How You Can Budget for the New Year: Saving Tips for Your Family

 

Every time people get fascinated with making New Year’s resolutions. That is because it’s that perfect moment of the year to stay away from work and enjoy time with the family and to start working on yourself. 

To make the new year more exciting, they may decide to travel to an exotic destination or even splurge on a big gift. Others may choose to spend time with their favorite hobbies and build skills. During these times it can be extremely easy to go overboard and spend way too much money on things you don’t need.

Planning on how to spend your money and knowing where it will go is common sense that people often overlook every year. Read on to understand why it is essential to budget for your new year and how you might be able to effectively achieve this goal.

Importance of budgeting for the New Year for you and your family

The holidays and a new year can be extremely stressful for some families because of financial questions. With things like taxes, salary negotiations, and holiday expenses appearing, you can be sure that this stress is warranted. Here are some tips to make the whole experience a little less stressful:

Managing debt correctly

If you budget for your holiday and adhere to it, you will reduce your chances of falling into debt. You will know when and where to spend your money. Doing that will allow you to save for the days ahead and also clear your debts in time. 

Managing debt or large purchases can mean that you need to look for personal loans online but make sure to do your homework. This option can help get things moving in the right direction. Consider these loans for consolidating debt but only in the interest rate is manageable. 

There are many different methods that unsavory businesses can trap unsuspecting spenders at a ridiculous rate. 

Start saving for big purchases

After you have planned what big purchases you are going to save for, you can begin putting that money away and making the saving process more achievable. That will prevent you from overstretching on your spending. 

Plan ahead to know your limits

Planning financially for trips, gifts or toys early will also enable you to know what you can do for yourself because you will have enough time to do that. More often, people spend too much on gifts that they can’t actually afford and end up in over their heads.

Choose low-cost alternative activities

Consider the activities that you want to do with your family each season this year and consider if there is a lower cost alternative to these activities. It’s not a must that you travel to a 5-star resort or buy tons of gear for costly outdoor activities. 

Have you considered doing a simple day trip in the car or a sleepover in the backyard in a tent? You can also visit many national forests as they are extremely affordable options for getting away. 

Book necessary flights early

Do you know that travel costs can change substantially depending on the time that you are looking? For example, Google will show rates differently depending on what your search history is recent, the time of day, or if it around a holiday. 

When you book your flights way in advance (like 6 months+) of holidays, you will likely save big and this will enable you to spend the money on other parts of the trip.

These tips can help you realize your financial dream and achieve peace-of-mind no matter the reason for spending.

4 Ways to Recoup Finances After an Accident or Injury

After an accident, you should never waste time thinking about what you could've done differently. Immediately is when you should act on recovering the finances that you've lost by missing work, paying medical bills, or repairing damaged property. Consider 4 common methods to stay afloat financially after an accident or injury occurs.

Develop a Budget

Developing a proper budget is a skill that begins in young adult years. You may already have a budget but need to develop a stricter one after an accident occurs and the bills pile up. Start by tracking your expenses and cutting out unnecessary payments or delaying them indefinitely.

File a Workers' Compensation Claim

If the incident occurs at work, you have the right to recover damages from your employer, according to workers compensation law. Report the accident to your employer immediately and file a workers' compensation claim using detailed, accurate information. 

Receive compensation for lost wages, medical bills, and rehabilitation fees to treat a temporary or permanent disability.

File a Personal Injury Case

If workers' comp does not provide full coverage, file a personal injury lawsuit using the help of a lawyer. Collect as much evidence as possible that your injury was caused by the accident. The fate of your case is determined solely by the validity of your evidence. 

Hiring a personal injury lawyer is recommended, and many providers provide affordable payment options for their clients. Overall, the process of filing a lawsuit may take longer than other methods, but your compensation is usually higher.

Sell Belongings

Choose still-valuable items in your home and sell them. Determine their actual value and find out the average prices that other people are selling the same items for. If you don't determine the right prices, you won't succeed in making any sale. 

Also know that some items, due to old age and depreciation, are not valuable at all and must be donated or discarded. You have the option to sell your items on online classified ads websites, yard sales, or pawn shops, or consignment stores.

An accident, injury, or disability does not have to claim your finances so you'll never get them back. Know your recovery options, whether you were injured at work or in a public building, and act in a timely manner. Last, develop a long-lasting, emergency plan to prevent a disaster and recover your finances faster if a worse problem happens.

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.