Money

9 Common Mistakes When it Comes to Debts

9 Common Mistakes When it Comes to Debts

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In this day and age, debts are inevitable for most people. Taking out a loan can be of tremendous help, especially when you are in a financial emergency, be it for business or personal reasons. However, there are many mistakes that people make, leading to a stressful life of debt. To help you avoid becoming a victim, here are some common debt mistakes to keep in mind:

  1. Same Old Spending Habits

We are creatures of habit and spending money is no exception to that rule. That’s because driving the same car, eating in the same restaurants, and buying at the same store proves to be comfortable. However, it could be costing you more than you can handle financial wise. It’s pretty simple- if you do not change your spending habits, then you will never get out of debt. Consider beginning with your morning habits and take breakfast at home. Next, carry lunch from home, rather than eating at a restaurant. In the evening, watch movies or games at your house while enjoying a homemade meal. These simple changes will have an immediate significant effect on how much you spend on a daily basis. You do not have to do what you like or prefer, you just have to make better choices when it comes to it.

  1. Attempting to Get Out of Debt Alone

Almost everyone doesn’t like to ask their friends and relatives for support when it comes to handling debt. A wise remedy is to contact a non-profit credit counseling agency and seek help from the experts. These counselors are well-trained and certified by national organizations such as the National Foundation for Credit Counseling and will recommend debt-relief solutions including credit consolidation, debt management programs, debt settlement, and even bankruptcy if things are really bad. They will show you how to create an ideal budget and suggest a solution that will match your needs. The best thing about this is that the advice is free. Ask, am I eligible for a debt management plan?

  1. Failure to Create a Practical Budget

It is virtually impossible to gain control of your money if you do not have a practical budget. Many individuals think it is too much work until they reach into $10K or $20K credit card debt and wonder how they got there.

A great solution is to create a realistic budget that addresses common financial needs such as health care, food, housing, education, and insurance, while also creating room for paying your loans. Do away with the credit cards and only work with cash. Yes, this will mean cutting back on things like dining out, hitting the movies, buying new electronics or clothes, but if you really want to get out of debt, having a practical budget and using cash is a solid start.

  1. Getting into a Debt-Relief Program but Not Understanding What it Entails

There is rarely a quick-fix solution for debt issues. If you come across this claim, then immediately look elsewhere. One of the most important things to bear in mind is that debt-relief programs tend to take three to five years and so, you’ll need to be patient. Next, you need to assess the firm providing these solutions. A great place to start the check is the Better Business Bureau (BBB) or the local state attorney’s office. Military bases, universities, and credit unions should also be reliable sources for suggestions. Just ensure the organization you pick is licensed and does not have a record of client complaints.

  1. Trying to Clear Multiple Debts at Once

Many people in debt usually have multiple sources including student loans, credit cards, car loans, mortgages, etc. Unfortunately, they try to handle them all at once. This is a move that will only see you give up and be unable to make progress in clearing debt. Instead, go back to your budget, trim everything to the essentials and create a surplus that goes to the credit card with the highest interest rate. Once that is cleared, go to the next credit card, and so on, until you clear all the debt.

  1. Failure to Put Aside Savings for Emergencies

According to reports, over 55% of American consumers do not have adequate finances to cover emergency expenses of at least $500. You cannot predict car accidents, plumbing failure, unemployment, etc. That’s why every household requires an emergency fund account. Experts suggest putting three to six months of expenses aside to cover any emergency you might experience. It may take time to get there, but if you are determined to pay off your debt, it needs to be part of your monthly budget. So, consider putting aside at least 5% of your monthly income towards an emergency fund. This way, you won’t have to depend on loans to cover an unexpected expense.

  1. Failure to Contribute to a Retirement Account

Yes, it seems good to devote your money to clear your loans today, but it is a costly mistake in the long haul. There will come a time where you need to retire and so, ensure you devote at least 5% of your monthly income towards a retirement savings account. The earlier you begin contributing to that 401(K), the better off you will be when you retire.

  1. Failure to Prioritize Your Debt

We all have bills and many people want to get out of debt. However, many people fail to be focused, and doing so isn’t a priority. One of the best solutions is to consolidate your debts and only make a single payment per month. Another way to stay focused is by writing down the top 5 debts you want to clear. Put this note in a place you will see every day to remind you of your mission. Whenever you see that note, you will remember that you are getting rid of and not adding to the debt.

  1. Closing Accounts When They’re Paid Off

The remedy for this is straightforward, pay off your account but do not close it. Keep in mind that credit score systems not only depend on how much you owe but how much credit you have available.

Family · Home · Kids

Moving With Kids: 5 Tips To Make It Easier And Less Stressful

Moving With Kids: 5 Tips To Make It Easier And Less StressfulMoving can be quite challenging and having your kids with you during this time can make the transition all the more difficult. Children feel safe at a home where they grew up in. They also feel comfortable with the neighborhood, school, and friends they already know. While moving can bring about a lot of excitement to kids, it can also bring out anxiety.

While it’s impossible to eliminate all the challenges you’ll have to face when moving with your children, there are tips that can assist you in making it easier and less stressful.

 

1. Inform Your Kids About The Move Early On

It’s essential that you inform them about the move in advance. You can have a family meeting to announce it. Whether moving is already kind of a regular occurrence or not for your family, it is still a big deal for everyoneespecially your kids. It’s guaranteed that you’ll get some reactions from everyone, but you can offer them pizza or any other food to help them stay calm during the announcement.

Having the meeting sooner than later is a good thing to do. Why? Because it can assist you in explaining to your children why are you moving and other details about the move. Taking the time to inform and talk to your kids about the move can help address the anxieties, frustrations, and concerns they have about the move. It can also help you reassure your children that everything is going to be alright.

2. Hire A Moving Company

If you want the move to be smooth and easy, you should consider hiring a moving company. Things can get very messy on moving day and it’s going to be more challenging for you if you have kids. But if you hire a moving company that can help you out, you’ll find it very convenient.

If you need to dispose of waste and old furniture before moving out, you can hire waste removal companies that can collect all kinds of rubbish for you. This even includes large appliances, toxic wastes, and yard wastes that must be removed before moving. You can visit https://www.dirtcheaprubbishremoval.com.au/ to see what a waste removal service can do for you.

3. Get Your Kids Involved

Involving all your children in the moving process is very beneficial. It can empower them and help prevent making them feel like they’re helpless. As you create a moving-to-do-list, make sure that you have tasks for your kids that they can easily handle. Even a small moving task such as packing their toys can make a big difference from their perspective.

Kids love to help out. Rather than telling them that they are too young to help on moving day, your children will love to hear that you have prepared some tasks for them! If your kids are old enough, you can have them help you pack, arrange toys, or pickup boxes.

You might want to give each of your child separate tasks such as packing up and cleaning the rooms, packing boxes, or takingcare of their younger siblings. These things will help keep them engaged and involved with the whole process.

4. Visit The New Place You’re Moving To

If you can, you should visit the new place you’re moving to along with your kids before the big day. A visit like this can give them an idea of the new place and make it familiar instead of being a mystery for them.

Before you make a visit, be sure to grab a copy of the local newspaper to find out about any kid-friendly activities that may be happening during your scheduled visit. Taking a look at the local kid’s playground or recreational center can help reassure your kids about the new place. They will start thinking that the new neighborhood is not so bad after all.

5. Have A Positive Mindset

On moving day, your mood could also affect your kids. So, if you’re cheerful and excited, they’ll also feel the same way. But if you’re too stressed and frustrated because things are not going according to plan, expect your kids to feel the same way too.

Final Thoughts

If you’re relocating with kids, the tips above can help you make the whole process easier and less stressful not just for them, but yours as well. Taking the time to prepare your children and hiring a moving company to help you out can make a lot of difference when you’re moving with kids.

Adulting

Services-To-Hire That Every Working Mum Should Know About

Working mumThere is hardly any doubt that working mums often feel overwhelmed with daily life. While it can be challenging to stay on top of a chaotic day, especially as a single mum. When you do not have a male counterpart to help you out around the house, there are a few hirable services that will help to make your life easier, and free up some time on your busy schedule:

Yard Care Services

Being able to enjoy a neat and tidy yard with your little ones in your free time is irreplaceable, although, when it comes to keeping your yard up to standard, a beautiful outdoor area is not always easy for busy mums.

Yard care services, such as and other similar services, could be the perfect solution. Relying on a professional service team enables you to enjoy your yard, rather than applying yourself to the time-consuming and strenuous task of mowing the lawn.

Home Cleaning

Many mums shy away from the idea of welcoming cleaning services into their homes as they have several plausible concerns. By opting for a service with an excellent customer review, you can locate a service that is trusted to complete all those dreadful chores.

If you are not entirely for the idea of having full-time help, it would be worth your while to consider keeping a reliable cleaning service on hand for days when you feel you cannot manage. Some house cleaning services may even offer one service instead of a hull-house spring clean, such as only getting your laundry done, or washing the windows. 

Tax Assistance

Even though absolutely everyone does not need an accountant on hand, if you are self-employed, own a rental property, have investments or foreign accounts, or have recently gotten married or moved, it would be worthwhile to consider the assistance. Filling out confusing tax forms for an entire day can be an absolute nightmare for a working mum, which is what makes the extra spend for peace of mind entirely worth it.

Birthday Planning Services

Some mums may be entirely against the idea of outsourcing a birthday party. Although, when considering that removing all the stress of planning and baking and catering will allow you to be a bit more relaxed, birthday planning services are well worth your expenditure.

You will be able to hand over your ideas and have no anxiety over wondering if you can bake that large “Paw Patrol” cake with exceptional detail and instead enjoy the day with your child, friends, and beloved family members.

When to Consider Services-To-Hire

If you are wondering what you should outsource, keep finances and time in mind. Rather than outsourcing everything, you should consider only outsourcing tasks you dread. Should you enjoy planning birthday parties and doing your taxes, having such services might benefit you when it comes to budgeting for the unplannable. It makes sense to keep contacts for trusted services on hand just in case you need them one day. 

Sources

Parentlightly.com Blog

Scrubbi.com Blog

The Wirecutter.com Blog

Lawnstarter

Oasis Turf and Tree Blog

The Balance Small Business

Family · Happiness · Health · Mental Health

How To Help A Loved One Suffering From Addiction

Addiction affects friends, families and loved ones. Knowing how to help the person addicted can be quite a struggle. It’s hard to know when to get help, how to get help and how to approach the person. Helping an addictive loved one get help can mean the difference between life and death.

Knowing the signs and symptoms of addiction is important when deciding if it’s time to approach a loved one about their problem. When their abuse starts to interfere with their daily life, causes memory loss and they have accidents, it’s time to talk to them, and you may even wish to research places like Honey Lake that will be able to help them when they are ready to begin the recovery process. They may not realize their is a real problem or might not want to admit it. A loved one on the outside of the issue can give them the perspective they need to know it’s time to get help.

Addiction isn’t just about an event that happens once or twice. If they get drunk and stumble in causing a stir once in a year, they might have just had a bad night. Watch for patterns over a period of time. They may try to hide it or say they only drink socially. Note a difference in their physical statute and/or their behavior when you believe they are inebriated.

Trust

It’s hard to trust an addicted person many times. They may have let you down due to their addiction even if it isn’t in their control. You have to step back and realize it’s more important for them to trust you than for you to let your hurt take over. Don’t nag or lecture them about the addiction. You want them to be able to talk openly about the problem and vent about it to you. They may swear up and down they can change, but an addicted person will not change until they are forced to face the consequences of their actions. It can be hard to trust them due to this fact, but you have to trust they will listen and get help when you approach them about their issues.

Compassion

It’s important to help your loved one by using compassion. The thing they most need is someone that listens and understands. Many times the addicted person feels as if someone is suffering with them and actually going through the process with them. This means they understand you recognize their pain and are trying to truly help. They feel heard and seen so they aren’t alone. Fighting addiction alone is crippling to many addicts. They know someone truly cares and wants to help them without criticizing them through the whole journey. They may understand you have no clue about addiction and what it does to their mind, but they also understand you’re trying to step in their shoes and won’t let them fail.

Communicate

Keep all lines of communication open and free of judgement. You need to learn more from the person about their addiction daily and let them vent about their frustrations. They may feel like a failure or feel they cannot be helped. Listen to them and be open with your concerns as well. Don’t lecture them about their addiction, but be a listening ear offering positive words. This will help them as they go into recovery knowing someone is on their side.

Family

Tips for Caring for an Aging Parent

Watching our parents get older is never easy. The person who raised you, offered unconditional love, and served as a pillar of support now needs your help more than ever. If you’re caring for an aging parent, use these tips to help both of you through this journey.

Don’t Leave Your Job

When you discover your parent needs your help, it’s tempting to throw everything else to the wayside—especially in situations where you a short time left with them. While it’s understandable to want to spend as much time as possible with your elderly parent, you need to consider the consequences of leaving your job. If you no longer have an income, will you be able to cover care for your parent? If you have children, will you be able to fund schooling, housing, food, and college expenses?

If you intend to take a leave of absence, you need to rethink your lifestyle. If you work in an industry that’s tough to reenter, it may take months or years to reobtain your position. You should also consider your benefits. If your current position offers health insurance, what will you do without it? Before quitting or taking a leave of absence, be sure to talk with your employer and HR representative to consider all of your options.

Redefine Your Budget

If your parents haven’t set aside savings for end of life care, you’ll need to organize your budget and decide what you can afford. Seniors often deal with costly expenses, including medical care, in-home care, or facility costs. It could seriously benefit you to by some burial insurance to help with funeral costs. If you’re not sure you’ll be able to handle the costs that come with caring for an elderly parent, it’s time to do your research. Check out Medicare and Medicaid, and determine what your parents qualify for. Many assume these policies cover the bulk of expenses, but that’s not the case. It’s important to assess what you can afford, and use a budgeting app like Mint to stay on track.

Invest in a Medical Alert System

With a medical alert system, your parent is in good hands. The best systems are those that help you protect your parent both in and outside of the home. The medical alarm system by MobileHelp offers GPS tracking, which allows you to find your parent should they go missing. This is especially helpful if your loved one is struggling with dementia, Alzheimer’s, or similar memory challenges. Your parent can also call for help whenever they need it with the simple touch of a button. The peace of mind this small device provides is more than worth the investment, and the addition of a MobileHelp system may help your parent feel more secure when they’re alone.

Have the Tough Conversations

While your parents age, it’s important to have the tough conversations. You’ll need to breach uncomfortable topics including drafting a will and understanding what your parent wants if you end up with legal power over their estate. It’s also important to talk about funeral arrangements to make the process easier. Doing so ensures your parent’s wishes are honored in their burial or memorial service, and also helps you understand the financial aspects. The modern funeral costs an average of $9,000 and up, and it’s important to have a plan in place to cover this immense expenditure. Financial issues are the last thing you should be worried about during a time of grief, and having the details ironed out far in advance will help you avoid this frustration.

Consider the Benefits of Professional Help

Both you and your aging parent might prefer if you took on the role of caretaker, but that’s not always realistic. You have your own responsibilities, and it might be in the interest of both of you to hire a professional that can provide the care your parent needs. If you opt for professional care, your parent will likely ask to stay in their current home. While this can be one of the most expensive end of life care options, there are many services that can make in-home care a pleasant experience for both you and your parent.