5 Steps For Making A Solid Financial Plan for Your Family

Most family heads would list financial stability as one of their key priorities. A stable financial situation is not something that happens accidentally. It requires planning. Thankfully, financial planning is not as difficult as some might think. The following are five steps for making a solid financial plan for your family.

1. Keep Track of Where You Are Spending Your Money

The first step toward creating a financial plan is making a budget that lays out how you are spending your money and where your money is coming from every month.

Budget creation can be simple. You could use a pen and paper to track your income and expenses in a notebook. There are budget template spreadsheets readily available online that can help you record your spending. 

There are budgeting apps that link to your bank account, investment accounts, and credit cards to help you automatically track your income and expenses. Once you have a clear picture of your expenses, you can make a plan.

2. Set Goals

Now that you have a comprehensive report of your income and expenses, it’s time to think about your financial goals. Most financial experts recommend that your first goal be to build an emergency fund that you can use during a personal financial crisis. It is recommended that you have enough money to live on for three to six months.

Ask yourself, where do you want your family to be five or 10 years from now? Avoid generalities. Instead, write down specifics, like you want to have your mortgage paid off in 10 years, have a $700,000 investment portfolio, or want to visit 10 countries. If you have specific goals, you can stay on track with your financial plan.

3. Make Your Debt Disappear

With a clear picture of your finances in hand, an emergency fund set aside for a few months, and your specific goals for the future, the next step is to make your debt disappear.




There are several proven methods for attacking debt. One method is the snowball method. You will pay the minimum on all of your credit cards or other sources of debt, but you aggressively pay the source of debt that has the lowest balance. 

If you have four credit cards and the first one has a balance of $5,000, the second has a balance of $4,000, the third has a balance of $3,000, and the fourth has a balance of $1,000, you would pay the minimum payment on the highest three cards, but you would aggressively put all of your extra money into paying off the card with the $1,000 balance. 

Once that card has been paid off, you will switch to aggressively attacking the card with the $3,000 balance and so on.

It may be beneficial to do a debt assessment. Many people have been able to achieve financial stability by settling their debts for less than what they owe.

4. Start Saving for Major Goals

Once you have an emergency fund and your debt paid off, it’s time to start saving for your long-term goals. You may need to re-examine how you are spending your money and see if there are ways to cut expenses or increase your income.

Many have turned to the gig economy to add more money to their budget. It’s important to make sure that the extra income you are earning is being put into some form of savings account directed toward your goals.

5. Monitor and Adjust Your Financial Plan

The financial planning steps that are being discussed are not just a one and done type of system. You will always need to review your personal financial situation. With time, your goals might change. Your income might increase, or your debt might drastically go down. You may see that your investments are performing better than expected, or there may be pressing financial situations, like health issues, that require you to divert from your original plan.

As you make a financial plan for your family or as you review your plan, don’t confuse your long-term goals with short-term fluctuations in your personal situation. Don’t change your family’s financial plan without considering the entire picture.

The sooner you make a financial plan for your family, the more control you will have over all your money. You will soon see that instead of working for your money, your money is working for you.

Tips for Starting a Food Business From Home

Do you dream about owning your own food business? You don't need to set up an entire company or hire several team members. The best way to begin is from your kitchen. A home business has several advantages. For example, you can prepare, package, and sell food items from the comfort of your home. You also work for yourself and set your business hours.

However, there are some things to consider before you begin. First, you have to decide what food products you want to sell. You then have to focus on food packaging and food safety. And finally, you have to promote your brand to help run a successful business. Here’s more information on the best practices for starting a food business from home.

Consider all of your options.

Will you cook the food items from scratch, or source them? You don’t have to be a kitchen expert to start a food business from home. If you love food, have a knack for business, and don’t want to use your kitchen, consider food curation. You can partner with local chefs or home-cooks who can make artisanal food products.

If you do plan to cook your food items, source ingredients wisely. Instead of visiting local grocery stores, go to the source. Partnering with a supplier or a local farmer are some of the best ways to do this. If you don’t have the brand name for this yet, visit wholesale stores.

Make sure it’s legal.

Did you know that states have different laws when it comes to home or small-scale food businesses? In some parts of the United States, local artisan food laws help small businesses flourish. However, check that what you plan to sell is legally allowed in your location. There are different laws regarding home-based and commercial kitchens as well. You can get around some of these laws with a co-op commercial kitchen space.

Once you’ve made sure you can sell your food items, don’t forget to register your business. Check the FDA regulations around home-based businesses, food safety, and food packaging laws. Get all your licenses and permits before you begin, so there’s no legal trouble in your future.

Save on the little things.

Do you have a favorite store for your cupcake boxes? Do you want to put handmade, personalized labels on each container? Most of your ingredient and packaging decisions will depend on demand. 

However, saving on packaging and delivery will help you focus on quality ingredients. However, you will have to package food items in a material that is free of any adverse health effects. Remember that saving doesn’t mean buying poor packaging, as this can compromise the food safety of your products.

While cute packaging can help sell your food products, it can also bankrupt you. So, make wise food packaging decisions. Branding is also important — your food packaging should appeal to customers. 

After all, how you present your food matters almost as much as the food items. To buy in bulk, search for companies that supply food contact materials to fast food restaurants. If you’re starting small, search for independent companies. Buy everything from grease-resistant food packaging to food contact materials from one place.

Focus on your business plan.

So, you’re a good cook, and everyone loves your food. And, you enjoy cooking for a crowd. While that’s important, it’s not enough for a successful food business. Goal setting is the best way to ensure success. A solid business plan and ambitious goals will help keep your business afloat — even if it is out of your kitchen.

Also, you should conduct market research before you begin. Will the food products you like to cook sell well? How much can you price the food items? How long before you break even? Some food spaces are over-saturated and will be hard to break into as a newcomer. Unless you are rich or have proper funding, it’s best to tap into a specific niche. Think of how you will promote the business. Can you do all the cooking yourself? If you have a small kitchen, consider how much it will cost to rent out a commercial kitchen space.

Continue to focus on your company strategy even after you set up your business. Track your key results and have team members (if any) take part in future goal setting. If you need help, invest in OKRs. 

An OKR system will allow you to work with a sales team to set ambitious goals and focus on measurable results. You can track your progress, and find different ways to improve profit margins. Invest in business planning tools now so that you can plan for success rather than simply hoping for it.

Sell your brand.

You will sell more food products if more people know about and are inspired by your brand. Focus on everything from your logo to your name. And make sure you spread the word. Don’t just depend on referrals and word of mouth. 

The internet plays an important role in home-business marketing. List your food products online and offer giveaways and discounts. Set up a website, social media pages, and reach out to local publications.

You don’t need a PR team to promote your business. Local newspapers and magazines often profile home business owners. Contact them to help spread the word. Connect with customers online, post regularly, and comment on reviews. An excellent online presence will translate well into sales for your food products.

Top Benefits of Getting Last Year's Car Model

When many people think of their next vehicle, they think that the latest is the greatest. While this might be true in some cases, there is something to be said for getting a car model that's already spent some time sitting on the lot. 

If you're willing to buy last year's car model, you could realize multiple benefits that will make it more advantageous than buying a vehicle from the current model year. To see if this is the right choice for you, here are a few of the benefits you can expect to receive.

No Unexpected Issues

When a new vehicle is released on the market, it has already been thoroughly tested to try and work out any possible issues. However, once that vehicle is driven by thousands of people, unexpected issues inevitably make themselves known and can be corrected through recalls and updates to the model design. 

If you buy last year's car model, though, most of those issues will have already been corrected, ensuring that your ownership experience is relatively trouble-free.

Lower Price

The sticker shock that accompanies a new vehicle can be significant. This is especially true when you realize that many car models will lose a substantial portion of their value after the first year. 



However, pre-owned cars and year-old new car models will already be largely depreciated, meaning you can potentially save thousands of dollars. Plus, since the value of the vehicle is lower, the associated property taxes will be lower, as well.

Easier to Locate Parts

Some parts, such as brake pads, should never be purchased used. However, other parts are perfectly fine to buy used in order to perform your own repairs. By purchasing last year's car model, you give time for the used part market to develop as other vehicles from the same model year end up in junkyards after accidents. 

Plus, there will be more do-it-yourself guides for replacing the parts yourself if you wait a year before purchasing a new car.

Lower Insurance Rates

One cost that can be exceptionally high when you purchase a new car is the cost of insurance. Since new vehicles tend to be more expensive to repair than older cars, the cost of insuring them is higher, as well. Also, since the actuaries at the insurance companies have had a longer time to calculate the risk associated with a particular vehicle, your insurance rates are less likely to fluctuate in the years ahead.

Another great benefit of buying a year-old car model is that there are still plenty of options to choose from. Though the selection will be more limited than it would be for the current model year, there are still lots of different colors, accessories, and body styles to consider. This gives you a new-car shopping experience while providing the benefits listed above.

5 Things You Should Take Into Account Before Doing a Remodel

Remodeling your home is an exciting time, but not one that you should launch into without due consideration. At-home projects can quickly grow beyond budget and time constraints, so it's a good idea to lay a few things out for you to think about before you commit to a remodel. 

We've gathered the top five things to take into account here, as a bit of food for thought while you're planning your new designs.

Make sure your money is where your mouth is

If your plans for a remodel are ambitious and might require a bit more money than you have to spare every month, it might be worth considering a refinance home loan. Refinancing could mean that you lower your monthly payments by getting a lower interest rate through a new lender. 



Depending on the loan amount and your credit score as a homeowner, the terms of refinancing can vary, so always get advice before committing to a new deal as a borrower. There are dozens of loan options out there that could mean a lower monthly payment, freeing up room for you to fund your dream remodel

Think about your own skills — realistically

It's everybody's dream to put on a builder belt and set to work with your very own toolbox. The reality, however, is not always so simple. If you haven't done a project like this before, you can't expect yourself to perform quality work the first time around. 

Take the time before you get started to work out what your strengths truly are. Perhaps you are more of an interior designer than a plumber, or your skills would be best suited to managing the project than getting down and dirty. 

If that's the case, then hiring a contractor to do certain aspects of the job is probably the best way to avoid any mistakes and make sure you get quality work done.

If you are definitely keen to do the job yourself, then make sure you have all the right safety measures in place. You could even try and do a DIY course in advance to make sure you aren't your own worst enemy on a remodeling site!

Choose experts where you need them

There are some things that simply need an expert contractor, and roof replacement is one of them. If you're doing a remodeling and a new roof or roof repair is a part of it, then you should definitely think about hiring a roofing contractor. 

Roof maintenance is also important to do regularly, so even if you haven't been planning it yet, it could be a good idea.

Take the advice of the best roofer Pittsburgh has to offer: A strong, attractive roof truly makes a home. Roofing services can add value to your home, protect it from damage, and get you a better deal when it comes to selling it. What else could you be looking for when it comes to remodeling? 

To make sure your roof installation or roof repair is up to snuff, it's a good idea to find the best roofing contractor possible. Not only is it a tricky job requiring years of experience, but being so high up is dangerous if you're not a roofing expert.

Think about timing

Are you having a particularly busy time of year? Are you keeping up with the payments on your home mortgage? What are the current rates like for any loans you might need? All of these factors can play into whether now is the time to go for a remodel. 

Also, the time of year can affect when contractors can do the work you need of them. Winter weather is often not a good time for people to be working on a house. Consider the time of year you are asking for work to be completed in order to receive an accurate estimate from companies.

Keep To A Strict Schedule

Now you have all this information and preparation in mind, draw up a strict schedule. Of course, things often come up with any homeowner project, but you need to have a baseline in mind to begin with to be able to track progress. Stick to your plan as much as possible and make sure any other small businesses or contractors involved in the project are also clued in. It helps hugely if everyone is on the same page.

How to Safeguard Yourself Against Fraud and Identity Theft

Every year, millions of people are the victim of attempted and actual fraud or identity theft. Your personal information including your credit card account information is being transmitted over a variety of new channels, and your risk exposure for fraud is increasing dramatically. 

Many major companies with relatively secure infrastructures have experienced massive data breaches, leaving consumers’ information vulnerable to misuse. In addition, criminals have become more creative in how they target individuals for fraud. Now more than ever, it’s essential that you take steps to protect yourself. Here are a couple of the most important things that you can do to defend yourself against fraud.

Get Fraud Protection

When you’re evaluating how to fight fraud effectively, you should consider enlisting expert help with fraud and identity theft protection. A full-service fraud protection plan will monitor your credit and alert you of suspicious activity, so you don’t have to worry about checking it continuously. Should any type of fraud or identity theft occur, you can have immediate access to help in correcting it.

Beware of Phone Scams

Recently, robocalls have been an increasingly common vehicle for fraud schemes. Usually, it consists of a fraudulent message that’s sent out to thousands of people warning them that they better respond with their personal information or a payment or else they’ll be in trouble. 

In some instances, the calls actually tell people that they have been the victim of fraud and they need to take action to prevent a freeze on their social security account. In actuality, it’s an attempt to gain access to your personal social security information. A similar scheme tells people that they owe money to the IRS and must act right away to avoid criminal prosecution. 

If you get a phone call with a pre-recorded message telling you that you owe the IRS money and you better call and pay it or someone will come to arrest you, be aware that it’s definitely a fraud attempt. The IRS will never phone you to demand money or threaten you with incarceration.

Don’t Open Attachments in Suspicious Emails

If you receive an email from an unfamiliar sender, don’t open the attachment. It may contain a virus, malware, or ransomware that could be used to appropriate your financial data.

Take a proactive approach to safeguard yourself from fraud identity theft by getting expert-level protection and being conscientious about phone and email scams. You can have peace of mind knowing that you're ready to fight back against fraud.

4 Factors in Deciding to Refinance Your Home Before Retirement

As retirement is looming, an idea to refinance your home might be lingering on your mind. You can make the right move using some strategies that will ensure that you remain financially stable. 

Please have a look at the factors that will help you decide whether the idea is viable or not.

Current Interest Rate

If you can lower the current interest rate by 1% or more, mortgage refinancing will be successful. It will make sense since you can pay the loan within a short time. In addition to that, you can build your home’s equity seamlessly with the payment rates. 

If the remaining balance is quite high and you can get a 2-3% reduction on interest, you can go ahead and refinance your home.

Total Refinancing Costs

The cost of refinancing will also play a pivotal role as you make a life-changing decision. Usually, you will cater for closing costs just like you did when you took the initial mortgage. On that account, you have to calculate the expenses to see whether they will favor you or not. 



For example, if you save about $100 per month and the closing costs are $5,000, it will take you roughly 50 months to break even. The need to refinance the loan doesn’t make sense at this point if you intend to move out of your house.

Eligibility

To qualify for the loan, you need to have a stable income and a positive credit score. Therefore, you should look at your financial status to ascertain whether you will get the loan or not. The new underwriting process will dig deep into our cash flow and credit status. It will also look at your home equity concerning the amount that you have.

How Long you will Stay in your home

If you don’t intend to sell the house or move out, there is no need to refinance. It will take many years to clear the debt so that you can start saving again. On that account, you should only take action if you will continue living in your current home. With low-interest rates, you can repay the debt faster and start enjoying the golden years.

Subsequently, refinancing your home is an excellent idea if you can get a lower rate to pay off the loan. Your income, credit score, and home equity play a crucial role as well. Plus, you can benefit from the strategy if you don’t have intentions to sell it.