What is an Opportunity Cost?
Opportunity cost is an economics concept with huge implications in every aspect of our lives. To put it simply, when you say “yes” to one thing, you are saying “no” to another. Opportunity Cost in the Real World Let’s try an example. Say your goal is to build healthier habits by exercising every day. When…
Read MoreWhat is Lifestyle Inflation?
Have you noticed that even when your income increases, it can feel like you still don’t have more money leftover at the end of the month? That’s because often, when our income increases, our expenses do too. This is a very real phenomenon called lifestyle inflation that can sneak up on us despite our best…
Read More3 Reasons to Set Up an Automatic Savings Plan
There are endless strategies for saving money, but one that comes up again and again is setting up an automatic transfer. Lots of research, including our research here at SaverLife, shows that this is a good way to save more. In fact, SaverLife members who set up automatic savings transfers are 5-6% more likely to…
Read MoreForget resolutions – it’s time for a financial New Year’s revolution!
It’s New Year’s resolution season! Even though many resolutions don’t make it until the end of winter, it can still be a helpful exercise for many people. Many years ago, I decided to begin each year with a financial revolution! Check out how Merriam Webster defines revolution: the action by a celestial body of going round…
Read MoreHow to Be a Holiday Hero while Sticking to a Budget
Holidays can be filled with both joy and stress. As a starting point, think about the end of the holiday season. How do you want to feel? What experiences are important to you? And of course, what do you want your credit card balance to look like? What are the holidays about? As you go…
Read MoreWhat does it mean to “pay yourself first”?
Hi, I’m Saundra Davis, SaverLife’s financial coach. Let’s talk a little bit about the golden rule of saving: pay yourself first. So many people say, “I’m going to wait and save after I’ve paid all my bills and I’ll save what’s left,” but we all know what happens then. Very seldom is there anything left. So the idea of…
Read MoreWhat’s your money style?
Hi, I’m Saundra Davis, SaverLife’s financial coach. Today we’re going to talk a little bit about our money personalities or our money style. Are you a spender, saver, or planner? Our approach to saving or spending really is rooted in the foundation of how we live with our money in our individual personality. Some of us are savers. Some of…
Read MoreHow to Prepare for a Family Financially
Since we know that everything affects everything, let’s talk about how our financial lives are impacted by our family situation. Over 80% of SaverLife members live with at least one other person—be that a parent, child, partner, or roommate—and even if you are single, you may have heard that having a baby can really break…
Read MoreMaking Your Money Work for You
Hi, I’m Saundra Davis, financial coach here at SaverLife. Today we’re going to talk about how you make your money work for you. What is a budget? If you ask, “Do you have a budget?” many folks will say no, they don’t have a budget. The fact is we all have a budget, whether we know it or…
Read MoreYour Money: Your Values
Hi, I’m Saundra Davis, financial coach here at SaverLife. Today, we’re going to talk about your money values. We often don’t think about how our values play in to what we do with our money. But the fact is everything you do with money makes perfect sense if you understand what you believe about money. Our…
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