Uncategorized

Having a child can require many adjustments. Losing sleep and changing dirty diapers are just some of the things parents have to deal with. And even though you’re probably a little sleep deprived right now, there are some financials you’ll have to think about, as well.

Here are five financial moves parents should put at the top of their to-do list after coming home with a new baby:

Revise Your Budget
Children can be expensive, especially in the first year when new costs you’ve never experienced crop up. Diapers, formula, a crib, a changing station, car seats, toys and clothes are just some of the items you’ll have to purchase. Day care may also be needed if both parents are working full time. Some families may need a bigger car or house, and that require more long-term financial planning.

Revise your family budget and find ways to cut costs, if necessary. Since medical bills will likely go up, check with your employer about starting a health savings account so you can use pre-tax money to contribute to an account for your familys medical costs.

Save for College
A 529 college savings plan can help you save for college costs. Contributions grow tax-free and arent taxed when withdrawn to pay for qualified educational expenses, such as tuition. More than 30 states offer a full or partial tax deduction or credit for 529 plan contributions.

As of 2018, each parent and grandparent can contribute up to $15,000 per child and exclude the money from gift or estate taxes. If four grandparents contribute, that could mean $60,000 per year in a 529 plan.

Update Your Life Insurance
Any major life change should lead to a discussion with your life insurance agent. In the case of a parent death, you could be left to pay and take care of your child by yourself. Insurance can, however, provide money to pay for childcare or a lost income. You’ll also want to update your beneficiaries in case something happens to you.

Update Your Estate Plan
As with life insurance, you’ll have to update your estate plan documents when you have a new baby. Wills and trusts should be updated to include a guardian for minor children and to determine who has control over your assets. Without an update, a court could appoint a guardian for you.

Also update your beneficiary designation forms for your 401(k) and other retirement plans, along with any other bank accounts that arent designated in a will.

Organize Your Records
Make paper copies of key records such as the birth certificate, Social Security card and immunization record. Order three copies of your childs birth certificate so you have one and your child has one later in life.

Keep a record of immunizations, which will be needed if your child goes to day care. Put everything in a fire-proof safe.

Published with permission from RISMedia.

Your purse or wallet can be more than just a place to pull your money out of so you can spend it. It can also store a few things to remind you to use less money, or at least use it well.

Here are five things to keep in your wallet that can help you use your money well:

Cash
If you follow the rule of only spending the amount of cash you have on you, then youll never have to pay credit card late fees or interest rates on charges, or pay to withdraw your money from an ATM not connected to your bank.

Studies have shown that people spend less money when using cash instead of a credit card. Cash is tangible with value attached to it, while a plastic credit card may not seem like actual money.

That said, using only cash should be a reminder to keep within your budget and not to return to the ATM to withdraw money again and again.

Reward credit cards
Credit cards can get you to focus less on the cost of what youre buying, which isnt a good thing. But if you can control your spending and pay off your credit card balance off every month, then a card that offers rewards or discounts can be worthwhile.

Some credit cards reward more points for certain purchases, so using one card at a grocery store and another at a gas station can pay off with more rewards at the end of the month.

Coupons
Carrying around an envelope full of coupons can be cumbersome. If you cant remember to take specific coupons with you on a shopping trip, then always carry coupons for your favorite department store or restaurant so that youll have them whenever you need them.

Loyalty cards
Smartphones are making store loyalty cards easier to carry by opening an app. They can lead to cash discounts or free items by swiping your loyalty card at checkout.

If you go to some stores regularly that only have the physical loyalty cards, be sure to keep those in your wallet. Some stores tie your card number to your phone number, so all you have to do is recite your phone number to collect reward points.

At the very least, seeing a loyalty card is a reminder that you should shop around for the best deal, regardless of if you have a loyalty card at the store offering the best price.

Health Savings Account card
A card for a Health Savings Account, or HSA, is a reminder to use the cards pre-tax dollars that youve saved for medical services and prescriptions. Without the card you may forget to use the money, which can save you 35 percent by not taxing income put into an HSA.

Published with permission from RISMedia.

Digital nomads who work while traveling need to keep their tech devices updated and in good shape if they want to succeed. Without them, their productivity could suffer and could cost them their jobs. Here are some tech must-haves for the remote worker:

Portable Wi-Fi Router
Internet connections at hotels, coffee shops, libraries and other public places can be unreliable. Having your own portable Wi-Fi router that allows you to wirelessly connect multiple devices at the same time can be a lifesaver.

You can buy a Wi-Fi hotspot, such as a Karma Go, for immediate online access. The easiest way may be through your smartphone, which allows you to create your own private Wi-Fi network wherever theres cellular coverage. Check with your phone carrier for what type of Wi-Fi router service is offered on your phone.

Wi-Fi Range Extender
If youre in a hotel where the internet speed is slow, it could be because youre far from the router. A Wi-Fi range extender can help by increasing the coverage areas and boost the strength of slow connections in areas farther from the router.

Youll need the networks password and to at least be on the edge of the signal. You can use your hotels free internet network and password to connect the extender. A range extender can either plug into a wall socket to pick up the signal, or have a mini antenna that plugs into the USB port of your laptop.

Portable Charger
Who hasnt seen their phone or other electronic device die on the road due to lack of power? A portable charger is a must-have while working remotely, and will charge your phone and other devices on the go without you having to be near an electrical outlet.

Portable chargers come in all shapes and sizes, holding varying amounts of power. Find one that will fit in your pocket for easy charging, then upgrade to a larger one if you need it.

Electric Converter
If youre traveling outside of the United States, you may need an electric converter to plug your phone or other electronic devices into.

Electric plugs differ in some countries, and you wont be able to plug your U.S. device into an outlet in Japan, for example, without a converter plug. Its a simple thing to have, and one you dont want to forget on a trip abroad.

Published with permission from RISMedia.

We’ve all been there: guests are scheduled to arrive in 15 minutes, but you got caught up, and the house is still a mess. Here are seven ways to fake that clean home, fast:

All hands on deck. If you’re lucky enough to have family members or roommates around, ask them to pitch in. Divvy up rooms to declutter and tidy. If you don’t have any helping hands, you’ll just have to continue to the next steps, solo.

Focus on trafficked areas. Since time is short, make sure to focus on rooms your guests will frequent, like the living room, kitchen and bathroom. The entryway is also important, as it’s the first thing your guests will see, so hang the jackets, straighten those shoes and stash that mail stack.

Freshen air. As you begin to clean, throw open the windows to let fresh air in. Too cold for open windows? Light a mildly scented candle or spray odor neutralizer.

Declutter. Run through your high traffic areas and remove clutter. Piles of mail, shoes on the floor, blankets unfolded and errant clothes all need to be stashed. If you don’t have time to put things where they belong, do a tornado sweep with a laundry basket, nabbing all out-of-place items to rehome when you have more time. Simply stash your full basket in a hidden area, like a closet or laundry room.

Tidy. Now that the clutter is gone, tidy tables and counters to make your space look open and clean. Stack those magazines in an orderly pile, arrange the remotes, put away those drying dishes and take out the trash.

Wipe down. Head to the kitchen and bathroom with a rag and disinfectant and wipe down counters, mirrors and toilets that your guests might encounter.

Vacuum. Now that your surfaces are fully clean, run a vacuum over the floors (and furniture!) to pick up pet hair and dirt. Nothing says “clean home” like vacuum lines on the carpet, so fake it until you make it.

Published with permission from RISMedia.

Looking to kick the caffeine? While a moderate amount of the buzzy stuff has been shown to have heart benefits, it’s easy to overdo it or find yourself addicted to that morning jolt. If you’re looking to slay your latte habit, consider the following tips.

Time it right. Quitting anything you’re addicted to is challenging, and coffee is no exception. Choose a time that will support your withdrawal. The Monday your big work project is due? Not the best time.A long weekend is a great time to begin so that you can distract yourself or, at worst, lay down with that 3 p.m. headache.

Find a suitable substitution. If you don’t want to quit cold turkey, you can find a substitution. Some people like to guzzle tea, water, or even decaf coffee as they wean themselves off that fresh brew. A more overlooked substitution is raw cacao. Sold in many grocery stores and available online, cacao nibs pack a caffeine punch that can help wean you slowly off the java juice. Warning: They’re bitter, and some people enjoy them more than others.

Warn everyone. Make sure to tell your friends, partner, and close colleagues you’re cutting coffee. This way, they can support you by nixing that afternoon coffee invite, and they’ll understand if you’re a bit groggy or snippy for the first few days.Interested in housing and real estate tips? Feel free to contact me directly.

Published with permission from RISMedia.