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GOAL: Provide access to high quality FitKit Personal Finance Programs at no cost for one year to 100 personal finance educators working in low-moderate income school districts.
NEEDS of Students and Educators in Low to Moderate Income Schools: Approx. 1 in 5 children live in poverty according to Communities in Schools. Students in high poverty schools have less experienced instructors, less access to high level science, math, and advanced placement courses, great challenges in meeting educational requirements, and lower levels of state and local spending on instructional materials. All of this shows that students in high poverty schools — many of whom have fewer resources and supports outside of the school building — are also getting less in the classroom- And its largely students of color that are feeling these impact. We seek to provide high quality turnkey FitKit Personal Finance high school Programs to schools that lack the resources or expertise needed to meet state Financial Literacy requirements. IMPACT: Nationally- Low-Moderate income school. By providing 1 educator with FitKit programs DMFLF can impact as many as 250-500 students per year. 100 educators can impact 25,000 to 50,000 students annually Register Today
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 Your company’s website is often the first point of contact between your business and your potential customers. It can serve as your virtual storefront, letting your customers know all about your products and services. Your customers may even be purchasing products right from your website. In other words, this is one part of your business that you can’t afford to skimp on, the one thing that has to operate at 100%. And no time is it more important than when you’re operating your business in a tough economic climate. And no matter how great you think your website is working for you, it can always be better. Here, we present a few tips on how to maximize your website to get the most out of one of your most powerful business tools. Keep Them Coming Back It’s one of the first rules of increasing your website’s rankings in search engine searches, keep adding content. A blog is a great way to do that by directing readers to your site. You’ll first have to define your target audience in order to create content that will be both relevant and interesting to them. Decide on a platform for your blog, such as WordPress, Blogger, or Squarespace. They all have their own pros and cons, so do your research and see which one will work best for you. Once you’ve created your blog, then promote it on your website and all your social media sites. Optimize for Mobile and Smartphones Your website appears different on smartphones than it does on desktops, so make sure your site is optimized for those devices as well. Using a responsive design means your site will always adjust to the screen it’s being viewed on. Use image compression for your photos so that they’ll be loaded more quickly on mobile devices. And make sure all the navigation buttons, links, and forms can be easily tapped by the user's finger. Add Customer Reviews People like reading reviews before purchasing a product. You don’t need to look any further than mega-seller Amazon and see the millions of product reviews there. Show off your own positive reviews on your website, building trust and confidence with potential customers. You can ask for reviews, if you don’t already have any to share, by engaging with your current customers on your social media business pages and asking for feedback you can share. Use White Space Effectively White space, or negative space, is the area on your website that separates the different elements. It can help with readability and reduce eyestrain. With it, you are able to draw the viewer's eye to the most important elements by surrounding them with white space. A simple design implies elegance and a sense of professionalism. And finally, it makes navigation easier on mobile devices. Improve Customer Service Use a chatbot or live chat on your site. There are several different versions of chatbot software that you can choose based on your budget and requirements. You’ll have to input code into your website to make the chatbot functional, like adding a plugin or script to the header. You can customize your chatbot’s appearance to compliment the rest of your site, too. Payment Options Your customers expect to be able to pay for your product or services on your website, so make it as easy as possible for them. You’ll first need to subscribe to a payment processor like Paypal, then incorporate the processor onto your website by means of a plug-in or an extension. You’ll then want to add payment buttons that clearly direct customers to that link. You can direct customers and clients to your site to pay online, too. For instance, if you’re in the business of installing or repairing HVAC systems, check this out. With it, you can prompt clients to pay online and let them pay how they want. It’s a simple yet effective way to get your invoices paid on time and keep your finances organized. Finally, using your website to make it a powerful marketing tool can carry your business through the toughest of times. Understanding all the ways to optimize your website can take some time, but the benefits of updating it now will pay you far into the future. DoughMain Financial Literacy is a nonprofit dedicated to building a better tomorrow by educating people today. Consider supporting our efforts to help build a better tomorrow by educating students today. By DoughMain Financial Literacy Foundation Stated simply, a budget is a plan reflecting your income and expenses. Many people ask the question “Where does all the money go?” or “How am I ever going to afford….?” A budget will enable you to answer the “Where” question, and help you answer the “How”. Once you understand how your money flows, you gain an element of control over your financial life. Budgeting often points out specific areas where you have more flexibility and control over spending than you may have assumed. This understanding makes it possible to make more informed decisions regarding your saving and spending priorities. It also makes it more likely you will attain your financial goals. This article explains how to budget and reap its benefits. Understanding Your Money Income is money you receive. Most people receive income on a bi-weekly or monthly basis. If your income is stable - such as a regular salary or other payment - then budgeting for income is relatively easy. If it fluctuates - for example, if you receive your income in the form of commissions or periodic bonuses, then it is a little more complicated. In those cases, you need to assess how predictable your income is. Rather than guess, you can track it historically and use an average to project what you can expect in the future. Be careful, though. If you had a particularly good year, or received an unusually large bonus, then don’t assume you will do as well going forward. Similarly, if you earn a salary, it is best not to assume you will receive raises. Once you have a good idea of your income, you can track how your actual income compares going forward, and make adjustments up or down as your situation warrants. Expenses represent money you spend. Some of your expenses will be relatively unchanged each month. These include items such as your rent, student loan or auto loan payments. Most will be variable, however. Utilities will change depending on how much electricity, heat or air conditioning you use. Others such as food, clothing, and entertainment will also change. The best way to get a handle on where your money is going is to track it by category for a number of months, and then use that information as a basis for your monthly budget. You can use the average, but pay attention to unusually high or low months. The chart below is an example budget worksheet from FiKit, but you can and should use categories that meet your needs. Websites such as nerdwallet.com and moneyunder30.com provide additional examples, and there are several Google Sheets or Microsoft Excel templates available for free. While tracking your income and expenses may seem boring, the good news is that there are also several apps that make it easy. These apps track and categorize your income and spending for you. Your bank may already provide financial planning tools as part of their online services. Look for a tab that says “tools” or “financial planning” or “my financial picture.” Other services, such as mint.com, are also popular.
Using a Budget to Set and Attain Financial Goals As you review your income and expenses, evaluate where your money goes. Many people are surprised at how much money is spent on small, incidental things like coffee or dinner out with friends. Others identify various “hits,” such as unanticipated auto repairs or dental or medical bills that set them back more significantly than they realized. As you go through the exercise of evaluating your expenses, you will likely find areas where you want to make changes to your spending habits. In fact, one of the great benefits of budgeting is it enables you to understand these habits. You will no longer need to “guess” how much you spend. Budgeting usually points out areas where you have more flexibility and control over your spending than you otherwise realized. Once you have a picture of your historical income and expenses, the next step is to set financial goals. Goals can be anything, from planning for a vacation to saving for a car, house, or retirement. Your financial goals should reflect your personal values and interests. No two people will always have the same goals. You can have more than one goal. For example, establishing an “emergency fund” to cover three to six months of expenses is a good short term goal. Money for retirement is an example of a long term goal. If you are having financial difficulties, resolving them can also be a goal by exploring expense reductions to a level that can be covered by your income, or paying off credit card debt within so many months. While your budget is a tool that will help you attain your financial goals, when setting goals you want to be sure they are SMART Goals.(1) SMART goals are always specific, measurable, attainable, realistic, and time-dependent. Keep the following chart in mind as you think about your goals.
George T Doran, “There’s a S.M.A.R.T. way to write management goals and Objectives.” 1981 Once you understand your income and expenses, and have established goals, you can then build a budget to meet them. Remember, too, you can have more than one goal. Let’s suppose you have the goal of establishing an emergency fund of $6000 within one year. In that case, you need a budget that will enable you to save $500 per month. If your current income exceeds expenses by at least that amount each month then congratulations, you are well on your way to meeting your goal. If not, then it is time to review your expenses to see where you can economize. A good place to start is by reviewing what you spend on entertainment, clothing, and groceries. Are you buying more shoes than you need? Do you go out to lunch everyday or would it be wiser to bring your lunch to work? Do you buy a lot of “junk food” at the grocery store? You can also explore ways to earn more money, such as a second, part time job on weekends. The important point is having and tracking your budget information enables you to make informed decisions, based on the facts of your situation.
Get into the habit of comparing your actual spending to your budget each month, and adjust it as circumstances change. Your budget provides a foundation for you to understand and better manage your financial health. Tracking progress against your budget is a discipline that helps you maintain it. It makes it more likely you will reach your financial goals. While many people view owning a business as the American dream, they often gloss over the
trials and tribulations that accompany it. In addition, it’s often even more difficult for minority- owned businesses to expand their reach and grow. Having access to an influential network and resources is key to creating a business that thrives. Resources for support can be an instrumental way of helping people get their businesses off the ground and even expand them. Here are a few ways to help create more awareness around your minority-owned businesses and get it off the ground. Narrow Your Focus While this may seem like a counterintuitive place to start when growing your business, it’s important to understand your niche or expertise. One of the most common points of failure is trying to do too much, and instead focusing on your core strengths. Stretching yourself too thin can lead to a lower quality product and potentially losing the core identity of your business. A good example of this is General Electric (GE), and how according to a Yale financial expert “they got way beyond themselves” by trying to be in too many spaces at once. GE went on to rectify this by cutting many aspects of their business and splitting into three main parts, GE HealthCare, GE Aerospace and GE Vernova. They trimmed some of their fat, and are now able to develop each division with purpose. Focus on what makes your business unique, and put it at the forefront of your development. That doesn’t mean you have to make that your only offering for the rest of time, but it’s important to have a solid base before branching out. In doing this, not only will you get more comfortable with your business, but you will also take more time to focus on the specific aspect you want to expand. Oftentimes, underrepresented owners have the most unique facets in their businesses, and it’s important to highlight those and allow your distinctive offerings to shine. Look Into Mentoring Reaching out to someone who’s grown a business themselves or has firsthand experience can greatly expedite your success. Instead of learning through trial and error, you can use the knowledge of a seasoned veteran and have a more stable starting point. There are a lot of small business programs available, one being Put Me On, which is a Small Business Accelerator program from Gopuff. In addition to putting a product in their store, the program offers networking events, monthly workshops, and 1:1 capacity-building sessions. This program is geared specifically for underrepresented entrepreneurs and aims to give them the knowledge and experience they need to succeed. Regardless of if you decided to use a program or an individual, mentoring is very important even in a non-official capacity. Having someone with knowledge and connections can help you avoid common pitfalls and open doors to opportunities you might otherwise miss. Consider Special Funding Options Obtaining capital is one of the most common roadblocks that aspiring business owners face, but luckily for minority-owned businesses, there are opportunities available. One of these options is grants. Grants are different from loans in the sense that you don’t have to pay them back; they are essentially gifts given to those that meet certain criteria. There are many different small business grants for minorities and it’s crucial to the success of underrepresented entrepreneurs that they exist and are taken advantage of. The monetary sum of these grants vary based on program and need, and exist for all sizes of companies. According to a study co-authored by Duke University, Black entrepreneurs are three times less likely to apply for a line of credit due to fear of rejection. Ensuring that minority-owned businesses have the opportunity to grow and thrive is a key element to not only our economy, but to ensuring that everyone has the opportunity to create something that they can call their own. In addition to grants, there are also loans, crowdfunding, and more flexible lines of credit that are available specifically for underrepresented entrepreneurs. Take the time to examine multiple different types of cash flow, and determine which is the best fit for your business at its current stage. Network With Other Underrerprested Entrepreneurs In a similar vein to getting advice from someone with previous experience and knowledge, having a support network around you is also very important in the growth of your business. There are many minority networking options; a lot of local communities have very passionate bases, and there are also larger networks such as The Minority Business Network. Networking opportunities like this not only help connect you with like-minded underrepresented entrepreneurs but also give your brand a platform. Through networking, you can exchange advice and thoughts with similar parties and help develop a more well-rounded business as well as an understanding of the other underrepresented entrepreneurs. Starting a business can seem at times like a leap of faith, especially as an underrepresented entrepreneur. The latest Census data shows that only 18.7% of businesses are minority-owned. While this number is growing, it’s important to know that you have resources that you can rely on. Creating a company doesn’t happen overnight; use what you have, lean on mentors and those who have experience, and use the tools that are provided. Everyone deserves to share their vision with the world, and underrepresented entrepreneurs can showcase that through their businesses.  Are you thinking about making the leap to a new career? You’re not alone! According to recent research, a staggering 73% of women want to change careers. Some of the main reasons women want to make a career change include the need for higher pay, the desire to find a more fulfilling career, and escaping burnout. Whatever your reasons, switching careers can be a boon for your mental and physical well-being!
Financial concerns are a common obstacle among women seeking a career change. Changing jobs comes with many hidden expenses and considerations, including changes to health insurance coverage, retirement benefits, and cost of living. You may also have to plan for moving costs and the financial burden that comes with temporary unemployment. Below, DoughMain Financial Literacy Foundation shares some key financial tips to consider during your career change. Use Free Online Resources for Resume Building Refreshing your resume is essential if you want to land a career in a new industry. Instead of hiring someone to help you write a resume, take advantage of free online resume generators. This tool gets the job done in minutes! Just choose a professionally-designed template and add your own copy, colors, images, and photos. Taking advantage of free resume templates is a great way to make your resume pop without adding extra costs to your career change. Create a Monthly Budget Don’t let your career change derail your financial goals. Budgeting will help you stick to your financial plans during transitional periods like this. Review your spending habits over the past few months to determine your average monthly spending. Then, break down your expenses into needs and wants. Consider cutting some of your wants from your budget until you’re settled in a new, stable career. Remember to also account for any new expenses that may come with your career change, such as the cost of buying a new wardrobe or extra commuting costs. Factor these into your budget going forward to ensure your finances can handle this career change. Build an Emergency Fund Before quitting your job, funnel some money into an emergency fund. An emergency fund is meant to cover unexpected expenses and downtime between careers. If it winds up taking longer than you anticipated to land your next job, your emergency fund will ensure your basic needs are covered. If you’re living on your own or you’re the sole earner in your family, try to set aside at least 6 months of living expenses in your emergency savings. Make the Most of Your Benefits Taking advantage of your employee benefits is another thing to do before leaving your job. Make the most of any benefits available to you, including health services, tuition reimbursement, and flexible spending accounts. Make note of the benefits you regularly use, so you know what to look for in your next position. You’ll also need to make a plan to roll over your 401k to your new employer. Plan for Relocation Expenses If you’ll be moving for your new job, plan how you’re going to cover your relocation costs. According to Moving.com, the average cost of an interstate move was about $4,890 back in 2019, and you can expect that price to be higher today. Will your new job cover these relocation expenses? If not, are you prepared for this cost? You’ll also need to consider the potential change in your cost of living. Landing a higher-paying job might not be worth it if you’re moving to a city with a higher cost of living. Take advantage of online cost-of-living calculators to estimate your future household spending. Doing your research will ensure moving for a new job is both financially and emotionally worthwhile! If you’re a woman stuck in a career you no longer like, start taking steps to find something more fulfilling. Evaluate your household spending, create a new budget, and research anticipated relocation costs. And remember to take advantage of free online resume makers before embarking on your job hunt. Good planning will ensure your career change goes as smoothly as possible. Are you looking to enhance your financial literacy? Check out DoughMain Financial Literacy Foundation for a variety of personal finance programs!  Image source
Achieving your financial goals can feel like a never-ending uphill battle. You might be able to save up for a short period, but then something always comes up and derails your progress. You're probably constantly bombarded with ads and articles telling you how to save money, invest wisely, and make all the right moves to secure your financial future. But let's be honest—most of us just want to know how to make ends meet without going broke in the process. The truth is, there is no magic bullet. It takes hard work, dedication, and, most importantly, consistency to achieve financial success. However, making small, consistent changes in your spending and saving habits can significantly impact your overall financial well-being. Tips to Consistently Achieve Your Financial Goals Make A Plan The first step to achieving any goal is having a plan in place. Start by taking a close look at your current financial situation. How much is your monthly income? What are your current debts and expenses? Once you have a clear picture of your current situation, you can start setting realistic goals. Some things to keep in mind:
Set A Budget Budgeting may not be the most exciting thing in the world, but it's essential to achieving your financial goals. Track your income and expenses for at least one month so that you have a clear idea of where your money is going. Once you have a handle on your spending habits and find out your expenses are more than your income, you'll need to find ways to cut unnecessary costs or add another revenue stream. There are several different ways to create a budget. You can use a simple spreadsheet, an online budgeting tool, or even good old-fashioned pen and paper, so find the method that works best for you. Automate Your Savings One of the best ways to ensure that you're consistently saving money is to automate the process by setting up automatic transfers from your checking account into your savings account each week or each month. This way, you're less likely to "accidentally" spend the money you're supposed to save. If you're unsure how much you can afford to save, start small and increase the amount as you get more comfortable. A good rule of thumb is to save 10-20% of your income. Create a Debt Repayment Plan If you're carrying any high-interest debt, it's important to create a repayment plan as soon as possible. The longer you wait to pay off your debt, the more interest you'll accrue, and the harder it will be to get ahead financially. List down all your debts, along with the interest rate and monthly payment for each. Make this a priority in your budget, and focus on paying off the debt with the highest interest rate first. Once that debt is paid off, you can direct your extra payments toward your other debts. Save for Emergencies One of the biggest roadblocks to achieving financial goals is unexpected expenses. For example, car breakdowns, appliance replacements, and medical bills can pop up anytime. If you don't have an emergency fund, these unexpected expenses can quickly derail your finances. Therefore, you must create a savings account that you can use for these unexpected costs. Aim to save 3-6 months' worth of living expenses, although even a smaller amount can help in a pinch. Get an Insurance or Protection Plan Apart from setting up an emergency fund, insurance is another way to protect yourself from unexpected financial setbacks. Many different types of insurance are available in the market, including car, health, and life insurance. While insurance may seem unnecessary, it can save you a lot of money in the long run if you find yourself in a difficult financial situation. You can also consider getting a credit card protection plan to help you pay off your debts in the event of an unexpected job loss or other financial hardship. However, ensure that the business you entrust for your protection is PCI compliant to avoid any security breaches and fraud. Invest in Your Future Investing is one of the smartest things you can do for long-term financial stability. When you invest, you're essentially putting your money into an account that will grow over time, allowing you to reach your financial goals sooner. Some investment vehicles you can consider are stocks, bonds, mutual funds, and real estate. Additionally, investing in yourself is one of the best things you can do for your financial future. For instance, continuing your education, taking courses to improve your job skills, or learning new ones can make you more marketable and earn a higher income. Learn Financial Literacy Last but definitely not least, if you want to be in control of your finances, it's crucial to have a basic understanding of financial concepts. Learning about budgeting, investing, and credit can help you make better decisions with your money. There are a number of ways to learn about personal finance. You can read books or articles, listen to podcasts, or enroll in courses with financial literacy curriculum. Find a method that works for your lifestyle and schedule, and commit to having a money mindset for the betterment of your financial future. Final Thoughts Achieving financial success takes time, focus, and effort. But by following these steps, you can put yourself on the path to a bright financial future. So stay the course, and don't let setbacks discourage you. With consistency and discipline, you can reach your financial goals.  Photo by Jonathan Borba on Unsplash
Becoming a new mother is exciting because you have years of raising and loving a child ahead of you. However, it's also a period when parents worry and experience anxiety about various financial issues, like how they will afford to provide their child with the most beautiful possible life, being their top concern. Finances play a significant role in parenting as there are many things to consider, such as clothing, toys, food, and baby products. Understanding how to control your spending and set a budget is crucial if you want to be a successful mom and maintain your sanity. To help you, here are 10 money-saving tips for first-time moms like you. Save as soon as possibleWhile pregnancy is a time of aches and pains brought on by the burden of bearing extra weight, some individuals do not understand, however, that being pregnant gives moms a chance to be ready for the birth of their child. Saving cash can play a significant role in this. It would be best for first-time moms to start saving while they are expecting to ensure that they have some emergency cash on hand to use for the baby if necessary. Additionally, as pregnancy limits what a mother can and cannot do, later on, mothers can save the money they would have spent on specific items and use it better when the baby is born. Some moms are starting a small business to get some extra income while others are cutting down on their expenses. You might get used to spending less on things you don't need once the kid is born, which will also help you have more cash. Purchase a few pieces of clothing at a timeIt makes sense if you're a first-time mother eager to purchase a lot of clothing for your child. Consider the alternative, which is purchasing only a few necessities at once before you go crazy. Babies grow pretty quickly. Therefore the outfit you bought last weekend might not suit them the following week. If possible, breastfeed. Do it if you can breastfeed. Breastfeeding will save you at least $1,400 in the first year, making it one of the best methods for new mothers to save money. Breast milk supplies your newborn baby with all the antibodies and vital nutrients they require, perhaps saving you money on hospital bills as well. Buy gender-neutral baby items. Purchasing gender-neutral baby goods can help you save money if you decide to have more kids in the future, even though it isn't an immediate option to do so. For instance, you would typically need to purchase separate items for each of them if your first child was a male and your second was a girl. When the second child is born, you will be able to save money because you will already have most of what you need if you got gender-neutral toys and clothing for your first child. Shopping in bulk. You will go through numerous diapers, baby wipes, and other disposable baby necessities throughout your baby's first year. To avoid having to visit the store every time your supplies run out, buy these items in bulk once rather than individually. Doing this will save you transportation costs that do mount up over time, and help you budget your paycheck. Buy diapers that are appropriate for your baby. Although many diaper manufacturers offer advice on the kind of diapers newborns should wear at various stages, this is frequently one of the critical factors in the high cost of diaper purchases. However, if you keep an eye on how well your baby responds to diapers, you can save a few dollars a week by forgoing the need to purchase more extensive or expensive options. Take advantage of hand-me-downs. Not every baby item needs to be brand-new. Age-specific necessities and equipment, such as bassinets, can occasionally be handed down to someone else after rarely being used. Utilize your network of friends, relatives, and acquaintances by asking for baby supplies that they no longer need but that you can get. Utilize free items. Many businesses provide free samples of various goods, including accessories, baby food, wipes, diapers, and wipers. It implies that you can obtain the items you require for nothing. Even though it might only occasionally be a free product, any savings will mount up, even if it only saves you a few dollars a month. Make your own baby food. When your baby is about to start eating solid foods, consider making your own baby food. You will have significant savings if you buy fresh produce and mash them at home or let your baby munch on them if you're practicing baby-led weaning. Aside from saving money, freshly made baby food does not contain preservatives your baby doesn't need. Ask your relatives and friends for assistance. Many new mothers feel they must handle everything alone and think they will appear unable to take it by asking for assistance. It is undoubtedly untrue since your family and friends will certainly be there to support you in any way they can. Additionally, it's probable that relatives and friends who have had children of their own in the past will have things that they no longer need but that you could use. They might let you borrow baby clothes or other items or even give them to you for free if you ask. It is a terrific method for managing household budget and saving money because you might no longer need to purchase specific items, but it also proves that you have a solid support system and reminds you that you are not alone in your journey. Being a first-time mom can be challenging, especially when handling finances. But with the right support system, it can be achieved, helping you free up debts and manage overdraft fees. After all, when your kid is born, you should focus more on enjoying your new arrival than worrying about your finances.  While most of us have an understanding of the term life insurance, you may be surprised to learn that there are many different types of life insurance policies available to choose from. The right type of life insurance policy for you will depend on a number of factors. These can include how long you require coverage, how much you’re willing to pay and whether you are interested in a life insurance policy which accrues cash value over time.
The two main categories of life insurance While there are several niche policies available, all life insurance policies belong to one of two main categories: 1. Term life insurance: These policies are in place for a set number of years and are ideal for most people. If you don't pass away within the specified time frame in the policy, the policy will expire and there will be no payout. 2. Permanent life insurance: These policies last the entirety of your life and typically include a cash value component which can be withdrawn or borrowed against while you are still alive. Other life insurance categories There are several other common life insurance categories, each of which can be classed as term or permanent policies. Let’s take a look at some of these and how they work: Variable life insurance The cash value of a variable life insurance policy is linked to investments, such as mutual funds and bonds. Premiums on variable life insurance policies are usually fixed, with a guaranteed death benefit regardless of market conditions. If you’re thinking of this sort of policy, you may want to consult a financial advisor or perhaps use a retirement checklist to help better understand your finances in pensionable age. Universal life insurance With universal life insurance (sometimes referred to as guaranteed life insurance), death benefits are guaranteed without any change of premiums. There is usually little or zero cash value within these policies, and insurers typically demand on-time payments. You can usually set the age that you want the death benefit guaranteed. Universal life insurance can be cheaper than whole life insurance, although missing a payment could mean your policy is forfeited. Considering there is zero cash value in the policy, you could be at risk of walking away with nothing. There are many pros and cons associated with this type of insurance, so be sure to do your research before deciding whether or not it’s right for you. Simplified issue life insurance For those who are unwilling to take a medical exam, instant-approval policies might be more appealing. These policies use online health questionnaires and AI algorithms to help speed up the application process. When applying, you’ll be asked a few simple health questions, although you could still be turned down based on the answers you provide. Fully underwritten life insurance Underwriting refers to how life insurance companies calculate the risk of insuring an individual. If you are healthy, a fully underwritten policy will usually be the cheapest option. To get the most favourable rate, it can be useful to provide as much information about yourself and your occupation as possible. Conclusion No two people are alike, so it should come as no surprise that there are different life insurance policies for different needs. If none of the above meets your criteria, it’s still worth speaking to an insurance broker, as they may be able to offer a policy that suits your lifestyle and budget. Do you have more debt than you'd like? You're not alone. In fact, according to a recent report, the average American debt among consumers sits at just under $100,000.
Owing money can be overwhelming, especially if you feel like you will never be able to pay it all off. The good news is that there are plenty of avenues of support out there that can help you settle your debt once and for all. If you're looking for some extra help to pay off your debts, you've come to the right place. Read on for our top tips. Understand your debtsBefore looking for support, it’s important to fully understand exactly what you owe. Make a list of all of your debts, including the creditor, the interest rate, and the minimum monthly payment. This will help you see the full picture of your debt so that you can make a plan to pay it off. Once you know what you're up against, it's time to make a budget. Begin by calculating your monthly income and expenses. Then, see where you can cut back on your spending so that you can put more money towards paying off your debts. Make sure to leave some wiggle room in your budget for incidentals. After doing this, you may realize that you need some additional support. If this is the case, there are lots of different places where you can get help, and it can be reassuring to know that you have options in terms of where to go. Debt management plans The first option to explore is making a debt management plan, which is a financial agreement between a debtor and a creditor that the debtor will pay back the money owed over time. The plan is typically set up by a third party, such as a credit counseling agency, and is managed by the agency on behalf of the debtor. Creditors may agree to lower interest rates, waive late fees, or extend the terms of the debt in order to make the payments more affordable. In exchange, the debtor agrees to make regular payments to the agency, which then disburses funds to creditors according to the terms of the plan. Debt management plans can help reduce monthly payments, reduce interest charges, and get creditors off your back – but they can also have a negative impact on your credit score. If you're considering a debt management plan, it's important to weigh all your options and understand the potential risks before making any decisions. Government supportThere are multiple government agencies and programs that offer assistance with debt repayment, too.
 Achieving your financial goals can feel like a never-ending uphill battle. You might be able to save up for a short period, but then something always comes up and derails your progress. You're probably constantly bombarded with ads and articles telling you how to save money, invest wisely, and make all the right moves to secure your financial future. But let's be honest—most of us just want to know how to make ends meet without going broke in the process. The truth is, there is no magic bullet. It takes hard work, dedication, and, most importantly, consistency to achieve financial success. However, making small, consistent changes in your spending and saving habits can significantly impact your overall financial well-being. Tips to Consistently Achieve Your Financial Goals Make A Plan The first step to achieving any goal is having a plan in place. Start by taking a close look at your current financial situation. How much is your monthly income? What are your current debts and expenses? Once you have a clear picture of your current situation, you can start setting realistic goals. Some things to keep in mind:
Set A Budget Budgeting may not be the most exciting thing in the world, but it's essential to achieving your financial goals. Track your income and expenses for at least one month so that you have a clear idea of where your money is going. Once you have a handle on your spending habits and find out your expenses are more than your income, you'll need to find ways to cut unnecessary costs or add another revenue stream. There are several different ways to create a budget. You can use a simple spreadsheet, an online budgeting tool, or even good old-fashioned pen and paper, so find the method that works best for you. Automate Your Savings One of the best ways to ensure that you're consistently saving money is to automate the process by setting up automatic transfers from your checking account into your savings account each week or each month. This way, you're less likely to "accidentally" spend the money you're supposed to save. If you're unsure how much you can afford to save, start small and increase the amount as you get more comfortable. A good rule of thumb is to save 10-20% of your income. Create a Debt Repayment Plan If you're carrying any high-interest debt, it's important to create a repayment plan as soon as possible. The longer you wait to pay off your debt, the more interest you'll accrue, and the harder it will be to get ahead financially. List down all your debts, along with the interest rate and monthly payment for each. Make this a priority in your budget, and focus on paying off the debt with the highest interest rate first. Once that debt is paid off, you can direct your extra payments toward your other debts. Save for Emergencies One of the biggest roadblocks to achieving financial goals is unexpected expenses. For example, car breakdowns, appliance replacements, and medical bills can pop up anytime. If you don't have an emergency fund, these unexpected expenses can quickly derail your finances. Therefore, you must create a savings account that you can use for these unexpected costs. Aim to save 3-6 months' worth of living expenses, although even a smaller amount can help in a pinch. Get an Insurance or Protection Plan Apart from setting up an emergency fund, insurance is another way to protect yourself from unexpected financial setbacks. Many different types of insurance are available in the market, including car, health, and life insurance. While insurance may seem unnecessary, it can save you a lot of money in the long run if you find yourself in a difficult financial situation. You can also consider getting a credit card protection plan to help you pay off your debts in the event of an unexpected job loss or other financial hardship. However, ensure that the business you entrust for your protection is PCI compliant to avoid any security breaches and fraud. Invest in Your Future Investing is one of the smartest things you can do for long-term financial stability. When you invest, you're essentially putting your money into an account that will grow over time, allowing you to reach your financial goals sooner. Some investment vehicles you can consider are stocks, bonds, mutual funds, and real estate. Additionally, investing in yourself is one of the best things you can do for your financial future. For instance, continuing your education, taking courses to improve your job skills, or learning new ones can make you more marketable and earn a higher income. Learn Financial Literacy Last, but definitely not least, if you want to be in control of your finances, it's crucial to have a basic understanding of financial concepts. Learning about budgeting, investing, and credit can help you make better decisions with your money. There are a number of ways to learn about personal finance. You can read books or articles, listen to podcasts, or enroll in courses with financial literacy curriculum. Find a method that works for your lifestyle and schedule, and commit to having a money mindset for the betterment of your financial future. Final Thoughts Achieving financial success takes time, focus, and effort. But by following these steps, you can put yourself on the path to a bright financial future. So stay the course, and don't let setbacks discourage you. With consistency and discipline, you can reach your financial goals. |
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