Budget Yourself & Make Smart Money Moves

calculatorWe can shop without leaving our homes. In fact, we can shop without lifting a finger, thanks to the development of high-functioning devices fit with the purchasing capabilities. In a time where purchasing can be as easy as breathing, let’s practice smart budgeting habits.

It has never been a better time to watch your spending and ensure that money being put to the side for future needs. Monitoring your budget and properly managing your wealth can be the difference between you putting the down payment on your new car or you riding the bus from here to Pasadena.

  1. Quick and Easy Dinners – Create one-pot-wonders that can last you for days. Get staple items, such as beans, onions, carrots, and a meat option to create hearty meals that can last for several days. Don’t know where to begin? Make a crockpot chili or the long-standing crowd-favorite, chicken noodle soup.
  2. Keep Cheap The Staples on Hand – Keep frozen items and dry goods on hand to build meals around them. These options are flexible for any meal.
  3. Track your Spending – Review your budget and see where you can scale back. There are a number of applications you can use to track the money that you spend as well as the money that you save.
  4. Hold the Drinks and Hold Your Liquor – Whenever possible, refrain from buying drinks out. A non-alcoholic drink tacks $3-$5 onto your bill, while alcoholic drinks can add a costly $5-$15, and likely more if you’re having wine or you’re dining at a high-end establishment. Several rounds of drinks can double or triple the bill. Instead, save some cash and go to a BYOB.
  5. Unit Pricing– Compare unit pricing on items in the store, so that you aren’t caught off-guard. Also, make sure to keep track of your spending while walking through the grocery store. Pick a budget and stick to it.
  6. Shop Smart – Stores have products that are soon to out-of-date that are discounted. Buy the items and use them right away. There are also companies, such as Imperfect Produce, which sells “ugly” produce at a bulk rate.

See where you can save financially and be conservative. Remember that items, such as utilities and gasoline, will continue to rise. Keep a calendar of upcoming changes and expenses. Non-monthly expenses (i.e. insurance) should be put on a calendar so that the charges don’t catch you off guard.

Second Careers: 5 Meaningful Financial Facts To Consider When Making A Career Move Over 40

SECOND CAREERS- 5 MEANINGFUL FINANCIAL FACTS TO CONSIDER WHEN MAKING A CAREER MOVE OVER 40 - Ajay NagpalDown-sizing is an unfortunate reality in the modern business world, even when you are over 40 years old. How can you regain traction in your financial life?

Here are five significant financial facts to consider when starting a second career after 40 years old.

Starting Second Career

You are no longer a “spring chicken” and starting over can be a challenge. If you adhere to these career tips, you can optimize your chances for success. You need to be realistic, but also energetic. Follow these five significant facts to get your second career, off the ground.

1. Accrued Benefits

While you work, you accrue benefits that could include stock options, a 401(k) plan or pension. You have many options for your 401(k) plan, including cashing it out or rolling it over. Remember, that these include both yours and your employer’s contributions.

If you cash out, you must pay 20% federal withholding taxes plus a 10% early withdrawal fee. The 401(k) rollover allows you to re-balance the investments in the portfolio. This makes sense because your life has changed – you want your assets to reflect your new life.

2. Rethink Mortgage

You set up your housing finance based on your employment expectations. When you are let go, you might want to change your housing loans, consider refinancing or even getting a HELOC.

3. Keeping Skills Relevant

You might have started your job, a decade ago. It pays to update your skills. Use downtime efficiently.

4. Prime Working Years

After graduating from college, you might only qualify for certain entry-level positions. If you figure that your prime working years are from 22 to 65, you are in your mid-life when fired at 40. But, you do have valuable experience that allows you to qualify for certain higher level positions.

5. Experience Pays

Do you know how many college graduates would love to have your experience? Now you can be eligible for a couple of these high-paying jobs: Financial Analyst, Fundraiser or Social Media Manager. You have paid your dues, now cash in with a higher paycheck.

Losing your job over 40 can be a shock, but take advantage of the situation to find a better job. You are mature and experienced. Find a second career that pays you top dollar for your valuable, accumulated experience.