Business, Culture, Lifestyle, Money

P&G Good Everyday – It’s Our Home: Join the Movement to Protect Our Planet

Avatar by James Flores|Posted on | 2 minute read | Advertiser notice
P&G Rewards Program

*In a world facing mounting environmental challenges, the need for collective action has never been greater. P&G Good Everyday presents an empowering initiative that allows you to effortlessly contribute to the well-being of our planet.

By becoming a part of this impactful campaign, you not only gain exclusive rewards but also actively support charitable causes dedicated to environmental preservation. Let’s delve into the realms of P&G Good Everyday and discover how you can play a pivotal role in shaping a sustainable future for all.

Earn Rewards and Get Ready to Ignite Change

With P&G Good Everyday, your every action carries weight and purpose.

You can take the first step towards change just by joining the platform. Get rewarded in simple steps like immersing yourself in captivating quizzes, enlightening surveys, or even by simply scanning your receipts featuring P&G products. Each interaction accumulates valuable points, which you can later redeem for a plethora of exciting rewards. From coveted gift cards to thrilling sweepstakes entries, the rewards are as diverse as your engagement.

So, get ready to embark on this transformative journey, knowing that the more you participate, the more you earn.

Click the banner below to find out more!


Donations that Forge a Difference: Fueling Charitable Causes

At the heart of P&G Good Everyday lies an extraordinary commitment to championing charitable causes.

As you earn points and unlock rewards, P&G automatically extends its support to the very causes that resonate with your values. This profound gesture comes at no cost to you, effortlessly channeling resources to organizations that tirelessly protect our planet. By simply being a part of this program, you become an agent of positive change. It also helps in contributing to the safeguarding of our environment and the preservation of its awe-inspiring beauty.

Nurturing Our Natural Heritage: Planting Seeds of Change

By enrolling in P&G Good Everyday, you directly contribute to the restoration of our natural heritage. With each new member, P&G takes an extraordinary step towards reforestation efforts, planting a tree as a testament to your commitment.

Through your active participation in P&G Good Everyday, you play an integral role in restoring and preserving these essential ecosystems, ensuring a harmonious coexistence for generations to come.

Join the Movement, Empower Our Future!

P&G Good Everyday is far more than a mere rewards program—it is a movement that aspires to build a better world for future generations.

By engaging in this visionary campaign, you become part of a passionate community dedicated to safeguarding our planet. Remember, every action, no matter how seemingly small, possesses the potential for a collective impact. Through P&G Good Everyday, you hold the power to enact change and create an enduring legacy for the environment.

Play Your Part in Fostering a Sustainable Tomorrow!

As guardians of this precious planet, we bear a shared responsibility to embrace meaningful action. P&G Good Everyday empowers you to seamlessly integrate environmental stewardship into your daily life. By signing up, engaging with the platform, and redeeming rewards, you actively contribute to the charitable causes that safeguard our planet’s well-being.

It is time to join this remarkable movement and be an agent of positive change. Together, we possess the capacity to leave an indelible mark, crafting a sustainable future for all. Embark on this transformative journey by visiting P&G Good Everyday – It’s Our Home.

Let us pave the way towards a greener, brighter tomorrow!

*This post is sponsored and/or is an ad.

Finance, Money

5 Retirement Saving Strategies If You Don’t Have A 401(K)

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Retirement Saving Strategies

More than 42 million Americans don’t have 401(k) or another similar retirement plan. According to federal data, 14% of small-sized businesses don’t offer retirement accounts. While it is difficult to beat the employer contributions (free money) in a 401(k), you can use these tips to build a retirement nest egg.

1. Create your own 401(k)

You should consider setting up a one-participant 401(k) or solo 401(k) through an online brokerage. Make sure your boss changes your status so that the income gets reported on a 1099 form instead of a W-2 tax form. This way you can be categorized as an independent contractor and set up your own 401(k).

Solo 401(k) has the same rules as an employer-sponsored 401(k). You will have contribution limits depending on your age. With that said, you are both an employer and an employee as a self-employed business owner. You can make contributions as per individual guidelines, which will eventually increase the overall limits.

Your spouse is the only other additional employee you can hire and cover through this arrangement.

2. Get solid investment advice

You need pros for financial advice even if you are among the most conscientious savers. There are a few things that only professional financial advisors can grasp. Financial planners can have a look at your income and savings and help you organize your finances. They will carefully review your existing financial affairs to let you know where you stand. Financial pros will also offer recommendations to help you get where you want to be.

Financial planners have the necessary experience and training to make educated projections about the future. This insight allows them to offer solid advice on investments, savings goals, life insurance, mortgages, taxes, and retirement and wills. The best financial planners will take your aspirations and financial goals into account. They won’t try to hold you back from spending your money. But, will ensure that you spend wisely.

3. Consider an IRA

Individual retirement accounts (IRAs) are a traditional yet flexible tax-advantaged instrument. There are several benefits to opening an IRA depending on your income bracket. Any money you stash will grow on a tax-deferred basis, which means you don’t need to pay taxes on your earnings until it’s time for withdrawal.

In addition, your tax rate and gross income get reduced by IRA contributions which is helpful even more during a recession. You may become eligible for certain deductions, including medical costs by having a smaller adjusted gross income. If you expect to be in a higher income tax bracket on retirement, you may want to consider opening a Roth IRA. It’s easy to open an IRA account if you use an automated investing service.

4. Get a health savings account

Health Savings Account or HSA can help you save enough for retirement if your existing health insurance plan has a high deductible. The money in your account can be accessed anytime to pay for copayments, deductibles, and other qualified medical expenses. Moreover, you cannot use it to pay for insurance premiums.

If you don’t use the money, you can always invest it. HSA balance can be carried to the next year and grows tax-free. You can have a nice golden nest egg if you combine your HSA with an IRA. HSA is one of the better retirement savings strategies since any contributions you make are tax deductible. You should ask your insurance provider or banker about opening an HSA.

5. Persuade your employer

If you don’t have a 401(k), you should try to speak to your employer. It never hurts in asking. Moreover, make sure you do your research first. There are several plans available depending on the size and type of business. You may want to zero down on a few plans that are a right fit for you and the business. Make sure you find plans that don’t require a lot of paperwork or time and effort.

You may also want to rally a few coworkers since there is always strength in numbers. Your employer may not readily agree to a plan. But, over a period of time they may come to realize that a retirement plan is important to their workforce. Don’t forget to harp on the employer benefits of contributing to a 401(k). There are tax incentives for employers that sponsor plans which is great during high inflationary times.

Even if you don’t get anywhere with wheedling your employer – it’s worth a shot. Don’t push the issue too hard though in the times of layoffs. You may have to wait until times are better.

Finance, Money

7 Tips To Streamline Your Personal Finances

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Streamline Your Personal Finances

Are you tired of feeling overwhelmed and stressed out by your personal finances? You’re not alone. According to the American Psychological Association, money-related stress is a major source of anxiety for 72% of Americans. And financial stress is something that can affect all areas of your life – mental and physical health, relationships, and even job performance.

With such a widespread impact, it’s no wonder that more and more people are looking for ways to streamline their personal finances and alleviate some of the stress associated with money management. Thankfully, there are plenty of simple yet effective tips you can follow to take control of your money. Let’s take a closer look at them.

Minimize the Use of Cash

While not using cash entirely may not be feasible for everyone, it can be a useful strategy for some people to streamline their personal finances. Even though cash transactions are the most frequently used payment method in the country, they can be cumbersome and less secure than digital payments, as they require you to physically carry and exchange money. In addition, cash transactions can be more difficult to track, which can make it harder to keep track of expenses and create a budget.

By using credit or debit cards, online bill pay, and mobile payment apps, you can simplify your finances and have more control over your spending. Digital payments can also help protect against fraud and theft, as they offer stronger security measures than cash.

Utilize Financial Apps and Tools

A recent survey by Mastercard revealed that nine out of ten of their users across America and Canada use financial apps to manage their finances. Apps like Mint, Personal Capital, and You Need a Budget (YNAB) can help you track your expenses, monitor your investments, and create a budget. In addition to mobile apps, there are also various online financial tools available, such as budget calculators, retirement planning tools, and debt repayment calculators. Consider using these tools to gain a better understanding of your finances and make more informed decisions about your money.

Maximize Your Savings

One of the easiest ways to build a strong financial cushion and prepare for future expenses is to maximize your savings. You can do this by setting up automatic transfers to a high-yield savings account, so money automatically goes into it without you even thinking about it. You can also reduce unnecessary expenses, such as eating out or shopping for non-essential items, to free up more money for savings which is vital during a recession.

Another strategy is to take advantage of employer-sponsored retirement plans or individual retirement accounts (IRAs) to save for retirement. By saving as much as possible, you can achieve your financial goals more quickly and with less stress.

Consolidate Your Debts

Consolidating your debts means combining multiple debts into one payment, typically with a lower interest rate or more favorable repayment terms. This simplifies your finances and can save you money in interest charges. Some common ways to do this include balance transfers, personal loans, and home equity loans.

Balance transfers involve transferring credit card balances to a card with a lower interest rate, while personal loans offer lower interest rates than credit cards. Home equity loans allow you to borrow against your homes’ equity. Consolidating your debts can help you pay off your debts faster and more efficiently, allowing you to get your finances back on track which is even more important in these high inflationary times.

Review Your Insurance Policies

Taking another look at your insurance policies may help your finances by ensuring that you have adequate coverage at the most affordable rates. You can compare policies and premiums from different insurance providers to find the best deals.

You can also adjust your coverage amounts or deductibles to meet your current needs and budget. Doing this regularly can also help you identify any gaps in coverage or outdated policies. This is critical so you don’t end up paying more than you need to for insurance and are fully protected in case of an emergency or unexpected event.

Monitor Your Credit Score

Finally, you can simplify your finances by keeping an eye on your credit score to stay informed of your creditworthiness. This can also help you identify any potential errors or fraudulent activity on your cards. You can access your credit report for free once a year from each of the three major credit bureaus (Equifax, Experian, and TransUnion), or sign up for credit monitoring services to receive alerts of any changes to your score.

A higher credit score can lead to better interest rates and loan terms, potentially saving you money in the long run. Staying on top of your credit score can also help you take steps to improve it over time and ensure your financial health.

Automate Your Bill Payments

The simplest step you can take right away is setting up automatic payments for all your recurring bills, such as rent, utilities, insurance premiums, and other monthly bills. The payment amount will be automatically deducted from your bank account or credit card on the due date. This will not only ensure that your bills are paid on time without you having to lift a finger, but it will also reduce the risk of missing a payment or incurring interest charges.

Finance, Lifestyle

Tips To Boost Your Credit Score Fast

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
credit score

A good credit score is one of the most important weapons in your financial arsenal. It tells loan officers that you are a responsible borrower who can afford to pay off personal debt. The higher your credit score, the better your chances that you will receive favorable loan terms when you apply for personal credit, such as a mortgage or a new car loan. 

Whether you want to buy a house or just need some improvement in your current credit standing, boosting your credit score can be valuable in times of high inflation and high energy costs. To help, we have compiled this list of quick tips for improving your credit score.

Make Timely Payments on All Debts

The first step to building a solid credit score is ensuring you make all your payments on time. If you have multiple credit accounts, making due dates a priority is vital. Adding these due dates to your schedule can help you stay on top of payments and avoid late fees. 

All late payments are counted against you on your credit report, and missing even a single payment can cause severe damage to your credit scores. You should also apply for new lines of credit only when you are ready to use them responsibly—opening accounts without a plan is risky and could hurt your credit score if you’re not careful.

Besides, the best way to maintain a good debt-to-credit ratio is by paying more than the minimum due each month. This not only gets rid of your debt faster, it will also help you avoid late payments and other costly penalties.

Limit New Credit Applications and Keep Old Credit Accounts Open

Banks perform hard inquiries into your credit report when you apply for new credit (i.e., a credit card, a car loan, or a mortgage), and the inquiry can temporarily lower your score. 

This is because the inquiries indicate to lenders that you’re looking to take on more debt, making them leery of lending to you—even if you’re an excellent credit risk. The best way to avoid these inquiries is by keeping old accounts open—the longer you have an account, the more it will positively affect your score.

At the same time, you want to limit new credit applications as much as possible because each one results in another inquiry. Since most people are responsible with their finances and don’t tend to ask for new loans too often, there’s no need to open up too many cards at once. 

If you need a new line of credit, close an old account before applying for the new one so that you have fewer accounts on record. In addition to limiting inquiries when it comes time for a new loan, it’s also important to keep older accounts open for as long as possible. The longer you have an account, the better your score will be.

Consolidate Your Debt

Consolidating all your debts into one single monthly payment will help you save time, effort, and money. Here’s how it works: if you’re paying off multiple loans and/or credit cards each month, having more than one creditor requires more time to track payments and budgets. 

In addition, if one loan starts making late payments, it can have a chain reaction on all other loans. Consolidating allows you to have just one creditor and only one payment due each month. As a result, you’ll save time by no longer having to deal with multiple creditors and the hassle of tracking multiple bills.

Monitor Your Credit Report & Dispute Any Errors

Your credit report is a snapshot of your financial history, and most banks and lenders use it to determine whether you’re someone they want to do business with. That’s why it’s essential to ensure your report is accurate. Not only can wrong information on your report make you look like a higher credit risk than you actually are, but the process of correcting that information can be tricky and time-consuming. 

To protect yourself, you should check your report regularly for any errors affecting your score. If you find anything that looks wrong or out-of-date, or if you’re being charged for something you don’t recognize (like a late payment on a debt that’s already been settled), you can dispute it. 

If you find any errors on your report, you’ll need to contact the credit bureau directly and submit a dispute form by mail or online. You can also submit supporting documentation along with your complaint.

Finance, Money

How To Avoid These 7 Budget Disruptors In 2023?

Avatar by Benjamin Roussey|Posted on | 4 minute read | Advertiser notice
Budget Disruptors

Budget busters are quite different from your regular monthly expenses. These are extra, unexpected indulgences that get added on top of the essential things you need to get by. Whether you’re new to adopting a cost-conscious lifestyle or hoping to brush up on the latest budgeting strategies, here are some of the notable budget disruptors you should be mindful of and how you can deal with them.

App Purchases

App purchases are easy to make without thinking about how much they cost. And once you’ve spent money on apps, they’re even easier to justify because it’s just a couple of bucks. Of course, who can resist when an app feels like it’s just a dollar? You’ve probably downloaded apps that you thought were free, only to be greeted by the dreaded “Buy Now” or “Upgrade to Premium” button.

Sift through your mobile apps to ensure that your purchases aren’t subject to in-app purchases. If you are on a budget, be mindful of how many apps you upgrade in a month.

Buying Coffee Every Day

While it’s true that coffee can be a delicious, life-giving force, it can also have an insidious way of taking over your life if you’re not careful. For one thing, it’s expensive—at $5 per cup at a typical coffee chain, you might spend $30 or more per week on coffee alone. That’s a hefty amount to be forking over for the privilege of staying awake.

Instead of going down this slippery slope, take advantage of free coffee from your office. You can also invest $20 in an insulated travel mug that keeps your coffee hot for hours. Not only will this save you money by limiting how much you spend on coffee each day, but it can also have positive effects on your health.

Credit Card Interest Charges and Fees

It’s easy to fall prey to an exorbitant credit card bill when you don’t know how to avoid the extra fees. Interest charges are often the most common and least-understood culprit of high credit card bills. Besides, many people don’t know they’re paying thousands of dollars in hidden expenses because credit cards levy extra fees for late payments, returned checks, foreign transactions, and so on. Even if the economy is roaring like it was in 2017 and 2018, for instance, this is not something to write home about.

The easiest way to avoid these charges is to pay off your balances in full each month. If this isn’t possible, try to manage your balance to stay as close as possible to zero. And no matter your situation, be sure to track your credit card activity regularly so that you know exactly what’s going on with your accounts.

Movie Rentals and Streaming Subscriptions

As the cost of cable continues to rise and the availability of content on streaming services increases, more and more people are choosing to watch movies or shows with a digital subscription. The convenience of watching whatever you want from the comfort of your home is hard to beat. Based on this, this change in viewing habits can be costly.

Always return all movie rentals (Redbox) on time. If necessary, set a reminder on your phone to notify you when the due date is approaching. You can also switch to cheaper streaming services for entertainment.

Flash Sales

When you’re on a budget, taking advantage of a flash sale can be tempting. For example, a website offers a product you want at a meager price—such as $40 off an item that normally retails for $200. You might even justify it by saying, “It’s a one-time thing, and I need the product, so I’ll just buy it now.” But then you get home and realize that the budget you set for yourself was actually $100—and now you have to make up the difference.

The best way to combat this is to set your budget before shopping. Don’t let extraneous items squeeze your budget to the breaking point. Think of flash sales as something fun to browse—but always set your budget first. This is even more important in times of high gas prices and runaway inflation.

Eating Out Too Often

Eating out and ordering in can be a way of life for many people, but staying mindful about your spending is essential. Every time you eat out, you’re paying for the labor involved in preparing and serving your food and any costs associated with utilities & maintenance. So even if you’re not eating out every day, it can easily slink into your budget, whether grabbing lunch during your break or treating yourself to a night out with friends.

Reevaluate your habits. Instead of going out for lunch daily, pack a healthy sandwich or salad at home and bring it in a lunchbox. Order a less expensive item from the menu, such as soup or salad—instead of ordering an entrée or appetizer to save money on dinner.

Charitable Donations

The appeal of charitable donation buckets at stores and shopping centers is undeniable, but often you don’t know where that money is going or how much of it will actually get there. While donating a few dollars here and there might feel good, it can add up to a significant amount over a year.

Don’t feel pressured into giving money to charity just because the cashier in the mall wants you to. If you have already budgeted for charitable donations, then that could be enough. You should look at legitimate charities such as The Knights of Columbus or the American Legion, for example.

Finance

5 Steps To a Financially Strong New Year

Avatar by Benjamin Roussey|Posted on | 4 minute read | Advertiser notice
Financially Strong

Many people make New Year’s resolutions to become more financially fit. After all, financial fitness is indeed vital to achieving happiness and security in life. But building passive income, investing for retirement, lowering debt — these types of resolutions are harder to accomplish. Here’s a five-step plan to help you develop the habit of creating and sticking to long-term goals and change the course of your finances for years to come.

Reassess Your Budget

As high inflation has forced many households to allocate more for essentials like groceries or gas, it’s imperative to reassess your budget as part of this process. You may be surprised by how much you’ve changed since creating your last budget, or you may find that your current budget is still perfectly suited to your needs. Either way, it’s worth taking some time to evaluate where you are now and what you want to get out of the upcoming year.

First, list all your income sources, including salary, bonuses, and dividends from investments. Next, do the same for your expenses—this will probably include fixed and variable costs. Finally, consider what you want to spend money on in the coming years—it’s often helpful to divide this into goals like saving for retirement or buying a car in the next few years. Remember, you cannot just spend money like the federal government does and worry about paying it back decades from now. We all wish we can print money like the feds do but we simply can’t.

You can create the perfect budget by creating a complete picture of what you have available, where it’s going, and how much you want it to go toward future goals.

Create an Emergency Fund

An emergency fund is an important aspect of any financial plan because it helps protect against unexpected expenses and liabilities. Accidents, illnesses, or other unforeseen circumstances can throw off any household’s balance sheet. Having an emergency fund will ensure that unpredictable circumstances don’t derail your goals. 

Set aside enough money in a savings account or certificate of deposit to cover three months’ worth of expenses—including fixed costs like mortgage payments and variable expenses like groceries. If this seems like a lot to put away every month, start with whatever you can afford—you can always add more as time goes on. Just remember to keep your emergency fund separate from other accounts to avoid dipping into the account for non-emergencies.

Manage Your Debt

There’s no point in waiting to tackle your debt after the holidays. If you carry balances on your credit cards, daily purchases can quickly snowball into long-term debt that could take years to pay off—or even require you to shell out more money in interest than the original sum of the purchases you made. But if you anticipate a year-end bonus or raise, why not use it to pay off your high-interest debt first? 

Next, consider consolidating your remaining debt into a single loan with reduced interest rates. With refinancing, you might get one monthly payment instead of managing several different credit accounts with varying due dates and minimum payments. 

Taking action early in the new year will give you time to make adjustments before the next set of bills rolls around—you’ll have more control over your financial situation which is vital during the era of high costs. In 2018, for instance, we did not have these issues, but they started to be relevant to us in 2021 and they may not go away until 2024. Maintaining harmony in your financial life is critical for more reasons than one. 

Optimize Your Portfolio

If you’re like most people, your portfolio might be split up among mutual funds, retirement accounts such as IRAs and 401K, stock certificates and the like. You may even have a few individual stocks. A well-balanced portfolio, or a mix of investments, does more than just keep your money safe and grow over time which is vital during a time of high gas prices. We may have high gas prices until 2024 when we can start to drill again but this is even more of a reason for you to invest properly and to save money. 

It also ensures your hard-earned cash is working for you at an optimal level to give you control over your finances. Evaluate and reevaluate every asset you own, from stocks to real estate to any other financial asset, for its potential and risks. Get rid of any investments that aren’t working for you. But don’t make any drastic changes to your portfolio until you’ve given yourself enough time and information to feel confident in your decisions.

Prioritize Your Wellness

The rising cost of healthcare because of the lack of competition can make anyone anxious. It’s no longer a small bill at the doctor’s office; it is an enormous debt from healthcare plans, prescriptions, and other necessary treatments to maintain everyday life. While they say good health is priceless, there are undeniable facts that prove that this expensive commodity has a hefty cost as well. So, make sure your insurance plans have been reviewed. 

Having a plan for where you and your family will be covered for healthcare should be a priority. Review your long-term financial health next. This is one area we don’t tend to pay enough attention to, even though it’s probably the most crucial element of our finances. And because we’re living longer and working longer, keeping our minds and bodies healthy is just as crucial to our personal welfare as making money is to our financial well-being.

Finance

Five Financial Tips For The New Year

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
financial tips

New Year brings hope. People make New Year resolutions according to their priorities, and the changes they want to bring in their lives. The coming year can also be the start of great financial success for you. Here are five time-tested financial tips to give a new direction to your personal finances in the New Year.

Set Goals

Set realistic, achievable goals. Think about your priorities. Do you need a new car, or are you better of clearing your existing debts which could be higher now because of inflation? Don’t just will to invest more, but think about how much you can afford to invest. If you want to increase your savings, think what you can do without.

  • Evaluate your priorities: What do you want in the new year; is it important? Can it wait?
  • Set your goals: Think of what you want to achieve; what you may have to forego.
  • Assess the time: How long will you be paying for it?

Once you have set measured goals, you can set a monthly budget accordingly. You may have to rework your other priorities, so be clear about the order.

Make a Budget

A budget helps you reduce unnecessary spending, and direct your funds to what’s really important for you and your family. Keep a track of all your expenses, big and small. A record of each dollar spent will show you where your money is really going. It can be an eye-opener – certainly in the age of high gas prices.

Understand your spending patterns, which can fall into a couple of broad categories:

  • Fixed Expenses: Recurring expenses like rent, EMIs and subscriptions, etc.
  • Variable Expenses: Expenses that change like food, clothes, gas, recreation                        

Check your recent bank statements to get specific inputs about where your money goes. This can show you the difference between how much you make and spend. You can allocate the difference towards achieving your goals.

Manage Debt

Loans can be a good way to acquire things you may not be able to buy upfront, like a house. But EMIs can hold you back from achieving your other objectives. The interest amount can really affect your finances. With that said, repaying your debt should be a top priority. There are two ways, in which you can better manage your debts.

  • Consolidating: This involves combining all your loans into one. You may become eligible for a lower interest rate. It certainly makes it easy to remember just one EMI per month.
  • Listing: You can list your debts by balance and interest. When you list by interest, pay the minimum on all but the highest interest loan; try and pay something extra each month. When you list by balance, try and make extra payments on the smallest loan.

Making a plan to manage your debt help you better understand your financial situation, and how the debt affects your life.

Savings vs. Investment

It doesn’t always have to be one or the other. With savings, your money grows with interest, but nothing else. You have something in the bank for a rainy day. Investments can make your money grow faster, but can also make you lose money.

Time is money if you invest in 401K or Roth IRA. Your money earns interest, and after some time, the interest earns interest. This is called compounding interest. Over many years a small fund can grow into a substantial amount.

In accumulation of this, you must always have an emergency fund in the bank. This is may consist of three to six months’ living expenses. This can help you tide over crises without putting you into deeper debt. You may also want to put something away for upcoming events.

Be Flexible

Change is the only constant in our lives. Your circumstances may change; you may get a better job, or get laid off; you may win a lottery; or lose money in the stock market. This means you may need to postpone some goals, or the situation may put you on a new track to achieving the goals faster.

If things are better, you can even add to your current financial wish list for the forthcoming year. Be prepared to monitor your financial plan regularly, and tweak or redo it, if needed. You may not be able to strictly as per your plan. You may stick to your budget in some months, or exceed it. That’s ok as long you stay on course with your New Year financial resolutions for the whole year and beyond.

Finance

6 Benefits of Budgeting Your Finances

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
budgeting your finances

Budgeting is non-negotiable when you want to manage your money judiciously. While budgeting is not perfect and will not solve all your financial woes, it is crucial to have a healthy financial life.

Many people mistakenly assume that budgeting is something you do when you are strapped for cash and living paycheck to paycheck. Not quite, budgeting can actually help even when you are making a significant amount of money. It can help you make the most of every dollar and enable you to save money that you would not otherwise be able to.

Prevents You from Overspending

Failing to plan for your financial well-being can make you susceptible to overspending. If spending is a problem for you, start working with a budget. When you know how much money you have coming in each month, you can see if there are any areas where you’re overspending without realizing it.

For example, when you put together a monthly budget, it might become clear that there are extra monthly charges on your credit card bill — maybe because of subscriptions or memberships that could be canceled without affecting your life too much. Using a budget to help direct your spending will ensure that the majority of your paycheck is applied towards paying off debt rather than simply being used on a whim.

Helps with Long-Term Savings

Saving for the future is an admirable goal that most of us have at some point. When you know exactly where your money is going each month, saving for more significant expenses like vacations or down payments on homes becomes easier. You can also set aside money for emergencies or unexpected costs that might come up during the year — like car repairs or medical bills — without having to rack up credit card debt to pay for them.

Makes Saving Easier

Today’s lifestyle makes it hard to save money because so many temptations and luxuries get in the way of our goals. People without a budget tend to spend more than they earn. By finding multiple areas where you can cut back, you’ll have more money to put away in savings.

You can have your money automatically withdrawn from your checking account into an investment plan or savings account. You will eventually achieve your financial goals by consistently saving a portion of each paycheck which is awesome during these high inflation times.

Offers More Flexibility

The great thing about budgeting is that you don’t need an exact idea for every expense when it comes to financial planning. If you only have a ballpark idea of your finances, you can develop a budget to help guide your decisions in the coming weeks and months.

There’s no reason to wait until you’ve got everything figured out to start working toward your goals—you can develop a budget based on your best guess and factor in any changes as they occur. It’s not going to be perfect, and that’s okay.

You can adjust your budget as new information comes in and as your circumstances change. The important thing is that you have a budget—it helps ensure you’ll be able to stick to your plans, even if some details are flexible.

Accelerates Your Financial Independence

Many people get frustrated with budgeting because they see it as a chore, but it is really an exercise in setting and achieving goals. When you start thinking about your monthly goals within the framework of budgeting, you can more easily set effective budgets and reach those goals faster.

For example, one of the most common financial goals is to save up to buy a house. To accomplish this goal, you first need to set a specific dollar amount that you want to put towards buying a home every month. Then, you need to create a spending plan for everything else in your life so that when it’s time for you to put money towards your house fund, there are no holes in your budget which is critical when gas prices are so unappealing.

Gives You Greater Control of Your Money

It’s easy to feel out of control with your spending when you don’t know what you have available. You can bury your head in the sand until it’s too late, or you can put a budget into place and make a plan for your financial future. To plan properly, you need to know what is going on with your money today.

Budgeting lets you see your income, spending, and expenses on one simple number. Once you have this number in hand and can see where your money is actually going, you’ll be able to easily adjust your budgets and expenses as needed to get more of what matters most out of life.

Finance, Uncategorized

7 Strategies to Clean Up Your Finances in The New Year

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Your Finances

The year is almost gone and whew, what a year it has been! Like most people, you’ve probably also been a busy bee – saving, spending, collecting rewards points, paying off bills, and dealing with inflation and high gas prices – problems we have not had since the late 1970s. So, with the New Year just around the corner, now is a great time to de-clutter your finances and start taking steps towards a better financial future.

In this post, we have compiled a list of 7 strategies you can implement today to clean up your paperwork and accounts and make the most of your money. 

Make Retirement Planning A Priority

When it comes to getting your finances in order, most people tend to neglect their retirement planning especially if they are in their 20s or 30s. It is crucial, however, to remember that the sooner you start saving for your golden years, the more moolah you’ll have, thanks to the miraculous phenomenon known as compound interest. 

Calculate how much money you’ll need to save for a comfortable retirement, then create a realistic plan to put away the necessary amount each month. Better yet, automate the retirement savings transfer so you won’t even have to think about it. 

Sort Through All the Paperwork

This is also an excellent time to get your financial documents organized and filed properly, so they will easy to access when you need them during the tax season. If you don’t have enough space to organize all of the paperwork, you can scan the documents like expense reports and receipts, and store them digitally. Please make sure that you create backups of those digital files, in case your computer/hard drive crashes.

Clear Out the Debt

If you have a high amount of debt or high-interest rates, create a plan to pay it all off as soon as you can. You can start with debt with the highest interest, and then start applying more each month to it until you are in the clear.

This may sound like easier said than done but with a good plan, it’s very much possible. Find a way to double down on your payments – this can mean reducing your expenses, asking for a promotion at work, or starting a side hustle or taking another, part-time job. Working is good, it’s healthy, and all the facts indicate this.

Save For A Rainy Day

The last couple of years have shown us that life is unpredictable and you never know when you might need to face a financial difficulty. Make sure you are always prepared for such a situation without having to fall behind on your mortgage/rent payments or take on more debt. Your goal should be to have at least 3 to 6 months of expenses saved up. Calculate an amount that you can set aside each month and automate that deduction. 

Check Your Credit Report

A sunny credit score is that Holy Grail that can allow you to borrow money when you need it and get it lower interest rates. Take a thorough look at your full, yearly credit report to check if it has any errors. According to Federal Trade Commission, 5% of people have major errors on their credit report that can lead to loan application rejection, and 25% of people have some sort of minor errors. 

Evaluate Your Monthly Budget

Take a good look at your spending habits of the last few months and make note of your spending habits. Have you been spending too much money for one category (say, dining out) and not enough for another (say, saving)? Where can you cut back?

If you want to save more or reduce your expenses in one area, create a realistic plan to make it happen. For example, use only cash for all of your spending needs; no checks, debit, or credit cards are allowed. And when you are planning for a vacation or a birthday party, come up with a budget for it and plan ahead, so you don’t overspend.

Evaluate Your W-4 (Employee’s Withholding Certificate)

Look at your W-4; you may want to withhold less taxes. If you generally receive a tax refund, it’s wise to consider having less tax withheld. Think about it – this money has been essentially handled by the government all year long when you could have invested it or used it to launch a business or added it to your emergency fund. 

Use the IRS Tax Withholding Calculator to see if you can claim more allowances and have more money with each paycheck to save for emergencies. However, be careful, if you fail to withhold enough money, you will owe to the IRS which is never a perspicacious idea.

Money

9 Worthwhile Ways to Spend Your Money

Avatar by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Spend Your Money

It can be tempting to spend all your money on a fancy new something or a big night out. However, there are several smarter ways of spending the cash you have. You may want to consider the fact that the way you spend your money may affect the level of your happiness. You may think that buying that large screen TV or a bigger car is a worthwhile purchase, but it may not provide you the most smiles for your buck.

These are a few worthwhile ways of spending your money.

1. Pay off Your Debt

The best way to spend your money is often the easiest and something that will help you in the long run. You should pay off your student loans, credit card debt, and other bills which may have increased during the Covid-19 or Wuhan virus pandemic. Debt repayment often offers the best return on money. You need to know that the typical credit card may have a 15% interest in a year. This may not seem like the most exciting way of spending your money, but you would appreciate this in the long run. It is a win-win situation to not think about paying more interest while reducing your debt.

2. Spending on Hobbies

Passive forms of entertainment will only get you so far. You may want to relax in front of the TV (Bosch, 24, Ray Donovan) sometimes, but you shouldn’t be habitual of it. Try spending more on yourself and in developing hobbies. You can always buy board games, tools, or a musical instrument to get the creative juices flowing.

3. Spending on People You Love

Money can buy a lot of happiness as long as you know the people you want to spend it on. Satisfying relationships, happiness and gifts are strongly correlated. It can be expensive maintaining relationships with family and friends. For instance, if your family doesn’t live close to you, you could seriously drain your savings visiting them which is not good when energy and food prices are increasing because of current policy. Being invited to an offbeat wedding is another way of losing a lot of money.

4. Spend on Job Training or Education

You are the greatest asset you can invest on. Job training and education are often essential for getting the job you want. This may also help in seeking promotions at your current work. You may find this obvious, but if you are satisfied with your job, you would anyway tend to be happier.

5. Purchase Sporting Goods

Exercise and happiness go hand in hand with one another. It is scientifically proven that exercise releases endorphins and other chemicals in the brain that makes you feel good. Additionally, being physically fit is just going to make you feel better on top of regular prayer.

6. Taking a Vacation

Everybody requires a decent holiday at least once a year. This is to ensure that you break the monotony. However, you should know that holidays can get expensive really quickly. Your financial goals may get messed up if you don’t plan for the vacation. However, holidays are one of the best ways to spend your money on.

7. Eating Healthy

Healthier food is definitely more expensive than regular food. But, this is an expense that makes sense. You would feel better when you eat healthier making the additional payment worthwhile. Health is something you would miss only when you are not longer fit. It is better to be proactive and take care of yourself.

8. Saving for an Emergencies

Another way you can make use of extra cash is by creating an emergency fund. Life doesn’t always work out the way you hoped it would. By creating an emergency fund, you can have access to quick cash whenever you need it. The minimum amount you should put in your emergency fund should be at least $1,000. The average person needs this kind of money if they are without work.

9. House Remodeling

Investing in your home will bring you the same happiness that investing in yourself would. A house is one of the largest financial assets that a person may own. You could use any money you have saved up to beautify the outside of your home. You could also add energy efficient features to your house. Improving your home is a sound investment and will increase the quality of your life. This can improve your financial future by boosting the resale value of your house and perhaps even make a friend or relative a little envious along the way! Nothing wrong with that!