Tag: How to save money

Best Ways To Use A Credit Card Responsibly

credit card

Like money, credit cards are merely a tool that allows us to build a financially stable world around us. Most people tend to abuse their power and get into financial trouble. Use it wisely and the investment will be well worth it.


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Build Your Credit

The best way to use a credit card is to build credit with it. Don’t apply for a credit card to buy things; this will lead you to financial ruin.

By building your credit you show lenders you’re responsible enough to borrow money and pay it back. Paying your credit card on time will boost your credit score which will allow you to qualify for bigger financial goals such as financing a car or purchasing a house in the future. Your future self will thank you for building your credit score!

Keep Your Limit Below 30%

The last thing you want to do is max out your credit card. This will have a negative effect on your credit score, OUCH! High utilization presents a high risk of falling behind on payments to the lender. Minimize the amount used to keep your credit score afloat. Keep your limit at or below 30%. If your credit line is $1,000.00 use up to $300.00 of credit.

Avoid The Quicksand

The moment you act upon impulsive purchases is the moment you give up your financial freedom. These choices will unfortunately result in a cycle of poor spending habits and lead you towards a world most people are trying to escape. Avoid the impulsive purchases, the transaction can wait.

Be careful when lenders increase your credit line. They will first increase it when you’re doing a great job of paying on time. The second time they increase it is a strategy to trap you in the quicksand. Don’t fall for it! Only use the 30% of credit line on the increase if you’re able to pay for it. You do not want to fall behind or make payments on large purchases. You will end up pay the banks money out of pocket due to the interest.

Smart Transactions

Use your credit card for expenses such as fuel, small groceries, misc. purchases for your home (lightbulb, screws, cleaning products, etc.), and in some cases, for an emergency. What all these things have in common is that they’re fairly easy to pay back for. These are perfect small ticket items to help build your credit score.

Make On-Time Payments

Schedule automatic payments in order to avoid late fees. The responsible thing to do is pay your bill on time in order to keep building that momentum that will positively affect your credit score. Late payments never look good to a lender so prove yourself trustworthy and responsible!

Avoid The Interest

Avoid the interest rate by paying your bill in full. Once you start making minimum payments on a credit card your remaining balance will accrue in interest. Remember, a credit card is a tool so use it to your advantage, not for someone else’s.

If you used your credit card for an emergency and can’t pay it in full, close it in two to three large payments. One of the benefits of having a credit card is that if your personal savings have taken a hit, you’re not without temporary help. Be sure to close the credit card, work on your emergency fund, and continue to use it wisely so you won’t rely on it for another rainy day.

On Another Note

Transfer Debt To A 0% APR Card

If you have too much debt on a credit card consider transferring it over to a card with 0% APR in order to avoid the compound interest on it. This will allow you to catch up without any additional fees. Take advantage of not having the interest and reach your goal!

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How To Create an Emergency Fund and Why It’s Important

Emergency fund
Create Your Emergency Fund Today!

Creating an emergency fund isn’t difficult so learning how to start shouldn’t be either. Here are 4 amazing strategies and tips to building your nest egg for a rainy day.


Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.

Lets get started!

When an emergency occurs, you’ll be ready

We can’t predict the future, but we can sure prepare ourselves for it when a rainy day disrupts our parade. Having an emergency fund allows us to have a peace of mind and also creates financial confidence. As Grant Cardone says, assume control of all situations; so prepare now so you’ll be ready later.

#1. Create an Emergency Fund Goal

When you don’t know where to begin, start by creating an emergency fund goal first. Everyone’s goal will vary due to income and the amount of debt carried. A good minimum would be $1,000 – $2,000. An ideal and longer term amount would be $10,000+.

Did you know that more than 50% of Americans can’t afford an emergency bill of $500? There is something seriously wrong with this.

DO NOT be part of this statistic, create your emergency fund goal right now. Literally right now. Just set it, and work towards manifesting it. YOU CAN DO IT.

Before you begin to build your hefty nest, make sure you’re debt free first. Contributions will be so much easier this way. If you’re not debt free, set the goal for your small emergency fund and work on eliminating debt before you start paying yourself first.

#2. Pay Yourself First

When payday comes, be sure to pay yourself first (SAVE). We often tend to splurge and sometimes put away what’s left. You know exactly what I’m talking about.

Paying yourself first is the complete opposite; spend after you’ve put money away towards savings. Check your calendar and see what must go towards your expenses. Deduct it from your earnings and focus on saving the portion that will help you reach your goal.

Find which week works best for you out of the month to save. Once your expenses have been taken care of, pay yourself first, and enjoy what’s left. If most of your income covers your expenses be sure to check out my post on the 7 easy ways millennials can start earning more money to see how you can earn extra income.

Now that you have your target, you understand how much you must put into savings every month to meet your emergency fund goal. Do what you have to do in order to make this happen.

Here are some quick ways you can earn extra cash:

  • Recycle
  • Deliver food
  • Offer ridesharing services
  • Teach online with Fiverr

Make sure any additional cash is directed towards your money goals.

#3. Don’t Let Your Savings Collect Dust

This is where you take the first steps towards allowing your money to work for you. Put it in a high interest savings account.

Keep about a quarter of your savings in your personal savings account as liquid asset (money you can take out immediately). The more you put into your high interest savings account, the quicker you will reach your emergency fund goal through the amazing work of compound interest.

Here are some banks that pay you interest:

What about the stock market?

Invest in the stock market if a). you have no debt and b). you’ve built your hefty emergency fund worth 3-6 months of living expense.

Read: How To Invest in The Stock Market (Step by Step)

#4. Be Consistent

In other words, discipline yourself to save for your emergency fund.

Saving money might seem like a sacrifice at first but by being consistent you’re now creating a great habit and financially stable life. Your future self will thank you.

Remember the importance of having an emergency fund. The benefits of being prepared include:

  • Having money in case of car issues
  • To cover emergency hospital bills
  • Security in case of a layoff
  • Financial peace for your family

The best way to carry out your mission on building your emergency fund is to put money away every month no matter how good or bad it was.

Develop this winner habit and you’ll be meeting your goals in no time.

Keep yourself motivated

If you find yourself losing motivation remember why you started in the first place. Nothing good ever comes easy.

Look for motivational and inspirational accounts on Twitter or Instagram. I personally post motivational content from time to time on IG.

Don’t stop at nothing.

Here are some life changing accommodations to help you save money

Save Money And Change Your Life
These Tips Require Discipline & Action | Start Saving For Your Future Today

1 – Don’t get into further debt. Wait on that awesome new car model that just came out. Perhaps work in your field a little longer before furthering your education. Remember, the more debt you have the harder it is to save.

2 – Start a side hustle. Use that additional income to add to your emergency fund and reach your target quicker. Don’t stop increasing your income.

3 – Live below your mean. This strategy will allow you to build your net worth so that you don’t live paycheck to paycheck.

Let me know in the comments below

Have you reached your emergency fund goal?

The readers would love to hear from you. Share your thoughts below.

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5 Habits You Need to Crush Your Money Goals

5 Habits You Need to Crush Your Money Goals
5 Habits You Need to Crush Your Money Goals

If you’re thinking of setting financial goals for yourself you’ll need to develop these 5 habits to crush your money goals first. Let us know in the comments section below if you’re on track.

#1. Learning to Budget

Crush your money goals by setting a budget
Crush your money goals by learning to budget

Budgeting is a great habit that will play an important role on your money goals. Learning to budget allows you to know exactly how your money is being used.

Download the mint app to keep tracking of your monthly expenses and keep track of your net worth.

This crucial habit prepares you for the discipline required to meet your financial goals. It will teach you to stay focused on your numbers and to stick to your goal.

#2. Being on Time

Your money goals will require you to be on time.

Being on time demonstrates responsibility and can show people you’re dependable.

Your money goals will require you to be trustworthy. Here are some examples being on time influences your habits:

  • Being on time for work (dependability & promotion opportunities)
  • Paying bills on time (increases your credit score | shows lenders you’re responsible)
  • Meeting deadlines (allows you to retain clients & enables more business opportunities)

Being on time is a great habit you can develop in order to crush your money goals because of how diverse this action influences your world.

Financial success will require you to pay your bills on time in order to increase your credit score.

By increasing your credit score, you’ll be able to easily qualify for a home, car loan, or anything of significant meaning to your money goals.

Read: How To Increase Your Credit Score | Reach Excellent

#3. Understanding Needs VS Wants

Understanding Needs VS Wants

If you want to crush your money goals you’ll need to be able to identify the difference between needs and wants.

This habit will allow you to make smart purchases.

Needs Are:

  • Food expenses
  • Utilities
  • Affordable rent
  • Proper clothing
  • Tools for work
  • Means of transportation

Wants Are:

  • The latest iPhone and tech
  • Fancy and unnecessary clothing
  • The new car
  • Dining out and entertainment
  • Vacations

When you are setting money goals for yourself and your family, you learn to identify priorities.

Priorities are the important things that come first. Anything beyond that is a luxury.

Read: 10 Successful Ways To Save Money During a Recession

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#4. Avoiding Income Creep Lifestyle

People who lack the will to spend less as they earn more experience what is known as income creep lifestyle.

Avoid Income Creep Lifestyle

If you move into a bigger home or decide to finance your dream car as soon as you receive a promotion then you are experiencing income creep lifestyle.

Avoiding income creep lifestyle means you’ll have to be patient and develop a habit to delay gratification.

You cannot reach your money goals if you are spending more money as you earn more. This cycle will keep you in a repetitive loop leaving you with little to no funds to save, invest, or pay off debt.

Here are some great habits you can develop if you earn a raise in income:

  • Keep your expenses the same
  • Use the additional income towards your money goals
  • Delay gratification and stay the course

By keeping your expenses the same you’ll be able to allocate your additional earnings towards your money goals. You can use this extra money to pay off debt, save for a home, or to pay off high interest debt!

Read: 7 Easy Ways Millennials Can Start Earning More Money

#5. Always Aiming to Increase Your Income

Increase Your Income To Crush Your Money Goals
Crush your money goals by increasing your income

When you’re looking to crush your money goals you’ll come to the understanding that it will require sacrifice to meet such goals.

You understand that increasing your income will allow breathing room to not only enjoy your money but to also meet your financial goals quicker.

Aiming to increase your income is a great habit that will help you reach your goals without a doubt as long as you avoid income creep lifestyle.

By delaying gratification, you’re setting yourself up for financial success.

Read: How To Set Financial Goals: 10 Simple Steps!

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10 Successful Ways To Save Money During A Recession

Have you set a goal to become recession proof? We share 10 successful ways to save money during a recession to help you reach financial stability.

10 Successful Ways To Save Money During A Recession
10 Successful Ways To Save Money During A Recession
Frank Nez How To Get Clients To Pay You When They're Past Due

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Recessions teach us a lot. They teach us a lot about ourselves and about our finances. You can only really end up on two sides of the spectrum. That is, wow my family and I were really prepared or wow, we need to change some things.

Whether an economic downturn affects or doesn’t affect your finances, these 10 tips on saving money during a recession are going to benefit you.

Let’s get started.

#1. Limit Dining Out

Limiting dining out can be a great way to save money during a recession. Platforms such as door dash can cost you additional fees and unnecessary upcharges.

In the old days (pre-recession), dining out was a treat. But things are a little different now. We must learn to adapt ever so graciously.

Today, we indulge in instant gratification. Set a budget on dining out and limit the amount of times you do.

I understand it’s going to be a little rough getting out of your comfort zone but believe me it’s totally worth it! And remember, it’s only temporary.

#2. Under Indulge In Entertainment

Cutting back on entertainment is a sure way to pocket money during an economic downturn.

The times of purchasing new games online, buying new music, or going out to the bars for booze and live music should be put on a temporary hold.

When it comes to money savings goals during a recession, you’ll have to prioritize your needs over your wants.

Substitute the cinema for move nights at home or find other alternatives to have fun such as playing sports at your local park or visiting a library.

Not only is budgeting your entertainment a successful way to save money during a recession but it can also be a great way to spend more time with the family doing fun and healthy activities.

#3. Save At The Pump

Save At The Pump To Save Money

Save fuel by adjusting your driving habits. By increasing your mpg, you can save money at the pump by stretching your days before having to refuel.

Driving safer and without constantly stepping on the pedal will allow you to get more for your buck. Change your driving habits and start saving at the pump.

Shop around at the pump

You can also shop around when needing to pump fuel. This strategy is an effective way to stretch your buck and save money during a recession.

Look at the gas prices in your area and go with what’s most convenient for you.

Prices are usually lower on Monday mornings.

#4. Meal Prep

Meal prepping is an amazing way to save money during a recession due the convenience of using household foods for lunch more than once.

Some benefits to meal prepping are:

  • Healthier options than eating out
  • Least expensive alternative
  • Prepping can last a few days
  • It’s a great winner habit to develop

It won’t take long before you begin to see the saving potential meal prepping has on your finances.

#5. Become Aware Of Utility Usage

It is important to keep track of your expenses, especially utilities such as electricity and water. Become aware of your usage to see where you can cut back on costs.

Cutting back on unnecessary use of electricity or water is a successful way to save money during a recession. You can cut the bills in half by:

  • Turning off lights in empty rooms
  • Using efficient and eco friendly bulbs
  • Limiting the A/C timer
  • Taking shorter showers
  • Using less water

If you can find miniscule ways to cut back on utility usage then you will be successful in saving money.

#6. Monitor Your Daily Habits

Admittedly, a lot of us don’t monitor our daily habits. A lot of the things we do on a daily basis costs money. A great example for instance could be the purchase of a coffee every morning.

You can save money by monitoring your daily habits and seeing where you can cut back to make a difference. If you’re spending $6-$8 five days a week on coffee or a drink that’s $30-$40 you can be stashing away. That’s $312-$416 a year that could be used for personal savings.

The truth is the money that we spend on unnecessary things is overwhelming. It’s no wonder more than half of Americans cannot cover the cost of an emergency expense over $500.

Start setting your goals down and begin to eliminate the things holding you back from becoming financially stable.

#7. Practice Self Grooming

Whether you’re trimming your own beard, cutting or styling your own hair, or doing your nails (ladies), practicing self grooming is an awesome way to stay on budget.

Practice self grooming to save money during a recession so you can stay looking fresh while saving an extra couple bucks every month or so.

It’s more cost efficient to invest in your own machine and pair of scissors to cut and style your own hair. The same goes for women’s nails. You can invest and a great set of nails oppose to getting them done at the salon. You can always look great even on budget.

#8. Shop Around

Don’t get #8 confused with shopping at malls or outlets. See which grocery stores have the best prices and deals so you get more than what you pay for.

If you’re used to always going to same grocery store you could be missing out on some amazing deals. Don’t miss on money saving opportunities due to comfort. Shop around and see what items are best to purchase from specific stores even if it means getting something things here and there.

#9. Delay Gratification

Save money during a recession by delaying gratification.

The clothing stores with 50% off discounts can wait, those won’t be going away any time soon. During a recession, it is important that you stack your money in case of an emergency.

Read: How To Create an Emergency Fund and Why It’s Important

It’s during these times of economic hardships that you see dealerships drop their APR to 0%. Yes a 0% APR is tempting but don’t fall for it. Whatever you do, do not get into further debt.

#10. Increase Your Income

Increase Your Income To Save Money During A Recession

And of course one of the most effective ways to save money during a recession is to increase your income.

When you increase your income you can continue to live within your means while saving the additional earnings.

You may increase your income through:

  • The use of a high yielding savings account
  • Discretionary income such as a spouse working
  • Side hustle
  • Raise or promotion
  • Over-time at your job

Head over to our ‘Side Hustles‘ tab to see some of the many ways you can begin to earn additional income.

Be sure to browse through our posts to find a number of ways from which you can earn money through side hustles and even make money from home!

Know other great tips on how to save money?

Let us know in the comments section below if you have other great tips on how to successfully save money during a recession. Our readers would love to hear from you!

Read: How To Stay Afloat During A Recession for more ways on how you can become recession proof!

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How To Stop Living Paycheck To Paycheck (For Good)

How To Stop Living Paycheck To Paycheck
Lets reach financial freedom together

We’ve been there. You want to save money but somehow it seems to be more difficult than it should be. Most importantly, you’re taking care of your expenses but have very little leftover before the next paycheck. As a result, you’re holding out until the next pay day. What if you never had to worry about living paycheck to paycheck again? The great news is that it is absolutely possible. Here’s how to stop living paycheck to paycheck (for good).

Look At Your Bank Statements & Budget

It is very important to know what you’re spending your money on. Look at your bank statements to see where you may begin to set limitations and write them down. Budget the amount of money you spend on eating out, on games or music, online shopping, etc. This will vary for each individual.

Cutting back on expenses will allow you to gain control of your routines and habits in order to pocket extra cash in case of any emergency.

Increase Your Income

There are many ways to increase your income. You may work for a promotion or raise, or take up a side hustle to earn extra money. For instance, by earning an additional $100-$300 a month will mean you’re up $50-$150 bi-weekly before the next paycheck. The catch here is to not fall into income creep lifestyle. Otherwise, you won’t be able to execute this properly.

Beware Of Income Creep

Income creep is when one lacks the will to retain spending additional income after a raise, sale, promotion, etc. As a result, you continue to live with the stress of never having enough. Income creep is the reason why people earning six figures a year also live paycheck to paycheck. If you continue to add or create more expenses as you earn more money, you will be stuck in this quicksand; a never ending loop. Delay your gratification and your future self will be glad you did!

Live Below Your Means

Living below your means is the responsible and most effective way to manage your personal finances. We’ve learned that this strategy goes hand in hand when you increase your income as they compliment each other very well.

So what does it really mean to live below your means?

To live below your means requires you to not increase your standard of living (bigger car, bigger home, etc.) as your income increases. Living below your means allows your expenses to stay relatively the same which opens opportunity to save money and invest it as well.

As you continue to practice these winner habits, you will gain an intuition and an understanding of when it is best to increase your standard of living. In the mean time it is very important that you learn how to stop living paycheck to paycheck first.

Increase All Your Monetary Accounts

The privilege to stop living paycheck to paycheck will depend on how well you manage your monetary accounts. As a result of implementing these strategies (budgeting, earning more income, and living below your means), earnings will roll over in your checking account due to the money consistently being replenished. By disciplining yourself to stay on this path, you will no longer be living paycheck to paycheck.

Stack the amount of money in your checking account in order to gain access to funds from which you can save and invest. In other words, increase all your monetary accounts. Tip: Pool money from your checking account into several accounts that will allow you to earn more income passively. More on that below.

If you’re curious on how to invest money in the stock market, check out this amazing post here. We walk you through step by step.

Other Means Of How To Stop Living Paycheck To Paycheck


Stop living paycheck to paycheck by cutting back on rent and allow breathing room to save money by downsizing. Make an effort to seek the best options regarding your long-term success. Delayed gratification will come a long way.

Pay Off Debt

By paying off debt you open up opportunities and have a chance at experiencing financial growth. If you pay off a credit card, you no longer have to worry about the monthly expense. Say you owe a small amount on your vehicle. Get a payoff quote and eliminate that expense. By freeing up this money, you can beak the monthly payment into segments and pool it into checking and savings. Stop living paycheck to paycheck by eliminating payments to lenders every month.

Generate Passive Income

Generate passive income so that your small bills are paid. What if I told you the interest you earn in a money market account can literally pay your monthly Netflix subscription? We published a post on 5 guaranteed ways to earn passive income that will help you learn more so that you can take care of your bills without tapping into your earned income. Stop living paycheck to paycheck by earning extra cash on the side.

Make It A Habit

Make it a choice and a habit to stop living paycheck to paycheck. After all, it’s in your power. Implement these strategies in order to change your life and begin feeling what it is to truly be financially free. Go back in time today and secure your financial future!

How To Stop Living Paycheck To Paycheck

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