Quick Tips

If your employer makes a financial contribution to your health plan and keeps your salary going when you’ve got the flu, chances are good it offers a few nice quality-of-life perks, too. If you’re considering a car-sharing membership, donating to charity, taking a class, joining a gym, or shopping for a big-ticket item, remember to check your benefits package first. Some employers provide reimbursement offers, store discounts, and matching gifts. Don’t go it alone if you’re lucky enough to work for a company that will share the expense.

Splitting up the bills may not be the best date-night activity, but if you’re considering living together, you need to address who will pay for what. Details like how to split rent and utility bills can strain any relationship. Making sure you’re both clear now on shared expenses can save you headaches and conflict later.

You may be focused on finding the best preschool, but one day your little one will head off to college—and saving now can help her get there. A 529 college savings plan or an educational savings account (ESA—also known as a Coverdell account) both offer tax-deferred growth. As long as the money is used for qualified education expenses (like tuition, books, computers, and room and board), the money can be withdrawn tax-free. And because the money will count as your assets, not your child’s, it’ll have less impact on her ability to qualify for financial aid. The earlier you start saving, the better—she’ll be out of diapers and off to prom before you know it.

See if you can cut back on childcare expenses by tapping in to local parenting networks to find a playgroup near you. And depending on where you live, you may be able to join an organized babysitting co-op, which allows you to accrue babysitting credits in exchange for watching other members’ kids. Sharing a nanny with another family may also be an option. And consider talking to your employer about tweaking your hours—if you can start work earlier, you may be able to better match your schedule to your partner’s time off or your kid’s daycare hours, reducing the need for a babysitter.

Now that you've got a baby, you've developed an obsession with adorable onesies, booties, and mini basketball jerseys. But the splurges add up even faster than your baby will grow out of those tiny clothes. Hand-me-downs and secondhand apparel can save you a bundle—this goes for items like toys and books as well, which are expensive to buy new and are often age-appropriate for all of six months.

If your parent needs medical, financial, or living assistance, get the whole family on board. Talk to your siblings or other family members about sharing the personal and financial responsibility.

On average, Americans give 3.2% of their income to charity. Whether you give more or less, it's important to work charitable giving into your monthly budget. If you can't give as much money as you would like, volunteer instead. Time really is money—and most charities need as much as they can get.

You don’t have to be a zillionaire to donate to charities—for many, even a $10 donation helps. But there are many other valuable ways to give back: Sort and wrap toys for a holiday drive, donate blood, or mentor a student, to name a few. Or, gather up those winter clothes that don’t fit anymore and bring them to an organization collecting warm gear. Trust us, if you didn’t wear that sweater last year, you probably won’t wear it now.

A tax-exempt donation is a charitable gift you can claim as a tax write-off. It can be anything from used clothes to Goodwill, to a cash donation to a charity or organization with 501(c)(3) status, as long as you follow a few simple rules. First, when donating money or property, be sure to get a receipt detailing the name of the recipient, the date, and the value of the donation. To write off donations, make sure their total exceeds your standard IRS deduction for the year, and use the Schedule A form to save money on your tax return. For more information on which contributions are tax deductible and which aren't, check out these tips from Carrie Schwab Pomerantz.

It's good practice to thoroughly research a charity before making a donation. Think of your donation as an investment. Find out what impact your money can have on the organization's cause, and evaluate how efficiently the organization operates. It's all part of being smart while doing good.

You can see the world and give back at the same time. Just make sure that the organization you select engages in practices that directly benefit the host community in every way possible. For example, rather than bringing in school supplies from overseas, some organizations purchase supplies from local vendors, which benefits both the schools and the local economy.