Archive for Saving

How to Achieve Financial Independence

Freedom to Live the Life You Dream Of

What is financial independence? The answer to this question is complex and depends upon who you are asking.

In general, financial independence means that you are able to live the life that you dream of without having to worry about finances. There are a few steps that you can take in order to move toward the state of financial independence. We will discuss them in detail below.

woman standing with her arms stretched out looking at the sky


You should take up a few investments in order to move toward realizing financial independence. There are many different ways to invest. You may invest in the stock market, an IRA, or a savings account.

Stock market investments are some of the most lucrative investments you can make. When you invest in the stock market, you are able to see financial gains throughout the entire amount of time you invest.

You should do thorough research before you invest in the stock market. This will help you to determine which stocks you want to invest your monies in.

The stock market can help you to gain finances fairly quickly as long as you know which stocks are going up. You should invest in stocks that are on the rise.

You can find information about stock trends by doing a simple Google search on that particular stock. This will pull up results like

An IRA is another worthwhile form of investment. You may find that you slowly save up significant amounts of money by investing in an IRA.

An IRA is essentially a retirement account that accrues value because of its interest rate. You should keep your monies in an IRA account so that you have money to work with when you retire.

Interest-accruing savings accounts are based on much the same principle as is an IRA. These types of accounts gain interest as the monies sit in the accounts.

You literally gain profits by doing nothing besides letting your monies sit in the bank. Should you let these monies sit for an extended period of time, you will be pleasantly surprised at how much money you can earn.

man holding spread out 20 dollar bills in his hand

Make a Budget

Another way to gain financial independence is to draft up a budget. This will help you to stay more aware of where your monies are going. You should have a budget for groceries, housing, transportation, and miscellaneous. You should draft this budget up carefully.

There is much thought that can be put into drafting up a budget. You may find that it is necessary to calculate your budget to the exact dollar or cent. You can find out the best quality items for the best price and include them in your budget.

You should not go over your budget every month. By staying financially organized in this way, you are sure to see monetary gains in the bank account.


Part of your budget every month should be more for recreational indulgences. Being financially free means that every once in a while you allow yourself to enjoy something expensive just for the sake of enjoyment.

There are a number of different ways that you can indulge.

You may take yourself or your friends out for a fine dining experience. This can mean that you enjoy the finest of delicacies regardless of cost.

You may also choose to purchase a luxury grocery item that is outside of your standard budget. Examples of this include aged cheese or decadent ice cream brands.

Just like anyone else, you need to treat yourself to something special every once in a while, regardless of the cost.

Financial Freedom is Possible

It is easy to see that financial freedom is possible. It just requires diligence and best practices.

You may find it necessary to invest in investment accounts in order to maximize your earnings. It is recommended to begin investing in the stock market, as well as in IRAs and savings accounts.

You should develop a careful budget for all of your essential purchases, so as to increase the amount of money that stays in the bank account. You should indulge in something special every once in a while in order to remember that money is a means to enjoy life.

Should you practice these habits, you are sure to gain financial freedom.

LoungeBuddy App Review- Save Money on Airport Lounge

loungebuddy app

Have you ever thought about what you would do if you have a few hours of layover at the airport? 

Most travelers do not think that in-transit accommodation is as important as picking the right hotel or a hostel. International airports are almost always busy and crowded with passengers and their family members. It is not a place where you would want to spend a few hours while switching from one flight to another. This is where airport lounges come in the picture. An airport lounge is a place where you can relax, have some food, get some work done, take a warm shower, etc. LoungeBuddy helps you find the most affordable lounge.?

loungebuddy app

About the Creator of LoungeBuddy

LoungeBuddy is a San Fransisco-based travel startup now acquired by American Express. In 2019, LoungeBuddy was American Express?s second acquisition. This company was founded in the year 2013 by Brent Griffith, Tyler Dikman, and Zac Altman.

How Does the LoungeBuddy App Work?

There used to be a time when airport lounges were meant only for the business class travelers. Only the ones who are willing to spend top dollar were given access to this area. However, since it?s the arrival in the market, LoungeBuddy has changed the dynamics of airport lounges. Now anybody can download the LoungeBuddy app and get access to an airport lounge by paying a small one time fee. 

LoungeBuddy has also introduced Single Use Lounge Pass for those who do not travel very often and headed out for a single return trip. To find an airport lounge, you need to search for the airport you are planning to layover at. You can also search for your departure airport if you have reached the airport early. LoungeBuddy will show you a list of Lounges. Pick anyone and make the payment.?

Next, when you arrive at the airport, locate the relevant airport lounge with the help of an airport staff member. Once you reach the lounge, tap open the LoungeBuddy app and open the QR code provided to you after the purchase. Show it to the front desk staff and enter the lounge without paying anything additionally. You can enjoy all the premium amenities like shower, washrooms, a comfortable seat, etc.  

What I Like About LoungeBuddy App 

I like that most airport lounges listed under LoungeBuddy have the facility to of Flight Monitors. Once you enter the lounge, you don?t have to worry about keeping an eye on your flight timings. The staff members at the lounge will notify you well before the flight arrives. 

What I Don’t Like About LoungeBuddy App 

The fee you pay to LoungeBuddy does not include food or a private room. The app only gets me in. I have to pay for food, coffee, and other pleasantries. This is the only downside of this app. 

My Recommendation

I recommend this app to business travelers and digital nomads who travel on a regular basis. Even a one-time traveler can purchase Single Use Pass for a few bucks. 


The lowest price for airport lounge access worldwide is $25. Unfortunately, the LoungeBuddy app is only available for iOS devices. Android phone uses can use the web version of LoungeBuddy.

How to Stop Binge Eating and Save Money


When was the last time you had food just to satisfy your tastebuds and not your hunger?

According to NIH, anyone who eats a large amount of food within a short period of time and does it at least once a week can be identified as a binge eater. Binge eating is not just a bad habit you need to get rid off but it is a serious disorder.?

Once a person begins to binge eat, he or she is more likely to do it again in several different scenarios. Most people binge eat to get rid of the bad feeling like guilt, negativity, fatigue, loss of a loved one, so on and so forth. Let?s have a look at a few ways you can stop binge eating and save some money.


Here Are the 5 Ways to Stop Binge Eating Without Relapsing Ever Again

1) Do No Consume Sugar

If you cannot stop binge eating even after trying everything, it might be wise to take an indirect approach. Stop consuming sugar and food items that contain added sugar. Sugar makes you feel full for a while. After the initial rush is gone, most people resort to binge eating. In other words, sugar creates a void in your system which causes you to binge eat.

2) Find Healthy Alternatives

The next time you feel like numbing your emotions with tasty food, make sure you have a healthy alternative to curb the cravings. Going for a quick walk can help. Divert your attention towards your body instead. Having a bottle of sugar-free yogurt or eating a bowl of healthy salad could also work. If the situation gets out of control, call up a friend or your therapist immediately.

3) Do Not Hide Your Habit

Do not make binge eating a thing that only you know about. Make sure you share your feeling with your loved ones. Often times, emotional support can solve problems that no other remedy can. Moreover, by keeping this a secret, there is a likelihood of the situation escalating even further.

4) Meditate Before You Eat

If you binge eat once or twice a week and wish to not do it again ever, it would help if you could dissociate food with whatever problems you have in your life. To break the pattern, you should consider mediating at least five minutes before dinner. Meditation will give you the space to think and process your inner unconscious urges.

5) Be Aware of Your Environment 

It?s possible that the environment you spend most of the day may be triggering you to eat more. If there is a cafeteria near your workplace? Do you work from home? Either way, make sure you stay away from the smell and sight of food. If you work from home, it would help immensely if you can sit in a room with the door closed. So, even if someone in the other room is cooking food, you would get triggered. 


You may not realize but this condition is also causing you to spend more money than you otherwise would. It is hard to find a binge eater who prefers healthy food. Most often they binge on oily and buttery food which is both unhealthy and expensive. Hence, it is advised to follow the above-mentioned tips.

How Much Money You Can Save With A Home Warranty?

home products

A home warranty is a smart solution that will make every homeowner feel more peaceful. Important appliances and systems can fail anytime, which brings huge costs for you. A home warranty is here to have you protected from unexpected costs. If you haven?t obtained your plan, you might have to face costs that can range from a few hundred to a few thousand dollars. We know that it can save you a lot of money on costly repairs, but really how much?

Average repair costs

Unexpected malfunctions are very common. Without a home warranty, you will face high repair costs for your home systems and appliances. And you can?t postpone the repair for later. Imagine finding out that your fridge isn?t working. For individual repair, you can pay around $600. If your fridge is too old and needs to be replaced, you will need to divide about $1,500 from your budget. If the dishwasher fails, then you will need around $200 for a repair or around $600 for replacement. But, the madness doesn?t stop here. You are expected to pay even more if crucial home systems fail. For example, a replacement for a water heater can cost as much as $850. If you find out that the furnace isn?t working, you can pay around $500 for a repair. If the system needs to be changed, then it can climb up to $6,000. 

We know that not every household has an emergency budget specially dedicated for home repairs. Another thing that you should have on your mind is the fact that a few appliances or systems can fail during the year. When you add the costs up, you will get to a high sum of money.?

The cost of a home warranty

The average cost for a home warranty plan ranges between $350 and $600 for a year, depending on the coverage. Basic plans will cost around $350, while advanced plans have extended coverage. Some will include the roof, spa, pool, or septic systems. These bring high costs for repairs, so it is better to have them included in your home warranty plan. Having the costs for individual repairs in mind, this is a feasible option.

The best home warranty plan for you is the one that offers proper coverage. Keep in mind that a plan that covers only cheap appliances is not feasible. Check and compare different plans to find the most convenient one for you.?

 Keep in mind that each service call is starting from $75. Despite paying the yearly or monthly fee, you will pay for each service call too. But when you do the math, it is feasible. Even if you include the service call, you will save money for the whole year. Another thing that you should have in mind is that you can experience a few fails of different appliances and systems during the year. When you sum it all up, a home warranty will definitely pay off. 

Is Now the Time to Start Putting Your Money Back into a Savings Account?

Save money

After a steep drop in interest rates following the 2008 financial crisis, Canada?s high-interest savings accounts have finally become a viable option for investors looking to safely store and build their wealth in the short to medium term. Prior to the adoption of more competitive rates, it was next to impossible to find a savings account provider offering interest rates above the measly 0.8% to 1% range. Now, you can rest easy knowing that Canada saving accounts offer 2.3% interest!

While it?s true that a savings account won?t net you the same returns as a well structured investment portfolio, you need to remember that the money you put in your savings account is outperforming inflation at no risk to your capital ? you simply can?t say the same thing about money that?s tied up in volatile equity markets.??

Four Things to Consider Before Putting Your Money in the Market

Projecting and visualizing risk helps you make informed, high-performance financial management decisions. At this point in time, we believe that there are four key market-related risk considerations you need to be aware of if you?re currently trying to decide between putting your money in a savings account or investing in the stock market.??

1. A Tiring Bull Run? 

As it stands, the Canadian bull market, informally represented by the benchmark S&P/TSX Composite Index, is the longest and best performing bull market in the history of Canadian financial markets.?

Nevertheless, no bull market lasts indefinitely and, despite several years of unprecedented stock market returns, there are now well-founded fears that the current bull market is nearing its end. On the domestic front, the factors underpinning a potential pullback in the bull market include:

  • External business and trade reliance: Most of the companies that make up the S&P/TSX Composite Index are heavily dependent on an ostensibly strong but deceptively fragile U.S. economy. 
  • Looming fears of a housing market correction: Despite ongoing affordability concerns, Canada?s real estate market continues to be characterized by low inventory, flagging optimism, and sky-high valuations. 

With such a high level of household debt, even minor shifts in the U.S. trade balance or domestic property market could cause major falls across the broader stock market, potentially triggering widespread capital flight and significant value depreciation in the S&P TSX Composite Index.       

Now, before you jump in and say it, we know that there?s always someone predicting the demise of a bull market. However, in this case, the sheer number of economic slowdown indicators is assuredly more than enough evidence to begin reducing your exposure to volatile asset classes, especially stocks and derivative instruments.?

2. Instability in China and the Lingering Grip of the Coronavirus Saga 

Despite encouraging yet unconfirmed reports of a treatment breakthrough, the novel coronavirus is expected to continue wreaking havoc on global markets. In a business cycle where market sentiment is already tenuous, China?s decision to temporarily shutter key factories has caused turmoil in the global economy, sending shockwaves through European, Indo-Pacific, and North American stock markets.?

In particular, because of the way global production networks are structured, the disruption in China?s manufacturing and global technology supply chains will likely have a lingering impact on the volatility of North American equity markets. As of the time of writing, 28,349 cases of coronavirus have been confirmed, with 5 known cases in Canada.???

3. Trade War Proliferation

Using conservative calculations, the trade war between the U.S. and China has caused tariffs to be placed on a staggering $550 billion in trade, mostly in the manufacturing and agricultural sectors. Despite a promising amelioration in trade war dialogue, investors remain braced against further dips in the U.S.-China trade relationship.?

So far, Canada has escaped the worst of the trade war fallout. Nevertheless, if trade tensions begin to re-escalate, the subsequent uptick in destabilising trade actions, be it U.S. tariff conditions or Chinese currency devaluations, will surely ripple into the Canadian stock market.??

4. A Threatening U.S. Election Outcome? 

President Trump?s impeachment trial may be done and dusted, but the turbulent and seemingly haphazard status of U.S. foreign and trade policy is expected to continue to cast a long shadow over the performance of neighboring equity markets.?

Given the level of political polarization and class division currently plaguing the U.S., some commentators have put forward believable scenarios for an outbreak of widespread political violence during and/or following the 2020 U.S. presidential election. If such a scenario comes to pass, even partially, it will very likely trigger a severe pullback in North American stock markets.?

The Bottom Line 

Unfortunately, the economic issues discussed in this article are not the only potential threats faced by global equity markets. Other pressures on the Canadian stock market include Brexit-induced economic anxiety amongst key EU partners, an all-time-high global debt bubble, and increasingly volatile geopolitical risks in the Middle East and Indo-Pacific.

If you search for a trend amongst this laundry list of market-related risks, what ends up emerging is a veritable powder keg of factors primed to seriously hamstring the Canadian stock market. Given the extent of the underlying risks to your capital, it?s highly advisable to consider reducing your portfolio?s stock exposure and redirecting the funds to a high-interest savings account. In addition to being a risk-free way of storing funds, piling your money into a savings account will also ensure that you have cash on hand to invest in undervalued assets when Canadian stocks eventually enter a bear market.