If you’re like many of us, you might’ve kicked off the year with a New Year’s resolution to save more money. Naturally, that sets the stage for a frugal January. But what happens for the rest of the year? Like most resolutions, you might shift back into your old spending habits and put off getting your finances together until next year. If you jumped on the trend of committing to a frugal January, this guide can help you turn that one-month commitment into a year-round money reset. Take a Look Back at Y ...

Core Insights - The article emphasizes that building wealth does not require extensive time investment and can be achieved through simple, actionable money-saving habits [1][2]. Group 1: Money-Saving Strategies - Setting up automatic transfers is recommended to build savings effortlessly, starting with small amounts like $10 per week or $25 per month [3][4]. - Organizing debts by creating a list of due dates, minimum payments, and interest rates can help prioritize which debts to pay off first, focusing on high-interest debts to save money in the long run [5][6]. - Paying with cash is advocated as a method to control spending, as it prevents overspending and allows for earning rewards through receipt submission on platforms like Fetch.com [7].

Core Insights - Vivian Tu, a former Wall Street trader, adapts her financial advice for her audience during economic downturns, shifting from wealth-building to recession survival strategies [1] Group 1: Emergency Fund Recommendations - Tu advises increasing the emergency fund target from three to six months of expenses to six to nine months during recessions to account for job loss and longer hiring cycles [3][4] - A larger safety net allows individuals to be selective in job offers and reduces panic-driven financial decisions [4] Group 2: Debt Management Strategies - High-interest and variable debt should be prioritized for repayment during recessions to avoid financial strain from rising costs [5][6] - Eliminating high-interest payments enhances cash flow flexibility, which is crucial when income becomes uncertain [7] Group 3: Spending Cuts Approach - Tu recommends making smart, discerning cuts to spending rather than adopting a blanket austerity approach, which can lead to dissatisfaction and failure [8] - The focus should be on eliminating convenience costs that do not add real value, while still budgeting for meaningful discretionary spending [8]

Core Insights - The article discusses strategies to mitigate the impact of inflation on cost-of-living adjustments (COLA) for 2026, suggesting that adopting new habits can help retain more of the COLA despite inflationary pressures [1][7]. Group 1: Financial Strategies - Recasting a mortgage can be beneficial for retirees who did not plan for a large mortgage payment, allowing for reduced monthly payments by making a lump-sum payment towards the mortgage balance [4][5][8]. - Utilizing online or mobile shopping apps can help seniors save money through digital coupons, deal alerts, cash back offers, and loyalty rewards, thus maximizing their Social Security benefits [6][9][10]. Group 2: Cost-Saving Tips - The article emphasizes the importance of reviewing monthly budgets to identify unnecessary expenses, which can lead to additional savings [7]. - It highlights popular mobile shopping apps such as Fetch, Ibotta, RetailMeNot, TopCashBack, and Honey, which provide significant discounts and savings opportunities [10].