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Military families face unique financial challenges when leaving the service, deploying, and constantly relocating. To help military families maintain financial stability, we asked financial coaches and veteran welfare managers for their best advice. From knowing how to budget their pay to developing several passive income streams, there are several things military families can do to help ensure financial well-being in and out of active service. Protecting Your Financial Well-Being Save by Living Below Allocated Budget Display Your Veteran Status On Social Media To Be Hired Establish An Emergency Savings Account Learn How To Budget Their Pay Use The Government-Sponsored Thrift Savings Plan Develop Several Passive Income Streams Save by Living Below Allocated Budget One thing military families can do to maintain financial stability is to create a budget and live below their means. It sounds so simple, but it truly is the best way to create realistic financial goals, save for the future, and save enough for unexpected expenses. - Becca Stewart, PCSgrades See my feature in Don't Be a Fool: Take These Simple Steps Today To Begin Saving Display Your Veteran Status On Social Media To Be Hired Putting your service veteran status on all social media accounts will allow you to interact with recruiters, employers, aspiring entrepreneurs, and many others interested in hiring veterans/service members. It also allows these strangers to get to know who you are as a person, and it will help them see what type of person they want their company to hire. - Gisera Matanda, WeLoans Establish an Emergency Savings Account Military families can better maintain financial stability by establishing an emergency savings account. Multiple bank accounts are not uncommon and one exclusively for long periods of uncertainty can be reassuring. Getting one started may be daunting, but even small increments can help. Many banks offer military discounts and can also customize a plan that is perfect for the family. - Sasha Ramani, MPOWER Financing Related: Military Life Lessons: Renters Insurance Learn How To Budget Their Pay Military families must separate their pay to maintain or gain financial stability. If possible, you can rely entirely on a military member's pay for ordinary household expenses and try to assign the military spouse's salary for items such as vacations, savings, and investments. This strategy of pay separation helps mitigate the instability in the spouse's career and the instability in the finances that comes with that. Some families can do that very well, and others are less able to do that due to the different situations that they're in. - Caroline Lee, CocoSign Use The Government-Sponsored Thrift Savings Plan Don't let an inability to purchase a home prevent you from making long-term investments for your retirement. Consistently moving can prevent investing in real estate. Still, thankfully military families have the option of the Thrift Savings Plan, which is similar to an IRA, that can help them prepare for retirement. Additionally, brokerage accounts based on consistently-performing index funds are a great way to build capital for the years before retirement. - John Jacob, Hoist Develop Several Passive Income Streams It seems a little backward from the American self-conception: "Buy properties other people rent and rent my home?" That's precisely what I suggest. This allows you to stay location independent, build assets, and develop several passive income streams. - Trevor Ewen, Southport Technology Group

My husband does not know how much money we have. Can you believe that he hasn't paid one household bill in the past 19 years? When we met, he was very savvy with his money, which attracted me to him. We both were excellent money managers and at the time, we were both in the U.S. Army. One year later, we were married, and two months later, he went to Iraq while I stayed home with my son and soon-to-be-born daughter. Needless to say, I was glad I didn't have to go back to Iraq. He Left Me With The Money With him going on his second deployment to Iraq, I managed the household and the bills. We combined our financial resources but also maintained separate accounts. I had to set some boundaries, right? At 22 years old, this was my first time managing a household and paying bills, but I knew I could do it. I set up automatic bill pay, budgeted our funds using an Excel spreadsheet, and set up a joint savings account. I Made One Mistake Okay, so no one's perfect. We searched for a desk online, and I was trying to find the best deal. Picture this, a solid mahogany wood desk with drawers for only $500. We were on a budget as newlyweds, and we thought it was a great deal until it wasn't. I purchased the desk and mistakenly used a debit card instead of a credit card to make the purchase. When the desk didn't show up, we were out $500 because it was a scam website. He questioned why I didn't use the credit card instead. If I had, we would have recouped the majority of our funds. Beware! See my feature in How To Get An 800 Credit Score My Husband Returned Home When he returned from Iraq, he asked me if I wanted him to take over the bills. I said no, I got it, and the rest is history. While he was away, we relocated to a new duty station, and I purchased our new home, managed the closing process, and bought much-needed furniture. I continued to pay the bills and save money. I left the military in 2008. When he retired from the military, we had enough money to purchase land and build our final family home. What Happened To The Money We've always had conversations about money and continue to have them semi-annually to reassess our finances. After our move, we had a 30-year mortgage, two vehicles, and his retirement boat that he had to have. I managed the repayment process for all of these and the furniture for the new house. We paid off all of these items in 8 1/2 years by doubling down on our payments. After one thing was paid off, I would add that payment to another debt and continue until all of the money was going towards an additional principal-only payment for the mortgage. See my feature in Veterans Build Debt-Free Life After the Military Financial Independence We have achieved financial independence! But he still doesn't know how much money we have. I have money in different investment accounts, savings accounts, and even my separate savings account. Ladies, keep a separate savings account at all times. Also, every time we get a pay increase, we save a portion of the money in our retirement and savings accounts. Now, we're able to plan for and pay cash for our vacations, invest in our future, and not have to worry about the threat of a job loss. See my feature in How Lifestyle Creep Impacts Your Family Budget Will He Ever Know Where The Money Is? I doubt it, and he doesn't really mind, either. He has confidence that I managed our money well, filed our taxes annually, and no one has come knocking at the door to repossess anything. As long as we can go on our vacations, I think he's happily semi-retired. Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Have you been looking for ways to save money or spend less? These helpful tips can help you keep your budget on track and provide you with additional ways to save, budget, and invest your money for the long term. I'm sure this extensive list can provide you with at least one or two ways to achieve your future goals. Let's take a look! As an advertiser, this post may contain affiliate links. Creative Ways to Save Save on Clothing Save on Food Saving for Goals Save on Fixed Expenses AARP Discounts Phone Apps to Help you Save Save on Activities or Hobbies Save on Gifts Save on Vehicle Repairs Save on Taxes Save on Recurring Memberships Save on Clothing Join a local Facebook group or apps like LetGo or OfferUp to find deals on free or gently used items. You can save hundreds of dollars on furniture, video games, or clothing. Visit your local thrift store at the end of a season to find clothes for the next season. Some of these items are new with tags and can be used for your growing children next season or even for yourself. You can save on name-brand shoes by buying kids' sizes. If you have smaller feet, you can purchase a kid's Nike, Reebok, or other shoes, and you pay less than you would for the adult size of the identical shoe. Save on Food When you shop, use a grocery list, and don't go into the store hungry. Batch cook your food, so you don't have to cook as often. Batch cooking can decrease your eating out budget because all you have to do is pull a frozen meal out of the freezer when you're short on time. If your fruit and vegetables are going bad, chop them up and freeze them for later meals. For future meal planning, you can put them in a quiche, a stew, or a casserole. Buy your meat, fruit, and vegetables from local farmers. You will spend less money than you would if you were to purchase these items at a grocery store. It's of higher quality, and it lasts longer. You're also supporting your local community! Save all of your vegetable skins in a freezer bag to make a vegetable broth in the future. It will be so delicious. So, don't throw away your potato, carrot, onion skins, etc., any longer. Are you still running short on time? Try a food delivery service like Dinnerly. What are the benefits? You get 49 unfussy weeknight meals for those hectic days. Pre-portioned ingredients The most affordable meal kit at $4.99 per serving Delivery to anywhere in the United States You get your time back! Dinnerly recipes take 30 minutes or less to prepare and cook. Savings Goals Create a savings account and relabel it for what your savings goals are. If you're saving for a car, home, or vacation, you can relabel it as Honda, Homeownership, or Trip to Jamaica. Save for retirement by increasing your contributions by at least 1% each year that you receive a pay increase. See my feature in 8 Simple Ways for People in Their 20s To Begin Saving Now. Save on Fixed Expenses Shop around annually for ways to save on car or homeowners' insurance. It's important not to sacrifice coverage. Most insurance companies will quote you on minimum coverage levels. So, ensure that you cover your property at the same coverage and deductible level when shopping around. Shop around semi-annually to find better rates on your phone or cable bill. Promotions are always available, so see what you qualify for. Switching companies for a better rate will also have your old cable company begging for your business back at a cheaper rate. When purchasing a home, shop around for multiple rates. Don't stick to the first lender that offers you a great rate. See what's out there because it could be a 15 or 30-year bill payment. Pay more than the minimum on your bills. Pay your regular bill and then pay an additional principal-only payment to reduce the interest you pay over the life of the loan. See my feature in Don't Be a Fool: Take These Simple Steps Today to Begin Saving. Join AARP for Discounts You don't have to be 50 to join AARP. You can join before the age of 50 and receive various discounts. You'll be eligible for the full membership after turning 50. Is your spouse 50, and you're younger? You can join under their plan to receive the benefits of the full membership. AARP has travel discounts that can save you on airfare, hotels, and car rentals. Visit the AARP Travel Center to see how you can save. See my feature in Gen Z: Here's How You Can Save on Travel on a Tight Budget. Download Extensions or Apps on Your Phone or Web Browser These apps will search the internet for coupon codes based on what's in your cart—no more spending hours searching for a coupon code that doesn't work. I use a few: Fetch Rewards, Honey, Rakuten, Ibotta, Shopkick, CamelCamelCamel, RetailMeNot, and Grocery iQ. Do you travel? American Airlines has a web extension called AAdvantage eShopping, and you can earn points for seat upgrades and flight purchases. Earn cashback rewards by scanning your receipts and purchases with the Fetch app and joining the NCPMobile community. Every time you make a purchase, scan your items and earn points for gift cards. Save on Activities/Hobbies Check your local city's website to see what free or discounted activities are available. Visit your local library's website for free Libby audiobooks or movie downloads. Visit theme parks during non-peak seasons. You can pay less by visiting from October to February. Save on Gifts If you're buying gift cards, buy them when you can also receive gift cards for your purchases. Amazon and restaurants will provide you with a gift card for your purchases during popular shopping seasons. For example, spend $100 and get a $20 gift card. Use this for yourself or your family and friends. Don't buy prepacked gifts or fruit baskets. Build your own gift basket by searching on Etsy or Pinterest. You can buy multiples of each item in advance and build gift boxes for coworkers, family, or friends and save lots of money. Save on Vehicle Repairs Put a reminder on your calendar to regularly complete car maintenance. Your car may have come with a booklet on recommended maintenance scheduling. Don't neglect this because it could cost more to make repairs than preventative maintenance. Learn how to complete car repairs on your own. From oil changes to changing a fuse, if you have the proper tools, you can learn how to do car repairs by watching free YouTube videos or going to a local auto repair store to borrow tools for free. You can also visit localtools.org to find a tool lending library near you. Save on Taxes You can save on taxes now by automating your retirement savings into pre-tax retirement accounts. You reduce your current tax bracket, and you may find that you bring in slightly more income. Contribute to Flexible Spending or Dependent Care Accounts. If you have medical expenses or dependents in daycare, contributing pre-tax dollars to these accounts can save you money in the long run and further reduce your taxable income. Save on Recurring Memberships Do you have a recurring membership on your phone bill? If you're not using it or forgot to cancel it, take the time now to cancel the membership and reduce your bill. If you don't watch Netflix, Hulu, or any other app, cancel or downgrade the membership. If you sign up for a free trial, cancel it immediately. You still get the free trial, but you don't have to remember to cancel it later. What other ways have you found to save money and build your wealth?

Being a tipped employee can mean that your income is not consistent weekly or month-to-month. The varying income can make planning for your basic expenses, saving, and even retirement challenging. To help you save for retirement as a tipped employee, I asked thought leaders how tipped employees can save for retirement when they aren't offered benefits. From exploring tax-advantaged plans to tapping the features of cash-value life insurance, there are practical options that may help you save long-term for retirement. Saving for Retirement as a Tipped Employee Set Up 401(k) and Invest in ESPPs and ESOPs Limit Spending and Save Explore Tax-Advantaged Plans and Related Options Tap The Features of Cash Value Life Insurance Explore Tax-Advantaged Plans and Related Options Do you lack access to an employer-sponsored retirement plan like a 401(k)? You can still contribute to a tax-advantaged retirement plan if your income is documented on a 1099 or W-2. The earned income could allow you to make a tax-deductible contribution to an individual retirement account (IRA). More options exist for those with income reported on a 1099 form since they are self-employed. Small business retirement plans, simple IRAs, SEP-IRAs, and solo 401(k)s allow for more contributions. For those who work strictly under the table, remember that you must report income and pay any taxes due. You can contribute to a Spousal IRA if your spouse has enough earned income, even if you don't have reportable income. Either way, you can always save in a brokerage account and invest long-term for retirement. - Jonathan Vander Werff, CFP®, My Financial Coach Set Up 401(k) and Invest in ESPPs and ESOPs There are a number of ways that you can achieve this, and many of them are quite simple. For example, you can set up a 401(k) plan at your employer or invest in individual retirement accounts (IRAs). You can also set up a pension plan if you are lucky enough to have one. All these options offer tax advantages, and you can also make contributions on a pre-tax basis. Additionally, you can use special employer contributions programs that allow you to make contributions even if you do not qualify for a traditional 401(k). Finally, remember that you can also use Employer Stock Purchase Plans (ESPPs) and Employee Stock Ownership Plans (ESOPs). - Paw Vej, Financer.com Ltd Limit Spending and Save The vast majority in the USA, with handsome salaries, retire without any savings, let alone be able to survive and pay for medical and utility bills. The past 20 years were quite challenging, starting with 9/11, then the recession. Adding fuel to the fire was Covid-19, which caused many affluent people to hit rock bottom, with many well-established businesses closed worldwide. It seems impossible for tipped employees to save substantially for retirement in these terrible conditions, living below the poverty line. However, the 21st century holds its distinct advantages. The key to success and saving for retirement is sacrificing the Now for a safe and better future. I am not suggesting working extra hours but living a simple life and minimizing unnecessary expenditures. The tips should be considered a blessing and put in a savings bank account. This will have a snowball effect, and it will multiply with time. Following this will save a meaningful amount for a safe and prosperous future. - Brad Eckhardt, Elite Dental Center Tap The Features of Cash Value Life Insurance You can set up a cash-value life insurance policy with regular premium payments. Part of the payment will go toward the policy's death benefit, while part of it will go into the cash value portion of the policy. Cash value in a life insurance policy builds up tax-deferred just like an IRA. But, unlike an IRA, you can often add much more to the life insurance contract than a traditional IRA. Also, with the new life insurance products, you can have your cash-value account linked to an outside index like the S&P 500. This allows you to earn higher interest than fixed rates, but most policies also come with a floor of zero to avoid losing any of your principal investment. Another great feature of life insurance that most people are not aware of is you can access your cash value growth at retirement by taking a policy loan. Unlike a traditional IRA, this policy loan allows you to access your value tax-free. It's a win-win scenario. - Mike Raines, Raines Insurance Group

To help you make the best out of your promotion and raise at work, I asked business leaders what is one thing someone should do when they earn a big promotion and raise at work. From expressing gratitude to updating your resume, there are several pieces of advice that may help you make the best use of your promotion and raise at work. What to Do After You Get a Raise Express Gratitude Make Smart Decisions Avoid The Trap of Overspending Improve Your Quality of Life Adjust Your Monthly Savings Update Your Resume Express Gratitude The concepts of the self-made man and overnight success have begun to unravel as professionals start to recognize the contributions of others. After a big win, it’s tempting for hard-chargers to set the next goal, but allow yourself a moment of reflection. Consider what you learned from the victory and who helped you along the way. Then, thank them and commit to repaying the kindness. Mentors move mountains. - Tim Toterhi, Plotline Leadership Make Smart Decisions When you receive a promotion or raise, make sure you adjust your investment and retirement plan. Take advantage of this increase and put more into your 401k or IRA account. Pay down high-interest debt and build up your emergency savings with 3-6 months of expenses. If you have those taken care of, set up a non-retirement investment account to accumulate funds for the mid-term. Review your plan with a Financial Advisor to make sure you are making suitable financial decisions. - Alison Stine, Stine Wealth Management Avoid the Trap of Overspending Once your income goes up, you will probably feel inclined to spend more because you will likely afford more. For that reason alone, you should take things slowly, or you might end up in debt even though you’re making more money. Lack of planning, more than lack of money, is what leads to debt. When you think you have more, you often start spending more, which can quickly drain your bank account. The first step is to begin a new budgeting plan and track money in and money out. Know what your expenses are, then compare how much you still have left at the end of the month before you spend any more. In the end, it’s about avoiding bad money surprises. Avoid resorting to credit cards to cover the gap of what you still need to pay until your next paycheck. - Andrei Vasilescu, DontPayFull Improve Your Quality of Life While the emphasis is on paying off debt and other financial goals, a raise should also improve your quality of life. A better quality of life often makes you happier and healthier, making it an excellent way to utilize the promotion. You can get a gym membership, learn a new skill, refurbish your car, or even see a therapist. Whatever you choose should make your future much more pleasant. This activity can be your way of celebrating yourself and acknowledging your hard-earned achievement. Take the opportunity to recognize your accomplishments. - John Tian, Mobitrix Adjust Your Monthly Savings Once you learn your new income level, you should review your financial plans to determine how much you want to save and spend each month going forward. It can feel tempting to want to spend your increased income on anything you please, and perhaps at first, you may want to treat yourself as a reward for your raise. However, you do not want to be financially irresponsible in the long run. - Drew Sherman, RPM Update Your Resume When you earn a big promotion and raise at work, update your resume immediately. Even if you do not expect to actively job hunt in the near future, this action can help the promotion feel more official. Plus, the act can help you better structure your journey. By envisioning what bullet points you might like to write in a few years, you can create goals and timelines for the new position. - Carly Hill, Virtual Holiday Party See my feature in How To Ask For a Pay Raise on Wealthy Single Mommy for additional tips.

After a divorce, you may end up with one source of income that can make it challenging to make ends meet. You also might have to pay child support or receive child support that doesn't cover the expenses that come with raising children. I reached out to divorce attorneys and business leaders for their best advice on how you can survive financially after a divorce. From getting another source of income to seeking support from family, there are several tips that may help you best manage your money. Managing your Money After a Divorce Find Another Source of Income Focus on Self Preservation Take Control of Your Finances Create a New Budget Request a Mortgage Modification Seek Support From Family and Friends Find Another Source of Income Your financial capability will surely drop after a divorce. Unlike before, you have to adjust your budget according to how much you earn for yourself. Regarding this, adding another source of income would help you handle and manage your struggling financial capability. You can get a side gig or a part-time job that wouldn't coincide and affect your main job and put yourself at risk. An added source of income will also help you build your own credit and start saving. - Paw Vej, Financer.com Ltd Focus on Self Preservation For anyone who's getting a divorce, my top advice is to always start with closing any joint accounts. Your goal is to keep any assets you have that are your own money, and the last thing you want is for someone to withdraw everything you have. For that reason, it's best to have your own separate account as soon as possible and close any joint ones so you have complete control of what goes in or comes out of your account, with no fear of unknown purchases or withdrawals. This also minimizes any chances of someone taking more money from your account, which could result in the loss of your funds and the potential to owe the bank some hefty overdraft fees. To protect what you own, you need to ensure no one has any access to your accounts but you. Divorce is already expensive as it is, so you need to protect the money you currently have. - Andrei Vasilescu, DontPayFull Take Control of Your Finances After a divorce, the one thing that affects the separating couple is the finances. The soon-to-be-ex couple often fails to figure out their budget and finances post-divorce. It is very understandable since they go through an emotional phase. Yet, they should collect themselves as soon as possible and manage their budget. They should cut off their unnecessary expenses until they are in complete control of their budget. - Natalie Maximets, Online Divorce Create a New Budget Once you have control of your finances, sit down and create a new budget to track your expenses. Take into account all payments (child support, alimony) that you are responsible for now and all streams of income you have as a single person. You can see where you may be spending unnecessarily and how to allocate these funds to your debts and payments. Try to write out all of your expenses for one month to get a better perspective on your situation. - Riley Adams, CPA, Young and the Invested Request a Mortgage Modification Surviving financially after a divorce is difficult but not impossible: a mortgage modification with your housing lender may be an avenue to consider if you are seeking lower interest rates or reducing your current payments, and refinancing is not an option. Lenders are not obligated to renegotiate your loan terms, so be prepared to show evidence of hardship whether you contact the lender directly or work with a third party. Should you engage with a settlement company, do your research to avoid onerous fees and scammers. A few items you may need as a part of this process include proof of income, tax documents, bank statements, and a letter to the lender describing the nature of your hardship. Local housing agencies also may offer financial education resources or pro bono services from qualified financial counselors to help you evaluate options before approaching your lender with a mortgage modification request. - Russell Lieberman, Altan Insights Seek Support From Family and Friends One tip for surviving financially after a divorce is to ensure that you have support from family and friends and a solid budget. This budget should include all of your necessary expenses and any debts that you may have. Additionally, it is important to start saving for your future so that unexpected financial costs do not catch you off guard. Finally, it is important to seek out support from friends or family members who may be able to help you through this difficult time. - Brian Meiggs, My Millennial Guide

Clutter was everywhere, and I couldn't think straight. I had a list of things to do in my office, and I could not get started because of the clutter. It was stressing me out, and I just walked away. Usually, I'm a very organized person, and that week I had a lot going on. Has this ever happened to you? Conquering Clutter My task list was not going anywhere, so I turned back around and started straightening up my desk and getting my papers organized. I started separating my business papers, my employer's papers, and study material into a section of its own. My desk was back to normal, and I could breathe and think better. I took a couple of minutes to look at my accomplishment and reflect on how I got into that situation in the first place. I reminded myself that I needed to follow my list and take the time to organize one area before moving on to the next. If a cluttered desk is a sign of a cluttered mind, of what, then, is an empty desk a sign? - Einstein Sorry Einstein, but I'd rather have a clear desk and an uncluttered mind. See my feature in A Sortable List of 80 Morning Routines from Highly Productive People. Creating A Tasks Lists Creating a task list can help you conquer your weekly and daily duties. Whether washing clothes, cooking dinner, managing your budget, or doing your taxes, having a task list can help you check the box and maintain your sanity. When you finish a task, checking the box can also motivate you to move on to the next day's item. You don't want to be busy and not accomplish anything at all. Your task list can help you focus. Developing A Routine When you develop a routine, it can flow over into other aspects of your life. Having a daily or weekly schedule can help you prepare meals, leave your home for work quicker, and even develop an exercise routine. It can also help you manage your finances. I know you've probably heard that variety is the spice of life, but sometimes you may need a sprinkle of sugar. It can eliminate the chaos that I encountered when walking into my office. Managing Your Finances How does having a routine help you manage your finances? Let me ask you this. When you wake up in the morning, do you already know what you're going to wear? If not, do you stand in your closet trying to pick out an outfit, and how long does that take you? What happens after that is a trickledown effect on your day and your budget. See my feature in How to Organize Your Closet, According to Women Who Really Have Their Lives Together. Standing in your closet before you leave for work can take a few extra minutes that you didn't plan for. Then, you run out the door without eating breakfast, drinking your coffee, or taking your lunch. So now, you pull up to your favorite breakfast spot and leave work to pick up a bite for lunch. By the time you're halfway through the day, you've spent about $25 that you didn't have in your budget. And, the day was stressful, so you pick up food on the way home so that you can relax. Whoa, that's another $30 for a family of four! Does that sound about right? Try doing this three to five times a week and add up how much you spend. The Solution Try creating a weekly schedule for yourself. On Saturday, make your dinner meal plans for the week and ensure that you have everything you need and any meat thawed out. On Sunday, pick out your outfits for the week. Start each day with a bit of exercise in the morning. Exercising can help you mentally prepare for the day ahead. Your clothes are already picked out so you can shower, dress, and prepare your breakfast and lunch. Tip: Prepare your lunch the night before so you only have to worry about breakfast and coffee in the morning. Finally, when you get home, cook the dinner that you planned. Creating a weekly schedule can save you between $100 to $150 a week, depending on your family size. It can also help you maintain your sanity and your health. Eating healthier food at home not only saves you money but can also save you a trip to the doctor. Your health is wealth, and taking care of it today can help you save money for future goals.

If you're in the market for a new home, you may want a move-in ready home that requires minimal upgrades. However, there are some items that may increase the cost of your mortgage and cost you more in the long run. To help you avoid unnecessary home upgrades, I asked real estate experts and homeowners about new construction upgrades that you should avoid adding to the cost of your mortgage. From avoiding wallpaper to saying no to custom built-ins, there are several recommendations that may help you avoid choosing needless new home upgrades in the future. New Home Upgrades to Avoid Wallpaper Non-Eco-Friendly Features Glass Front Door Granite Countertops Light Fixtures Kitchen Backsplash Custom Built-Ins Wood Flooring Wallpaper Adding wallpaper can be risky. First of all, you would need to make sure that you are definitely in favor of this wallpaper before you put it up. Also, you may change your mind over time and have to redo the wallpaper. Furthermore, prospective buyers may not like this wallpaper if you ever decide to sell the home. - Drew Sherman, Carvaygo Non-Eco-Friendly Features One thing many new homeowners are seeking today is eco-friendly features throughout the home. Features such as energy-saving appliances and drought-resistant landscaping provide savings when it comes to water, gas, and electric bills. They also contribute to overall environmental health. When upgrading a home, pay attention to these details as they hold the potential to increase your property value and appeal to more buyers when it comes time to put your home on the market. - Than Merrill, FortuneBuilders Glass Front Door One home construction upgrade to avoid is a fancy, glass front door. While it may add some curb appeal, it can also be a security hazard. A thief can easily break the door to gain access to your home. - Matthew Ramirez, Rephrasely Granite Countertops Granite Countertops are yet another home upgrade that simply isn't worth the time and effort. This is because granite countertops can be extremely expensive and aren't always going to give you a bang for your buck. A countertop made of butcher block, concrete, or quartz can look just as good as a granite countertop and will save you money. Granite countertops also require regular maintenance in order to keep them looking good. Concrete and quartz countertops do not require this type of maintenance. If you are thinking of upgrading your home with granite countertops, think again! Many other options will look just as good, if not better, and will save you money in the long run. - Marc De Diego Ferrer, MCA Assessors Light Fixtures While additional lighting is always an excellent choice, upgraded lighting fixtures are rarely worth the investment at a builder's showroom. Light fixtures are a fashion accessory and come in a huge variety of styles and quality levels at all kinds of price points. Trends come and go. This is something you can easily DIY once you have time to get a feel for the style and use patterns of your new home. - Kenny Jobe, Legacy Roofing Northwest Kitchen Backsplash The upgrades produce a significant profit for a home builder (heavily marked up). Your salesperson will try to persuade you to buy the kitchen backsplash, which, yes, does look excellent in images and the demo home. However, tile work is time-consuming, and the builder will factor in a significant expense for labor and the tiles you select. After closing, you can install a kitchen backsplash for about 40% less than what the builder would charge you. In my view, you should seek bargains on high-quality tiles and hire someone to construct your kitchen backsplash. This is a simple new house improvement to avoid. - Angela Blakenship, Best Neighborhood Custom Built-Ins Drywall built-in entertainment centers. These seemed like a great idea, but then the sizes of the televisions kept increasing, and with these, you couldn't upgrade or replace without getting the same size. Another is lighting. Builders charge high rates for LED and motion lights, but these are simple to DIY nowadays and cost a fraction of the price. - Mike Powell, Red Flag Home Inspection, LLC Wood Flooring Wood flooring is the final home upgrade to avoid. This is because wood flooring can be expensive, and it is a difficult upgrade to do on your own. If you are thinking of upgrading your home with wood flooring, think again. Many other options will look just as good, if not better, and will save you money in the long run. Laminate flooring is an excellent alternative to wood flooring, and it is much less expensive. Laminate flooring also does not require a lot of maintenance. It is a great option for people who are on a budget and want to upgrade their homes. - Peter Lucas, Relocate to Andorra

The unexpected always happens when you're least prepared for it, so you may be surprised when it does occur. Things like car accidents, doctor's bills, natural disasters, or even air conditioner repairs all occur seemingly out of nowhere. So, how do you protect yourself from these unexpected events without going into financial ruin? Here are a few unexpected life events and how you can protect your finances in an emergency. Expenses That You Might Charge To Your Credit Card Living in Florida, numerous unexpected emergencies can lead to individuals using their credit cards to cover expenses. One of the most prevalent emergencies is air conditioning repair or replacements. The temperatures in Florida can rise into the 100's and air conditioners are used for at least ten months out of the year. Increased usage puts a strain on the a/c and can cause you to replace the entire system or overhaul it faster than expected. In my case, it was less than eight years in a new home before we needed a new system. Other emergencies that occur in Florida are hurricanes. Hurricanes can leave you scrambling to find canned food, gas for your generator, and even candles. Hurricanes can also have you doublechecking your homeowners' insurance policy to ensure you have credible coverage. If you don't have money saved up in these situations or credible coverage, you could end up paying out of pocket or using your credit card to cover any costs. Expenses That You Might Charge To Your Credit Card Strategies To Protect Your Credit Score From Emergencies To protect your credit score during emergencies, you can build an emergency fund that can cover medical, household, job loss, and other unexpected events that may occur. Also, double-check your insurance policy to see if you have enough coverage in the case of an emergency. Do you have a flood policy? Have you done any renovations lately? If so, did you notify the insurance company of your home upgrades? If not, your policy may not have the appropriate coverage levels to rebuild your home with the upgrades included. In the case of a job loss, COVID has taught us that the unemployment system cannot always be a backup source of income. Creating an emergency fund that can cover three to six months of your monthly expenses can help bridge the gap until you find suitable employment. In addition, building an emergency fund reduces the need to use your credit card during emergencies and eliminates the need to borrow money at exorbitant interest rates. Ultimately, having additional funds saved up can help keep your budget on track and allow you to continue planning for your future goals. See my feature in 8 Things To Do After Being Laid Off. Programs That Help People With Credit Emergencies The Public Benefit Corporation curates resources through Findhelp.org that provide community members with assistance during emergencies. If you are looking for help with food, housing, transportation, work, and any other subset of these categories, aid is available in your local area. Harris Financial Coaching is a participating member of findhelp.org, and there are many more in your local area. Fema.gov is another resource that provides funeral assistance if a family member has passed away due to COVID-19. The Homeowner Assistance Fund was also established by the American Rescue Plan Act and can help you if you were financially impacted by COVID-19. So, if you are having difficulty paying for your mortgage or utilities, you may be eligible to receive financial assistance. Find out more here. Did You Miss A Credit Card or Other Bill Payment? If you miss a credit card or bill payment, it's essential to pay it as soon as possible. Not paying the bill can lead to additional fees and late payments being due. Some utility bills, mortgage payments, or credit cards have a grace period before you're charged a late fee or additional interest. Paying as soon as you realize that you missed a payment reduces the chances of it being reported to the credit reporting bureaus. Whatever you do, planning for emergencies by building up an emergency fund and ensuring that you have medical, homeowners', and even life insurance can reduce some of the financial turmoil caused by emergencies. The words of Confucius still ring true thousands of years later: "A man who does not plan long ahead will find trouble at his door."

To help assist first-time homebuyers, we asked experienced homebuyers and insurance experts this question for their best tips. From searching for first-time buyer programs to having extra money set aside for hidden homeowner costs, there are several recommendations that may help you with buying your first home. What is one tip that you would give a first-time homebuyer? Financial Tips for First-Time Homebuyers Search for First-Time Buyer Programs Avoid Unnecessary Upgrades Don't Get Too Attached to Specific Homes Make an Offer Only When You are Sure Do Your Due Diligence Make a Competitive Offer Get a Loan Pre-Approval and Stay Within Your Budget Make Sure You Have a Good Credit Score Have Extra Money Set Aside for Hidden Homeowner Costs Search for First-Time Buyer Programs Local and federal governments often treat a first-time home purchase differently from other such transactions. Different programs are often available, offering anything from a minor tax rebate to preferential mortgage terms. Checking whether you qualify can take minutes and usually save you several percent of the total cost, which can easily reach 10s of thousands. That's pretty good for 30 minutes of researching and a few hours of applying! -Michael Sena, SENACEA Avoid Unnecessary Upgrades When buying a home, some upgrades are worth getting initially if they last for at least 20 years. These upgrades include tile flooring, higher ceilings, adult-height sinks, and kitchen cabinetry. These upgrades are items that most people obtain home equity lines of credit for after owning their home for a while. It would be best to avoid upgrading appliances, light fixtures, door handles or even adding blinds throughout the house. These items will not last 30 years, which is the typical time for a mortgage. And these items can be upgraded later with a bit of know-how and can cost you less over time. -Annette Harris, Harris Financial Coaching Don't Get Too Attached to Specific Homes If you want to find a good deal, don't fall in love with any specific home. Remain open to possibilities and be willing to compromise on certain features. Remember, the home you eventually purchase doesn't have to be perfect- it just has to have the potential to be perfect for you. -Matthew Ramirez, Paraphrasing Tool Make an Offer Only When You are Sure It may happen that you have been looking for a house for a long time and you are not convinced by any of them. Faced with this desperation, it is common for buyers to buy a house on impulse to the fact of losing another opportunity. But realize that this decision will have repercussions for your whole life, and it is worth waiting a little longer before rushing emotionally and making an offer on a house you don't like. -Natalia Brzezinska, PhotoAiD Do Your Due Diligence Every first-time homebuyer needs a bit of buyer education. To complete the purchase of a property from start to finish and to have it go off without a hitch requires your buyer doing their due diligence. This means doing their research and knowing the ins, outs, and all the processes of home-buying that will make things easier for everyone involved. They should ask the right questions of their broker or agent, their lender, and anyone else involved to help it go more smoothly and avoid any roadblocks that could upend the entire transaction. -Matt Woods, SOLD.com Make a Competitive Offer You have no idea how much you should offer as a first-time buyer. You're ready to make an offer because you've already been preapproved for a loan. Make sure you don't go over your spending limit. Make an offer that is within your price range. Ask your real estate agent to assist you in ensuring that your offer stands out from the competition. It would be best if you researched and checked out the market value. It is important not to make a too generous offer to beat out the competitors. Also, try to figure out a range from the seller, which will help you bid a good amount. -Ryan Yount, Luckluckgo Get a Loan Pre-Approval and Stay Within Your Budget One piece of advice that I would give to a first-time homebuyer is to always have a loan pre-approval in hand before you start your home search. This will help you narrow down your search to homes that are within your budget and avoid any heartache down the road. Additionally, it is important to be realistic about what you can afford and to stay within your budget. Don't overspend on your new home just because you think it will increase in value down the road - you could quickly find yourself underwater on your mortgage. Instead, be realistic about what you can afford and stick to it. This will help you avoid any financial trouble down the road. -Amira Irfan, A Self Guru Make Sure You Have a Good Credit Score Having a solid credit history can help when applying for a mortgage or home loan. If you use credit cards often or cannot keep up with monthly bills, it's time to make some changes before looking at houses. By showing lenders that you've successfully managed money in the past, your chances of getting approved for a mortgage increase greatly. You should aim for at least five years' worth of history with no late payments or other negative marks against you on your credit report since these can hurt your chances of getting approved. -Peter Lucas, Relocate to Andorra Have Extra Money Set Aside for Hidden Homeowner Costs As an insurance expert with ExpertInsuranceReviews.com, I knew how to find the most affordable homeowners insurance when I recently became a first-time homeowner. That savings, as well as comparison shopping mortgage rates and negotiating closing costs, helped me weather hidden costs of homeownership that surprised me during my first year despite my family being in real estate. For example, in addition to the mortgage cost, I also factored in utilities, regular maintenance of the HVAC system, regular pest control, and lawn care. But I didn't count on an influx of carpenter bees my first spring, followed by birds building nests in my carport, then other bugs that tried to take over my shed. This called for extra pest control company expenses and extra trips to Lowe's, where I was already accruing credit card debt for having to purchase a washer and dryer as well as a lawnmower, edger, and leaf blower. -Karen Condor, ExpertInsuranceReviews.com

I took a look at your website, and I can help you with your SEO. I have some great ideas for increasing your website's traffic. Does that sound familiar? I get one of these emails almost weekly in my inbox. Delete! Well, not only do I receive these emails, but I also have individuals reaching out to me to partner with me for my services. This is how it all went down. Business Referral Partners Many agencies attempt to partner with my business for credit repair services as a financial coach. Well, with the word coach in my title, I'm a support teacher and not a person who fixes things quickly. I want my clients to learn using a systematic approach. The first business reached out to me to refer potential clients if they were having difficulty paying their student loans. They offered student loans with interest rates that were below the industry average. I looked them up, and they were a legitimate company. In addition to my clients getting a better deal, I would also receive a fee for each client I referred to them if they signed the loan agreement. Okay, cool. However, I am cautious about these things, and it's not all about the money for me. So, I wanted to ensure that my clients were protected and that this was not just another agency trying to get them to finance their outstanding student loans. Next thing you know, the interest rate might increase after the first year. When I received the contract agreement with the agency, everything seemed legit except for the requirement that I teach two courses a year and post on social media about the company. To top it all off, the jurisdiction was out of my state of residence. First, before I put my name to anything out in the public, I want to see others doing the same. It was minimal. My biggest issue, though, was the jurisdiction. See my feature in Richmond Score for 11 Steps to Protect Your Business Name. So, if any disputes occurred, New York City was where jurisdiction prevailed. Well, I'm down south, and I'd rather give up the case than have to travel back and forth to a New York court. In addition, New York law is out of my league, and the company would most definitely win their case. I asked them to change the jurisdiction. What did they do? They resent the contract to me twice without making a change or communicating with me. The scoundrels! I declined to sign the contract. See my feature in Score to find 9 Resources To Help Black Owned Small Business. Coach Masterclass In the spirit of collaboration, another financial coach reached out to me to teach a masterclass on career advancement skills. Employment is within my professional wheelhouse, so we set up a call and discussed a plan for a month-long masterclass. I would teach two classes, and another coach would open and close out with a fourth session. This partnership would have been great exposure for me, and the agreement would have lasted a year. It was a paid agreement for teaching each class. When I was told the rate, I was shocked that it was so low because initially, I was going to coach the candidates and not present a course. I would have received 2% of the profit if 15 participants had enrolled in the class. I calculated this after our call, and that didn't add up. The Non-Disclosure Agreement The agreement stated that I would have to create the course, present it, and provide all course material and social media content to the business to promote the course. There was no mention of paying me for my time to develop the course. Their third-party agencies would use the content for marketing the masterclass after the one-year agreement was over; I would lose all rights to the videos and documents they received. They could also use my likeness for an undetermined amount of time after the one-year agreement was over. Jurisdiction Again, it was out of my state, and I would have to travel if any disputes occurred. When I brought this up, I was informed that they could not change the jurisdiction because the business was located in that particular state with the attorney. They would not feel comfortable in the jurisdiction of another state. Well, that's exactly what I said. So, I'm supposed to agree to something that even you are not comfortable with either? See my feature in When to Say No in Business: 8 Signs to Pass on Opportunities in Atlanta Score. What Happened To The Classes? They were put on hold for that month until I had time to consider the opportunity. Well, it was considered and not accepted, so that's that. Business Owners Beware Beware of other established business owners who may have more experience than you. Beware of business owners who have attorneys and provide NDA, contracts, or agreements. If you do not have the expertise to review these agreements, spend a few dollars to have an attorney take a look. It will be in your best interest to spend a couple of hundred now instead of paying thousands later.

To help employers celebrate Women's History Month, I asked women-owned small businesses and successful entrepreneurs this question for their best insights. From sharing personal accounts of female leaders to supporting and networking with female entrepreneurs, there are several tips that may help you celebrate Women's History Month within your company. What is one thing employers can do to celebrate Women's History Month? Ideas for Celebrating Women's History Month Share Personal Accounts of Female Leaders Start a Micro-Fund to Support Female Entrepreneurs Identify Unconscious Bias Against Women Involve Every Employee Conduct a Fundraising Campaign Support and Network With Female Entrepreneurs Share Personal Accounts of Female Leaders Presenting portraits of successful female colleagues adds a personal touch to the celebration, making it more relatable for fellow employees. It also keeps the conversation light and focused on internal affairs. Both internal and external audiences like to see businesses speaking about what they can do and are doing rather than seeing firms judging the choices of others. - Michael Sena, SENACEA Start a Micro-Fund to Support Female Entrepreneurs Since the pandemic hit in 2020, there has been an explosion of new small businesses, side hustles, and startups, many run by women. One cool, unique way employers can celebrate Women's History Month is by starting a small fund to finance these women-owned ventures. Encourage employees with side hustles and their female friends and family members who have started a company to apply for a grant. Such grants, even if just a couple of thousands of dollars, can go a long way toward helping female entrepreneurs launch the business of their dreams. Then once the grants are doled out, do a company luncheon to highlight the small businesses the company has helped to fund. Perhaps even include short testimonial videos from the women who run these companies to share how the money has helped and what they plan to do with it. This is a great way to directly support female entrepreneurs and raise awareness during Women's History Month. - John Ross, Test Prep Insight Identify Unconscious Bias Against Women Employers should identify and eradicate any forms of unconscious bias against women for Women's History Month. This type of bias can manifest in various ways, such as how organizations hire, promote employees, or assign projects. Employers should carefully scan through their operations and processes to determine if discrimination is made against women. Unconscious bias is unintentional, making it hard to spot, which is why the process of identifying should be done meticulously. Women's History Month is about celebrating women and their contributions. Eradicating any bias against them is an appropriate way to celebrate the month. - John Tian, Mobitrix Involve Every Employee When it comes to Women's History Month, employers can go the extra mile and ask every employee to plan and participate in different activities and events. Moreover, since these events are distributed over a month, participation will not impact productivity either. One reason why this is essential is that one of the reasons behind observing Women's History Month is to promote gender equality in the workplace. And this goal is achievable only when everyone is involved and plays an active role. - Azmaira Maker, Ph.D., Aspiring Families Conduct a Fundraising Campaign Women's History Month is all about bringing the world's attention to the many challenges associated with women's empowerment. So what better way to support and commemorate the occasion than to provide financial fuel to a nonprofit organization fighting for these causes? A fundraising campaign with top leaders promising a donation on behalf of the organization and encouraging employees to add to this amount proves highly impactful. This campaign can enable employees to participate proactively and gain deeper insights into various programs and services that help keep women in the conversation. - Eva Taylor, WP Buffs Support and Network With Female Entrepreneurs Whether big or small, every company does business with a wide range of service providers, suppliers, and the like. In line with observing Women's History Month, employers can make a concerted effort to do more business with brands led by women entrepreneurs and let employees know of these positive efforts. Often, such occasions are spent only in participating in activities and celebratory events. In comparison, this move will prove highly practical and make some real impact. - Larissa Pickens, Everfumed