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  • Simplify Your Finances and Your Life in 5 Easy Steps

    Simplifying your finances can improve your quality of life by decreasing money-related stress and freeing up time to do the things you love. Everyone has to deal with their finances differently, and some are more organized than others. Every individual would benefit from getting a hold of their spending, budget, and personal finances to live a stress-free life. Below are five tips to simplify your finances so that you can start living your best life now.

    1. Consolidate Bank Accounts and Credit Cards. Check the number of credit cards and bank accounts you have accumulated throughout the years. Most people only need one checking and one savings account, allowing you to simplify all of your finances into one account. This will streamline your bank statements and make it easier to plan your budget, evaluate your finances, and stay organized. Reevaluating the number of credit cards in your wallet and the bank accounts attached will also simplify the organization in your wallet and your online bank account. Cutting back on the number of credit cards will simplify your life and your spending. It would, however, be beneficial to keep some credit cards to build credit and reek the benefits. When picking what card is right for you, it is essential to look at each card’s benefits and evaluate which one offers the most valuable rewards. It is important to ensure that your cards are building credit and have cash back options when finalizing your card decision.
    2. Get Rid of Paperwork. As the world is turning digital, you might want to consider doing the same to all of your finances. Bank statements, water bills, energy bills, etc., primarily have included a paperless billing option which will allow you to handle all of your finances online without the hassle of receiving bills through the mail. This leaves your finances at your fingertips and will keep you organized without keeping track of paper within your home. Companies have rolled out perks for signing up for their paperless option to encourage more customers to join while also giving benefits such as a cut on payment and no added fees. A bonus of going paperless is that you are contributing to saving the trees and the environment.
    3. Pay in Cash. Paying for goods and services when outside the house with cash will allow you to easily budget and track your spending. Using money will allow you to map out your purchases, keep you from overspending, and helps stop impulse buys. Using actual cash will simplify your budget and your credit card bill. This is an excellent tactic to have better peace of mind in knowing you spent what your budget was. Understanding how much cash you have can also include reevaluating your cards’ benefits and seeing if there is a cashback option. This feature will allow you to get cashback on your spending and use it towards other purchases.
    4. Cut Services. Check all of your billing statements and the app store’s subscriptions to evaluate what services you are currently paying for. There are many streaming platforms, app subscriptions, and other memberships that you might be paying for monthly without even knowing it. It is very easy to accidentally sign up for a plan and be credited each month without using the service. To avoid this, take time to review your bank statements each month and check to see if you are still using these services. Cutting down on subscriptions and memberships will simplify your financial life and allow you to use that money towards other products or services that will be of greater benefit to you.
    5. Stop Looking at Your Screen. Now that you have simplified your finances, it is essential to go outside and live your life without the stress of being unorganized. The average American spends half of their day staring at a screen, while that number has only increased during COVID-19 lockdowns. With vaccine rollout, the reopening of businesses, and the loosening of restrictions, there are more opportunities to go outside, put down the screen, and start to experience life on a deeper level. Simplified finances will allow you to spend your money and time on things and experiences that bring you joy.

  • Take Control of Impulsive Spending

    Let’s be honest, we have all found ourselves victim to the temptations of impulsive shopping. It’s difficult to resist the calling of a seasonal sale, especially when this offer comes with the promise of an updated summer wardrobe or a new device for your productive home office set-up. However, the shame outweighs the benefits when we find that our email inbox is overflowing with shipping notices for items that we don’t even remember adding to our online cart. Being increasingly connected online also means being constantly bombarded with advertisements in the form of cleverly written articles and discreet social media posts, all of which may contribute to an increase in impulse shopping. One of the smartest ways to care for your financial health is to understand how to identify episodes of impulsive shopping and learn what you can do to avoid this type of unhealthy consumption.

    Understanding temptation

    Getting to the bottom of impulsive spending habits is much easier said than done, but it is a necessity in order to help rewire the financial decision making process. Everyone turns to “retail therapy” for various reasons; most times, these reasons allude to deeper emotional needs. Instant gratification is one common reason that many people turn to impulse spending. This stems from a misconception that material items provide aspirational characteristics. Take a second and understand why that “add to cart” button seems tempting. Step back from the checkout page and consider whether these items are truly necessary or if these purchases are being used to distract from something else.

    Take inventory

    The dangers of overconsumption are very real especially when it comes to items like clothing or cosmetics which can be easy to purchase an excess of, leaving you drowning in backups of backups. Avoid getting into a habit of over-purchasing and stocking up on items especially during sales. If it takes 3 months to get through a bottle of sunscreen, think before buying 4 more bottles during annual cosmetic sales. These items can oftentimes spoil before they fulfill their utility, and you may find that your preferences have changed over time. For clothing, keep a working inventory of your wardrobe in any way that is helpful to you, this can be mentally or written down in your notes app. Know which clothing items you actually wear to avoid buying pieces that seem more aspirational than practical.

    Virtual cleansing

    Email marketing is effective. Your favorite retailers know this, which is why you get weekly emails detailing sales and deals to your inbox. Some of these may be helpful when you are in the market for certain purchases, but most of the time, these emails are constructed to convince you to buy things you wouldn’t have purchased otherwise. Cleanse your inbox regularly by unsubscribing from pesky marketing emails that got your information from previous purchases. This will help by providing an out of sight, out of mind approach.

    Budget for impulse

    Impulse shopping is most unhealthy when this habit interferes with your financial health. Knowing when you can afford to indulge in a little bit of instant gratification makes all the difference from using impulsive spending as a crutch for other issues. Every week or so, put aside a bit of your spending budget so that you can make a guilt-free purchase at the end of the season. Financial health involves mindful habits that allow for both necessities and luxuries without worry.

  • Avoid Fooling Around with your Food Budget

    As we head into April and COVID-19 restrictions allow for restaurant reopenings, it is essential to reassess your food budget. Most people have come across the thought process of choosing to eat a meal out or stay in and eat what is at home. This is a typical expense that people experience daily. There are convenience and lots of other factors involved in the decision-making process. This is important to any budget when choosing what to eat and where to spend your money.

    50/30/20 Budget:

    Divide your budget into three main categories: needs, wants, and savings. Breaking down your budget will allow you to get a clear sense of where to allocate your money and understand how much you have to spend out on food. This budget consists of spending 50% of your after-tax pay on needs, 30% on wants, and 20% on savings. This rule may not apply to every budget, but will help you better understand managing your funds appropriately. This rule may not apply to people living in areas where it costs more to live, and therefore the budget cannot be applied to the generic spending rule. While not every individual can follow this rule, the general idea is to keep the “30%” or spending money allocated towards dining out and other expenses. Dining out should be categorized as spending and not needs because making your own meals will always be cheaper and more budget-friendly.

    Use Coupons

    Coupons can be found online, in magazines, in stores, and in the newspapers. There are several spending websites such as Groupon, Restaurant.com, etc. These types of coupon sites may offer deals to discount your dine-out meal and grocery shopping. There are also particular times such as Happy Hour that many restaurants take advantage of to offer discounted prices on their food and drink menus. This could be the perfect opportunity to get the experience of dining out while budgeting for a lower price.

    Menu Plan

    When choosing a restaurant to spend out at, take a look at the menu before to understand the prices and options on their items. This will allow you to plan on your expenses while dining at the restaurant and choose which items to purchase beforehand. One example is beverages- water is available for free at restaurants,, while other drinks will cost more. If you decide to have a glass of wine for dinner, you could call the restaurant ahead of time to get a price for their corkage fee, while bringing your bottle could be more affordable.

    Food Delivery Convenience

    While many Americans face the hassle of meal prepping and cooking, there has been a rise in food delivery services. There are some budget-friendly delivery services, however, most of them continue to charge high prices. Food delivery includes meal kit services such as Blue Apron, to restaurant delivery such as DoorDash or UberEats to grocery delivery like Instacart. These big delivery services profit from the convenience craze but at a higher cost than doing it yourself. Before using delivery apps, take a look at the price breakdown and reevaluate if it makes more sense to do it yourself. Eating out at restaurants is costly, while food delivery services offer similar prices. When considering a food delivery service, it is important to check the pricing of your different options to know which one is most suitable for your budget. It could help understand and price the difference between eating out vs. food delivery when thinking about where to spend your money on meals.

  • Avoiding Cabin Fever: Tips for Wellness in Social Isolation

    It was around this time last year that the strangeness of social distancing would soon become our new normal. The necessity to physically isolate from others has led to massive lifestyle changes that revolve around working, socializing, and studying from the comfort of home. Modern technology and software has helped us create new traditions that ease some of the loneliness of social distancing, but we also now understand that essentially living through our computer screens causes a new type of mental exhaustion. When the rhythms of life are interrupted and our daily routines consist of orbiting the virtual world through computer screens, it can feel challenging to find a balance between previously separated aspects of our personal and work lives. This lack of separation can be felt as a sort of restlessness, or cabin fever, that is only intensified by a lifestyle that consists of more sedentary activity and less outdoor adventure. As we move into a new spring season, the symptoms of cabin fever may manifest as the feeling of being burnt out, restlessness, and seasonal blues. As spring rolls around, the extra hours of sunlight provide us with a bit of relief from winter cabin fever. Here are some ways to stay mindful of your wellness and cope with seasonal blues.

    Check-In With Yourself

    During times of crisis, it’s possible that negative emotions such as stress can cause us to be easily irritable towards others. Doing a regular check-in with our emotions is a great mindfulness practice. Do a quick RAIN check. This is a practice developed by Tara Branch, the acronym RAIN stands for recognize, allow, investigate, and nurture. Internally recognize the current state of emotions you may be going through. Then, allow yourself to take these emotions and instead of repressing, let yourself feel them. Investigate why you may be feeling a certain way. Finally, nurture yourself. Find the root of the cause and apply a relevant course of care.

    Give Yourself a Routine

    A routine does not need to be the same every single day; it can change according to your needs and desires. When seasonal and personal changes arise, it could be worthwhile to start a new routine when the previous one starts to seem tedious. Try to incorporate a routine that you enjoy, such as spending time outside everyday before work or reading a few chapters of a book every night after dinner. It doesn’t need to be a major lifestyle change. Allow yourself the flexibility to include small goals into your daily routine to help you feel some sort of autonomy over your time.

    Have One News Free Day

    More screen time means that many of us are constantly checking the news. While wanting to stay updated on current events is understandable, the news can also be a source of anxiety for many people. Overdosing on the news regularly can be overwhelming. Especially with many tragic events regarding social issues that cover our newsfeeds, it can be easy to feel hopeless and overstimulated. Giving up the news for one day a week doesn’t mean being completely unaware and uneducated about the causes that matter to you. If there is a recent issue in the news that has been occupying your mind, use your news free day to explore relevant resources such as books, podcasts and films. Take advantage of this time to take control of your social concerns and allow yourself to learn and grow by being an informed citizen.

  • Spring Clean Your Finances

    Spring is just around the corner, giving us an opportunity to welcome the new season through some much needed spring cleaning. Along with tidying up your house, it’s a smart idea to check your finances and get ready for the rest of the year, along with the approaching tax season. Here are some easy steps for tidying your finances:

    Clean Up your paperwork

    Most Americans have mass amounts of paperwork lying around their house or office, now is the smart time to go through all of those bulky amounts of paperwork to organize and throw away any you no longer need. Another aspect of this is to consider going digital. As we live in a digital world, you can reconsider the need to keep important paper documents by going paperless this spring. There are many options and tools to help you declutter your workspace such as scanners for digitizing important documents, Google Drive for organizing in the cloud, and an iPad for annotating.

    Cancel Unused or Unnecessary Subscriptions

    Throughout the year, you might have accidentally or intentionally signed up for a subscription that went unused. Keep an eye out for subscriptions such as gym memberships or delivery services that may not be useful to you currently. Understand which subscription services are unnecessary and identify the ones that you actually need. With many businesses having a subscription model, it’s easy for your monthly bill to become cluttered with various memberships. This is common as it can quickly happen with a click on the wrong button or the intention of using the subscription goes unused. Checking your subscriptions will save you from wasting money throughout the year.

    Review your monthly budget

    By taking the time to reevaluate your spending habits, you can see unnecessary costs and expenditures throughout the month. A quick reevaluation will allow you to see exactly how much you are purchasing and if you need to rethink your spending. You can budget through apps, saving a percentage of your paycheck, and setting up a monthly budget plan. Overall, understanding where you can cut spending will help you clear up finances for things that really matter or setting up an emergency fund. Budgeting can also help you save money on unnecessary expenses and will leave you with money to spend on other things such as a mini-vacation or a nice dinner.

  • 4 Ways to Enhance Your Virtual Networking Experience

    For college students and recent graduates, working and studying remotely for almost a year has created much uncertainty surrounding career growth and future development. Understandably, it can feel overwhelming to sort through a myriad of virtual resources. From career fairs to professional panels, here are 4 ways to get the most from online networking opportunities.

    Find a balance between exploration and goal-setting

    Goal setting may already be familiar to you. As a student, you start your higher education journey with the goal of graduating with a degree in a field that you have spent years studying. In between, you spend these years exploring your interests and setting more goals in between. When networking, find a balance between allowing yourself to explore your opportunities and setting concrete goals to reach in the near future. This could consist of having a goal of a specific industry that you want to break into, and in order to do this you are exploring different roles and responsibilities through networking, volunteering, and attending virtual events. Exploration is important throughout your life and career, but as a student it’s even more valuable as you begin the early stages of your professional development.

    Do your research

    You wouldn’t walk into a room full of professionals without having an idea of what they do. The same principle applies to virtual networking. Although you attend virtual events and network online to learn more about companies and roles, it’s impressive to do your homework beforehand. When looking for opportunities, do some research on the companies that intrigue you. Understand their mission and purpose, and look for openings that you’d like to learn more about so that you can ask for details once you meet company representatives. These representatives and recruiters often have little time to interact individually, so it’s essential to make a good impression and ask questions you couldn’t have found the answers to otherwise.

    Take a growth-first approach

    Any student and recent graduate will tell you that networking is one of the things they miss the most about pre-pandemic life. Reasons for this often revolve around career opportunities, but there is also a social and personal aspect to networking. It’s easy to come off as ingenuine when you enter a networking situation with the sole purpose of getting an interview; remember that building out your networking means creating real connections with people. Although networking today is primarily online, try to see past the screen and use your time to learn about a person’s journey to where they are today.

    Alumni resources

    Whether you are a current or former student, many universities offer opportunities to connect with an expansive alumni network. Check in with your school’s career center. In addition to many other resources, you’ll likely find links to access an alumni network that is willing and open to connect with students and recent graduates. Some schools will have a directory to profiles that you can explore and find alumni who are working in an industry or role that interests you. This is a great way to connect with working professionals, as they will likely be more open to networking with students from their alma mater.

    One advantage of virtual networking is that you have access to a larger pool of professionals available for career chats. Find someone who aligns with your interests and remember that they are human just like you. Ask about their growth in the role and how your own path can grow parallel to that. Also keep in mind that networking is a hit-or-miss process. Don’t get discouraged if your conversation doesn’t lead to an opportunity; use that experience to revise your approach and try again.

    Looking for opportunities? Tomo Credit is launching our Tomo Talk webinar series! Join us as experienced professionals and entrepreneurs from top companies discuss their experiences and provide advice.

    Follow Tomo Credit on Facebook and Instagram for updates.

  • How to Budget as a College Student in 3 Easy Steps

    Managing money as a college student is not an easy task. As you start your college journey, there are many activities to manage such as school work, extracurriculars, social life, etc. Most students quickly learn that it is essential to be cautious of the money you spend in order to continue with daily activities. Here we will tell you three easy steps to budget your money in order to get the full college experience and take off stress.

    Gather your financial details

    This is an important first step in order to understand how much money you will be spending. You can do this by talking with your parents, checking your bank account cash flow, and searching for scholarships and grants that your university offers. By gathering all of this information, it will allow you to see exactly how much money you will have to manage.

    Predict and Plan your Expenses

    This includes anticipating how much money you will be spending on rent, food, textbooks, clothing, transportation, and extra cash for fun. Having a clear understanding of what you have to and would like to spend your money on will help you form a direct plan. This will help you stay cautious of where your money will be spent while at school.

    Track Your Spending

    This is an important final step in budgeting your money as you will need to keep track of all your expenses. By doing this, you can see exactly where you spend your money in case you need to reevaluate your spending. This helps to see where you can cut back or have room to spend more.

  • What I Spend in aWeek as a College Student in Berkeley, CA

    As a college student, it’s been difficult to balance studying with managing my finances. Being a student living in Berkeley, it’s also hard to fight cravings for late night boba or ramen, which can add up fairly quickly if done too often. Since I love reading Refinery29’s Money Diary series, I decided to do one of my own. Looking back and seeing my expenses for the week really helped me open my eyes to my spending habits so that I know how to better manage my finances in the future.

    Day One

    I woke up right before logging onto zoom for my morning class and had two shots of espresso with dairy-free creamer. I am addicted to caffeine so I purchase a bulk pack of Nespresso pods from Amazon ($1.50/pod = $3)

    I ordered some necessities from Target since I was running low on dental floss and facial cleanser. I also ordered some mouthwash and toothpaste since I would run out of those things eventually. ($30)

    I also decided to purchase a new workout set from Girlfriend Collective. I have a set in black from them already, so I know that I love their fit and quality. I went for a matching sports bra and legging set in moss green. ($100)

    Day Two

    I knew today would be really busy for me, so I braced myself for a day of classes and meetings with another cup of doubleshot espresso with creamer, courtesy of my housemate’s Nespresso machine. ($3)

    I grabbed lunch and dinner at the dining hall during my short breaks since I have an off-campus meal plan. I don’t know how to cook, and I don’t have a car so going out to buy groceries is often a pain for me. Each meal comes out to an average of $9 or less. ($18)

    Day Three

    It was another busy day for me that started off with a doubleshot and creamer. ($3)

    After a morning class and meeting with my college advisor, I had to hop on Amazon and order a new office chair for my desk. I’ve been borrowing my housemate’s chair since they don’t use it, but it’s too uncomfortable. I used an Amazon gift card so the total was less than I expected. ($18)

    Then I grabbed lunch, which was sun-dried tomato pasta, tri-tip, and seasoned cabbage. ($8)

    Day Four

    I’m taking a class about Wall Street this semester, so everyone is talking about Reddit’s power on the stock market. After browsing some subreddits for a bit, I noticed that DogeCoin was getting some attention. DogeCoin has interested me for a while, so I decided to put a little money in just to see what would happen. ($10)

    For dinner, I couldn’t resist the temptation of spicy ramen and milk tea. Before my last class of the week, I placed an order for red tonkatsu ramen and a black tea latte at my favorite ramen place across the street. No regrets. ($15)

    Day Five

    It’s the weekend! The day escaped me, as I took the time to recharge and relax. One huge perk of living in Berkeley is that so many restaurants are open late at night. I went out for a late night snack and grabbed a slice of pepperoni pizza and a banana cream pie milkshake. ($14)

    Day Six

    I got breakfast with a friend at a cafe across the street from my apartment. They do really good eggs, so I went with an eggs benedict with french toast and fruit. ($15)

    Later in the day, I got a taro boba as a reward to myself! I also got red tonkatsu ramen again since the cravings were overpowering my sense of self-control. ($15)

    Day Seven

    Rent is due today. I have autopay so I don’t have to worry about it, but I log into the payment portal anyway just to make sure my payment went through. ($650)

    For lunch, I picked up a sandwich at a cafe on campus using my meal plan points. The sandwiches there are pretty good, but they are only a tad more expensive than picking up a meal at the dining hall. I got a salmon and coleslaw sandwich on a brioche bun. ($12)

  • 2 Basic Federal Student Loans — Should I Accept Both?

    Whether you are a student getting ready for college, a current college student, or a parent of one, you may be eligible for a federal student loan. Although your financial aid office will issue you student loans according to the documents you submit, you have the option to reject or consult with your advisor for another type. You may ask — why would I reject any student loans? Isn’t more the better? Different types of student loans come with different obligations on the repayment process that you may rather not accept.

    Here are the two types of basic student loans:

    Direct Subsidized Loan

    The direct subsidized loan is given based on financial need — which the Department of Education defines as “The difference between the cost of attendance at your school and you expected family contribution.” In other words, the documents you issue to your school, like your family’s tax filings, are essential.

    A key factor to this type of loan is that the federal government will pay for the interest accrued while the student is in college, and for the first six months after you leave.

    Direct Unsubsidized Loan

    The direct unsubsidized loan is not given based on financial need, but rather to undergraduate or graduate students. This amount is determined by your financial aid advisor based on any other loans you are borrowing and the school’s cost of attendance.

    As attractive as this loan sounds, the direct unsubsidized loan will be charged a fixed interest rate from the moment it is issued, until it is the loan is completely paid off. In other words, if the loan is issued in your freshman year of a 4-year college education, the interest will begin to accrue from that moment, throughout all your college years and the entire lifetime of the loan.

    However, as of date, the Biden administration has halted federal student loan payments and has kept the interest rate at 0% until September 30th, 2021.

    Understanding the differences between the two basic student loans will help you plan out your future finances and capabilities more easily. Remember — you have the choice to reject them if you find that they won’t be appropriate for your situation. Let your college financial aid office know, and they will have to follow your choices.

  • Tomo’s Guide to New Year Healing

    As we continue into the month of January, there’s no better time than now to revisit the topic of new year’s resolutions. It is common for the start of a new year to present us with a mix of emotions; excitement and anticipation often come with feelings of unease and anxiety. After the champagne is popped and the ball drops, the world holds its breath for the next calendar year to come. New year’s resolutions make their appearance in the collective consciousness, and while last year taught us that plans often fall through, it is human nature to continue striving for excellence and to find the light through difficult times.

    The crucial lessons that we learned in staying resilient through the adversities of life means that this year carries the weight of hope, rebuilding, and growth. We hope that this short guide to mindful, soulful, and financial healing will help you build your best resolutions so that you may prosper through 2021 and beyond.

    Mindful Healing

    As the widely recognized saying goes, “health is wealth.” You don’t need us to remind you of the truth in this statement and that it can be applied to more than just physical health. It is always helpful to keep this motto close to the top of your mind when making even small decisions in your everyday life, which likely still looks like the “new normal” of working and studying from home.

    In taking care of your health, your mind should be a top priority. Stress, lack of sleep, and poor diet can keep you from functioning at your full potential. When our minds are tired, it’s difficult to be clear-headed and productive. A clear separation between work and personal life will help you maintain your sanity as stay-at-home orders continue for the time being.

    Physically separating work from home can be done by designating work space, and further solidify this by trying to limit your productive hours. It is easy to get caught up in work or school, especially now that it seems to have bled into the home, but making the conscious effort to separate these worlds will help you in the long run by preventing burn-out. In addition, this allows you to take time to focus on personal self-care, such as yoga, meditation, reading, or napping.

    In short, treat your mind like a muscle that needs time to rest and recover after moments of strenuous usage.

    Soulful Healing

    Whether you identify as a spiritual person or not, everyone can find little joys in life that can contribute to soulful healing. Deciding what your soul is seeking this year may require some insightful contemplation, as each person’s soul is unique. For many, this may be taking on a creative hobby such as embroidery, painting, or playing an instrument.

    Finding time to engage in self-expression through creation heals the soul, as it is something that you are choosing to do based on your interests and passions alone. There are many resources available online in the form of free and paid courses for nearly any topic you want to try. Any sort of creation is a great way to heal soulfully, even if you don’t see yourself as a creative person. Learning how to cook or bake by trying out recipes online is another fulfilling way to nourish your body and soul.

    In a modern world where much of our time is spent working towards career or academic goals, it’s necessary to allocate some parts of your day to creating something just for yourself.

    Financial Healing

    We get it, talking about money isn’t always comfortable, but it is one of the most common topics when discussing new year’s resolutions. The previous year’s events have affected everyone differently, but what is especially notable is that these events revealed that circumstances can and do change frighteningly fast. We want to balance hope with realistic expectations, and the truth is that we can not expect our lives to shift back to normal anytime soon.

    Taking a large financial hit during uncertain times would find anyone anxious, but building healthy foundational knowledge of your financial situation will help. Financial security has always been an issue, now even more so, meaning that it’s important to enter the new year with a plan to ensure your present and future financial livelihood.

    If you haven’t already, do your research in order to improve your financial literacy so that you can be informed when you start to map out your finance goals. Some great sources include Refinery29’s Money Diaries, Ellevest Magazine’s Money and Life section, and Tomo Credit’s own blog. Understanding which aspects of your finances you can actually take control of will help you greatly, especially when you start early.

    For starters, if you haven’t established a credit score yet, check out Tomo Credit’s zero-interest, no-fee credit card. Since Tomo Credit doesn’t require a previous credit score to apply, this credit card can help you wisely build a good credit reputation with responsible use, helping you grow healthy financial habits. Financial healing starts with reflection, understanding, and planning.