When you are single and the only person in the household, grocery shopping can be challenging. The only person your grocery list has to appease is you, and it is too simple to shop impulsively, end up purchasing too much — and wrecking your budget. Not to worry, there are tips you can follow in planning your next shopping trip. Meal Planning Carefully planning out your meals helps you shop in both a less wasteful and economical way. The primary goal here is to take as much time to prepare and plan your trip to the grocery store as you do grocery shopping. Here’s a breakdown of essential food items you will likely need when you are just buying for yourself. Also, they are easy foods to combine with others to ensure you have a healthy meal or snack. They include: Some items you should always stock in your cupboards are ketchup, olive oil, chopped garlic, balsamic vinegar, and peanut butter. Where to Shop In earlier times, you would buy in just one local store in town or make your food. Today, you have a handful of options available to you to get your food, and it can be difficult to decide which one is your best choice. Below are some standard options. Weigh your options carefully. You may benefit from shopping in a couple of these stores. Shopping Tips To get in and out of your grocery store quickly with just the right amount of food to prepare your meals, here are a few shopping tips. Make it a point to never shop without a list. Before heading out to the store, always create a shopping list and don’t deviate from it. Some grocery store industry studies conducted showed that around 70 percent of grocery store purchases are unplanned, which can lead to impulsive shopping or over-spending. When making your list, don’t just jot down what pops up in your head on the way out your door. Instead, allow yourself 15 minutes to consider what you wish to eat that week. Take some time to go through your fridge and cupboards to see what you need. Meal plan your breakfast, lunch, and dinner for the week and make sure you buy appropriate amounts. Buying too much means you are tossing good money in the trash. It can be helpful to visualize the store aisles (if you regularly shop at the same store) and mentally go through the items. Have a snack before you shop. Never go to the grocery store hungry. That is a sure way of buying impulsively. Studies show that going to the grocery store on an empty stomach leads to more money spent on food. So, have a snack before you go. It will save you money. Be wary of the “buy more save more specials”. Do you honestly need ten packages of cheese or 20 containers of yogurt? These specials typically aren’t for you. When advertised specials say “10 for $10”, it usually means you can buy 5 for $5 as well. Go generic when possible. In many cases, generic products are only given a different label but manufactured in the same factory. The only reason they are lower priced is that they do not have to pay to advertise to keep up with ‘brand awareness”. Buy with caution, however, as some generic foods are not made as well and are not worth the savings. It is a good idea to experiment with generic products to save yourself some money and only switch to the brand name item if you are not satisfied with a particular generic item. It only takes a small amount of planning to shop efficiently for your groceries. Overspending often means a lot of food waste. Careful planning will save money.

Grocery Shopping Tips for Singles

View Resource Grocery Shopping Tips for Singles
Most everyone has medical bills. In many cases, their health insurance picks up the tab, so to speak, minus the copay and perhaps a deductible. Most people can work these smaller medical expenses into their budget. Larger medical bills, on the other hand, are a different debt. They do not come from your traditional type of lender, such as a bank, and they can put you in debt quickly with just one bill. Often, this debt comes on unexpectedly, as a result of a medical emergency or unexpected health issue. One minute you have excellent credit and are debt-free, the next minute you owe thousands you might not be able to afford to pay, potentially leaving your credit score to suffer. The good news, there are ways to deal with large medical bills, including questioning costs, negotiating charges, and setting up a payment plan. Questioning Costs There are a couple of ways you can question costs. Get Information. The first thing you should do is research and arm yourself with price range data. This way you will have some knowledge to begin a discussion. Check the website of your insurance company. Most insurers allow their members to view their negotiated rates. You can check other websites too like Healthcare Blue Book or New Choice Health to get an idea of the figures and see how much doctors and hospitals are charging. You can even get a sense of the average discount amount that insurers get. Review for Clerical Errors. Many medical bills (between 50 to 80 percent) contain clerical errors that lead to overcharges. A recent analysis found there were errors in 49 percent of Medicare claims. However, most medical billing advocates claim they find around 80 percent of them contain errors. These advocates work for the patients by looking for errors on medical bills and lower them on behalf of the patients. Negotiating Charges Most times, people do not even realize they can negotiate medical bills. You can negotiate medical bills not just through your doctor or hospital, but through your health insurance company too. It may take more effort to work with your insurer than to speak with a billing manager to get errors corrected, but the effort is worth it. It is important that the person you speak with is the right person, such as the medical billing manager. Talking with a representative is not likely to get you very far. Although they may sympathize with your predicament, they are not authorized (in most cases) to fix the errors or provide you with a discount you negotiate. Don’t let this deter you. It may take you several attempts before you can persuade a correction or reduction in a bill. When making phone calls, emailing and faxing doesn’t work, your next step is a formal letter that documents your request to have your bill discounted sent to the organization’s management team. Setting Up Payment Plans If it is impossible to pay your medical bill immediately, see if you can set up a payment plan. You can often negotiate monthly payments that are reasonable and fit within your budget with your provider. Since the provider only wants their money, they typically don’t charge interest on payment plans. When you work out a payment plan with your medical provider, it should not involve a hit to your credit score. When setting this payment plan, be sure you set the monthly payment amount to be under what you can afford. Higher payments are too easy to get behind on, and it could take just a single missed payment to violate your agreement. If you cannot get the doctor or hospital to work with you, you can enlist the help of a professional or nonprofit to work on your behalf. You may have to hire a lawyer. They have experience working with larger institutions like hospitals to get debt cleared or discounted. You may not prefer this way of dealing with the situation, but it may be your only course of action when you are facing thousands and thousands of dollars in medical bills you cannot pay. Last, but not least, don’t overlook the power of crowdfunding. It is becoming a popular way to gather small donations from kind and caring people to support a worthy cause. Gofundme.com and GiveForward.com are just two crowdfunding websites where you can set up a medical campaign and goal amount.

Dealing with Large Medical Bills

View Resource Dealing with Large Medical Bills
A second job can bring much-needed money into the household to help get out of debt, pay off specific bills, or even save up for large purchases or vacations that are important to you. Before you dive in with dreams of a financial Easy Street ahead, there are a few considerations to keep in mind. Making More Money vs. Spending Less The big question is, can you do more good for the household budget by spending less money rather than taking on that second job, hoping to make more? How much extra money do you need to make each month to ease your budget concerns and solve the bulk of your financial problems? Alternatively, can you find a way to cut $200 per month in spending? $400? Start simple with your afternoon coffee run, explore your mobile phone plan, and consider nixing Netflix and borrowing DVDs from your local library instead. You will be surprised by how quickly your savings can add up. Even cutting out one meal out each week for a family of four can make a world of difference to your household budget. Consider the Added Costs of a Second Job Don’t forget to take into account important things like the added costs involved in taking that second job. Things like child care expenditures, added vehicle expenses, the potential interference with your current job, impact on your health and health expenses, and the costs of convenience meals and food because you do not have time or energy to cook all need to be factored into the equation. There are also costs that don’t show on a spreadsheet. These are things like the costs of time lost with friends and family, the costs of the drudgery of working two jobs, and the cost of quality of life when you sacrifice sleep and entertainment because you are too busy working to enjoy the fruits of your labor. Other Pros and Cons While the promise of a second income certainly sounds attractive, it is an excellent idea to consider the pros and cons below before making your final decision. Pros of a Second Job These are just a few of the benefits you might enjoy when you take on a second job. They are not inconsequential in the least. Considerations for a Second Job However, there are some things you must consider before making a weighty decision like this that can take time away from your family, like those listed below. Depending on how great your financial need is or how crucial your goals may be, you might find that you need to cut costs rather than make more money. One good option might be to work with a financial planner to help get your budget under control and look for ways to cuts costs while getting more mileage from the money coming into the household budget. In the end, deciding whether or not to get a second job is a decision that only you (and your family) can make after considering the pros and cons, alternatives to cut expenses and finding other ways to make ends meet.

Should You Get a Second Job?

View Resource Should You Get a Second Job?
You’ve resolved to pay off your debt. The bad news? You have loads of debt to tackle. The sheer number of your creditors is overwhelming. You owe thousands of dollars to multiple credit card providers. You have unpaid medical bills. Also, the utility company is wondering where your last payment was. The good news? There are several strategies you can take to reduce your debt. The key to finding the right one? It is all about looking at your personal habits and your financial situation. The snowball method The snowball debt repayment method works well for those consumers who want to see quick results. It also helps those that are so overwhelmed by the sheer number of their creditors that they need to reduce that number as quickly as possible. In the snowball method, you’ll pay off your creditors one at a time, paying off the creditor that you owe the least to first. For instance, if you have five credit cards that are accumulating debt, you’d pay off the card on which you only owe $250. Once that debt is paid off, you move on to the creditor to which you owe the next greatest amount of money. The benefit of this method is simple: It provides quick satisfaction. You will feel a sense of accomplishment every time you tick a creditor off your list. The snowball method also helps you gain more control over your debt quickly by reducing the number of creditors about which you have to worry. The drawback here is that you will spend more money in the long-term tackling your debt. That is something that the next debt-payback method addresses. The avalanche method Under the avalanche method, you again tick off your creditors one by one. However, instead of initially targeting those creditors to whom you owe the least, you target the creditors that are charging you the highest interest rate. If you’ve maxed out three credit cards, pay off the one that comes with the highest interest rate first. The reason? You’ll save a significant amount of interest by paying down your high-interest-rate cards first. On the downside, this method will not produce positive results as quickly as the snowball method. However, you will reduce the debt that is costing you the most money first. Over the long-term, you’ll save money by embracing this approach to paying your debts. Making additional payments You can reduce the amount of time it takes to pay off debt by making additional payments, too. The best news? You can make these extra payments according to your schedule. This is an excellent option for consumers who regularly receive bonuses or commission checks. When these consumers acquire a bit of extra money, they might be able to make an additional payment to their credit card, mortgage loan or auto loan company. For instance, consider if you owe $2,500 on a credit card and have an interest rate of 18 percent and only pay the minimum payment each month of $62.50. It would take you 62 months to pay off your debt. During this time, you will have paid a whopping $1,346 in interest. However, if you had that same debt with the same interest rate and you instead pay $150 a month, it would take you 20 months to pay off your debt. You would pay $398 in interest during this time. What works for you These are just some of the several debt-reduction strategies that you can use to pay back your creditors. Before relying on one of these strategies, though, make sure to take a honest look at your household finances. Before beginning any debt-repayment plan, you’ll need to determine exactly how much you can afford to pay each month to reduce your debt. You can only do this if you first determine how much of your monthly income your total monthly debt obligations consume.

Debt Payoff Strategies

View Resource Debt Payoff Strategies
Companies of all sizes are being targeted by criminals through business email compromise scams. In these scams, cybercriminals gain access to an employee’s legitimate business email through social engineering or computer intrusion. The criminal then impersonates the employee, often a senior executive or someone who can authorize payments, and instructs others to transfer funds on their behalf. First Federal Lakewood recommends the following tips to help businesses and employees avoid business email compromise attacks: • Educate your employees. You and your employees are the first line of defense against business email compromise. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers. • Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically. • Use alternative communication channels to verify significant requests. Have multiple methods outside of email – such as phone numbers, alternate email addresses – established in advance through which you can contact the person making the request to ensure it is valid. • Be wary of sudden changes in business practices or contacts. If an employee, customer or vendor suddenly asks to be contacted via their personal e-mail address, verify the request through known, official and previously used correspondence as the request could be fraudulent. • Be wary of requests marked “urgent” or “confidential. Fraudsters will often instill a sense of urgency, fear or secrecy to compel the employee to facilitate the request without consulting others. Use an alternative communication channel outside of email to confirm the request. • Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions such as call backs, device authentication and multi-person approval processes. For more tips, see the FBI’s Internet Crime Complaint Center’s public service announcement. If you fall victim to a business email compromise scam: • Contact your financial institution immediately to notify them about the fraudulent transfer and request that they contact the institution where the fraudulent transfer was sent. • Contact your local Federal Bureau of Investigation office as they might be able to freeze or return the funds, if notified quickly. • File a complaint, regardless of dollar loss, at www.IC3.gov.

6 Ways to Protect Your Business from Business Email Compromise Scams

View Resource 6 Ways to Protect Your Business from Business Email Compromise Scams
Couldn’t we all use a little more storage space? Lifestyle trends indicate that more people are gravitating towards smaller spaces than ever before. An increasing number of empty-nesters, first-time homebuyers, and people downsizing in a slow economy mean smaller spaces are here to stay. Let’s look at a few easy ways to maximize the space you have, in every room. Everything in its right place It may sound easy, but how many of your kitchen utensils or bath products are really in the exact place they were when you first organized them? Taking a little extra time to store household items consistently makes them easier to find and frees up extra space. Need it often? Move it forward Arrange items so the most frequently used are at the front of your shelves or cabinets. You’ll save time and avoid the hassle of digging to the back when you need them. Sliding shelves for cabinet convenience Cabinets are a lot more user friendly when they include sliding shelves. You won’t have to struggle to reach the back of the cabinet to grab that skillet that always falls behind everything else, and you’ll be able to use every inch of space because you can easily bring everything to you with a simple pull. Use it or lose it If you haven’t used an item in years, you probably don’t need to keep it. Every room can use an annual clean out to reduce the clutter. Reorganize those closets, cabinets and shelves and decide what you really need to keep and what can go.

Maximizing Storage Space for Everyday Items

View Resource Maximizing Storage Space for Everyday Items
“Smart” homes, or homes with features you control from a phone or other connected device, have become extremely popular in recent years. In fact, according to CNET the number of smart homes in the U.S is expected to triple by the year 2018. Adding a few smart features to your home is easy and relatively inexpensive, with connected products available for as little as $50. Here are five simple ways to make your home just a little smarter: Programmable light switches Make it look like you’re home when you’re away with smart lights that turn on and off at select or ran-dom times. It’s a great security feature, and one of the easiest ways to start automating your home. Most home improvement and electronics stores sell smart light systems for about $50. Automated garage door Around 70% of U.S. homeowners use the garage as the main entry to their homes. Monitor and control the most active door in your house with smart phone alerts that let you know when the garage has been left open. Smart controls also let you open it from anywhere in the world for guests, deliveries or contractors. Smart door locks Lock and unlock your front door from anywhere with your smart phone, or give others access to your home without having to lend out your spare key. Smart locks start at about $200 and feature automated alerts to let you know when the door is locked or unlocked. Streaming home security video For about $150, a home video camera adds security by streaming live video to your smartphone the instant any movement is detected in or around your home. Smart temperature control Smart thermostats let you adjust your home’s temperature from wherever you are. Remotely switch your settings to vacation mode if you forgot to do it before you left, or turn on the heat before coming home to get the house comfy. Prices start around $250, and you’ll save up to 20% in energy costs annually.

Five Essential Smart Home Features

View Resource Five Essential Smart Home Features

Its always a good idea to have savings tucked away for a rainy day. Emergencies such as legal or medical bills or loss of a job can all force you into ‘rainy day’ mode. Planning ahead can make these types of events easier to cope with. Determine how big your rainy day savings need to be by factoring in emergency spending needs and essential spending needs if your source of income is interrupted. Once you know what you’ll need, put together a plan based on your current savings, monthly savings and the number of months you want to take to build your rainy day fund.

Save for a Rainy Day

View Resource Save for a Rainy Day
You know you need to save more money, but it seems impossible. After all, you are barely paying your bills now. Moreover, it does not look like your income — thanks to the sluggish economy — is set to grow anytime soon. Saving money, though, should be a priority. If you do not have any savings, how will you handle losing your job or suffering a costly injury? The odds are, you’ll run up loads of debt to cover these financial emergencies. The good news is that saving money is not as difficult as you might think. You can save, at least a little, even if you feel that you have few dollars to spare. Your Budget Your first step is to draft a budget. You cannot save money if you do not know exactly how much money you have coming in and how much is going out each month. At the beginning of every month, estimate the amount of money that will flow into your household. Then subtract your monthly expenses from this figure. Don’t forget to be realistic. Budget enough for groceries and entertainment. If you create a budget that’s not realistic, you’ll have little chance of following it. At the same time, you need to be spending less than you are taking in. So, if you have to, that means cutting back on things that shouldn’t be a priority over saving money. Once you know the difference between your income and your expenses, you’ll know how much money is available for saving. Force Yourself to Save You might get discouraged when you see the results of your budget, especially if you only have a small amount of money left over once you calculate your expenses. Here’s a simple truth, though: What’s important is that you start saving something, not how much you are actually saving. Thanks to compounding, depositing money in an interest-bearing savings account will help your money grow faster. This is a strong case for making regular deposits in your savings account, even if these investments are small ones. So, if at the end of the month you’ll only have $50 for your savings account, don’t get discouraged. Instead, deposit that money. Your Savings Account It is important to select the right savings account. You’ll want an account that pays interest. Your money will not grow as quickly in a savings account as it might in a riskier investment vehicle. However, remember: Your money will remain in your savings account for the long haul. It will grow steadily over time, not necessarily quickly. Secondly, be wary of accounts that require minimum balances. If you do not have a lot to invest early, you’ll need to make sure that you will not face any fines for not having enough dollars in your savings accountant. Direct Deposit If your employer offers direct deposit, it makes sense to ask to have some of your money from your paychecks automatically deposited not only in your checking account, but also in your savings account. This way, your savings account will grow without you having to think much about it. Just make sure that the amount you are automatically depositing is not more than you can afford. You need to be able to pay your bills as well as save your dollars.

Budgeting a Savings Plan

View Resource Budgeting a Savings Plan

The future value of your savings plan is dependent on the starting balance, additional monthly savings and the rate of return you receive on those savings. For the most accurate valuation, you’ll have to to separate taxable accounts such as savings and CDs from your tax-deferred accounts such as 401(k)s and college 529 plans.

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What Will My Savings Be Worth?

View Resource What Will My Savings Be Worth?