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Have you ever tried to break a habit, and after a while, you gave up? You may have tried a new diet or exercise routine, set a plan to save for a television, or even decided to stop procrastinating. How did that turn out for you? Did you succeed, or did it seem too tough for you, and you abandoned it altogether? How to Combat Anxiety I used to be very anxious and often worried about things out of my control. I tried to break this habit by practicing mindfulness and meditation, but it wasn't easy to stick with it. I would often get frustrated and give up after a few weeks. I eventually realized that I needed to be more patient with myself. I started by setting small goals, such as meditating for five minutes a day. Once I was able to stick with that for a few weeks, I gradually increased the amount of time I spent meditating. It took a lot of time and effort, but I eventually broke my habit of worrying and became more mindful. How to Stop Being Impulsive I also used to be impulsive and often made decisions without considering the consequences. I knew this was a bad habit, so I tried to break it. I started by making a list of all the times I had made impulsive decisions and tried to identify the triggers that caused me to act impulsively. Once I knew my triggers, I started to develop strategies for dealing with them. For example, if I was feeling stressed, I would take a few deep breaths before making a decision. My meditation helped with this. I made some progress at first, but it took a lot of work to change my habits. I would still have impulsive moments and sometimes give up and return to my old ways. However, I didn't give up completely. I kept trying, and eventually, I was able to reduce impulsive decision-making. Why is it so difficult to break bad financial habits? There are a few reasons why people often go back to what they know when trying to change their financial situation. Familiarity.  People are creatures of habit, and we often feel more comfortable doing things we're familiar with, even if they're not the best choices for us. This is especially true when it comes to our finances. If we've always lived paycheck to paycheck, it can be scary to try something new, even if it could help us improve our financial situation. Fear of failure.  Everyone experiences fear of failure at some point in their lives. However, when it comes to our finances, this fear can be incredibly paralyzing. We may be afraid of making a mistake that could lead to even more financial problems. As a result, we may stick with what we know, even if it's not working for us. Lack of knowledge.  Many people don't have the financial knowledge they need to make informed decisions about their money. This can make breaking out of old patterns and adopting new financial habits difficult. Procrastination.  It's easy to put off making changes to our finances, especially if they seem daunting or overwhelming. We may tell ourselves we'll start tomorrow or next week, but tomorrow never comes. As a result, we never actually make any progress. If you're struggling to change your financial situation, it's important to understand why you keep going back to what you know. Once you understand the root cause of the problem, you can start to develop strategies for overcoming it. Tips for Breaking Bad Financial Habits Here are a few tips for breaking out of bad financial habits: Educate yourself.  The more you know about personal finance, the better equipped you'll be to make informed decisions about your money. Several resources are available to help you learn about personal finance, including books, websites, and financial advisors. Take small steps.  Don't try to overhaul your entire financial life overnight. Start by making small changes that you can stick with. For example, start by tracking your spending or setting a budget. Find a support system.  Having people to support you on your financial journey can make a big difference. This could include family, friends, or a financial advisor. Don't give up.  Changing your financial situation takes time and effort. Keep going even if you don't see results immediately. Just keep at it, and you'll eventually reach your goals. Are you ready to break your old financial habits and begin new ones?

The American Dream does not necessarily entail owning a house, as it is accompanied by several emotional factors that make it worthwhile. Take some time to think about how much space you need, and don't forget about the hidden expenses of owning a home. And remember, putting all your money into a house may only sometimes be the best financial choice. It is crucial to think about multiple factors of home ownership, from expenses to the current housing market to societal pressures of buying a house. Here are a few important questions to consider when deciding whether it's the right time for you to buy a home. What to Know Before You Buy Your First House The Financial Benefits of Owning a Home Stability and Community Involvement in Homeownership The Drawbacks of Homeownership Impacts of the Current Housing Market Cultural and Societal Pressures of Homeownership 1. What are the financial benefits of owning a home versus renting? Building equity:  When you make a monthly mortgage payment, a portion of that payment goes towards paying down the principal balance of your loan. This means that you are gradually building equity in your home, which is the difference between the market value of your home and the amount you owe on your mortgage. Over time, this equity can be used to finance other major expenses, such as college tuition or retirement. Tax deductions:  Homeowners can deduct mortgage interest and property taxes on their federal income taxes. This can save you significant money each year, especially if you itemize your deductions. Appreciation:  In most cases, home values appreciate over time. This means that your home could be worth more than you paid for it when you sell it. This can be a great way to build wealth and generate a profit. Stability:  Homeowners tend to have more stability than renters. This is because they are not at the mercy of their landlord's rent increases or decisions to sell the property. Of course, there are also some financial drawbacks to owning a home, such as the upfront costs of buying a home, the cost of maintenance and repairs, and the risk of your home losing value. However, for many people, the financial benefits of homeownership outweigh the drawbacks. 2. How does homeownership affect an individual's sense of stability and community involvement? Homeownership can significantly impact an individual's sense of stability and community involvement. Sense of Stability Homeownership can provide a sense of stability in several ways. First, homeowners are less likely to move than renters. This is because homeowners have a financial investment in their homes and are less likely to want to give up that investment. Second, homeowners are more likely to stay in their neighborhoods for longer periods of time. This can lead to a sense of community and belonging as homeowners get to know their neighbors and become involved in their local community. Community Involvement Homeownership can also lead to increased community involvement. This is because homeowners have a vested interest in their neighborhoods. They are more likely to be concerned about the quality of their schools, the safety of their streets, and the overall well-being of their community. As a result, homeowners are more likely to get involved in community organizations and activities. Here are some of the ways that homeownership can lead to increased community involvement: Homeowners are more likely to be familiar with their neighbors.  This can lead to stronger social ties and a greater sense of community. Homeowners are more likely to have a vested interest in their neighborhoods.  This can lead to them being more likely to get involved in local organizations and activities. Homeowners are more likely to feel like they have a stake in their communities.  This can make them more likely to vote, volunteer, and participate in community events. Of course, only some people who own a home will be involved in their community. However, homeownership can provide a foundation for community involvement and give people a sense of stability and belonging that can benefit both individuals and communities. See my feature in 12 Questions to Ask when Buying a House . 3. What are some drawbacks of homeownership, such as maintenance costs or unexpected repairs? Maintenance costs.  As a homeowner, you are responsible for maintaining and repairing your home. This can include things like lawn care, snow removal, painting, and repairs to appliances and fixtures. These costs can add up over time, so it is important to factor them into your budget when you are considering buying a home. Unexpected repairs.  Even if you budget for maintenance costs, unexpected repairs are always possible. These repairs can be costly and can happen at any time. For example, your roof might leak, your furnace might break down, or your pipes might burst. These repairs can be a financial burden, so it is important to have an emergency fund set aside. Mortgage payments.  You will be responsible for making monthly mortgage payments if you finance your home purchase with a mortgage. These payments can be a significant financial commitment and can be difficult to afford if you have other debts or a low income. Property taxes.  In addition to your mortgage payments, you will also be responsible for paying property taxes. Property taxes are based on the value of your home, and they can vary depending on the location of your home. HOA fees.  You may be responsible for paying HOA fees if you live in a condominium or townhouse. HOA fees cover the cost of maintaining common areas and amenities like pools, gyms, and security systems. Lack of mobility.  Once you own a home, it can be more difficult to move. This is because you will have to sell your home before moving, which can take time and money. If you have a family or pets, moving can also be difficult because you will have to find a new home that meets your needs. 4. How does the current housing market impact buying or renting a home? The current housing market is a major factor to consider when deciding to buy or rent a home. Here are some of the ways that the current housing market can impact your decision: Home prices.  Home prices are currently at an all-time high in many parts of the country. This means it may be more expensive to buy a home now than in the past. Mortgage rates.  Mortgage rates are also on the rise. This means that your monthly mortgage payments will be higher if you buy a home now than they would have been if you had purchased a home a few years ago. Rent prices.  Rent prices are also rising in many parts of the country. This means it may be more expensive to rent a home now than in the past. Supply and demand.  The supply of homes for sale is currently very low. This means there are more buyers than homes for sale, which can drive up prices. Economic conditions.  The overall economic conditions can also impact the housing market. For example, if the economy is doing well, more people may be able to afford a home, which can drive up prices. To decide what is best for you, consider your budget, lifestyle, and long-term goals. Here are some other things to consider when making your decision: Your financial situation.  Can you afford a down payment and monthly mortgage payments? Do you have other debts that you need to pay off? Your lifestyle.  Do you plan to stay in the same area for a long time? Do you have a family or pets? Your long-term goals.  Do you want to build equity in a home? Do you want to be able to move around easily? Once you have considered all of these factors, you can make an informed decision about whether to buy or rent a home. 5. Are there any cultural or societal pressures to own a home, and how do they influence individuals' decisions? Yes, there are cultural and societal pressures to own a home in many parts of the world. These pressures can influence individuals' decisions in several ways. Social expectations.  Homeownership is seen as a sign of maturity, success, and financial stability in some cultures. This can create pressure for people to buy a home, even if it is not the best financial decision for them. Family expectations.  In some cultures, parents may pressure their children to buy a home as soon as possible. This can be because parents see homeownership as a way to provide their children security or to see their children achieve the American dream. Media portrayals.  The media often portrays homeownership positively, leading people to believe that it is the only way to achieve the American dream or to have a successful life. Government policies.  Some governments offer tax breaks or other incentives to homeowners. This can make homeownership seem more affordable and create pressure for people to buy a home. It is important to be aware of these pressures and to make a decision that is right for you. Here are some additional thoughts on how cultural and societal pressures can influence individuals' decisions about homeownership: People may feel like they are letting their family or friends down if they don't buy a home. People may feel like they are not being responsible if they don't buy a home. People may feel like they are not achieving the American dream if they don't buy a home. It is important to remember that there is no right or wrong answer when it comes to homeownership. The decision of whether or not to buy a home is a personal one that should be based on your individual circumstances. If you are feeling pressure to buy a home, it is important to talk to someone you trust about your decision.

If you're an aspiring entrepreneur looking for financial planning advice, you're in the right place. We've compiled thirteen pieces of advice from co-founders, CEOs, financial advisors, and other experts in the field. This article covers a range of topics, from understanding the important concept of opportunity cost and value to embracing the runway concept. These tips will provide valuable insights if you're in the early stages of planning your business or about to launch. Financial Planning Tips for Entrepreneurs Understand Opportunity Cost and Value Avoid Debt, Grow Organically Manage Your Cash Flow Start Early, Track Finances Establish an Emergency Fund Set Clear Financial Objectives Invest Intelligently in Your Business Make Wise Strategic Choices Create a Comprehensive Business Budget Hire a Financial Professional, Manage Taxes Prepare for Higher Costs and Delays Choose a Scalable Financial Platform   Embrace the Runway Concept   Understand Opportunity Cost and Value Know your numbers by heart and be able to simulate scenarios as quickly as possible! If you are starting your own business, it is very critical to understand the opportunity cost associated with everything you choose to do. This means you should consider whether you should choose Option X or Y at that point and under your specific circumstances. When you are choosing from your options, deeply understand what you are paying for, what the incremental effort that needs to go in is, what happens if you don't make a decision at all, and, of course, what is the best and worst that can happen to you and your business. Also, when investing in various tools to help your business grow, understand the value you are getting for the price you pay. Start with tools with no contracts, an affordable pricing range, and, of course, specially designed for small businesses like ours. Kishlaya Sharma , Co-Founder and CEO, Bling Avoid Debt, Grow Organically Do whatever you can to avoid debt. Starting a small business is stressful in and of itself. Starting a small business in the red adds an incredible amount of stress—cash flow as much as you can, whether that's from personal savings or secondary income. If you have to borrow money, borrow the least amount you need to keep the business going. Your company does not need to start with the vision you have for it ten years from now. Start with the basics and grow organically by saving for upgrades and additional costly services. This also allows for marketing opportunities as you launch the new services. You'll be thankful you followed these tips when the going gets tough (and, boy, can the going get tough). Alissa Price , Chief Business Officer, Regen IV Wellness Manage Your Cash Flow From my experience as a CEO, my advice to future business owners is, "Keep a close eye on your cash flow." Cash is the lifeblood of any enterprise. There will be a delay between the money you spend on inventory or services and the revenue you receive. This can lead to a cash crunch if not appropriately managed. Therefore, it's critical to track and analyze your cash flow regularly. It's like the fuel gauge in a car; you've got to keep an eye on it if you want the journey to be free of sudden stops. Abid Salahi , Co-Founder and CEO, FinlyWealth Start Early, Track Finances Don't wait, get started! Make time to work on your business, whether early mornings, lunch hours, evenings, or by taking PTO. Nothing good comes easy. Track expenses and hours spent on key activities, and don't quit your job until you're consistently producing enough revenue to replace your current salary. If taking a pay cut isn't a concern, consider tracking your progress by how well you're keeping up with demand for your product or service. Are you turning down business or orders because you're at capacity, or do you experience lulls where your time can be spent on marketing activities? Having at least six months of living and business expenses in a high-yield savings account would be wise. If you own a home, it could also be wise to open a home equity line of credit (HELOC) to access lower-interest debt and avoid higher-interest debt solutions like credit cards in emergencies. Only borrow for expansion, not to pay yourself. Morgan Jaros , Financial Advisor, Royal Private Wealth Establish an Emergency Fund My number one suggestion with financial planning is to ensure you have an emergency fund before venturing down the path of small-business ownership. We should use an emergency fund to cushion against potential lean times, like cash flow shortfalls or the need to pay unexpected and unbudgeted expenses. Having this cushion can help keep your finances afloat during those tough times without putting your new venture at risk. Adam Fayed , CEO, AdamFayed.com Set Clear Financial Objectives One mistake I made early on was not setting clear, time-bound financial objectives. In our initial years, we faced unexpected challenges, primarily when investing in specialized equipment like desiccant bags and thermal insulation blankets. Had I set specific financial milestones with timelines, it would've provided clearer direction and better resource allocation. So, based on my journey, I'd advise anyone looking to start their own venture to always set financial goals with explicit deadlines. It helps prioritize your spending and gives you a roadmap for growth and expansion. Sandra Malouf , President, Eurolog Packing Group Invest Intelligently in Your Business One piece of financial planning advice that I would give an up-and-coming entrepreneur is to invest in their business. Everyone tells you to do it, but they don't tell you how to do it properly. You can't just throw money at a random aspect of your business and hope it will make you long-term profits. You have to do it intelligently. Research and planning are key steps in this process. You need to determine what aspects of your company would most benefit from investment. Some companies, like those dealing with soft drinks, benefit from extensive marketing and brand recognition.   Others, like the cannabis businesses we work with, benefit from better bookkeeping, efficient cultivation, and logistical support. Knowing when and where to invest in your business can mean the difference between a flop and a success. Lorenzo Nourchan , CEO, Northstar Financial Consulting Group Make Wise Strategic Choices My top financial tip for new entrepreneurs is to invest wisely in your venture. This doesn't just mean putting money into the business; it's about making strategic choices that propel growth and align with your long-term vision. Before splurging on the latest equipment or hiring a team, do thorough research to ensure a potential positive return on investment. And don't go it alone—getting advice from a financial advisor can be invaluable. Tobias Liebsch , Co-Founder, Fintalent.io Create a Comprehensive Business Budget One critical piece of financial planning advice for someone planning to start their own business is establishing a well-structured business budget. A comprehensive budget should encompass both startup costs and ongoing operating expenses. Identify all the necessary expenditures, from office space and equipment to marketing and employee salaries, and allocate funds for unforeseen expenses or contingencies. A clear budget helps you understand your business's financial requirements and ensures you don't overspend or underestimate the resources needed to keep your venture afloat. Another essential aspect of financial planning for a new business is to secure adequate capital. This could come from personal savings, loans, investors, or a combination of sources. Ensure you have a solid financial runway to cover initial expenses and sustain your business until it becomes self-sustaining. Lee Hemming , Sales Director, ABC Finance Limited Hire a Financial Professional, Manage Taxes If you want to start a business, tax planning becomes much more difficult. If you hire a skilled, certified public accountant (CPA) or other financial professional to help you with your business and do your tax planning and preparation, you will not only have more time, but their knowledge may also help you pay less in taxes. When thinking about the costs of starting a business, remember that you may get certain tax breaks as a business owner. You can reduce ordinary business costs (normal and accepted in your trade or business) and necessary (valuable and suitable for your trade or business). There are specific rules, exemptions, and limits for tax deductions on many of these expenses. These benefits can be figured out with the help of a tax expert. If you're unsure how to maximize your qualifying business costs or how much to pay in estimated taxes so you don't get stuck with a hefty bill or overpay the federal government, a CPA can help you. Lyle Solomon , Principal Attorney, Oak View Law Group Prepare for Higher Costs and Delays Success will cost five times the money you expect and will take much longer than expected. Be prepared to bankroll this project for years beyond your estimated break-even date. If you are not prepared to see this through until the business succeeds and can sustain itself from revenues, you'll likely lose a lot of time and money. However, if you can find a way to persevere through the early stages of this business, it's an incredibly rewarding process both from a personal satisfaction and monetary point of view. Scott Sidders , Co-Founder, Scott & Yanling Media Inc. Choose a Scalable Financial Platform My advice is to factor in scalability when deciding which financial platform to use. As your operations expand, you'll need your tools to cope with increased transactions, potentially in different currencies. Keep up with data-tracking and compliance issues, which may get increasingly complex. So, you don't want to outgrow your initial decision and have to migrate to another platform as your business evolves. In my opinion, it's important to get these early decisions right. Katharine Gallagher , Founder, Personal and Professional Growth, katharinegallagher.com Embrace the Runway Concept Embrace the runway concept. Before taking off, an airplane needs a sufficient runway, and similarly, before your business gains altitude, you'll need financial reserves. Calculate your estimated operating costs for at least 6-12 months, including personal expenses, and ensure you have that amount as a safety net. This runway gives you the breathing room to navigate initial challenges, make iterative improvements, and avoid desperate decisions driven by short-term cash crunches. Remember, it's not just about launching but sustaining and soaring. Alex Stasiak , CEO and Founder, Startup House Are you ready to begin your entrepreneurial journey? Enroll in my business course today to make your dreams a reality.

Looking for a family getaway that's both tranquil, exhilarating, and affordable? Look no further than North Carolina in March! With gorgeous weather, vibrant wildflowers, and fewer crowds, it's the perfect time to explore all this beautiful state offers. It's essential to plan early so you can get the best rates for hotels and tours. Here's a laid-back itinerary to help you make the most of your trip to the mountains. Five-Day Itinerary for Visiting Asheville, North Carolina Day 1: Asheville & Biltmore Estate Day 2: Blue Ridge Parkway & Grandfather Mountain Day 3: Outer Banks, Cape Hatteras, or the Animal Farm Day 4: Corolla & Chimney Rock State Park Day 5: Relax & Return Home Day 1: Asheville & Biltmore Estate Morning:  Start your day in Asheville, a vibrant city nestled in the Blue Ridge Mountains. Enjoy a delicious breakfast at Early Bird Biscuit, a local favorite known for its fluffy biscuits and homemade jams. Afternoon:  Immerse yourselves in the grandeur of Biltmore Estate, America's largest home. Explore the opulent interiors, stroll through the expansive gardens, and learn about the Vanderbilt family's fascinating history. You only need to visit the house once to take it all in, so if you're staying on the estate, I don't recommend the Length of Stay ticket. Evening: Catch a live performance at The Orange Peel, a renowned music venue that showcases diverse genres. Or you can savor a casual dinner at Tupelo Honey, which offers Southern comfort food with a modern twist. Day 2: Blue Ridge Parkway & Grandfather Mountain Morning:  If you're staying overnight at Biltmore Estates, partake in breakfast at the Village Social. They're open between 7 a.m. and 11 a.m. for breakfast, so there's no need to get up at the crack of dawn. Then, you can embark on a scenic drive along the Blue Ridge Parkway, a 469-mile route offering breathtaking mountain vistas. Stop at overlooks like Water Rock Knob and Hickory Knob for panoramic views. Afternoon: Visit Grandfather Mountain, a nature lover's paradise. Hike to the mountain's top for stunning views, spot wildlife like elk and bears, and cross the iconic swinging bridge. Evening: Head to dinner at Hemingway's Cuba. They have amazing rooftop views, and the food is top-notch. I loved the tostones and the arroz con pollo on my visit. My Biltmore Estate Tour | The Village Hotel Day 3: Outer Banks, Cape Hatteras, or The Animal Farm Morning:  After breakfast at the Village Social, drive east to the Outer Banks, a string of barrier islands known for pristine beaches and charming coastal towns. Stop at Hatteras Island and visit the Cape Hatteras Lighthouse, a historic landmark offering panoramic ocean views. Afternoon: Explore the farm on the estate and visit the chickens and sheep. If you have young children, there's also a playground they can enjoy. If you want to soak in the local culture, you can also visit the River Arts District to purchase items from local artists and shops or to find something to eat. If you're vegetarian, you can try the Laughing Seed Cafe. Evening: Head back to your hotel to relax. If you visit the Laughing Seed Cafe, you probably will have enough food for dinner. You can also schedule a Red Wine and Chocolate Tasting back at the Estate. Estate tastings are daily at 1, 3, and 5 p.m. Day 4: Corolla & Chimney Rock State Park Morning: Head north to Corolla, known for its wild Spanish horses. Take a guided tour through the Corolla Wild Horse Fund sanctuary to observe these majestic creatures in their natural habitat. Afternoon: Visit Chimney Rock State Park, which has spectacular views and incredible mountain hiking trails. If you don't want to walk the trail, you can take an elevator to the top. Keep in mind that the roads are narrow, and there are a lot of twists and turns, so if you're afraid of heights or steep hills and declines, you may want to pick a more calm adventure like wine tasting. Evening: Enjoy a wine tasting back at the Village Hotel. Complimentary wine tastings are daily from 12 pm to 7 pm, and you get to try five different wines. We ended up taking home a case for us and a case of Christmas wine for gifts for our family and friends. Day 5: Relax & Return Home Morning:  Savor a leisurely breakfast at the Village Social or a waterfront restaurant and soak up the final views of the ocean. Afternoon: Return home, reminiscing about your fun-filled family adventure in North Carolina. See my feature in HavenLife How parents are planning Spring Break this year Tips for Avoiding Crowds: March is still considered shoulder season in North Carolina, so crowds will be smaller than peak summer months. Weekdays are generally less crowded than weekends. Consider staying in smaller towns or villages outside of major tourist destinations. Book your accommodations and activities in advance, especially if you're traveling during spring break. Get up early to beat the crowds at popular attractions. This itinerary is just a suggestion, and you can tailor it to your family's interests and preferences. Remember to relax, have fun, and create lasting memories on your spring break getaway to North Carolina!

Navigating the financial disparity in retirement savings between spouses can be a delicate endeavor. To offer guidance, I’ve gathered insights from founders and a trends analyst, covering strategies from hosting a “Dreams & Goals” discussion to establishing a “Future-Focused” budgeting plan. Here are six creative budgeting strategies and emotional communication tactics couples can use to tackle this challenge and secure their future together. Budgeting Strategies for Couples to Plan for Retirement Host a “Dreams & Goals” Discussion Find a Balanced Saving Approach Adopt a “Two-Pot” Retirement Strategy Create a “Retirement Catch-Up Plan” Utilize Real Estate for Retirement Funding Establish a “Future-Focused” Budgeting Plan Host a “Dreams & Goals” Discussion One suggestion for couples facing this challenge is to have a “Dreams & Goals” conversation. Set aside time for an open and nonjudgmental discussion about each other’s dreams for retirement, any current financial fears, and the goals you both wish to achieve together. By framing this conversation around your shared dreams rather than the immediate financial stress, both partners can fully understand each other’s perspectives and priorities. This approach leads to a deeper emotional connection and a stronger commitment to face this financial challenge together. Bayu Prihandito, Founder, Psychology Consultant, Life Coach for Men, Life Architekture Related: See my feature in 5 Steps Women Should Take in Their 20s, 30s, 40s and 50s to Be Set for Retirement Find a Balanced Saving Approach My spouse is more of a spender than a saver, whereas I am the extreme opposite. I am keen to achieve financial independence and retire early, whereas my spouse enjoys work and would be happy to keep working. When we first got together over 20 years ago, our different attitudes toward money caused quite a lot of friction. Over the years, I have realized that enjoying life now is as important as saving for a comfortable retirement and that balancing our different attitudes to life and finances is the best approach. We have agreed on a middle ground; we both save money to allow us to retire early, but we set aside a budget each month to enjoy going out for meals, holidays, etc. The simple answer is that we sat down and talked about it several times until we came up with a plan and approach we were both comfortable with. I realized/accepted that my spouse’s attitude toward money was just as valid as mine and that we needed to live for the present and plan for the future. Jonathan Wright, Founder, Aiming For FIRE Related: See my feature in Securing Your Future: A Step-by-Step Retirement Planning Guide Adopt a “Two-Pot” Retirement Strategy A creative and viable budgeting approach for couples facing a retirement savings imbalance is the “two-pot” strategy. The “two-pot” strategy involves establishing two separate retirement accounts: one for the spouse who has already been saving and a dedicated “catch-up” account for the spouse starting late. A portion of the household’s disposable income is then automatically allocated to fund the catch-up account monthly, treating it as a non-negotiable expense. Contribution levels can be periodically reviewed and adjusted based on progress toward joint retirement goals. The two distinct pots allow the couple to simultaneously maintain the existing nest egg while aggressively building up the other’s savings through focused, forced contributions. This tangible, partitioned approach provides clarity, prioritizes the pressing need, and can be scaled over time, making it a disciplined yet flexible way for couples to get on track together for a secure retirement. Brian Meiggs, Founder, My Millennial Guide Create a “Retirement Catch-Up Plan” One approach could be implementing a “Retirement Catch-Up Plan.” This plan involves the party that is lagging agreeing to cut back on non-essentials a little and redirecting those funds toward retirement. If spending less isn’t an option, the shortfall might be made up by agreeing to redirect a future windfall (like bonuses, tax refunds, or inheritances) directly into their retirement account. Along with practical strategies, you’ve got to consider the emotional side. There has to be space for both partners to voice fears and frustrations about your retirement saving strategy. Your goals have to be “shared goals” if they’re going to stick without causing resentment. As you level the playing field, celebrate your progress to keep motivation high and remind each other why you’re doing this. Clay Cary, Trends Analyst, Coupon Follow Related: See my feature in Retirement Savings: 5 Steps To Take Now If You Want a Comfortable Retirement Utilize Real Estate for Retirement Funding One exciting strategy involves leveraging real estate, specifically through a transaction between spouses that could offer tax advantages and contribute to retirement savings. The spouse with more financial resources could “sell” the family home to the other spouse. This arrangement could potentially unlock equity from the property, providing funds that can be directed into the less financially prepared spouse’s retirement accounts (e.g., an IRA, 401(k), or an index fund). Additionally, this works even better for investment properties due to tax benefits. When selling an investment property, the depreciation starts over, and the tax income from that rental property can be deducted, which can be leveraged for further savings. Abby Shemesh, Chief Acquisitions Officer, Amerinote Xchange Establish a “Future-Focused” Budgeting Plan Facing a retirement savings imbalance in marriage requires creative budgeting and effective communication. One strategy is implementing a “future-focused” budgeting plan, which involves allocating a portion of the household income into a joint retirement savings account. Having a “future-focused” budgeting plan not only addresses the financial disparity but also fosters a sense of shared responsibility toward future goals. Emotionally, it’s crucial to approach conversations with empathy, focusing on solutions rather than attributing blame. Regular “financial health” meetings can create a safe space for open dialogue, allowing both partners to express their fears and aspirations and set realistic financial goals collaboratively. This dual approach mitigates the financial strain and strengthens the marital bond by building a foundation of trust, mutual support, and shared objectives for a secure future together. Mike Schafer, Louisville Personal Injury Lawyer, The Schafer Law Office Related: See my feature in Why Is It Normal For You To Worry About Retirement Before You Retire? What’s Next? If you’re feeling overwhelmed by the financial challenges of retirement planning, you’re not alone. By using these creative budgeting and emotional communication tactics when planning your retirement, you can begin to bridge the retirement savings gap with your significant other, but implementing the strategies may require professional guidance. Contacting a financial professional can help you gain valuable insights, receive expert recommendations, and develop a clear roadmap for your retirement savings journey. Don’t let financial uncertainty prevent you from enjoying a secure and fulfilling retirement.

Retirement planning can be challenging for any couple but incredibly challenging for couples with a significant age gap. This is because the older partner may retire earlier than the younger partner and have different financial goals and needs. With careful planning and communication, couples can create a retirement plan that meets the needs of both partners. Planning for Retirement When There's a Significant Age Gap 1. Consider Future Work Plans for Both Scott Krager, Founder of Tubesplit.com , states that you should consider the following questions: Is the younger person in the relationship going to keep working until they are older, or will both people in the relationship stop working?   Scott mentions, "If the younger per son is going to keep working, planning for the older individual's  retirement is key. If bot h are going to stop working, you need to plan for your own retirement and the other person's if they are younger. This will ensure that both of you are in a good financial position for the rest of your lives." Couples can also consider working part-time after retirement to supplement their income and stay active. When one spouse continues to work, it can become a delicate balance between trying to interact with the non-working spouse and work. Working part-time in retirement can give the older spouse a sense of purpose and make them feel like they are continuing to contribute to society and the household's finances. 2. Prioritize Estate Planning According to Lorien Strydom, Executive Country Manager for Financer.com,  estate planning takes on a unique significance when there's a significant age gap in a relationship. From my personal experience, I've seen couples navigate this intricacy. For instance, one of my close friends, considerably younger than her spouse, faced this. In their retirement planning, they realized that the older partner might pass away while the younger one could still have several active years ahead. They had to consider the financial security of the surviving partner. Consequently, they put a robust estate plan in place to ensure the younger partner's financial stability. This included life insurance policies, the careful designation of beneficiaries, and an established trust to ensure smooth asset transfer. So, when there's a significant age difference, it's crucial to plan and create a comprehensive estate plan to ensure the financial well-being of the surviving partner. How do you prioritize estate planning? Start early Seek professional Help Review your plan regularly Communicate with your spouse Determine who your beneficiaries will be 3. Discuss Death & Dying Brian Porter, CTO of Dream Home Studio , says that if there's a significant age gap in your relationship, you must discuss what would happen if the older person happened to get sick or even pass away. It is a complicated conversation to have, but it should be considered. Owning a home, paying a mortgage, and maintaining that space can be difficult for one person to do, so a plan should be in place. If the older person passes, it might be hard for the other person to continue with a smaller income, so figuring out a plan will allow them to live comfortably without going backward. It's a tough conversation, but it has to be done, especially if the older person in the relationship is getting up there in years, but the younger person has many years ahead to plan for. 4. Address Retirement Timeline Differences Couples should be realistic about their financial resources in retirement and remember to be flexible when things don't go according to plan. Hosh Amishave, Founder of Breachsense , says you should consider the difference in retirement timelines when there is a significant age gap is important. The older partner may need to plan for retirement sooner, while the younger partner has more time to save and plan. This can affect retirement planning in various ways, such as prioritizing retirement savings, considering higher-risk investments, and planning for increased healthcare costs. To address these concerns, couples should communicate openly and work together to develop a retirement plan that takes into account their unique financial considerations. 5. Focus on the Younger Partner's Needs It's essential to be realistic about your retirement age. Anirban Saha, Founder of MrPlanter , says that couples with significant age gaps should consider the long-term financial implications of retirement planning. A significantly older partner might have to retire earlier, reducing the overall nest egg. In comparison, a younger partner may need to continue working longer to finance their own retirement (and lost income). Since women tend to outlive men, the situation is particularly precarious for older men who retire with younger partners. Hence, it's crucial to strategize not based on how long the older partner should work but on how their savings should be arranged to support the younger spouse in retirement. 6. Plan Based on Life Expectancy The Social Security Administration creates life expectancy tables based on the probability of an individual's death based on their current age. In the 2023 Trustees Report , a 40-year-old woman is expected to live until 81. A 55-year-old man is expected to live until the age of 82. Assuming all things are equal, that will leave the younger spouse alone for 14 years if her husband passes away. Gabriel Bogner, Co-founder of Mate Fertility , shares that one way to make sure that both parties are taken care of is by considering the life expectancy of each partner. Planning for retirement should consider how long each partner is likely to be alive, as this will affect any financial arrangements that are made. It's also important to consider how the age difference may impact incomes and the ability to save for retirement. If one partner is significantly older, they may already have a pension or other savings that provide a secure income in retirement. On the other hand, the younger partner should plan to save as much as possible now for their later years. It's a tough conversation, but discussing how to share resources in the future is a critical aspect of planning for retirement with a big age gap. 7. Navigating Healthcare Costs According to Dr. Willy Portier, Co-founder of Concerty , long-term care and health insurance costs are significant financial considerations that couples with big age gaps should consider when planning for retirement. Medical expenses are bound to soar for the older partner as they age, and the cost of health insurance for this individual will also go up. It might also reach a point when the older partner may need long-term care, which is also quite expensive. Here are a few healthcare options available to retirees. Medicare:  Medicare is a federal health insurance program for people aged 65 and older and those with certain disabilities. When you or your spouse turn 65, they can enroll in Medicare before they officially retire. Medicaid:  Medicaid is a joint federal-state health insurance program for low-income individuals and families. Medicaid eligibility is based on income and assets and varies by state. Retiree health insurance:  Some employers offer retiree health insurance to their employees after they retire. Retiree health insurance can be a valuable benefit, but it is important to understand enrollment and disenrollment criteria before retiring. Health insurance through the Affordable Care Act (ACA) marketplace:  The ACA marketplace offers a variety of plans, including plans specifically designed for people aged 50 and older. COBRA:  After one spouse retires, they may be eligible for COBRA under their prior employer's plan for up to 18 months after their employment ends. This can help bridge the healthcare gap. Enrolling in the working spouses plan:  If one spouse is still working and the other is not eligible for any of the options above, the retired spouse can potentially enroll in the working spouses plan due to a life event change. You can also consider establishing a rainy day fund. A rainy day fund for health insurance is a savings account to pay for unexpected medical expenses. Ian Wright, Managing Director of Business Financing , states that "despite many couples keeping a "rainy day fund" for the rising cost of healthcare, it's often understated just how important proper insurance and budgeting for healthcare-related matters are, particularly in relationships with a significant age gap." A few things to keep in mind when you are establishing your rainy day fund for health insurance are: How much should you save? Where should you save your money? How much should you contribute, and how often? Do you have an HSA that you could use in retirement? Ultimately, with careful planning and communication, age-gap couples can create a retirement plan that meets both partners' needs and ensures a secure financial future. Do you need assistance with planning for your future retirement? Let's work together to see how you can achieve your retirement goals.

You might feel like giving up on managing your money for many reasons. It can be a lot of work and frustrating when you don't see results right away. Finding ways to stay motivated and on track with your financial goals is important. Staying motivated can help you reduce money stress, build wealth, and achieve your financial goals. Tips to Help You Stay Financially Motivated Define Your Budgeting Process Start small.  Try to do only a little at a time. Start by setting small, achievable goals. For example, start by setting a goal to save $100 monthly. Once you reach that goal, you can set a new goal to save $200 per month, and so on. Start by creating a budget .  This will help you track your income and expenses and see where your money is going. Once you make a budget, you can start changing your spending habits. Set financial goals .  Once you have a budget, you can start to set financial goals. These goals can be short-term (e.g., saving up for a television), medium-term (e.g., paying off credit card debt), or long-term (e.g., paying off your mortgage). Having goals will give you something to work towards and help you stay motivated. Automate your savings .  The easiest way to save money is to automate your savings. This means setting up a system where a certain amount of money is automatically transferred from your checking account to your savings account each month. For example, every time you get paid, have $50 go to your savings account. Or you can have your employer automatically send a portion of your pay to your savings account for you. You'll save money without realizing it. See my feature in Yahoo   8 Simple Ways for People in Their 20s To Begin Saving Now Reward Yourself for Reaching a Goal When you reach a financial goal, reward yourself for staying on track. Take a vacation .  Go on a trip to a place you've always wanted to visit. Buy something you've been wanting.  This could be a new piece of clothing, a gadget, an experience, or anything else you've been saving up for. Give back to the community.  Donate your time to a cause you care about. You don't always have to provide financial support to non-profit organizations. The majority of these organizations appreciate the time you spend supporting their cause. Treat yourself to a spa day.  Get a massage, pedicure, facial, or other spa treatment. Go out to eat at a restaurant .  It doesn't have to be expensive, but ensure it's delicious. Buy yourself a new outfit.  Update your wardrobe with some new clothes that make you feel good. Go to the movies.  See the latest blockbuster or catch up on a classic film. Go to a museum.  Learn about history, art, or science at a local museum. Go to a play or show.  See a live performance of a play, musical, or other show. Go to a comedy show.  Laugh your head off at a comedy show. Go to a dance club.  Let loose and have fun at a dance club. Go to a karaoke bar.  What's your favorite song to sing along to? Is it Michael Jackson's "Man in the Mirror" or Alica Key's "Girl on Fire"? Go to a sporting event.  Cheer on your favorite team at a game. Go to a concert.  See your favorite band or artist live in concert. Build a Financial Support System Find a financial buddy.  Having someone to support you can make a big difference. Find a friend, family member, or colleague trying to manage their money. You can check in with each other regularly, share tips, and offer support. Your family can also watch your children while you're attending your financial counseling session. Get professional help .  If you're overwhelmed by your finances or need help getting started, don't be afraid to get professional help. A financial counselor can help you create a budget and set financial goals and resources to help you invest your money. See my feature in LegalZoom   What is a Financial Coach and What They Do? Don't Give Up When Money Stresses You Out Remember, managing your finances is a journey, not a destination. Getting your finances in order takes time and effort, but it's worth it. When you have a handle on your money, you can make rational decisions about your spending, saving, and investing. You can also reduce stress and anxiety and build a more secure financial future. I know it's not easy, but I believe in you. You can do this!

The metaverse is shaping up to be the source for business owners to provide innovative products and service opportunities. If you're a graphic designer or an avid user of the metaverse, you've probably learned some tips and tricks to make it better. To help you discover ways to make money in the metaverse and identify viable metaverse investments, I asked CEOs and business leaders for their best insights. From becoming a tour guide to selling virtual avatar assets, there are several ways that you can make money in the metaverse. How to Make Money in the Metaverse Become a Tour Guide Play Play-to-Earn Games Consider Hosting Events Buy and Sell Virtual Real Estate Own An Online Shop Create and Sell NFTs Sell Virtual Avatar Assets Become a Tour Guide One way to make real money in the metaverse is by becoming a tour guide or by serving as a middleman between hotels and travel firms. In the metaverse, you can open a travel agency and market your services to travelers because there is a lot to discover in the metaverse, so visitors will need someone who can take them around. If you are knowledgeable about a specific metaverse or have established a solid reputation as an explorer, you may easily become a tour guide and lead tours for newcomers or those wishing to visit popular locations. You may even create your own tours and charge visitors a fee to participate. The travel and tourism industry in the Metaverse has a lot of promise, particularly in the wake of the pandemic. - Arkadiusz Terpilowski , Head of Growth and Co-founder, Primetric Play Play-to-Earn Games One of the easiest ways to make money in the metaverse is by playing play-to-earn games. Many games in the metaverse will pay users in cryptocurrency just to play them. They range from typical strategy games like chess up to more intricate MMORPGs. The transactions will be small at first, but the increments will add up over time. - Gigi Ji , Head of Brand and Business Development, KOKOLU Consider Hosting Events Consider hosting events in the Metaverse. As companies learn more about this virtual world, they'll start advertising events in the space. For example, the Gucci Garden is in the Metaverse. If you can afford to buy land, you can then sell tickets to attend. Whether it's a new product launch or a place to hang out, companies can easily make a dime. - Natália Sadowski, Director of Aesthetics, Nourishing Biologicals Related:   7 Side Hustle Ideas for Graphic Designers   Buy and Sell Virtual Real Estate Buying and selling virtual real estate is an excellent way to make money in the metaverse. Finding areas that have great growth potential can be a goldmine for those who like to invest. When the land begins to flourish, others will take notice and become interested in purchasing it. When the time is right, selling land to interested buyers can be highly profitable. - Adam Bem, Co-Founder and COO, Victoria VR Own An Online Shop The metaverse is a virtual 3D cyberspace that connects people from all over the globe via the internet. A proven way to make real money in this virtual world is to create an online store. The metaverse has made it possible for people to trade virtual items; hence you can tap into this. You have a large selection of virtual items that you can sell. Ranging from weapons to tokens to clothes or just household items. Be assured that whatever you trade in, an online store will profit in hard currency. - Yongming Song, C EO, Live Poll for Slides Create and Sell NFTs Virtual world technology is gaining traction, and the need for its services will only create more opportunities. The metaverse has created a craze for the demand for virtual goods. Non-fungible tokens (NFTs) are among the most in-demand products. The NFTs can be created in the metaverse and sold in the open marketplace. The metaverse has space for avatars, property, accessories, and equipment, among other decentralized digital objects and infrastructure. This means that they can be entirely designed and created by users to grow and support open economies. The popularity of NFTs among tech-savvy clientele and celebrities will increase the probability that such a venture will turn a profit. - Ruadhan O, C EO, Founder, Developer, and Trader, Seasonal Tokens Sell Virtual Avatar Assets There are many ways to make money in the metaverse, but one of the most popular is to create and sell virtual assets. This can include anything from avatar clothing and accessories to houses and land. If you have a creative flair and programming skills, you can create some amazing things for which people will pay good money. So if you're looking to make some real money in the metaverse, selling virtual assets is a great option. - Gabriel Krikunez, Criminal Lawyer, Crimlawcanada

It's tax return season, and your refund may be coming soon. You may have goals for your future, such as saving for a vacation or paying down debt. How do you stick to the goals you set at the beginning of the year when you get your tax refund? Here are four tips on saving, budgeting, and even spending your tax refund. As an Advertiser, this post may contain affiliate links to E-file. Create A Budget A budget for your tax refund can help you spend it in the areas that you designate are the most important. You may need your tax refund to pay for rent, groceries, childcare, saving for an emergency fund, or your child's education. Creating a budget for your refund can help you ensure that every dollar is helping you achieve your goals. Once you determine how much your refund will be, create a list of how much you are going to pay towards each category. For example, will you spend $600 toward your rent, $500 to start an emergency savings account, and $100 on entertainment? Having your tax refund budgeted in advance can help you achieve your savings and spending goals. See my feature on Yahoo, where I discuss 8 Simple Ways for People in Their 20's Can Begin Saving Now. Create a Debt Action Plan Sometimes debt can get out of hand. It seems like it's a never-ending cycle of juggling to pay one credit card bill or loan after another. Using your tax refund to create a debt action plan can help you eliminate or reduce your debt. There are a couple of ways that you can pay off your debt. The first one is to pay off the smallest debts first. If you have a $100 credit card bill, you can start here and subsequently tackle your more significant debts. Paying off smaller debts and working on the increasingly larger ones can help you reduce the number of creditors you owe money to. The second method is to pay off your high-interest accounts first. If you have one credit card where you pay 23% interest and another you pay 6% interest to, then paying off the higher interest rate credit card can eliminate the extra fees you are paying towards your purchases. See my feature in 11 Best Personal Finance Formulae To Live By. Plan To Save If you have a debt plan or limited debt, you can save your tax refund. You can save your tax refund for a future vacation, emergencies, car purchase, or any other future goals on the horizon. Saving all or a portion of your tax refund can help you achieve your savings goals and reduce the need to borrow money in the future. So, how do you save your tax refund? When filing your taxes, you can choose to have your tax refund direct deposited directly into your savings account. This way, you're not tempted to spend the money when it gets deposited into your checking account. You can also purchase savings bonds with your tax refund. Buying savings bonds is an option when working with a tax refund preparer or filing your taxes on your own. Both of these options allow you to build your savings and gain interest on your deposits. Spend A Portion Sometimes we have to treat ourselves or our family, and spending a portion of your tax refund can help you do just that. Whether you want to have dinner out, go to the movies, or get your hair professionally done, treating yourself with a portion of your tax refund is okay. Just be mindful of your other goals and predetermine the amount of your tax refund that you want to use to treat yourself. Whatever option you choose to manage your tax refund, ensure that your money works for you and not against you. File Your Taxes Quickly & Securely Using E-File Filing your taxes online can help you get your tax refund fast. Using sites like E-file, you can file your taxes securely and quickly. You can also direct your return how you see fit, and it can help you save for your goals faster. If you qualify for their Basic Software, you can also file your federal tax return for free.

If you're nearing retirement, you might be looking for ways to maximize your reduced income to cover your future expenses. The reality of retirement is that as you age and costs rise, your retirement benefit or social security may not sustain your future standard of living. So, how do you survive financially if you didn't plan for retirement, and what remedies are there? From putting your unique skills to use to investing in low-cost index funds, here are a few things you can do with a fixed income and limited savings in retirement. What Do You Do If You Have No Money Saved for Retirement? Consider a Reverse Mortgage Put Your Unique Skills to Use Look for Costs to Cut Research and Use Available Resources Sell Some of Your Assets Invest in Real Estate Generate Passive Income Keep Your Income Coming as Long as Possible Prioritize Your Health and Fitness Invest in a Diversified Portfolio of Low-cost Index Funds Consider a Reverse Mortgage Retiring with a mortgage payment is a fixed cost that will not go away until you pay off your mortgage. If your retirement income doesn't pay your mortgage, you can consider a reverse mortgage to make ends meet. With a reverse mortgage, you will be responsible for paying your property taxes and homeowners insurance only. A reverse mortgage can help you bridge the income gap until you no longer live in the home or in the event your heirs inherit your home. Your heirs will then be responsible for paying off the remaining balance of the borrowed money, interest, and fees associated with your reverse mortgage. Annette Harris, Founder, Harris Financial Coaching Put Your Unique Skills to Use I know many people who had careers that weren't as fulfilling as they had hoped because they weren't doing what they loved or were best at. Eventually, after their careers were over, they had more time to hone their skills and figure out how to make money from them. I knew someone whose diversion from a stressful job was playing guitar - and he got pretty good at it after a while. He lived in Florida, and a buddy of his who played drums suggested that he jam with his three-person band at a local beachside bar. He knew the songs and sat in. He loved it so much that he started tagging along for other gigs. He connected with other local musicians and played live music at various places in and around town every week - and managed to make a good income doing it. He didn't have the portfolio he wanted upon retirement, but it turned out that he didn't need one. He made more money playing Jimmy Buffet and Eagles songs than he ever imagined, and it still supports him. Brittany Dolin, Co-founder, Pocketbook Agency Look for Costs to Cut If you haven't planned for retirement and are worried about how you'll support yourself financially, the first step is to look at your expenses and see if there are any areas you can cut back on. If you're living paycheck to paycheck, it's important to make sure you're not spending more than you can afford and leaving yourself with little room to save. Make sure you're not spending more than you can afford on things like cable, cell phone plans, and dining out. By looking at your expenses and making some cuts where you can, you may be able to save enough to put aside money for retirement. Matthew Ramirez, CEO, Rephrasely Research and Use Available Resources Having experience in financial planning, one piece of advice I would give someone looking to survive financially in retirement without having planned for it is to use the resources available to them. Many people are pleasantly surprised at how many options exist that offer assistance with rent/mortgage payments, bill payments, and so on. This could be anything from government-funded grants and loans to charities or lenders specializing in this area. Understanding and accessing these resources can be difficult. Still, it is worth putting the time into researching them, as they could go a long way in helping you get through a difficult financial situation. Lorien Strydom, Executive Country Manager, Financer.com Sell Some of Your Assets If you have a home, you may need to sell it. If you've had your home for a while, its value has probably increased. The same goes for any valuable assets, such as furniture or a vehicle, you may not need anymore. Then you may have enough money to afford to rent a modest apartment. Drew Sherman, Director of Marketing and Communications, Carvaygo Invest in Real Estate One uncommon thing someone could do to survive financially if they didn't plan for retirement is to invest in real estate. By utilizing the current home's equity or purchasing a single or multi-family investment property and renting it out, they can generate income that helps fund their retirement instead of Social Security and other benefits. With this strategy, they would also build wealth that can ultimately be tapped into later when needed, either as immediate cash flow from rental income or from selling the property later. Carly Hill, Operations Manager, VirtualHolidayParty.com Generate Passive Income There are plenty of ways to generate passive income- money you make while devoting yourself to the business. Maybe you can rent your spare room on Airbnb and collect the fees, or maybe you invest in dividend-paying stocks. Perhaps you could even start a blog and use Google AdSense to make money from the ads on your site. Whatever passive income ideas you have in mind, it's worth looking into them to see if they're right for you. As long as you have income coming in, you can cover your expenses and have plenty left over for savings. Luciano Colos, Founder and CEO, PitchGrade Keep Your Income Coming as Long as Possible Working until retirement (or even past it) isn't necessarily ideal, but it has one significant benefit that no retirement plan can replace: saving. Of course, retirement can be comfortable if you've diligently saved money and carefully managed your finances. But if you haven't had a retirement account or couldn't save for retirement properly, extending your work life as much as possible may be your best bet. Building up a cushion of savings over many years of hard work is probably still the most reliable way to ensure financial stability in retirement age; after all, there's nothing quite like having an emergency fund made of cold, hard cash to get through difficult times. Piotrek Sosnowski, Chief People and Culture Officer, HiJunior Prioritize Your Health and Fitness Although often ignored, the gym can be the single most important tool to help you survive financially in lieu of retirement savings. A 2022 European Journal of Aging study reported that working life expectancy is strongly underpinned by general, physical, and cognitive health, regardless of occupation. Consequently, staying in great physical shape is essential to career longevity, even in white-collar work. Resistance training and moderate-vigorous physical activity both show significant anti-aging properties and are essential to preventing muscle wasting and cognitive decline. By prioritizing your health and getting sufficient exercise, you will likely significantly extend your working life expectancy, giving you more time to save for retirement. Ben Schwencke, Business Psychologist, Test Partnership Invest in a Diversified Portfolio of Low-cost Index Funds If someone didn't plan for retirement, I'd advise them to invest in a diversified portfolio of low-cost index funds. This type of investment strategy provides a low-cost way to achieve broad market exposure, which can help an individual achieve better returns over the long term. In addition, index funds are typically composed of thousands of different securities, providing greater diversification than an individual stock picker could achieve. Also, index funds are passively managed, so they generally have much lower fees than actively managed funds, which can help individuals maximize their investment returns. Investing in a diversified portfolio of low-cost index funds is one of the best things someone can do to survive financially if they don't plan for retirement. Shaun Connell, CEO, and Founder, Learn Financial Strategy What's Next? If you haven't planned for retirement, it's not too late. If you work for an employer, find out what retirement benefits are available to you and if you're eligible for increasing your retirement contributions. If you're over 50, you may also be eligible for catch-up contributions to your retirement plan. Plan for your retirement now so you don't have to scramble later. For assistance in planning and understanding your retirement benefits, contact trusted resources like a financial coach, counselor, or advisor.

Many financial considerations come into play when entering into a marriage with children from previous relationships. To keep the peace in your relationship and reduce future financial stress, it's important to determine yours, mine, and ours. From avoiding shared credit responsibilities to trying the raw contribution method, here are seven answers to the question, "What are your most helpful tips for merging finances in a blended family?" 7 Ways to Merge Finances in a Blended Family Keep Credit Cards in Your Own Name Go All in With Lifestyle Expenses Create a Blended Family Budget Establish Clear Boundaries and Expectations Be Consistent Have Family Finance Meetings Use the Raw Contribution Method Keep Credit Cards in Your Own Name Having your financial plans together with a blended family is great, but if you want to keep your credit accounts separate, this way, you can keep building your own credit. You can add a person as an authorized user on your credit card account so that if you like a particular card for rewards, they can use it for household expenses, but it is easy to take them off the account if an issue arises. I think the only merged account should be your mortgage. Jeanne Kelly, Founder, Kelly Group Coaching, Inc. Go All in With Lifestyle Expenses Go all-in on merged finances for day-to-day activities. Create a joint bank account for housing, utilities, and activities. It starts with your finances if you want your family to feel cohesive. Certain financial areas need to be kept separate. For example, the original owner should keep assets each party had before entering a marriage. However, both partners should contribute to lifestyle expenses and have access to accounts to pay for necessary and discretionary family bills. Melanie Musson, Insurance Expert, USInsuranceAgents.com Create a Blended Family Budget One of the best pieces of advice I can offer regarding merging finances in a blended family is to build a household budget. By constructing and agreeing to a plan for how the money will be allocated across the family, everyone clearly understands their expectations, and there are fewer chances of disagreements. This family budget should consider each party's individual needs and focus on what's best for the whole family. A great way to develop this unified plan is to keep detailed records about spending habits, assess them together, and devise strategies for achieving common goals. Lorien Strydom, Executive Country Manager, Financer.com Establish Clear Boundaries and Expectations This involves determining who pays certain bills and expenses and setting rules for shared expenses, such as dining out or entertainment. It can also include setting individual spending and saving guidelines to meet everyone's financial needs and goals. Having clear boundaries and expectations can help avoid misunderstandings and conflicts down the line. Brian Meiggs, Founder, My Millennial Guide Be Consistent When blended families come together, they bring in multiple house rules, which can turn the finances into a confusing jumble. Establishing one concise set of rules is key to harmonizing blended families and finances. Being consistent with standards ensures everyone meets the same expectations, creating fair competition for household activities and responsibilities—financial or otherwise. This makes sense from an organizational perspective and makes things easier for everyone by setting understandable parameters and boundaries. After all, successful financial blending isn't just about sharing resources—it's also about creating strong relationships by showing respect and trust between blended family members. Bottom line: setting one set of house rules from the start will keep everyone on the same page without overwhelming confusion, leaving more time to enjoy your blended family life! Piotrek Sosnowski, Chief People and Culture Officer, HiJunior Have Family Finance Meetings Having regular family meetings is one of the best practices for merging finances. At the end of the day, everyone likes to agree about financial matters, even kids, when it is explained in an age-appropriate manner. When a regular expense changes, gather everyone together and explain the update or reach a decision about it as a family. Transparency is vital to a happy family. Annu Daniel, CEO, Elohim Company Use the Raw Contribution Method With this method, couples contribute the same amount of money regardless of their income. For example, Jerry earns $4,000 a month, and Kelsie earns $6,500 a month. They both pitch in $1,500 and keep the leftovers in separate accounts. This can be advantageous for a blended family because it keeps the higher earner from feeling penalized for their success and the lower earner from feeling subsidized. Dakota McDaniels, Chief Product Officer, Pluto Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Employers offer their employees many benefits, some of which can be confusing and complicated to sort through. However, if you know what to look for, you will be ready to negotiate some of these benefits before accepting an offer of employment. Below are a few benefits working parents should advocate for during their job search or with their current employer. 7 Benefits Working Parents Should Look For Dependent Care Account Flexible Spending Account Tuition Reimbursement Vacation Days Paid Holidays Caretaker Benefits Employer Discount Programs Dependent Care Account Dependent Care Accounts allow working parents to use their pre-tax income to pay for daycare expenses. By contributing pre-tax income, parents can reduce their tax rate for an expense that may be required for their children's care while at work. If you owe money when you file your taxes, using the Dependent Care Account is an optimal benefit. Even if you don't owe the IRS when you file your taxes, reducing your tax rate can still be beneficial at times. There are IRS limits, and the amount your employer will allow you to contribute can vary. With this type of plan, employers do not contribute any funds. You must also use any funds you contribute by the deadline or forfeit your reimbursements. Flexible Spending Account Flexible Spending Accounts are employer-sponsored plans that allow you to contribute pre-tax income for future medical or dental care and other medical supplies. An FSA is beneficial to parents who have young children who often need to be seen by doctors. This type of account is even helpful for expenses such as assistive devices, medical equipment, hearing aids, and other medical supplies not covered by most plans. See my feature in Smart Ways Use Up Your FSA Before the Year Ends. Tuition Reimbursement or Scholarships College can be expensive, and every dollar counts when funding your education or your child's education. Parents should look for scholarships and tuition offerings. Some organizations offer scholarships for employees' children up to a specific age limit. Knowing the requirements of employer scholarship programs can help you prepare your child to be eligible when it's time to apply. In addition, most employers will pay for an employee's tuition if it is relevant to their current profession. The IRS limits employer reimbursements up to $5,250 annually. Employers can decrease the annual amount, but this tax-free benefit can reduce or eliminate the need for a student loan. Video: 5 Ways To Avoid Student Loan Debt Vacation Days If you are a parent with school-age children, you may want to take time off for holidays, during spring break or the summer. Negotiating the vacation days you may be eligible for should be accomplished before accepting a position. Typically, once you accept the vacation days available, it won't be easy to adapt this when employed. It's also important to understand when you are eligible to use any accrued vacation. Some employers require employees to be employed for six months before they are eligible. So, ask employers how your vacation days are accrued and attempt to advocate for more. How Many Holidays Does Your Employer Offer? According to the Bureau of Labor Statistics, the average employer offers 7.6 holidays to its employees. Any more than that, and you may be looking at an above-average employer. Suppose your employer provides the average number of holidays working parents should consider advocating for more. More holidays can enhance employees' work-life balance and decrease the need to use limited vacation days to fill in the blanks when children do not have school or daycare available. Caretaker Benefits The COVID pandemic has caused more employees to either work from home or required them to go back to work without adequate daycare or eldercare. Employers should consider offering reimbursements or other special offerings for caretaking assistance through community or national partners. Caretaking benefits could include options for in-home daycare, remote monitoring reimbursements, and even support for after-school programs. Offering this benefit could encourage employees to return to the office or eliminate some of the distractions of remote working. Employer Discount Programs Many employers offer discount programs to employees, which can be beneficial when looking to save vehicle purchases or travel during the summer and winter seasons. These programs can come at no cost to employers and save you hundreds to thousands of dollars. If your employer does not offer a discount program with local car dealerships or national perks websites, you can advocate with your HR department to get them included. Here are some employee perk websites that are currently available. Corporate Perks Perks at Work TicketsatWork Whatever added benefit an organization offers, many of the benefits listed above are employee-funded and can enhance an employee's work-life balance and lead to happier, healthier employees.