• As of October 2021, since the beginning of the pandemic, the economy has lost more than 4 million jobs, and women account for 57% of those losses. 

• While women gained 304,000 jobs in October 2021, they were still 2.4 million jobs behind where they were in February 2020, before the pandemic. 

• Almost 80 percent of people over the age of 20 who left the workforce in January 2021 were women. 

• While January’s unemployment rate was 6.3 percent overall, it was 8.5 percent for Black women over the age of 20.

“Unfortunately,” says Ruth Thomas, co-founder and senior consultant at the financing and loan outfit CURO based in San Carlos, California. “We are now starting to understand the gender impact of the pandemic and the economic fallout being dubbed the ‘Shecession.’” 

So what does this Shecession mean if you’re a woman with a job eyeing a pay raise during a pandemic? 

“They aren’t even thinking about asking for a raise, but they should,” says Sonya Sigler, an author, executive coach and consultant based in London, England. Sigler says she keeps encountering women who fear asking for a raise, because they’re afraid to rock the boat during this already-turbulent time. 

Addressing pay inequality

But Thomas notes this is a particularly good time to ask for a raise, and points to a study showing that 60 percent of companies are now making a concerted effort to address pay equality.  

Indeed, inequality is everywhere, from the top to the bottom. On the low end, if the federal minimum wage were increased to $15 per hour, the people who would benefit would be 59 percent women and only 41 percent men. This just shows that the lowest wage work still overwhelmingly belongs to women. And at the top, even the highest-paid women are still earning 82 cents to every man’s dollar. 

And we still see troubling numbers in STEM (Science Technology Engineering and Math) fields, where only a quarter of the workforce is women, and about half of women in STEM report experiencing gender discrimination.

Despite the relative dearth of women in the workforce and companies’ often lackluster efforts to address pay inequality, women who are still employed should feel emboldened to make their needs heard, according to Sigler.

Ask for what you want

“My advice to women is to ask for what you want – a raise, a promotion, a change in your schedule, or whatever else it is that you want. You can’t get what you don’t ask for,” Sigler says, adding that if you ask for and don’t get a raise, then ask for specific details on what criteria must be met to get that raise or promotion. 

“That gives you a game plan to meet and then to ask again,” Sigler says.

Working remotely may actually help

And make sure to ask for enough! A 2019 study showed that the majority of women ask for raises of $5,000 or below. About the same number of men and women ask for raises of $5K-$10K, but men were way more likely than women to ask for raises of $10K or more. 

Though the fallout from this pandemic will likely affect women in the workforce for years to come, Thomas notes one silver lining: the acceptance of flexible work situations. For the most part, gone are the days that working remotely or working odd hours made an employee seem underinvested. Now, it’s the norm. And Thomas says this tears down a major blocker for women’s career progression. 

At least that’s one thing to celebrate this Women’s History Month.

The post Asking for a Raise if You’re a Woman appeared first on Stash Learn.

Julien, 40, and Kiersten, 36, met at work and were married in 2015. They claim to have paid off $200,000 in debt in just five years, quit their well-paying hospitality jobs to become “digital entrepreneurs.” And they plan on retiring for good by the time they are 45. 

They credit the teachings of the Financial Independence, Retire Early (FIRE) movement for inspiration, namely extreme savings and investment with the hope of retiring decades early. 

Julien Saunders spoke to personal finance writer Sarah Netter about overcoming obstacles, their path to financial success, and why they believe it’s especially important for Black middle-class Americans to break out of the traditional income-based mindset. 

The following is an edited version of their conversation.

Managing money as a couple can be tricky

I was really passionate about building wealth. Kiersten, I would say, was passionate about income. We were passionate directionally about the same things, but we were addressing it and handling it in very different ways.

I had some credit card debt. I had student loan debt at the time, and a car note, and a mortgage. And I may have had a little bit of tax debt at the time. Kiersten didn’t have any student loan debt, but she had a car note and credit card debt.

When we first met, we [each] thought we had found someone [else] who was like-minded. It wasn’t until we got into the details that we realized we were taking very different approaches. Specifically, she was very much a gung-ho professional, wanting to earn as much as she could. She had set a lofty goal to earn six figures by 35. 

I was actually at a point where I was pleased with where I was, but I knew there was a hard stop really soon because I was looking to replace my wage income with other means of income.

I was already starting to do research into real estate investing. I was scratching the surface about online businesses and learning about the FIRE community.

And so it really wasn’t until we started blending incomes and sharing the cost of being together that the details kind of forced the conversation which ultimately led to our first fight which led to us reconciling and getting on the same track.

We booked a trip to Panama. We said we would split the cost and she put all of the costs on a credit card. I came back and I was very much accustomed to, okay let’s pay this thing off and if we need to make any adjustments to my spending then we can do that. Little things like, I’m not going to go out when we get back from vacation because I just got back from a vacation.

But she was very much of a different mindset at the time. We had such a good vacation that when we got back she wanted to celebrate the vacation—“Let’s go out!” And that was like the opposite of what I wanted to do. That led to a pretty heated conversation—a huge yikes conversation.

Looking back it was one of the best things that ever happened to us, because it forced us to have a very early conversation about money. That was really the beginning of what ultimately became our blog and our story. We really wanted to help other people have better conversations about money.

The importance of being frugal

Saunders says they began paying down their collective debt in 2012, erasing it completely over the next five years. They launched rich & REGULAR in 2017. 

I think the biggest thing for us was overcoming the [work] culture and social pressure [of the hospitality industry]. It’s a very, very real thing. You’re young, you’re doing well. There’s a lot of pressure to buy up, to get that new car, to move into that new neighborhood or, in some cases, you’re looking to get promoted so you’ve got to look the part to get the part.

We really resisted a lot of that. There was very little buying of new clothes, we drove the same vehicles. I just bought a new-to-me car, the first time in 12 years.

The other big thing for us was cooking at home. We were in the hospitality business so if there’s one thing we knew how to do it is to go out and enjoy food and beverage, and to have a good time. A huge part of [Kiersten’s] identity at the time was tied to going out with friends. She was in a sales and business development role, so there’s this natural inclination to go out and celebrate and network with people. And I was in a similar boat. 

But we were focused on the long term which, for us, was building wealth, saving, and investing as much as we can, and giving ourselves the option to retire early. To do that we knew there was a social cost and a career cost as well. 

Building wealth through investing

Once they tackled their debts, they shifted their focus from generating wage-based income to building their wealth through investing, real estate and continuing to live frugally. Their number one investing tip that anyone can start with is index funds.¹

What we want more people to do is realize you don’t have to be an expert, you don’t have to know everything about investing. You need to know for sure how much it costs to invest, which is why we’re such huge fans of index funds. 

Low-cost index funds, understanding what impact they have on your overall ability to build wealth. I don’t know anyone who, after a long day of working, especially if they are married and having children, wants to sit down and churn through charts and understand the details about their long-term investments.

That’s not to say that index funds are foolproof or recession proof. [Note: All investing involves risk and investments may lose value.]

I think the biggest thing is overthinking it. There’s a tendency for people to want to make sure they understand in depth every single variable in the equation. By the time you’re done thinking, the opportunity has moved on. And so, more than anything, what people need to get accustomed to is just starting and having the courage to move forward without having the answers to every single thing that might impact your ability to achieve a particular goal. 

Consider starting your own business

In 2019, Julien and Kiersten wrote a letter to Black middle class America urging them to break free of a corporate business structure that holds them back.

I didn’t realize how much of a bubble I was in. I think what was most heartbreaking was seeing how many people just didn’t get it. And by people I mean Black middle class America —my peers—who were still of the belief that all they needed to do was outthink and out work their peers and everything would work out. I just found very little evidence that was true.

When we wrote that letter it was an open invitation for them to do essentially what [we] did. 

Over the last 40 years, wages, factoring in inflation, have been relatively constant. You can be as smart as you want to be, as hard working, diligent, do all of those things. [I believe] unless you are starting a business, the chances of you reaching the goal that you are working for are slim to none, especially if you are Black.

It was a wake up call. I didn’t want to do it in a way that was shameful, because there’s certainly enough of that. It’s a dare to that community to be different. I dare you to think differently, I dare you to act differently and sit back and watch the result. The reality is that your money has proven to work significantly harder than you ever could. It doesn’t get tired, it speaks multiple languages, it earns money in a global economy. Focus on that.

Obsessed with excellence

The rich & REGULAR website focuses just as much on the “regular” as the “rich.” That’s because they know most people don’t want to talk about numbers. They want to focus on what makes them happy and what motivates them. 

We know that our community is so obsessed with excellence and they use that as a badge of honor. What we’re arguing is excellence isn’t really lucrative. It’s just exhausting. 

We don’t focus nearly as much as other people on financial education or the numbers because we know that’s not what’s going to motivate people. Math isn’t going to motivate you. What motivates you are the underlying beliefs that shape the way you act every single day.

For the people who are choosing to spend a disproportionate percentage of their income on things that depreciate in value—our goal is to invite them in and get them to think about money differently.

The post How One Couple Paid Off $200k in Debt appeared first on Stash Learn.

The stimulus package, which follows the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act that passed in March, 2020, provides much-needed aid to the nearly 11 million people who are still unemployed, as well as businesses still struggling with shutdowns related to the pandemic.

Here are key details:

• Adults who earn up to $75,000 are slated to receive $600 direct payments, and married couples earning up to $150,000 will receive $1,200. Parents will receive an additional $600 per child.
• The package will also reinstate supplemental federal unemployment payments, providing out-of-work individuals with an additional $300 per week through March 14, 2021.
• The deal also allocates $284 billion for small businesses, $82 billion for schools and universities, $25 billion for rental assistance, $13 billion for food stamp support, and $10 billion for childcare facilities. 

Note: The president’s signature is required for the stimulus package to be approved.

How soon will you get your money?

Checks will reportedly start going out within the next week, perhaps as soon as Monday, December 28, 2020.

How people previously got direct payments under the CARES Act

Although details about the most recent round of payments are yet to come, here’s what happened in the spring. Recipients who qualified automatically received payments via direct deposit or mail. People who enrolled in direct deposit for their 2018 or 2019 tax returns also received stimulus payments that way. (So if you haven’t already done so, now might be a good time to consider filing your taxes for 2018 and 2019.)

It reportedly took about two weeks before the first direct payments started going out in April, 2020.

People who signed up for direct deposit of their tax refunds into their Stash banking accounts when they filed their 2019 taxes had relief money deposited into their Stash accounts*. The U.S. Treasury also has an online portal, where users could securely enter their bank account information for a direct stimulus payment. You’re likely to be able to access it here. 

For people who don’t typically file tax returns, a group that includes many senior citizens, Social Security recipients, and retired railroad workers, the IRS said it would use information on the form SSA-1099 or form RRB-1099 to generate payments.

If you didn’t file your tax return for some other reason, such as not earning enough income, you can probably still use the IRS online portal to apply for a stimulus check.

Note: People who still have not received their payments from the spring may be able to claim a rebate credit with their 2020 taxes, according to the Internal Revenue Service (IRS).

Managing your money during the pandemic

Consider putting some of the payment towards savings. It might be a good idea to pad your emergency and rainy day funds with extra cash in case financial stress continues or if something unexpected like a layoff happens. Consider  maximizing your savings by contributing to your retirement fund, or paying off debt.

And remember that you can have your stimulus check directly deposited into your Stash account. Learn more about setting up Direct Deposit with Stash here. 

The post Here’s What the $900 Billion Stimulus Act Could Mean for You appeared first on Stash Learn.

In fact, 60% of consumers in Stash’s latest survey* about financial stress said that money currently causes people to worry multiple times a day, with nearly a quarter of respondents saying a lack of savings is the leading cause of anxiety in their financial lives.

As the coronavirus pandemic has led to a global recession, with record unemployment in the U.S., the survey suggests that more might need to be done to help consumers’ financial and mental health.

Layoffs and temporary financial relief of checks

In fact, half of those who received a federal stimulus check of $1,200 said it was gone in just a few days.

A quarter of respondents said they put their stimulus money toward immediate needs such as groceries and bills, while 16 percent said they used it for existing debt. About 35 percent said they spent all of their stimulus money in just a few days. A minority—15 percent—said they put the money toward savings or in an investment account. 

Additionally, more than a third of those surveyed said they had either lost their jobs or had their hours reduced as a result of Covid-19, and 50 percent of those who have attempted to file for unemployment benefit said they have had difficulty obtaining benefits, while 45 percent did not know that additional benefits are potentially available to them.

Even for essential workers, who have continued working throughout the crisis, nearly two thirds say it could take a year or more for their financial situations to stabilize, compared to 56 percent of non-essential workers. (Essential workers are those whose jobs are considered vital to the day-to-day functioning of the economy, such as doctors, nurses, grocery workers, and transportation employees.)

More anxiety for women

Across the board, however, survey respondents reported high levels of anxiety regarding work and money—especially women, 36 percent of whom reported losing a job or reduced hours. Nearly two thirds of women said money has been a source of stress since Covid-19, compared to 55 percent of men. (In contrast, one third of men said they are ready mentally to return to work, compared to less than a quarter of women; and 45% of men say they feel hopeful about their financial futures, compared to 37% of women.)

An equal percentage of men and women-about 18 percent–said lack of money in their bank accounts was the biggest source of concern, followed by credit card debt, and housing costs.

Glimmers of hope

It’s not all bad news, however. More than one third of those surveyed said their jobs had not been affected by the pandemic, and about 18 percent of respondents said they had shifted exclusively to remote work. Additionally, more than 35 percent said they were saving more as a result of Covid-19, while nearly 30 percent said they have taken aggressive steps to pay down their debts, including student loans and credit cards. 

Check out Stash’s resource center for managing your money during Covid-19.

 *Stash interviewed 4,811 customers via SurveyMonkey in mid-May, 2020.

The post How Covid-19 has Increased Stress About Money appeared first on Stash Learn.

One reason is that personal finance isn’t taught in schools, and as a result, only 16 percent of millennials qualify as “financially literate,” according to a new study by the Teachers Insurance and Annuity Association of America. And a new poll found that only two percent of American adults could get at least five out of six questions correct on a simple personal finance quiz. The survey found that most people had little knowledge about credit and interest. 

With this in mind, it makes sense that the average American now carries a record personal debt of $38,000, according to a Northwestern Mutual study. What’s more, the same study shows 87 percent of Americans say nothing makes them happier or more confident than feeling on top of their finances. 

So how does such massive debt happen? 

Here are six common pitfalls and traps that land Americans in financial trouble:

1. Buying too much house. “People want to be house rich, but end up cash poor,” says Jack Choros, chief marketing officer of Gold IRA Guide, an online retirement planning magazine. “If you can’t put down 20 percent and keep three to four months’ worth of salary in the bank to account for an emergency, your house is too expensive.” Freddie Mac, the Federal Home Loan Mortgage Corporation, has an online calculator to show you what your maximum loan and payments should be based on your down payment and salary. For example, if you have an annual salary of $60K and have $50K saved, you could potentially afford a home up to $244K, with a monthly payment of $1,400. 

2. Auto loans that wind up costing more than you expected: Choros’ rule of thumb applies to cars, too. You should be able to put down 20 percent of your car. Unfortunately, more Americans are buying more expensive cars than they can afford.  A third of car loans now last for more than six years, according to a recent Wall Street Journal article. Ten years ago, that number was under ten percent. Remember also that cars aren’t great investments. They’re value decreases by 10 percent when you drive it off the lot, 20 percent in 12 months, and 10 percent every year thereafter, according to CarFax. Ideally, you’d be able to pay cash for the entire car, but when that’s not possible, put as much down up front as possible and opt for the shortest loan that’s manageable for you. Choosing a long, 72-month loan over a 60-month loan would cost you hundreds of extra dollars in interest.

3. Carrying credit card debt. The average American has more than $6,000 in credit card debt, according to a 2019 Experian study. This is up three percent from 2018, and can be particularly dangerous because credit cards tend to have very high interest rates. Get serious about debt pay off with methods like the avalanche and snowball.

4. Payday loans. About 2.5 million U.S. consumers take out payday loans each year, according to the credit bureau Experian. These are very high-interest loans–we’re talking up to 400% annual percentage rate (APR)–that are paid back with your next paycheck approximately two weeks after you receive the money.  Part of the appeal for consumers is that they’re reportedly easy to get with relatively little by way of a credit check performed by lenders. On top of the high APR, there are also steep processing and origination fees associated with the loans that can push the total APR up to 800%, according to the Consumer Federation of America. Many consumers wind up rolling over loans from one pay period to the next,  winding up in a chronic state of indebtedness.

5. Student loans. Student loans are inevitable for so many Americans, and unfortunately there are several ways these loans can trap people.

• Many loans come with a fee. The problem? That fee isn’t discussed at the time of the loan application. Instead, it hits when the loan is transferred. University of Wisconsin alum Chris Mansavage, whom I interviewed,  took out student loans in 2012, but wasn’t informed that his loans had a $700 fee that he wasn’t prepared for. Asking about fees is key.
• Your loan may get sold or transferred without your knowledge. If you visit your loan website and see that your balance has mysteriously gone from the thousands to zero, do not simply count this as an act of God. Call your lender. They probably sold your debt to someone else and you haven’t received a notice yet.
• Your loans may not be fixed. In an interview, Lehigh University alum Chris Castelli says he called Sallie Mae after graduation to consolidate his four loans, all of which he had at 2 percent interest. “They advised me not to consolidate, because I already had a good interest rate,” he says. “I was not informed that my interest rate was variable. I fell for it. Soon after, they raised my interest rate above 5 percent. That cost me a ton of extra money over the next decade.”

6. Timeshares. The problem with signing up for and paying for a vacation rental up-front for many years is that you have no leverage if the place turns out to stink, falls into disrepair, or your perfect island getaway is hit by a hurricane and the entire beach disappears. Plus, it’s impossible to sell most timeshares — they’re yours forever. And when you die, they become your heirs’. Perhaps this is why a University of Central Florida study shows 85 percent of people regret buying into a timeshare. A 2018 United States Shared Vacation Ownership Consolidate Owners Report showed 7.1 percent of Americans own at least one week of timeshare of year, and that the industry is growing. The average cost per timeshare is more than $22K with an $980 maintenance fee, according to The American Resort Development Association. 

Obviously, borrowing money and making big purchases can’t be 100 percent avoided. But by reading the fine print, asking questions, comparing your options, and staying within your budget, you can avoid these common financial traps. 

The post Six Common Financial Traps and How to Avoid Them appeared first on Stash Learn.

Take Warren Buffet as an example. He’s the third-richest man in the U.S.  But he didn’t start out wealthy. In fact, he was born during the Great Depression, bought his first stock when he was 11 years old, and continued to invest earnings from his paper route. From these small beginnings, Buffet became  a millionaire by age 30 and now, as the head of Berkshire Hathaway, he has a net worth of $89 billion.

Buffet’s story is a powerful lesson about starting small—and early—when it comes to investing. You don’t need a large sum to get started. In fact, you can often open a brokerage account with just a few dollars, adding to your savings as you go. Exactly how much money you need to start investing depends on your investment goals and the types of investments that interest you.

What to consider before investing

Investing can be an important tool to help you build wealth, potentially earning you more money than you would earn in a bank account.  The average interest rate for a savings account is 0.09%,  according to the Federal Deposit Insurance Corporation (FDIC), while investors might see an average return of 5.6% on their investments. Returns will vary for each investor. 

But stock markets can be volatile, and you can potentially lose money. That’s why you should consider making investing a part of a long-term financial plan, which can give you a chance to ride out volatility and give you a greater opportunity to experience growth. 

Before you start investing, consider your goals and time horizon. Do you have long-term objectives like paying for your child’s education in the next 18 years to 20 years, or funding your retirement savings over the next three or four decades? If you are looking to save for a shorter-term goal, like buying a new car, it might make sense to save in a high-yield savings account that gives you quick access to your cash without the risk that you’ll lose a large amount of money.

Before you start investing, you may also consider establishing an emergency fund, equal to three to six months worth of your monthly expenses that you keep liquid in a savings account. Emergency funds help cover you in the case of unexpected expenses or events, such as losing your job, helping prevent you from going into debt.  

To find the money to invest, it helps to have a budget. To begin, calculate your monthly income. Then add up all of your necessary expenses, such as rent, utilities, car payments, insurance and food. Subtract this figure from your total income and what you have left is money for discretionary spending. This is where you can find the cash to add to your savings and investment accounts.  

Finally, if your employer offers a retirement plan, such as a 401(k), with matching funds the question of how much to save may be an easy one. Try to save up to the match, since your employer contributions are essentially free money. 

Keep in mind that investing comes with risk. You could lose your initial investment if a company goes bankrupt or a bond issuer defaults, for example. You can mitigate risk by diversifying your portfolio with a mix of many different kinds of stocks and bonds.

Why start investing small

When you make your first forays into investing, you may be constrained by your budget, and you may only have a few dollars to spare. Even so, investing can be worth it due to the power of compounding—the returns you earn on your returns, that can help your money grow over time. 

How much money do you need to start investing?

The cost to start investing will vary by investment type. Here’s a look:

Stocks

When you buy a stock, you’re buying shares of ownership in a company. The price per share can range from a few cents for penny stocks to thousands of dollars. You can buy individual shares, and some institutions allow you to buy fractional shares, pieces of a whole share of stock you might otherwise be unable to afford otherwise. For example, if you can’t afford the more than $2,000 it costs to buy a share of Amazon, you might be able to buy a fraction of a share for $25 or less. 

You typically invest in stocks through a brokerage account. Many online brokers have no minimum investment, and charge low or no fees to trade. 

Bonds

When you buy a bond, you are loaning a company or government money. Bonds function much like an I.O.U. The issuer agrees to repay your principal at a later date, and meanwhile they pay you interest. Like stocks, bonds come in a range of prices. U.S. Treasuries, considered some of the safest bonds, are sold in $100 increments. The price of corporate bonds varies, but you can often buy them for about $100 as well. You can also gain access to the bond market through bond funds, which can give you access to many different bonds through one investment vehicle, which you can buy for as low as a few dollars per share. 

Mutual funds

If you’re not interested in making single investments in stocks and bonds, you may consider mutual funds, which pool investor money and buy a diverse basket of many investments. Shares of mutual funds can range in price from tens to hundreds of dollars. Be aware that while some mutual funds require no minimum to begin investing, some can require investment minimums of $3,000 or more. 

Exchange-traded funds (ETFs)

ETFs are also collections of securities. They act a bit more like stocks than mutual funds do. Unlike mutual funds, which trade only once per day, ETFs trade throughout the day the way stocks do. The cost to buy an ETF depends on its share price, which varies and can range from less than $25 to nearly $400 a share. 

Ready to start investing?

If you’ve got a few dollars in hand and you’re ready to start investing, you can open a brokerage account to start buying and selling securities. Consider automating your investing with apps, that allow you to regularly move money into your investment account.

Recurring Transactions is an easy-to-use tool on Stash, and we consider it to be one of the most important financial tools. Recurring Transactions features can help you save or invest small amounts of money consistently over time, regardless of market conditions. You won’t have to worry about trying to pick the right time to invest or “timing the market” which we don’t recommend.

The post How Much Do You Need to Start Investing? appeared first on Stash Learn.

As the market continues to fluctuate, I’ve reiterated how we recommend following The Stash Way during particularly turbulent times. It can help you to tune out the noise and remain confident in your investment approach. 

And, I’m thankful that you’re listening! Amid the market turmoil that started last week, more Stash customers deposited money on the platform than any week so far this year.¹ We are also seeing more and more people make Stash their bank and earn stock-back for their everyday spending.

Our responsibility to you remains unchanged. You’ve trusted us to help guide you on your financial journey, and we don’t take that for granted. 

 It’s business as usual at Stash. Here’s how we’re working to stay one step ahead of the situation: 

• First and foremost, we value the health and safety of our employees. We’re taking appropriate steps to help ensure their well-being, and we will continue to support your day-to-day needs.
• We have business continuity and resilience measures in place to help keep our technology up and running seamlessly. 
• We’re working closely with our banking, trading, and customer service partners across the board to learn how to adapt quickly to ensure you get the service you deserve.
• We’re following the CDC’s COVID-19 precautions very closely, and are consistently updating our Stash employee team on how to best comply with the CDC’s guidance. We’re also ensuring the Stash app remains fully-functional, and giving you the highest level of support you deserve.

As we continue to monitor COVID-19, and its potential impact on our team, we remain vigilant, but calm. If anything changes that affects the reliability of our service, we’ll share updates via email and on Twitter at @Stash, including the best ways to contact us for speedy support. Please continue to reach out to us through email, phone, or our easy self-servicing tool here. 

Stay healthy and keep Stashing,
Brandon 

The post How Stash Protects Its Customers appeared first on Stash Learn.

For the vast majority of us, such a full-life makeover is totally unrealistic. We may find ways to meditate and exercise for free, and we may manage to incorporate some better foods into our diet without breaking the bank. But it’s hard to drum up the cold, hard cash to give to a great cause when you’re working hard to pay down debt and keep the lights on.

Don’t worry, though—there are plenty of ways to give back to your community without spending money! I asked around and did some research on Twitter, and plenty of folks stepped up to share their own stories. 

And giving your time doesn’t have to be confined to January and February, you can do it all year long. 

1. Share a good cause on social media

Sounds easy? It is, but the help you give through such a simple action may be immense! Writer Melissa Duclos lives in the Pacific Northwest, where she works for a nonprofit organization. She says, “Sharing our e-newsletter or social media posts is a big contribution, especially if shares are personal, explaining to specific people in your network why they should subscribe [or] follow us.”

I’ve been an online advocate for Miry’s List for a few years now. Founded by a mom in Southern California, Miry’s List helps refugees from the U.S. government resettlement program furnish their homes, feed and clothe their children, register for school, learn to drive, improve their English language skills, find employment, and much more. Using Twitter and Instagram, I’ve been able to help raise a little money here and there for the organization. It feels good to help provide a special kind of welcome wagon for my new neighbors. And this year, I even got to be on the host committee for the annual gala!

Potential cost: Nothing
Reward: Feel good knowing you gave some free PR for a fine cause 

2. Foster an animal

Sam Cherington, a Los Angeles-based TV writer for such shows as “Where’s Waldo?” and “Boss Baby,” suggests fostering dogs. He does it through MaeDay Rescue in Los Angeles. He says it “gets them out of the shelter and into safe homes until they get permanently adopted.” 

Reputable animal rescue organizations require a potential foster parent to submit to an interview, a background check, and a home visit before being admitted to the program. You can expect the organization to pay for vaccinations, spaying or neutering, and any other necessary medical procedures for the animal. Some organizations will also cover the cost of food, toys, and bedding. You may foster the animal anywhere from a few days to much longer, depending on the agreement with the organization. To learn more, contact the Humane Society of the United States for suggestions on how to help, or find a good, ethical animal rescue organization near you.

Potential cost: Food, toys, and bedding; replacing anything an anxious dog might chew.
Reward: Free snuggles; the joy of knowing you helped give a needy animal a new chance at life.

3. Give blood

I’m a blood donor, though I don’t give nearly as often as I could. According to the American Red Cross, just one blood donation may help save more than one life. When you donate through the American Red Cross, you can count on spending about an hour at the mobile blood drive or donation site. You’ll get a mini-physical during which a technician will test your iron levels and take your heart rate. They’ll also interview you about your health history in order to determine whether it’s safe for you to donate.

After giving blood, you’ll get a snack and something to drink. Once you’re done, you’ll be on your way. Later, you may find out where your blood donation went (though not who received it, as that information is protected by privacy law.) And if you don’t know your blood type, you’ll find out! Book your appointment today via their website or their app.

Potential cost: Transportation to and from donation center.
Reward: The good feeling that comes with knowing you may have helped save lives, plus a snack. 

4. Provide free space

LeAnna Hallman, a new board member at the Cornerstone Theater Company in Los Angeles, suggests donating the use of a physical space in order to help groups that can’t afford a permanent home. Think of whether you have access to a meeting room, conference center, big lounge or storefront. Hallman adds that for her own theater company, “locations that are closed on the weekend are perfect.” To learn more, ask around to see if any local organizations are looking for meeting space—perhaps a local Girl Scouts troop, theater company, or advocacy group.

Potential cost: Any wear and tear on the space.
Reward: The satisfaction of knowing you’ve helped a good group find safe space to do its work.

5. Stock shelves at the food bank

Ian Rose, a writer in Oregon, helps pack and prepare food at his local food bank. He says, “All it costs me is a few hours of my time.” If you aren’t able to lift and reach with ease, many food banks can use administrative assistance, or greeters who can tell volunteers and clients where to go.

It should be easy to find a local food bank near you—just use Google! You may also wish to go through your faith community, or ask around at your workplace. Some companies will give you paid time off to volunteer once per month, fiscal quarter or per year, and it won’t detract from your bank of personal time off. 

Potential cost: Transportation to and from the site.
Reward: Knowing that you’re helping feed hungry people in your area.

6. Help folks get back on their feet

There are many ways to do this. My friend Kambri Crews, an author and bookstore owner in Queens, N.Y., works with a nonprofit that helps formerly incarcerated adults get back into the job pool. “My duties range from greeting new clients and giving them info to conducting mock interviews,” she says. Kambri is herself the daughter of an incarcerated parent, and for over four years she served as a mentor to a young girl whose mother was in prison.

Kambri’s example is a great one because she uses her own life experience as inspiration to help others. Think about ways in which you or your loved ones have struggled in the past. Is there a way for you to help those in similar circumstances? If you’ve known what it is to feel isolated or to live with food insecurity, you may want to volunteer with Meals on Wheels. You can help seniors obtain good nutrition and some much-needed human interaction. 

If you remember your own caretakers being absent, or perhaps just too busy to provide some of the attention you needed, you may find service with Big Brothers Big Sisters of America to be particularly meaningful. My mom was a librarian for many years, so I’ve been thinking of becoming a library volunteer here in Los Angeles. Get creative! Plenty of places will be glad to welcome you.

To find what you’re looking for, check out Charity Navigator. You’ll see a search bar near the top of the page that allows you to look for relevant charities in your area. You can also check out their rating to ensure you’ll be giving your time to a place with a reputation for good financial and ethical practices.  

Potential cost: Varies.
Reward: You’ll find greater meaning in your service because it connects to part of your own life.

There are many other ways to help, but this should be a good start. Have a wonderful year, and may we all be kinder to ourselves and to our neighbors. It may not give us six-pack abs or total inner peace, but it’ll surely warm some hearts (including our own.)  

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