is calories.

Family-Focused Frolics

1. Outdoor Movie Night: Set up a projector and enjoy a movie under the stars.

2. Craft Day: Gather scraps and make DIY crafts. It’s fun, and it recycles!

3. Scavenger Hunt: Organize a neighborhood scavenger hunt. A little adventure goes a long way.

4. Camping at Home: Pitch a tent in your backyard and roast marshmallows.

5. Water Balloon Fight: Cool off with a water balloon fight. It’s a splash of fun!

For the single folk

1. Volunteer: Join a local volunteer group. It’s a great way to give back and meet new people.

2. Hobby Club: Start a hobby club with your friends. It could be hiking, bird watching, or a book club.

3. Wine Tasting at Home: Ask each friend to bring a bottle of wine. It’s an affordable way to explore new flavors.

4. Digital Detox: Spend a day without electronics. Read, write, or meditate. It’s free and enriching.

5. Photography Walk: Take your camera or phone, go for a walk, and capture your surroundings.

🔑 Pepper’s Key Takeaways

Creativity will be your bestie during the summer. Kids or no kids if you want to get out and about, by all means. Just be conscious of the credit card swipes when you’re on the move. It all ads up.

1️⃣ Unpause the Pause: Student Loans Knocking At Your Door Again

Hey, folks! Guess who's back? Yes, that pesky monthly visitor: student loan payments. They're like a distant relative who finally decides to visit after a long, quiet hiatus. So buckle up, we've got some planning to do. (And no, pretending they're not there won't make them go away!)

When's the Reunion?

Ready or not, they're set to resume on August 29, if the Supreme Court decides to play coy and not make a ruling in June. Think of it as a reverse birthday surprise from the Biden Administration. After all, who doesn't love a good twist in their financial plans?

Brace Yourselves (And Your Wallets)

Feeling the dread? Fret not, we've got a plan. Let's play the game in 3 easy steps:

1. Stay Connected: First things first, check that your contact details on your StudentAid.gov profile are current. Think of your loan servicers as your favorite online store—they've got your billing statements ready, and they're excited to get in touch. (Sure, it's not the type of mail you usually look forward to, but hey, it's important)

2. Become a Loan Simulator Whiz: Feeling unsure about your payment options? The FSA loan simulator tool is your new best friend. It's like trying on different outfits for your budget—you'll find one that fits just right.

3. Opt for a Tailored Payment Plan: Our friends at the U.S. Department of Education understand that one size does not fit all. Their income-based payment plans adjust according to your paycheck. It's fashion-forward financing at its best. Just call your loan servicer and ask for a fitting.

And for those days when you feel like the world is a bit too much, there are short-term relief plans to press the pause button (again) or dial down your payments. It's like a safety valve for your budget's pressure cooker.

Can’t Find Your Loans?

Some of you may notice when you go to the FSA website that your loans are MIA. This does not mean they disappeared but were simply moved to a different platform or bought out by someone else.

Trust us… they will contact you for their money. So your best case is to find your provider before they find you. Here’s a simple way to locate who and where you need to pay.

1. Go to your credit report. For example, we keep tabs on ours using Creditwise through Capital One. (It’s Free).

2. Go to the tab with your loans. This is where all of your outstanding debt should be.

3. Click on an amount. There may be multiple different amounts. Within the amount, it will show you who the lender is and their contact info.

🔑 Salt’s Key Takeaways

We’re all sad to see the pause on our student loans go away but we did have a pretty good run. Maybe too good.

While some may have taken this moment to beef up their savings, pay off other time-sensitive debt, or continue paying on their student loans — we know there are some that put that money to work in less constructive ways.

2️⃣ The 4 Financial Mistakes No One Talks About

I keep getting bombarded with this wave of “financial insight” and while some of it holds truth, about 90% of the popular insight is complete nonsense. And since Salt and I love calling out what works, we also have to be equally committed to telling what doesn't. Here are the four we’re skeptical about.

1. The Mirage of Wealth Building through Savings Accounts: We all love the comfort of a savings account, but it's not the golden goose we might imagine. Traditional or High-Yield Savings Accounts (HYSA) won't make you wealthy—they simply can't keep pace with inflation. It's like running on a financial treadmill: lots of effort, little progress.

2. The Illusion of Capital Building Life Insurance: Beware the sweet siren song of cash value life insurance policies. They often come with high fees and complex terms. More often than not, they're less 'financial safety net' and more 'money pit.'

3. Rolling the Dice on the Stock Market: Think of the stock market as a marathon, not a sprint. Betting on 'get-rich-quick' stock schemes can be as futile as searching for a pot of gold at the end of a rainbow. Smart investing requires time, patience, and diversification.

4. The Delayed Retirement Savings Gamble: Procrastinating on your retirement savings can be a one-way ticket to Financial Frustration Station. The longer you wait, the tougher it gets to build a solid nest egg. It's like showing up late to a buffet—there might not be much left for you.

🔑 Pepper’s Key Takeaways

The rules of nature dictate we only get a finite amount of energy each day to spend on various pursuits. And thanks to modern technology we can maximize that time by seeing what works and what doesn’t. These 4 pursuits don’t work typically.

Building wealth takes some finesse, self-discipline, and a small amount of luck. Put energy into the efforts that truly count.

The biggest first step? Getting out of debt.

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

1. Embrace the Side Hustle:

   Your 9-to-5 might be paying the bills, but does it have to be the end of your earning potential? As much as I'd love to retire and spend my days on a beach sipping mojitos, I know an extra stream of income never hurts. Find a side gig that suits your skills and schedule. It could be freelance writing, dog walking, selling homemade pickles. Who cares? Just add to your income and build that wealth. And if it ends up paying for your mojito habit, more power to you!

2. Be Frugal, not a Miser:

   Listen up, folks, there's a fine line between being careful with money and becoming a modern-day Scrooge. Being frugal is about maximizing the value of your hard-earned cash, not renouncing all earthly pleasures. That means cutting unnecessary expenses (like that gym membership you haven't used since 2021), not scrimping on every penny. Life's short, my friends, so don't forget to enjoy it – responsibly, of course.

3. Become an Interest Rate Hawk:

   Sure, we all know that high-interest debt is the Big Bad Wolf of the financial world. But have you considered how the interest rate on your savings account affects your wealth growth? If your bank is giving you a pitiful 0.01% on your savings while charging you 15% on your credit card, you're getting a raw deal. Shop around for better interest rates, and make your money work harder for you.

4. Never Forget the Power of Compounding:

   It's not rocket science, it's finance (and arguably more important). When you save and invest, the interest you earn also earns interest. Like a snowball rolling down a hill, your wealth grows faster and faster over time. So the sooner you start investing, the more your future self will thank you. Just remember, Rome wasn't built in a day, and neither is financial freedom.

The Latest Articles from Salt & Pepper

For More In-depth Personal Finance Topics

_{Disclaimer - Any content produced by Salt & Pepper Brands is intended for informational use only. When it comes to managing your funds, we love to provide high value to our readers and give actionable tips. However, you shouldn’t construe anything here as legal, tax, investment, financial, or other advice. TBD}