On-the-job stress has taken a significant toll on America’s workforce, increasing burnout in employees of all ages. You’re in good company if you’ve lost your motivation or are exhausted and unfocused at work. In fact, according to a recent report from Indeed, 67% of respondents said burnout has worsened since before the pandemic; 52% were feeling burned out themselves. In the era of The Great Resignation, that’s a major problem. Luckily, there are strategies you can use to stop burnout in its tracks. Relationships are key. So are healthy boundaries and prioritizing your own needs (but you knew that already). Experts share their top tips for beating burnout and managing workplace stress: Seek Connections With Co-WorkersStrong relationships are one of the best ways to stave off burnout, says Katie Lear, a licensed clinical mental health counselor in Charlotte, North Carolina. Solid interpersonal connection is also protective against mental health issues related to work stress, such as anxiety and depression. Working remotely means missing out on traditional forms of in-person socialization that take place in an office setting. “Before the pandemic, we took small face-to-face work interactions for granted –the water cooler conversations, the small talk with your doorman, and even that daily hello from your neighborhood barista,” says Lear. Despite their brevity, these daily correspondences kept us feeling connected. But according to Virginia Walton, a certified professional coach in Belvidere, NJ, it’s still possible to forge a strong bond with another colleague even if we’re not physically close. “It requires taking an interest in each other as people,” says Walton, specializing in executive burnout. She suggests regular conversations, conference calls, emails, and instant messages with colleagues to get to know one another personally. Then, she says, find common ground, whether work or other interests. Create (and Stick to) Strong BoundariesIf you’re in a high-stress work environment, creating strong boundaries around your work is essential, says Lear. That’s especially true if you don’t have a physical boundary or separate office to divide your work and home responsibilities. “It’s easy for work to creep into what are supposed to be off-the-clock hours. Creating an end-of-day ritual can help to mentally let go of your work for the evening,” Lear says. According to Walton, many of the demands we associate with work are often self-imposed, so work on those first. For example, If checking your work inbox after-hours is stressing you out, determine when you’re going to go offline each day, and stick to it – that email will still be there in the morning, and you’ll be better equipped to handle your day. “Start with committing to taking lunch. Put it on your calendar, and hold yourself accountable to make it a non-negotiable when a meeting invitation conflicts. Do the same thing with your end-of-day time. There will always be the need to adjust because life happens, but start to build the habit of setting boundaries,” says Walton. Once you have practiced setting boundaries with yourself, you can start to apply the approach with tasks and expectations imposed by others. Don’t Be Afraid to Ask for HelpAccording to Walton, when we create a bond with our co-workers, trust is established. And when there is trust, you can let your guard down, being honest about your feelings. Chances are if you’re feeling stressed, others are too. “You can talk about how you are managing the stress that exists in your environment. Odds are the culture is contributing to the feelings of stress and burnout, so creating awareness helps the organization know changes are needed,” Walton says. Knowing you are not the only one feeling this way makes it okay to accept your feelings, and then you can make changes, says Walton. “In contrast, if you think you are the only one struggling to keep up, you will keep pressing on in the same fashion and ultimately burn out or just give up. This could cost an organization great talent in the process,” she says. Put Your Own Needs FirstWhen we’re busy, it’s easy to lose sight of our well-being, but this is counterproductive, says Walton. The more you push through, the less effective and efficient you become. “To bring your A-game, you need to be alert, focused, and creative. If you are not getting enough sleep, taking time to mentally step away and refresh, you are not going to be functioning at your best,” Walton says. You don’t need to take week-long trips to the desert to disconnect, says Walton. Instead, make sure your daily routine allows you time for movement, sufficient sleep, and a healthy diet. Be sure to take regular breaks away from your desk to reenergize, increasing your productivity. “Take a 10-minute walk without checking your email. Fresh air and the change of scenery will give you a fresh perspective and a little energy boost,” Walton says. Find Meaning Outside of WorkMany of us associate our value with our jobs, says Adam Ratner, a licensed clinical social worker and co-founder of Grow Wellness Group in Naperville, IL. “Our job is not our identity. It is not all we have to offer. It is not all that we are capable of,” he says.h Instead, try to look at work for what it is, a means of survival and a way to achieve a desired quality of life, says Ratner. Then, focus on what is important to you outside of work, whether your family, health, or whatever brings you joy. “It’s imperative not to forget what you have to be grateful for, or darkness can find its way in,” Ratner says, so keep investing in activities that provide the most gratification to you. If your current role is causing you stress or isn’t a good fit, remember that you are not locked into one position, especially in this day and age, Ratner says. Instead, find a new opportunity that sparks joy. More Career Articles:
This article was produced by Wealth of Geeks. Via https://mylifeiguess.com/beat-burnout-at-work/
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Learning how to start investing can feel confusing to new investors. Failed attempts to translate investment jargon and seeing ticker symbols run across your screen as you watch the morning news is enough to keep potential investors out of the investing game for good. How to Start InvestingThere is no one right way to start investing. But, after listening to your co-worker, uncle, and neighbor swear by their investment strategies, you’re likely ready for some actionable tips. This guide walks you through nine simple steps to overcome the overwhelm and teaches you how to start investing. 1. Set Financial GoalsSetting goals should always be the first step in any significant financial changes you’re looking to make. Whether investing, buying a house, or working to increase your income, think of your goals as a roadmap to take you from Point A (where you are now) to Point B (where you want to go). Ideally, if you are married or combine finances with a partner, they should be part of the goal-setting process. Any good goal-setting sesh begins with a dream. Taking the time to dream about your future is crucial. You weren’t born simply to work and pay bills. Investing is about taking care of your future self and finding financial freedom to live the life you truly want. So, when you sit down to set financial goals, it’s crucial to envision the life you truly want to live. If you don’t know how you want to live in the future, it’s difficult to know how much money you’ll need to support that life. Set financial goals for varying time frames. Long-term goals are critical as they will reflect the quality of life you want when you retire. But short-term goals are necessary, too, as they serve to keep you motivated along the journey. Get specific with your goals. Outline the amount of money you want to have in your investment accounts by a particular date. Determine how much you want to grow your nest egg by the time you reach retirement age. The more detailed you can make your “road map,” the better it will guide you to make the best investment decisions for you and your future self. 2. Live on a BudgetIf your financial goals are your road map, then consider your budget the vehicle that’s transporting you along your journey. Often overlooked, your budget is your foundation to financial success. Having a solid grasp of how you spend and save is essential to the beginning investor. Whether you prefer to jot down a quick budget on a notepad or create a detailed spending plan for each paycheck, consistent budgeting gives you a better understanding of the money that flows in and out of your bank accounts. Your budget tells you if you’re able to invest a little money or a lot of money, and it executes the plans you put in place to manage your money, pay your bills, and get out of debt. Common MisconceptionsMany believe budgeting to be complicated and restrictive; however, once you’re regularly budgeting, you’ll find it’s neither. Instead, budgeting offers you the freedom to spend and save in a way that supports your values and priorities. Contrary to popular belief, budgeting does not have to be complicated. The level of complication is solely up to you. You can set up an over-complicated budget that takes you hours to maintain each week or opt for a simple system like zero-based budgeting to create a plan for every dollar you earn. 3. Build an Emergency FundAnd if your budget is the vehicle to take you where you want to go, financially speaking, then an emergency fund is like your AAA membership (American Automobile Association). When you own a car, you expect it to have issues or need maintenance at some point. Sure, if you buy a brand new vehicle, it’ll come with a fancy warranty that will likely cover your butt for a long time. However, eventually, something will happen: you’ll get a flat tire, get in an accident, or need a tow. If you have a AAA membership, call them, and they’ll send a tow truck to your location and haul your car to the shop. By planning ahead and anticipating the need for these types of services in the future, “past you” saved “future you” a bunch of money and frustration. That’s an emergency fund’s exact purpose – but for your life overall, not just your vehicle. Before you begin investing, it’s in your best interest to establish an emergency fund. Essentially, you want to avoid investing all your extra money and then taking it back out when you experience an emergency. Emergencies will happen; there’s no way around it. But unfortunately, we rarely know the details of how they will happen, when they will happen, and how much they will cost. Therefore, beginning to invest without having an emergency fund puts your finances in a volatile position, especially if you’re on a tight budget. Review your budget to determine how much money you need to live on a monthly basis. Then, multiply that number first by three, then by six. This will tell you how much you will need to save to sustain your lifestyle for three months (the lower number) up to six months (the higher number). Ideally, you’ll maintain a savings account balance of at least three full months of living expenses in your emergency fund. However, six months would offer you and your finances much more protection. 4. Get Out of DebtOnce you have built an emergency fund, look at your debt profile. Are you in debt? If your answer is “yes,” what types of debt do you owe? Since debts carry different interest rates, accounts like mortgages and student loans often have lower interest rates. In comparison, credit cards and personal loans are typically considered high-interest debt. As with all personal finance decisions, deciding whether to get out of debt before investing is personal. However, many people don’t want to wait to begin investing for fear that they will miss out on potential growth as they work to pay off their debt. Others realize that their debt consumes a large portion of their monthly income, leaving them with less money to invest. You may decide to pay off your credit cards quickly and start investing while you continue to work to pay off your student loan debt. There are many different methods to get out of debt. Determine which will work best for your current financial situation, create a plan, and get to work. 5. Educate YourselfIt’s perfectly normal to feel scared of something you don’t understand. Investing-related terms such as real estate investment trusts (REITs), exchange commission, and market conditions can sound like a foreign language to would-be investors. Although it’s normal to shy away from topics that make you feel you need a finance degree to join the conversation, the longer you avoid investing, the more potential gains you’ll miss. Lucky for you, investing isn’t quite as complicated as some financial advisors and institutions would have you believe. According to Merriam-Webster, the word “invest” means: 1: to commit (money) in order to earn a financial return 2: to make use of for future benefits or advantages Yes, investing can be as simple as “making use of your money for future benefits or advantages,” and yes, when investing, you are committing your money in the hopes of earning a return. Investing is not inherently complicated, yet, as with most things, it can become more complex the more nuanced you get. This is precisely why educating yourself on basic investing concepts and terminology is such an important step. Here’s the good news – we live in a world where we hold infinite information in our hands. Everything you’ve ever wanted to know about how to start investing is only a Google search away. Amazon readily displays page after page of books on investing for beginners up to advanced. Even social media constantly serves up 30-60 second lessons on “how the stock market works” via your various For You pages, though exercise caution when taking investment advice from TikTok. A call to your financial advisor can be helpful as they are equipped to provide specific investment advice and guidance as you’re preparing to make investment decisions. In addition, your accountant has access to your financial information and can advise you on your potential tax liability and the tax benefits of an individual retirement account (IRA). 6. Check With Your EmployerWhen you’re ready to start investing, a good first step is to check with your place of employment. Many employers offer a retirement investment plan as part of your employee benefits package. Yet surprisingly, 17% of Americans with access to workplace retirement plans don’t currently participate. Individual companies offer various types of plans, such as a pension plan, 401(k), and 403(b). Different types of investments are available but will vary from company to company. Most employer-sponsored retirement plans require you to contribute a percentage of your earnings. In many cases, your employer will also match a portion of your contribution. A significant benefit of these plans is that your contribution comes directly from your paycheck, making it an easy way to invest consistently without transferring money from your bank account each time. And while many refer to an employer match as “free money,” remember that your employer-sponsored retirement plan (including the employer match) is part of your benefits package. This means your employer considers the amount of money they will contribute as a match to be part of your compensation. Your company’s human resource (HR) department or employee benefits coordinator can offer you additional information on the retirement benefit packages available to you. A good practice is to invest up to whatever amount your employer requires to receive the maximum allowable match. For example, if your employer offers a 5% match, they may require you to contribute 5% of your paycheck to qualify for the 5% match. However, should you elect to only contribute 3% of your paycheck, in many cases, the employer will only match 3%, leaving the additional 2% of the allowable match on the table. Therefore, a great way to start investing is to contribute enough to reap the benefits of your full employer match. 7. Make a PlanOnce you have a basic understanding of investing, it’s time to decide how you want to invest your money. For example, suppose you have enough money to invest beyond your employer-sponsored retirement plan. In that case, you may open either a Roth IRA or a Traditional IRA to maximize your tax-sheltered retirement savings. Perhaps you want to invest your money with a specific financial institution such as Fidelity, Vanguard, or Charles Schwab. On the other hand, would you prefer individual stocks, mutual funds, or real estate investments? Would you be more comfortable working with an investment advisor or taking the DIY route and using an online platform such as Robinhood or M1 Finance? Determine Your Risk ToleranceTypically the younger you are, the riskier you can be – though this is just a rule of thumb, not a hard and fast investment strategy. Still, determining the level of risk you’re comfortable with is an integral part of investing. It’s often true that a greater risk can yield a greater reward; however, you still risk losing real money. Adjust Your ExpectationsAccording to investing expert Jeremy Schneider, founder of the investing education platform Personal Finance Club, “We’re currently in the midst of high inflation, market volatility, a war, rising rates, and plenty of other scary stuff in the headlines. But it’s important to remember that individual investors are best served by focusing on their own finances.” Schneider often reminds his 400,000+ Instagram followers that building wealth is nothing more than a simple equation, “Spend less than you make. Invest the difference. That’s what will make you rich. Trying to make tricky moves in response to the macroeconomic landscape is more likely to hurt you than help you.” Successful investors have to be comfortable with being uncomfortable. So build a diversified investment portfolio that will allow you to stay the course. 8. Stay ConsistentWhen trying to build wealth by investing, there is no escaping the ups and downs you’ll experience over time. However, the most important thing to remember is that “time in the market” will always trump “timing the market.” Even the most accomplished investors and fund managers are rarely successful in predicting how the market will perform over any given period. You should prepare to experience substantial gains and extreme losses as a long-term investor. Your best defense against the peaks and valleys of investing is to remain consistent through it all. Even as we find ourselves in a bear market, history has shown the market always rebounds. The investors who remain steadfast, refuse to withdraw their money, and continue to invest consistently will be rewarded. 9. Start TodayOne of the worst choices you can make regarding investing is to procrastinate. So instead, choose one small action and start today. Sit down to prepare your budget for the upcoming month, grab a book about famous investors like Warren Buffet, or take an online class about building wealth with index funds. Just as the interest in your investments compounds over time, so will the small, consistent actions you take daily. The Long HaulInvesting is essential to planning for your future and creating the life of your dreams. Still, it’s important to remember that investing is a marathon, not a sprint. As cliché as that may sound, keeping the big picture in mind will reinforce your expectations throughout your investing journey. This post originally appeared on Hello Sensible. Via https://mylifeiguess.com/how-to-start-investing-money-guide/ What are ‘ghost kitchens’? People are increasingly curious about this fast-growing trend disrupting the food industry. Ghost kitchens are basically restaurants that don’t do dine-in. Instead, these eateries take customers’ orders online and only serve food via delivery or takeout. This post will discuss the benefits of ghost kitchens and all the things you need to know about them before starting your own business! Ghost Restaurant vs. Traditional RestaurantsGhost kitchens, also known as cloud or delivery-only restaurants, are a relatively new phenomenon. They do not have any physical space for customers to eat. Instead, they focus solely on food preparation. Ghost kitchens can be standalone businesses, or they can be affiliated with a traditional restaurant. Ghost kitchens can quite easily integrate into existing restaurant operations. They also cut overhead costs since they don’t need to maintain a dining area or pay waitstaff. Ghost kitchens also typically have more limited menus than their brick-and-mortar counterparts because they only need to prep food for takeout or delivery rather than accommodate dine-in customers. Often ghost kitchens specialize in a particular cuisine rather than serve a wide variety of dishes. This specialization helps to streamline food preparation and optimize the quality of each dish. Finally, ghost kitchens often rely on third-party delivery services like GrubHub, Postmates, or Doordash to get food to their customers. By comparison, traditional restaurants usually manage their own delivery staff. Source: CloudKitchen.com The Growing Appeal of Ghost KitchensSeveral factors make ghost kitchens appealing to food businesses. Firstly, they’re much cheaper to set up and run than traditional restaurants. Without a dining area, ghost kitchens can be smaller and require less staff. Additionally, ghost kitchens have more flexibility when it comes to location. Whereas legacy restaurants try to pick spots with high pedestrian traffic, ghost kitchens can choose to get close to food production facilities instead. This reduces food waste and saves on transport costs. Finally, ghost kitchens can be geared specifically towards delivery and takeout orders. This is becoming increasingly popular as people are busier and want the convenience of having food delivered to their doorstep. It’s no wonder that ghost kitchens are trending. According to the Huhtamaki 2022 Q1 trends report, 51% of restaurateurs have already made the shift to virtual kitchens in response to changing consumer habits. Pros & Cons of Ghost KitchenOverall, ghost kitchens present new opportunities and challenges for business owners. Cutting kitchen management costs is a big plus for ghost kitchens. They employ less cooking staff and have a more straightforward kitchen layout. This optimizes efficiency and reduces labor costs. However, ghost kitchens can also pose some challenges. For example, because customers can’t come into the kitchen to order food, business owners need to get creative in their marketing efforts so potential customers know about their menu and meal plan options. They also need more careful planning to ensure orders are placed promptly and correctly. Types of Ghost KitchenWe’ve seen a few different types of ghost kitchens emerge as this business model evolves. Here’s a quick rundown of the most common: Incubator Ghost Restaurants: These are typically startups that partner with an existing restaurant or foodservice business that provides them with space, equipment, and sometimes even staff. In exchange, they usually get a cut of the profits. Examples of Incubator ghost restaurants are ShiftPixy, and the Denver Lobster stop launched by the Blue Island Oyster Bar. Entrepreneur Ghost Restaurants: As the name suggests, these are businesses started by entrepreneurs who saw an opportunity in the ghost kitchen industry. They are also known as “shared kitchens” or “commissary kitchens.” They often lease space in commercial kitchens or other food-related businesses and outsource everything from staffing to marketing. It’s a cost-effective way to get into the ghost kitchen game since you share the space and equipment with other businesses/kitchen brands. Examples of Entrepreneur Ghost Restaurants in the US are Kitchen United, Cloud Kitchens, Gabriella’s New York City Pizza, and REEF Kitchens. Kitchen Pods: These are self-contained units that can be placed anywhere. They come equipped with everything a restaurant needs to operate, from cooking equipment to ventilation and refrigeration. Kitchen pods are becoming increasingly popular with ghost kitchen operators as they offer greater flexibility in terms of location. Examples of American kitchen pods include Mobile Kitchens USA, KitchenPodular, Zuul Kitchen, and TemporaryKitchens123. Basic Steps for Setting Up a Ghost KitchenBy renting out space in a shared kitchen, ghost kitchens can help to reduce the overhead costs associated with traditional restaurants. However, setting up a ghost kitchen can be a bit of a challenge. Here are a few tips to help you get started: 1. Start by finding the right location. Ghost kitchens typically require less space than traditional restaurants, so you may be able to find a smaller space that is more affordable. Just be sure to pick an ideal location. 2. Kitchen Appliances Next, you’ll need to outfit your kitchen with the necessary equipment, including refrigeration, freezer, coffee maker, dishwasher, and blender. Be sure to choose energy-efficient appliances to help keep your operating costs down. 3. Decide Your Menu Once you have your equipment in place, it’s time to start thinking about your menu items. Ghost kitchens typically specialize in one or two cuisines, so choosing dishes that appeal to your target market is essential. Keep your menu simple at first, and then you can gradually add more items as you get more comfortable with the operation of your ghost kitchen. 4. Marketing Plan for your Ghost Kitchen Finally, be sure to promote your ghost kitchen online and through word-of-mouth. Social media is a great way to reach potential customers and tell them about your new business venture. Handing out flyers in high-traffic areas can also help to generate interest in your ghost kitchen. Costs of Setting up a Ghost KitchenGhost kitchens offer a cost-effective way to open a new restaurant. However, there are still some serious costs to consider. For example, you will need to purchase or lease commercial kitchen space and fit the kitchen with appliances and dishwashers. You’ll also have to factor in staff costs. Ghost kitchens can be a significant investment, but they certainly lower the entry barrier to the restaurant industry. The basic costs of starting a ghost kitchen are:
Try Restaurant Dive’s ‘ghost kitchen calculator‘ to calculate your potential costs. Frequently Asked Questions about Ghost Kitchens & RestaurantsHow can I convert my restaurant into a ghost kitchen?Many restaurant owners wonder how they can transform their existing restaurants into ghost kitchens. The first step is to assess your kitchen appliances and equipment. You can repurpose dishwashers and other large appliances for ghost kitchen use. Still, you’ll also need to invest in some new kitchen equipment, such as countertop burner sets and commercial-grade refrigerators. Once you have the necessary equipment, you can revamp your menu for a ghost kitchen format. Simple dishes like burgers and pizzas are well-suited to ghost kitchens, as they can be prepared quickly and don’t require a lot of complicated ingredients. By making these simple changes, you can easily convert your restaurant into a ghost kitchen. What is the difference between a ghost kitchen and a dark kitchen?A ghost kitchen is a restaurant existing only in the virtual world and has no physical dining locations. These businesses, by design, provide customers with a seamless delivery-only experience at a fraction of the price of traditional casual restaurants and often partner with popular food delivery apps. Dark kitchens, on the other hand, are physical restaurants that don’t cater to walk-in customers. Instead, these businesses focus on takeout and delivery orders and typically don’t have any seating or decor. In addition, dark kitchens often partner with ghost kitchens, which allows them to reach a broader range of customers. However, some dark kitchens have their own branded apps and websites, allowing them to control the customer experience from start to finish. How profitable are ghost kitchens?Restauranteurs, real estate developers, and food service operators have been wondering about ghost kitchens’ profitability for the past few years. There are several factors to consider when evaluating whether or not a ghost kitchen will be profitable. These include the initial investment, the type of food served on the menu, the delivery platforms used, and the overhead costs. According to Cloud Kitchens, some ghost kitchens can break even in 6 months with a $30k capital outlay. To answer the question: yes, ghost kitchens can be profitable. But there’s a lot more to it than that. Use this calculator to crunch some numbers and determine the profitability of a ghost kitchen. ConclusionIf you’re looking for a new culinary experience or want to support local businesses, keep an eye out for ghost kitchens in your area. These innovative restaurants are shaking up the food industry, especially in the United States urban areas, and are here to stay. So go ahead and order that salad—it’ll be made fresh and delivered right to your door. That concludes our blog post about ghost kitchens. We hope you found it informative and that it’s given you a better understanding of this new restaurant trend. Bon appetite! This article originally appeared on My Work From Home Money. Via https://mylifeiguess.com/ghost-kitchens/ Financial freedom might seem out of reach while staring up at a mountain of debt, but no one appears at the top of Mt. Everest. You get there one step at a time. “Right now, many Americans are a medical emergency or a natural disaster away from bankruptcy,” says Debt.com chairman Howard Dvorkin, CPA. “Their finances are so precarious, any income disruption or debt addition would push them over a cliff.” You’ll be much more successful if you have a thorough attack plan for your debt. Once you pay off your debt, you can put your money towards other things and find a sense of stability. Let’s get started! The Big PictureIn a period of high inflation and interest rates, it’s more important than ever to kick down debt and build up savings. Debt.com found that 35 percent of people owe more debt than they have in their emergency savings. This makes it all the more vital to take stock of your debt today. Before you can start, you need a clear picture of your situation. Then you can figure out the best way to get out of debt for your situation. Add Up Your DebtDo you have loans, credit cards, fines, child support payments, or anything in collections? Comb through your accounts and get an accurate assessment of what you owe. Take note of the debt amount, interest rates, and how many payments you’re behind on. Debt.com even has a free debt worksheet to help you track it all. This list will help you figure out how you should prioritize your debt. Review your credit and budgetThis might seem basic, but having these numbers down can help you. With your up-to-date credit report, you can gauge what kind of debt repayment plans you might qualify for. And when you write out your budget, you’re more likely to spot areas where you can be more frugal. You can also note how much money you’ll have for debt repayment plans. Pick a Method of AttackOnce you know how the money you have coming in compares to what you owe, you can devise a perfect plan. And if you read this list and aren’t sure, it’s always a good idea to talk to a financial adviser. They can help go over your finances and help you find the best option. Snowball vs. Avalanche MethodTo use the snowball method, list your debts from smallest to largest. Start by paying off your lower debts, then slowly work up to the larger ones. For example, if you have a credit card with $1000 on it and a bill in collections worth $200, focus first on the collections bill. The avalanche method asks you to list your debts from highest to lowest interest rates. Since interest rates and APR compound on your original debt, it makes sense to pay them off before your bill keeps growing. First, clear the debts with high-interest rates, then work your way down the list. ConsolidationConsolidation is a type of debt refinancing that puts everything into one account. This is perfect for people with multiple debts and high-interest rates. Paying interest on one bill could be cheaper than paying on numerous. Rolling your debt into one account makes organizing it manageable. Make Multiple PaymentsRegardless of how you plan to tackle your debt, only making the monthly minimum payment won’t help you. It could just result in more debt because of interest. Always pay above the minimum; when you can, making multiple monthly payments is a great idea. If you have $20 to spare on a coffee weekly, make your own at home instead and throw that money at your debt. Debt SettlementDebt settlement is an agreement between you and your creditors to pay less than what you owe – and you’ll need a professional to negotiate it for you. Debt Settlement doesn’t erase your debt, but it will shrink it. This option is a bit more extreme. It can hurt your credit score and stay on your report for seven years. Still, it’s better than leaving your bill with collections. Finding the Cash to Pay UpEven with a general plan, finding the money to pay off debt is still stressful. Here are some extra tips to help you along the way. 1. Call Your CreditorsBelieve it or not, a simple phone call could reduce your interest rates. Take note of your credit score, last late payment, and current interest rates compare to the national average. Once you have that, give your lender a call. Interest can fill up the dents you’ve been making in debt – don’t let them. 2. Avoid ForbearanceForbearance is an agreement with a lender that gives you a temporary pause on loan payments. However, though payments are paused, interest isn’t. Forbearance will only increase your bill and cost you money in the long run. 3. Find a RoommateNothing can eat up a hard-earned check like utility bills and rent. If you’re in the position to do so, find someone you can split those responsibilities with. Give yourself plenty of time; you don’t want to rush and end up living with a nightmare. Social media groups and websites like Roomster.com can help you along the way. 4. Increase Your IncomeThere are plenty of ways to do this, though it might not be fun. You can pick up a second job or a side gig like UberEats. Or, sell the items in your home that aren’t getting much love. Do you have an old Wii or Xbox collecting dust in your living room? That kind of stuff can sell for $100+. Related: 300+ New Side Hustle and Small Business Ideas 5. Skip out on HappinessI’m kidding… sort of. While trying to pay off your debt, you should avoid some of the luxuries you’ve gotten used to. You could save a lot of money by pausing your Netflix subscription or skipping your weekend trips to the bar. Instead of eating out for lunch or dinner, cook at home. Take a break from things you don’t need and put that money towards your debt. This article was produced and syndicated by Wealth of Geeks. Via https://mylifeiguess.com/straightforward-ways-to-get-out-of-debt/ Finding terrible advice is very easy today. Many gurus proclaim something as the best and another expert says the opposite. Who should you believe? According to Certified Financial Planners, Advisors, and other money experts, here is the advice you should avoid. “Your Company Isn’t All That”A common mistake is a firm blinding conviction that your company’s stock will continue to rise. When you are rewarded with an equity compensation package, including incentive stock options, restricted stock units, and discounted shares through an employee stock purchase plan, it’s sometimes hard to notice the risk stacking up. You can wake up one day and have 80-90% of your net worth in a single stock, especially if your company has seen exponential growth. Diversifying away from your employer’s stock can be difficult, but carrying this outsized concentration risk can instantly wipe out your net worth. “Become a Landlord”You should put your old home up for rent after moving into a new one. We hear this from clients at least once a week. In most cases, it’s a wrong financial and lifestyle decision. Being a landlord can be time-consuming and frustrating. Also, tying up hundreds of thousands of dollars in a low or negative-returning investment can be a costly mistake. Treat it like an investment decision and know your different rates of return, how to properly use leverage, and why continuously setting the correct rent is crucial. “Invest in Familiar Companies”This advice can cause many investors to concentrate their portfolios on just a few familiar names. Many times these names happen to be large stocks that trade at premiums. Focusing too heavily on these names could translate into lower expected returns for an investor who primarily concentrates their portfolio on just these names. Instead, consider utilizing Index Funds or ETFs, which allow you to gain exposure to a diversified basket, including names you might not have heard of but have the potential to deliver outsized returns. The benefit of doing this is the enhanced diversification benefits. “A Tax Refund is Better than Owing”Many people believe that a tax refund is a good thing. They also assume that any tax balance due means the tax preparer isn’t skilled at his job. This assumption couldn’t be further from the truth. A sizable tax refund means you loaned money to the government for free (when you could have been earning interest). It’s better to monitor your tax liability throughout the year and adjust withholding or estimated tax payments as needed. “Pay Off Debt Before Investing”The dumbest financial advice I hear comes from recognized financial experts. It’s always the same: Pay off debt and have 3-6 months in an emergency account, then consider investing. This advice seems reasonable on the surface, but there’s no reason someone can’t pay off debt while investing or put money into a savings account and an investment account. Don’t put off investing because some guru told you. You could lose out on years of potential gains. Instead, look at your financial goals and determine an allocation for debt repayment, savings, and investing based on those goals. It may take longer to pay off your debt, but you will be making incredible gains with your investments in the meantime. Melanie Allen, Personal Finance Writer “Keep Your Mortgage for the Tax Write-Off”One lousy piece of financial advice I’ve heard is not paying off a home mortgage early because of the tax deduction on interest. I know it may make sense for some individuals, but in many cases, the small tax break you get is minuscule compared to the annual interest you pay. However, there are some excellent reasons not to pay off your mortgage early, such as if you were lucky enough to lock in a 3% or lower interest rate. Then, it might make sense to invest instead. “Keep a Small Credit Card Balance”One lousy piece of advice roaming out there is “keeping a balance on your credit card is good for your credit.” There are zero reasons to keep a balance on your card if you have the funds to pay it off in full each month. Instead, make on-time payments and keep your utilization low (the two most important factors of maintaining a good credit score). Melissa Mittelstaedt, Financial Coach “As a Rule of Thumb…”“Rules of thumb” as a basis for every financial strategy is an example of dumb financial advice. “Rules of thumb” do serve a purpose. However, they should be tailored to you. For example, the 50/30/20 rule. 50% of your expenses are fixed, 30% are variable, and 20% to savings. While an excellent start, it is not a one-size-fits-all. Instead, consider translating this to you: Over 30% as you start (you are hitting this!) Over 20% as you start a family or a business and lastly, over 10% as you get closer to your end goal (part-time retirement or significant life change) “Never, Ever File Bankruptcy”Despite what many people think, bankruptcy can be a viable debt repayment option. No, it shouldn’t be something you aspire to, but if you are drowning in debt, it is a possible course of action that more people should consider. Bankruptcy isn’t going to be the right choice for everyone. It depends on your specific situation, as well as where you live. (For example, in the US, you cannot include your student loan debt in your bankruptcy, but you can in Canada after seven years.) Do your research, talk to professionals, and see if bankruptcy is the right path out of debt for you. Amanda Kay, Career/Professional Writer “Booking Flights on a Tuesday Saves Money”Don’t believe this disproven “travel hack” is the golden ticket to help you save money on your next vacation. Flight prices are highly volatile and vary widely based on several factors, many of which are unpredictable. The quickest way to overspend is by having a fixed destination and date in mind, even if you book on a Tuesday. Instead, sign up for price drop alerts through a service like Scott’s Cheap Flights or AirefareWatchdog, and keep your dates and destination options wide open. Jump on a cheap flight when the opportunity arises, and you’ll save hundreds (or more!) on your vacation. Carley Rojas Avila, Travel Writer “Stay Away from Credit Cards”When financial experts caution the public against using credit cards, they keep one of the best-kept secrets from the masses. Signing up for and utilizing travel rewards credit cards opens up a world of opportunities you may not have considered you could ever afford otherwise. Learning this secret unlocked experiences I’d only dreamed of having. I’ve been able to travel to places I’d never have visited without the help of this savvy hack. “A Savings Account Will Help You Retire”One of the dumbest financial moves is to leave all of your money in a savings account or checking account. People feel that if you can save enough in that account, you will have enough to retire. The worst part about this advice is that money barely grows. The interest rates are barely 1%, and inflation historically is around 3%, but much higher now. As inflation grows each year, that money will have its buying power eroded. It is best to invest that money instead of letting it sit there and do nothing. The time that has been wasted just sitting in a checking account could have been used to grow the money. Steve Cummings, Finance Writer Via https://mylifeiguess.com/dumb-financial-advice-that-most-people-believe/ Life is usually good when you have enough money to pay your bills, not have debt, and enjoy the leftover money you may have. Now, if you get laid off, life gets a bit more stressful. The bills you may have started eating up into your savings, and you will be at a place where you need help with bills being paid. This is super unfortunate and can happen to many people. What do you do when you do not have enough money to pay your bills? Where can you go for assistance? These circumstances can happen to you and many other people. The hard part is knowing where to go for assistance and help with bills. Emergencies happen. Lost jobs happen. The bills will continue to come, but do not stress there are many agencies out there to help you on your way. The 2-1-1 Hot Line:If you are ever in need of help with bills, the 2-1-1 hotline is a confidential resource hotline from the United Way to help you find some of the local agencies in your area to assist in helping with bills. This hotline can connect you to many resources such as:
Having the resources and assistance from many programs can help with bills. When people are down on their luck, the more resources you have, the better the level to get out of a bad situation. If you need assistance, dial the number 2-1-1. This hotline can give you assistance for programs in your local area. You can visit 2-1-1.org for their website as well. Where to Find Help With Bills?Finding help with bills can be as easy as calling 2-1-1. There are Federal programs, which you can find on the government website, but here is a list of some of the programs you can find to help you along your way. HousingShelter is essential for people to feel safe and secure. Not having the adequate income to make it through the month for rent can be a stressful event. Here are certain places that can help with rent payments and housing for lower-income families. They seek to help with bills to be paid.
UtilitiesLiving life without utilities can be challenging. Not having the money to pay for heat during the winter or even A/C during the summer can affect the health of lower-income families. Phone service and broadband are keys for communication and the ability to move up in the world. These utilities are a must. Not having the money to pay for them should not cause poor health or inabilities to make things happen. These programs can help with the utilities.
FoodOne of the most vital things for our body is food. It gives us energy, nutrition, and the building blocks for our bodies to grow and mature. Food is also the thing that keeps us healthy. After paying for rent and utilities, food can be one of the last items people will pay for. Here are some programs that can assist with food-related needs.
Health CareBeing able to take care of yourself is vital for survival. Oftentimes, we may neglect our health because there may not be enough money to take care of it properly, like going to the doctor or even having physicals once a year. These programs make sure people have healthy bodies and medication to help them function. They help cover some of the cost of health care.
Childcare & EducationChildcare and the education of children are essential. Setting up the proper habits and a good foundation at a younger age can help a child grow and have a healthy well-being. With less money, this cannot be easy. The ACF has created many different programs to help facilitate well-being in the education and childcare for low-income families.
Final Word:We often hear people talk about building up an emergency fund, as Dave Ramsey may recommend or even say that you need to have some FU money to make sure you embrace hard times. These are great, but sometimes you get to the point that you run out of money. Many things may happen as you come into a situation that you have less money. It can be a stressful time for you and your family. The good thing is many different programs can help with bills. The Federal government may not be a favorite thing among people, but as you can tell, various programs help with housing, food, healthcare, and even childcare. It is something that makes you smile, seeing how little things can help you out in case of need. If you require any financial help, I hope that these resources can help you in that endeavor. It is not easy being down on your luck, but with some research, you can come across many programs to help when you are in need. This post originally appeared on Wealth of Geeks. Via https://mylifeiguess.com/help-with-your-bills/ It’s never easy getting fired from a job (of course), but sometimes, you can predict the inevitable. It may not be a shock if you know what to look for. Keep your ears and eyes open at the office. Or if you’re working from home, pay attention during staff meetings and read those emails, especially when they come from upper management. Don’t be caught unaware. Preparation is key. Be proactive if you notice any of these signs in your workplace. Sign #1: You’re on a “Performance Improvement Plan”The stated intention of a PIP is to help improve employee performance through a structured process, but many companies use the PIP after making the decision to fire a staff member. The PIP is used to avoid a lawsuit. If you find yourself on a PIP, do yourself a favor and get your resume together and start looking for other job opportunities. You’ll be glad that you did. Sign #2: You’re getting fewer projects assigned to youIf your organization no longer has faith in your ability to do your job, they will probably assign fewer projects to you. They might be hoping that you get bored at work and decide to leave for another job, which would save the company the time and expense (and potential legal trouble) of a layoff. Sign #3: You’re no longer invited to participate in meetingsIf you’re no longer invited to attend meetings that you used to attend, this could be a sign that your contributions are no longer valued. Pay attention to meetings in the office. Do your coworkers seem actively engaged while you’re twiddling your thumbs? Be proactive and address this with your boss if you believe that you’re being left out of important meetings or office work. At the very least, addressing this with your boss will show them that you care, and that’s always a good thing. Sign #4: Your performance reviews are less than stellarMost organizations enforce annual performance reviews. If your reviews consistently show negative reviews, then your days at your current employer might be numbered. One bad performance review may not be enough for your company to fire you, but multiple bad reviews in a row will make it much easier for your organization to replace you. Sign #5: Your boss has pushed you awayDid your relationship with your boss suddenly change? Maybe your boss is less responsive to your emails or questions? Or avoids you during the day? If you had a fairly open relationship with your boss that has turned sour, it could be an indication that you’re no longer in favor with your boss, which could also mean he or she is looking to replace you. Related: Don’t Let a Horrible Boss Destroy You (Like I Almost Did) Sign #6: You’re asked to provide frequent status updatesA sudden requirement to provide regular status updates, especially when the rest of your team isn’t required to do so, is a clear sign that management doesn’t trust you. Remember that most managers are busy people and reading status reports is typically the last thing that they want to do. However, if your company forces your entire team to provide frequent status reports, then that’s probably not a sign that your days with your company are coming to a close. Sign #7: You are being set up for failureIf you are given assignments that are clearly above your pay grade, or your company is enforcing impossible deadlines for your work, then it could mean you’re being set up for failure as an excuse for letting you go. I’ve seen this time and time again. In fact, it’s happened to me. Note that it’s quite common for deadlines to seem impossible to meet, so this may not mean you’re on the chopping block. It could just be the nature of the business or a sign that management doesn’t understand the work that you are doing and how long it should take to complete it. Don’t jump to conclusions, but be aware of how the expectations your company has placed on you is impacting your effectiveness at work. Sign #8: Your boss is micromanaging youBosses that closely manage certain employees could be looking for an excuse to fire those individuals. This is especially true if your boss suddenly developed this new management style specifically with you when they were previously hands-off with your work. If this happens after a negative performance review, then it’s a clear sign that you’re being watched for mistakes that could lead to being laid off or fired. Sign #9: You’ve been asked to take time offAsking certain staff members to take time off is a sign that something’s not right. It could be a response to financial struggles of the organizations. But, it could also mean that your company doesn’t want you in the office. Taking your vacation time means your employer won’t have to pay out as many unused vacation days if they lay you off, or fire you. If you’re seeing any of these signs at the office, update your resume immediately. Then, start looking around at job opportunities to see what’s available in your area. Even if the worst doesn’t happen, it’s still a good idea to survey the market every once in a while. More Career Articles:
This article was produced and syndicated by Wealth of Geeks. Via https://mylifeiguess.com/signs-that-youre-about-to-get-fired/ When the pandemic hit in early 2020, life changed seemingly overnight. Gone were nights out with friends, happy hour after a long day of work, and the new normal left a lot to be desired. Offices went from bustling to bust, forcing companies to figure out how to operate with teams spread out over entire cities or states instead of in one location. One undeniable fact has come out of the mess that COVID-19 brought; however, remote work will be around for quite some time. Despite President Biden’s admonition for workers to get back to America’s great cities, plenty of workers are in no hurry to return to a long commute or a 9-5 (or more) schedule that leaves them drained when they get home. So, how do you work remotely and still get all the production without sacrificing your work/life balance? Use these seven habits to help solidify your process to maximize the best of both worlds. 1) Time ManagementLearning to manage your time is one of the biggest time savers you can implement to help curb wasted time and make your work more efficient and streamlined. Spica has excellent tools for assisting freelance and remote workers to track their time and focus on work when work is on your agenda. Learning to be an effective time manager will also help you ensure that you can focus on the life you want to be living when you are done work for the day. Be careful not to take on too much work as well. Extra money can be tempting, but even though evening part time jobs can often pay well, be careful not to cannibalize your energy from your main income provider. 2) Create and Keep a ScheduleIf Time Management had a best friend, it’d be the ever-important calendar. As a remote worker, it’s not likely that anyone’s breathing down your neck to make sure every billable hour includes an hour’s worth of work. This means that you are entirely responsible for meeting deadlines, turning work in on time, and smoothly operating whatever your job is with little to no interference from management. The need to schedule your day is second only to managing your time well and goes hand in hand with being able to do so. Capterra has a list of ten great scheduling software programs that are superb for creating a schedule that works around your life. 3) Freshman 15In college, they have a phenomenon that tends to affect more incoming first-year students than any other section of students; the tendency to gain an average of 15 pounds during the first semester of college studies. Switching from office to remote work can also cause weight gain to take place. With food readily available, it can be hard not to munch all day long while you’re working. Incorporating a workout regimen into your daily or weekly routine can help keep weight gain at bay and will also help to relieve stress. 4) Schedule Social TimeMuch like keeping track of your work schedule helps you meet deadlines, learning to schedule social events helps keep loneliness and isolation at bay. One of the biggest complaints about remote work, according to Zippia, is the loneliness that can set in when working from home. “To a certain extent, your co-workers are your social circle. Sometimes it is hard to explain to others that all your friends are online.” -Cody Jones, Director of Partnerships at Zapier. Learning to prioritize socializing isn’t something a large portion of the workforce had to do three years ago. Then, with the pandemic came new ways of working, and isolation brought on a slew of learning curves everyone had to learn to navigate, being ever conscious of personal mental health. 5) Communication Takes Top PriorityTalking is easy, communicating isn’t. And when it comes to remote work, communication can seem like running a marathon for someone who sits on the couch all day. However, remote work makes good communication a must and requires more than just a one or two-word reply. In their book, REMOTE: Office Not Required, Basecamp founders Jason Fried and David Heinemeier explain why communication is essential and challenging for remote teams. With the loss of nonverbal communication comes a greater need for verbal connection. “When the bulk of your communication happens via email and the like, it doesn’t take much for bad blood to develop unless everyone is making their best effort to the contrary. Small misunderstandings that could have been nipped in the bud with the wink of an eye or a certain tone of voice can quickly snowball into drama.” Learning to communicate well is one of the most challenging and most rewarding endeavors you can undertake as a remote worker, especially in a management or supervisor position. 6) Stability ChallengesWe all rely on stable internet connections to keep us connected and everything running smoothly as remote workers. However, spotty internet or an internet outage can be detrimental to workflow and can even cost you a job in some cases. Dealing with technology glitches and broken or inadequate equipment is one of the most nerve-wracking and frustrating parts of a remote worker’s life. Having a plan of action can save the day, quite literally.
Having a way to communicate an outage or poor reception to your team is crucial in keeping everything flowing smoothly during your workday, so plan for the inevitable, so everyone’s on the same page. 7) Work-Life BalanceWhen it comes to working at home, the interruptions to your workday can happen much more frequently than those when you’re in the office. Suddenly those little ones you miss so much during the day come to you for every problem under the sun. As a result, your little angels look like tiny monsters bent on ruining your focus and productivity. While it’s certainly not easy to navigate work and life when they’re happening at the same time, there are some things you can do to ease the growing pains.
You might even consider taking the leap from remote worker to remote freelancer. If you can do what you are doing for your current company, but in a part-time role, you could seek out other clients at a higher rate. Making this switch to a self-employed consultant allows you to take certain business deductions against your income to save on taxes. If you’re successful enough, you may even want to incorporate to save money and protect your assets from liability. Being an effective remote worker is more about adaptation than perfection. Being open to change, communicating effectively, and preparing for breaks-both physical and mental, can significantly improve your work and productivity. So, take these tips and increase your effectiveness as a remote worker. This post was produced by Play Louder and syndicated by Wealth of Geeks. Via https://mylifeiguess.com/habits-of-remote-workers/ It’s challenging to cover a significant expense in a short duration. Some people go into debt over it. A well-established sinking fund helps shield life’s unexpected events, protects your financial goals, and promotes better budgeting. What Is a Sinking Fund?A sinking fund is a cash reserve in your account that holds calculated funds for future expenses. There is usually a stand-alone account for each sinking fund category. This account is separate from your regular checking, savings, and emergency fund. Your strategy should be to set aside a portion of your monthly income to let the sinking fund grow. The sinking fund you create can either be a set target amount for planned expenses or a general saving account for future expenses that are unplanned but necessary. Sinking Fund Vs. Emergency FundA sinking fund might sound like an emergency fund, but it is not. They have two separate structures. An emergency fund is a general fund, whereas a sinking fund is specific to the expense category. The emergency fund is your last resort; therefore, you do not dig into it until you run out of all your resources. It covers emergency expenses you’ve never anticipated, like losing an income source and needing to survive for months without a job. Sinking fund expenses are predetermined or anticipated, i.e., saving for a vacation, house down payment, car down payment, or home repairs. Sinking funds provide a cushion to an emergency fund. What Is the Purpose of a Sinking Fund?The purpose of a sinking fund is to have enough liquid cash savings to cover anticipated expenses. A sinking fund supports costs related to life events and assets. Below are some reasons you need to set up a sinking fund. Cover Planned ExpensesThe planned expense could be something as small as a gift purchase or Christmas costs or as big as a family vacation and furniture purchase. Without sinking funds, these expenses will come out of your checking account. However, using one account to pay for all costs is never wise. A sinking fund established for each planned expense helps streamline the budget. Knowing where the money comes from when you need it provides financial security and peace of mind. A sinking fund holds cash through monthly or biweekly savings to prepare for a future planned expense. Cover Unplanned But Anticipated ExpensesMedical bills, home, auto repair, and maintenance are some anticipated but unplanned expenses. While you can’t determine an exact budget for these things, planning for them is necessary. A sinking fund set up for unplanned but anticipated expenses helps prevent them from being an emergency. Unexpected expenses have a sneaky way of eating away at our savings. A sinking fund helps offset budget deficits. Protect Emergency FundWe set up emergency funds hoping we never have to use them. A rainy day fund takes care of life’s unexpected events. You’d never expect to lose your job, yet, it is not uncommon. The COVID-19 pandemic forced 114 million people to lose their jobs over 2020. A well-planned sinking fund helps protect life’s volatile circumstances. It prevents them from becoming a financial crisis. You can set up a sinking fund for items that can catastrophically impact your budget and start building cash reserves. The sinking fund will be ready to cover your expenses when needed. Related: The Best Way To Make A Resume: A Step By Step Guide Promote a Good Budgeting HabitSetting up a sinking fund is a sound financial decision. It is a way of forward-thinking about financial responsibilities. By having a sinking fund in place, you’re saving up money for the items you (may) need in the future. This is good budget building through sinking funds. You’ll set up sinking funds by transferring some of your earnings. You contribute to these funds every month and let them grow. Avoid DebtAccording to the Bank rate’s July 2021 Emergency Saving Survey, 51 percent of Americans don’t have three months’ expenses saved in their emergency fund. Their last resort to cover the cost is to go into debt; it’s no wonder that national debt has surpassed $30 trillion. A well-established sinking fund covers life’s unanticipated circumstances. You are not required to come up with a considerable amount of money in a short time. It protects you from going into debt. Sinking Fund CategoriesYou can establish a sinking fund for every event or expense. Therefore, it is always best to categorize them by combining small funds into one expense category. Sinking fund categories help organize savings and promote responsible spending when needed. Below are some sinking fund categories. MedicalAmericans’ health care spending has been on an upward trend. They spend around $12,500 on healthcare costs per person every year. An unexpected trip to the ER would cost you an average of $2,200. A medical fund is necessary to cover health, dental and vision costs. Health Savings Account (HSA) and Flexible Spending Account (FSA) can act as your medical fund. The contributions and deductions are both tax-free. If you’re eligible for an HSA plan, you can also help grow money through investments. Car CareAmericans, on average, spend $397 each year on car maintenance and repairs. While it does not sound like a lot of money, a car replacement may be necessary. Owning a car is essential for most Americans who can’t afford to lose the freedom a car provides. It’s prudent to build a fund that takes care of this essential item. A car care sinking fund can cover regular maintenance, repair, or a down payment on a vehicle. A car care sinking fund is a must if you can’t afford to go a day without a car. Home FundHomeownership has always been the American dream. A home is a shelter for your family, and you can’t let another day go by without keeping your dream protected. A sinking fund for a house can put money toward purchasing a home. It can be a down payment, closing cost, or anything associated with the purchase. A home fund can save money for future repair and maintenance if you’re already a homeowner. There are many advantages to owning a house, but it’s not cheap. The cost of ownership can weigh you down if you can’t afford to take care of the expenses. For example, a regularly financed home sinking fund can take the stress away should any major appliance break down. Baby FundThe average cost of having a baby ranges from $13,00 to $23,000. According to the Consumer Expenditure Survey in 2015, families spend an average $233,610 raising kids from birth through age 17. It would be unwise not to set up a fund to take off most, if not all, of the expenses associated with raising a child. Baby funds may include getting ready for pregnancies, baby deliveries, and buying baby supplies and children’s college funds. You should explore the kid’s college fund 529 plan, which has a tax benefit for education. Your HSA or FSA can cover health-related expenses. For everything else, you should establish a separate fund. Miscellaneous FundsThe other miscellaneous fund can be for a vacation, holiday gifts, birthday parties, travel, or a wedding. You can set up a separate sinking fund for anything that you believe is substantial and necessary. Some of these funds may be combined or be stand-alone if it is a considerable expense. How to Set up a Sinking Fund?Now you’ve realized a sinking fund is necessary, you need to set it up separately from your checking account. Follow the three steps below to build your sinking fund. 1. Determine How Much You Need And When You Need ItThe first step of setting up a sinking fund is determining how much to put into it. It is the forecasted amount you may need. You don’t need an exact amount, but a ballpark number should be a good starting point. Use an average in cases where it is impossible to determine a precise number. Time is another crucial factor to consider when setting up a sinking fund. Planned events like a vacation or celebrations have exact dates for when we will need them. Anticipated events like auto and home repairs are not easy to predict based on their life cycle yet it is possible to expect them. 2. Determine Where to Store FundsIt matters where you park your sinking funds. These funds must be quickly and easily available when you need them. At the same time, you don’t want to pay any fees for their maintenance. Internet banks are the perfect place for maintaining a sinking fund. Most, if not all, internet banks have no minimum balance requirement and no monthly fees. Internet banks offer higher-yielding savings and money market accounts with higher interest rates than regular brick-and-mortar banks. You can open as many accounts as you want. Choose any internet bank that is Federal Deposit Insurance Corp (FDIC) insured to build your sinking funds. 3. Determine How to Save MoneyDetermining how to save money for sinking funds depends on the fund type, income level, and how you generate income. The best method to build a sinking fund is through the automatically scheduled transfer of your income. It could be biweekly or monthly. An automatic transfer ensures commitment toward saving. A sinking fund grows over time. The best way to build one is by saving every month. The Bottom LineSinking funds set you up for financial protection. It’s your responsibility to cover these events, and the only way to safeguard your finances is through a properly established sinking fund. A sinking fund can help you in many ways, from minimizing your financial risk to supporting your financial planning. It takes only a few minutes to set up and automate, so you don’t have to think about it anymore. I encourage all to get started with a sinking fund. This post originally appeared on Savoteur. Via https://mylifeiguess.com/setting-up-a-sinking-fund/ There is no question that our jobs are a significant source of stress in our lives. Even the best jobs can be frustrating, overwhelming, and sometimes dangerous. Although we can’t avoid stress in our lives altogether, no job is worth damaging our physical, mental, or emotional health. Here are 17 strategies for effectively managing work-related stress that won’t break the bank and will make you happier at work! 1. Keep BreathingRemember to keep breathing. It may sound trite, but when we’re stressed, it’s easy for our emotions to spiral. Soon enough, we’re panicking. Take a breather if you have the urge to yell at someone or scream at work. Just slowly breathe in and breathe out three times. Let the moment pass. Swallow what you’d really like to say to the person. Then move on, mentally and physically. 2. Take Regular BreaksThink about how many breaks a cigarette smoker takes in a day. You’re allowed that too! Step outside and get some fresh air or walk around the block. Actually take a break during your lunch break. Even if it’s only 5 minutes, it’s worth it. A change of scenery and perspective will help you deal with managing stress. 3. Speak UpDon’t keep your stress bottled up inside. That is the worst thing you can do. You may doubt yourself, convinced that you’re just exaggerating and things aren’t so bad. It’ll get better if you just suck it up for a bit longer. Sure, you can wait it out, but do you need to? Or want to? Some situations will pass, but it’s time to speak up if you are genuinely stressed out (especially if this has been happening for a while). You don’t necessarily have to jump to your HR department, but it might be a good idea to talk about it with your boss or direct supervisor. They may be able to make some changes to your workload or schedule that will alleviate some of your stress. Related: Workplace Bullying: An Epidemic Destroying The Work Culture 4. Turn to Your Loved OnesYou don’t have to go through everything alone. You can always confide in a family member or a close friend and share some of what you’re trying to sort out in your head. It can be helpful to get advice from different perspectives before determining the next steps you should take. Spending quality time with your loved ones will also help you manage stress and take your mind off work. 5. Get Professional SupportDon’t hesitate to speak with a mental health counselor or physician, regardless of your stress level. They can help you develop a plan to manage stress, find healthy outlets, and provide coping mechanisms to improve your overall well-being. Physicians can also help to identify potential medical causes of stress and recommend treatments. Remember: You are not alone. Tons of people get depressed from their jobs. If you feel stressed enough to read articles about it, you could benefit from speaking to a health professional. Your company might even cover this as part of their employee advocate/wellness program. It is crucial to seek professional support before reaching a crisis point. Many free (or affordable) mental health resources and crisis support are available. Reach out for help if you’re feeling overwhelmed. It could be the best decision you ever make. 6. Write It OutWhen you are stressed, just start writing for 5 minutes. Get a nice notebook and pen or open a blank word document and sit down with a timer for 5 minutes. If you feel inclined to continue writing, go ahead. The whole point is to relax and safely vent a little instead of airing your frustrations on social media. If you find writing works for you, consider journaling more regularly. Make it part of your daily routine. Journaling can be a great way to sort through your thoughts and different emotions. Keeping a work journal also allows you to track your projects and professional achievements. 7. Get Some ExerciseExercise is essential when trying to accomplish anything in your life, whether building a business or writing a book. You need to exercise if you have a big goal or project that includes dealing with a lot of stress. Small steps are key here. You don’t want the thought of ‘needing’ to exercise regularly to stress you out too! What is something you enjoy (or don’t hate), is convenient (near work or home), and affordable? It can be following instructions from a YouTube video at home or simply taking a 15-minute walk. Do something that will take you away from your worries for a few moments and give your mind a break. 8. Take a Second Look at Your DietA good diet is not only crucial for your physical health but also your mental well-being. It plays an integral role in stress management by improving immunity and lowering blood pressure. What we eat can profoundly affect our mood and how we feel. For example, foods high in sugar and fat can increase feelings of depression and anxiety. On the other hand, certain foods can reduce levels of stress-causing hormones. Foods rich in fiber and vitamins, such as fruits and vegetables, will play a vital role in reducing stress and anxiety. Maintaining a healthy diet and drinking lots of water to manage stressful changes are essential. 9. Make Changes to Your LifestyleChanging your lifestyle habits for the better can also help with stress management. These changes may include getting more sleep and quitting smoking or heavy drinking, which affect your physical and psychological well-being. If you are not used to sleeping eight hours a night, start by going to bed 15 minutes earlier each night. Once you are used to that, add another 15 minutes. Similarly, to quit smoking or drinking, cut back one cigarette or drink every few days until you break the habit. Making healthier changes may be difficult at first, but they will ultimately help you to manage stress better. 10. MeditateThe main goal of meditation is to obtain tranquility, eliminate unwanted or negative thoughts, and focus your attention. It is a popular tool for managing stress, but it’s not easy for everyone. If you find regular meditation too difficult for you (you fall asleep, daydream, or get impatient), you might want to try guided meditations. Guided meditation can be an exciting adventure for your mind. It can be very calming, letting another person’s voice guide you through an imaginary forest or just noticing the positive things in your life. Learning about various relaxation techniques, such as meditation, can help you practice mindfulness and improve stress management. Even if you feel you aren’t getting it at first, you will surely benefit from practicing mental relaxation for a few minutes each day. 11. Self-CareSelf-care can help reduce stress, improve mood, and give you more energy. It’s a way to recharge your batteries and keep healthy by making time for yourself, even when busy. There are many ways to practice self-care, such as candle-lit baths, walks, dancing, yoga, or any creative activity. Do whatever makes you feel good physically, emotionally, and spiritually. One way to make self-care a priority in your life is to schedule it into your day. Put this time in your calendar and treat it like any other appointment. This way, you’re more likely to stick to it. 12. Do Something You Love or Makes You LaughWhat is something that you absolutely love or always makes you laugh? Old horror flicks? A visit to the beach? Is there a band coming to town that you love? At work, are there funny cat videos you can watch on your break or an interesting podcast you can listen to? We need something special to help us ‘snap out of it’ for a while when stressed. Sure, the problems will still be there afterward, but you will feel a little lighter and might even think of new solutions too! Related: Are You Bored at Work? Here Are 10 Productive Things To Do 13. Try a New HobbyHaving hobbies is a great way to cope with stress. Look for new hobbies (or re-start ones you’ve stopped) to keep your mind occupied. Focusing on your interests instead of your stressors helps you cope and can help you to find more positive ways to spend your time. Doing something you’re good at can also boost your self-confidence, which can help you feel better about yourself and your ability to cope with stress. Plus, you can learn many new job skills through your hobby! 14. Protect Your EnergySpending time with certain people leaves you feeling inspired and invigorated. With others, you feel like all the energy is sucked out of you, and you are miserable after spending time with them. Do your best to avoid those who drain you. If you can’t avoid them, try to limit your time with them. Set boundaries, and don’t let them take up more of your time and energy than necessary. Keep interactions brief and to the point. Or, if you are a visual person, picture yourself in a bubble or behind a glass wall while interacting with negative people. It may sound odd, but it works if you let it. Related: 11 Steps To Build Great Business Relationships 15. Set BoundariesSetting boundaries may be more tangible than the idea of protecting your energy. Boundaries are healthy, and you can use them in all areas of your life. Boundaries are not about shutting people out; they’re about maintaining healthy relationships for both parties. At work, it means only sharing the parts of your life that you feel comfortable sharing. If someone asks you about something that you consider more personal, it means glossing over it, changing the subject, or honestly saying you’d rather not get into that at work. What does this have to do with dealing with stress? While sorting out your stressful situation, setting healthy boundaries with the other people involved is a good idea. It will also help if you say no to situations that are likely to cause stress. 16. Take Small StepsWhatever you do during this stressful time, do it in small steps. For example, if you want to quit your job, give yourself time to prepare and find a new job before you resign. Since we naturally don’t think as well when we’re under a lot of stress, it’s best to do everything in small doses to give ourselves time to adjust and not add more pressure than we already have. 17. Find a New JobSome jobs may be more stress-inducing than others. Regardless, if your job makes you sick, it’s time to re-evaluate your priorities. We all have to work to make a living, but sometimes we have to take a step back and consider whether our job is worth the toll it’s taking on our bodies and minds. After all, stress is associated with various health issues, such as high blood pressure, heart disease, stroke, and heart attacks, and can be fatal. Our health is one of the most important things we have, and we should do everything we can to protect it. There are many factors to consider when deciding whether or not to leave your job. Reflect on your situation. Do you simply need to change how you think about the problem? Do you need to take action and do something about it? Is there something you can change, or is leaving your only option? Remember, your health is more important than your job. Related: Quitting Your Job? Here’s How to Write Your Two Weeks Notice Letter In ConclusionNothing good ever comes from stressing yourself out, especially over things you can’t control. These strategies are all ways to help deal with the stress, panic, and anxiety that can sometimes spiral out of control. While you’ll still need to figure out an action plan, you’ll be able to problem-solve better since you will feel less stressed. Ultimately, your decisions and actions about your health are your responsibility. So go out there and watch a terrible old horror movie with a loved one and then go to bed early. You got this. This article originally appeared on My Work From Home Money. Via https://mylifeiguess.com/strategies-for-managing-stress/ |
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April 2023
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