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I received the biggest salary adjustment of my career and couldn't figure out what to buy. I had to buy something, and I decided I was going to do it. So, I bought towels. Yep, you read that right. All my bills were paid, and my mortgage was paid off, so I thought about how to treat myself with the pay increase I had just received. Typically, the only place I spend money is at the hair salon, so I upgraded my towels. Now, these aren't your regular towels. They are soft, plush luxury towels from Frontgate, and I love them! I Saved and Invested Some, Too Now, I'm not going to lie. I saved and invested a considerable part of my increase. I increased my retirement contribution percentage to the maximum allowed and called my financial advisor to see how to invest more of my income. That may sound scary in today's market, but it's the perfect time to invest. I'm just going to sit back and wait for the market to rebound. A portion of the money I saved also went towards future unexpected expenses and the oh-so-fun travel trip with my husband. We love to travel and have visited Antigua, the Bahamas, Puerto Rico, Turks & Caicos, and Jamaica. Living in Florida and Georgia, we've visited all the hotspots like Savannah, Atlanta, Orlando, Tallahassee, and more. Next up is Los Cabos, Mexico, this summer and Curaçao in December. Through sheer diligence with our savings and paying off our bills and loans far in advance, we can pay cash for our vacations and any other significant purchases we may have. See my feature in Gen Z: Here's How You Can Save For Travel On a Tight Budget My Husband Encourage Me to Buy A New Purse I wanted to buy a summer purse for our upcoming summer trip to Mexico. I was debating between two different purses on the Michael Kors website. So, I asked my husband for his advice. He said since you only bought towels when you got promoted, why don't you buy both purses? This was also in celebration of my 10-year anniversary at work. Ultimately, I only bought one purse because that was what I initially sought to do. Living Within My Needs and Treating Myself Every Now & Then I tend to live within my means. I know the normal term is living within your means. However, living within my means helps me continue saving and investing for my retirement. It's a few years away, so living life based on my current needs allows me to double down on my retirement savings. My goal is to continue ticking off travel places on my bucket list and bring my husband along with me. Happy travels!

Do you have a large group of family, friends, or coworkers? Are there birthdays or other significant events coming up? I was searching the internet for budget-friendly gift boxes, and each box on Etsy or Google was going for $40 or more, and that doesn't include delivery fees. So, I said I'm going to make my own gift boxes and created them for under $40. Here's how! As an Amazon Associate, I earn from qualifying purchases. Gift Box On A Budget I scoured the internet to find exciting and valuable gifts. I didn't just want to come up with some random non-useful items, and luckily, I was able to purchase everything from Amazon and read reviews for everything. No cheap stuff here, even on a budget. Gift Box I wanted a sturdy gift box and found a pack of 12 Moretoes White Gift Boxes that included the string to tie the box. It's one long string, so you can cut as much or as little as you need. It assembled in less than thirty seconds. I also added a little character to the box by purchasing 100 stemless rose flower heads and placed two inside the box and one on top as a cute accent. If you have males you're gifting, find some cute bow tie decorations. What went inside the box? I bought a 24 pack of Kombucha tea because I figured this was a little healthier than a wine spritzer or a bottle of alcohol. However, I did find a package of wine tumblers that can be used in multiple gift boxes. The gift recipient can purchase the wine at a later time. The tumblers even came with a straw. Fancy! Now, when you're drinking wine, what's better than relaxing with something that smells nice? So, I found these soy wax melts made by veteran-owned Farm Raised Candles. This is an excellent gift for your friends or family members with allergies. Trust me, I know. Finally, my ultimate touch was this unique Triple Protection Bracelet. This particular bracelet brings luck and prosperity to the gift recipient. Depending on what the recipient needs in their life, you can find other types of handmade bracelets that bring confidence, motivation, or happiness. My entire cost was about $200, and I'll be able to make multiple boxes. I will have to replenish a couple of the items, and the price will vary, but after creating my first box, the total cost was $39. Now, I couldn't beat that or the ability to personalize the box with the bracelet. You can find cheaper options at the Dollar Tree or on Amazon to decrease your spending. However, don't forget quality. Here's the gift box.

Do you want to learn how you can pay cash for your vacations? Well, here are a couple of ways that my husband and I fund our vacations without using credit cards. It helps us keep our vacation budget in check and eliminates the financial impact on our regular monthly expenses. We started taking semi-annual trips about three years ago, so we've learned a few traveling tricks. Plan In Advance When planning a vacation, it's essential to plan as far in advance as possible. This allows you to know what to expect financially. Many hotels and resorts allow you to book at least 18 months in advance, which makes it easier to plan. If you know how much it's going to cost, you will be able to adjust your budget and save accordingly. See my feature in How You Can Save on Travel on a Tight Budget to choose wisely when deciding when to travel. Take Advantage of Paying Later If you are going on a cruise or booking an all-inclusive resort (my favorite), you may have the option to pay later. Many popular vacation destinations and cruises allow you to pay for your vacation monthly, 90 days in advance, or once you arrive at your location. Again, planning will enable you to build up your vacation budget or add it to your monthly savings budget for the year. This will eliminate the need to pay all at once using your credit card. Create a Souvenir Budget It was my husband's idea to create a souvenir list. So, we sat down together and made a list of everyone we wanted to souvenir shop for. We also listed the items we wanted to get for each individual, magnets, t-shirts, bracelets, etc. This included items for our neighbors who collected our mail, family members, and coworkers. Then, we created a souvenir budget. We ended up spending less on souvenirs than we expected and were able to redeposit the remaining funds back into our savings account to be used for our next vacation. Haggling with the vendors helped reduce our spending a lot. Don't be afraid to haggle. Plan for Excursions If you don't want to stay on the cruise ship or the resort property the entire time, it's essential to research and budget for excursions. For the most part, planning for tours at resorts may cause you to pay more. So, we plan our excursions through a reputable source such as Viator and end up saving hundreds of dollars. We've used Viator on our last two trips and loved every tour guide they assigned us. Just remember to take tips for the tour guide. Tipping on Vacation Speaking of tips, you should include money for tipping in your vacation budget. Some resorts like Sandals don't require tips, but you may have luggage or a driver to your destination if you are flying. It's a good rule of thumb to tip them a few dollars because they tend to make most of their money from tips. See my feature in Keeping Up with the Joneses (Tip 2). Stick to Your Budget Sticking to your budget is essential. If you see that you are running low on funds, avoid the temptation to use your credit card for excursions, dinners out, or souvenirs. You have already planned and set a budget, so keep your budget in mind when traveling alone or with friends.

Voluntary contributions or deductions from your pay can affect your net take-home pay. These voluntary contributions can reduce your current tax rate and potentially increase your net take-home pay. These contributions are included in your employer's cafeteria plan, and participation is optional. A cafeteria plan can be described as going into a high school cafeteria and you get to select what you want to put on your tray. You may consume some of the items you choose and other options declined. Let's review how pre-tax contributions are deducted from your gross pay. Flexible Accounts You can use Flexible Accounts for daycare and medical expenses. A Flexible Spending Account (FSA) can be used for qualifying medical purchases throughout the year. With an FSA, you can pay for eyeglasses, dentures, over-the-counter medication, menstrual supplies, and more using an FSA card. You can use the Dependent Care Account (DCA) for qualified daycare expenses. If you decide to contribute to an FSA or DCA, your contributions will be deducted from your gross pay using pre-tax dollars. See my feature in Smart Ways to Use Up Your FSA Before the Year Ends Retirement Contributions Contributing to your retirement can help you build a secure financial future. Whether it's a 401(k), 403(b), or other qualified retirement plan contributing a portion of your income can increase your current and future wealth. If you elect retirement contributions or your employer auto-enrolls you, contributions will be deducted from your gross pay. View the calculation below to see how a 10% retirement contribution rate could affect your gross income*. Then, calculate your tax bracket using E-file's free tax bracket calculator. Free Tax Bracket Calculator See my feature in the Retirement Planning Guide Insurance Benefits If you've elected medical, dental, vision, life insurance, or any other insurance benefits through your employer, premiums will be deducted from gross pay. Premiums for insurance benefits can become expensive, so it's essential to understand that your employer shares some of the costs. The term that relates to this is cost sharing. For example, if your employer shares 70% of the cost of your family's medical premium and you pay the other 30%, the monthly breakdown could look like this: 0.30 x $1,100 = $330 Your shared cost x monthly premium = premium you pay 0.70 x $1,100 = $770 Your employer's shared cost x monthly premium = premium your employer pays Understanding an employer's cost share is essential when negotiating your salary. Cap Contribution Limits There are cap or maximum contribution limits that you can make to some of these plans. For 2022 the annual maximum you can contribute to an FSA is $2,850. Dependent Care contributions vary based on your tax filing status. Rates were increased in 2021 when the American Rescue Plan Act was signed into law. Basic defined contribution plan (401(k)) contribution limits are capped for 2022 at $20,500. It's important to note that there are maximum contribution limits, but your employer has the option to choose a lower amount. *This example calculation assumes gross pay is $30,000, a 10% retirement contribution, no state taxes, semi-monthly pay frequency, and federal filing status of single.

Financial infidelity is hiding the accurate financial picture of what a couple's finances are in a relationship. What Does Financial Infidelity Look Like? Hiding shopping purchases. Lending money to others. Having hidden bank accounts or credit cards. Not informing your partner about your income. Financial Infidelity Can Ruin a Relationship It's risky to bring financial infidelity into a relationship because it could lead to deception in other areas of an individual's life. For example, not being truthful about one's spending habits can lead to the need to hide clothes in a closet or lie about when you bought a particular item. The stress of financial infidelity can lead to the destruction of a relationship. This comes when one partner's trust is broken. Trust can be compromised when one person puts their needs or desires ahead of what's in the relationship's best interest. See my feature in the 9 Secret Habits of People With Credit Scores Above 800 Talk About Financial Security To move from financial infidelity to speaking more openly about money, individuals must understand their emotions around money. A better understanding of an individual's emotions, value of money, and history with money can help them move past the stressors that make talking about it difficult. In addition, being realistic with one's financial situation and concept of money can make having the conversation with their partner a little easier. Being honest with oneself is the first step in moving past financial infidelity. See my feature in Veterans Build Debt-Free Life After the Military to see how planning as a couple can help achieve goals.

Are you looking for some creative ways to save on groceries? Sometimes we struggle to figure out what's for dinner or who's going to cook dinner. Make grocery shopping and meal planning a little easier by making it a family affair and planning family meals ahead of time. Let's dive deeper into how you can accomplish making your life a little easier. As an advertiser, this post may contain affiliate links. How to Save Money on Groceries Plan Ahead Make a Grocery List Plan to Buy the Basics Plan Your Vegetable Approach Determine Your Shopping Method Plan Ahead Planning your grocery list before you go shopping saves you time and money. Preparing the grocery list can be accomplished in several ways. One way is to make grocery planning a family affair by sitting around your table and asking your family what they would like for dinner that week or month. This helps ensure everyone has a say in what's happening at the dinner table and makes planning meals fun. As the meal ideas come together, you can see what you need to purchase for your weeknight dinner creations. As you create your grocery list, use the Good & Cheap recipe book to add variety to your daily meals. The recipes here are good and cheap and can feed your family for two to three nights a week. Saving Money On Groceries Make An Organized Grocery List The weekly list is created; look in your pantry, freezer, and refrigerator to see what you already have available. Inventorying your grocery items can decrease the need to buy additional items that you may already have. Next, when making your grocery list, organize it by category: frozen foods, produce, dry foods, canned foods, etc. This can save time and money in the grocery store and avoid impulse buying when browsing the aisles and searching for items. You can find free grocery templates online at The Grocery List Collection or write your grocery items on a notepad. As you create your grocery list, use the Good & Cheap recipe book to add variety to your daily meals. The recipes here are good and cheap and can feed your family for two to three nights a week. Buying The Basics Let's cover the basics of food purchases. The central part of most meals is protein. However, the staples are also essential because they can stretch the meal, make it more filling, and staples have a longer shelf-life. Things like pasta, rice, mashed potatoes, and muffins can be used as fillers and are not expensive to purchase. These can be bought in bulk and used on nights when you need a quick and easy grain at mealtime. Vegetables Vegetables are also cheaper to buy when purchased frozen instead of fresh. Fresh vegetables have a specific shelf life and need to be used within days to weeks of purchasing. Frozen vegetables can be used periodically, and the remainder refrozen for future meals. However, if you like fresh vegetables in your diet, you may be able to find cheaper produce at your local farmer's market. The key is to go when the sellers try to go home and offload their products at the end of the day. Want to work on your green thumb? Try growing your vegetables. This is a great family or individual activity, and you reap the benefits of gardening. To me, it seems that food tastes better when you put in the work to grow and cook it. Determine The Shopping Method In-Store Now that your list is complete, determine if you want to go into the grocery store to shop or if you want to use one of the grocery apps to pick up your food or have it delivered. If you shop for items in-store, stick to your list and try not to get things that are not on it. An important fact to mention is that the items in your grocery store at eye level are the ones retailers want you to buy the most. Retailers pay prime for eye-level shelf space, so look at the lower level to see off-brand product price savings. If you look up, you will see the organic and more expensive products for purchase. So, how do you get out of being caught in the shelf placement battle? You can shop for items placed at the end of the aisles for healthier, low-sodium, and unprocessed options. Home Delivery The easiest method is home delivery. Using a grocery app to pick up your food from the grocery store allows you to stick to your budget and pick up your food on the way from work, church, or any other activity you have throughout the week. It's convenient; you don't overspend, you stick to your set budget, and you can save time and gas money. A grocery app also lets you preview past purchases that are a staple in your family's diet and makes grocery shopping a little easier. Meal Delivery Service - Dinnerly There are instances when you may be short on time and just don't have time to plan a meal. Meal delivery services are a quick and easy way to reduce your eating out budget and add a bit of variety to your meal planning. Most deal delivery services like Dinnerly are affordable when you eat at least two meals a day at home. For a family of three, you could spend $15 per meal instead of $15 per person with fresh food delivery. See Top Tips for Saving Money on Your Online Grocery Order Small Changes, Big Savings These small changes can result in significant money savings that can reduce other debt you may have. Setting a budget for groceries in advance and planning your weekly and monthly meals can decrease what you spend on groceries and reduce your trips to the grocery store. Remember, grocery shopping technology is changing how the world operates and can benefit you on many fronts.

(Photo by Aaron Burden on Unsplash) When saving for retirement, knowing where to start is not always easy. The myriad of retirement plans available can be confusing. If you don't have a representative who can guide you and explain the funds and fees within the retirement plan, you may give up and walk away. But wait! When you walk away, you are giving away free money and delaying your savings for retirement. So, how do you start saving for retirement? You start saving for retirement by investing in your employer's plan as soon as you are eligible. Before becoming eligible, research and educate yourself on the funds within the plan and the fees associated with that plan. Most employers will put your retirement savings into a Target Retirement Fund if you do not make an election. This could be your most secure option until you can research the available funds. However, don't stop there when determining the best return on investment for your retirement fund. How to Become a 401(k) Millionaire See my feature in How To Make Yourself a Retirement Millionaire. Educate Yourself Here are some things that you can do to educate yourself on your investment options: Talk to a financial advisor. Decide your risk tolerance (stocks versus bonds). Call the funding organization or visit their website to compare the fund options. After determining your risk tolerance and selecting the funds you want to invest your retirement savings in, INVEST in your future. The most crucial step is to act as soon as possible. Continue your education using the Retirement Planning Guide as I answer the most common retirement financial concerns. Investing Early Investing early will give you the best return on investment when you reach retirement age. If your employer offers a matching contribution, you reap the benefits of the free money received by the plan. Yes, I said free. When employers offer matching contributions to your retirement plan, they give you free money to invest in yourself. You also reduce your tax rate yearly because your money is in a tax-deferred savings plan. Now, how bad could a lower tax rate be? Learn more about reducing your taxable income from the Financial Industry Regulatory Authority. Continued Growth Now that your retirement fund has been created, how do you continue to grow your retirement fund? You can continue to grow your retirement fund by increasing your retirement contribution percentage or dollar amount whenever you receive a pay increase. Even increasing your contributions by 1% annually can add to your long-term savings, and you may not notice the difference when receiving a pay increase. Also, as you pay off debt and find additional funds available in your bank account, consider increasing your retirement contributions. The return on investment you receive from your retirement fund will exceed the interest received from diverting the funds into a savings account. Your retirement plan could contain $1,040,106* at the age of 65 if you start investing at 20 with a starting annual salary of $30,000. Yes, you can become a 401(k) millionaire! Calculate your options here at Bankrate.com. This was calculated with a contribution of $1,800 per year and a current 401(k) balance of $0, 2% annual salary increase, and a 7% annual rate of return. The plan has you contributing 6% of your annual salary up to the IRS annual maximum of $18,000 and an employer match of 50% of the 6% contribution.* Bankrate.com

Did you receive a P-EBT card in your child's name? Summer Pandemic Electronic Benefits Transfer (P-EBT) is a program that provides food assistance to children who are eligible for free or reduced-price school meals but were missing meals due to school closures or reduced hours caused by the COVID-19 pandemic. With P-EBT, benefits are loaded onto an EBT card with your child's name on it, and it can be used to purchase food at authorized retailers. Florida has taken it a step further and issued Summer benefits for children who may go without food during the summer months. As an Amazon Associate , this post may contain Affiliate Links. What is Summer P-EBT all about? In Florida, the amount of P-EBT benefits a child will receive is $120 per student. To be eligible for P-EBT, a child must: Be enrolled in a school that participates in the National School Lunch Program (NSLP) or School Breakfast Program (SBP) Be eligible for free school meals, TANF, Medicaid, or Have attended a school that participated in the Community Eligibility Provision (CEP) If you don't have SNAP  benefits, your child will receive a card in the mail. However, if you already receive SNAP benefits, the P-EBT benefits will be loaded onto the same EBT cards, so you may notice an increase in your eligible spend for the month. Why is Summer P-EBT being issued to children? As stated by the United States Department of Agriculture ( USDA ), a staggering one in four children in the country experiences food insecurity, a term that encompasses the lack of access to adequate food for a healthy and active lifestyle. Summer P-EBT food benefits are helpful for children because they can help to prevent hunger and malnutrition during the summer months when children are not receiving meals at school. Hunger can have a negative impact on children's physical and mental health, their ability to learn, and their behavior. Here are some additional things to know about P-EBT: Benefits can be used to purchase food at authorized retailers, such as grocery stores, supermarkets, and convenience stores. Benefits cannot be used to purchase alcohol, tobacco, or hot prepared foods. Benefits cannot be transferred to another person. The child must not be currently enrolled in an approved summer feeding program. If you have any questions about P-EBT, you can submit an inquiry  to the Florida Department of Children and Families. How To Find Healthy Food When You Live in a Food Desert

Navigating through debt post-divorce can be a daunting task. Luckily, there are a variety of strategies available to help manage debt post-divorce. To help you manage this effectively, I've gathered six insightful strategies from content marketing and business leadership professionals. From considering debt settlement post-divorce to negotiating with creditors and seeking professional help, these are the top tips they've shared. How to Manage Debt After a Divorce Consider Debt Settlement Post-Divorce Prioritize and Strategically Pay Off Debts Stay Organized and Create a Monthly Budget Establish a Financial Action Plan Remove Your Name From the Ex-Spouse's Debts Negotiate With Creditors and Seek Professional Help Consider Debt Settlement Post-Divorce If you end up solely responsible for a debt accrued during your marriage and cannot afford to pay it after the divorce, debt settlement could be an option. Debt settlement allows you to pay off debts for less than you owe. Most times, working with a trusted debt settlement company is advised. Companies that provide debt settlement programs will negotiate with creditors on your behalf to secure new terms that lower what you owe so you can get out of debt years earlier and for much less than other repayment methods. If you enroll multiple accounts in a program, you can merge and lower your monthly payments, which takes immediate pressure off your budget. It's a great option for people who can't keep up with minimum payments and want to avoid filing for bankruptcy. Anna Caldwell , Content Marketing, Accredited Debt Relief Prioritize and Strategically Pay Off Debts Knowing what matters most to you will help you prioritize your financial goals following divorce. Prioritizing and strategically paying off your debts is an important method to help manage debt repayment. Start by compiling a table of all your debts and sorting them according to interest rate, placing the loans with the highest interest rates at the top. Next, pay off the bills with the highest interest rates first while making the minimum payments on the remaining loans. This will save you money in the long term by decreasing the interest you pay over time. You'll soon be on the road to financial security after divorce if you stick to your strategy and keep moving forward. Samantha Hawrylack , Founder, How To FIRE LLC Stay Organized and Create a Monthly Budget Dealing with debt after a divorce can be tough. But here's a smart move: create a monthly budget. It gives you a clear view of your finances and lets you adapt to your new situation. Start by jotting down your income sources and categorizing your expenses, including those debt payments. Look for areas where you can cut back and prioritize debt repayment. Loren Howard , Founder, Prime Plus Mortgages Establish a Financial Action Plan A successful way to handle debt following a divorce is to establish a financial action plan. This plan should include details about all your debts, income, and expenses. Start by listing your assets and liabilities—any property or money you owe. Next, outline how much money you bring in every month from work or other sources of income. Finally, list your expenses, including any money you are obligated to pay in spousal or child support. Once you have an accurate picture of your financial situation, creating a budget and prioritizing payments will be easier. Keith Sant , Founder and CEO, Sell My House Company Remove Your Name From the Ex-Spouse's Debts You should remove your name from any outstanding debts in your name, but for which your ex-spouse is responsible. Brush up on the rules of the co-signed loan. You share many things in common when you are a spouse and in a relationship. You both pay expenses equally, but getting divorced makes things worse. Post-divorce, bear expenses on your own. This will not be easy if you have kids too. You can ease some burden by removing your name from outstanding debt. It can lessen the burden of expenses on you. Obtain a co-signer release. You can also have other borrowers refinance the loan into their names. Or, if you are the only one who has to pay loans, sell the asset and pay off the loans. However, removing a name from a co-signed loan will not be easy. Saikat Ghosh , Associate Director of HR and Business, Technource Negotiate With Creditors and Seek Professional Help Reach out to your creditors and let them know about your situation. They may work with you by adjusting payment plans or interest rates. Don't be afraid to negotiate. Remember, they want their money back too. You may also consider seeking professional help from a financial advisor or credit counselor who can guide you throughout the process. Johannes Larsson , Founder and CEO, JohannesLarsson.com Dealing with the financial strain of debt following a divorce can be overwhelming and leave you feeling confused. These six strategies provide a foundation for those facing post-divorce debt challenges, empowering you to manage your finances effectively and progress toward a more positive future.

Attention Florida borrowers and lenders! House Bill 1347, a new law impacting consumer finance loans, has arrived. This bill amends the Florida Consumer Finance Act, which regulates small loan amounts with higher interest rates. Essentially, it sets the rules of the game for these loans in the state. Whether you're looking for a loan to cover an unexpected expense or offer these types of loans, understanding these changes is crucial. What is House Bill 1347? This new bill amends the Florida Consumer Finance Act, which regulates small loan amounts with higher interest rates. It essentially sets the ground rules for these loans in the state. For more information, check out the video below. What is the Florida Consumer Finance Act (FCFA)? The FCFA protects borrowers and ensures fair lending practices for a specific type of loan: consumer finance loans. These are typically smaller loans, ranging from a few hundred to several thousand dollars, with higher interest rates than traditional bank loans. They can be a helpful tool for people who need quick access to cash but may not qualify for a traditional loan due to factors like credit score or employment history. Critical Changes for Lenders: Increased Opportunity and Responsibility Licensing Requirement: House Bill 1347 introduces a mandatory licensing requirement for any Florida branch offering consumer finance loans. This ensures lenders meet specific qualifications and operate according to state regulations. If you're a lender, obtaining the proper license is essential to avoid legal issues and continue operating in the state. Increased Interest Rate Caps: One of the most significant changes for lenders is the increase in maximum allowable interest rates on consumer finance loans. This potentially opens doors for lenders by making these loans more profitable. However, it's important to remember that with increased profitability comes increased responsibility. Lenders must ensure transparency about interest rates and fees, adhere to fair lending practices, and comply with all the provisions outlined in House Bill 1347. See my feature in Yahoo: Black Americans are More Likely to be Denied Credit Breaking Down the New Interest Rate Structure: Impact on Borrowers and Lenders The previous tiered interest rate structure had lower maximums. House Bill 1347 raises these caps, potentially increasing the profitability of these loans for lenders. Here's a simplified breakdown: What This Means for Borrowers: Borrow Smart, Shop Around With these increased maximums, you may now have access to more loan options as a borrower. However, it's crucial to be responsible. Shop around and compare rates: Don't settle for the first offer you receive. With potentially more lenders in the market due to the increased caps, you might find a better deal by comparing rates and terms from different lenders. Understand the actual cost of the loan:  Factor in not just the interest rate but also any origination fees or other charges associated with the loan. This will give you a clearer picture of the total cost of borrowing. Borrow only what you can afford to repay:  Consumer finance loans come with high interest rates, so it's essential only to borrow what you can realistically repay within the loan term. Missing payments can damage your credit score and lead to additional fees. See my feature in The Penny Hoarder: How to Get an 800 Credit Score HB 1347: Florida Consumer Finance Loans Moving Forward House Bill 1347 brings significant changes to Florida's consumer finance landscape. Borrowers, be aware of the new interest rates and shop around for the best options. Lenders, ensure you have the proper licensing to operate. Do you have any questions about House Bill 1347 or consumer finance loans in Florida? Leave a comment below or schedule a time with us, and we'll do our best to answer them! We're also happy to create a future blog post on how to shop around for the best loan options—let us know in the comments if you'd be interested!

Experiencing financial difficulties during and after a divorce can feel daunting. I have gathered six insightful recommendations from business leaders, CEOs, CMOs, and a business owner to assist you in attaining financial autonomy. These professionals offer guidance on handling finances throughout and post-divorce, such as guaranteeing an equitable division of debts and comprehending your financial situation. Advice on Managing Your Finances During and After a Divorce Ensure a Fair Division of Debts Adapt to the New Lifestyle Post-Divorce Create and Stick to a Budget Update Insurance Policies Manage Stress for Sound Financial Decisions Understand Finances Before and During Divorce Ensure a Fair Division of Debts Don't just split assets; split debts too. It's a common misconception that a divorce is only a bout div iding assets. But let's not forget about the debts. They're just as important, if not more so. It's crucial to ensure that all debts are accounted for and divided fairly when going through a divorce. This includes credit card debt, mortgages, car loans, and other liabilities. If you don't, you might be shouldering more than your fair share of the financial burden, hindering your journey to financial independence. So, my tip? Be as meticulous about dividing debts as you are about dividing assets. It might not be the most popular advice, but it's practical and works. James Allen , Founder, CPA, CFP, CFEI, Billpin.com Adapt to the New Lifestyle Post-Divorce You might have gotten used to a certain lifestyle and division of income or breadwinning in the relationship. Clinging to that after a separation can stop you from grieving and building your new financial life. If you saw yourself as "someone who no longer works" while married, that might need to change at the identity level before it can change at the financial level. The same goes for if you see yourself as "the one who works long hours" because someone else took care of the house and the personal life: you'll need to change your identity around these personal conceptions and learn to accept a different view of yourself before you can change your financial life. Alex Boyd , Owner, Mindfully Investing Create and Stick to a Budget When going through a divorce, it is essential to monitor your finances and create an effective budget carefully. Without one, you could be spending money unnecessarily or not saving enough for your future. Start by calculating your monthly income and necessary expenses such as rent or mortgage payments, utilities, food costs, car payments, etc. Once you know how much you have to work with, determine areas where you can cut back and look for ways to save money. Be sure to build in a bit of flexibility so that unexpected expenses won't throw your budget off track. Once you have established an effective budget, stick with it and make sure to track your expenses. This will help you stay on top of your finances while giving you a big-picture view of where your money is going each month. Keith Sant , Founder and CEO, Sell My House Company Is Budgeting a Dirty Word? Not Anymore! Update Insurance Policies Factoring in and updating insurance policies is one best practice. During a divorce, insurance policies do not change on their own. If a soon-to-be ex is listed as a beneficiary, they will still get the benefits if something unexpected happens to the policyholder. Make sure to update beneficiaries to a child or sibling. Otherwise, they will not receive the benefits that would otherwise go to them. Max Schwartzapfel , CMO, Schwartzapfel Lawyers Manage Stress for Sound Financial Decisions Managing stress and emotions during a divorce can impact financial decisions. By prioritizing self-care and stress management, individuals can maintain a focused mindset for financial independence during and after a divorce. This can include regular exercise, meditation, therapy, or other relaxation strategies. For example, taking daily walks or cooking healthy meals can reduce stress, improve mental clarity, and foster a positive outlook. These strategies can provide a solid foundation for making informed financial decisions and achieving long-term financial goals. Roy Lau , Co-founder, 28 Mortgage Understand Finances Before and During Divorce Divorce can be devastating financially. However, it doesn't have to be. You can achieve a high level of financial independence after divorce by being smart about how you handle your finances. The first step is to clearly understand your finances before you get divorced. This will help you to avoid surprises after the divorce has been finalized. Once you understand your finances before the divorce, you should create a detailed budget that can be used during the divorce process. It is important that you stick to this budget so that you don't end up in more debt. You should also keep good records of all your financial transactions, as this will come in handy when you negotiate with your ex-spouse about how to divide your finances after the divorce is finalized. Matthew Ramirez , CEO, Paraphrasing Tool Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Starting a conversation with your partner about finances can be challenging. To help you navigate these discussions more smoothly, I've gathered six tips from professionals, including psychology experts and mental health advocates. Their advice focuses on promoting emotional intelligence and fostering a non-judgmental atmosphere when discussing money matters. Creating a Safe and Non-judgmental Environment for Conversations about Money Embrace Emotional Intelligence Dedicate Time for Open Communication Establish Regular "Finance Dates" Foster Empathy and Collaboration Practice Patience and Empathy Create a Judgment-Free Zone Embrace Emotional Intelligence In fostering a safe and open environment for discussing financial matters with a partner, I'd recommend, as a life coach, emotional intelligence. It's about creating a judgment-free zone where both parties feel secure in expressing their financial perspectives and concerns. Approaching these conversations with mindfulness allows us to actively listen and validate our partner's opinion before sharing our own. Having an open and trustful dialogue is key. By following this approach, we can transform stressful confrontations into constructive discussions. Bayu Prihandito , Psychology Expert, Life Coach, and Founder, Life Architekture Dedicate Time for Open Communication As a CEO, I understand the importance of fostering a safe and open environment for discussing financial matters with your partner. One valuable tip for achieving this is to prioritize open and non-judgmental communication. Create a space where both partners can openly express their thoughts, concerns, and goals without fear of criticism or judgment. Start by setting aside dedicated time for financial discussions to foster this environment. Choose a calm and relaxed setting where you can both focus on the conversation without distractions. Begin by acknowledging that discussing finances can sometimes be challenging but emphasize that your goal is to work together towards financial well-being. Active listening is key in these conversations. Encourage your partner to share their thoughts and actively listen to their perspective without interrupting or dismissing their concerns. Sai Blackbyrn , CEO, Coach Foundation Related: The Benefits of Financial Coaching for Couples   Establish Regular " Finance Dates " One strategy I find helpful is setting up regular "finance dates." You might think, "A date to talk about money? Really?" but hear me out. Every month, my partner and I sit down with some good food and discuss our finances. We started this tradition early in our relationship, making discussing money much less intimidating. These dates are judgment-free zones. We openly share our financial goals, worries, spending habits—everything. And this is crucial—we celebrate our financial wins, no matter how small. Remember, the goal is to foster a space of empathy and understanding. Yes, it's about the numbers but more about supporting each other. Building financial trust in a relationship is a journey, but starting with open and regular conversations makes the path a lot smoother. John White , MBA in Sales, Manager, and Golf Instructor, John Carlton White Foster Empathy and Collaboration It isn't easy to empathize with other people's emotions when they don't align with yours. If you must discuss a sensitive topic like financial matters, start by encouraging open dialogue and validating their emotions and experiences. Avoid blame or defensiveness, and focus instead on collaborative problem-solving. If they overreact, don't escalate. Take a deep breath, listen, and try to understand their point of view. Do this, and you can have honest financial conversations, allowing each of you to feel valued, respected, and heard. Dennis Consorte , Digital Marketingandleadership Consultant for Startups, Snackable Solutions Practice Patience and Empathy When discussing financial matters with your partner, it is crucial to practice patience and empathy. Money is a sensitive topic that can trigger emotions and differences in perspectives. By being patient, you allow your partner to express their thoughts and concerns without rushing or interrupting. It is equally important to show empathy and try to understand their point of view. Recognizing that each individual has unique experiences and beliefs about money and being empathetic allows for a more compassionate and supportive environment. Avoid judgment or criticism and instead focus on active listening and seeking common ground. Practicing patience and empathy creates a safe space for open and honest discussions about finances, fostering a stronger and more harmonious relationship. Sacha Ferrandi , Founder and Principal, Source Capital Create a Judgment-Free Zone Money can be a sensitive topic, often laden with emotions and personal values, so it's important to establish a judgment-free zone. Recognize that money operates metaphorically in our lives, representing many other things such as security, opportunity, trust, and the delicate balance between dependence and interdependence. So it's best to create an atmosphere where both partners feel comfortable expressing their thoughts, concerns, and financial goals without fear of criticism or judgment. Encourage active listening, empathy, and open-mindedness to ensure that discussions about finances are approached with mutual respect and understanding. Remember, the goal is to work together as a team to achieve financial harmony and shared objectives. Julie Muir , Celebrant and Mental Health Advocate, Julie Muir - Celebrant Related:   How to Begin the Process of Combining Finances