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Back in 2014, a Dominos pizza delivery employee, James, got the surprise of his life when he delivered two pizzas to Indiana Wesleyan University and got a massive tip of $1,268.86, along with $70 in gift cards. The altruistic act was part of a lesson on kindness a speaker was illustrating to students.
James’s story is one of many! Unsuspecting service staff receiving life-changing tips, often when it seems they needed it most. These stories are an encouraging reminder of the kindness that should be extended more often.
But sadly, Christians are rarely the ones doing these kind acts. In fact, we have a horrible reputation for being bad tippers. For every story of someone receiving a massive tip, there’s probably also one of someone receiving no tip and a tract instead.
I’ve heard Christians explain that their rationale for not tipping over 10% (or not tipping at all) is because “they are only supposed to give God 10% so why should they give someone else more?” Not only is this reasoning nonsensical , it’s not Christlike. Why not increase your generosity to both God and man?
I can’t help but think of Luke 6:31- “ Do to others as you would have them do to you.” The chapter goes on in verses 37-38 to say, “…give, and it will be given to you. Good measure, pressed down, shaken together, running over, will be put into your lap. For with the measure you use it will be measured back to you.”
God is abundantly generous to us. Why aren’t we eager to be generous to others? It all belongs to God anyway.
While of course we should be evangelistic in nature, the measure in which we are giving is far too low. A tract or a Bible verse on a receipt won’t pay the bills or grab the attention of an unbelieving server. Jesus didn’t come walk on this earth just to pass out pamphlets about what heaven is like. Can you imagine Jesus walking out of Applebees after giving the waitress the most measly tip ever, thinking He’d won her over for the Kingdom? Stinginess isn’t in His character.
We, as Christians, have a lifelong opportunity here on earth to use our money to exemplify the Holy Spirit in our lives. The 9 Fruits of the Spirit should be apparent not only in our behavior and language, but in the way we spend our money. Kindness and goodness both make the list, so instead of having a tight fist when you order a pizza to your house, be disciplined to keep a budget so you can give extravagantly.
Often, the joy of giving is for the giver, not the recipient. Of course, blessing someone with a generous tip or meeting some other financial need impacts their life. But it impacts yours greatly as well.
Proverbs 11:24-25 says, “One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want. Whoever brings blessing will be enriched, and one who waters will himself be watered.”
I don’t know about you, but I doubt I’d have any regrets about being extravagantly generous when I get to heaven. Don’t rob yourself of the earthly joy that comes from giving. And don’t rob the recipient of a physical need God could be using you to meet!
Factor generosity, including tips, into your monthly budget. Get creative on how to increase your margin to be able to give when a need arises.
One of Crown’s team members, Megan, plays a game with her husband when they go out to eat to help them save money. They each find a dish on the menu that looks good but then challenge themselves to actually order something that costs $3 less. It saves them money and leaves room in their budget for a nice tip!
The rules about tipping have changed over the years. It’s no longer a “bonus” for above average service. You are compensating your waiter or waitress for a service that was provided to you. Tipping is part of the price we pay for dining out. It’s a majority of a salary and is “unofficially” required. If you’re curious if you’re tipping the right amount, you can average requirements check here.
How do you show generosity? What creative ideas have you come up with to increase your financial margin? Share with us on Facebook!
Have you ever been faced with an impossible financial situation? Maybe you had an overwhelming amount of debt and no way to pay it off. Perhaps you were diligently trying to save and budget wisely but a medical emergency wiped all your careful planning out. Maybe it wasn’t one “big” thing, but an accumulation of little things that sent your finances spiraling. Maybe you lost hope that you and your spouse could ever get on the same page about your finances.
Money is stressful. Even if you haven’t faced a dire financial need, you have probably experienced financial stress.
It’s easy to get distracted by the needs, demands, and desires of today and lose sight of what the purpose of our money is supposed to be. There’s a story from the Bible, found in 2 Kings 4:1-7, that always encourages me when I find myself losing sight of what matters or getting distracted by physical needs.
The story takes place during the life of the prophet Elisha. It’s about a widow who was afraid of losing her 2 sons to slavery because she owed money to a creditor. She cried out to the prophet Elisha for help.
He asks, “How can I help you? Tell me, what do you have in your house?” (2 Kings 4:2)
All she had was a small jar of olive oil, something common, not of extreme value. Elisha told her to go and borrow as many jars as she could from her neighbors. He instructed her to pour her oil into them.
We’re not told what she thought about his counsel. If it was me, I would probably think he was a little crazy. I’d want to point out the small amount of oil I had and the impossibility of filling up dozens of other jars with just a few ounces.
But the widow trusted, obeyed, and witnessed a miracle of multiplication. Her bit of oil filled every vessel they had. When she told the prophet, he instructed her to go and sell the oil, pay the debt, and live off the rest. Her tiny bit of oil was multiplied to pay off her debt and provide for her future.
I think there are a multitude of lessons we can learn from this widow’s obedience, but the bottom line is this: she followed the advice, worked obediently, and demonstrated faith. Then God multiplied her efforts, allowing her to pay back the debt and free her from the fear of losing her children.
God will always provide for us. But often He asks us to step out in faith and do our part first. Our obedience or disobedience doesn’t change His character, but it can change our outcome. If the widow had laughed at Elisha’s instructions, doubted the faithfulness of God, or been lazy to not do the work, I’m not sure how her story would have ended.
God also showed his greatness in her story by multiplying what she had identified as her only possession. He could have used anything to provide for her or just put a check in her mailbox, but He made Himself personal, real to her by using the very thing she said she had.
Almost 80% of Americans live paycheck to paycheck to make ends meet. Only 39% of us have enough money saved to cover a $1,000 emergency. One out of every five have more credit card debt than they do savings. From a bird’s eye view, the majority of the country is in dire need of a financial miracle.
Like the widow in 2 Kings, many of these homes today are led by single parent mothers. According to the 2017 U.S. Census Bureau, out of nearly 12 million single parent families with children under the age of 18, more than 80% were headed by single mothers.
Single parenting is hard. Very hard. Death, divorce, or children born outside of marriage create seemingly impossible situations. But, God works in mysterious ways and is able to do far more than we ask or think.
In fact, single parents may experience the love of God and His amazing grace in ways others will never know.
Married or single, trust God, work hard, and don’t be afraid to ask for help.
Remember, “we rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character produces hope.” (Romans 5:3-4)
Be willing to go to work and have the faith that God will provide. Surrender all of what you have to be used for His glory and His purposes. Ask for discernment to know what your first step is supposed to be. If you need to get out of overwhelming credit card debt, start with our friends at Christian Credit Counselors. They can help lower your interest payments, negotiate with your creditors, and make a debt payoff plan.
During tax season, it’s always good to remember what Jesus said, “… render to Caesar the things that are Caesar‘s, and to God the things that are God’s.” But I want to remind you that we are only required to render what we owe. Nothing more.
If you’re like most Americans, you’re expecting a tax refund this year. The average refund expected is somewhere around $3,000, depending on what state you’re in. Many Americans feel like receiving a refund from Uncle Sam is like getting a bonus check from the government. But I want to remind you that that refund was your money all along! You’re simply getting back the money that you loaned interest-free to the government for the past year.
Getting a check for $3,000 this spring sounds pretty fun. Maybe you’re planning on finally doing some updates to your house, paying off debt, or buying a puppy with that money. But think about all the things you could have been doing with three grand all year long. If you divide the average $3,000 into 12 months, you could have had an extra $250 a month to update your house, pay off debt, or feed a puppy.
So instead of waiting for the government to return your money to you, adjust your withholdings now.
Give yourself a bonus check every month instead! The goal is to avoid overpaying or underpaying. If you prefer to underpay, then make sure you save monthly into a designated account so you can pay your taxes on time and render unto Caesar what is rightfully Caesar’s. The earlier in the year you adjust, the greater the impact for next year’s filing.
You can find some helpful instructions on how to do this at the IRS Tax Withholding webpage. And, TurboTax has a W-4 Withholding Calculator to help you make adjustments.
You probably won’t be majorly affected by the new tax bill this year, but you can read more about what to look out for here.
And as tax season approaches, you can find more helpful tips on how to prepare on Crown:
About 34% of the workforce today is made up of freelancers, constituting what is now known as the “Gig Economy”. These individuals have forgone the traditional 9-5 office jobs for temporary contract work with one or many organizations.
And, Intuit predicts that number will continue to grow. For so many, working from home or having the flexibility that comes with America’s Gig Economy sounds like a dream come true.
But with a growing number of freelancers in the workforce, a bigger problem is being realized – nearly half of these freelancers do not have a formal retirement plan.
Though retirement is a goal for many Americans (some would even say it’s their “right” after years of hard work), it has become significantly more difficult (and expensive) to attain. Those who are self-employed, working “gigs”, part-time jobs, or contract work don’t have access to employer-sponsored plans like a 401K. So, they have to design their own.
Here are some practical ways to build a retirement savings fund if you’re self-employed or run your own small business. If you’re looking for more tips on how to save for retirement, check out this blog.
Disciplined consistency is key to success. Retirement savings grow because of compound interest, which means the earlier you start saving (even if it’s a small amount), the more money you’ll have later. It would be more beneficial for you to consistently save a small amount of money starting at age 25 than to periodically save large amounts of money starting at age 45.
Budgeting is the “secret sauce” to this disciplined consistency. It will help you save, control your spending, and reach your long-term goals.
Living on a budget = living beneath your means = living with financial margin = saving for the future = happy retirement.
In Proverbs, Solomon tells us to learn the principles of saving and discipline from an ant (not exactly an interesting insect). Proverbs 6:6-8 – “Go to the ant, O sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.”
In other words, prepare for the future… today.
You can design your own retirement savings plan without brokers or bankers who will charge you fees and commissions. It just requires a little bit of research. I’ve outlined some of the most common retirement plans below, but if you want to learn more about your options, I’d suggest this blog.
Traditional IRA: “IRA” stands for “individual retirement account”. A traditional IRA means that you save pre-tax money and it grows in a tax-deferred account. You pay taxes on the money when you withdraw it at the time of retirement. The maximum contribution for 2017-2018 is $5,500 for people under age 50. For taxpayers aged 50-70.5, you can contribute up to $6,500 a year. Once you are past age 70.5, you are no longer eligible to contribute to a traditional IRA.
Roth IRA: A Roth IRA is similar to a Traditional IRA in the sense that your earnings grow tax-free and the maximum contribution amounts. It’s different in how your contributions are taxed. With a Roth IRA, you save money that you have already paid taxes on and your account isn’t eligible for tax deductions. You may be eligible for a tax credit, though. Also different than a traditional IRA, you can continue to make contributions past age 70.5.
The biggest difference between the 2 IRA options is when you pay taxes on the money you’re saving – as you save, or once you’re ready to use it. For this reason, many people choose a Roth IRA. Neither of these options are specifically designed for self-employers or small businesses. But they are some of the most common retirement plans.
Solo 401K Plans are very similar to employer-sponsored 401K plans, but are designed for the freelancer, self-employed, and independent contractor. They offer tax benefits and offer higher annual contribution limits (in 2018, you could contribute up to $54,000 if you’re under the age of 50). You can choose to have a Traditional or Roth set up for your Solo 401K Plan, depending on how you want to pay taxes on your savings. You cannot utilize a Solo 401K Plan if you have employees.
The SEP (Simplified Employee Pension) IRA is an option if you do have employees. You can make tax-deductible contributions on behalf of your employees, much like a normal employer-sponsored 401K. If an employee wants to receive contributions from an SEP-IRA, they must set up their own Traditional IRA first. Employees do not pay taxes on their contributions, but earnings are subject to income taxes.
Don’t let any of these options confuse or intimidate you. The Bible is full of wise investing principles, like Ecclesiastes 11:2 – “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.”
Growing your income and preparing for the future is part of being a good steward. Do some research and take action. Time is valuable for your investments to compound. It will start out gradual, but years of habitual saving will cause those funds to grow exponentially.
For some practical help on how to get started, check out some of Crown’s exclusive resources:
Are you an employer or freelancer? What have you done to save for your own retirement? Share your advice with us on Facebook!
Are you planning a summer vacation?
Unfortunately, it may be more expensive to travel in 2018. Both airline ticket prices and hotel fares are increasing, which may make a sunny beach vacation or adventure-filled getaway a little less attainable. Considering that last year, 74% of Americans said they went into debt to go on vacation, the increased prices won’t be favorable to most budgets.
So if you’re looking for a little R&R, or a fun trip for the family to enjoy, you’re going to have to plan meticulously. Decide what you can spend without going into debt and ignore how the world tells you to vacation. (If you do have credit card debt, get in touch with Christian Credit Counselors to develop a plan to eliminate it.)
Here are some practical ways to have a wonderful summer vacation and save money:
Make a spending plan.
No matter what, decide how much you are going to spend and stick with it. This goes for your kids, too. Let them earn an allowance to use on vacation and help them plan for how they will spend it.
Save in advance.
You can make saving for the trip a fun activity for the whole family. Make one week out of each month is a “pantry dinner” night where you don’t buy any groceries and come up with recipes from what you already have. Make a saving chart for the kids. Talk to them about planning for the summer vacation and offer to let them pick up extra chores to add to their vacation spending plan. It’s a great opportunity for you to teach them about delayed gratification and to model what disciplined saving looks like.
Do your research and plan ahead.
Starting at least a few months in advance, check frequently for coupons, deals, and packages to save money. Most airlines and hotels give better rates far in advance or day-of travel. Unless the spontaneous trip is what your family is looking for, planning ahead works best.
Skip the resort.
Unless you find an amazing deal, resorts are likely to be overpriced and crowded. Research other options, like an Airbnb, or a condo. If you can, stay somewhere with a kitchen and cook the majority of your meals. Eating in for breakfast and dinner alone will save you hundreds of dollars. If you do want to eat out, try to go only for lunch to save extra cash.
Bring a buddy.
Plan a trip with another family to save on some of the costs. You can trade off cooking different nights and find better coupons.
Plan a staycation.
There are so many options for a staycation and they can end up being the most restful and fun! Go camping, visit a national park, find a drive-in theater, be a tourist in your own city, spend a day at a theme park, or find new hiking trails.
Focus on making memories and having meaningful experiences without accumulating debt. If you need to pay off overwhelming credit card debt, get in touch with Christian Credit Counselors. They’ve helped over 300,000 thousands lift the burden of overwhelming credit card debt and can help you too!
Have you successfully planned a fun, affordable vacation? Share your ideas (and pictures!) with us on Facebook.
For many, investing is intimidating. The complicated Wall Street jargon, the horror stories of Depression and Recession, and a shared mentality that you have to be both wealthy and white collar to have any skin in the game have all contributed. Only 40% of Millennials are investors, and many think their salary alone disqualifies them from trying. Across all age demographics, not enough money is the number one reason cited for staying out of the stock market.
Enter the digital age and apps like Acorns, Stash, and Clink. Each has a slightly different approach, but all accomplish the same thing – investing small amounts of your money in Exchange Traded Funds, or ETFs.
You tell the app how often you want to invest (every day, every week, etc.), and the amount you want to invest. (Acorns is a little bit different in that they round up your purchases to the next whole dollar and invest the difference.) Then you let the app do the rest for you! With most of these apps, you can learn about your portfolio, withdraw money at any time, and add larger one-time deposits to grow your earnings.
It takes all the excuses, fear, and intimidation out of investing. You don’t need to make a lot of money, know much about Wall Street, or ever have met with a broker to start. Investing suddenly becomes approachable.
So the question is, do they work? Are these apps effective, are there any “catches”, and should you use them?
One of the greatest benefits of these apps is you don’t have to make 6 figures to start investing. Most of them don’t require a minimum account balance to start, so you can skip your morning coffee and invest $5.74 instead.
They all invest in ETF’s, as mentioned above, but you can choose the level of risk you’re most comfortable with.
They’re all easy to use, it’s simple to start, and the user experience is top-notch.
As with any investment, there’s no guarantee you’ll make any money. So if you’re looking for some quick cash or the next financial breakthrough, this is not the place to start.
One drawback to these apps is the fee that goes straight to the app company. The payment structure depends on which app you’re using.
All three of these apps mentioned charge you a monthly fee of $1 up until your account reaches $5,000. Then they charge an annual percentage (.25-.275%) of whatever your account total is. (If you’re a college student with a valid .edu email address, you’re exempt from any of Acorns fees.)
Often our greatest strengths are also our greatest weaknesses, and that may ring true for some users when it comes to these kinds of apps. The big appeal is that it doesn’t take much money to start investing. But in order to make any return on your investment, your investment has to be large enough to have a return.
In this example, if you invest “$0.30 of spare change for 60 transactions for the month, you’ve only invested $18 or $17 after you account for the monthly fee.” The $1 monthly fee sounds small, but can account for a large percentage of what you’re actually investing.
Investing in ETF’s is great because it helps you diversify and doesn’t tend to be too risky. But it’s the only kind of investment you can make with these apps. If you’re more interested in individual stocks, mutual funds, or accounts like Roth IRA’s, then these apps won’t meet your needs.
These apps have both pros and cons, so do your own research before deciding what suits you best. Keep in mind that they are not designed to hold large investments (upwards of $5,000), so if you’re just looking to get your toes in the water and break down some of the fear you may have towards investing, then they’ll likely suit you well. These apps are geared towards Millennials who don’t have the time, money, or expertise to manage a portfolio on their own (or pay someone to do it for them). With that mindset, you can set reasonable expectations for what you hope to get out of the apps.
But if you have specific long-term investing goals, can afford to invest more than a few thousands dollars, and want to make larger returns on your money, skip the apps. Meet with a financial planner that you trust and who shares your financial goals and values.
As this article points out, apps like this can distract you from meeting primary financial goals first. The idea of investing seems really interesting and cool, but if you don’t have a hearty emergency savings fund, a retirement account, or are still paying off debt, wait to start investing. To be clear, this should NOT be a replacement for actual retirement accounts.
Start learning about investing, the stock market, ETF’s, and mutual funds. Learn what the Bible says about investing and start praying about ways to increase your income to increase God’s kingdom. Crown’s online MoneyLife Personal Finance study explains what the Bible says about all areas of our finances, including investing, so if you want to learn more, enroll today!
Have you ever used an investing app? What do you think about their effectiveness? Share your thoughts and experience with us on Facebook!
I couldn’t have told you the last time I cared (or thought) about some of these obscure sports, like curling, the luge, or Nordic combined. But for two and a half weeks every 4 years, I’m deeply invested into the lives and stories of these athletes. Patriotism overwhelms my living room weeknights at prime time.
But do these athletes make a lot of money? What kind of financial perks are associated with a gold medal? I did some research.
If an athlete earns a spot on the podium, they aren’t guaranteed a life of luxury and bliss. Really, the only way to monetize your athletic success is to land some sponsorship deals. The majority of these still won’t cover a mortgage; more like your next pair of ice skating boots. It’s different than other professional sports like the NBA or NFL. Red Gerard and Tom Brady may both be household names, and may both represent unmatched caliber of talent in their sport, but they do not represent the same tax bracket.
Most countries have private and corporate donors that pay for their athletes’ travel and lodging expenses (meaning your tax dollars aren’t paying for Lindsey Vonn’s airplane ticket). And some countries award their athletes with a “medal bonus” if they win gold, silver, or bronze. On Team USA, gold will earn you $37,500, silver $22,500, and bronze $15,000 (which is a significant increase from the 2016 Games, and now tax-free). Some other countries don’t pay out for a spot on the podium, but give their athletes stipends to cover training and competition costs.
Earning $37,500 for a gold medal may sound like a nice bonus, but when you’ve been training full-time for four years to win that medal, $37,500 isn’t much. It wouldn’t even cover the cost of training for one year in many Olympic sports, let alone cushion your 401(k).
Top-level coaching, rigorous training, physical therapy, healthcare for injuries, access to equipment, choreography, apparel, competition fees, travel costs, and even relocation are financial commitments every Olympic-chasing family has to make. Some sports are more expensive than others:
For some families, parents are able to cover most of the costs required to be the best in the world. But for some athletes, it’s up to them to make their way. Among some of the day jobs Olympians hold are:
Every Olympian has their own story: Snowboarder Jonathan Cheever thinks that his work as a plumber helps him train to become a better athlete and increases his work ethic. Adam Rippon stole apples from his gym because he didn’t have enough money to buy groceries. Gabby Douglas’s mother filed for bankruptcy as a result of her training costs.
The digital age has provided athletes with more opportunity to fund their expenses through sites like GoFundMe. There are also a number of grants and committees committed to helping athletes achieve their goals.
Few Olympic athletes ever reach wealthy or mega-wealthy status, and if they do, it’s mostly because of sponsorship deals. Among those that have are Michael Phelps, Shaun White, and Lindsey Vonn.
You get the picture. As Time points out, “it takes gold to compete for gold…” It’s expensive and your winnings rarely cover the cost it took to get there.
So is it worth it? Is this pursuit of gold worth the fortune it takes to compete?
This is a difficult question to answer, but I think we can find some clarity in Scripture.
The Bible is clear that we are to use the gifts and talents God has given us fully, and for His glory.
1 Peter 4:10 – “Each of you should use whatever gift you have received to serve others, as faithful stewards of God’s grace in its various forms.”
1 Corinthians 12:6 – “There are different kinds of working, but in all of them and in everyone it is the same God at work.”
Colossians 3:23 – “Whatever you do, work heartily, as for the Lord and not for men…”
Training to become an Olympic athlete is certainly using the skills God has given you at the highest level. Not all of the athletes are doing it for God’s glory, and that’s where this really breaks down.
Throughout Olympic history, there have been accounts of athletes using their success on the Olympic podium as a platform to glorify God. Eric Liddell, a sprinter and missionary from the 1920s was famously outspoken for his Christian faith, and became the subject of the movie, Chariots of Fire. Scott Hamilton is the most famous male figure skater in history and has lived his life as a testament to God’s goodness, through difficult health struggles and a lifetime in the spotlight. Kelly Clark, David Wise, and Elana Meyers Taylor are among outspoken Christians at this year’s Games. The list goes on.
Whether you’re an Olympic-level athlete or trash man doesn’t matter in light of eternity unless you’re doing it for God’s glory. So whatever you’re doing, be the best at it to honor God in your work and showcase His creation. Often we aren’t sure of what we are created to do, and it can be both stressful and confusing to find our calling, or purpose. If you or your child is struggling with this, take the Career Direct assessment. It will give you clarity and confidence to pursue your purpose.
As far as the financial commitment goes, it’s a risky investment. Your odds aren’t good and there’s no insurance you’ll get any return on your investment. But if you become the best and join the ranks of Shaun White, Michael Phelps, and Lindsey Vonn, then you’ll be able to live a comfortable life, arguably without any major financial needs. But the same applies to your finances as it does your talent – use it for God’s glory.
There’s a major trend sweeping, and revolutionizing, our modern day economy. Subscription services have taken over the market, some increasing performance by 800%, and prompting one business leader to even coin the term, “Subscription Economy”. Pay-per-item businesses are shifting their focus from selling a certain number of individual units to subscribing a massive number of consumers to their services.
Subscription services have acutely shifted the mentality of business leaders and marketers, cementing their focus on the customer and the relationship. It’s less about the greatness of their product and more about the value they’re adding to your life. With exponential advancements in technology, more consumers have adjusted to being the center of every business’s attention and are welcoming to the concept. In a word, it’s all about convenience.
There are two sides to every coin, and I don’t think this “Subscription Economy” is exempt. There’s a major appeal to the convenience and value companies are focused on providing you. But there’s also a cost. Remember that this strategy is driving their bottom line, so you’ll certainly pay a premium to be the center of their attention.
In order to understand how much convenience is really costing you, I took a look at some of the most popular subscription services.
Arguably the pioneer in the subscription industry, Netflix has woven itself into the very vernacular of today’s culture. They now have 3 different pricing plans you can choose from – $7.99/month, $10.99/month, and $13.99/month.
If you’re not familiar with it, Blue Apron is a meal kit delivery box. They deliver recipes and pre-portioned ingredients to your doorstep every week so you can cook dinner without having to go grocery shopping. They also have several different pricing plans – 3 meals for 2 people is $59.94/week; 3 meals for 4 people is $139.84/week.
This is a clothing/accessory subscription box, where you receive monthly items that you can try on and choose to keep or send back. You pay a “stylist” fee of $20, which is credited towards any items you choose to keep. So the amount you spend depends on which items of clothing you keep. You can set a budget limit for your stylist to stay under, but the average item is $55.
The average gym membership is right around $50/month but 67% of these memberships aren’t used. “Boutique” or specialized gyms, like Crossfit, TurboSpin, Barre, Title Boxing, and Hot Yoga cost significantly more, some reaching over $150/month.
Spotify is a music streaming service, which gives you access to a massive library of music, videos, and podcasts. You can use this service for free but will be interrupted frequently by commercials. Spotify Premium is $9.99/month.
Yes, this subscription box is for your dogs! For $20/month, you receive treats, toys, and goodies for your furry friend. You only get the $20/month pricing if you subscribe for a year. For 6 months, you pay $25/box and for just one box, you pay $29.
If you subscribed to each of these services, and chose the low or medium pricing option, you’d spend $210.92 a month, which translates to $2,531.04 a year. (You can see the breakdown of pricing I used below).
That’s a lot of money to spend on convenience. Keep in mind that total is just for the 6 services listed above, and is on the conservative side of the spectrum. That $2,500/year doesn’t include cable, groceries, your kids’ school uniforms, or your mortgage. There are also many ins and outs to these kinds of services, so I’d recommend doing some research before signing up for any new ones.
If you are looking for a way to improve your finances, stop living paycheck to paycheck, save more, invest, or get out of debt, here’s where I’d recommend you start. Cancel all your subscriptions and be purposeful with that money instead.
Here are some ways to use your extra cash:
I want to know your thoughts on subscription services! Which make it into your budget, and which do you live without? What is the craziest subscription service you’ve heard of? Share with us on Facebook!
