How to Effectively Budget So You Can Eat and Drink out More Often

Budgeting gurus often suggest eliminating eating out as a way to save money. For some people, though, dining out is an essential social function and a top priority. If you fall into this group, the question isn’t how do you eliminate eating out but rather how to budget elsewhere so that you can eat out more. Here are four useful budgeting tricks that will let you eat and drink out more often without harming your financial situation.

Cut Back on Fast Food Meals

For many people, fast food is a common breakfast or lunch choice because it’s fast and easy. If you want to budget to eat out at sit down restaurants more often, though, you may want to rethink your fast food meals. Getting breakfast or lunch from the drive through a few times a week could easily cost you the price of dinner and a drink at a nicer restaurant.

Find Restaurants with Great Value

Like anything else, budgeting to eat out more often is all about finding the best bang for your buck. Try out some local restaurants and see which ones give you the best dining experience for your money. Going to a sports bar is much more affordable than a fine dining restaurant, and some of these bars actually have excellent food. Finding a few places that offer great value will help you eat out more without breaking the bank.

Set Aside Some Money Every Week

Budgeting to eat out requires the same financial discipline as any other kind of budgeting. To do it, you should set aside a fixed amount of money every week and not exceed what you’ve budgeted. If you don’t happen to use your full budget for dining out in a given week, you can carry the extra over to the next week or save it for future use.

Cut Costs in Your Grocery Budget

One of the easiest ways to budget for more meals out is to bring down your grocery bills. Buying generic products, cutting back on non-essentials and taking advantage of store sales are all effective ways to bring down the cost of your grocery runs. The money you save on groceries can then be allocated to your budget for eating out, allowing you to get more restaurant meals without actually dedicating more of your net income to food overall.

Following these four simple steps, you’ll be able to budget for dining out more often. While it’s still a good idea not to go overboard, you should easily be able to budget for 2-3 meals out per week without overspending.

4 Unexpected Home Mishaps You Need to Be Financially Prepared For

If there’s one thing that’s true about owning a home, it’s that you can be sure that unexpected events will occur at some point that will negatively impact your home. While most of these events are fairly minor and are fairly easy to recover from, there are plenty of major home mishaps that can cause major damage and are quite expensive to fix.

The best thing you can do to prepare for these mishaps, beyond knowing what they are, is to have the financial means to recover from them should they occur. To help you prepare your budget and your mind for the future, here are four unexpected home mishaps you need to be financially prepared for.

Broken HVAC System

Though it hums along largely unnoticed, your HVAC system is one of the single-most expensive items in your home. Therefore, if your system fails, you’ve got a major expense on your hands. Typically, to purchase a new HVAC system and have it installed will cost you several thousands of dollars, an amount which most people don’t have just hidden in their couch cushions.

The biggest problem with a faulty HVAC system, of course, is that it can quickly lead to an uncomfortable home. To ensure your long-term comfort, then, it’s best to save up to be able to replace your HVAC system if it fails.

Flooded Basement

Leaks in your basement, both large and small, are no laughing matter. Even small leaks can lead to the growth of mold and mildew that can cause serious respiratory issues for your family.



Even worse is if a large backup occurs due to a broken sump pump or a major flood. This type of sudden damage can require the replacement of just about everything in your basement. To help protect against this issue, heavy-duty basement waterproofing is a great investment to make.

Damaged Roof

In many cases, a roof replacement will be something you’re able to prepare for slowly, allowing you to save money over time. However, if there is a major storm in your area, you could find yourself with an urgent need to replace your roof due to storm damage.

In some cases, your homeowner’s insurance will cover the cost of a new roof. If it doesn’t provide coverage for some reason, though, you’ll be on the hook for several thousands of dollars in repairs.

Electrical Fire

If your home has faulty wiring, you’re constantly putting yourself at risk of an electrical fire. Though many electrical fires can be caught in time to put them out, they certainly have the potential to get out of control and cause significant damage to your home.

Even small fires can cause expensive damage depending on where they occur. That’s why it’s crucial to have an electrician inspect your home’s wiring to ensure it is safe and up-to-code.

Saving doesn’t seem that important until you’re in need of a sudden cash infusion. When those times come, you can only wish that you had had the wisdom to save money when you had the chance.

That’s why it’s important to make saving a part of your lifestyle, challenging yourself to find as many ways as possible to save money while still maintaining your desired quality of life. While it’s a tough balance to strike, it’s worth it when you face an unexpected home mishap.

5 Factors to Consider When You Start Looking for a Home to Retire In

If you are ready to start looking for a home to retire in, it is important to keep some key factors in mind. No longer are you looking just for an attractive house or one that can house a large family. Consider the following before making a purchasing decision.

Location

The location of your current home meets your present needs, you’re the home you plan to retire in needs to be able to serve your needs for many years to come—potentially the rest of your life. 

Give some thought to where you would like to live ten or twenty years from now when you retire. For example, if you live in a rural area now, you might prefer a home closer to other families for increased socialization or enhanced security. 

Alternately, if you currently reside in a busy urban area or near a bustling airport, maybe you would like a quieter retirement community.

A real estate agent should know the area and can help you make housing decisions based on preferred locations for the future. They will also know if there is a large community of seniors in the area you’re looking at, which can be good for socializing and finding senior services in the community.

Safety Features

Depending on your health, you might be interested in a home with safety features, such as a wheelchair ramp or a handrail along the walls of the main living area. Step-in showers and lower-level sinks might be other features to look for. 

If homes you browse do not have these features, and you don’t need them yet, determine whether properties of interest can be readily amended if needed.


You should also think of what health needs you might have in the future. You might feel fine now, but if there is a history of heart problems, strokes, dementia, or other health problems in your family, it may be wise to take these into account.

Family Accessibility

To maintain regular visits with adult children and grandkids, you may want to move closer to one or all of them, as some retirees do. Of course, travel is not usually a problem for families separated by distance, but if travel is a concern, shop for homes within commuting distance of loved ones. 

If you plan for your home to be a gathering place for your family members during the holidays or family reunions, you may want a large home with some spare guest rooms available.

Proximity to Amenities

Even if you plan to stay in the same area, you may want to consider nearby convenience services, such as car fuel, groceries, and prescriptions. Delivery services can handle many errands for you, but you may want to do some of your own pickups and tasks in the future. Make sure that those services are in an easily commutable distance, especially if delivery services aren’t available.

Budget Changes

People’s budgets and income often change when they retire, for better or worse. Plan your lifestyle budget before buying a home to ensure you can still afford house payments when retirement rolls around. Factor in utilities, insurance, and taxes along with the home’s maintenance and repairs.

Preparing for retirement is an exciting time. With careful planning, you can find just the right home to meet your needs for the golden years of life.

4 Things Millionaires Never Do

Millionaires don't look at the world in the same way as other people. In fact, the reason that many self-made millionaires reach that point isn't just because of what they do - it's because of the things that they don't do. Below are four of those very important things that millionaires never do.

Spend Without a Plan

People who become - and stay - millionaires don't go on spending sprees. This isn't to say that they can't splurge from time to time or that they can't be generous, but they don't spend their money without knowing how it will be spent. Part of becoming wealthy is learning the value of a dollar, so many millionaires are careful about their budgets.

Let Their Money Rest

Putting your money to work is one of the most important habits you'll need to get into if you're looking at how to get rich in the military. Millionaires rarely get rich from their day jobs, but their multiple income streams keep them wealthy. 



Investing money in the markets, buying properties, and taking calculated risks on new companies are just some of the ways that the wealthy ensure that they will keep money flowing into their accounts.

Flaunt Their Wealth

Another good way to tell the difference between someone who is a millionaire and someone who has experienced a temporary windfall is how they present themselves. 

Those who are going to hold onto their money rarely go in for gaudy displays of wealth. Their cars might have a bit nicer trim level than average, and their furniture might be high-quality, but these aren't people who use their money to show off.

Stop Looking at the Future

Finally, millionaires always have an eye on the future. Few assume that they will always be wealthy, and thus they are always planning for a rainy day. Those who have more money than they can reasonably lose are still looking to the future of their families. 

It's not enough to make a million dollars - once you get there, you have to figure out how you are going to stay there.

If you want to be a millionaire, you have to learn to do the things that millionaires do. Take a look at what they avoid as well, as this will help you figure out how to stay financially sound. If you can follow in their footsteps, you might find yourself better positioned to join their ranks.

Have a New Year’s Resolution? Here’s How to Get Your Finances on Track

Setting a New Year’s resolution is always exciting. With the New Year coming, it can be a good idea to turn your attention to your finances. If you have struggled with their management in the past, consider some of the following things you can do to get them back on track.

Begin Budgeting

Budgeting does not have to be difficult. Always begin by organizing your monthly expenses and list your financial goals. Through this simple approach, you can already see where you stand and where you need to go to get the results you want. Make sure that you list potential revenue sources to move towards your goals in a more pronounced way.

Cut Your Expenses

Once you have some of your calculations set, you can move forward by cutting your monthly bills and expenses. Think about what you can do to lower your utility costs and spending habits. If you spend too much on your internet, choose a different provider. If you can stand to eat out a little less, change your meal habits. Do not be afraid to get creative during this stage.

Work With Financial Advisors

Speaking to a professional can be a great way to think about what you can do for your financial future. Take the time to consult with Kirkland financial advisors and see what they can suggest for your budget. A financial advisor can be particularly helpful if you have hidden expenses that may be sapping away at your finances.

Plan Daily Meals

One of the best ways to supercharge your finances is to focus on planning for your meals. This can not only help you avoid eating out more, but it can also be a great way for you to limit bad nutritional habits. Finding recipes that work with your lifestyle and with foods that you like can allow you to enjoy a good home cooked meal every day.

Pay off Debt

Try to organize your debt so that you know where your money is going. You want to start paying towards your loans as soon as possible to reduce the interest payments you make in the long-term. Pay above the minimum, one debt at a time, to really see a difference.

Though it may seem challenging at first, the fact of the matter is that these relatively small changes can start to add up in a big way. Take the time to review all of your financial records and notes, and use the changes you see on a monthly basis to fuel you future budgeting.

Entrust Your Future—Why You Should Invest a Portion of Your Savings

From being able to weather the storm to make major purchases with greater ease, good financial management skills can often make a world of difference. While adequate savings is crucial for any long-term financial plan, squirreling your money away in a low-interest account may not always be the best option. 

Learning how to invest a portion of your savings can help to amplify your efforts and ensure that you will have the funds needed to deal with whatever the future holds.

Dealing with the Unexpected

Even the most comprehensive budget or detailed financial plan cannot account for every single eventuality. A robust investment portfolio can generate the funds you need to deal with anything unexpected. Budgets that are too narrow or that may lack flexibility often mean that even a minor issue or complication may lead to more serious problems.

Capitalizing on Opportunities

From real estate deals to planning a vacation or buying a new car, the right investment strategy makes it much easier to make big purchases or to take advantage of time-sensitive opportunities. 


Having stock to liquidate, the added revenue that bonds may provide or the financial benefits that come from learning how to trade forex can all play an important part in ensuring you are able to reach your financial goals. Being limited to your just your savings and salary often means that even modest purchases and opportunities will remain out of reach.

Planning a More Secure Future

Savings alone is rarely enough to provide a comfortable retirement. Investing a portion of your savings can go a long way towards ensuring a brighter and more financially secure future. Getting an early start is also important as the revenue and income that your portfolio may provide can be reinvested in order to maximize returns.

Coping with Major Economic Trends

Getting by during a recession or a down-turn in the market can be quite a struggle. Many novice investors mistakenly assume that an investment portfolio is little more than a financial liability during a bear market. Continuing to invest a portion of your income and savings can go a long way towards helping you to cope with such situations more easily and effectively.

Crafting and maintaining a more successful investment strategy may require a wide range of resources. Investing in a mutual fund, discussing your options with a financial planning service or learning more about how forex and currency exchange markets function can provide you with the insight and understanding you need in order to make more effective decisions. Planning for your financial future is never a concern that should be taken lightly.

3 Financial Habits That Set You Up for Success

It is incredible to consider how many people either do not have a savings account or do not use one. It seems that most people rely solely on their checking accounts. There are many reasons why this is a bad idea. Savings accounts are designed to help you better manage your finances. 

They also end up paying much more interest, on average, than checking accounts do. When you have money that you do not need to spend right away, it is typically better to sock it away in your savings than it is to put it in your checking account where you might be tempted to spend it. Here are three reasons why you should always deposit money into your savings account.

Emergencies Are Always A Possibility

While things might be going great today, there is always the possibility of an emergency on the horizon. When you need money in a hurry, it is much better to use the cash in a savings account than it is to borrow the money. 

When you have a savings account that contains money for a rainy day, you will never have to worry about how you are going to account for an emergency ever again. This is a great, liberating feeling to have.

If you can, open a Health Savings Account. Having a pre-tax HSA will allow you to have a savings account that can only be used for medical visits and supplies. This will keep temptation out of dipping into the savings account for other uses. It will also help ease any feeling of financial guilt that comes with human nature when you go to the doctor. 



This way, you know the co-pay is not coming from your checking account, and you can worry about getting your family medical care without worrying about the financial aspect. Many employers will do an HSA match amount that can become a very valuable benefit.

Save for A Long Term Goal

If you want to do something in the future, it helps to begin saving for it today. Perhaps you want to take a cruise for your 25th wedding anniversary. Begin saving now and earmark it for that trip. Then, you will have the money when the times come to take a trip of a lifetime.

Financial success comes in many forms. Investing your savings in a way that you can multiply your money. There are success stories of ordinary families that learned how to get rich in the military, for example. Saving $500 a paycheck when you get a new job or raise can lead to $12,000 in yearly savings. This is a way you can get out of debt instead of increasing your spending habits. That home deposit, the new business idea doesn’t seem so out of the ordinary anymore.

Get Ready for A House Deposit

You might not be ready with the money today to buy a house, but you hope to at some point. Real estate is a great investment. However, you will need a deposit to put down on a new home to qualify for a great rate on your mortgage. The more money you can save towards this deposit, the lower your monthly payments will be in the end. You will also reduce the amount you pay towards interest over the term of the loan.

If you can buy it, then buy a home. Getting in the habit of looking ahead is something you can do even if you are stuck renting at the moment. Talk to a real estate agent, a loan officer before you are ready. Get in the habit of knowing where you want to go and what work you need to do to get there. Nothing will magically appear on your lap. Plan for success.

These are just three of the many functions of a savings account. This allows you to have a focused means of saving money that you will need at some point in the future. It helps to minimize the temptation of spending money today that you really need for the future. The way to best accomplish this is to make regular deposits into your savings account so that money will be there when you need it.

3 Ways to Put Money Away for Your Retirement

Image via Flickr by KMR Photography 

It's wise to plan on your retirement. Planning will ensure that your golden years are free of hardships, stress, and worry. You should also consider looking for financial planning services and professional investment assistance.

With small investments, you can enjoy great rewards when you are old and possibly ready to take a break from work-related stress. You do not need lots of money to plan for retirement. Then again, it is never too late or too early to get started.

Here are the top three proven ways of setting aside money for your retirement.

1. Invest In Penny Stocks

Any stock that trades for $5 a share or less can be a worthy penny stock. Even though penny stocks are high-risk investments, they also have the potential of bringing forth high rewards. 

Understanding the market history and diligently doing your research is the surest way to ensure your investment is profitable.

To mitigate risks, you must not make blind investments. Consider enlisting a broker to educate you on the market trends and equip you with the tips and tricks to thrive. 

When traded right, penny stock investments only require small capital, and the returns can be glorious.

2. Venture into Real Estate

Did you know that you don't need to be financially endowed to invest in real estate? You have the crowdfunding option, and although it may sound intimidating, it is something worth a look. 

This option works by allowing many people to invest small amounts into a specific project. Credible companies will enable you to choose the kinds of properties that are in line with your investment objectives. 




Again, the surest way to gain financial security through real estate investments is by making educated decisions. Keep in mind that even with crowdfunding, you face the same investment risk as any other real estate investor. On the bright side, the lower capital requirements can leave you enjoying consistent income with each passing month.

3. Make a Small Business Investment

Another proven way to ensure financial security upon retirement is to invest in small businesses. You have the option of venturing into entrepreneurship or investing in an established enterprise as a silent partner. 

What makes this option enticing is that the anticipated return on investment is potentially higher.

Just like other forms of significant investments, this one too poses some level of risk. Doing your research ahead of time will help you find opportunities with higher chances of generating substantial returns. 

Some ventures can provide unlimited income that the generations after you will enjoy.

There are many ways of investing for a comfortable retirement. With more professionals getting familiar with what works and what doesn't, it is easier than ever to find a venture that matches your needs and goals. 

With proper guidance, you'll easily have nothing but blissful moments as you flip through the chapters of life after retirement. If you get stuck, you can also inquire from professionals to help you invest in the right venture.

How to Organize Finances While Going through a Divorce

Navigating a divorce can be quite an emotional journey. It can lead to all sorts of financial ups and downs as well. If you want to get your finances on track in the midst of dealing with a divorce, then you don’t have to feel overwhelmed and confused. 

Getting your finances in tip-top condition is something that’s actually a possibility for you. It doesn’t have to be that hard, either.

Talk to a Divorce Attorney about Finances

A consultation with a capable lawyer may help you figure out how to deal with all facets of the divorce process and finances. Look for a divorce attorney with a superb track record with everything from splitting up assets to managing alimony matters. 

Click Here "Financial Planning Ultimate Guide: Helping Single Parents with Divorce"

A legal professional may be able to get you tips that can turn your monetary life around for good.

Ask Finance-Savvy People for Tips

Ask yourself if you know any people who have been through divorces relatively recently. Ask yourself if you know any finance-savvy ones who have specifically. If you do, then you should reach out to them for any suggestions. 

Find out what they did to get through a divorce without wreaking havoc on their bank accounts forever. If you get any good insight, try to emulate it. You may even find out what you shouldn’t do.

Recruit a Financial Advisor

Hiring a financial advisor can be beneficial for getting your finances on track. Try to recruit a professional who has a solid track record with people who are trying to navigate divorces.



A seasoned and talented financial advisor may help you figure out how to deal with your existing finances. He or she may help you figure out how to safeguard your finances for the future as well. Professional insight can often be priceless.

Write out Your Monthly Budget

Writing things out can often be terrific for people who want mental clarity. If you want to organize your money, it can help you considerably to write out your budget. Write out exactly how much money you have to work with every month. 

Write out all of your expenses in detail. These may include everything from grocery purchases to transportation costs. Be thorough.

Organizing your finances doesn’t sound fun. It’s something that you have to do after splitting up with a spouse, however. Disconnecting your lives can help pave the way for a brighter and more promising future.

Leaving the Military? Time to Get your Finances in Order

Whether you are being discharged or are retiring from the military, it is important to use the organisational skills that you picked up during your service when it comes to sorting out your finances.

When leaving the military, you will probably fall into one of three groups; you may have joined during or after high school and therefore don’t have any real financial education, or you may be retiring after completing your 20 years of service. 

Alternatively, you may have been discharged following an injury during service. For each of these groups there are different things that you may want to consider in order to help secure your finances.

Discharged due to injury?

If you have been discharged following an injury, then you may feel daunted about what is to come. If you have lost a limb or are suffering from PTSD, then the idea of getting a civilian job may make you extremely anxious.

If you have been left with a lasting injury or condition as a result of your service, then you may be eligible to claim VA disability benefits. The best place to start is by heading over to the Chisholm, Chisholm and Kilpatrick website to use their VA compensation calculator. 


The math behind VA disability benefits is a little more complex than you would expect, so if math isn’t your strongpoint, then this calculator will quickly identify your “efficiency level” which will dictate how much you may be due in compensation.

Retiring after your 20 years’ service?

Retirees who complete their service will be due a lifetime pension plan – the amount you will be paid is determined by your years of service and final rank, and regulations can differ depending on which service branch you served.

If you are intending on continuing to work a civilian job then you may want to consider rolling your pension over to either an individual retirement plan or the retirement plan of the company that you go on to work for. 

Whilst most veterans would prefer to start receiving a steady income as soon as they retire, there are many advantages of utilising a stretch IRA or Roth IRA, as this will help your money grow without incurring any tax.

Leaving the military as a young enlistee?

If you enrolled in the military out of high school, then you may have missed a lot of financial education which will have benefited you in the future. As a result of this, many young enlistees rack up debts and end up taking out emergency loans when they leave the military, not to mention they have little to no savings.

To avoid falling foul of the same fate, it is important to quickly learn how to budget your money and consider which things in life are necessities and which are luxuries. There will also be services available to you locally that can help you learn how to manage your money effectively. Don’t feel a loss of pride for having to use these – they can be the difference between you thriving financially and falling upon hard times.

4 Financial Steps to Take after Being Diagnosed with Permanent Disability

When you get diagnosed with a permanent disability, it severely changed your life. You may have pain, difficulty doing the things you used to do, inability to work, and increased financial obligations. It’s rather difficult to handle financial difficulties when you aren’t able to work. 

Here are 4 financial steps to take after being diagnosed with a permanent disability.

Save, Save, Save

Permanent disabilities can come with some hefty costs to see doctors, treatment and medication, and any accommodations that need to be made. You also need to be prepared for any unexpected time off of work. This means you need to save when things are going well to be ready. Put a little bit of money away every check to ensure you have a safety net when necessary.

Find Work You Can Do

You may be forced to resign from your position due to your disability. However, that doesn’t mean you can’t find other ways to make money. Identify your limitations and look for work that you can still do despite your limitations. 



The available work varies greatly depending on your disability. You may be able to talk to your employer to see if you can get transferred to another position that might suit your needs better.

Get Benefits

There are government programs designed to make life easier for people with disabilities. Do your research and see what programs you might qualify for. Look into both social security and medical programs. 

There may even be charitable organizations who step in when the government does not. Do not feel bad about getting help due to your condition. You have to deal with something most other people do not have to go through. Since you have this handicap, you deserve the help.

Call a Lawyer

There are a lot of aspects of learning you have a disability that can be confusing. Luckily, you can find the help you need by reaching out to a disability lawyer. They can answer any questions you have regarding employment law regarding disabilities, filing for benefits, and anything else on the topic of disabilities. This will protect you at work and help ensure you get the benefits you deserve.

There is more to consider when it comes to disability than the physical aspects. The disability can affect the other aspects of your life, including your finances. Follow these tips to keep yourself comfortable.

4 Things You Need to Include When Writing Your Will

No one really wants to contemplate his or her own mortality. At some point, though, any responsible person will decide to create a will so that his or her family will be taken care of after he or she is gone. If you are looking into creating a will, you’ll want to make sure that you take care of the issues below.

Immediate Concerns

Always start with the most immediate concerns. If you have children, make sure that you appoint someone to take care of them. If you have pets, include where you want them to go. 

If you have a business, make sure that someone is appointed to run it in your stead. While these may all sound like very basic decisions, they’re the issues with which your family will first have to grapple when you are gone.

Your Funeral

Don’t forget to pay attention to your funeral in your will. If possible, go ahead and specify the funeral home and crematorium that you wish to use. If you have any special wishes, go ahead and include them—while they may not all be honored due to specific laws and regulations, it’s always good for your family to know what you would have wanted.

Special Provisions

You’ll also want to make sure that you get anything special filed away as soon as possible. If you want to leave the bulk of your estate to a charity, you’re going to want to get it in writing early so that no one will challenge your decision. 



If there’s a special item that you want to go to a specific family member, you also need to include that. Remember, there comes a point at which it really is too late to get these special items included.

Special Circumstances

Finally, make sure that you take care of any special circumstances regarding your estate when you make a will. If you have an unusual family situation, make sure that you specify whether an individual is included or if he or she is being purposefully left out.

If you know that your death might lead to specific issues in your business, make sure that you have some method of dealing with those issues included in your will. Do what you can to ensure that confusion isn’t left in your wake.

Always make sure that your will takes care of immediate issues, list your wishes for your funeral planning, and handles any special situations and provisions that might impact your loved ones. The more information you put in the document, the fewer issues with which your family will have to deal.

What is a 401k Plan and How Do I Calculate It?

401k plan is an employer-sponsored retirement plan in the U.S and several other countries. It was named after a section of the United States International Revenue Code. Money put into the 401k account is usually deducted from the individuals' taxable income.

The amount is only taxed when withdrawing which happens after the age of 59. If the money is to be withdrawn any earlier, both income and an extra charge of 10% penalty are owed. About 401K earnings It's never too early to begin saving to secure a comfortable retirement.

You should know that the sooner you can start saving and invest in a 401k account, the more you are able to accumulate interest over the year. It is advisable to keep a keen eye on how you are doing by calculating your earnings occasionally. 




This can be helpful since you might need to make changes on your investment based on your tolerance for risk, age and the number of years before you retire. Calculate your earnings One of the best tools you can use to secure a comfortable retirement is a 401K plan.

A 401K plan provides you with 2 very important advantages. First, all your contributions and earnings are never subject to tax. the second advantage is that many employers often provide matching contributions to your account which ranges from 0% to 100% of your personal contributions.

Here is how to calculate your 401k earnings

1. You will need a copy of your most recent 401K statements. These statements are mostly sent quarterly. 

2. Note the initial balance, the amount your employer contributed to your account and the amount of contribution you made. Sum up all these factors to get their total.

3. Subtract the total you got from step 2 above from your end balance. The amount you find is your gain for that period.

4. Divide the amount from step 3 above (Your gain) by the total calculated from step

5. Multiply the result you got by 100 to find the percentage gain for your 401K account for the specific period.

Example: If your initial balance plus total contributions are $15,000 and you got your gain as $500, your percentage gain for that period will be approximately 3.33%. If you have a quarterly statement, then you will multiply the figure by 4. You will get an annual percentage gain of 13.32%.

You can also calculate your income tax on your 401K withdrawal. Here is how to do it and estimate your expected amount.

1. Estimate your annual taxable income. To do this, add up all your taxable income for the year like salaries, wages and interests then subtract any taxes such as standard deductions.

2. Find your tax bracket in the IRS publication 17 based on the estimated taxable income.

3. Multiply the amount in your 401K account with your marginal income tax rate.

4. If you are taking a non-qualified distribution from your federal 401k plan, add a 10% penalty to the amount of your federal taxes. Do not make any exception. All non-qualified distributions are distributions before the age of 59 1/2.

5. Multiply your 401k plan withdrawal amount by your tax rate.

6. Finally, add your federal and taxes with an early withdrawal penalty to get your total taxes on your 401K withdrawal amount.

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Which Emergencies Should You Save for in Your Retirement?

Even if you have saved up quite a bit for your retirement, you might still run into a few emergencies that put your finances in jeopardy. That is why everyone who is nearing their retirement should spend some time putting money away for a few expensive situations that could pop up in the coming years.

Household Repairs

Carrying out preventative maintenance should keep your household appliances running smoothly for years, but there will come a point when some of those devices need to be repaired or replaced entirely. 

You must also be ready to replace your HVAC system if it is more than 10 or 15 years old. Replacing an HVAC unit can be a huge investment, and your home insurance probably won’t cover a new condenser or the installation fees.

Unexpected Travel

You should be able to plan most of your trips months in advance, but emergencies can happen at any time. If a family member becomes ill and you would like to see them right away, your ticket is going to be quite expensive. 

You don’t need to save up tens of thousands of dollars for unexpected travel, but you should have enough to cover one or two flights and a few nights in a motel room.

Long-Term Illness

Long-term illnesses are extremely common among the elderly, and most basic insurance policies won’t cover those health problems. At the very least, your emergency fund needs to be large enough to help you deal with a medical emergency that lasts for a few weeks. 

That will give you plenty of time to contact your insurance provider and file a claim. You should also consider upgrading your insurance policy if you have a family history of chronic illnesses.

Auto Accident

A serious auto accident can happen in the blink of an eye, and one of those collisions could wipe out your savings if you aren’t careful. Your auto insurance policy should help you after most accidents, but major collisions can be very expensive. 

If you aren’t fairly compensated after an accident, then you need to contact a personal injury lawyer to explore all of your legal options. You might need to take the other driver to court if they are under-insured or completely uninsured.

For many of these situations, a world-class insurance policy is going to be your first line of defense. A solid policy will cover a wide variety of expenses following an accident, injury, or illness.

How to Budget Your Way Out of a Tough Spot

We’ve all been there. Looking at the bills coming in, and not having the funds or means to pay for them all. Financial stress is truly one of the most all consuming kinds of stress. 

It lingers in your mind like a fog, spilling over into other areas of your life, making it hard to concentrate on other things until you’ve been able to make a plan to get yourself out of the mess you’re in. It’s difficult to get yourself out, but I promise that eventually you will be out of this tough spot! The first step?

Don’t panic

This seems obvious but is so hard to do! Our instinct is definitely to panic. Letting yourself spiral into a depressive thought cloud of “what ifs” and imagining you’re living in a cardboard box on the street is an easy way to get absolutely nothing done. 

It won’t help your situation at all, and in fact, will probably hinder your problem solving. So, don’t panic. Easier said than done.

Calculate your debt

Okay, so how much do you owe? What kind of mess are you really in? Is it worse than it seems? Writing it all out will help you visualize your problems, and plan out your next steps to taking care of this problem. Whether it’s an unexpected medical bill, a leave of absence, or a huge unexpected home expense. 




Using an actual, physical piece of paper, tally up exactly how much you owe on this bill. Add this amount up against your regular monthly budget. All bills, all expenses, and all income. How much extra are you able to put towards this expense per month?

Put yourself on a payment plan

Depending on what kind of expense you’re dealing with, or if you’re just months behind on your bills, you may be able to sort out some sort of a payment plan, rather than paying the entire lump sum all at once. Talk to whoever you owe the money to, and see if this is an option. 

In most cases, they are willing to be lenient because it means they have a greater chance of actually getting any money back. Be honest about your situation and let them know your plans to pay them back, with monthly amounts and a timeline. Showing that you’ve put a lot of thought and planning into your payment plan will help instill confidence in them!

Find creative ways to make extra money

Obviously, the sooner you are able to get out of this rough financial spot, the better. You have your payment plan, but chances are that you will be paying things down for a long while. You may not be able to do much, but look into some other ways to make a little bit of extra money. Any extra income you are able to bring in, will go straight towards paying off your debts!

Do you have any skills that you could potentially monetize? Are you crafty? If you can knit, crochet, or sew, it’s possible that you could use these skills to make products to sell to niche communities. Look into selling items on facebook marketplace, local online yard sales, and etsy! 

Most people have something up their sleeve that they can produce in their free time without even really realizing it! Maybe you can sew while you are catching up on your tv shows at night.

If you’re not crafty, there are other skills you have that you could make a little extra money off of! If you’re good at writing, apply for freelance writing jobs in your area and online. 

See if you can clean windows, mow lawns, or mend furniture. There is definitely something out there that you are capable of doing and monetizing for a short period of time to help you get out of this spot.

Ask for help

No one likes to ask for help, but sometimes you have to swallow your pride, and see if someone can help lighten your load. This doesn’t have to be financial help. If you need childcare in order to pick up a few extra shifts, reach out to family and neighbors to see if anyone can watch your kids. 

You don’t have to go through this tough time by yourself, and even just having some moral support from friends and loved ones can help you as you navigate.