Sound Dollar

Sound Dollar The go-to financial wellness resource featuring expert, actionable guidance, and deeply researched recommendations.

With a mission to promote healthy financial habits through small, meaningful steps, we empower you to meet your financial goals.

08/26/2022

Happy from the Sound Dollar team's pups Jack, Kingston, Vivi, and Maddie. If you don't already have pet insurance for your dog, now might be a good time to get it. Pet insurance is a smart financial decision because you can budget for the stable monthly rate, and it can be a lifesaver in the most stressful situations. We recommend fitting it into your budget so you never have to pick between money and your beloved pup.

Our top picks are:
1. Embrace Pet Insurance
2. Figo Pet Insurance
3 ASPCA Pet Health Insurance
4. Spot Pet Insurance
5. Nationwide Pet

See our full review here: https://www.sounddollar.com/best-pet-insurance

Worried about student loan payments resuming? President Biden just announced a plan to forgive up to $20,000 in federal ...
08/25/2022

Worried about student loan payments resuming? President Biden just announced a plan to forgive up to $20,000 in federal student debt for qualified borrowers. This initiative will also extend the student loan payment pause through the end of the year and make improvements to the Public Service Loan Forgiveness program.

See all the latest updates here: https://www.sounddollar.com/biden-student-loan-forgiveness

08/18/2022

Drop a 🙋‍♀️ in the comments if this sounds like you. Revolving expenses (think birthdays, holidays, vet visits, memberships, insurance premiums, etc) are often the make-or-break point in the success of budgets and spending plans. Many people feel so overwhelmed trying to plan for these infrequent expenses in a monthly budget that they don't even bother budgeting. Others start budgeting and begin to feel good about their monthly cash flow, but then a non-monthly expense comes up and throws them off. This can lead to pulling from emergency funds or going into credit card debt in order to cover the revolving expense.

If you can relate to this, we have a solution for you: A revolving savings account. A revolving savings account is an account specifically set aside for expenses that happen yearly, but less frequently than monthly. This will help you save throughout the year for things that don't fall into your regular monthly budget or emergency fund.

The idea is to make a list of each of these annual expenses and then divide that number by 12 to get a monthly expense amount. Build that cost into your monthly budget and put it into your savings account each month to even out your cash flow throughout the year.

Caish Echols, AFC, CPF walks step by step through planning your budget so you don't miss any expenses. Then she explains where you can set up a revolving savings account so you can withdraw the money as needed.

https://www.sounddollar.com/how-to-avoid-cash-flow-hiccups

08/15/2022

It's National Relaxation Day. It can be difficult, but we are trying to relax about money and give you the tools to cope with your financial stress.

1. Get to the root of your money stress. What is keeping you up at night? What are you really worried about? Getting to the heart of your stress will help you tackle it. Don't be ashamed of where you think you fall short. Be kind to yourself - nobody is perfect.

2. Track your spending. Keeping track of your spending will give you a clear picture of where your money is going and where you could save.

3. Identify your goals. Where do you want to be in 1 year? 5 years? How do you want to get there?

4. Start an emergency fund and don't worry about how much you're able to contribute -- every dollar counts!

5. Don't ignore debt. Be proactive in trying to reduce your debt.

6. Lean on friends, family, a therapist, or financial professional to help you. Money decisions can be overwhelming. Tap into your support system so you don't have to go at it alone.

https://www.sounddollar.com/how-to-deal-with-financial-stress

08/11/2022

The Federal Reserve sets the federal funds rate, which is the rate at which financial institutions like banks and credit unions lend money to each other. While that might not seem like it would have anything to do with you, that rate has a trickle-down effect on the economy. When the rate goes up, interest rates on credit cards and other lines of credit with variable interest rates will too. You might see higher interest rates offered on savings accounts as well. But the biggest impact might be the overall economic impact, as the Fed tries to manage inflation by shrinking our borrowing power.

08/05/2022

The answer lies in their interest rate. Particularly in times of high inflation, I Bonds can yield impressive returns because part of the rate is based on the rate of inflation. The current bond composite rate is a whopping 9.62%. That rate applies for the first six months for bonds issued from May 1 to October 31, 2022. For example, if you purchase I Bonds on Sept. 1, 2022, the 9.62% rate would be in effect until March 1, 2023.

The redemption value of the bond will never decline, and the interest rate can’t fall below 0%, so you won't lose money on them.

No matter where you are in your understanding of I Bonds, we'll get you up to speed with our latest guide: https://www.sounddollar.com/guide-to-i-bonds

If you're looking to start a budget (or find one you can stick to), give the 50/30/20 rule a try. Divide your take-home ...
08/03/2022

If you're looking to start a budget (or find one you can stick to), give the 50/30/20 rule a try. Divide your take-home pay into 3 buckets: 50% of should go towards needs (like housing, child care, medication, food, utilities, etc), 30% should go towards wants (like subscriptions, dining out, entertainment, travel, etc), and 20% should go towards savings (this can include paying off debt, funding retirement, or any future savings).

What budgeting techniques have worked for you?

Buy Now Pay Later (BNPL) is available on just about every purchase you make. While it may seem appealing, there are defi...
08/01/2022

Buy Now Pay Later (BNPL) is available on just about every purchase you make. While it may seem appealing, there are definitely some things to consider before using it. Have you used BNPL? What do you think?

https://www.sounddollar.com/buy-now-pay-later

When it comes to making cocktails at home, there are some misconceptions. You don’t have to be an expert to make a solid...
06/29/2022

When it comes to making cocktails at home, there are some misconceptions. You don’t have to be an expert to make a solid drink, and you definitely don’t have to spend a ton of money on it. Here are our expert-recommended tips: https://www.sounddollar.com/easy-summer-cocktails

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