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Simple Things You Can Do Today for Financial Security

November 21, 2022 By Erin H Leave a Comment

You want to make sure your family is financially secure, both now and in the future. However, finances can get complicated, so you might feel overwhelmed as you look for ways to do this. If you want to start taking steps to keep your family safe, here are some simple things you can do today for financial security.

Write Your Will

While this won’t directly benefit you, it will provide financial security for your family in the future. Make an appointment to write your will. That way, you know for sure that anything you own will stay with your children and keep them secure. You never know when something tragic could happen, so you should be prepared. This includes your finances. Writing a will can be complicated or simple, depending on what kinds of assets you have. After it’s written, it must be signed by two witnesses who are not beneficiaries. Then you can file it away and have the peace of mind it provides.

Set Up a Budget

You’ll never get a handle on your finances if you don’t know how much money you’re spending. If you don’t already have a budget, make a point of establishing one as soon as possible. Calculate how much money you make, then figure out exactly what your expenses are each month. As you calculate expenses, you should also look ahead to any future needs and start figuring out how you’ll pay for them. For instance, you can’t neglect your child’s dental health. If their dentist says they need orthodontic care, you’ll want to be able to afford it. Receiving orthodontic treatment by the age of seven is considered to be the best approach. If you use that as a savings goal, you won’t need to worry about taking out loans to pay for it when the time comes.

Invest In Your Home

While your house is your family’s secure shelter, it is also an investment that you’ve made. You paid a lot of money for that house and you want it to retain its value. Make sure that you maintain your house correctly. While this will cost you money, it will also provide a buffer for your finances. You won’t need to worry as much about serious repairs if you’re fixing things while they’re still minor issues. You can also purchase the things you need in order to keep your house safe. A generator, for instance, will provide constant electricity in the event that your power goes out. This will keep your home warm, avoiding the damage that can occur without power in a house. These investments are sometimes expensive, but they can ultimately save you money and keep you financially secure.

Be Careful With Debt

Sometimes, debt is necessary. You may need to take out a mortgage or put an emergency expense on your credit card. However, it is easy to get overwhelmed by debt and allow it to ruin your finances. If you want financial security, you need to be very careful with the debt you acquire. If you’re already in debt, take an honest look at it and make a plan to pay it off. If you’re not in debt, think carefully before you take on any. It might be tempting, but it could also threaten your family’s financial security.

If you want financial security for your family, it is essential that you pay attention to your finances. You need to be careful with the money you’re bringing in and use it to provide your family with a sustainably secure life. By applying these tips, you can get started on achieving financial security today.

The Benefits of Buying Only Necessary Groceries Each Week

November 14, 2022 By MelissaB Leave a Comment

For the last few years, I have had a higher grocery budget, so I’ve stocked up on food. I do this for two reasons. First, we have food intolerances—specifically, we can’t eat gluten or dairy—so we need specific foods in the house. Second, I find having a stocked pantry makes mealtime easier. I never need to go out to eat because I have everything to make several meals, depending on what we’re hungry for. However, I recently watched a YouTube video that intrigued me. Based on this video, I’ve experimented with buying only necessary groceries each week for the last few weeks.

Steps I Took to Implement This Change

During the last few weeks, I’ve set a grocery budget of $140 per week for my family of four, which is much less than the $215 a week I typically spend.

I make a menu plan and grocery list the night before I go to the grocery store, so I know what meals I’ll cook during the week. I also try to choose recipes that will utilize ALL of an ingredient. For instance, I needed to buy green cabbage for a stir fry. But I only needed to use half the head of cabbage, so I picked another recipe that would use the other half of the cabbage later in the week, so I used ALL of the cabbage up that week.

Benefits of Buying Only Necessary Groceries Each Week

While I never thought I would enjoy shopping this way, I did realize several benefits of buying only necessary groceries each week.

I Saved Money

We saved a lot of money shopping this way. Over two weeks, we saved $150! This was in part because we were not stocking up on food. However, we also saved because I had limited food in the house, and we HAD to utilize the food we bought.

We Had Less Food Waste

We typically have very little food waste, but shopping this way eliminated food waste. As I mentioned, I was mindful of finding recipes that would use up ALL of an ingredient. Previously, that other half of the green cabbage might have lingered in the refrigerator for a while. We would use it. . .eventually, but when we did, we might have to cut out some bad spots because we let it sit too long before using it.

Final Thoughts

This way of shopping enhanced how I shop and menu plan. Even better, the benefits of only buying necessary groceries each week were that we saved money and reduced food waste.

However, even though this strategy worked for me, I like to have a stock of food at home in case we can’t shop due to bad weather or limited supplies. From now on, I plan to stock up occasionally to resupply my pantry. Still, for the foreseeable future, I plan to buy only what I need and continue with this experiment to see what other benefits I realize.

5 Tips to Save on Groceries This Year

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4 Tips to Help You Avoid Bankruptcy

November 3, 2022 By Erin H Leave a Comment

If you’re feeling swamped by debt and money problems, you might consider bankruptcy as a solution. After all, a Chapter 7 bankruptcy can get your debts discharged in 90 days. This is a very tempting solution that works for some people. However, it has major consequences, so you’ll want to avoid bankruptcy if at all possible. Here are some tips to help you avoid bankruptcy.

1. Keep Track of Your Spending

You need to have a budget. If you have an incomplete budget now, it is time to tighten it up and make sure it includes everything you’re buying. If you don’t keep track of your spending, you’ll end up spending a lot more money than you anticipated without realizing it. This might lead to you taking on debt in order to cover the remaining bills. Chapter 7 bankruptcy can discharge debt like credit cards, medical bills, personal loans, and overpayment. But it comes at the cost of your credit and has a lot of consequences. If you track your spending carefully, you’ll be able to tell where all of your money is going. It will also let you find the holes and plug them up, preventing you from wasting money.

2. Don’t Overspend

Even if you know where your money is going, spending too much of it will still put you at risk of bankruptcy. Don’t overspend on purchases, both large and small. Instead, learn how to research prices and find different savings opportunities. You might be able to find a cheaper alternative to the item you’re looking at. Or you can get it on sale during certain times of the year. When you avoid overspending, you can also avoid taking on debt since you’ll be working within your income. So be conscious of prices when you’re buying and look for ways to bring those prices down.

3. Work With Your Creditors

If you’re overwhelmed by your debt, there may be ways to make it easier without bankruptcy. Lenders are often willing to work with you if you explain what is going on. Call your credit card company and tell them if you’re struggling to make your payments. While they won’t cancel the balance, you might be able to get a lower interest rate or avoid a penalty for late payment. These companies don’t want you to get in trouble with your debt. They’d rather work with you to find a way in which you can still pay them and avoid bankruptcy. In 2016, there was an increase from 24,797 companies in bankruptcy in the first quarter of the year to 25,227 in the second quarter. If you work with your creditors, you may be able to avoid being part of this.

4. Consolidate Your Debt

Often, you have debt coming from all different sources. You may have credit cards, auto loans, medical bills, or other loans you’ve taken out and can no longer pay. One way to make these manageable is by consolidating your loans. In this case, you’ll take out another loan and use it to pay off all of your debts. Then you’ll only have one bill to pay, with only one interest rate. This can make your payments much smaller each month, giving you a chance to get back on your feet.

While bankruptcy is a solution to financial troubles, it can be a difficult one. You want to find ways to avoid it if at all possible. If you’re struggling with debt, consider applying these solutions to your problems first. By figuring out your financial situation and looking for assistance, you will have a better chance of getting back on your feet without filing for bankruptcy.