💰Traveling on a budget

Did you know that though the first income tax was collected in 1862, only in 1913 was it ratified into the constitution, giving Congress the power to legally collect income taxes from individuals? There’s a fun little fact from us just to say Happy Tax Day! 

Now that the season is behind us, we’re breaking down a few ways you can make the most of your returns. Read on to supercharge your money, one step at a time!

- Milan

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*Stock data as of closing on April 12th.

THE MONEY BREAKDOWN

“DIY Financial Audit”

Conducting a do-it-yourself personal finance audit can be a powerful way to take control of your financial situation and identify areas where you can save money. Start by gathering all your financial documents, including bank statements, credit card bills, investment account statements, and any other relevant paperwork. Next, categorize your expenses into different buckets, such as housing, transportation, groceries, entertainment, and debt payments. This will help you understand where your money is going each month and pinpoint areas where you may be overspending.

Once you've categorized your expenses, take a close look at each category to identify potential saving opportunities. Are there any recurring expenses that you could eliminate or reduce? Are you paying for services or subscriptions that you no longer use or need? Are there areas where you could cut back without significantly impacting your quality of life? By scrutinizing your spending habits and looking for ways to trim costs, you can free up more money to put towards savings, investments, or paying down debt, ultimately helping you achieve your financial goals faster.

Make audits like this a healthy money habit by investing in Milan’s Ultimate Budget Planner which automatically does all this and so much more. Discover ways to save more and get rid of debt permanently at milansingh.co/planner

MILAN’S HACK OF THE DAY

Travel on a Budget

Two things tend to stop us from traveling as much as we want: not enough days off and not enough money to make it happen. For the first, we break down how you can take 62 days of PTO on our Instagram so if you aren’t following Milan yet, you’re missing out. 

For the second, here’s the low down. Traveling on a budget doesn't mean sacrificing comfort or convenience when it comes to accommodations. One smart money hack is to explore options beyond traditional hotels. Websites and apps like Airbnb, Booking.com, and Hostelworld offer a wide range of budget-friendly lodging options, including private rooms, apartments, and hostels where you can find more affordable and unique experiences, like staying in a local's home or a charming guesthouse. There are even platforms that offer you the option of a “workaway” where you work for a pre-agreed amount of time each day in exchange for accommodation and food. Additionally, consider alternative lodging arrangements like house swapping, camping, or staying in budget hotels or guesthouses.

If you’re more inclined towards staying in a well-known hotel chain, check on their credit card offers first. The right credit card can give you enough points and rewards to book your accommodation for free! Check out Milan’s top credit card recommendations for all his favorite travel cards here and learn all about how you can make the most of your credit card by taking our money quiz here. And finally, don’t forget to be flexible with travel dates and destinations to save even more money. Happy traveling!