PHOENIX — Vivian Tu is known on Instagram and TikTok as "Your Rich BFF." She has millions of followers on both platforms and Forbes recently named her one of their top creators for 2023.
On this "Money Saving Monday," she’s sharing advice on what we can all do today to have a financially better 2024.
Spending habits you can change this fall to have a better 2024
Start a sinking fund: Tu suggested starting a high-yield savings account where you can put a little money away every month, and then when you have a big chunk of holiday expense it won’t hit your budget all at once.
“On average the average American spends roughly $1,000 on holiday gifts every single year. That’s a ton of money, and it’s really, really hard to take $1,000 out of your bank account mid-December when you’re like ‘oh shoot I have to buy 10 people gifts,’" Tu said. "It’s a lot easier to start setting aside a small figure of money whether that be five, ten, 20, 50, 100 dollars whatever you plan on doing.”
Ask for a raise now: She also reminded us, “you can only save as much as you earn.” You’ve been working hard all year, there’s no reason to wait to ask for the raise you’ve earned at the end of the year. She suggests do it now!
“It’s hard to stand out then because your boss is thinking about all of these people who are asking" she said. "If you ask now, you can indicate that money is a priority for you and that’s how your boss can make you feel valued.”
When to buy for holiday travel?
NOW!
Tu shared that in 2022, data showed the cheapest time to buy a flight was 71 days out over the holiday season. Here is your warning we are now 70 days away from Christmas.
“Right now, is when you should start booking that holiday travel if you want to pay the least," Tu suggested. "Personally, I am a procrastinator so sometimes I end up booking in December and really regretting it so please don’t be like me and do it now."
To shop around get the best deal "Your Rich BFF" suggest doing the following things:
- Use Google flights to find the best time to buy.
- Compare prices between airlines and different travel times with online travel agents, like Expedia and Priceline.
- Book directly through the airline. This way you will always have a direct line of communication to the airline if something goes wrong like a cancellation or delay.
She suggested bookmarking the Department of Transportation’s Airline Customer Service Dashboard.
Tu also shared this is where you can find what airlines have already promised the federal government they will do if something goes wrong, so you will know your rights.
Monday Motivation
"Your Rich BFF" shared that her best advice to start the week on the right foot is to start now.
“There is nothing that any of us can do to run back the clock. You might as well be five years older with that degree. You might as well be five years older with that investment account. You might as well be five years older with those savings, so its just really, really important that you start today because the best day to stat was yesterday, but the second best day is today," she said. "And no matter what you are going to age, and its important for you to be at those age milestones and have exactly what you want out of life."
Tu added that you can propel yourself forward by making sure you are taking advance of any rewards and points programs. She said make sure you sign up for loyalty programs, especially with airlines and hotels. Sometimes you can take advantage of upgrades and boarding before others just by registering.
Vivian also suggests putting your weekly expenses on a credit card and taking advantage of cash back options or travel perks. Vivian stressed though you must be able to pay this off in full each month, because it’s not worth the points if you put yourself in a hole with more debt.
She said these extra perks can help to raise your experience levels without spending more money.
You can find Vivian on social media under her accounts “Your Rich BFF.”
- TikTok: https://www.tiktok.com/@yourrichbff
- Instagram: https://www.instagram.com/your.richbff/
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