EveryDollar review

We may be a little late on the bandwagon but a little while ago we decided to give Everydollar (which is Dave Ramsey's newish budgeting tool) a proper try. Previously we had used it on and off, but quickly reverted back to the comfort of our trusty spreadsheet. We quickly realised that it is not designed to be used in the UK and so that hindered our experience. We were unable to download the app, nor could we change the currency so this hindered our experience to an extent. However, will do our best to fair review of it as a product.

What it EveryDollar?
It is an online budgeting tool that is linked to the concepts of Dave Ramsey's baby step program. There is a free basic option where you have to enter all transactions in manually. There is also a premier version which comes with a fee where it is all connected to your bank account. Due to being in the UK we were only able to try the free version. It is based on the concept that every dollar should be assigned a value, be it being spent or saved.

How to use?
Using EveryDollar is very simple. Sign up for an account (its advised that you do this on a desktop). Then add the categories in your monthly budget. As you spend throughout the month, add these transactions into the budget to track your spending. You can use either the desktop version or the app to track expenses during the month. The premier version through linking the bank cuts out some of the steps for adding transactions into the budget.


The positives
- Accountability. Having the budget linked to the baby steps (albeit only the first three) holds you accountable to where you are financially and the progress you are making. I love that it is linked into the baby steps programme and it really helps to keep you motivated on your personal finance journey. For us this is by far the best benefit from EveryDollar.

-Easy to use. We found the whole system very easy to use, edit and customise. This meant we were keen to integrate it into our routine and found ourself reviewing any purchases we had made during the day and tracking them. For those just starting out budgeting it provides a great foundation by guiding you to the categories that would be good to include in a budget. The help guides are clear and comprehensive if you do find yourself having any queries about how to use EveryDollar. 

- Visually attractive. Each category has a countdown tracker (the line reduces as you spend more of the monthly allowance and turns red if you go over). There is also a handy pie chart on the right hand side that allows you to see where your money is going into the various different categories.

- Accessible. Unlike the spreadsheet we were previously using we are both able to access the budget remotely without having to be on my laptop. Because everything is store on a cloud based system, this makes it super easy to access and great if there are several people using the same budget. 


The negatives
- Inflexible. It feels very much that it is designed for a regular income. Our income are very sporadic (being students) and as it doesn't allow for amount to be carried over month to month (because its not in line with the Dave Ramsey methodology). For us it would work better if we could carry over income, instead we had to create a 'checking account fund' and carry money over that way (making it a bit convoluted). Though we recognise that the majority of users will have far more regular incomes than most students.

- Incompatible. The app doesn't work in the UK (and many other countries), and the page can't be accessed on mobile (your just predicted to app store). This is frustrating as we are unable to update on the go.

- Incomplete. The latter baby steps (3-7) are not fully integrated into the system like the first three are. It would be nice for them to be more integrated for example seeing if you are saving on average 15% for retirement. As we are in the latter baby-steps it was therefore quite disappointing to us.

Do you use EveryDollar? How do you find it as a budgeting tool?

Money conversations to have with your partner

We a couple choses to spend their life together they also choose to accept financial responsibility for each other. It it therefore, really important to talk about your finances. Having financial conversations from the beginning of the relationship and continuing them throughout are important to the stability of your relationship. This is especially important as money troubles as the leading reason for divorce in the USA. 

These conversations don't need to be super formal and try to avoid making them inquisitorial. What is important is that you both feel comfortable to share honestly. We know it can be super awkward but it will truly bring you together. 
When you first start talking about money early on in the relationship keep it simple are not overly personal. Perhaps just ask about opinions on investing, when do you want to retire etc. As you begin to be more open it is then it better to talk about more specifics and even progress to doing a regular meeting that can involve a monthly budget. Try to not be critical towards each other but help each other grow and develop financial sensibility. 
C and I advocate the value of having shared finances, through combining finances it helps to remove the individualistic attitudes associated with money and makes you think of your partner and your goals as a couple when making money decisions. Shared finances does not automatically mean that you have all shared account but it can be very useful to have at least the main current account (where the bills are paid) is shared. 

Below are some of the topics we recommend talking about:

1. Financial liabilities. Discuss what debts do you have, credit cards, student loans, car loan etc. Also talk about how much you have and who your creditors are. Its also a good idea to talk about how much monthly payments are and how your progress is with paying off the debt including the method you are using (debt snowball or avalanche). It is also good to talk about what debt you've had in the past as these experiences shape how we deal with our finances.

2. Financial assets. Got an emergency fund, savings, a home?. Discuss what assets you have and remember these will become joint upon marriage. Let your partner know where you keep these accounts (i.e with which bank) and the types of accounts you hold along with the balances. We choose to use a savings spreadsheet to manage our net-worth and allows us to keep track of our various accounts. 

3. Financial goals. It is important to create short and long term goals as a couple. This is needed so that you can shift from an individualistic approach towards money. It is important that you are both on the same page with your goals as this will guide your spending and investment. Talk about your attitudes, do you prefer to spend a high proportion of your income or are you keen on making savings a priority. This will help you to determine what 'finical success' means for you. When making financial goals it helps to discuss the lifestyle you want to live, for example do you expect to take regular holidays, send children to private school etc. It can also be useful talk about your parents attitudes to money as these have a huge impact on how you deal with money and set finical goals. It will also help you to understand each other's perspectives towards money. 

4. How are you going to spend. It is important to talk about how you are going to spend you money. Do you want to use cash primarily, debit card or credit card. The all have their pros and cons but it is important that you are comfortable with the method you use. It is also important to discuss how money will be budgeted and assigned. Will one person carry the cash for food if they always do the food shop. Who is going to keep an eye on the balance, the bill payments. Often one person will have a tendency to take a lead with the finances but its important that is a unanimous decision as to prevent the other partner feeling resentful. 

5. Learning from each other. Neither one of you are perfect, nor will you know everything about money. You will both have your strengths and weaknesses in you knowledge, so share what you know and ask for help in areas you don't know. Remember that you have both had different experiences and these shape how people manage money. 

6. Agree on risk. When you decide to invest your money discuss the level of risk and whether you both agree on this being an acceptable level of risk. It is not uncommon to have one person more willing to take risk than the other, so be prepared to make a compromise. The level of risk you are willing to take will be heavily influenced by your lifestyles.

7. Retirement Discuss your plans for retirement, what pension schemes are you paying into. Are you making the most of employer matching? How much do you collectively want to save and when do you plan on retiring. Let these answers guide how you prepare for retirement now. 

How do you and your partner discuss finances?

Guide to Peer to Peer lending

What is peer to peer lending?

Peer to peer (P2P) is where you lend money to companies, property developers etc and they pay you back the loan with interest. It takes away a bank from being a middle man and makes you the bank. It is often agreed through an intermediary know as a P2P platform. 

What is the risk?
P2P is higher risk than a normal savings account and is not covered by the FCSC scheme (which protects up to £75,000 per person/per financial institution). Though there is regulation through the FCA who appear to be particularly stringent with their accreditation. As of 2017 accredited firms will need to have at least £50,000 of reserve capital (larger amounts for bigger companies). The loans agreement is technically between you (the lender ) and the borrower, so if the P2P company goes bust you could pursue the borrower for the money owed. However, to date there have been no horror stories to guide what to do in those circumstances. 

What are the pros?
The considerably higher interest rates may make this a suitable investment option for you. It is the potential for return that has meant that the P2P market has exploded following the post 2008 interest stagnation. Though it is important to remember that you money may not be loaned immediately and as such won't necessarily be earning interest straight away. 
Another benefit of P2P is that it can now be tax efficient. Some providers recently got the go ahead to provide an ISA service (similar in style to a cash ISA). 


Top P2P Platforms


1. Wellesley
This platform lends your money out to property investors and therefore your money is secured against real estate lowering the risk. Their Auto-matching tool means your money is kept well diversified and their provision fund is there to protect you in the case of any loses. They offer an ISA  with up to 5.55% interest. There normal savings accounts provide interest rates ranging from 3.55% to 6.32%. For easier access there is a 30-day access fund which offers the lowest interest rate available. 

2. Zopa
Zopa is the longest running P2P platform having lend out over £1bn to individuals. The rate averages are 3.8% for 3 years and 5% for five years. However, you will be charged a 1% fee. Your money is spread across a number of borrowers with a variety of risks. Where the borrower is in 4 or more months arrears this is usually covered by their safeguard fund. Money can be withdrawn in 3-5 days. 

3. Funding circle
Offers some of the highest P2P returns but also high risk. Involves loaning to businesses. INterest rate averages at a MASSIVE 7.1% (though there is a 1% fee and 0.25% if you sell loan on). Using auto bid helps to simplify the process and ensure diversification with your investment. 

Have you tried investing in P2P? How have you experiences been?

How to set and achieve your savings goals

Setting goals is a fundamental element to any budget. When you are working to get out of debt this is the primary goal. However, its easy to feel lost after you've gotten out of debt and it is therefore, important to set yourself some financial goals. 

These goals should be a mixture of short, medium and long term. But try not to have too many goals (about 5 in total is best). A common shorter term goal is often having a large emergency fund (of about 6 months to a year worth of expenses). However, you may also wish to save for other things such as DIY projects or holidays. 

Mid-term goals may include paying off you house, or saving for a down payment if your are yet to get onto the property market. Whilst longer term goals may be retirement, children's college and school funds. 

Whatever goals you choose to set it is important that they are attainable. Below are some top tips to making this goals achievable

• Have a start date- it is so easy to postpone and procrastinate about starting to do something. Stop talking and start acting. Even if it means simply setting up a standing order to a savings account for the money to come out in the near future. Taking a positive action towards a goal is rewarding and has the same snowball effect as when paying of debt.
• Have a end date- There will be points at which it is hard to maintain the goal and it seems like the easier option is to just quit. Having an end date to aim for helps with this. An end may be a time or a financial amount. It will also help you to calculate how much you need to save on monthly basis (or however often you save). 
• Make sure the goals you have set are for you and your family. If you are setting a goals so you can 'keep up with the Jones' then it will be destined for failure. 
• Use a visual- I love spreadsheets and these help me to visualise our finical situation and I also find them very motivating. However, some people like to use visual progress charts. 
• Celebrate achieving a goal and break goals into smaller goals worth celebrating. 
• Keep your savings system as simple as possible- having regular payments on standing order is usually the easiest way to manage a savings goal 
• Dont overly restrict- Now you are out of debt, not every penny you have has to go towards your goals. Don't overload yourself with pressure but allow some money in your budget to enjoy life with. 

What financial goals do you have at the moment?

Earn Money Entering Giveaways

I've always been quite lucky and I remember winning my fare share of competitions as a child. When I went to college, I found myself becoming addicted to entering competitions. It was only recently that I realised I've actually been side-hustling all that time. I don't enter massively now due to time constraints but in that 2 year period I have won the following which amounts to almost £5000 in value.

Entering competitions takes very little effort and absolutely no start up costs making it a good side-hustle option. In addition, you can enter as many or as few as you want, just your odds of winning increase the more you enter meaning it can be as time consuming as your want. It can be quite a time consuming process in particular when you are converting your prizes into cash. However, using online competition sites can help make it less time consuming. 

How to make money through giveaways?

Making money through giveaways is relatively simple. Enter (and enter lots), Win, either keep the prize or convert to cash by selling. I would recommend creating social media accounts which you use for your competition entering only to ensure it doesnt get too messy (or you don't annoy your FB friends). When determining whether to sell, I look at whether I will use the prize, has it appreciated or depreciated already and, it is worth more I if use it? I primarily use Amazon and eBay primarily to sell on prizes and they are the quickest way and usually get the highest value. Though if you can sell to friends or family especially with gift cards you can often get the full RRP. 

Some of the prizes we have won include:

• Amazon Gift Voucher- I won this through a Channel4 competition and initially thought I had won £100, but had in fact won £1000. My parents were looking to buy some big home goods at the time and so we agreed to swap the Gift voucher for cash.
• Art prints- I've won a couple of art works in my time. But in 2014 I won £3300 worth of Art from Eleanor Leone Bennett. As she is an up and coming photographer so I decided to keep the art work to allow it to appreciate in value. 
• Annual Taste card- This prize gave us 2for1 meals out for a whole year at a variety of restaurants and was well worth more than the £75 cash value and had the potential to save us £100s over the year. 

Where to find giveaways?

There a few really great sites that compile competitions listings and allow you to easily track them. I initially used ThePrizeFinder exclusively. However, now I use it in conjunction with MSE Competitions Forum. I find that ThePrizeFinder is easier to navigate but MSE has more listings. It a good idea to only enter for prizes you would want, so use the search functions on both of these sites to help you be more efficient in your entries. For those of you who are reading from the USA YoungAdultMoney regularly compiles a list of competitions. Another great option is to keep your eye out for local competitions in shops and newspapers. These generally have far fewer entries than national competitions thus increasing your chances of winning. 

Di Coke is a master comper and has written extensively about how to be strategic in how to find and enter competitions to have the best odds of winning. She goes into this and more in her book SuperLucky Secrets which we would highly recommend if you are interested in starting this awesome hobby. 

Overall, entering competitions is a great side-hustle that can fit around your schedule. However, it provides not fixed or predictable income and therefore may be best kept as a hobby for many. 

5 items to never buy new

Sometimes its just not worth buying something new. Especially if its value is going to depreciate rapidly. Buying goods secondhand can be a great option and a way to pick up some quality bargains. There are plenty of places to pick up secondhand goods including; yard sales, car boot sales, GumTree, FreeCycle, CraigsList and Local Facebook groups. Today I'll share our top 5 items that we buy secondhand. 

Crockery. For day to day use you don't need a royal worcester full dinner service. But even the supermarket basic sets can cost upward of £30. Car boot sales and charity shops are a great place to pick up crockery especially if you don't mind having it all mixed and matched (because lets be honest sometimes this looks cuter). We picked up our crockery for free from some students (our college has a free cycle program) and saved about £40. 

Furniture. C and I just got a flat and so furnishing is an expense thats hit us recently. We have picked up several pieces of furniture second hand from gumtree including our lovely daybed (which doubles as a couch) for only £75 (retail is £500). There is so much good quality second-hand furniture out there that you'll never have to feel like your settling for second best. Our advice is to pick furniture that is 12-18 months old as this is where you'll get the biggest savings relative to the quality of the furniture. 

Designer clothes. I will admit I love my clothing (I'm a big Joules and Boden fan) but I cannot bring myself to pay so much money for their clothes. If I'm going to treat myself to 'expensive' clothing (or even mid range clothing) I will usually buy it from eBay or a Facebook group. Look for gently used clothing or like new to get the best quality. You'll have to come to terms with the fact that it won't be this seasons clothes so it is best to invest in brands and items that are classic and timeless. 

Textbooks. Unless I get them for free (which I've managed to do for all my final year books) I would buy books either from upperclassmen at the annual book sale or on ebay. Even better is the fact I can sell the books on at the end of the year and usually make back the money that I bought them for. Look for books without highlighting/markings (and don't mark them either) as they are easier to re-sell and depreciate less.

Tool kits. Simple tools can are a necessity for every house hold but they don't need to be beautiful (or expensive). Pick up a whole kit for a few pounds at a car boot /yard sale or try picking them up for free on free cycle. Tools are something that are easy to find as people are always trying to get rid of them. At the end of the day your tool kit is not something that you bring out to display and show to visitors. Therefore, it doesn't matter how ugly and mismatched it is so long it can perform the job. 

What don't you buy new?

How to set a wedding budget

So your engaged!! Congratulations. Now the serious wedding decisions. The first big decision you will encounter is what your budget is going to be. The average cost varies widely and depends on a number factors so it's important you think carefully when setting a budget. The average UK wedding costs approximately £15000 and has 60-70 guests. A wedding doesn't have to cost this much (or if you want it can be more). However, always remember a wedding is not worth going into debt for. 

Firstly figure out who is contributing to the wedding. Is it just you and your spouse or are parents/grandparents helping out as well. Determine how much they are contributing or if they are helping with a certain element (I.e flowers). Consider whether you as a couple are going to add to family contributions or not. Having this conversation when you first get engaged is important (even though it can be a little awkward). C and I didn't have a conversation with his parents initially (on the assumption they would bring up the topic) but they never did and so it was about 6 months into our engagement we finally spoke to them as we realised they weren't going to start the conversation.  

The next big decision is you need to figure out a provisional guest list to give you an idea of numbers as this is the factor that has the best impact on your expenses.  When you are having a reception you generally pay per person so consider how many people you want at your wedding breakfast and if you want evening guests as well. As a rough guide most people spend about 50% of their budget on venues and food. We spent just under 60% of our budget on this category. It may be a good idea to get some provisional quotes from venues to help give you a idea of how much it will cost to host. 

By combining these factors you and your fiancé should be able to come up with a budget that you are able to stick to and accurately reflects the cost of your wedding. 

How did you set your wedding budget? 

Back to School on a Budget

Back to School doesn't have to break the bank but sometimes it feels like it will. From uniforms, sports kits to books and stationery, the list of things to get can feel overwhelming.
But don't fret, back to school doesn't have to cost the earth. There are a number of ways you can save when preparing for the new academic year. Today we are sharing 3 simple tips to help ease the cost of returning to school.

1. Re-Use last years. 
A culture has developed of needing a whole set of brand new school supplies each year. Do you really need to get a new pencil case, binders and bags every year? Look at what you have from last year much of it should still be in reasonable condition (provided you/your children are respectful with their property).
This becomes more so the case as children get older as they damage things less. When purchasing try to invest in good quality items so that they can last a number of years.  This can especially be the case with items such as backpacks which can last many years. 

2. Buy used. 
Over in England most children wear school uniform, and often it may be specialised for your school with their logo making it expensive. See if your school has a second-hand sale for these logo items as there are always parents with children who have out grown them looking to sell their's on. For the generic items (i.e. those without the school logo) look in charity shops and thrift stores can be a great place to start. Don't be afraid to talk to your parent friends who also have children at the same school, setting a hand-me-down system can be a great way to get your hands on second hand uniform. 

For those in schools without a uniform the burden is less, kids don't need a while new wardrobe just to go to school. Remember they have managed to wear normal clothes all of summer. Once again look for affordable second hand clothing as children will grow out of them so quickly.

3. Wait for the sales. As a college student my term dates are different to schools and so by the time I start term all the back to school items are on sale. If you wait a couple of weeks after term has started stores have great sales on school supplies. This is because they know most people feel compelled to buy everything super early. 
These are also a great opportunity to stock up for next academic year, if buying early is your thing, is you see some super deals. Use this chance to buy items a cut prices yet they are the quality of buying new. We also love using Amazon outlet for reduced priced stationary supplies as you can pick up some super bargains of brand new items. 

4. Don't be afraid to compare. 
The bookshop on campus or the school uniform supplier is never the cheapest option when it comes to buying supplies. Don't be afraid to shop around to try and find the cheapest deal, as it may not be the store you expect to be the cheapest. 
Talk to other parents or upperclassmen to find out where is best to buy and don't be afraid to tap into their experience and expertise, it will pay off in the long run. 

How do you save when its back to school?

This post contains affiliate links. 

Save money on your electric bill

It is so easy for bills to creep up in cost and the electric bill is often one of the worst due to all the things that can change how much we use. Follow these simple steps to help reduce you electricity bill. I would alway recommend comparing supplier and don't assume your are with the cheapest option. In addition avoid pre-paid cards/keys as they work out much more costly, unless you are struggling with budgeting for bill then paying as you use (and topping up only when you have the cash) may be a better short term option. 

Turn off the lights when you leave the room and don't leave items on standby. I find that by using an extension cord it is easier for me to remember to turn of switches as I can do several in one go. 

Use big appliances like washing machine and tumble dryer in off peak hours (usually at night). Also try to run them on shorter/ eco cyces.

Avoid using a tumble dryer if possible. A good old fashioned washing line works great most of the time  or an indoor laundry maiden 

I don't use my kettle much but when I do I make sure to only fill up as much water as I need. So I am not using energy to unnecessary heat up extra water. 

If you don't already had energy saving lightbulbs these may a good item to invest in as in the long term it will reduce energy use or consider solar lights for outdoors. 

Keep your fridge/freezer in good condition, with no ice build up and 2/3 full (even if its just water bottles) for maximum energy efficiency.

Use energy efficiency appliances such as a croc-pot (slow cooker) as an alternative to other more expensive ones. Also look at the energy rating when purchasing a new appliance. 

How do you save electricity? 

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

*This post contains affiliate links, all opinions are our own*

July Budget Cheat Sheet

July is almost here (which means we're almost 1/2 way through 2015!!). Here are some things to factor into this months budget. 


Summer holiday activities- So the kids are done with school. You may have to organise childcare to cover when you are working, or they may be going to summer camp.  You may also have them at home with you but are keen to keep them busy during the summer months. There are so many free activities you can do with children including, museums, Picnics in the park, visit national parks. Check out this great post on fun free family activities. 

4th July- For those in the USA this is a massive holiday and often involves food, family, friends and fireworks all of which can work out expensive. If you are travelling be sure to factor in for gas and accommodation. For food consider a pot-luck. 

BBQs- Summer months give a great opportunity to have friends and family over for a BBQ.  If you are considering replacing your BBQ,  look at 2nd hand sites such as Gumtree and Craigslist as there are lots of good quality second hand BBQs. Consider having a pot-luck BBQ where your guest all bring some food to either put on the BBQ or as a side dish. This is a great way to cut the food costs associated with BBQs. 

Vacations- Holidays are just around the corner for many of us, though most of the expenses should have been paid/saved for already there may be still be a few expenses left such as luggage, clothes, toiletries and currency exchange to factor in for. Also if you are travelling abroad don't forget to let your bank know. Give your self a set amount that you can spend over the holiday (I find it easier to say how much I can spend a day) and stick to it. That way your holiday won't follow you home with a nasty bill.

Air conditioning as the temperature begins to rise it is now the time issues with ac will show up both in your house and car. Be prepared for these expenses to occur.