Personal Finance Tips For A Pandemic

This current coronavirus pandemic has really made me stop and think about my financial situation. There are people protesting to go back to work as I type because everyone's finances are on such a tight string these days that they can't survive without going to work, even if it costs them the very lives they are trying to save.

Now that we are beginning May, I am starting to see through the cracks and I am not liking what I see. NBC reported that the chairman of Tyson Foods has said that the food supply chain is breaking due to the coronavirus.  We still don't know if there will be rent and/or mortgage relief in the United States. An economic stimulus/coronavirus relief bill passed but most people still haven't received the checks yet, and will still be waiting as website outages and technical errors have slowed down distribution.

It's enough to make anyone nervous.

I am trying to stay positive and hopeful for all of us, though so I decided to take a moment in a whirlwind of panic to pass on these personal finance tips for a pandemic:

• Hey, you know that toddler book, Everybody Poops? Yeah, everybody does that so stop buying up all of the toilet paper. I know, I know. Your first instinct is to rush right out and buy it all up but don't do that. Maybe only 2 loaves of bread instead of 12? Possibly one case of bottled water? Buy what you need and smile over all of the money you just saved. That way, supply chains don't break and we won't have people robbing commercial establishments.
• Do not pull all of your money out of the bank and bury it in the backyard. You're going to forget about it in your old age and someone is going to find it in 2145 (but it will be useless because the Xytron overlords will feed on fear and not money). Also, it can crash the (already super fragile) economy.
• You can make your own masks. It's incredibly easy and you can find infinite resources online on how to make one. I made a crazy soft black one because I am the night.

Now, those are obvious common sense financial tips for regular life as well. It's easy to get caught up in the present and not worry about the future in a crisis like this, I understand the panic. However, other countries are slowly beginning to economically recover and return to normal.

Well, this new normal, whatever that may be until we find a vaccine.

Being forced to assess my finances to make sure my family could survive this pandemic got me thinking about finding better personal finance tips for every day. I found two websites that have helped me immensely: the Calculator.me website and Pigly. I discovered so many resources on both of these sites! I spent a lot of time working on making a frugal living budget plan and I already feel a lot better about the future.

Do you have your own personal finance tips to share? 

Five Unique Ways To Teach Your Children About Money

Today I have a guest post for you from Emily at StarWalkKids.com. Enjoy!

Kids don’t know much about money and how to spend it unless you teach them. Take time to walk your children through how to earn money, and show them how you can save for a rainy day. Let them know that you can invest and the money grows and allow them the satisfaction of rewarding themselves after completing a task. 

Use a piggy bank 

Teach your kids the art of saving from a young age and let them know how important it is to set some money aside. Get them a jar or a piggy bank and encourage them to drop a few coins inside daily to get to the desired goal. It is important to introduce to them saving at an early age and explain to them why having savings is a good thing. After their savings have grown, allow them to buy whatever they have been asking for with their own money as this will give them satisfaction.

 Give them an allowance after a job 

Make them understand that money is not given for free and you have to work and earn it. This will make sure that they always respect the amount of money they get and be able to manage it wisely. Give them house chores, and once they have completed them, you can reward them by paying them. This will allow them to learn that hard work pays. Furthermore, when you teach them on how to work for everything they have, they will grow to be great adults in the future.

Take your kids to the grocery store 

Bring your kids the next time you are going to the grocery store as this will give them an opportunity to see the exchange and transactions world first hand. Let them help you to choose the grocery you want and show them how you can save money in a grocery store. This is done by giving them an opportunity to choose groceries and compare the prices of different brands. As they do this, they will learn how to make choices in life and survival tactics. After a trip to the store calculate with them the amount of money that they have helped you save. You can use the money to give to charity or treat yourself to ice cream; they will learn the art of charity and sharing as well as saving.

Use games and puzzles to teach them about money 

You can introduce your kids to games and puzzles and give them an opportunity to complete the task. Once they have done, you can reward them with a prize; this will show them that after completion of a task you always get a reward. Additionally, you can play games such as Monopoly which requires kids to make financial decisions to win the game.

Encourage your kids to start a business 

Teach your kids the art of investing in a business, let them learn that when you invest in something your income doubles. Help them open up a lemonade stand with their allowance money and let them learn about making profits in a business. This will open up their minds, and they will understand how money works in the world. Additionally, this will discourage them from being lazy when they become adults.

In conclusion, show your kids the art of spending money, saving, and investing as this will ensure that they learn some valuable skills for life in the real world. You can read more on Star Walk Kids, and you can also find games and toys here which will help your child learn to manage their money from an early age. 

Home Financing Is Easier To Achieve Than You Think

It's easier to finance a home than you think it is. I know, I know. You've heard a billion horror stories from the news, friends, family, your cousin's girlfriend's uncle twice removed. And, you think it's going to be so difficult.

It's not.

We took a hit in 2008, all of us. That alone terrified me and put me off home ownership for many years. Of course, there's also the fact that my husband was in the Navy so we did move around a bit before we settled here. I just truly thought this was a dream that we wanted but would never achieve.
As I always do, I started looking around on the internet to find the answers to my questions. Just reading and browsing around reading about the housing market and how to get a real estate license. I was thinking of taking real estate classes for awhile, but fell into my dream job, writing (and getting paid real money for it!).  I came across bad credit loans in Tampa, which are credit loans for people with bad credit.

To the Google!

I had no idea that you could get a loan if you had bad credit? I mean, isn't bad credit one of the major reasons WHY you are denied a loan? Isn't that how we got into that mess in 2008 to begin with?

So, I read more....

In Tampa, Associates Home Loan is fully aware of your anxiety over these unconventional loans. I spent a lot of time on their website reading about bad credit loans and how all of that works. I wasn't interested in living in Tampa (I'm sure it's lovely), so I started to look into places closer to where I wanted to be and found quite a few!

The credit company I went through is a little different than that one, but it worked out really well for us. We can work on getting our credit together and in a few years refinance through our bank (VA loans, FTW! To learn more about VA loans, you can read this great guide: https://www.reviews.com/blog/veterans-home-buying-guide). The mortgage payment is 1/3 of what we were spending on rent and we've been able to stay on top of everything financially so much easier! I was incredibly skeptical at first, but we've been happily in our very home since July of 2018 and I have no complaints at all with the whole process. I don't miss renting at all, getting to buy all new stuff for your very own home is such an awesome feeling! 

I'm really glad I decided to look into it. It's not something I would have considered before but once I learned everything about it and my financial advisor approved, I was ready! We jumped in with two feet and landed perfectly.

Have you bought a home? What was your experience? Do you have any stories to share about your home finance adventure? Tell me in the comments, below!

Mind On My Money, Money On My Mind

This has been the year of serious adulting for me. I bought my first house, got my dream job, and am going to be a grandmother in about 7 months (blog on that coming later). It only took me until I was in my 40s to do it, too!

Source

All of these things have made me extremely...frugal...as of late. There are about a million things I need money for and I have a very limited well to dip my bucket in. I am budgeting, I am saving, I am going without when I can and I am buying the absolute cheapest groceries in the world (thank you, ALDI!).

All of this and I still don't think I have a handle on everything.

It absolutely blows my mind when people ask me for advice. I guess a lot of people think I absolutely know what I'm doing. Well, most days, I like to think I do. When it comes to money, however, I am one thousand million percent lost. I always start out thinking I know exactly what I'm doing because I'm smart, right? I can handle this. No problem! If I cut back here and move a little over there, things will just work themselves out. Sure. Of course.

What do you mean the water bill is late???

Oh, that's right. I forgot that. OH, and I was supposed to buy the propane THIS month? That was supposed to be next month!

And on, and on, and on until I'm spun around and even more lost than when I began!

So, what do adultier adults do when they have no idea how to budget and finance? They go to the Google and look up consulting firms! To the Google I flew and read everything I could until my eyes almost crossed.  I was able to get back on track and begin actually saving money (for the first time in my life!). I found a lot of tips and tricks that I didn't even know about! It's easy to find a consultant/coach to help with anything you may be struggling with in life. There are life coaches, finance consultants, stock consultants, beauty coaches, fitness coaches, nutrition consultants, and shoe coaches!

Ok, ok. I made shoe coaches up, just checking to make sure you're paying attention. It would be nice if there were shoe coaches, though, amirite?!

With just a quick google search, I was able to find an investment/finance consultant that is helping me with budgeting and managing my finances, as well as advising me on investments and tax preparation! Whatever kind of consultant you are looking for, you are sure to find them starting with a simple web search. The reviews are there to let you know the best ones in your town, so utilize them! 

Then we can all be super adulty adults! Now, excuse me, I have a shoe coaching business to start, please and thank you.

Have you ever used the services of a coach or consultant? What was your experience like? Tell me about it in the comments below!

Managing Your Money When You Work As A Freelancer

If you’re of the millennial generation, it can often feel as though the world of work and finance are stacked against you. It can feel as though your job never quite pays enough for you to live off. It can feel as though even though your lifestyle is modest and the little luxuries you can’t bear to part with are far from extravagant you keep sinking deeper and deeper into a financial black hole and your credit score is increasingly ruinous. Moreover, it can feel as though you’ll be stuck in the same dead end job forever, unable to progress in your career and earning a wage that means less and less in real terms with each passing year as the landlord inevitably hikes up your rent and inflation pushes the cost of living an inch further out of your grip.

Image by MaxPixel

The good news is that you’re not imagining things. The deck really is stacked against you, especially if you’re from a low income family and don’t have the bank of Mum and Dad to fall back on. Corporate wage repression keeps your wages low to insulate the bottom line of the company that employs you while an exploitative and under regulated private rental sector commands a great and greater proportion of your income in order to keep the roof over your head. As opportunities for career advancement grow fewer and further between, it’s little wonder that many forsake the rat race to take their careers and their finances into their own hands as freelancers. Yet, while freelancing is a great way to reclaim your freedom and make a success of yourself on your own terms, it is not without its financial pitfalls. Becoming your own boss is great, but it is a skill in and of itself, altogether different from the skills you take to the free market that make you a living. Here we’ll look at some money management tips to help freelancers on their way to financial security…

Take steps to improve your credit score

As a freelancer you have the freedom that your friends in the 9 to 5 rat race can only dream of… But you also rarely know where your next paycheck will come from, how much it will be and how long it will need to last you. This can make planning for life’s little emergencies problematic and you may need to rely on financial products like loans or credit cards should something go awry. While you can get decent financial products even if you have a less than optimal credit rating; American readers may want to check out this CashnetUSA review, the better your credit score, the more options are available to you. So, how do you improve your credit score quickly?

A debt consolidation loan may be helpful to you. It will not only make your debts easier to manage by replacing numerous direct debits with one single repayment, it will also improve your credit score as it replaces all of your existing debts. Managing your money as a freelancer is tricky enough without the yoke of personal debt around your neck. 

Get your monthly outgoings under control

When you’re starting out as a freelancer, you’re likely getting whatever work you can in a piecemeal fashion. Some of it will be well paid, some will not. Some of your clients will be reliable, others will have to be chased down for payment. And that’s okay. Assorting the wheat from the chaff and hustling for better work from better paying clients are skills that one develops throughout their freelancing career. Nonetheless, you can mitigate your financial risk by keeping a close eye on your monthly outgoings, especially in your make or break early years. How will you do this? Three ways;

Budget

Budget

Budget!

Budgeting really works so long as you stick to it. Establish what all of your essential monthly outgoings are, establish what you need to live to a reasonable standard and use one of these household budgeting templates. If you stick to your budget, you’ll be surprised at just how easy it becomes to manage your finances, even if your income is sporadic.

Image by Pixabay

Handling unexpected expenses

Despite your best laid plans, it’s entirely possible that something may go awry and disrupt all of your well managed finances. A leaky washing machine, car trouble, falling roof tiles, whatever the cause, an unexpected yet sizeable expense can prove the ruination of your precarious financial harmony. But if you box clever, you can handle this unexpected expense with aplomb. It’s simply a matter of using the right solutions.

If, for example, you have a significant payday coming from a client who has yet to make payment, invoice factoring may be beneficial to you. An invoice factoring company will give you instant payment for an outstanding invoice for a nominal fee. If you need quick access to cash, it can prevent you from needing to rely on a loan or credit card. If you do choose to use a credit card, take the time to choose the right one for your needs. Choose a card with an introductory 0% interest rate (here are some of the best ones) and make sure you clear off the debt by the time the introductory rate expires. If you’re unable to do this, it’s not necessarily the end of the world. Simply move the debt to a new card with a similar introductory interest rate. You will be charged a small fee but it will be nothing compared to what you save in interest repayments. 

Don’t forget your tax commitments

It’s absolutely essential that you set aside enough of your income to honour your tax obligations for the financial year. An accountant will be your greatest tool in preparing your finances for HMRC inspection but ultimately the responsibility for paying your taxes lies with you. Not your accountant, not HMRC but you. However, a good accountant will usually save you more than they cost!

Finally, be wary of the dangers of overcommitting, especially in your first few months. Sure, you’re hungry to prove yourself and eager to keep the money coming in… But if you burn yourself out the quality of your work, and your reputation, will inevitably suffer. 

Do you have any tips on managing money as a Freelancer? Post them in the comments below!

Webinar Alert! Simplified Identity Theft: Child Identity Theft Awareness

 Since the very first case reported, (yes, really in the bible), identity theft has  been a fairly common crime, likely to happen to anyone. There are many instances of identity theft throughout history.

Now, it's gone digital.
Global.

For those who aren't aware, my very first website got hacked. I was livid. I immediately did a straight nuclear on my Facebook account and deleted everything I had on that website for the past ten years. Shortly after that, the Cambridge Analytica Data Facebook debacle happened and I have never been so happy to have scrubbed all of my stuff off of a website! I do have a page right here 

I saved everything I wanted to and then just deleted it. It was weird to see it in real data. 

It is disconcerting how easy it is to have your identity stolen in our digital world today. 

I know because my husband had his stolen.
Twice.

I am going to attend a webinar, because who are we kidding? I never leave my house, and thought I would share it with you since they are talking about the new, fun things criminals are doing. 

They are stealing children's identity. 

Hi, my name is Tim Green. I have $95,000 in debt and I'm only 4 years old. 

JM Paul of SimplifiedIdentityTheft.com is holding the webinar on Friday, August 15, 2018 and is giving away a free copy of his Ebook: Simplified Identity Theft: Cyber Security Solutions Made Simple! I am definitely going to be there. It's going to be like watching true crime, the prequel. You can find more information about it on his website! See you there 💓

Nationwide Debt Reduction Services Has A Surprising Offer

Raise your hand if you're in debt.

Right. That's what I thought.

I, of course, am in the same boat. This is what happens when you send your daughter to Japan. When you own a car. When you breathe.

As I mentioned before, one of my goals in the near future is to buy a plot of land and either build a house (because, you know, I'm handy like that), or just buy a house. So, what's the first thing you must do in order to acquire a mortgage? Lower your debt and clean up your credit.

As you can probably guess, I have been searching for debt reduction services. Luckily, I don't have too much debt, but I have enough that it bothers me and I want it GONE.

I found some interesting information. For example, I was extremely confused about debt to income ratio but the Consumer Financial Protection Bureau explained it quite succinctly:

"To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.  For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6000, then your debt-to-income ratio is 33 percent. ($2000 is 33% of $6000.)"

Awesome. I get it. Now, more (not) great news via Debt.com:

"Americans now have record-high credit card and student loan debt. Auto loan debt also broke some records last year.
According to the latest 2018 data from the Federal Reserve:

Americans hold over $1 trillion in credit card debt ($1,023,000,000,000)
Nonrevolving debt (loans) total over $2.8 trillion ($2,842,400,000,000)
According to a Y charts investment company:

To kick off 2018, the total outstanding auto loan debt totals $1.22 trillion ($1,221,000,000,000)"

After I went outside and screamed into the wind, I came back in and continued my search. I came across National Debt Reduction Services and instantly breathed a sigh of relief. There is a plethora of information and resources AND they don't even charge you for their help until your debt is settled.

As I was perusing the website, I came across a great surprise! They are offering a $1,000 scholarship to any high school senior that has been accepted to any university or any college student not in their final year! To enter you just have to write a 500 word essay and fill out this Nationwide Debt Reduction Services entry form!

Debt is on the rise, but I am determined to stomp it out on my end. How about you?