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

Photo by Azamat E on Unsplash 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 in my inbox almost weekly. 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 eye, 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. 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 was there. 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

Bitcoin is not the answer for beginner investors. The wide world of investing can be challenging to decipher and a little daunting when trying to figure out all the market options. Some beginner investors start with a savings account to see what earning a return on their income could be in the future. With a savings account, you earn interest on what you put into it, resulting in compound interest monthly. Savings accounts can be good for saving for a goal like a car or a vacation. A savings account is also reasonable for short-term goals where you're not looking to make a big profit. So, how do you make a more significant profit through investing? What's the Difference Between Saving and Investing? When you save money in a bank, it's protected by the Federal Deposit Insurance Corporation up to a certain amount. The bank must be an FDIC-insured bank for you to receive this protection in case the bank fails. When you save money in a bank, you earn a small amount of interest on your deposits. As you transfer more money into your savings account, you earn compound interest on the money you've deposited monthly. With investing, there's the possibility that you could earn gains on your money, or there's a risk that you could lose your money. Money put into investments does not have guaranteed returns because of the unpredictability of market fluctuations. Predicting a company's sustainability can also be challenging due to unknown financial information not being released in real-time. What You Need To Know As A Beginner Investor Investment Options Stocks  - When you purchase a stock, you buy shares of ownership in a company. You can buy a stock split, one stock, or numerous stocks in a company. Stock splits are used if you don't have the funds to purchase an entire stock. Owning company stock means that you own a percentage of the company itself. Bonds - With bonds, you loan your money to a company or the government in return for interest. The most popular type of bond is a savings bond. These come in EE or I series bonds. You can purchase these independently or when filing your tax return. Savings bonds can also be purchased as gifts for children. See What are Savings Bonds  to learn more. Advertiser Disclosure Retirement Accounts  - There are many types of retirement accounts available. A few options are a 401(k), 403(b), IRA, or Roth IRA. You can invest in these independently or through your employer, and there are pre-tax and post-tax options. Pre-tax means that you will pay less in tax now on your contributions and income. When you reach retirement age and decide to withdraw your funds, you will pay taxes on the distributions. Post-tax means that you've already paid taxes on your investments. Invest Early It's essential to invest early in your financial future. It's never too late to start contributing to a retirement plan. If you start contributing $100 per month into a retirement account when you're 20, you could have $600K when you turn 65. If you contribute the same amount at age 30, you could have about $310K at 65. So, starting and continuing to contribute to your retirement early makes q big financial difference. See my feature in How To Make Yourself A Retirement Millionaire . What's Your Risk Tolerance It's essential to assess your risk when investing. When you assess your risk, you determine your risk tolerance. When investing, there's the possibility that you may lose money, so understanding if you have a low, medium, or high-risk tolerance can help you make the best decisions on what to invest in. A financial planner can also guide you in determining your investing risk tolerance. Make A Plan After assessing your risk tolerance, you want to determine how you want to invest. Do you want to put your money in a savings account, stocks, bonds, your retirement fund, or real estate? And how do you want to portion out your investments? If you are risk-averse and have a lot of debt, you may want to keep your money in a safer option like a savings account. Or, you may pick a combination of two or more investment options. It's essential to weigh your options and plan for your financial future.

It's essential to have a healthy diet that doesn't bust your budget. Healthy eating on a budget can be done using The 3 P's method. The 3 P's are planning, purchasing, and preparing. Planning your meals, purchasing cost-effective grocery items, and preparing your meals at home can help you eat well on a limited budget. Here are a few tips on saving money when grocery shopping. Steps to Take to Plan for Grocery Shopping Clipping Coupons You can save lots of money on couponing if the coupons are for things you usually buy. Coupons for staples like rice, canned vegetables, and freezer items can help you save money on your grocery shopping if they are in your meal plan for the week or month. If you see a coupon in an advertisement, but it's not something that you usually buy, try to avoid purchasing these items that you rarely or may never use. I'm sure you've probably seen a preview of the show Extreme Couponing, and they save hundreds of dollars and spend $20 on their grocery bill. However, those items stay in their garage or pantries for months, or the shoppers end up giving the food away to their neighbors. So, skim the ads and select the coupons for items on your grocery list. Use A Grocery List Creating a weekly or monthly meal plan can help you build your grocery list. You may already have some meals that you eat regularly. For me, my lunch stays the same every day. So, when I create my list, these items are at the top because I know I will need to restock. When you make your grocery list, check your pantry, refrigerator, and deep freezer to see what items you already have. This can reduce the need to spend extra money on food you already have. The most important aspect of taking a grocery list into the store is eliminating wandering around in the aisles because you can't remember what you need to buy. Related: See 4 Strategies To Save Money on Groceries Don't Shop Hungry Now that you've entered the store with your coupons and grocery list, it's time to shop. But try not to shop while you're hungry! Shopping while you're hungry can make everything look so tempting, and you can fill your grocery cart with food that you don't even need. Typically, when I shop hungry, I fill my cart with quick snacks or junk food that I did not plan to buy initially. A good rule of thumb is to shop after breakfast or lunch so you'll be back home in time to prepare dinner at home. Purchasing Groceries Name Brand or Generic Are you loyal to name-brand items when it comes to grocery shopping? Name-brand items may have a generic version available on the grocery shelf. You may not notice them initially, but if you look on the bottom shelves of the grocery store, you can find a comparable item at a lower price. Name-brand and generic items have very similar ingredients and nutrients, but the cost differs. In searching my Walmart app, I found name-brand Quaker Oats for $2.38 and the exact size generic oatmeal for $1.56. This is just one example of a name-brand versus a generic, and there are many other comparisons. The cost of being loyal to name-brand items can add up in one year. Preparing Your Meals Meal Prep At Home Preparing your meals at home can be more cost-effective than eating out. You can also end up with leftovers that can be eaten the next night or frozen for future meals. Eating out may be quicker, but is it better for your health or wealth? Eating out is expensive and should be used as an occasional luxury even when you're not on a limited budget. A Meal Comparison Eating a home-cooked meal for a family of four could cost about $3 per person compared to $7 per person for fast Food. Here's a price comparison. Home Cooked (family of four) Great Value 3lb bag of chicken breast: $7.14 Uncle Ben's Box of Rice Pilaf: $1.98 Del Monte Can of Asparagus: $2.98 Total: $12.10 Fast Food (for one) Whopper Meal: $7 Plus Tax (7%): $0.49 Total: $7.49 Cooking at home for a family of four could save you money and leave you with leftovers for another meal. If you ate out twice a week for a month, you could spend approximately $119. So, what's on your plate?

What are your retirement goals? Have you considered what your retirement future will look like 10, 20, or 30 years from now? If not, it's never too early to start planning for it. Imagine that your retirement will be a world of new adventures and experiences to keep you active and in the game. Here are a few tips to prepare for your financial wellness in retirement. Your Path to Retirement Planning 1. Envision Your Retirement Envisioning your retirement can consist of imagining and writing down how you will enjoy your retirement future. Will you spend time with friends and family? Will you take up a new craft that you've been interested in for years? Will you travel or spend time at home gardening? Whatever you will be interested in, keeping a log of the top five things that you will accomplish in retirement will help you enjoy your first day and beyond. You won't have to punch a clock any longer, so this will be your time to enjoy your 365-day annual weekends. See my feature in the Retirement Planning Guide. 2. Manage Your Cash Flow When you retire, you may be on a fixed income, and the annual increases you may be used to receiving will stop. So, it's essential to manage your cash flow in retirement. If you are 40 today, the Social Security Administration has found that you may live to be at least 90. If you are looking to retire at 65, you will spend about 25 years in retirement. That's why managing your fixed and variable expenses can help ensure you have enough money in retirement. Your fixed expenses can consist of your food, mortgage, utilities, and healthcare. Your variable expenses can consist of vacations, hobbies, gifts, and charitable giving. Identify now what expenses you may have in retirement and the expected costs of each. Three Ways To Plan For Retirement 3. Will You Need To Replace Your Health Insurance? What do you do about health insurance if you are eligible for Medicare? You may have to obtain coverage through your spouse's employer, find an individual health insurance policy, or enroll in COBRA. An article by Fidelity has found that a 65-year old retired couple could spend up to $285,000 on health care expenses in retirement. It's essential to identify now what benefits you can enroll in when you decide to retire and how you can become eligible. For example, some employers require that you be enrolled in their healthcare plan before retirement to maintain your eligibility to stay on their plan. 4. Determine The Income You Will Need Once you envision your retirement and identify the fixed and variable expenses, you can determine how much you will need. A couple of factors to consider are: Your retirement age and your life expectancy Your eligibility for Social Security benefits and the age you will elect them The amount of all of your retirement income sources The rate of inflation in your retirement years Income tax rates Your healthcare needs or the needs of your significant other or dependents See my feature in How To Make Yourself a Retirement Millionaire. 5. Identify Your Income Sources Where will your income come from in retirement, and how much will it be? You may be eligible for social security benefits at the time of your retirement in addition to your retirement income. Will you be eligible to withdraw funds from an IRA, 401(k), company-funded defined benefit plan, with or without tax consequences at retirement? Are other benefits available such as a military retirement or disability income? And how much money do you have in savings? Identifying your retirement income sources and the tax consequences can help you determine which sources to use first. 6. Develop a Financial Support Team On your journey to preparing for financial wellness in retirement, it's vital to develop a trusted financial team to help you successfully navigate your retirement. A financial professional can help answer any questions relating to your financial wellness and help you create a household budget, and recommend strategies for your retirement income. A tax advisor can guide you in choosing the best options for collecting your retirement income and any tax implications of your financial decisions. In addition, an estate attorney can help you develop estate planning strategies for your heirs. Whether you value tranquility, adventure, culture, or community in retirement, coming up with a plan today can help guide your decisions in retirement and beyond. So, catch up on that needed R&R, hike the trails, travel, or volunteer the 10,000-plus days of your retirement away with a secure financial plan in mind. Do you need assistance with planning for your future retirement? Let's work together to see how you can achieve your retirement goals.

It's a new year, and I have new goals. Resolutions are fleeting, so I dumped those a long time ago. In the words of Tony Robbins, "Setting goals is the first step in turning the invisible into the visible." You want your goals to be visible, and writing them down and tracking them using the SMART method can help you achieve them. You can accomplish your goals by budgeting your income and keeping an accurate record of your weekly and monthly expenses using a budget tracker. Zero-Based Budgeting Using the zero-based budgeting approach, I account for every dollar of income and expenses at the beginning of each month to ensure that every dollar has a purpose. For example, when my paycheck was deposited on December 31st, I ensured that my savings, monthly expenses, investments, and other incidentals were accounted for until my budget reached $0. Creating a budget helps ensure that I don't overspend and guides me in achieving my goals faster. Income & Expenses At the beginning of every month, I use an Excel spreadsheet to track my income. My husband and I have a separate account for household bills and groceries, and we both deposit a portion of our income into our joint account to cover the costs. Every six months, we have conversations to review our expenses and adjust our deposits as needed for changes to our monthly expenses. We also have a joint savings account and separate savings accounts for our individual goals. This helps keep the peace in my household. Calculating My Budget Here's an example of how I distribute my monthly income and expenses: Household Expenses = 15% Utilities, Charity, Tithes, Groceries Joint Savings = 27% Vacation, Home Improvements, Emergency Fund Individual Savings = 18% For Gifts, Treating Myself, and Future Goals Investments = 29% Stocks, Retirement, Wealth Fund Miscellaneous = 10% Gas, Hair Salon, Starbucks! Individual Life Insurance = 1% See my feature in 5 Money Lessons For New College Graduates. What Happens Next? I create a new budget for the next month and continue the cycle. Using a zero-based budget enables me to achieve future goals for myself and my family. We can also pay cash for our vacations and any needed repairs or upgrades to our home. The end goal is that we want to remain debt-free, financially independent, and live life as we see fit.

Over the years, I have been teaching my children how to manage their finances. With this comes questions, and I may not always have the answers. This is common when parents teach their children about finances because we think they should know the answers or the questions have never come up in our personal lives. My youngest daughter continually asks questions about investing, credit, and budgeting. Here are a few of the questions. When Did You Start Investing? My daughter began investing when she was 14, and I have encouraged other family members to start investing for their children even earlier than that. I started investing in my twenties. This combination of investments included savings bonds, certificates of deposits (CDs), and retirement accounts. At that time, I was focused on saving instead of building my wealth using stocks, money market accounts, or ETFs. Now, I invest heavily in these investment vehicles and have started dabbling in cryptocurrency. Whether you started in your teens, twenties, or thirties, it's never too late to begin investing. It's essential to know your risk tolerance when it comes to investing. This is one reason why I delayed the riskier investments. I didn't feel comfortable risking my hard-earned income when I still had kids at home and other financial obligations that were a priority. If you don't know your risk tolerance, talk to a trusted advisor and your partner, so you're all on the same page when making financial decisions. See my feature in How To Make Yourself A Retirement Millionaire. How Often Do You Pay Your Credit Card? I added my children as authorized users on my credit card to get experience managing credit and building their credit scores simultaneously. When you add an authorized user to your credit card, their purchasing and payment activity can affect your credit and theirs. As a result, I had a conversation with my children to let them know that it's essential to stay aware of their credit card balances. This included knowing credit card due dates and knowing when interest would be charged on their purchases. So, I encourage them to pay their credit card balances at least semi-monthly to avoid any late fees or interest. See my feature in 9 Secrets Habits of People With Credit Scores Above 800. How Often Do You Balance Your Checking Account? The answer to this question depends on my purchase activity for the month. I balance my checking account at least twice a month. Balancing my budget semi-monthly helps me ensure that all paycheck deposits, automatic transfers, bills, and regular monthly expenses are accounted for. It also helps me keep my spending in control. If I notice that I'm spending more on groceries than the previous month, I work to find different ways to stretch our meals or cut back on other spending categories. See my feature in Conversations To Have Once Your Teen Starts Earning Money. Getting Comfortable With Questions Whatever the questions are, it's okay to be uncomfortable at first. As I mentioned, I don't always have the answers, and you may not either. But after a while, you will find that it gets easier to answer the questions and share information with your teens. If you don't know the answer, let them know that and find the answer together. Finding the answers together can encourage your teen to continue the money conversation and prepare them for making financial decisions on their own.