Retirement planning is far from simple. Sometimes, it feels like you are speaking a different language from everyone else. From words like 401k and 403b to IRAs, it can be a bit overwhelming. The better you understand your IRA options, though, the greater your flexibility in managing your retirement investments becomes. These are a few key details and facts about IRAs you need to know. Individual Retirement Accounts First things first, what is an IRA? IRA is short for Individual Retirement Account. It represents a specific type of tax-advantaged investing account set aside for retirement savings. The varied types of IRAs allow improved flexibility and freedom for your retirement investing. The more you learn about your options, the more informed of a decision you can make about which type of IRAs best meet your needs and interests. Before diving in too far, it is essential to understand that whether your contributions to an IRA are tax-deductible depend on a few factors, including accessibility to employer-sponsored retirement plans and your income. There are also limits related to how much you can invest in IRAs each year. Plus, funding limits can vary from one type of IRA to the next. It is wise to consider all options before choosing one over another so that you have a clear image of what each one will mean for your retirement savings. Traditional IRAs As long as you are employed, whether self-employed or otherwise and under the age of 70.5, you can invest in a traditional IRA. That is, as long as you fall within the income limitations and abide by the maximum contribution limits for traditional IRAs.  If you have an employer-sponsored retirement plan you participate in, you may still contribute to a traditional IRA, but those contributions are not tax-deductible. The one upside of that, however, is that the earnings are tax-deferred as they grow. With the traditional IRA, you may begin receiving distributions of payment at the age of 59.5 as long as you have had the account open for at least five years, and you must start taking out distributions by April 1 of the year after you reach the age of 70.5. The costs of early withdrawals are high and include taxation and IRS penalties of 10 percent. You may, however, receive a loan from your IRA. It must be repaid within 60 days, though, or the same penalties for early withdrawals apply. Roth IRAs While Roth contributions are never eligible for tax deductions, the earnings on these investments grow tax-free. Investing in this type of IRA is, essentially, giving yourself the gift of tax-free income during your retirement. The limits for investing in Roth IRAs are usually equal to the limits of investing in traditional IRAs when it comes to income and investments.  Another benefit of the Roth IRA is that it offers more lenient rules regarding withdrawals. Anyone who anticipates retiring in a tax bracket that is larger than their current tax bracket might want to consider the post-retirement tax-benefits this type of IRA delivers.  Roth IRAs are also exceptional choices for people interested in leaving their heir’s tax-free income. In some cases, it can last throughout their lifetimes, according to Bankrate. You can also continue contributing to your Roth IRA even after reaching the age of 70.5, which is something you cannot do with a traditional IRA. One more reason to give the Roth IRA a long, hard look applies to high earners or people who earn more than the limits for a Traditional IRA. You do this by making a contribution to a Traditional IRA that is not tax-deductible and then converting that IRA to a Roth IRA. You must also pay taxes on any gains made when the conversion takes place. Many refer to this is at the Roth Back Door. However, there are tricky tax considerations for this option, and you should obtain the advice of a tax professional before going down this path. Self-Directed IRAs This type of IRA, while governed by the same contribution and income limit rules of other types of IRAs offers greater freedom when it comes to types of investments allowed. For instance, Roth and Traditional IRAs are often limited to the usual investment scenarios that include the following: Self-directed IRAs offer an expanded list of assets in which you can invest, such as: It offers investors more options but also comes with stricter regulations about how the money can be used in relation to those investments. SEP IRA Short for Simplified Employee Pension IRA, these are employer-sponsored IRAs. The money in these IRAs gets contributed by the employer and offers a flexible, cost-effective option for employers who would like to help employees have retirement savings but are not able to contribute every year. The employee controls the retirement funds in an employee’s account. The employer makes contributions when possible and receives the tax deduction for the contribution. Simple IRA This employer-sponsored plan is short for Savings Incentive Match Plan for Employees (SIMPLE) IRA. Best suited for small businesses that have fewer than 100 employees who earn at least $5,000 annually. The beauty of this plan for employees is that employers may make matching contributions or non-elective contributions. IRAs might sound complicated. And specific rules abound for each different one. Working with a financial advisor and tax professional can help you maximize your IRA mileage so that you can get closer to your retirement goals.

What are My IRA Options?

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You have probably seen advertisements advising you to search for unclaimed money. Many people dismiss the offers as potential scams or information grabs. However, many people are leaving money on the table without even realizing it. Even the U.S. Government has a site for people who may have unclaimed money from things like bank and credit union closings, tax refunds, back wages, pensions payments, and even life insurance payments. And that, for many, is only the beginning. How Much Unclaimed Money is Available? According to USA Today tech columnist Kim Komando, in Arizona alone, there is more than $1.5 billion in unclaimed property just waiting for the right person to claim it. That includes things like FHA refunds, utility deposit refunds, unclaimed life insurance, and undelivered tax refunds. Of course, it is crucial to be mindful of scams. Companies are out there offering to locate unclaimed money on your behalf – for a fee. If you are looking for money from one of the sources mentioned above, the U.S. Government website is an excellent place to begin your search.  How Does Money Go Missing? Money goes missing in a variety of ways.  Places to Look Fortunately, there are plenty of places to look. The best practice is to begin your search in your home state. If you have lived in multiple states, you may want to consider searching for unclaimed money in all of them. You should be aware that each state could have different websites and processes for looking for and claiming unclaimed money in your name.  The simple step would be to do an Internet search for “unclaimed money + state.” Just make sure that you find a trusted site with a .gov extension before you provide any personal information. You should also never pay a fee. You might also consider where you can conduct a state by state search for unclaimed properties in your name. However, there are a few helpful websites that may aid you in your search for unclaimed money: One huge tip is to look for variations on your name if you have one that gets commonly misspelled. That offers you more opportunities to find the funds that may belong to you, despite an incorrect spelling. Once you have located unclaimed funds that potentially belong to you, it is time to collect those funds. Each website should detail the process for claiming your funds, as well as provide information related to how long it should take to complete the process and deliver proof of your identity.  The process, from start to finish, can take anywhere from a couple of weeks to a couple of months. While the rewards for your efforts may be small, there is always a chance that they can be much larger than you anticipate. Takeaway There is a lot of legitimate unclaimed money floating around. Knowing the right places to find the money and how to avoid common scams can help you find any unclaimed money waiting for you, without becoming a victim in the process.

Searching for Unclaimed Money

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Many individuals don’t realize the amount of food they are wasting each day, from spoiled produce to uneaten leftovers. According to a recent Environmental Protection Agency (EPA) study, around 94% of the food that gets thrown away winds up in combustion facilities or landfills. There were 38.1 million tons of disposed of food waste in 2017. But, the Food & Drug Administration (FDA) says everyone can play their part in contributing to the national goal for food waste reduction to decrease food waste by 50% by 2030. Benefits of Reducing Food Waste There are many benefits of reducing food waste, including: Ideas for Reducing Food Waste Some ways you can reduce food waste at home are:
  1. Plan Your Meals
    Just making a weekly meal list can help save you time and money and allow you to consume healthier food. If you purchase no more than what is on your planned meal list, you will be more likely to use it all and keep it fresh.
    Some things you can do are:
    • Maintain a running list of ingredients and meals your household already favors. That will allow you to easily select, purchase and prepare meals.

    • Create a shopping list around the number of meals you plan on eating at home and account for any days you plan on eating out.

    • Check your cupboards and refrigerator first to prevent you from purchasing food you have already.

    • Before you go shopping, plan your meals for that week and only purchase those things you require for those meals.

    • Only purchase what you will need and plan on using. Buy in bulk to save money if you can and know you will use off of it before it goes bad.

  2. Eat Out
    When you eat out, request smaller portions to avoid wasting leftover food on your plate and to keep you from overeating. Or, instead of leaving leftover food on your plate, ask for a takeaway box so you can bring the leftovers home.

  3. Use Your Freezer
    You can store quite a bit of food in your freezer, and this will keep it from spoiling until you are ready to eat it. There is also a “FoodKeeper App” you can use to learn information on how long you can store various items in your freezer.

  4. Shop Realistically and Smart
    While it sounds easy enough, this is not always an easy thing to do — but it is essential. When shopping for food, ensure you do not purchase too much. That might mean you will have to go shopping more often or buy less food every time.

  5. Save Leftovers and Eat Them
    If you have food leftover because you cooked too much or ordered too much while eating out, save it, and make sure you eat it. Put a label on your leftovers to help you keep track of the length of time they have been in your freezer or fridge and incorporate your leftovers into your weekly meal plans.

  6. Take Food Label Dates Lightly
    Review food label dates. That is because they are not federally regulated (except for baby formula). A “best by” or “use by” date usually indicates when the food is of its highest quality. There could be a change in texture, color, or taste after its “best by” dates. Chances are if you have been going by food label “best by” or “use by” dates, you have been throwing away perfectly good food. That said, if you have milk that has an expired date, and it smells spoiled, it most likely is.

  7. Keep a Food Tracking Journal
    Maintain a waste log to keep track of what you are tossing out, which can help prevent you from continuing this habit. You might even want to attach a dollar sign on the food you throw out. That will help you see the actual “money” you are wasting.

  8. Use “Ugly” Fruits and Veggies
    These are the vegetables and fruits that are imperfect, maybe bruised a little, or have brown spots on them. But they are still good. You can whip up some “ugly” fruits or veggies into a healthy smoothie or soup for your family or friends, and they will not even notice the difference.

  9. Use the Two-Hour Rule
    Do not leave perishable foods out for more than two hours at room temperature, for safety reasons. Refrigerate all leftovers within a couple of hours of eating them.

  10. Compete With Your Friends
    Compete with family and friends to see who can reduce food waste the most.
You do have control over the food you waste. If it is not possible to decrease food you waste, at least keep it out of the landfills. You can donate safe, untouched, and nutritious food to food banks to help feed people in need. You can also compost food waste instead of tossing it out.

Reducing Food Waste at Home

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Some individuals have altered their way of life with the tiny house movement. They have adjusted to fewer belongings and smaller spaces and are looking to save money and focus on better experiences and relationships. But, is a tiny home right for you?  What is a Tiny Home? A tiny home is characterized as a single-family home that is around 400 square feet or less.  Tiny houses come in various styles. You can have either a modular, manufactured home or traditional stick-built home, both constructed on a permanent foundation. These are at the higher end. There is also a method that uses a mobile trailer as the foundation, but conventional materials for construction. Some people have even converted their storage container or shed into a tiny home.  Advantages of Tiny Homes As with any important financial decision, you should consider both the advantages and disadvantages of tiny homes before committing to investing in one. Some advantages of investing in a tiny home are:
  1. You Get All the Modern Conveniences with Tiny Homes
    You do not have to sacrifice modern living conveniences just because your house is tiny. Tiny homes can still have air conditioning, a washer and dryer; even a private sleeping area on a second floor. You have nearly the same options of customization with a tiny home as you do with a standard home.

  2. It is Easier to Live Mortgage-Free in a Tiny Home
    Tiny homes typically cost a fraction of the price of a traditional home. You can often build a tiny home for the amount you would have to use for a down payment on a typical home, or use the cash-out proceeds from the sale of your existing home to fund your tiny home purchase.

  3. There is Less to Clean Since there is Less Space
    Less space typically means less to clean. You could probably take 30 minutes out of your day and:
    • Fold and put the laundry away

    • Organize

    • Do dishes

    • Sweep
    Now, compare that to the often couple of hours it takes to complete the same chores in a bigger, standard home.

  4. You Save Money For Other Things
    In the U.S., the average sales price of new houses in May 2017 was $406,400, according to the U.S. Census Bureau. Tiny homes, on the other hand, can cost as low as $8,000.
Because tiny homes create “a minimalist lifestyle”, this means you enjoy decreased maintenance and expenses which frees money and time to live your life.  Disadvantages of Tiny Homes Of course, there are some disadvantages to consider with tiny homes, including:
  1. Tiny Homes May Have Questionable Legal Status in Certain Communities
    Some neighborhoods or communities may have certain building codes dictating the minimum size of a house. In the case of a tiny home, it might not receive approval for construction. Tiny homes might be subject to zoning requirements as well, with restrictions on the number of stories, width, height, and more. If you live in a tiny portable home, some jurisdictions will classify your home like an RV, rather than an actual house. Therefore, when you decide to embrace this lifestyle, be sure to review all the administrative requests and zoning codes to ensure you stay compliant.

  2. Storage Space is Minimal
    Tiny homes don’t provide a whole lot of storage space, which can make it hard for you to do certain things. For instance, while you may save time when it comes to cleaning your home, meal prep is a different story. It can be more difficult to prepare your meals in advance since you have limited storage space. That means you cannot buy in bulk, so you will make more trips to the supermarket, spend more and will be forced to prepare meals and cook every day.
    3.  
  3. You Have Limited Privacy
    If you share your tiny home with another person, privacy could become an issue. While you can have a lock on the bathroom door or a second-floor bedroom, it is always going to be a little cramped when living with another person.
Tiny homes aren’t for everybody. But, they can be your next step if you have already embraced a minimalist lifestyle. And, if you like to travel all over or be free of mortgage payments, a tiny low-cost home may be just the answer. But, even with a tiny home, you still have a big decision to make to ensure it is the right match for your needs.

Is a “Tiny Home” the Answer?

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You can hardly turn on the news these days without hearing about some weather disaster or climatological catastrophe taking place somewhere in the world. The list of potential climate-related hazards is long and frightening to anyone who is paying attention.  These are just a few examples of the climate events we face with increasing frequency and intensity: Each extreme weather event is a potential example of the growing concern over the Earth’s fragility and the role man is playing in the planet-wide changes that are taking place. Now is the time when people need to begin considering the financial ramifications of our dynamically changing world. These are some of the preparations you need to make for a climate-changing world.  How Vulnerable Are You? Believe it or not, where you live plays a significant role in how well protected you are. People who live near the ocean face the most significant degree of risk from wind and water-driven events such as hurricanes, typhoons, tidal waves, flooding, and tsunamis. Those are not the only areas at risk, however. People who live near volcanoes, even dormant or “inactive” volcanoes, also face huge risks when the world begins protesting in louder and more spectacular ways.  People living in areas prone to earthquakes and wildfires are also at high risk. The problem with climate change on the scale of current projections is that we may have only seen a glimpse of the damage that humankind may experience. People living in vulnerable areas stand to face higher risks as the damage to the planet continues. Impact on Insurability Insurance against certain events is already becoming impacted by rising premiums. Since 1968, the government has stepped in to start the National Flood Insurance Program because insurance companies found it to be too costly for them to ensure homeowners and businesses against floods. Warnings exist. According to The Guardian, with the rise in death and destruction from climate-related disasters, costs will rise for consumers purchasing insurance. The prices of California wildfires cost insurers over $24 billion. That does not even count the human costs. As natural disasters continue and rise, prices will increase to the point that many low and moderate-income consumers will no longer be able to purchase insurance. Other Areas at Risk Economically, areas that experience more considerable upheaval due to climate change, such as drought-stricken areas, wildfire-ravaged areas, and hurricane or flood-devastated areas, face huge losses from people choosing to rebuild elsewhere. U.S. News reports that the economic losses of drought and water shortages could go as high as $180 billion.  Not only will people exit these profoundly affected areas, but property values will also become unsustainably high, jobs will evacuate for greener pastures, as will the industries that support these people and communities. Utility bills will likely soar as temperatures in some areas become warmer, and the strain on the electrical grid grows. It would be best if you were financially prepared for these changes before it’s too late. Making a Personal Impact Aside from setting aside extra money to account for rising costs associated with climate change, there are other changes you can make now that will have an impact on your future and, perhaps, the future of the planet.  The more people who speak up and choose green lives, the less we need to rely on the government to make the necessary changes. Takeaway Climate change is changing the world as we know it, in potentially terrifying and costly ways — the more people that get on board, the better. Financial preparations can spare you some pain of climate change, but only if you act quickly.

Preparing Financially for a Climate Changing World

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If you have been online for a while, especially in cybersecurity circles, chances are you’ve heard of the “dark web.” This term is being used with more frequency to describe a secret digital world of criminal activity for everything malicious or shady that occurs online. And, while you might not think it’s real, it is. So, precisely what is this dark web, and how can you protect yourself from it? What is the “Dark Web”? The dark web is the section of the internet that search engines are not indexing. To access the dark web, you need to use a special anonymizing browser called “Tor.” Dark web sites end in .onion, rather than domain names like .com, .co, .org., .edu, or. gov. To avoid being caught, merchants and scammers are constantly moving site locations, and sites on the dark web are always changing to avoid malicious distributed denial of service attacks (DDoS). And, no doubt, you have heard it is a breeding ground for criminal activity, and this is true. An “Into the Web of Profit” study in 2019, conducted by the University of Surrey’s Dr. Michael McGuire, found that the adverse implications of the dark web are worsening. The number of listings on the dark web that could threaten companies has increased by 20% since the year 2016. Sixty-percent of all listings (except those that sell drugs) could potentially threaten companies. A big concern for the average individual and businesses is the dark web also provides a means for purchasing and selling things like stolen: On the dark web, you can purchase: Protecting Yourself From Dark Web Fraud So how do you protect yourself from the dark web? Here are some tips to ensure better security:
  1. Gain knowledge. You can have your domain checked for free to see if any of your company’s credentials are for sale on the dark web.

  2. Protect your passwords. Many individuals use the same password or some form of the same password for multiple online sites and services. By doing this, you make it too simple for hackers to gain access to your different accounts. You should use different passwords for each account and do not use common easy-to-hack passwords like your birthdate or name of your dog.

  3. Use Two-factor authentication or multi-layered security options for your accounts. For instance, you can set it up where a verification text will be sent to you each time you log into an account like Twitter.

  4. Update your software. Be sure you update all software, so you are protected from the latest threats. For instance, antivirus services are always identifying new threats and thereby updating their services. Application providers will close security loopholes as they identify them as well.

  5. Call in the professionals if you are breached. If you are a victim of cybercrime, you need an expert to handle the situation. Professionals will know what to do for security breaches. They can help you fix your situation and better protect yourself in the future.
Unfortunately, data breaches happen all the time, and individuals and companies frequently find out their sensitive data was compromised when they find it on a marketplace of the dark web. Deep web scanning is essential for proactively scanning to see if your credentials or other sensitive data has been stolen and marketed on the dark internet. When you become aware that your confidential information is compromised, it provides you with the chance to take action to stop or prevent attacks.

Understanding the “Dark Web”

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Financial setbacks happen. Even the most cautious of consumers have been caught unaware by an unexpected bill, the loss of a job, or other emergencies that turn their careful financial planning on its ears. The setback itself isn’t as significant as how you respond to it when trying to make a comeback. These are the things you need to keep in mind when trying to dig your way out of a financial setback. Assess Your Situation Before you can begin to recover, financially speaking, you must first thoroughly understand the ramifications of your setback. Most of the time, the source of your financial reversal is something that was entirely beyond your control. Even when you do not have control over the cause, you do have control over how you address the matter. Start by determining just how far-reaching the consequences of this setback are.  You have to know what the big financial picture looks like before you can begin making plans to change your future and make a comeback. Obtaining a copy of your credit report is an excellent place to start. You can also see if there are any mistakes listed and clear those up as you work to improve your overall financial situation. Find the Right Resources The first thing to realize is that no matter how overwhelming your situation may seem, there are resources available that can help you in your efforts to recover. Your mission, at this point, is to find the right resources to help you figure out where you want to go next and then, how to get there. One of the best resources to consider is a money mentor. These mentors can help educate you on the reality of your financial situation and the steps you can take to dig your way out of debt and make your economic comeback.  You do not necessarily need to spend money to find a qualified financial mentor. There are many excellent blogs and financial educators online who can help you find the resources you need to start your journey back to where you started and even into a better financial situation overall. That will give you a roadmap to follow that will cost you nothing to get started. You only need to establish a plan to help get you back on track. Establish a Plan That is one of the most important things you can do to begin the journey toward the financial future you had envisioned or even have had in the past. It would be best if you created a plan that you can put into motion to regain control over your financial situation. A few key things to remember when creating a plan include the following: Once you have your plan in place, it is time to create personal financial goals that go beyond merely recovering. Set Goals Part of making a comeback from your setback is to begin creating financial goals for the future. In your case, it can be something as simple as achieving a specific credit score by a particular time. Once you begin accomplishing some of the steps in your plan, like paying off some of your credit cards, your score will improve on its own. Once you have accomplished part of your plan, you can turn your attention to bigger goals and changes. The idea is always to create new financial goals to improve your financial circumstances. Takeaway A financial setback is just that — a step backward. Failing to recover and start moving forward, however, can prevent you from enjoying the comeback you so richly deserve. These steps can help.

Making a Comeback from a Financial Setback

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Operating under the idea of “less is more” in life and money, the minimalist model of living is something more people are beginning to ascribe to. The thought is the fewer possessions one has, the less crowded your life becomes. From interior design to closet space and all spaces in between, minimalism is gaining traction among consumers of all ages and all economic brackets. Here’s what you need to know about minimalism and the minimalist model. The Benefits of Minimalism The benefits of minimalism are different for every person, and people have different reasons for embracing the minimalist model. Some of the common reasons for embracing minimalism include: As you can see, the benefits are far-reaching for those who dedicate themselves to living minimalistic lifestyles. The benefits can be even broader than you expect, though. By reducing the “noise” around you (from things like the Internet, the clutter in your home, financial concerns, etc.), you may even discover a more peaceful existence. With less stress, you might find you realize physical and mental health improvements. These benefits are priceless. A Minimalist Home A minimalist home is one that offers many positive contributions. Not only is it uncluttered, but it is also easier to clean, maintain, and keep organized. Minimalist homes are not overcrowded with furniture. They offer clean lines and transparent surfaces. If you do have accent decorations in the minimalist home, they are few and, usually, meaningful. When you embrace a minimalist home, you focus on the quality of items in your home, rather than their quantity. This is how you begin. Tackle one room in your home at a time, and begin with the most essential items in the room – the furniture. This does not mean you cannot have any decorations in your life, only that you should have fewer distractions from the decorations you choose. A Minimalist Life A minimalist life is one that is better for your finances, your health, your mind, and the planet. When you live a minimalist life, you develop deeper relationships with the people in your life and focus more on things that truly matter to you. You also do not get caught up in the “noise” and “clutter” of the world around you. Your home becomes simpler to clean. You have time for the things that are most important to you, and you have the money and the energy to pursue activities that matter most. Takeaway The minimalist model is one most people would be happier pursuing in life. When you have fewer things, you discover you need fewer things. When you are unconcerned over accumulating more possessions, you enjoy the belongings you have even more. It is a gift you give yourself.

The Minimalist Model

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If you are behind on your bills or are drowning in credit card debt, chances are you might have been tempted to take out a payday loan. A payday loan is typically a loan between $100 to $500 that you have to pay back from your next paycheck. But, payday loans can be more damaging than they are helpful since many have interest rates that exceed 400%. What Is a Payday Loan? Payday loans are a short-term borrowing solution where you obtain a high-interest loan based on your credit profile and income. They may also be referred to as check or cash advance loans. The loan amount is usually a portion of your next paycheck. As mentioned, these loans can carry crazy interest rates for short-term borrowing. Finding Better Alternatives Some individuals can not afford to pay payday loans off within a couple of weeks. So, they either roll the loan over or take another payday loan out to pay off the first one. There are alternatives you can try rather than taking out a payday loan.. They include:
  1. Ask Family or Friends
    Ask a family member or friend if they would be willing to make a short-term loan to help you out of a tough situation. If they agree, you should always put the loan agreement in writing, provide them a time period where you will be able to repay the loan and offer to pay them a reasonable, but friendly, interest rate. This ensures reliability and trust. If they can not help you out financially, perhaps they could help with things like:
    • Sharing meals

    • Free child care

    • Other assistance

  2. Sell Valuable Belongings
    You can sell valuable items through a yard sale or at a pawn shop. You can put your belongings up for auction on sites like Craigslist or eBay. Selling belongings for fast cash is definitely a better solution than taking out a payday loan, especially if they are items you do not need.

  3. Try a Payday Alternative Loan (PAL)
    The National Credit Union Administration regulates PALs. It created the program in the year 2010. However, the loans must be:
    • Given in amounts between $200 and $1,000.

    • Issued only to people who have been members of the credit union for a minimum of a month.

    • Affordable, with a 28% maximum annual percentage rate and no more than a $20 application fee, which will reflect the actual processing cost.

    • Provided to individuals one at a time; people can not receive more than three PALs within a six month period.

    • Provide no rollovers; they must be repaid completely after one to six installment months.

  4. Get a Second Source of Income
    A temporary or additional part-time job might be needed for covering extra expenses. Today, there are a lot of side gig opportunities, including dog sitting, rideshare driving, and even grocery shopping. If you have substantial debt, you might require more funding than what a short-term payday loan can provide. Ask your family or friends if they can help watch your children so you can get a second job.

  5. Seek the Help of a Bank
    Many banks, when you consult with them, will often help consumers with pending overdrafts. They might help you work a short-term solution out with reduced fees. But, you’ll never know until you ask them.
Remember, payday loans, while a standard solution for paying off debt, come at a high cost, and they can be more damaging than they are helpful. So, it is always better to seek alternatives to payday loans whenever possible.

Alternatives to Pay Day Lenders

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The decision to become a one-car family can be one of the most financially liberating choices for any family to make. With the average cost of a new mid-size SUV hovering around the $25,000 mark, the expense of owning and operating multiple vehicles can be astronomical. Of course, the decision to downsize to one car is one that requires careful consideration before you make your move. What is the Dynamic? The first question you need to consider is this: what will it take to make your family work with only a single car? Many small and medium-sized cities offer plenty of transportation alternatives to automotive travel. So, the good news is that having multiple vehicles is not a lifestyle necessity. But you must really take stock of the practicalities of using alternate forms of transportation, too. One of the most important aspects of making the transition is effective communication by all family members. Last-minute changes of plan can throw the entire day off-course. That means you need to keep an active calendar of events, so the whole family always knows what is going on with transportation. At the end of the day, you need to have everyone on board to make the one-car plan work for your family. If family members are resistant or holding out, it could set your efforts back before you even know it by making everyone miserable with the new arrangement. Benefits of Being a One-Car Family There are many benefits to being a one-car family that goes well beyond the financial benefits. In addition to eliminating monthly payments, parking, insurance, maintenance, registration, and more, keep in mind to include things like: The big question most families have when weighing this decision is how to make it work. That requires careful planning and taking the time to measure how “on board” your family is for the idea. Make sure they understand the potential costs and benefits. Other Means for Transportation Becoming a single-vehicle family does not mean that other members of the family are left out in the cold when it comes to transportation. It just means you have to plan for specific events a little more carefully than if you were to have two vehicles. Fortunately, there are many alternative forms of transportation available in communities of all sizes, such as: There is also the potential to telecommute. If one or both parents in the family can work from home, making a move to a single-vehicle would be more comfortable. The goal is to simplify your finances and your lifestyle by downsizing your debt and your car situation. Make sure you have it planned to the point that it does not cause additional, unnecessary stress to accomplish. Takeaway Making the switch to become a one-car family does not have to be a painful decision, nor does it need to feel like a monumental sacrifice. As a matter of fact, it can be quite freeing by doing the following: With benefits like these, the sacrifice actually seems quite small.

Becoming a One-Car Family

View Resource Becoming a One-Car Family