The Money Advice You Always Needed

Friday, May 1, 2015

Mayweather-Pacquiao Fight to Top $400 Million in Revenue

Floyd Mayweather

Floyd Mayweather and Manny Pacquiao announced Wednesday afternoon that they will finally be giving fans the match-up they’ve been waiting for. The two boxing champions will face off in a May 2, 2015 fight at the MGM Grand in Las Vegas in what is easily the most lucrative match in boxing history, reports ESPN. The two boxers said in the announcement that the timing was finally right for the pair to face off.

“Without everyone together, we couldn’t make this fight happen, so I have to be thankful we came together to give the world the fight they want to see, Mayweather-Pacquiao,” Mayweather said. “May 2 is when the world stops to tune in to Mayweather-Pacquiao, the biggest fight in boxing history.”

See how Floyd Mayweather earned more than $14K a second in a fight >>>

Pacquiao and Mayweather Will Make $250 Million From Match

The match has a total purse of $250 million, according to The Guardian, a staggering fortune that will be divided between the two fighters. Manny Pacquiao is guaranteed 40 percent and will make at least $60 million, reports Yahoo Sports. Floyd Mayweather can command an even higher cut, with guaranteed earnings at $100 million.

“If you get to this level, where you’re making nine figures in 36 minutes, you have to be a winner,” Mayweather said during the fight announcement.

From June 2013 to June 2014, Floyd Mayweather was the highest-paid athlete in the world with total earnings of $105 million, reports Forbes. Mayweather is the only athlete besides Tiger Woods to break the $100 million mark within a single year, and with Mayweather’s guaranteed earnings from the Mayweather-Pacquiao match set at $100 million, he’s set to pass the that mark for the second year in a row.

Mayweather will also give his career earnings a huge boost, which Forbes estimated at $420 million in September 2014. Floyd Mayweather’s net worth is estimated to be $295 million, according to CelebrityNetWorth.

Manny Pacquiao wasn’t far behind Mayweather on the list of 2014’s highest-earning athletes. At No. 11 on the list of highest-paid athletes, Pacquiao earned $41.8 million for the same period. His career earnings stood at $335 million in November 2014, according to Forbes. Manny Pacquiao’s net worth is an estimated $110 million.

Total Revenue Projections for Mayweather-Pacquiao Match at $400 Million

The Floyd Mayweather-Manny Pacquiao match will also generate huge streams of revenue for the cable networks that air the match and the MGM Grand.

The pay-per-view audience is expected by many to break the previous viewing record for a boxing match, set at 2.4 million viewers by Mayweather’s fight with Oscar De La Hoya, as well as the record for revenue of $150 million set by Mayweather’s 2013 match against Canelo Alvarez, according to ESPN. HBO and Showtime, who had deals with Pacquiao and Mayweather, respectively, had to make a joint pay-per-view deal to air the match.

The MGM Grand will also make a killing off of tickets to the match, selling up to its maximum seat count of 17,000 for $1,500 to $7,500. Ringside seats will not be sold to the general public but rather controlled by the casino, and are expected to sell for up to $75,000, reports The Guardian. Considering all streams of revenue, many are projecting the Mayweather-Pacquiao fight will bring in more than $400 million.

Keep reading: Avoid This Major Mistake Floyd Mayweather Is Making With His Money

Photo credit: Helga Esteb | Shutterstock.com

This article originally appeared on GOBankingRates.com: Mayweather-Pacquiao Fight to Top $400 Million in Revenue

This article by Elyssa Kirkham first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.

Can I Get a Credit Card If I Don’t Have a Job?

While the overall job market has improved over the past few years since the Great Recession, not everyone has been able to return to the workforce. At the same time, others are without employment because they are in school, transitioning to a new career, are stay-at-home parents, or have simply retired. In these situations, is it still possible to be approved for a credit card?

It Depends

First of all, a job is not required to be approved for a credit card, but applicants should be able to show some form of income. For several years, the Credit CARD Act of 2009 was interpreted to allow card issuers to consider only the applicant’s individual ability to repay a loan. This had the effect of shutting out many applicants, especially stay-at-home spouses. Fortunately, the Consumer Financial Protection Bureau revised its rules in 2013 to allow card issuers to consider the household income of applicants 21 years of age or older, so long as they had a reasonable expectation of access to the income they reported.

For example, an at-home parent could include his or her spouse or domestic partner’s income when their household finances were managed jointly. The same could also be true of extended family living together, or perhaps even roommates. However, the Credit CARD Act still requires applicants under 21 to show their own independent income, rather than rely on their parent’s income. In addition, credit card issuers can consider other forms of income other than employment including investments, child support and alimony payments.

How to Get a Credit Card Without a Job

Once they have included household income, as well as other forms of income that are not related to employment, most applicants with good credit should be able to qualify for at least a minimal line of credit. But in some situations, it’s possible that many card issuers may still be unwilling to grant a line of credit to some applicants. In these cases, it may help to apply for a secured credit card.

Secured credit cards require applicants to submit a refundable deposit first, before being granted a line of credit that is equal to the amount of the deposit. But at the same time, secured credit cards can be used much like any other credit card. Cardholders can use them to easily rent cars or reserve hotel rooms, which can be very difficult to do without a credit card. In addition, many secured credit cards even offer auto rental insurance, which can be expensive if purchased from the rental car agency.

Like all other credit card users, secured card holders must make monthly minimum payments, and will incur charges unless they pay their statement balances in full and on time. Most secured card issuers will report cardholders’ payments to the three major consumer credit bureaus, so these cards can help people to rebuild their damaged credit as well. In addition, secured credit cardholders are protected by the Fair Credit Billing Act, the same law that applies to standard credit cards. Unfortunately, secured cards will generally have higher annual fees and interest rates than a similar non-secured card. As you work to build your credit, it’s a good idea to keep an eye on your credit scores to track your progress. You can get your credit scores for free from several sources, including Credit.com.

Alternatives to Credit Cards

Prepaid debit cards are rapidly becoming popular among those who are not able to qualify for a credit card, as well as those who want to avoid the possibility of incurring debt. Prepaid cards differ from credit cards in that funds must first be added before the card can be used, so they are not a line of credit and have no significant qualifications for approval. On the other hand, prepaid debit cards typically have more fees (check carefully — a few have minimal fees) and less robust legal protections than standard credit cards.

Although many people do not have jobs, we can all have access to a secure and convenient method of payment. By examining the strengths and weaknesses of standard credit cards, secured cards and prepaid cards, you can choose the product that best meets your needs.

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This article originally appeared on Credit.com.

This article by Jason Steele was distributed by the Personal Finance Syndication Network.

4 Balance Transfer Credit Card Mistakes

Opening a credit card with a 0% financing offer or low fees when you transfer the balance from a different card can help you save money when working to pay down credit card debt, particularly if you have a lot of it. Getting a balance transfer card and using it wisely requires careful thought, and if you don’t exercise discipline, you may end up hurting your finances instead of helping them.

Here are some common mistakes you want to avoid when using a balance transfer credit card:

1. Mixing Balances

You may have received offers from your credit card issuer about transferring a balance from another card to the one you have with them. If you use the card that’s offering the balance transfer, keep in mind that the promotional financing will only apply to the transferred balance — the interest rate on your existing balance still applies.

“Now you have balances at two different interest rates, which can get confusing fast,” said Gerri Detweiler, Credit.com’s director of consumer education, in an email.

If you pay more than the minimum payment, credit card issuers are required to apply the excess payment to the balance with the higher interest rate, meaning you may not be paying off that transferred balance. There’s an exception: If you made a purchase under promotional financing, you can ask the issuer to apply payment to that balance before applying money to a balance with a higher interest rate. Keep in mind that if you don’t pay off the balance with promotional financing — whether it was a transferred balance or a new purchase — within the timeframe of the promotion, you’ll end up paying interest on it.

Like Detweiler said, it can be very confusing.

“It’s best to use a card exclusively for a balance transfer if possible,” she said.

2. Overlooking the Cost

Transferring a balance from one card to another usually carries a 2% to 4% transfer fee, Detweiler said, so you have to do some math before committing to the transfer.

“It may still be a better deal than the interest you were paying, but you have to take it into account,” she said.

Jason Steele, an expert on credit cards and frequent contributor to Credit.com on the topic, said a common mistake people make is transferring a balance they could pay off in the next billing cycle. Part of the problem there is that people aren’t paying close enough attention to the terms of the card, but these cards aren’t always easy to understand.

“There’s not much information that the card issuers give on these subjects,” he said. “They’re just marketed as a 0% balance transfer.” You have to understand exactly what that means and how much it might cost you.

3. Failing to Plan

Steele said another common mistake he sees is people failing to use the card as an instrument for repaying debt. That’s the point of a balance transfer in the first place: Put the balance on a card with a lower interest rate so you can save money while paying it down. Because the interest rate will expire, you have incentive to pay the balance off faster. If you’re not doing that, what was the point of paying a fee to transfer that balance to the card in the first place?

Additionally, Steele said a lot of people think they can just get another balance transfer card if they don’t pay off the first one in time, but that’s not necessarily a reliable (or affordable) strategy. Getting a new credit card requires a credit check, and if you’ve opened a lot of credit cards recently or carry high balances, your credit may not be in good enough shape for another card approval.

Perhaps you’re sensing a theme: It’s really important to pay attention to the details with these products. You also need to watch the transition very closely, because it can get confusing to have been paying one issuer and now have to pay another, and you definitely don’t want to miss a payment during the switch. Late payments can knock a lot of points off your credit score and can hurt your credit for years. (You can see how your credit history affects your credit scores by checking them regularly — which you can do for free through numerous sources, including Credit.com.)

4. Procrastinating

Both Detweiler and Steele stressed the importance of the financing timeline.

“Either [they] don’t keep track of when the transfer period ends or they are overly optimistic that they can pay it back before it does. Then they can’t, and the real interest rate — which is much higher — kicks in,” Detweiler said.

Getting a balance transfer is just the first step of a months-long process of paying down debt and, ultimately, improving your credit. (This calculator can show you how long it will take to pay off your credit card debt.) As long as you don’t continue to rack up charges, are realistic about what you can accomplish and commit to your plan, you could see a drastic improvement in your debt and credit situation after using a balance transfer.

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This article originally appeared on Credit.com.

This article by Christine DiGangi was distributed by the Personal Finance Syndication Network.

How to Challenge a Debt Collector … & Win

A reader, Anthony, wrote to me to share the success he had in dealing with the debt collection issues he faced earlier this year. He started off with the goal of settling an old unpaid credit card, and ended up winning in court and getting his costs covered. He wrote:

“Hi Michael, I contacted you several months ago as I was being sued by a debt collection law firm for a [credit card] account that I had in 2008. I tried to negotiate the charge, which they calculated at $900, but original balance was only $600. I ended up hiring an attorney after they failed to negotiate. To make a long story short, they dismissed the case because they had no witness at which time my attorney objected and asked the court to pass on court fees and attorney fees to the collection agency. The judge ruled in my favor on the spot for the court fees, and instructed my attorney to file a separate complaint for attorney fees. By objecting, he stated that the collection law firm couldn’t come after me again. Thanks for your help and motivation to fight their efforts to sue!”

The majority of debt collection lawsuits are ignored, never contested, or not challenged effectively (some reports suggest more than 90% of lawsuits end in default or summary judgment).

From what I have seen in my many years of helping people resolve their debts — debt collectors are more likely to not challenge smaller balance lawsuits like Anthony’s, even if they’d previously refused to negotiate a fair settlement. Meanwhile, it is cost-prohibitive for a consumer to challenge the debt collector’s claims with one’s own attorney, when the cost of hiring an experienced debt defense attorney may end up costing more than paying the debt in full. And there are no guarantees that you will win. Having the judge pass the court and attorney fees along to the debt collector, like in Anthony’s case, then, is ideal for the consumer.

Dealing With Collections in the Courts

It’s important to be prepared when dealing with debt collection lawsuits and judgments. This resource checklist can also help you when you’re dealing with late-stage debt collection, or if you believe a debt collector has violated your consumer rights:

If your goal is simply to negotiate an affordable lump sum settlement, there are resources you can consult to help you through that process.
If you are looking for an attorney to help you defend against a collection lawsuit, you need to know that the vast majority of attorneys are likely unable to effectively assist you with your defense. Most attorneys just do not practice in this area, and over the years I have found that talking to the wrong attorney about your issues can do more harm than good. But there are some attorneys who focus on collection defense.
Look for an experienced debt defense attorney with the National Association of Consumer Advocates (NACA). Distance is not always an issue with these cases. Some debt collection defense attorney offices cover multiple states.
Contact a low-income legal aid office nearest you. Some of these offices do offer debt collection defense to people who qualify for low- to no-cost legal assistance.

It’s also a good idea to also make sure your debt hasn’t surpassed the statute of limitation. This chart lists the statutes of limitation by state. You may also want to check your credit reports to ensure the debt is being reported accurately, and to correct any errors. You can get your free credit reports every year from AnnualCreditReport.com, and you can get a free credit report summary, updated every month, on Credit.com.

There are additional things you can do to resolve debts with collectors, including picking up the phone to talk to collection attorneys and their staff. Anthony may not have had success with his efforts, but he did try that first. And countless others are able to get a result they can live with by simply opening up the lines of communication.

Everyone is welcome to post in the comments below for feedback. Please consider sharing your successes, failures, and other outcomes. It is important for people to hear about how others make out with late-stage collections when they are trying to decide what to do in their own situation.

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This article originally appeared on Credit.com.

This article by Michael Bovee was distributed by the Personal Finance Syndication Network.

8 Secrets to Getting College Scholarships

With the cost of college steadily increasing, paying for school can be seriously daunting to prospective students. Student loans may seem like the only option, but there are ways to get money for school that don’t have to be paid back … ever. Check out the following tips to help secure scholarships that can help pay for college.

Get Involved & Maintain Your GPA

One of the best ways to get help paying for college is by trying your best academically in high school and maintaining a high GPA. Joining a sports team, club or participating in community service will also help increase your chances. When you are involved or doing well in school, you are likely to get better letters of recommendation, which almost every scholarship requires. It’s important to select people who can provide specific details about your skills and positive traits. Be sure to give your references plenty of notice and time to complete these letters.

File a FAFSA

The Free Application for Federal Student Aid can go a long way when it comes to scholarships. The application opens each January and can help both you and review committees figure out which need-based scholarships you qualify for.

Start Early & Search Often

These are not just for high school seniors, you can start racking up scholarships as early as kindergarten and can even qualify once already enrolled in college. Plus, new scholarships are created regularly, so it’s a good idea to start researching scholarships early and revisit it often.

Check Everywhere

It’s a good idea to apply to every scholarship that you qualify for. In addition to searching online, check with your school librarian, guidance counselor and teachers. Plus it can be worth it to ask the leadership of any organization that you or a family member are involved with to see if they know of any scholarships. There are all sorts of unique opportunities out there and don’t be dissuaded to pursue less-known scholarships because these can be easier to win. And every penny counts when it comes to funding your college tuition.

Read Instructions & Qualifications Carefully

While you want to apply to as many scholarships as possible, it’s important to review the eligibility requirements of each one before you begin. This will help ensure you aren’t wasting your time on an opportunity you don’t qualify for. Once you are sure it could be a good fit, follow the directions carefully and avoid missing a necessary document.

Create a Calendar

Staying organized is really important when you are applying to multiple scholarships. Keep track of application deadlines with a calendar that marks important dates so you don’t miss any. Don’t forget that you will need letters of recommendation, transcripts and financial documents ready as well. Once you put the deadlines on your calendar, you can work backward so that you are asking for recommendations and documents early enough.

Personalize With Passion

When it comes to answering questions or crafting an essay, it’s important to tailor your application to the sponsor’s goals while personalizing your answers and showing your passion. Give examples and be specific. This is your chance to stand out from the crowd and really prove why you should be selected. Proofread and share with another person to eliminate spelling and grammar issues.

Make Copies of Everything

You want to be prepared in case anything goes wrong. It’s a good idea to keep a folder with photocopies of every scholarship application. This way you have a back-up copy that is easily accessible. Also, send the application by certified mail and request delivery confirmation so you know when the application is received.

There are many scholarships out there for students, from the broad to the very specific and the large to the small. The competition for these awards can sometimes be fierce but the benefits are often worth the time and effort of applying. The more you can reduce your need for student loans now, the better off you’ll be in the long run. (If you have student loans, or any kind of debt, you can see how it affects your credit by getting your free credit report summary from Credit.com, which includes an explanation of all the factors behind your score.)

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This article originally appeared on Credit.com.

This article by AJ Smith was distributed by the Personal Finance Syndication Network.

5 Questions You Should Ask About Social Security

social security benefits

A small church near where we live posted the following on their roadside marquee awhile back: “Jesus: The Only Social Security You Can Depend On.”

At the risk of being accused of blasphemy, I really question that claim — not on its religious merits (I wouldn’t dare get into that), but rather with the oft-heard complaint that our federal Social Security system is going to disappear faster than a football fan after a Sunday church service during the playoffs.

And it’s not just the church down the road that’s confused on that issue: A 2010 Gallup Poll found that six in 10 Americans who are not currently retired are convinced that by the time they do stop working, Social Security will be unable to pay them any benefits.

While our current Social Security system faces some financial challenges going forward, it’s important for everyone — regardless of age — to understand what they can and can’t expect from Social Security when planning for their retirement. Here are the key questions you need to ask and the answers you need to know.

1. How Secure Is Social Security?

Despite all of the dire political rhetoric, the Social Security system is sick, but far from terminally ill. At its current pace, the Social Security Administration predicts its trust funds will run out by the 2030s, at which point the benefits that are paid out will be cut by about a quarter.

That’s not good news, but keep in mind: The worst-case scenario is that future Social Security benefits may be reduced by about 25 percent — not eliminated entirely. Current tax revenues paid into the system are projected to be sufficient to fund reduced benefits at that level on an ongoing basis, even if the Social Security trust funds (i.e., big bank accounts generated from excess tax revenues since the mid-1980s) are exhausted.

And there are no shortage of viable, semi-painless plans to “fix” the system in order to avoid even that rollback in benefits, which is part of the reason politicians seem to be having such a hard time agreeing on one. In the end, that fix is likely going to involve some policy changes, both on the expense side (e.g., adjustments to the annual cost-of-living increase in Social Security benefits) and the revenue side (e.g., raising or even eliminating the cap on wages that are not subject to Social Security tax).

2. Can I Retire Comfortably on Social Security Alone?

It’s important to realize that the Social Security system was never intended to be the sole source of income for retirees. In fact, the system is designed to replace only about 30 to 40 percent of most people’s pre-retirement income. So, unless you’re a cheapskate like me and living on only 30 to 40 percent of what you currently earn, making ends meet on Social Security alone once you’re retired is going to be difficult.

Regrettably though, according to the Center on Budget and Policy Priorities, 65 percent of older Social Security beneficiaries receive the majority of their income from Social Security benefits; more than a third receive upwards of 90 percent from it.

So, the prudent plan is develop other sources of income to supplement your Social Security benefits during retirement, including individual retirement savings, employer pensions, and the possibility of continuing to work part-time or start a small income-generating venture of your own once you’re retired. The “cheapskate model” for retirement planning is to reduce your “essential costs” (e.g., food, housing, insurance, etc.) to the point where your monthly Social Security benefits will pretty much cover them, and then rely on other, more variable, sources of retirement income for discretionary spending.

3. At What Age Should I Begin Collecting Social Security?

That’s the question on a lot of people’s minds, and there’s no one “right answer” to it that applies to everyone. Knowing the correct answer would largely depend on knowing exactly how long you’re going to live. The conventional wisdom is to hold off as long as possible before you start collecting Social Security benefits, since the amount of those benefits increases if you start withdrawing them later (up until the age of 70, under current policies) rather than earlier. If you’re healthy and can afford to wait, a number of studies have shown that, statistically, you’re more likely to come out ahead — in terms of total lifetime payout — by waiting to withdraw Social Security benefits.

For example, if you start claiming benefits at age 62 (currently the earliest age one can claim benefits) at, say, $1,000 per month, that will increase to about $1,333 per month if you wait until you’re age 65, and to about $1,750 per month — a whopping 75 percent increase — if you wait until the maximum age of 70. But again, it all depends on your individual situation. My wife turned 62 earlier this year (don’t worry, she’s rightfully proud of her age), and because she wants to continue to work part-time and we’re in a position to invest rather than spend her Social Security benefits, it made sense for her to start withdrawing Social Security now.

4. How Can Stretch My Social Security Checks?

Giving advice on getting the most bang for your Social Security bucks has become almost a sport among many retirees, something I call “Social Security Stretcher’s Syndrome.” Beyond penny-pinching tactics like scoring senior discounts and clipping coupons, some of the most effective ways to really maximize and leverage Social Security benefits include:

Retiring debt free, including a paid-in-full home mortgage
Working to maintain good health
Having a spouse — or housemate — who also receives benefits
Living in a state that doesn’t tax Social Security benefits (there are currently 36 such states) and a locale with a lower cost-of-living (see the Bureau of Labor Statistics website)
Working part-time or starting a small business of your own once retired

On that last point, under current policies you can earn about $15,000 per year while withdrawing Social Security without experiencing any reduction in benefits.

5. Where Can I Find Out More About Social Security and My Benefits?

The website of the Social Security Administration is incredibly robust and user-friendly (read: “especially for a government website”). It offers both a wealth of general information on Social Security and how it works, as well as specific information on your Social Security account and projected benefits. Start at http://ift.tt/1JWnETd for an overview of the information and resources available on the Social Security Administration website, and then check out http://ift.tt/Tkm9Zp for a calculator tool that allows you to enter a few personal facts and your Social Security number to get projections of your benefits based on different retirement ages.

When it came time for my wife to actually apply for benefits, I anticipated a bureaucratic nightmare and tons of paperwork. But we logged onto the Social Security Administration’s website, and within five minutes, the simple application process was complete; a month later, her first benefit payment arrived as scheduled by direct deposit in our checking account. Seeing the amount deposited in our account, my wife was perhaps the first person in history to exclaim, “Wow! That’s so much more than we’ve been spending all these years — can we spend more now that I’m living on a fixed income?”

Ah, the joys of life when you’re married to a cheapskate.

This article originally appeared on GOBankingRates.com: 5 Questions You Should Ask About Social Security

This article by Jeff Yeager first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.

6 Tips for Buying Cheap Mother’s Day Flowers

Florists around the country are scrambling as they deal with a flood of delivery orders and Mother’s Day 2015 preparations. The National Retail Federation’s (NRF) 2015 survey confirmed that behind cards (at 80 percent of respondents) flowers are the next-most purchased gift for Mother’s Day, with 67 percent of respondents planning for this purchase.

Because of this high demand, finding flowers for Mother’s Day at a reasonable price might prove challenging for some consumers with a tapped-out savings account.

Despite tight budgets this year, consumers are expected to spend an average of $172 on their moms, a record high according to the NRF.

With designer floral arrangements being advertised by big-name wire services for upwards of $50 (not including delivery fees and other tacked-on charges), you’ll need the inside scoop on how to treat mom on her special day without sacrificing your rent or tossing out your budget.

How to Save Money on Mother’s Day Flowers

To get a hold of affordable Mother’s Day flowers, you’ll have to get creative. Here are a few confirmed tricks to surprise your mom with gorgeous blooms at a practical price.

1. Scan Daily Deal Websites

The daily deal boom from websites like Groupon, LivingSocial and Amazon Local deals are all about bringing you the best value for your buck. Like with any big holiday, these sites partner with major wire delivery services like Teleflora, FTD and ProFlowers to offer significant discounts.

For example, a couple years ago I received an Amazon Local deal to spend $20 on a $40 voucher for Mother’s Day flowers. Similar offers tend to run on daily deal websites starting about a week before Mother’s Day. As long as you carefully read the terms and conditions of the offer, you can potentially walk away with huge savings.

2. Name Your Price

If you’d rather speak to the florist in-person to design your floral vision, visiting a local florist is a good option. However, it’ll be easier to save money by naming your price at the service counter, rather than asking for a specific flower arrangement.

By asking your florist “What can I get with $20?” rather than “How much are two dozen red roses?” you’ll eliminate the back-and-forth guesswork of what you can afford, and your florist will be able to safely avoid going over your budget.

Keep reading: Frugal Celebrity Moms Reese Witherspoon and Sarah Jessica Parker Share Money-Saving Tips

3. Deliver the Flowers Yourself

If your mom lives fairly close by, you can save about $20 just by choosing to carry out your arrangement or bouquet, instead of having the florist deliver the flowers to the recipient.

This tactic will save money and give you the opportunity to see the surprise and delight on your mother’s face in person.

5. Shop at Farmers’ Markets

Because Mother’s Day falls on a Sunday, you might be able to take advantage of neighborhood farmers’ markets to grab fresh flowers for a fraction of what wire services charge.

This option presents a triple bonus as your mom gets a beautiful bouquet, you save money and you contribute to your local economy.

6. Choose a Colorful Mixed Bouquet

Unlike the stiff expectations for red, long-stemmed roses on Valentine’s Day, there is no Mother’s Day-specific flower type or arrangement. Since Mother’s Day falls in the middle of spring, any flower or mixed bouquet that is vibrant will do the trick. Also, there is no restriction for how they’re presented — vases, baskets or simple paper wrapping are all fair game for this day of recognition.

Finding Flowers for Mother’s Day

Even with Mother’s Day quickly approaching, there is still time to buy flowers for Mother’s Day without spending extra on overpriced bulbs or expedited orders. Whether you incorporate one or many of these suggestions, these tips take minimal planning to help you treat your mom to a day she deserves.

This article originally appeared on GOBankingRates.com: 6 Tips for Buying Cheap Mother’s Day Flowers

This article by Jennifer Calonia first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.