Search Results for: budget

Now Is the Perfect Time to Increase Your Pantry

June 1, 2020 By MelissaB 1 Comment

In the first few months into the global pandemic, you might have had trouble finding the food you prefer to eat. However, now that the supply chain issue seems to have eased, finding the particular food you want to eat is easier. That means now is the perfect time to increase your pantry.

Why Now Is the Perfect Time to Increase Your Pantry

There are several reasons why you might want to consider increasing your pantry goods now.

You Should Have at Least a Two-Week Supply of Food

If you do happen to get COVID-19 or get exposed to it, you will likely either be unable to leave the house or need to quarantine for 14 days. That means you should have at least that many days of food in your home because you won’t be able to go to the store.

Keep a Stock of Specialty Foods

If you have food allergies or intolerances, having an ample pantry is even more important. For instance, if you can’t have gluten or dairy, there are many items you can’t eat. You can’t go to the store and buy whatever foods you may find on the shelf as other people can.

Take the time now to stock up in case there is a supply shortage later.

The Supply Chain May Be Broken

Now Is the Perfect Time to Increase Your Pantry — Photo by Annie Spratt on Unsplash

In our city, the local UPS hub has nearly 50 cases of coronavirus, and the union wants to temporarily shut down the hub. Like many people, I’m trying to avoid going to the store by buying items online. Now, if our UPS hub closes for a few weeks, I won’t be able to get many of my orders. Having a pantry and freezer full with enough items to feed my family for a few weeks or a month gives me peace of mind.

States May Shut Down Again

No one knows what will happen in the future. If cases of the virus continue to climb, government officials may have no choice but to shut down the states again. If that happens, there may be another run on groceries as there was the first time the states started to shut down. You don’t want to be in the same position you were in March when there were very limited groceries to buy and the shelves were bare.

How to Stock Up

Of course, you don’t want to be a hoarder. Be prudent and fill your pantry and freezer with enough food to last for a few weeks.

If you don’t have a lot of extra money in your grocery budget (and who does right now as the price of groceries continues to rise?), stock up little by little. Maybe one week buy a few extra pounds of beans. The next week, buy a few extra cans of veggies and fruit. Each week that you do this, you’ll be expanding your pantry. In addition, you won’t feel the financial hit as much as if you bought everything in one week.

Final Thoughts

Having a full stocked pantry is always a good choice, even in normal times. In the time of a pandemic, which we currently face, now is the perfect time to increase your pantry.

Dell Pauses Employee Benefits to Cut Costs

May 25, 2020 By MelissaB Leave a Comment

As the COVID-19 crises continues around the world, the United States continues to see economic fallout. While restaurants, bars, gyms, and other service sector employees had to layoff employees during the early days of the pandemic, now, many white-collar employees are also feeling the pinch. Many universities have had to furlough employees, and recently, even the computer industry is taking significant cost cutting measures. Specifically, Dell pauses employee benefits to cut costs.

The Cuts Dell Is Making

Beginning June 1^st, Dell is making cuts to several of their many employee benefits.

Retirement Contributions

Dell will not be contributing to their employees’ retirement funds for at least the remainder of the fiscal year. (Dell’s current fiscal year ends on January 29, 2021.)

Dell typically matches the employees’ 4% retirement contribution the first year of employment, then bumps that amount to 5% the second year, and 6% the third year of employment or up to a $7,500 a year match.

However, in an effort to preserve cash, Dell will temporarily halt this benefit.

Internal Promotions and Raises

Dell Pauses Employment Benefits to Cut Costs — Photo by Headway on Unsplash

Also beginning June 1^st, Dell will temporarily stop internal promotions and raises. Once again, these actions are expected to last at least through the end of the fiscal year.

Employee Incentives

Dell has an internal employee incentive program where employees can earn “inspire points” that they also paused. With this program, employees receive commendations from bosses and colleagues and can use the points to buy gift cards and other items.

The Cuts Dell Has Not Had to Make

While Dell is signaling that they are proactively protecting their cash with these cuts, there are some significant measures they have chosen NOT to take.

No Furloughs

Unlike many companies, Dell is currently NOT furloughing employees. All employees have kept their jobs.

No Pay Cuts

Many companies and industries, such as higher education, have had to cut their employees’ pay. Thus far, Dell is avoiding that. While employees won’t be eligible for promotions or raises for at least the next seven months, they are not, so far, getting their pay reduced.

Employees Aren’t Alone

Dell pauses employee benefits to cut costs isn’t the first cost-cutting measure implemented by the company. Effective the second quarter, which began May 2, 2020, Dell Technologies CEO, Michael Dell, forfeited his base pay, estimated to be approximately $950,000 per year.

Dell and his wife also have donated $100 million to coronavirus relief.

Take Aways from Dell Pauses Employee Benefits to Cut Costs

Dell is just the latest of many white-collar companies that have faced decreased revenue thanks to the COVID-19 pandemic. As a result, Dell employees must make some sacrifices to keep the company in good financial standing.

If your company has not been affected yet, be prepared financially. Likely before this pandemic is over, your company (and your pay) will be affected. Take the time now to make your budget leaner. Also, now is a good time to forego unnecessary spending and funnel more money to your emergency fund.

As a nation, as a world, we will pass through this time of difficulty, but it likely won’t be as soon as we would like.

4 More Ways to Save on Medical Bills

May 18, 2020 By MelissaB Leave a Comment

Previously, we talked about four ways to save on medical bills. Most of those techniques involved ways to delay or forego medical expenditures. However, sometimes medical care is necessary, and in the case of a major injury or mental health crisis, the amount you spend on medical care can be large and sudden. When faced with large medical bills, you may feel discouraged and overwhelmed, but there are still 4 more ways to save on medical bills.

Offer to Pay Cash for a Discount

If your large medical expense is not the result of an emergency that requires immediate attention, you may be able to offer to pay cash for the procedure in exchange for a discount.

When a woman is planning to have a baby at a certain hospital or birthing center, she can often negotiate for this type of discount, for instance. By paying cash, she saves the hospital the trouble of going back and forth with insurance. Therefore, the hospital may gladly give a discount.

Negotiate with the Provider

Another option is to negotiate with the provider. Julie’s insurance didn’t cover psychologist appointments, so when her son needed therapy, she negotiated with the provider. While the rate to see a more experienced psychologist was $125 per hour, she was offered the chance to have her son see an intern for $50 per hour. The intern was supervised by one of the experienced psychologists. This helped Julie feel comfortable going this route.

Create a Payment Plan with the Provider

4 More Ways to Save on Medical Bills — Photo by H Shaw on Unsplash

If you are facing medical bills in the thousands or tens of thousands of dollars, make sure to not only negotiate with the provider, but also to ask to go on a payment plan. When my children had orthodontic work done, I paid a down payment and then took advantage of the orthodontist’s payment plan. I paid the same amount for 18 months, and the orthodontist charged me no interest.

Hospitals and other medical providers may offer you a similar type of payment plan. Many will provide these payment plans free of interest, while others do charge some interest. Make sure to get your payment plan in writing. If your financial situation changes, contact the medical provider so the arrangement can remain in good faith.

Seek Assistance

If you or a loved one is facing long-term medical expenses, research, research, research. You may find organizations that can help you pay for the services you need.

One of our children was diagnosed with high functioning autism a year ago. We have literally paid thousands of dollars out of pocket for services. However, even after spending that much money and seriously straining our budget, there were services like occupational and speech therapy that we could not afford. A friend told us about an organization that helps families like ours. We went through a lengthy application process and were approved. Now our child is receiving speech and occupational therapy at no charge to us.

Similarly, a family friend’s husband had a catastrophic stroke from which he’ll never recover. She found an organization that will help her pay for her husband’s long-term care. This is something she desperately needed because her husband will be institutionalized for the rest of his life.

High medical bills can be overwhelming. However, there are 4 more ways to save on medical bills that you can use to get the help you need and to reduce the amount that you need to pay.

Have you faced high medical bills? If so, what strategies did you use to remain financially solvent while paying your medical bill obligations?