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March 21, 2022

All savings aren't created equal because not all earnings and expenses are the same...

Welcome to this week's edition of the TFD newsletter. Thank you all for joining us in this special little corner of the TFD community :)
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For those who are new to TFD, welcome! We are an independent, all-women media company dedicated to helping you talk about money and live better with what you have. You can find us on YouTube, our website, Instagram, and hosting many money-centric digital events.
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As we approach the warm seasons, TFD brings to you the 4-Week Reset! For the month of March, we take a closer look at a few core areas of our life that impact our money and overall well-being, in preparation and anticipation of a promising Spring!

This week, we focus on creating a budget, no matter what your pay schedule is. So whether you're a freelancer with an unsteady pay schedule, or a 9-5er, we've got you covered on the how-to's to create the best savings tracker.

I hope you all have a great week, and we'll see you in your inbox next Monday!
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​<3 Soraya, TFD Newsletter Editor

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LAST CHANCE! Join investing expert Amanda Holden THIS THURSDAY, March 24th for Building Your DIY Investing Portfolio (At Any Income)! Amanda's classes and workshops are the most requested of all our our event offerings and always sell out. This class is just $12 with your VIP discount. Grab your ticket today!

And, in case you missed it, we recently added two new events!

Join TFD CEO Chelsea Fagan for her first-ever masterclass, How To Build A Real Business On YouTube, a class to help you grow a YouTube channel. This 4-week live course kicks off April 19th and will include office hours with Chelsea where you can get your questions answered. Grab your ticket for $150 (regular price $199)!

We're also super excited to bring you our fourth full-day conference, The Financial Independence Summit, happening May 14th. Whether you're retiring early or not, this 6-hour event will give you all the tools and information you need to start (or strengthen) your journey to being the decider of your own financial future. We want to help you take financial independence from a pipe dream to an achievable reality. Grab your ticket using your VIP early bird discount for just $25 (regular price $39)!

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by Maggie Olson​

Life is unpredictable, and so is saving money. There are a number of factors that impact the way you approach your savings goals. As a result, there’s no one-size-fits-all strategy for saving money.

Today, we’re breaking down three different ways to think about saving based on how you’re paid. Whether you get the exact same paycheck every month or you have the random income of a freelancer, you can make a plan—and stick to it.

How to save if you’re paid monthly

The nice thing about a monthly—or weekly—paycheck is the consistency. You know exactly how much you’re getting, and that number never varies. That predictability is convenient when you’re working toward a savings goal, because you can plan your contributions down to the penny.

The process is fairly straightforward. Calculate what you need each month for living expenses, loan or debt repayments, and other non-negotiable line items. Subtract that from your monthly paycheck (if you get paid weekly, simply multiply that number by four to get your monthly number). The remainder is yours to play with. Earmark as much as you want for “fun money,” of course, but enjoy the satisfaction of allocating those dollars toward your savings goals.

Because you know exactly what you’re earning every month, you can save a set dollar amount every month. Let’s say you have $500 to save every month. You might decide to put $300 in your Roth IRA, $100 toward a car, and $100 toward long-term savings, such as a house down payment. You can set up automatic transfers for those amounts and just watch your money grow.

How to save if you’re paid every other week

If you get paid every other week, you’re getting two paychecks most months. For those months, you can save like someone who gets paid monthly or weekly. Calculate the dollar amount from each paycheck that goes into savings, set up the automatic transfer, and walk away.

But there’s a little glitch in the calendar year that yields a fun surprise every six months or so. While there are 12 months in a year, there are 52 weeks, which means 26 pay periods. So, twice a year, there’s that magical month with three pay periods—which means three paychecks.

There are two ways to think about those “extra” paychecks. You could simply treat them like any other paycheck: Put your designated amount into savings and use the rest like you would any other month. But you can use those extra paychecks to really boost your savings goals. If you get by just fine on two paychecks per month, that third paycheck is essentially extra money. You could choose to put every penny of it into savings. It’s like a power-up for your goals!

**If you get paid every other week, you’ll use the same savings method as above, but with a little tweak. You need to decide how you’re going to handle those “extra” paychecks per year. Details on how to better manage this surplus can be found in the worksheet below!**

How to save if you’re paid randomly

If you’re a freelancer, like me, your income can be unpredictable. Your workload and your client deadlines are always shifting. Even the most seasoned freelancers are subject to some fluctuation in their revenue.

Under these circumstances, it can be tough to save a specific dollar amount every month. If you have a slow month and don’t hit your target, you might struggle to set aside that number when you also have living expenses and loan payments to think about.

Instead of saving a specific dollar amount, consider saving a specific percentage of your income. You could approach this a few different ways, but here are two examples:

• Put 3.5% - 5% of every check into a savings account.
• At the end of the month, calculate your monthly revenue, and invest 10% of that via your Roth IRA.

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In this example, you’d need to save 3.8% of your income to achieve your savings goal. You can replicate this process with each of your savings goals:

Saving based on percentages has a few distinct advantages for freelancers or others with irregular pay. First, it keeps you in the habit of saving even if you have a slow month, so you can keep momentum. Second, it saves you from the mental gymnastics of picking a new savings number every month. And third, it’s thrilling when you have a really great month! Extra earnings mean extra savings when you use a percentage-based savings strategy, so you can celebrate a big boost.

We made a worksheet you can use to calculate your savings goals and make a plan for achieving them, no matter how you’re paid.

​CLICK HERE TO GET YOUR FREE SAVINGS WORKSHEET!​
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"My rec this week is for all the sparkling water lovers out there with a (brand name) fizzy water machine. I picked up a CO2 tank from my local beer-making supply store and this adapter that connects the tank directly to the machine and it lasts forever and makes the water so bubbly every time (since it doesn't rely on a canister). Big life hack for this house!" - Caitlin

"I just picked up a new romance novel myself and am already loving it! Mine is Lease on Love!" - Chelsea

"My recommendation for this week is this Avene cream. I picked it up because it was so loved by the members r/skincareaddiction on Reddit to combat dryness, flaky skin due to using actives (BHA, AHA, Retinol, etc). It’s a thicker consistency but is absorbed quickly and it works wonder!" - Hayley

"I love movie soundtracks and was reintroduced to this beautiful score from If Beale Street Could Talk after the song 'Agape' found its way to TikTok a few months back! Two of my favorite tracks are 'Eden' and 'Eros,' I can listen to them everyday." - Saidah

"My husband and I are thoroughly enjoying Severance on Apple TV. Perfect if you, like me, enjoy mystery/creepy/thriller-y shows without intense gore or jump scares." - Holly

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