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Tax time is when you get back the money you overpaid to Uncle Sam, or it's a time to pay Uncle Sam for underpaying your taxes during the previous year. Preparing to file your taxes before sitting at your computer or with a tax preparer can help you identify all tax credits you may be eligible for. It can also ensure that you have every document you need to eliminate the need to file an amended or late tax return. To help you prepare, I've compiled a roundup of responses, from relying on a handy checklist to keeping an eye out for scams to see how you can effectively prepare to file your taxes in 2023. Preparation Tips for Filing Your Taxes in 2023 Keep a Log / Checklist Review the Deductions You Can Qualify for Get Organized Start Preparing Your Documents Early Stay Up to Date on New Tax Laws Record Important Data Throughout the Year Find a Qualified Accountant or Tax Professional Weigh Your Options Don't Forget Any of the Business Expenses File Early, but Not Too Early Report All Gig Income Be Aware of Scams Keep a Log / Checklist Every year I create a log or checklist so I miss nothing I need to give to the accountant. It's a simple Word document I update throughout the year if I open an account or do anything tax-related. At tax time, I open this document and print all the tax documents for the accountant. Having this simple checklist helps me not to miss any document that the accountant might need and also helps to ensure that I don't miss any deductions that I might be eligible for. For example, you might have put money into an HSA the first week of the year, and by the end of the year, you're not sure what year you put it in for. Having this simple document saves me from having to log in to a bunch of different accounts to research getting my tax documents ready. Evan McCarthy, President & CEO, SportingSmiles Review the Deductions You Can Qualify for Review the deductions you can qualify for, like student loan interest or medical expenses, so you're ready when it's time to file. Doing this will help ensure you get the most out of your taxes. Last, make sure you have all the documents ready to go when it's time to file. This includes tax forms from employers, investment accounts, and anything related to deductions. These documents will allow you to efficiently complete your return and avoid any last-minute scrambling for information. Michael Fischer, Founder, Elite HRT Get Organized Ensure you have all the tax forms and keep organized records of pertinent expenses and deductions. Start early and create a folder for any documents that may come in the mail. Work with your financial advisor and CPA to prepare for tax season well in advance; having a solid plan can help to reduce stress and help you feel organized. Alison Stine, Founder, Stine Wealth Management Start Preparing Your Documents Early If you're itemizing deductions, start that process early. There's nothing worse than realizing your appointment is the next day—or that it's April 14—and you haven't started sorting out your expenses yet. You'll likely need more time than you think to compile all your receipts, count everything, and get those numbers in order. Don't wait till the last minute. If you start early, you have more time to sort out any issues that arise as you prepare. Rachel Roff, Founder & CEO, Urban Skin Rx Stay Up to Date on New Tax Laws Keeping up with changing tax laws will be a crucial part of tax preparation for 2023, as new laws can affect your obligations and deductions. To make sure you have the most accurate information, it's advisable to research any changes to tax law both before filing returns this year and in the future. Furthermore, business owners should take extra care to stay informed on any new regulations related to deductions or credits involving their particular industry. Doing so can help them maximize savings when filing taxes and may even uncover valuable opportunities to reduce the impact of taxation on their bottom line. Michael Sena, Founder & CEO, SENACEA Record Important Data Throughout the Year It's never too early to prepare to file your taxes throughout the year. Here's one tip to help you get a jump start: Make sure you keep careful records of all your income sources and expenses throughout the year. You should also keep track of any deductions or credits you qualify for, such as charitable donations or home office expenses. Make sure you stay on top of any changes in tax laws or regulations that might affect you to have all the documents needed to file your taxes correctly. There are also many tax software options available, so take some time researching each and deciding which is the best fit for you. This will make filing your taxes much easier when the time comes. Tristan Harris, Demand Generation Sr. Marketing Manager, Thrive Agency Find a Qualified Accountant or Tax Professional With April 2023 rapidly approaching, now is the time to get organized for tax season. If you want to ensure that you correctly file your taxes and on time, the best way to ensure that you meet all of your obligations is by finding a qualified accountant or tax professional. Doing some research ahead of time and interviewing a few firms can save you a significant amount of time and energy in the long run. Taking this step will ensure that you have an experienced set of eyes on your return and that any errors are caught before they ever reach the IRS. Jim Campbell, Owner, Camp Media Weigh Your Options When deciding how to file your taxes, it's important to consider the complexity of your tax situation and your own confidence and experience with tax preparation. One option to consider is using tax software, which can be a cost-effective choice for those with simple tax situations, such as only filing a W-2 with a few deductions. However, if your tax situation is more complex, such as if you're a contract worker filing a 1099, it may be beneficial to work with a tax professional. A tax preparer can guide you through the process, provide suggestions, and take the guesswork out of filing your taxes. A tax preparer can make the process efficient and stress-free if you lack the time or confidence to do your taxes. Ultimately, the choice between using tax software or working with a tax preparer will depend on your financial situation and needs. David Ring, Sr. Marketing Manager, MCT - Trading Don't Forget Any of the Business Expenses If you have a business, you can deduct many of the expenses related to that business. This can reduce your taxable income and possibly even eliminate taxes altogether. If you want to reduce your tax bill as much as possible, include all business expenses in your tax return. This includes office supplies, travel expenses, and equipment rental fees. If you forget to include these expenses, you could end up overpaying the IRS. Keep in mind that some expenses cannot be included in the tax return. For example, if you're a business owner, you can't write off the cost of your vacation. Write-offs are only for expenses directly related to your business. Luciano Colos, Founder & CEO, PitchGrade File Early, but Not Too Early Don't file too early. In general, it's better to get your taxes sent in sooner. But you want to ensure you've received all the documents you need for filing before you start. If you complete your taxes before receiving a key document, you'll need to file an amendment, which can impact what you owe or will receive back. These amendments also cost money to file. By all means, try to get your taxes done well before the deadline. Just don't do them before you have received all the paperwork you need. Brian Munce, Managing Director, Gestalt Brand Lab Report All Gig Income Counting gig work income as you prepare to file your taxes in 2023 is crucial. Always ensure that you accurately report all of your income to the IRS and pay the correct amount of taxes. Failure to report all of your income, including gig work, can cause fines and penalties and may even lead to an audit. Reporting side sources of income is crucial in 2023, as we live in an era of the gig economy. Who doesn't have a side hustle these days? Surprisingly, many people still treat those as non-jobs and fail to report them to the IRS. This mindset can lead to severe repercussions, so this year, ensure you treat all your sources of income equally, tax-wise. Additionally, counting gig work income is important because it affects your eligibility for certain tax credits and deductions. For example, if you are self-employed, you may be eligible for deductions for business expenses, such as office supplies, travel, and equipment. Don't pay more than you have to! Piotrek Sosnowski, Chief People & Culture Officer, HiJunior Be Aware of Scams Noticing and shielding oneself from tax scams is one of the best practices. With tax season comes several scammers impersonating the IRS to get hold of personal financial information. It happens every year without fail because of the IRS's inherent notoriety. Verify any emails, texts, and calls from people claiming to be the IRS; the real institution truly only contacts people via mail unless things involve active litigation. Annu Daniel, CEO, Elohim Company

It may be necessary to get ready for a recession. The Federal Reserve's steps to raise interest rates and growing inflation are the main contributors to this concern. The stock market became erratic due to these worries, the epidemic, and persistent supply chain problems. However, there are things you can do right away to get ready in case a recession does come your way. The ten approaches investors may take to help prepare their portfolios for a future slowdown are listed below. 1. Set attainable, quantifiable, and explicit investing goals For instance, you could want to retire in 20 years and maintain your present quality of living for your whole life. When people don't have defined goals, they frequently approach the way to get there piecemeal and wind up with a disparate group of investments that don't meet their actual needs. Without a destination in mind, you will arrive somewhere else. 2. Determine how much risk you can tolerate Your investing horizon, employment security, and risk tolerance will play a role in this. A reasonable rule of thumb is to have a reduced proportion of hazardous assets in your portfolio as you get closer to retirement. You may take on greater risk if you've recently joined the job market in your 20s since you have time to recover from market downturns. 3. Increase portfolio diversity When planning for a future economic slump, diversification is essential. By choosing funds over individual stocks, you can lower business-specific risk since you are less likely to notice a firm going under in an exchange-traded fund with 4,000 other companies. Verify the proportions of growth stocks, which usually are anticipated to offer returns above average—and value stocks—which frequently trade for less than the asset is worth. As a recession approaches, value equities often beat growth companies. Many investors default to 100% local assets for stock allocations, despite the need for international exposure. While the U.S and the Federal Reserve are actively battling inflation, other central banks' tactics might lead to different development paths. 4. Pay off existing variable debt Many people use whatever money is left behind at the end of the month to pay off debt, which is always at the bottom of their list of financial priorities. However, consumers should consolidate multiple debts, including variable-rate mortgages, credit cards, lines of credit, and personal loans. These should now come before investment and after living expenditures. In a debt management program, the creditors would consent to lower interest rates to around 6.4 percent and put borrowers on a schedule to pay off their debts in an average of four years. Plans for debt management do not apply to school loans or mortgages; they only address unsecured debts like credit cards and personal loan balances. And if you want to lower your interest rates, you don't need a credit counseling service. See whether your lender will work with you by calling them, and then chat with a counselor to evaluate the rates they are giving. The National Foundation for Credit Counseling's authorized nonprofit credit counseling organizations should be used by consumers (NFCC). While there are several investment opportunities, none of them will be able to surpass a credit card interest rate of, say, 16 or 18 percent. 5. Postponed rebalancing the portfolio Rebalancing your portfolio entails buying and selling investments to get back to the original mix of stocks, bonds, and other investments in your portfolio. Try your hardest to hang onto your investments when things are looking dismal. One of the worst things you can do is to sell at a market bottom since it locks in losses. Don't discount your feelings following recent stock market falls when you ultimately rebalance. Your future investment allocation should consider how you responded to previous market fluctuations. You could wish to rebalance into a somewhat more conservative portfolio if you withdraw your money from the market or find another way to cope with the volatility so you can feel secure and handle future market declines with less anxiety. Consider creating an account with a Robo-advisor, a digital investment management service, if you're unsure how your portfolio should be invested. This service will assist you in determining your risk tolerance before choosing and managing your assets on your behalf. 6. If you could afford it, "buy the dip" Crisis can be reduced by seeing market crashes as fire sales. If your financial situation is secure enough to allow you to purchase during a downturn, you may be positioning yourself for future success. Don't try to pinpoint the precise moment when stock prices are at their lowest; doing so would be next to impossible. Choose a few investments you've often wished you owned and choose a price range you're OK with. You may obtain a deal if they fall to or below that level. If you're new to investing in stocks, check out this guide. Avoid hedging your bets in a turbulent market if you're already struggling financially or fear losing your job. An emergency fund is a better use of your money than a risky investment. Try to purchase the dip only if you're willing to and can afford to lose the money. 7. Carry on investing Try not to get alarmed by the ominous headlines, and keep in mind that the wisest course of action is nearly always to stay invested. According to experience, those who remain invested throughout recessions see their portfolios fully recover, while those who choose not to participate often lose money. According to statistics, the S&P 500's average annualized return is around 10%. Invest in your company's workplace retirement account and create a brokerage account to save money and take advantage of compounding. Keeping your portfolio protected against unforeseen costs is a necessary part of remaining invested. Investors may be forced to withdraw from their investments if they lose their jobs or have no emergency savings. However, early distributions from retirement savings are typically subject to harsh penalties and frequent taxes. It's generally a good idea to have three to six months' worth of expenditures saved up in an online savings account, but if you're struggling to do that right now, you're not alone. A $500 cash reserve is helpful. There are alternative ways to handle a financial setback if you don't have emergency funds. A Roth IRA is often the most excellent final alternative if you must withdraw funds from a retirement account since it enables you to do so without incurring taxes or penalties. 8. Invest in real estate Single-family houses with low-rate, fixed mortgages frequently do well when inflation is high. Your home's value will likely increase, but your mortgage's monthly servicing costs will remain the same. Building home equity is fundamental to boosting your net worth, which may happen quickly. You may protect yourself from increasing rent by investing in real estate. Rents usually increase as inflation soars, just like every other consumable commodity. Despite having less flexibility than rental agreements, mortgages provide a benefit when inflation is strong. 9. Invest money in the necessities The traditional lower-risk investment is utilities, but why? Since utilities are necessities, most people should not be forced to go without them during a recession. Other investments that are regarded to be recession-friendly include household products and other essentials. A utilities or consumer staples index fund or exchange-traded fund can offer solidity to your portfolio even if the economy seems shaky. Still, it would not be very reasonable to transfer your whole portfolio. Recession-proof investments are likely to be touted in several pieces, so take note. It's acceptable to pay attention to the hype but avoid falling for it without investigating the business and the sector. And no matter how much research you conduct, repress the desire to attempt to outperform the market. 10. Evaluate cash reserves Cash has less appeal now that inflation is rising and savings account rates are low. Retirees still require a cash reserve to prevent the "sequence of returns" risk. You should be careful while selling assets and withdrawing because doing so might affect your portfolio in the long run. That is how you become a victim of the string of poor returns, which will devour your retirement. However, retirees who have a sizable cash reserve and access to a home equity line of credit may be able to avoid using their nest egg during times of severe losses. Of course, the precise amount required may vary depending on monthly costs and additional income sources like Social Security or a pension. As per the National Bureau of Economic Research, the authoritative source on economic cycles, from 1945 to 2009, the average length of a recession was 11 months. However, there is no assurance that the subsequent slump won't last long. Cash reserves are also essential for investors in the "accumulation phase," who have a more extended period until retirement. 11. Review the allocations for bonds Bond values have fallen due to the Fed's rate rises since market interest rates and bond prices usually move in opposing directions. The benchmark 10-year Treasury touched 3.1 percent, the highest yield since 2018, and rises when bond prices decline. Watson added that bonds remain a significant component of your portfolio despite falling prices. Bond prices may rise if interest rates fall when the economy enters a recession, offsetting equity losses, and that inverse association tends to become apparent with time. Advisors also consider duration, which gauges how sensitive a bond is to fluctuations in interest rates based on the coupon, time till maturity, and yield received over the period. In general, the longer a bond has been outstanding, the more probable that rising interest rates will have an impact. Government bonds known as Treasury Inflation-Protected Securities (TIPS) can shield you against inflation. According to the government, the principle of a TIPS rises with inflation and falls with deflation, as shown by the consumer price index. 12. Seek out low fees Future gains are not guaranteed, but investing fees will undoubtedly impact your portfolio. Whenever feasible, invest in index funds to save costs. These funds often have relatively low costs and outperform most actively managed funds in terms of returns by tracking broad market indices like the Standard & Poor's 500. About The Author: Lyle Solomon has extensive legal experience as well as in-depth knowledge and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific's McGeorge School of Law in Sacramento, California, in 1998 and currently works for the Oak View Law Group in California as a Principal Attorney.

When growing up in the "land of giants," how can children of wealthy and successful parents establish their path in life? To help you carve out your path of success separate from that of your wealthy parents, I asked life and career coaches and business leaders this question for their best advice. From taking advantage of the resources and connections available to you to working hard to build your value, there are several insights that provide meaningful advice on how children of wealthy and successful parents could define and establish their path to true success. How Children with Wealthy Parents Can Establish their Paths in Life Take Advantage of the Resources and Connections Available to You Keep the Finances of Parents and Children Separate Try Many Different Things Explore Your Own Interests and Passion Get the Best Education Have Your Parents Support Your Personal Choices Work Hard to Build Your Value Take Advantage of the Resources and Connections Available to You When you're blessed with wealthy parents, it is easy to become complacent quickly. It's a trap many children fall into. You have everything and forget to forge your own dreams. Instead, you eventually follow your parents' dreams because you don't know any better. You need to realize that there are numerous ways of achieving success, and there's no need to follow in your parent's footsteps. The quicker you realize it and start using the resources at hand to search for your own passion, the better. Use the money and connections to seek out what gets you up in the morning. You already have a head start. Natalia Brzezinska, Marketing & Outreach Manager, PhotoAiD Keep the Finances of Parents and Children Separate The best way to manage your wealth is to keep your finances separate from your children's. Even if you plan to leave your child a great deal of money, it's best to let them earn their own success in life. If you give your children everything they need and more, they may not have the drive to achieve their own success. This can lead to a life of resenting your wealth rather than appreciating what you have given them. Matthew Ramirez, Founder, Paraphrase Tool Try Many Different Things I am lucky to have two successful parents and grew up in a very high-achieving household. As the youngest, I found it particularly difficult not to compare myself to my sister and forge my own path. By the time I got to college, I felt very trapped in the major I chose and by sophomore year began taking classes in everything that interested me. This is where I found my chosen path! I would never have thought I would be the founder of a food startup had I not taken many different classes and used all the resources my school had to offer. Encourage your kids to try new things! Drew Lederman, Food Startup Founder, Resist Nutrition Explore Your Own Interests and Passion When children grow up in families with wealth and success, they often feel pressure to meet expectations and achieve similar levels of accomplishment. While it is certainly admirable to aspire to such heights, it is also important for these children to find their own path in life. Otherwise, they may end up feeling lost and purposeless. One way for children of wealthy and successful parents to establish their own path is to explore their interests and passions. Gaining a better understanding of what they enjoy and value can help them to identify their goals and develop a plan for achieving them. Additionally, these children need to build strong relationships with supportive people who will encourage them to pursue their own dreams. With the right foundation in place, children of wealthy and successful families can forge their own path in life and create their own legacy of success. Jim Campbell, Founder, Epic Caribbean Vacations Get the Best Education Getting the best education can change the course of a person's life. This expands horizons and opens up opportunities unlike any other. Children born to wealthy and successful parents must never act entitled. They must still work hard and strive to be their best. It would be best if they could use their wealth as a stepping stone to achieving even bigger and better things. Michelle Siy, Content Writer, Oliver Wicks Have Your Parents Support Your Personal Choices Children of the wealthy should establish their own paths in life by having their wealthy parents support their personal choices instead of coercing them into their paths. These parents must understand that their children are separate individuals with separate identities and ambitions in life. These ambitions may not be what their parents want, but still, the parents must be willing to support their children. With their parents' support, the children can successfully establish their paths in life without being manipulated into those paths. Yongming Song, CEO, Imgkits- Photo Editor Work Hard to Build Your Value The crucial thing is not to idolize money. The focus should be on hard work, which is a value in itself. By working hard, you build your character, become more determined to achieve your goals, and learn how to be independent. Getting success without any effort doesn't taste that sweet. Appreciating what you have is way more challenging if you get everything at any time you want, doing nothing at all. Also, it doesn't create positive future habits. I honestly believe that adopting a work-centered attitude is the best way to achieve success. Everyone, including children of wealthy parents, should be aware of the fact that money doesn't grow on trees. The success of your parents can be an inspiration for establishing your path in life, but not a reason to take everything for granted. I am grateful to my parents for giving me such a precious lesson when I was a child. Knowing what I have is the effect of my own actions and hard work, I feel self-confident, empowered, and independent now. Agata Szczepanek, Community Manager, Resume Now

I wracked my brain to try and find some fun ways to save to make it intriguing for everyone and to make it feel less boring. Well, to help you find fun and creative ways to save money, I asked CEOs and business leaders for some fun and creative ways to save money, and I've gathered their best ideas. From cycling or walking to work to making your own laundry detergent, there are several ways to inject fun and creativity into saving money without even realizing it. Creative Ways to Save Money Cycle or Walk to Work if You Can Volunteer at Events You Want to Attend Celebrate Birthdays With Freebies Get Free Coffee Every Week Cook a Family Meal Once a Week for the Week Build a Capsule Wardrobe Have a Snack With You Always Create an Argument Jar to Drop in Money for Having Arguments Unsubscribe from Emails Borrow Books From the Library Instead of Buying Do Your Laundry With Cold Water Use Free WiFi in Cafes Shave Instead of Going to the Barber Make Your Own Laundry Detergent Cycle or Walk to Work if You Can If you live close enough to your place of work, ditching public transport or your car in favor of cycling or walking could save you a fortune. Not only will you avoid pricey gas and parking costs, but you'll also get some much-needed exercise into your day. If you live too far away to cycle or walk the whole way realistically, consider using public transport or carpooling. Demi Yilmaz, Co-Founder, Colonist.io Volunteer at Events You Want to Attend When my husband and I moved from Pennsylvania to Los Angeles for jobs, we were met with sticker shock at the cost of Southern California life: Although we received raises in the move, the limits of our budget led us to pursue volunteerism as a great way to enjoy leisure activities affordably. Our most successful volunteer efforts were for an acoustic music series. At the first show we attended (and the only one we paid for), we found the organizers and asked if we could barter admission for helping with the shows. This turned into getting to enjoy a monthly free concert and meeting the performers -- just for helping to put up chairs, set up a coffee and treats area, and sell merchandise at intermission. We also became such good friends with the concert series' soundman and one of the organizers that they invited us into their social circles, leading to dinners, pool parties, boating trips, and hearing even more free music by volunteering at the Pasadena Folk Music Society. Karen Condor, Insurance Copywriter, ExpertInsuranceReviews.com Celebrate Birthdays With Freebies Sign up for rewards/birthday clubs, and you can score free meals, desserts, drinks, and other discounts at your favorite restaurants and stores throughout your birthday month! For example, Red Robin offers a free burger, and Buffalo Wild Wings gives you free wings! Starbucks gives you any size free beverage of your choice while Bevmo offers ten dollars off a purchase of $50 or more, and Benihana will give you a free meal with the purchase of another meal! Beyond food and drink, DSW will send you five bucks, and IKEA will give you ten dollars off in stores. Celebrate all month long with free goodies! Jeff Goodwin, Senior Director, Performance, Orgain Get Free Coffee Every Week Sign up for Starbucks rewards and use your own cup. The popular coffee chain will give you 25 stars for using said cup, plus two stars for every dollar spent. Therefore, if you get a Venti-sized latte every day, you can get every 5th one free because 150 stars equal a free beverage of your choice! Enjoy your caffeinated days and help the environment in one fell swoop! Michael Van, CEO, Furnishr Cook a Family Meal Once a Week for the Week One privilege of working with different people is learning all of their creative ideas. One that stands out for saving money addresses a big-budget item - food/groceries - and a big-time investment - cooking. The idea? One night a week is the family cooking night. Everyone works together to cook multiple meals that can be frozen and heated as desired. It saves money because ingredients are used in multiple ways and in bulk. It also decreases the likelihood of eating out or having take-out. It saves time because the cooking for the week is done! As an added bonus, it is a fun family event! Cathy Liska, CEO, Center for Coaching Certification Related: How to Budget for Groceries Build a Capsule Wardrobe When it comes to saving money, there are a lot of tried-and-true methods: cutting out unnecessary expenses, brown-bagging your lunch, and so on. But if you're looking for something a little more creative, here's an idea: wearing the same outfit to work every day. Now, this doesn't mean wearing the same outfit every single day (although if that's your thing, more power to you). Instead, it means building a capsule wardrobe of versatile basics that you can mix and match to create a range of different looks. Not only will this save you money in the long run (no more impulse shopping for that one perfect item), but it will also simplify your morning routine. So, if you're looking for a fun and creative way to save money, give the capsule wardrobe a try. Jim Campbell, Founder, Epic Caribbean Vacations Have a Snack With You Always Always have a snack with you. In the long run, such a simple thing as having something to eat in your bag can become a great money-saver. The thing is, hunger makes you spend much more money. Surprisingly, various studies show that the rule applies to all purchases, not only buying or ordering food. In general, an empty stomach is not the best financial advisor you could dream of. One snack prepared in advance can be worth much more than you think. Agata Szczepanek, Community Manager, Resume Now Create an Argument Jar to Drop in Money for Having Arguments Every time you and your partner/best friend get into an argument, put a few dollars each (irrespective of who started it) into your "Argument Jar." Increase your contribution after every three arguments. This way, you'll try to argue less, but you save more money when you do. After a few years, you'll be grateful for all the arguments you've had. Pragati K Badri, Freelance Brand Strategist & Content Marketer, Pragati Unsubscribe from Emails Unsubscribing from emails is a simple, creative way to save money. Marketing emails have one goal: for you to buy something from them. When you unsubscribe from the email, the temptation to purchase something vanishes along with it. With how many emails fill up an inbox on any given day, one's inbox will become decluttered as a result too. Lyudmyla Dobrynina, Head of Marketing, Optimeal Borrow Books From the Library Instead of Buying Library cards are fantastic and often overlooked ways to save money. Borrowing rather than buying books feeds your mind without draining your wallet. If you work remotely, you can save money on cafes or coworking spaces by working from the library instead. However, libraries offer much more than books and WiFi. Many also lend out movies, music, tools, and even baking supplies or other occasion-use items, meaning you can avoid expenses on purchases you hardly ever utilize. Some libraries even offer a limited number of complimentary passes to local attractions like zoos or aquariums. This resource is definitely an option worth exploring when looking for ways to cut back on spending. Michael Alexis, CEO, tiny campfire Do Your Laundry With Cold Water Wash your clothes in the cold. In addition to being better for the environment, cold-water washes are also more budget-friendly. Heating the water is the priciest part of running a laundry machine; if you do yours often, it can add up. Cold water can also preserve your clothing longer, decreasing how often you need to buy new items. While hot water is more effective for tough-to-clean clothing, cold water is usually sufficient to clean lightly soiled items. Vimla Black Gupta, Co-Founder & CEO, Ourself Use Free WiFi in Cafes Spending two to three hours daily in a café after work will surely help you save money. Look for a café where you can get a nice coffee and free WiFi. This is how you can save electricity consumption and WiFi expenses. You can also go to some other places like parks or any friend's place. Saving money like this is really fun. Jordan Woolf, CEO, We Buy Houses in Bama Shave Instead of Going to the Barber I think we can all agree that, on average, we spend at least $40 at a barber for a haircut, beard trim, or other services. Assuming one visits a barber at least once a month, that's about $480 a year at the minimum. That's a cost you can save with a simple shave. An average electric razor will cost you about $60, and with it, you will be rocking a smooth bald head and saving up on all those barber trips, not to mention those expensive hair-care products. Shave and save is what I say. Mike Clancy, CEO, CarDonationCenters Make Your Own Laundry Detergent One fun and creative way to save money is to make your own laundry detergent. You can do this by mixing a tablespoon of washing soda and borax with one cup of baking soda. Put the mixture in a container and store it in your laundry room. Then, when you need to wash your clothes, add half a cup of this mixture to each load of laundry. You'll save money because you won't have to buy expensive detergent anymore, and you'll do something good for the environment by reducing plastic waste! Amer Hasovic, Content Writer, Love & Lavender

My daughter and I volunteered at a local food bank, and we discovered that we live in a food desert. The closest grocery store is 15 miles away, and that makes it difficult for families without transportation. The only other option in our area is a local Dollar General that was just built a year ago. Luckily it stocks a few vegetables and fruit, but it's not enough for our entire community to use a resource. This can cause children to have to wait until they go to school to find a healthy and nutritious meal. This made me want to ask experts, "What are some tips for finding nutritious food when you live in a food desert?" From visiting a local food bank to locating a farmer’s market, here are six answers to the question. As an Amazon Associate, this post may contain affiliate links. Tips for Finding Food in a Food Desert Locate the Nearest Farmers Market Visit a Local Food Bank Eat Staple Foods, Buy in Bulk, and Shop Online Buy Canned, Frozen, and Dried Start a Garden or Find a Community Garden Use Amazon Fresh to Deliver Your Healthy Eating Options Locate the Nearest Farmers Market One tip for finding nutritious food when living in a food desert is to look for local farms and farmers' markets in the area. They not only offer discounted prices, but some even accept food stamps. These places provide fresh, local produce that is a healthier option than store-bought food. Any fresh food is nutritious. The more processed the food is, the lesser its nutritional value. If there are no local farms in the area, many grocery stores now offer delivery services, which makes getting healthy food more accessible. Finally, it may also be worth looking into grocery delivery services specific to food deserts, such as Imperfect Foods, which offers discounted produce. - William Toro Quientero, Sports & Nutrition Editor, Welcyon Visit a Local Food Bank To find healthy food, search for local food banks in your area. Some food banks, like aquaponics farms or farms to food banks, serve those less fortunate to find food at low or no cost. These types of nonprofits farm the food they provide to the local community and look for volunteers to help with farming. If you volunteer at a food bank, most of them also provide you with additional food resources to compensate you. - Annette Harris, Founder, Harris Financial Coaching Eat Staple Foods, Buy in Bulk, and Shop Online One way to eat well while saving money is sticking to staple foods like beans, rice, nuts, and seeds. Bulk buying and online shopping can be great ways to access healthy foods while living in a food desert. Buying in bulk allows you to buy large quantities of food at a discounted rate, which can help stretch your budget further and reduce your visits to the store. You can find bulk items at a grocery store, wholesale club, or online websites like Vitacost and Amazon. Online shopping can provide access to healthy foods that may otherwise be unavailable in a food desert. Additionally, Amazon accepts SNAP EBT as a payment method for eligible items in certain states. Another option is to use online delivery services, such as Instacart, which can deliver groceries from local stores directly to your door. These options can help make healthy eating accessible in food deserts without breaking the bank. - Michaela Ramirez, MD, Founder, O My Gulay Buy Canned, Frozen, and Dried Not only will your stomach like it, but your wallet will appreciate it too. These foods are healthier and cheaper than most fresh products commonly unavailable in a food desert. Food items like this are frozen at peak ripeness when they’re the most nutritious. The same applies to dried and canned products. What’s also good, frozen produce is already cleaned and chopped, so using it can drastically speed up meal preparation. Additionally, frozen, dried, and canned foods have longer shelf lives. It means fewer trips to the grocery store. Sounds like a dream come true in this hectic life, doesn’t it? - Agata Szczepanek, Community Manager, LiveCareer Start a Garden or Find a Community Garden One tip that can help is to start a garden. Not only will this give you a source of fresh fruits and vegetables, but it will also help you get some exercise. If you don't have a lot of space, you can start with a few potted plants on your balcony or porch. Another option is to join a community garden. This can be a great way to meet new people and learn about different gardening techniques. And, of course, you can always shop at farmers' markets or online retailers that specialize in healthy food options. By taking the time to find nutritious food, you can improve your health and well-being. - Jim Campbell, CEO, Campbell Online Media Use Amazon Fresh to Deliver Your Healthy Eating Options These days, it would amaze you how easy it is to order healthy food from Amazon Fresh. Even if you feel you live in a geographical area with no nutritious food options, chances are you can place an order for groceries to be delivered right to your doorstep. Although it may be slightly more expensive to get food delivered, it is always better to eat healthier than settle for less. - Bridget Reed, Co-Founder & VP of Content, The Word Counter If you found these tips helpful or know of any other resources that can help families find nutritious foods, leave a comment below.

Managing your money wisely can come in all forms. It can include how you set aside money for investments, debt, savings, or paying for large purchases. It doesn't have to be complicated if you use some tried and true methods that don't require you to have a degree in finance. It could be as simple as reducing the urge to impulse shop out of boredom. From balancing "want" vs. "need" to investing early, here are 14 answers to the question, "What are your best tips for spending your salary wisely?" How to Spend Your Salary Wisely Recognize When Something Is a "Need" vs. a "Want" Use an App to Track Your Spending Befriend Financially Conscious People Prepare an Income-Tracking System Automate Your Finances Don't Make Impulse Buys Try the 50/30/20 Rule Audit Your Own Spending Look for Cheaper Alternatives Create a Budget and Keep Tightening It Prioritize Credit Card Usage Pay Your Bills Before Anything Else Get Insurance Start Investing in What You Can Now Recognize When Something Is a "Need" vs. a "Want" One of the best tips I can provide for spending your salary wisely is to recognize when something is a need versus a want. Needs are things you genuinely require for your life to function on a basic level—food, housing, transportation, etc. Wants are things that make life more comfortable and enjoyable—takeout meals, new technology, and entertainment subscriptions. By prioritizing needs over wants, you can ensure that your salary is going towards the most important things in life first. Michael Fischer, Founder, Elite HRT Use an App to Track Your Spending Using apps that keep track of your spending is a great way to find out where you spend your money and then devise a plan that helps you control unnecessary spending. In tracking your expenditures, you will know exactly where you are spending your salary. Once you know where your money goes, you will pinpoint the channels you deem needless or extravagant and plug them in. After you've reined in these expenses, you can divert this part of your salary into savings and investments, thus diversifying your paycheck wisely. Since these apps also give you several tips on managing your money, you can also use these inputs to plan your spending. Riley Beam, Managing Attorney, Douglas R. Beam, P.A. Befriend Financially Conscious People Make a friend or find a mentor who enjoys discussing and practicing financial wellness. The expression "you'veyou are who you hang out with" can ring true for finances—if your friends are spending a lot of money, you may also find yourself in expensive situations that might not fit your financial goals. Attempt to add people into your life who share your values and goals regarding money. Patricio Paucar, Co-Founder & Chief Customer Officer, Navi Prepare an Income-Tracking System Making an income and expense tracking system is the best approach to spending one's salary wisely. It isn't easy to save money when people spend money when they have cash on hand without proper budgeting. So, make an income tracking system and deposit a certain percentage of funds directly to a separate savings account with a high-interest rate on savings. The income tracking system helps to analyze credit and income and motivates one to save money. It minimizes impulsive purchases and makes one aware to avoid unnecessary lifestyles (more than affordable). Karen Cate Agustin, Business Analyst, Investors Club Automate Your Finances Automatically drafting your paycheck into different bank accounts can be an efficient way to streamline spending your salary. For example, you can set up your paycheck to automatically deposit a portion of your income into a savings account for a vacation or a home down payment. This way, you'll be able to save for a big purchase without having to think about it. Additionally, you can use this method to automatically draft money into accounts designated for specific bills, such as rent and utilities, so you never miss a payment. By automating your finances, you can ensure that you're always on top of your expenses. Kate Duske, Editor-in-Chief, Escape Room Data Don't Make Impulse Buys Implementing a waiting period when you want to buy a large-ticket item that isn't urgent is smart because it gives you time to assess if you can afford it. There are always priorities for spending, such as rent, utilities, and savings. Any big items that aren't urgent should come after these. Thinking before you buy, you can prioritize properly and see whether you can manage the cost. Brian Munce, Managing Director, Gestalt Brand Lab Try the 50/30/20 Rule The 50/30/20 rule has been around for quite some time, which is witness to the effectiveness of this salary spending pattern. The structure is simple to remember and even easier to execute once you realize how much it helps you save in the long run. Moreover, since it doesn't require you to give up on your wants, you can create the right balance in your life and your budget. So, if it is a wise financial pattern you're after, following the structure of 50% of your salary towards your needs, 30% towards your wants, and the remaining 20% (or more, if you can manage) towards your savings is how your expenditure should look. Neil Platt, Director, Emerald Home Improvements Audit Your Own Spending Many people have a vice that they spend too much on. It's not always negative; it can be as simple as dining out often. Auditing your own spending to see what you drain money on is a smart way to identify areas for improvement. If you're covering all your bills, putting away money for savings, and have enough left over for something you like to do, that's ideal. But if you want to spend wisely, then knowledge is power. Knowing what you spend too much on can help you ensure you're within your means. Rachel Roff, Founder & CEO, Urban Skin Rx Look for Cheaper Alternatives Looking for cheaper alternatives is an excellent way to save money and spend wisely. Develop the habit of shopping around and comparing prices at different stores or online. For sure, you'll find a better deal by doing some research. Moreover, give up buying the most advertised products, which are usually the most expensive. It's probably not because of their quality but their popularity and marketing. If you need to buy an item that you will only use once, consider renting or buying a used one. Buying used items, such as clothing or electronics, is a great way to allocate money more wisely. You may find gently used items at thrift stores, garage sales, or online marketplaces like eBay or Facebook Marketplace. Looking for cheaper alternatives and developing the habit of spending wisely rather than on the spur of the moment makes us conscious buyers. Nina Paczka, Community Manager, LiveCareer Create a Budget and Keep Tightening Everyone who draws a salary already knows what they need to do with it; the problem is sticking to this plan! The best way to begin is by first monitoring your spending habits and then drawing up a budget around them. It doesn't have to be strict; all you have to do is create one you know you can adhere to. After achieving this, tighten the budget even further and try sticking to this new one for a couple of paychecks. As time goes on, you will have a spending plan that optimizes your monthly salary and helps you plan your long-term financial journey more effectively. Brendan McGreevy, Head of Strategy, Affinda Prioritize Credit Card Usage Don't overuse your credit card even if you have a good salary. Debt can get quickly out of hand if you're charging a lot of purchases, even for relatively small things. Monitor your expenditure and the frequency of your credit use. If you're making a lot or a single large purchase, be careful not to charge more than you can comfortably pay off. Remember, credit cards are not extra bank accounts, so you shouldn't use them as if they are. Even if you're making good money on the job, be practical with your spending, and don't overdo things just because you've got room on your card. Max Ade, CEO, Pickleheads Pay Your Bills Before Anything Else Pay all your bills first. Before spending your paycheck, make sure you've covered everything due before your next one. This includes setting aside whatever portion you need for rent or a mortgage payment. Everything in your day-to-day life that you budget for, from your salary—things like food, entertainment, and savings—should be decided on after you pay your essential bills. If you always pay those first, you'll clearly know what is left. Carrie Shaltz Haslup, Founder & CEO, Tabeeze Get Insurance Having the right insurance will help protect your hard earned money in case of an emergency or unexpected event. The best way to make sure you're covered is to do your research, figure out what types of insurance are available, and shop around for the best rates. Also, look into ways to save on premiums. For example, many companies offer discounts if you bundle multiple policies together. In the end, having the right insurance can give you peace of mind knowing that your money is protected. Yusuf Shurbaji, Co-Founder & Managing Partner, Prismfly Start Investing in What You Can Now I cannot emphasize enough the value of saving and investing your money early. Even if it's only a small amount each month, establishing a pattern of investing can help you build wealth with compounding interest. Additionally, taking advantage of employer-sponsored retirement accounts is wise—you'll benefit from the tax advantages they offer. Last, diversify your investments—that means a mix of stocks, bonds, and cash in order to balance your portfolio. By following these tips, you'll be well on your way to spending your salary wisely and securely building a financial future for yourself. Ryan Delk, CEO, Primer In what ways have you spent your salary wisely? Leave a comment to share what methods have worked for you.

Are you on the fence about turning your side hustle into a thriving business? Venturing off to pursue your dream can be daunting, especially if you don't know where to start or what pitfalls to avoid when venturing off as an entrepreneur. So, what's one thing we should consider when deciding whether to be an employee or an entrepreneur? The following 11 business leaders and entrepreneurs offer the following factors you should consider if you're interested in starting your own business. How To Decide if Entrepreneurship Is Right for You Personal Circumstances Tolerance for Instability Income Maintaining Discipline Tax Obligations Level of Responsibility Devotion to Your Craft Availability of Capital The Real Risk of Being An Employee Complete Autonomy Relationship With Risk Personal Circumstances Entrepreneurship often involves experimenting. It's hard to predict if your business idea will work out and if you will have enough resources to pursue your dreams. You should think carefully before changing from stable employment to entrepreneurship. Think of your life situation at the moment. If you just started a family, starting a new business might not be the best idea. Even if you have enough financial resources, you might lack the energy to meet the challenges of your private and professional life at the same time. So how do you open yourself to new opportunities while minimizing the risk of failure? Don't put all your eggs in one basket! Evaluate your situation and consider how much risk you can take. Many people decide to follow their passions and start developing a new career but do it next to their actual job. It might be challenging to do these two things simultaneously, but it will give you extra security if your plan doesn't work out. - Dorota Lysienia, Community Manager, LiveCareer Tolerance for Instability How comfortable are you with instability? Entrepreneurship can be highly rewarding, but it's not as safe a bet as traditional employment. On average, under 50% of businesses fail in the first five years. If you are a person who values stability in your career and dislikes risk, you may prefer to be an employee. If you feel comfortable with the risk-reward ratio and want to create your own business, entrepreneurship might be for you. It all comes down to your personal needs and interests. - Chris Vaughn, CEO, Emjay Income Consider whether you want to have control over your salary or whether you would rather your employer handle that. There are pros and cons to both. Having control over what you get paid means that you do not risk getting taken advantage of, yet if you run your own business, you do not always necessarily know how much you will be able to pay yourself. So, between all those factors, consider what is the most important to you in terms of how you get paid. - Miles Beckett, Co-Founder & CEO, Flossy Maintaining Discipline One of the things most people who aspire to be entrepreneurs are surprised with is the amount of self-discipline you need to have to keep going. As an employee (as annoying as it may be not to be an owner or work on something you truly believe in), you still have the reliability of a set schedule or amount of tasks you're working on. And a relatively stable form of income. Whereas, as an entrepreneur, you'll find that everything relies on your ability to maintain discipline. Don’t confuse motivation with discipline. Motivation comes and goes. Discipline is what keeps you going. You may not always want to do certain tasks or stick to a set-out plan. You have to do it anyway without the assurance of stable results. Being an entrepreneur can be a source of fulfillment, but if you think you can't learn self-discipline, it's best to choose the path of an employee. Remember, neither is a good nor bad choice—it's all a matter of the approach and the qualities you want to develop. - Nicole Ostrowska, Career Expert, Zety Tax Obligations When deciding to work as an employee or start your own business, it's important to consider the difference in tax obligations. As an employee, taxes are typically withheld from your paycheck and paid directly to the government. As a self-employed entrepreneur, you may be responsible for paying estimated taxes throughout the year and filing self-employment taxes on top of regular income taxes. It's important to factor in the added responsibility and potential cost of these taxes before deciding on your career path. - Michal Jonca, Community Manager & Travel Leader, US Visa Photo Level of Responsibility The skills required to be a successful entrepreneur and a successful employee are usually different. For the latter, you need a wide range of skills and less specialization in one area. For the latter, the more specialized you are, the better. But that's not the main thing to consider. The main area that you need to be absolutely sure of is the level of responsibility you want to take on. As an entrepreneur, you are the final decision maker, and, in the end, you're responsible for everything that goes on at the company. Even if you don't know the specific activities carried out by an individual in a particular department, it's still your responsibility to know how to address the following: the direction of the company, payroll, product quality, client and customer experience, and team building. Even if you're a level or two removed from the work, it's all still your responsibility. - Daniel Ndukwu, CMO/CoFounder, UsefulPDF Devotion to Your Craft Commitment is a heavy word both in the game of life and business. In a competitive industry, not everyone can succeed or excel in the field. Devotion to your craft plays a huge role in choosing between becoming the boss or the worker. Becoming an employee is not as easy as it seems. You are a mere follower abiding by orders mandated by a leader. Given that you are working for someone else, the pressure and burden of the company do not weigh on you. Hence, more time for yourself. Meanwhile, starting a business requires a lot of attention and time. Dedication and responsibility are vital if you want a successful enterprise. You must be 100% committed and decisive that this is the path you want to take. In general, it all relies upon your visions and goals if you are hesitant about what career to pursue. If you could see a future in any of the two, don't be afraid to follow it. The only thing stopping you from achieving anything in this life is your doubts and worries. - Laura Martinez, Consultant and Content Writer, PersonalityMax Availability of Capital Entrepreneurship requires proper planning and prioritizing with the resources available. As an aspiring entrepreneur, determine if you have the necessary capital to start and maintain the business since you will input more than you will get from the business at the early stage. Know if you have viable investors that you can approach or a plan B that you can resort to if the unexpected happens and you need to use more resources to boost the business. - Yongming Song, CEO, Live Poll for Slides The Real Risk of Being An Employee A job is only as safe as your position within the company. If the company falls on hard times or makes a bad decision that negatively affects its overall performance, it's likely that the employees will be the first to feel the consequences. You're basically at the company's mercy when you're an employee. If the company makes a bad decision, or if the company's performance suffers, you could be the first to feel the negative effects. When this happens, you may be forced to look for another job, or worse, you might be forced to file for unemployment. The risk of being an employee is that you have less control over your future, and you're entirely dependent on the company's decision-making. Moreover, you risk being fired if you don't perform well as an employee. However, if you're an entrepreneur, you risk losing all your money if your business venture fails. - Luciano Colos, Founder & CEO, PitchGrade Complete Autonomy What fundamentally separates the two roles is that as an entrepreneur, you have the freedom to spend your time doing what's important to you. It comes with shouldering greater responsibilities, but the pros outweigh the cons for many. Life is short, and the one thing we can never get back is time. As a result, time is one of your most valuable resources, and you should treat it as such. While, as an employee, you don't have the same luxury of choice, when you're working as an employee, you do so on the company's time, you're limited in terms of flexibility, but you also have a greater sense of security and support. - Guy Sharp, Relocation Advisor, Andorra Guides Relationship With Risk Examining your comfort with risk is critical when considering whether to be an employee or an entrepreneur. While both options include risk, entrepreneurs must be risk-takers to move their businesses forward. They'll make tough, informed decisions from the information they have. Sometimes those choices pay off significantly, while others cause failure and challenges. Entrepreneurship is a high-risk, high-reward path, while being an employee typically offers more stability. - Kelli Anderson, Career Coach, Resume Seed

Getting married and having a wedding is one of the most significant events in an individual's life. It's an event you want to have a lasting impression on your life and those who attend your special day. Financial trouble can begin at the beginning of the joyous life you plan to spend with your partner if financial limits are not established when planning your special day. To help you avoid debt while wedding planning, I asked married professionals and business leaders for their best insights. From aiming for a day other than Saturday to setting up a separate savings account, there are several ways you can plan and have a great wedding without running into debt. How to Have a Wedding Without Debt Aim for a Day Other Than Saturday Get Married in Your Backyard Stick to a Low-Key Wedding and Accept Help Wait Longer to Save Up Before You Do the Wedding Set a Budget and Stay With it Do Some of the Things You Need Yourself Track All Expenses on a Spreadsheet Limit the Number of Guests Set Up a Separate Savings Account Aim for a Day Other Than Saturday Sometimes you can get lower prices for your wedding costs if you have your wedding on an atypical day, such as a weekday. For example, try Friday as a compromise - It's not Saturday, and it's during the week, but at least it's at the end of the week. Then, see what venues are available and how much they would charge versus what they would charge on Saturdays. Nick Shackelford, Managing Partner, Structured Agency Get Married in Your Backyard This summer, I got married in my backyard. My wife and I spent evenings and weekends leading up to the event landscaping with free plants we got from Offerup. Since we held the event in May, flowers were everywhere, alive and well, blossoming on trees, shrubs, and other plants. My wife painted a mural on one wall in front of which we had the ceremony. We had friends from all over the world stay at our house, and they helped us decorate, cook, and prepare everything. Everything about the wedding is beautiful and unique to us. Having so much love and acts of service from so many people in our lives made it more than memorable; it was a sacred experience, feeling like a wedding that might have been held hundreds or even thousands of years ago, with only the people you love and simple symbols of why you are brought together. The wedding cost around $5,000, but we got far more value from our shared experience than money could buy. Matthew Ramirez, Founder, Paraphrase Tool Stick to a Low-Key Wedding and Accept Help Eschewing lavishness for a low-key wedding saves couples money and makes their guests happier by creating a more comfortable setting where they can spend more time with you. You can also save money by accepting gifts from friends and family who want to help make your special day more personal and affordable. For example, my sister-in-law made my hair wreaths of flowers, two of our friends provided music at the ceremony, and a coworker baked our wedding cake. As an insurance expert, I've learned another way couples can avoid going into debt when paying for the wedding is to look into wedding insurance. Coverage typically includes costs associated with a venue cancellation or a postponement by you due to an emergency or extreme weather, any damages incurred by the venue, any illnesses or injuries occurring at the venue, vendors who fail to show up, damage to the bride or bridegroom's attire, and lost or stolen gifts. Karen Condor, Insurance Copywriter, ExpertInsuranceReviews.com Wait Longer to Save Up Before You Do the Wedding You do not always have to have a wedding a year after you get engaged. Furthermore, you could still get married legally earlier on. If you wait longer until your marriage, you will have more time to save up for it. Although it may be difficult to wait, consider that if you work on saving a little bit every month, you will not be as steeped in debt when the wedding day finally comes. Drew Sherman, Director of Marketing & Communications, Carvaygo Set a Budget and Stay With it Couples can avoid going into debt when paying for their wedding by setting a budget and sticking to it. Couples should start by creating a list of all the expenses they anticipate incurring during the wedding planning process and setting a realistic budget for each item. Once they have a total budget, they can start exploring ways to save money on individual items. For example, they may get a discount on their wedding venue if they book it during the off-peak season, or they may find a cheaper caterer by doing some research. Sticking to their budget will help ensure that they don't end up in debt after their big day. Admir Salcinovic, Co-Founder, Pricelisto Do Some of the Things You Need Yourself Going DIY for décor and favors is one of the best ways a couple can avoid wedding debt. Instead of spending hundreds on décor, couples can get crafty at half the cost and make unique, memorable items in the process. Something handmade is just that much more special than something store-bought at the end of the day. Chris Coote, Founder & CEO, California Honey Vapes Track All Expenses on a Spreadsheet The best way to avoid debt is to carefully track everything to ensure all spending adds up. Weddings come with excitement, making couples get carried away in a spending spree. Do not assume gifts will offset debts, so spend strictly per the budget. A spreadsheet tracking enhances budget over wishful thinking. Ensure anything in credit can be capability and timely paid per your budget. Everything financial requires accountability, and tracking is the best for an event that can be overrun by spending excitement. yongming Song, CEO, Imgkits- Photo Editor Limit the Number of Guests Couples can avoid going into debt when paying for their wedding by taking a realistic look at their guest list and ensuring it's not too big. Having too many guests can easily turn your wedding into a financial nightmare, from renting out a venue, ordering food, and covering all the other expenses.I recommend creating an Excel spreadsheet with all your expected expenses and then adding how much it would cost per person to attend your wedding. Once you know this number, you can start cutting things off the guest list until you get close to a number you can afford. Amy Gilmore, Managing Editor, Learn Financial Strategy Set Up a Separate Savings Account When my wife and I married, we were determined to avoid debt. One of the ways we were able to stay on track was by setting up a separate savings account that was dedicated solely to our wedding expenses. We automatically deposited a certain amount of money into the account every month and made sure not to use it for anything else. This allowed us to keep close track of our spending and stay within our budget. As a result, we were able to pay for our entire wedding without going into debt. I highly recommend this approach if you're planning a wedding on a tight budget. Ludovic Chung-Sao, Lead Engineer & Founder, Zen Soundproof Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Left, right, left, right, left... That's right, one foot in front of the other. You may find that you're a little shaky at first. You might even stumble and fall. But you're going to pick yourself up and keep trying. You might stumble a couple of times, but eventually, you'll find your stride, and those baby steps will turn into leaps and bounds. Everything Takes Time You may have heard that everything takes time, or be patient. You'll eventually get there or achieve that goal. Well, it may sound cliche, but it's true. The example above was how babies learn to walk. First, they crawl, pull themselves up, and finally, attempt baby steps. These baby steps start by holding on to furniture, toys, the nearest person, or the beloved family pet. And then, they let go and fall. But they keep trying and falling until they take that first unassisted step. The crowd goes wild! Well, at least the parents do. You know what? It didn't happen overnight. It took continuous practice to build muscle memory in the baby's brain and strength in the legs. The parents were watching and waiting for that moment when they could cheer for their child. This goal was a sign of growth. Achieving Goals Takes Time & Effort Have you ever had a vacation that you wanted to go on to Disney, the mountains, or Jamaica? How did you get there? You may have had to follow these steps: Pick a location Pick a date Find affordable lodging Find a flight Put a budget together and save Drive to your location or airport Get on a six-hour plane ride or rent a car Arrive at your destination! This does not include all the in-between items, like working extra hard at work because you're taking time off or preparing to schedule care for your children or pets. Putting a Plan Together Planning for a vacation, retirement, college, or buying a new mattress requires planning. Planning requires you to create a plan with achievable and measurable goals that can be accomplished in bite-sized pieces. For example, if you want to save $10,000 for your child's college fund, that can seem impossible to some. However, if you plan it out, you can make it possible. Saving money can be possible if you put measurable timeframes around this important goal. The ultimate goal will be to save $10,000. However, you can create smaller goals that make them more achievable. The SMART Method The SMART method is an acronym for Specific, Measurable, Attainable, Realistic, and Time-Bound goals. To achieve your $10,000 long-term goal, you can create smaller short-term goals. Your short-term goal could be: I will save $100 with each paycheck for my child's education from September to August. This goal should be in a place that's visible to you so that you can constantly be reminded of it. Then, as you achieve the goal, you should celebrate. It doesn't have to be anything elaborate. It could be as simple as taking a bubble bath, a nature walk, or a family trip to the beach. Celebrating goal achievement can help keep you motivated to continue on your journey and future goal accomplishments. In the end, you'll be able to achieve the big goals, and it won't seem as intimidating because you used short-term goals in the interim. To get started, use a SMART goal tool to begin your journey. Advertiser Disclosure Left, Right, Left, Right Ultimately, the goal is to stay motivated as you accomplish your goals. You may stumble and fall, but picking yourself back up and dusting off your hands repeatedly will provide you with the results you are looking for. On the way, don't be afraid to reach out for a helping hand to keep you on track. Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Finding the right financial advisor can take some time and require research. You want to find a financial advisor who is going to have your best interest in mind and guide you in increasing your wealth and achieving your goals. To help you best prepare to meet with a financial advisor for the first time, I asked financial coaches, CEOs, and business leaders for their best advice on the questions you should ask your financial advisor. From asking how to ensure you never run out of money to inquiring about their personal and corporate values, there are several questions you should be prepared to ask a financial advisor. These questions will help you make the best judgment about their professional competence in managing your finances. 9 Questions You Should Ask Your Financial Advisor Ask How to Ensure You Never Run Out of Money Ask to Know How They Are Paid Find Out the Overall Returns Made for Clients the Previous Year Ask to Know How Aggressively You Should Invest Find Out What Your Five-Year Plan Should Entail Ask About Their Investment Philosophy Get Them to Explain How to Diversify Your Investments Ask to Know Where You May be Going Wrong With Your Investment Strategy Inquire About Their Personal and Corporate Values Ask How to Ensure You Never Run Out of Money When meeting with a financial advisor for the first time, there is only one important question: "How can I make sure I never run out of money?" After asking this important question, my financial advisor proceeded to make a cash flow analysis. This gave me a plan to follow so I'd never run out of money and the peace of mind I needed. - Janice Wald, Mostly Blogging Ask to Know How They Are Paid The first question to ask your financial advisor is how they get paid. If a financial advisor is fiduciary, they are legally obligated to act in your best interest. If, on the other hand, the financial advisor is non-fiduciary, this means they are not obligated to act in your best interest and can sell you financial products based on the largest commissions for him or herself. A fiduciary advisor usually pays a flat or hourly rate or a management fee (a percentage of your assets they manage). They will not earn a commission off of selling you certain products. - Kristine Thorndyke, Test Prep Nerds Find Out the Overall Returns Made for Clients the Previous Year "What were the overall returns you booked for your clientele in the last financial year?" This question may seem invasive at first glance, but the inquiry being made here is restricted to the performance of the individual as a financial advisor, which makes it a valid one. The answer to this question will reveal the returns the advisor has clocked for their clients in the last financial year. It also provides the advisor an opportunity to convince you of their recommended investment approach and why it is better than the rest. While there's no way to check on the numbers the advisor reveals, the answer to the question should be enough to give you insight into how successful the advisor has been. - Riley Beam, Douglas R. Beam, P.A. Ask to Know How Aggressively You Should Invest "How aggressively should I invest?" Your financial advisor can develop an investment plan based on a combination of what you have to invest and when you intend to retire. How much you can invest and how long you have to retire could determine how aggressively, both in how much and the kinds of investments they will advise you to make. Understanding how much you should be investing for retirement is critical. - Brett Estep, Insured Nomads Find Out What Your Five-Year Plan Should Entail Ask them what would be a good five-year financial plan. This is an excellent place to start if you're unsure where to begin your financial journey. For example, they may ask you about your goals, whether saving or investing, and can recommend accordingly. This question can set you up for success from the start. - Jodi Neuhauser, Ovaterra Ask About Their Investment Philosophy I would recommend asking them what their philosophy is on investing. This is because it's important that you work with someone with a similar investment strategy. You need to understand how they approach investing and whether they have biases that might affect how they advise clients. For example, if they like to invest in stocks or mutual funds, you can assume they might push you toward those types of investments. Similarly, if your goal is to make money now, you don't want to work with an advisor who believes in long-term investing. Therefore, it's important that you know their investment philosophy and how it aligns with your goals. - Tiffany Homan, Texas Divorce Laws Get Them to Explain How to Diversify Your Investments "How can I diversify my investments?" Financial advisers can look at what you have to invest and compare it to your retirement age to create the investment portfolio that best suits you. Depending on how much time you have before retirement age, they can suggest how aggressively you should invest and how to diversify between high-risk and low-risk investments. Understanding your investment options and how much you should diversify is key. - Zachary Hamed, Clay Ask to Know Where You May be Going Wrong With Your Investment Strategy "Can you tell me where I'm going wrong with my current investment strategy?" Ask your potential financial advisor to peek into your current investment strategy and give you quick feedback. After all, the main reason you're hiring an advisor is so you can correct or enhance your financial strategy. The comments you receive will tell you just how much the individual knows and how helpful they are in offering advice. The right advisor will take a thorough look, even ask for time to review your details, and only then get down to giving you preliminary feedback. When you find someone who makes the right diagnosis and willingly discusses essential details, you know you've found the right advisor. - David Northup, InShapeMD Inquire About Their Personal and Corporate Values The first time you visit your financial advisor, you should enquire, "What are your personal or corporate values?" While asking this question may feel odd at first, the most serious financial advisors I've met in the last two decades should be happy to respond. This fosters a sense of belonging, trust, and a genuine desire to collaborate daily. Values aren't the only thing to consider while looking for the proper financial advisor, although I feel they are essential in long-term partnerships. - Paul Walsh, Weselltek

If you're facing challenges at work, it may cause you to want to up and quit. This can cause significant financial and professional consequences when you make a sudden decision to leave your job. To help you and others go about your resignations in the best way, I asked HR managers and business leaders for tips on what you can do so you don't regret resigning from your job. From making a pros-and-cons list to addressing concerns with your manager before resigning, there are several pieces of advice that should guide how employees carry through their decisions to resign from their current employment so as not to regret it later. Steps to Take Prior to Quitting Your Job Make a Pros-and-Cons List Exhaust All Career Growth Options at Your Current Company Don't Make Resignation a Spur-of-the-moment Decision Write a Professional Resignation Letter Make a Wish List to Avoid Regrets Always Leave on Good Terms Address Concerns With Your Manager Before Resigning Make a Pros-and-Cons List We get used to the good things quickly. For example, we might appreciate that our employer pays us back for the internet or gives us a budget for training and development. Unfortunately, after a while, we tend to forget about the good stuff and focus on things that could have been better. As humans, we often see the grass greener on the other side rather than being grateful for what we already have. The same rule applies to job resignations. Employees often base their decisions on a few things that annoy them in their current work rather than looking at the whole picture. That's why it's a good idea to make a pros and cons list of your current job before making any decisions about switching jobs. By doing so, you will consider all positive and negative aspects of your current employment and decrease the risk of regretting your decision later. - Dorota Lysienia, LiveCareer Exhaust All Career Growth Options at Your Current Company While resigning from a dead-end job makes sense, leaving a position where you might've had chances for career advancement can cause regret. Before making a hasty decision to resign, consider availing yourself of any skills training your company offers as part of its Learning & Development program. Be proactive in setting up a meeting with your manager to discuss a raise or promotion. You can also try handling an important project that would look good on your resume when applying for future jobs. Once you've exhausted all such options, you can move on, knowing there wasn't much to gain from that job, preventing any regrets about leaving. I always recommend professionals take charge of their career progress instead of idly waiting for opportunities to come by. As long as you have around four months' finances in your bank and a strong resume, resigning from a dead-end job can be a safe and effective way of motivating yourself to move on to better things. - Anjela Mangrum, Mangrum Career Solutions See my feature in: 12 Considerations When Applying To The Same Company for a Different Position Don't Make a Resignation a Spur-of-the-moment Decision It is normal for humans to feel regret when making "big decisions" if such a decision can make them lose something, such as resigning from a job. Sure, employees can miss their ex-workmates, but regret often begins when employees' expectations after resigning are not met. So for an employee not to regret resigning, it is important that they clearly identify their goals (personal and career-wise) and determine if resigning is the best way to achieve such goals. If the employee still wants to quit to work for another company, they should have a good idea of the company he's hoping to work for, especially its work culture. By doing so, they can prevent the so-called "shift shock." Lastly, they should have a backup plan if things don't go as planned. With a backup plan, employees can focus on achieving their career goals instead of regretting any of their past decisions. - Jonathan Baillie Strong, Spotlight Podcasting Write a Professional Resignation Letter Give your notice in writing, and be professional about it. Taking the time to write a professional resignation letter and giving your employer appropriate notice will help smooth the transition and avoid any hard feelings. This way, you can maintain a good relationship with your former employer and start your new job on the right foot. Moreover, you never know when you might need a reference from your previous employer. - Asako Ito, Divine Lashes Make a Wish List to Avoid Regrets Whenever an employee is contemplating resigning from a job, it can help to make a wish list to avoid regrets. The wish list should be everything that would have to change to make an employee stay at their current company/position. Even if the wish list seems unrealistic, create it. Whether it is a raise, a change in supervisor, a new position, a different team, more paid time off, or incorporating work-from-home options, include whatever it would take for you to stay. Once the wish list is created, review it and see how realistic it is. It may not be realistic for the company to move headquarters from Phoenix to New York, but there may be opportunities in other areas for change. When the employee gets a new job offer, they will already have a list of their wants and a list to take to their current employer of changes that would have to happen for them to stay. Creating a wish list helps develop goals as well as helps recognize where employees are unsatisfied in their current work. - Bryor Mosley, Southern New Hampshire University Always Leave on Good Terms When you leave on good terms, you continue to build a positive relationship with your employer/colleagues. Then, if the new gig doesn't work out, or if you want to work for the company again in five years, you have an open door. I've hired good people back after two weeks and two years - always with joy. At the same time, how a company treats outgoing colleagues reflects how they treat current employees. Others notice how you leave, how you are treated, and how you treat the people you are passing work over to. Work with your supervisor to create an environment of trust and cooperation. You never know when you will need these people in your network or when you can do them a good turn. It's a small world and a long road. Stephanie Miller, Victory Song Marketing Consulting Address Concerns With Your Manager Before Resigning The only time I regretted resigning was when I gave my employer notice without addressing my concerns or reasons for leaving. I remember accepting the new job offer before telling my current employer I was quitting. When I gave my two-week notice, my manager was visibly upset and confused. When I mentioned my concerns about my pay and growth potential, he said that he wished I had told him sooner so that he could address both of those issues. As a manager, I have been on the receiving end of employees resigning, and in most cases, I wish I could have addressed their concerns before they quit. I advise employees to address their concerns with their manager before they resign. In most cases, your manager will appreciate your honesty and work with you to correct the issues. If not, you can then leave regret-free. - Andrew Eagar, Technology Advice

Budgeting for groceries could be as easy as looking at your past food purchases. However, it's not always that easy when you are in a single-income household, or your family's age varies significantly. Here are a couple of ways to develop your grocery budget and get your family involved in monthly meal planning. As an advertiser, this post may contain affiliate links. Developing Your Budget When developing your budget, you should consider your monthly income, expenses, savings, and the amount you can dedicate towards items such as groceries. There are a couple of budgeting rules of thumb such as the 50/30/20 rule or the 70/20/10 rule of thumb. The first rule is 50% of your income towards needs, 30% towards wants, and 20% towards savings. Groceries are needed, so this would fall in that first category when evaluating your monthly expenses. You should also consider the household members' size, age, and gender to estimate what everyone will eat weekly or monthly. Monthly Food Plans The U.S. Department of Agriculture publishes monthly food reports that can be used to help you budget for groceries. The food levels are listed as thrifty, low cost, moderate cost, and liberal. According to the food plan, if you're a family of four, have two teenagers and two parents, and you're budgeting tightly on the thrifty plan, you would spend about $800 a month/$200 per week. This presumes that all meals and snacks are made at home. For example, during the summer, food costs increase. If you budget $800 monthly year-round, any additional funds could be used for school lunches that are needed. Now, say you are budgeting tightly, and you're a family of two with no children on the low-cost plan, you would spend $517.50 per month, and if you are liberal, it will go back to that $800. As you can see, these budgets are general and would depend on how individuals purchase food. Are you buying canned vegetables or fresh vegetables, and how often? Budget Shortcuts & Health Investments It's essential to strike a healthy balance between making budget shortcuts and investing in your future health. If you can't manage your finances because you're constantly trying to eat the most nutritious foods, you can physically make yourself sick. Now, you can buy fresh fruit and vegetables, but you don't always have to buy organic. Organic food purchases can be expensive, and when you're talking about a family of four, your monthly food bill can skyrocket from $800/month to over $1,000 a month or more. This can cause stress, mental anxiety, and even problems within your household. So, it's essential to consider the right balance between investing in healthy eating and selecting the right foods for your budget. I liken it to this: most individuals want that $3,000 Peloton treadmill, but you can find a Horizon for $600 and get the same amount of exercise. Striking a healthy balance by growing your food, cooking, and exercising at home can save you a ton of money. 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 as opposed to $15 per person with fresh food delivery. Involve Everyone Have a conversation with your significant other about your health priorities. Discuss what you would like the family's health to be and how mealtime should look. Having a conversation can help you get on the same page. You can bring the children to the table as well. Children can help make meal plans for the week, encouraging them to eat the healthy meals cooked when they are involved in the process. Children should also be involved in grocery shopping. Helping children understand the differences between branded and grocery store items can help them learn to budget and cut costs. Remaining consistent with your health priorities and managing a monthly food plan can help you keep your budget and health on track. Originally published at https://www.harriscashcoach.com on October 10, 2022.