At least once in our lives, all of us have thought about saving money or spending less. But managing personal finances may not be as easy as it seems to be. They don’t usually teach financial management in high schools, and not everybody has that course at the university.
Should we lose the hope that we will ever be able to manage our finances properly? Of course no. Luckily the internet is available to almost anyone now, and it has made the self-education much easier than it was before. All you have to do is to search for the relevant topics and see if you can find exactly what you’re looking for.
But there is more. In 2010 a guy named Kyle Taylor realized that many people face the same issue, and unlike the rest of us he decided to do something about it.
So he founded a personal finance website called The Penny Hoarder. It helps people like us to manage their finances and always be on track of what’s going on in their pocket. The Penny Hoarder has so many sections and so much information for different cases that you’ll definitely find the solution to your problem.
Now let’s get to it and understand in detail what The Penny Hoarder can do and how can it be of help to you specifically.
Who is the website for?
The Penny Hoarder is mostly for US-based users. Sometimes you will find articles talking about US-specific information, issues, and solutions. However, most of the information on the website will be interesting and relevant to your issues, even if you are not from the US.
According to Similarweb, 84% of the website traffic comes from the US, the next is Canada for 4%, the next one in the UK with only 1.5%.
As a website that started with only a few informational sections The Penny Hoarder currently has 11 sections with its subsections.
Anyone can find information that concerns them. Starting from teenagers to elderly, the Penny Hoarder has something to offer, making its reader’s life easier.
Let’s say you are a teenager who is looking for some ways to make money. But you are not really sure what to do and how to start. Or what if you are a mother who has just had her baby and is looking for a way to work from home.
What if you want to start a new business. Here’s where the Penny Hoarder comes in.
Make Money Page
The Make Money section of the menu is broken down into 5 different categories which will help you search more efficiently. You can find tips and types of side gigs you can take to earn money while having a full-time job, being a student, or while being busy with something else.
In this section, you will also find articles on starting a business, a career, making quick money, and working from home. The articles offer a large variety for you to choose from, starting from writing jobs to a garden consulting business.
Are you looking forward to saving for that vacation you need so much? If you are asking yourself “how?” and don’t have an answer yet, you should definitely check out the “save money” section of The Penny Hoarder website.
In this section, you will find strategies on how to save more money and where to start. You will see not only the traditional strategies that everyone uses and advises to use but also some extraordinary ones.
Those may include things like calling the insurance providers and threatening to cancel so that they will lower your rates.
If you are serious about having financial goals and meeting those, you will surely want to visit the budgeting section of The Penny Hoarder. The articles in this section will not only give you tips and tricks for budgeting but will also guide you on the way of building your budget and showing you how to stick to it.
An interesting way of keeping yourself accountable is the drawing jar that The Penny Hoarder posted on its Instagram account. It was mainly posted for the savings account, but you can also make one to track your spending or anything else you want.
Kyle had started The Penny Hoarder when he had a $50,000 student loan.
He was able to pay it off in two and a half years. I suppose this section of the website has a unique emotional value to him and the entire company.
In this section, besides the essentials (i.e., how to pay off student loans, credit card debt and such) The Penny Hoarder also focuses on offering solutions to people in various situations giving them advice on how to deal with their problem in the exact situation. The website also publicly replies to the specific questions of its users.
Retirement is another stage of life which you need to be prepared for. This section of the website answers questions that many of us have or at least had at one point of our lives. Some people don’t even have a retirement plan.
From one side it is good that at least some of us are sure that the government has our back and they leave their own retirement plan to the government. But it is always great to have a plan B, something that you are in control of.
The Penny Hoarder helps to come up with strategies and retirement plans that you might be interested in. It also presents a lot of success stories that might become an inspiration to you or any of your family members.
Money making, saving, budgeting, debt, and retirement aren’t the only sections that this website has. The Penny Hoarder also provides tips and advice on credit scores, bank accounts, investing, home buying, taxes, and insurance.
Each of the sections contains a large number of articles covering almost all of the issues and questions that its readers might have. However, the articles on tips and tricks are not the only ones. The Penny Hoarder also follows the industry changes and shares the most up-to-date information with all of its readers.
Do you think this is all The Penny Hoarder has got? Not even close.
All of those sections filled with useful articles are only a part of what the website has to offer. In addition to that, The Penny Hoarder has a community page where you can create your profile and participate in the forum discussions.
This gives The Penny Hoarder users the opportunity to learn from each other in addition to the content it provides. You will be able to choose the topics you are interested in, get access to guidelines and other resources, take part in surveys and join budgeting bootcamps all to help you learn more about the topics you are interested in.
If you thought that was it and The Penny Hoarder doesn’t have anything else to offer, you are wrong again. If you are interested in a particular topic and instead of reading articles you want everything to be structured for you to be able to understand and remember from A to Z of that topic, then you should check out The Penny Hoarder Academy.
Currently, there are 6 courses available on the academy page, but they are constantly renewing and adding more to it.
There is a lot of media buzz around The Penny Hoarder. There are pieces from Forbes, Business Observer, Naf, St. Pete Catalyst, and many more. Most of them talk about different aspects of the financial industry, showing what The Penny Hoarder or its founder Kelly think about it.
However, the Forbes article doesn’t talk about the work they are doing and the things they have achieved.
Instead, it talks about The Penny Hoarder office. If you haven’t seen it yet, you might be wondering, why would they even talk about the office.
The creative director of the office’s design project, Lisa Gilmore, shares that the design is meant to show that the financial industry can also be fun. She thinks that we shouldn’t be afraid of putting the modern and the traditional together.
It is impressive how The Penny Hoarder started and how it became one of the biggest personal finance websites on the web.
15 years ago, Kyle was a college drop out with $50,000 of student loan at his throat, no job and no clue what he was going to do. He’s started The Penny Hoarder as a blog where he would just write about what he was doing to repay the $50,000 loan and to find a job. As he says that the blog was just a place of self-expression, and an ultimate journal for him. Little did he know that the “journal” could become a business. As a result, writing the “journal” helped him to get out of a difficult situation.
But that’s not all; it has also started helping millions of other people to find a way out of their financial issues.
2.5 years after starting the blog, he was able to repay his debt.
Kyle grew up with a single mom, and in one of his interviews, he said that she had always been serious about their family finances. Each financial aspect was carefully budgeted and planned, and they knew exactly how much cash was flowing in and out of each section of the budget.
If you take a look at the menu of the website you’ll see that the menu has many different sections trying to tackle each financial issue differently. In a way, Kyle is trying to show the readers that separate sections of the overall budget is the right approach to managing your finances, which is exactly what her mom was doing.
Another interesting fact about The Penny Hoarder is not just a website that gives advice. It has a personal finance academy inside the website and creates a community where people can share experiences. The company, and its founder specifically, are concerned about the overall system as well. How well people in the US are acquainted with personal finance. Are there proper channels for them to get basic financial literacy or not.
One of the latest examples was Kyle’s message to the Florida state department to support Senate Bill 114. It is a piece of legislation that requires states to hold mandatory personal finance classes in high schools.
Kyle says that having financial classes since young age is very important and that he does everything to help people see that.
Unlike many other media companies, The Penny Hoarder chose a revenue model that doesn’t annoy its readers with millions of ads and pop-ups. They’ve chosen the Triple Win model. Interesting name for a revenue model, but it means exactly what it says. It means that all 3 parties of the deal are wining
To earn money The Penny Hoarder partners up with companies and includes links to their products and services into the articles they produce. However, don’t think that they partner up with everyone who approaches them. They have a careful selection process for their partners. Almost 90% of the companies who come with a partnership proposal are being denied only because The Penny Hoarder doesn’t find that their product or service will be helpful to its readership.
You might wonder, how is that possible and if there is a way to know for sure if that’s true. Yes there is. The company stays as transparent as possible and adds disclosure notes in the beginning of the articles that contain a link to a partner’s product or website. And if the article you are reading doesn’t have a disclosure note in the beginning it means The Penny Hoarder doesn’t get paid for it.
Basically, they add only links that they believe will be helpful to their readers, no matter if they are getting paid for it or not.
The company’s revenue has grown dramatically over the years. The unanimous blog that was able to pay off Kyle’s student loan only two and a half years later. The blog has grown into a business with $20 million annual revenue in 2016. But if you think that’s just it, you are absolutely mistaken. In just 1 year The Penny Hoarder was able to go from $20 to $30 million annual revenue. It is impressive growth and not even achievable for most of the bloggers out there.
How to make money with The Penny Hoarder?
It turns out that The Penny Hoarder doesn’t only give advice on how to save and earn money, how to find a job and such. The company also creates opportunities for people with appropriate skills to earn money. As The Penny Hoarder is a media company and it needs as much content as possible it pays people to write articles.
If you want your articles to be published, you will have to follow The Penny Hoarder guidelines for submissions. Besides the thorough research, they require everyone to write at least 700-900 word pieces which will be informative, useful, and will be able to transfer the tone of the website.
After you submit your writing, it goes through a review by their editors to make sure your article is providing as much value as their readers need. So if you are not a writer and you are worried about the content you are reading, wondering if it is legit, think no more. No article gets published without the approval of The Penny Hoarder’s editorial team.
Considering the content that The Penny Hoarder publishes, its voice, the care it portrays to its users and even their office itself show that the company can be all at once. It can be informative and useful, yet so much fun.
The website brings value to people in all stages of their lives. Whether you are graduating tomorrow, looking for your first job opportunity or you, have a big family and want to buy a beautiful house that you can call home.
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