How to Recover After Filing for Bankruptcy

The decision to file for bankruptcy isn’t an easy one. In many situations, it’s the best option, but that doesn’t mean it will be easy. After you file, you’ll need to work to fix your credit and bring your financial situation back into a healthy balance.

Get Comfortable With Your Credit Report

Monitoring your credit will be important following a declaration of bankruptcy. You’ll want to make sure the bankruptcy effectively removed all debt. Otherwise, it could continue to affect your credit score. Look over the report at least once a month.

Start Building Credit

To develop a healthy relationship with your finances, you’ll need to begin responsibly using credit. A recent bankruptcy will limit your options, but you should be able to get a secured credit card. 

This type of card allows you to use your own money as collateral, removing any risk on the part of the lender. The collateral is usually a few hundred dollars. Having it will allow you to practice using a reasonable amount of credit and then paying off the balance each month. 

Always keep the balance low as this is part of what will determine your new credit score. Start with one line of credit for now, and slowly build over time. You don’t want to add too many new accounts at once. It lowers your score.

Consider a Bankruptcy Attorney

Bankruptcy law can be confusing. A good bankruptcy attorney can guide you through the process and can help guide you through the next steps. Along with helping you decide what type of bankruptcy filing is best, the attorney will also handle calls to creditors and ensure you file all paperwork correctly.

Practice Good Behaviors

Bankruptcy provides a fresh start, but it’ll be up to you to make use of it. If you continue to make the same financial mistakes, you’ll end up back in a bad situation or possibly even be worse off than before. 

Be sure to pay all bills on time, follow a budget, and live within or even below your means. The more money you can put in savings, the less likely you are to go further into debt in the event of an emergency.

Complete recovery from bankruptcy isn’t easy. At times, it can feel impossible. However, with hard work, dedication, and a lot of patience, you can learn a new financial skillset and move forward into a much better future.

Eco-Friendly Budgeting Guide

In its most basic sense, the best eco-friendly budgeting equals recycling. However, if we base it on the latest recycling guide, the US produces a significantly higher amount of waste compared to other developed countries, but there are only a few people who recycle.

If you start changing your purchases from single-use products to those that are recyclable, not only will you save money, but you will also help in saving the environment. With this said, here is our ultimate eco-friendly budgeting guide that you can easily apply to your lifestyle. Continue reading below to know more.

Purchase Reusable Items

If you buy single-use products, such as a paper plate, paper towels, disposable shavers, etc., we know that those are the much cheaper option, especially if you are on a budget. However, in the long run, they can become a much more expensive option, because you are buying them every time. 

That is why we recommend that you purchase reusable items because prices are only part of budgeting. What should matter more is the object’s sustainability. Know more about this below.

When you purchase an item, more than its price, you should also see how durable it is. This is especially true for certain equipment that has mechanical gears. It also has been tested that items that are less expensive, are usually those that are more likely to stop working sooner. 

Nevertheless, purchasing more expensive materials is not always the best option, as well. That is why it is best to do your research; if you are in the talks of buying a piece of equipment.

Now, there are also disposable items that you can still use to prolong their usability. In other words, you can use it aside from its original purpose. Therefore, it can be used more than once. A good example of this is newspapers. Newspapers are quite useful when after you are done reading. 

You can use them to wrap fragile items for shipment, you can use them as floor coverings when painting the wall or ceiling, you can use them as wrapping paper for gifts, you can even use them in your garden.

With this said, here are a few single-use things that you can swap for reusable ones:

• Paper Towels to rags
• Paper Cups to Mugs or Glass Cups
• Paper Plates to Washable Plates
• Paper Napkins to Cloth
• Plastic Straws to Steel or Bamboo Straws

Bring Your Own Bag When Going to the Grocery

Most of the time, people go to the grocery on a weekly basis. Today, however, more and more grocery stores are slowly removing plastic bags in an effort to help save the environment. That is because those plastic bags that you see are typically made with petroleum. And when manufacturers produce plastic, they are also releasing carbon gases into the atmosphere.




Today, grocery stores are selling reusable grocery bags for an inexpensive price. These are much sturdier than plastic bags and are the better option. However, if you really want to save money, it is best to bring your own bag. 

As a customer, you can ask for a small refund when you bring your bag. Doing so can help you save up to $10 per week. Not only that, but you will also limit the amount of plastic that will inevitably be tossed into the environment.

Shop at Your Local Farmers Market

Grocery stores are the usual option for most people, and that is alright. You can buy almost anything in groceries these days. However, most of the produce that you find inside groceries were produced by large companies that produce harmful gases during production. 

If you are looking for ways to save money on produce while limiting your carbon footprint, your best bet is the local farmers market.

These small businesses allow farmers to sell their produce fresh from their farms, removing the need for middlemen and any further deliveries, which can emit harmful gases, such as carbon dioxide, nitrous oxide, and methane, which are the main contributors to global warming. 

On top of that, shopping at a farmers market will offer much needed support to the farmers, as well as save you a few dollars, since they offer much lower prices.

Replace Household Items with Sustainable Products

Sustainable household items do cost more than other generic items, but they last longer. Not only that, most consumer grade items, such as light bulbs, can also help you decrease your utility bills. 

Take for example compact fluorescent lamps (CFLs) and light emitting diodes (LEDs), these lightbulbs are much more environment-friendly and they also last longer. Aside from that, they use 20% to 80% less than other bulbs.




Another way you can lower your bills is by replacing leaky water outlets with low water usage ones. These can greatly help reduce your water bill, therefore saving you money. This is especially good for people who have multiple toilets, showers, sinks, etc.

Conclusion

You can always save money while also caring for the environment. Although these sustainable or durable items might seem expensive at first, they will help you save money in the long run. That is why you need to think of these as investments, not only for you but also for the environment.

Lillian Connors is a Senior Content Developer at ACT-ENVIRO, with years of experience in developing content.

Throughout her career, she always looked for ways to contribute to the environment in recycling efforts, while providing valuable information with her written articles.

She’s deeply into green practices, cherishing the notion that sustainability not

only makes us far less dependent on others regarding how we live and do business

but also contributes to our planet being a better place to live on. When she is not

trying to improve the things around her (and herself, for that matter), she likes to

lose herself in a good book and sip on an occasional appletini.

How to Avoid Sleep Deprivation During Financial Crises

The coronavirus outbreak has developed into a major disruptor of day-to-day life that’s affected business, education, and sleep quality. For example, it’s forecasted the Gross Domestic Product (GDP) loss in the U.S. alone during the COVID-19 pandemic could reach 2.4%, according to Statista. Related financial problems can also trigger a wide range of health conditions like sleep disorders due to stress, anxiety, and depression.

Various studies suggest that sleep deprivation among the general public is worsening due to people’s coping mechanisms during these tough financial times. They include lifestyle factors like psychological stress, screen time, and alcohol drinking. It’s more important than ever to get a full night’s sleep to boost health and wellbeing.

COVID-19 and the Global Economy

It’s still unknown what the total financial impact of the coronavirus disease on the worldwide economy will be. However, it’s already been devastating to countries’ economies.




The respiratory disease has resulted in over 75 million (December 2020) cases throughout the world, according to the World Health Organization. Pharmaceutical companies are rushing to develop safe and effective vaccines to fight the coronavirus.

Retirement Savings

The global financial crisis has also affected retirement savings in several ways:

• Saving reduction and drop in compound interest earned
• Fraud, scams, and cyber-attacks targeted at retirement savings schemes
• Decrease in value of retirement savings assets due to falling markets
• Work disruptions due to virtual offices and telecommuting
• Rise in liabilities due to dropping retirement savings’ interest rates
• Individuals’ decreased capacity to contribute to retirement savings
• Lower wages and higher unemployment rates

Global Response

Countries throughout the world have implemented short-term and long-term solutions. This includes policies to protect pension funds and other retirement savings plans. 

The top priorities have included goals like protecting private systems (funded and private). These steps have also attempted to safeguard future retirement income from the COVID-19 outbreak.

Getting More Sleep with Less Money

Even when you’re in a financial crisis, it’s important to make sleep a priority. Here are some helpful tips:

Get the Right Sleep Quantity and Quality

Both are important. Make sure to get 7 to 9 hours of sleep every night, with few exceptions. Besides that, you should also get quality sleep.

Here’s a guideline. Since most dreams happen during “deep sleep” or rapid eye movement (REM) sleep, if you have several dreams during the night, you’re probably cycling through the stages of sleep multiple times and avoiding sleep deprivation. That’s a good thing!

Ditch All Money Talk

If you’re having financial worries or problems, then it’s important to avoid thinking and talking about them just before bedtime. Yes, these are real issues in your life.

However, if you can’t get a full night’s sleep, you’ll be less prepared to deal with the problems the next day. In his self-help book How to Stop Worry and Start Living (1948), Dale Carnegie recommends living in “day-tight compartments.”




The key is to avoid all stress-related issues in your after-dinner chats. It could cause a vicious cycle of stress, anxiety, and insomnia.

Address the Real Causes of Anxiety

There might be underlying causes of your financial anxiety that are not actually linked to personal, business, or national finances. This could include childhood experiences that influenced your ideas about money, according to Healthline.

Thinking about your past experiences with money can help to recall subtle lessons learned about money matters. For example, maybe a relative gave you a monetary birthday gift as a child and told you not to waste the money. In the future, this could cause you shame and anxiety about wasting money or financial failure.

Create a Sleep-friendly Atmosphere

Here are some steps you should consider:

• Decrease bedroom temperature to slightly cool
• Eliminate loud indoor/outdoor sounds
• Try to find a decent mattress.
• Try sleep aids like sleep apps, eye masks, and earplugs.
• Use curtains, blinds, and dimmer switches to darken rooms
• Listen to “white noise,” like quiet music or nature sounds.
• Add natural/organic beddings to your bed.

Set a Regular Bedtime

It’s important for the human body to experience consistency in terms of sleep. This helps the “internal flock” to function properly as part of its biorhythms.

Is it practical to fall asleep at the same time every night? Not really, but you can set a sleep schedule, so your bedtime and wake-time are approximately the same every day. That also goes for weekends and holidays!




One of the main benefits of these options is you’ll be more likely to get a full 7 or 9 hours of sleep. For example, if you go to bed at 9:00 PM, you’ll probably wake up at around 5:00 PM, which works out to 8 hours of catching Zzzz’s.

Maintain a bedtime schedule to help you start winding down about one hour before bedtime. This can help you doze off faster and forget about any financial problems until the next day.

Decrease Screen Time

This includes both big screens and small screens. Turn off your TV sets at least two hours before bedtime and stop looking at desktop/laptop//smartphone screens at least one hour before bedtime.

What’s the big deal? The LED lights often contain “blue light” that can prevent you from nodding off during the day—but also dozing off at night.

Energy-saving LED light bulbs can also emit blue light. So it’s best to also avoid exposure to their artificial light like TV screens for at least a couple of hours before sleeping.

Effects of Sleep Deprivation on Everyday Life

Viral pandemics like the current one can cause stress and anxiety levels to sky-rocket. It’s understandable to worry a bit about job stability, school closings, and the coronavirus disease itself.

However, these situations can cause issues like stress and anxiety. Required actions to contain the virus such as quarantine restrictions, lockdowns, and social distancing can also cause feelings of loneliness and isolation, according to the Centers for Disease Control and Prevention.

These mental health issues can even cause a lack of sleep. Not getting enough shut-eye can then cause various results, including:

Higher healthcare costs
Lower mental performance
Motor vehicle accidents
Decreased academic performance

Sleep and Money

There seems to be a close connection between financial stability and seep quality. A recent State of America’s Sleep study showed that financially well-off Americans were among those getting more sleep.

Meanwhile, there were some other interesting findings. About two-thirds of those with sleep problems were anxious about their financial future. Meanwhile, over 50% live paycheck-to-paycheck.
Conclusion

When dealing with a global crisis like the COVID-19 pandemic, some financial anxiety about the loss of control and an uncertain future are normal. On the other hand, it’s more important than ever to get enough sleep on a comfortable mattress to boost your immune system, improve mental health, and forget about money problems. Tomorrow is another day! 

Author

Brett is a writer at ID-Mag. An enthusiast and expert when it comes to sleep products, Brett dedicates a lot of his time reading, researching, and reviewing both traditional and emerging sleep brands that manufacture varied types of sleep products – from eco-mattresses, smart pillows to cooling sleep systems, Brett has probably reviewed them all. Brett also finds sleep especially important since he juggles a small business which he runs from home, makes sure he spends time with his daughter and he also writes during his spare time – you can definitely see that he needs a great forty winks all night, every night so he’ll make sure that you get great sleep, too!

4 Ways a Small Loan Can Actually Help You in a Tight Situation

Many people avoid taking out loans to avoid repayment and to protect their credit standing. However, sometimes circumstances unexpectedly occur that require immediate financial relief. When other means of financial help are unavailable, a small loan might be your best option for several reasons.

Prompt Solution to the Problem

Getting a small loan can settle your financial issues promptly. Personal loans can sometimes be approved over the phone, and the amount you are approved for can be deposited directly into your account. 

You don't have to open a credit card and wait for the account to be approved several days later. Nor will you need to negotiate the financial problem you are having with a creditor or another source. Just get your loan, pay the balance, and relax.

Protect Your Financial Reputation

Being late with a financial obligation is stressful for you and the creditor. In addition, if the amount you owe is not handled promptly, the late balance may negatively impact your standing with that financial entity. 

They may not extend credit to you in the future, and there might be a ripple effect with other creditors that are linked or associated within the same industry. Paying your balance owed in full will make you and your creditor happy and keep your record with the company in good standing.

Repay Over Time

When you take out a personal loan, you can make payments that fit your income level and monthly budget. Make your payments on time without feeling an immediate monetary crunch. 

If you are able, you can also pay off the loan early to save interest and not worry about further payments. A loan gives you the flexibility to pay as you are able without extra fees.

Build Your Credit Score

Paying your financial obligations on time is an important part of your financial well being and credit score. If you fall behind in your payments, your credit score will suffer. 

It may be difficult to get future credit, or if you are approved for a credit account, the interest rate, fees, and payment schedule may be less favorable than what you currently have. A positive credit rating is essential for financial health now and in the future.

Talk to the financial institution of your choice to see if you are eligible for a loan. Check out the interest rate, payment amount, and loan terms before signing an agreement. A loan could be the answer to your financial pressures.

Planning for Retirement in the US as an Expat

For those foreigners who have lived and worked in the US for a while, retirement in America can be a great option. Planning for retirement as an expat takes forethought and careful financial planning. For many the process takes years. Fortunately, there are many ways for foreign nationals to have a comfortable retirement in the US.

401(k)

This falls under the ‘Defined Contribution’ type of retirement plan. Expats who have not yet secured a permanent residence can also invest in 401(k). This avenue lets investors set aside a part of their pre-tax income for retirement. 

It has the added advantage of reducing the taxable income. At the time of signing up, investors have options such as mutual funds, bonds, and stocks.

Sometimes employers match their employees' 401(k) contributions up to a certain percentage. For example, a foreign national working in the US for a local employer earns $50,000 annually and contributes $2,500 (5%) per year into his 401(k). 

If the employer contributes another 3%, the employee gets an additional $1,500 added into the plan per year.

Another option is the Roth 401(k) plan. It differs from the 401(k) in that it is funded with after-tax dollars. Roth 401(k) is gaining popularity because it comes with tax-free withdrawals.

IRA

Individual Retirement Accounts (IRAs) work much the same way as 401(k) plans, except for two key differences. First, 401(k) accounts are maintained by employers whereas IRAs are opened by individuals. 

People usually go to asset management entities or brokerage firms to start an IRA. Second, 401(k) plans restrict investments to a single option – stocks, bonds, or mutual funds. 

An IRA allows for a more diversified investment mix under one account. It can also include real estate investments. Note that IRAs are taxable at the time of withdrawal.

Pension

A large number of expats in the US send money online to invest in various retirement plans in their home countries. For those planning to retire in America, investing locally can make more sense. 

Pensions are among the simplest retirement schemes for expats who are formally employed by US firms. These require no major investments on part of the employees. 

Employers who maintain pension funds give fixed monthly benefits to their employees after retirement. The pension payment is determined by the annual salary during employment and the tenure of service. Pensions offer much better benefits to those who have been in long term employment.

Pension is generally calculated at 1.5% of the average annual salary times the number of years of service. For example, someone who earned an average annual salary of $60,000 over 25 years of service will receive a monthly pension benefit of roughly $1,875 after retirement. 

This figure may appear underwhelming. However, for most expats this is not the sole source of income. They look upon pension as merely an additional income. It is commonly combined with social security benefits and other forms of income.

Social Security

Expats who are in the US for the long haul are entitled to receive Social Security benefits. The amount of benefit is determined by credits an individual has accrued over the period of their working years. 

These credits can be re-calculated after each month. The Social Security Administration offers a Retirement Calculator on its website. Individuals can readily determine the age at which their desired benefit amount will become available.




However, first, you must contribute to the Social Security fund. Both employers and employees must pay 6.2% of the annual wages, up to a maximum of $137,700. Self-employed persons are required to contribute to the entire 12.4%. 

Further, individuals must accrue 40 credits to be eligible for social security benefits. 1 credit equals 1 quarter of a working year. One must work for 10 years to be eligible to receive these benefits.

The retirement age in the US is divided into slabs. This is also applicable to foreign workers. For persons born between 1943 and 1954 the full retirement age is 66. For persons born between 1955 and 1960 the full retirement age gradually increases by 1 year till it reaches 67. 

Individuals can opt for an early retirement age of 62. However, this will bring a reduction of up to 28% in the monthly benefit payouts.

Fixed income annuities

This is a type of insurance contract that may be used toward retirement benefits. Individuals can buy fixed income annuities from insurance firms and contribute to their post-retirement incomes with monthly payments. 

For instance, a person who wishes to retire at 65 starts investing $500 monthly at age 30. This person will receive an annuity payout of about $540,000. This sum can be withdrawn in monthly, quarterly, or annual payouts as a fixed income. 

Furthermore, contributions to fixed income annuities are not capped like IRAs or 401(k). One can invest in annuities without limit. For comfortable retirement experts suggest investing at least 5% of your annual salary into fixed income annuities.

About the author:

Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.

Understanding the Importance of Keeping Track of Your Investments as You Get Older

Accurate record-keeping is important at any stage of life, but it becomes especially crucial when you’re getting on in years. Older people need to have an in-depth understanding of their investments in order to protect themselves and their offspring from financial difficulties. These are just some of the many reasons why keeping track of your investments is so important as your age.

You’ll Need to Decide When to Retire

Retirement is a major milestone in the life of any working individual. In order to set yourself up for a sound financial future, you need to strategize before dropping out of the workforce. 

If you retire too early, you might not have enough saved up to get you through your senior years. To decide when to retire, you’re going to need a comprehensive understanding of your full financial portfolio. 

This requires careful records of all your investments. If you don’t know where your money is, you’ll never be able to get a proper understanding of your financial situation.

You’ll Want to Estimate How Much You’ll Owe in Taxes

When it comes to retirement, simply knowing your net worth is never enough. You also need to know exactly what types of funds or properties your savings have been invested in. 

This is because withdrawals from certain funds will be taxed as regular income. If you’re not prepared for this taxation, then you’ll be blindsided by a sudden decrease in your accessible wealth.

You Never Know When You Could Need to Access Funds Quickly

We all dream of a peaceful and uneventful retirement, but vicissitudes of fortune often get in the way. You’re likely to encounter the occasional emergency as you age, medical or otherwise. In order to access your wealth, you need to have a concrete idea of where it’s located.

You Need to Prepare Your Estate for the Next Generation

While none of us enjoy facing the prospect of our own demise, we owe it to our families to account for our estates. In order to make things tidy for everyone who inherits your wealth, it’s important to have a solid accounting of your investments. 

With the help of an estate planning attorney, you can make life a lot easier for your next of kin.

Tracking your investments is vitally important, especially when you're older. Keep these reasons in mind as you make the effort to be financially responsible.