December 2016

Money Saving Facts: To-Do-List To Ensure Employee Productivity

We’re now in an era where competition has greatly heightened with old players fighting to hold on to their positions. Digital developments have taken the world by storm and provide new players with a more level-playing field. The numbers of entrepreneurs have surged in recent years and we’re seeing more innovations in different industries.

How to Increase Employee Productivity

In an effort to increase competitive edge, employers are observing worker productivity more and finding ways to increase employee productivity. There are now several technologies aimed at promoting this but are these really the solutions? Or, are they Band-Aid approaches to a larger business issue?

Cut your employees some slack.

Heavily monitoring your workers can increase pressure on them, increasing stress levels over time, even without additional workload. Mental limits do exist. Time spent working does not necessarily equate to the quality of work.

Breaks can consist from taking short naps to sitting at the computer doing non-work activities, anything that allows the brain to take refresh. Discuss with your leaders and your employees to see what works best or what kind of activities you can allow during work hours.

Be supportive to subordinates.

When you’ve noticed an employee that has been performing consistently poorly or there was a sudden drop in productivity, take time to engage with the worker concerned. This person may be undergoing a deep personal issue that’s preventing focus on work.

Establishing a supportive approach would not only help you find ways to work around the issue but would win your employee’s loyalty. That is a strong foundation for productivity. Be human. We all have those days. When reprimanding, do so in private and avoid using derogatory speech. If anyone deserves praise, jump at the chance.

5 Financial Considerations for Parents of Children with Special Needs

by Hank Coleman

Financial Considerations for Parents of Special Needs Children

Having kids is one of the biggest financial decisions you’ll ever make (not to mention emotionally fulfilling, of course), especially if you are the parents of special needs children that requires additional medical care, in-home assistance, and rehabilitative therapies. If your child was recently diagnosed with a mental or physical disability, or you’re currently struggling with your finances as parents of special needs children, there are many things to consider, both short-term and long-term.

A great place to start would be the Parent Advocacy Coalition for Educational Rights (PACER), because their Possibilities publication is a tremendously useful financial resource for parents of special needs children and have disabilities.

Financial Considerations for Parents of Children with Special Needs

Life Insurance

Life insurance is extremely important for parents, especially if there is a disabled child living at home. The trick is deciding how much life insurance you need, based on your annual income, your current (and projected) expenses, and other debts you currently have.

Many people feel uncomfortable when it comes to life insurance because it makes you think about what will happen to your family after your death, but putting off buying life insurance is not the route you want to take here. Instead, getting life insurance while you’re still pretty young will help you save money and ensure that your family is protected even in worst-case scenarios.

Reducing Health Care Expenses

In addition to tax breaks for medical and home aide expenses (more on this below), there are a many health coverage options for children with special needs. If you haven’t already, you can also apply for Social Security Disability Insurance to receive governmental assistance for your child’s medical expenses and ensure they have an income available even when you’re not around.

To save money on your own health care, you may opt for a health savings account to protect your own well-being and supplement any employer-provided health care plan you’re on.

5 Things to Do When Consolidating Your Debts to Save

by Guest Contributor

Moves to Make With Your Finances When Consolidating Debts

According to the American Economic Statistics Office, the average American had credit card debt of over $5800 in 2015, with households averaging over $15,700. These debts come from a number of different credit cards. With the debt coming from a number of different sources, the process of managing one’s finances becomes a bit more tedious.

In order to make this process less tedious, people consolidate their debts into one. In some cases, debt consolidation would also come with lower interest rate. Another alternative is to apply for a loan with more favorable terms to pay off some more expensive debts.

5 Things to Do When Consolidating Debt

Personal finance experts have varying views about using debt consolidation a tool for improving one’s finances. However, regardless of what you might have heard or read about debt consolidation, here are some things you should do if you ever decide when consolidating debt.

Write Out Personal Finance Game Plan

It might sound harsh, but the reality is that most people find themselves in debt because they don’t budget. Put simply, budgeting is the process of planning your future expenses based on your expected income. A Gallup survey once revealed that two out of every three Americans do not budget. Don’t look too far, this data show why many people are in debt.

Since making your finances look better is the reason you’re planning to consolidate debt, it’s important to start with a budget. It helps to have your financial plan written out. There are tons of apps available these days that can make the process easier.

Average American has credit card debt of over $5800, with households averaging over $15,700. Click To Tweet

Young People Are Taking Out Loans In The UK, Why We Should Be Worried

by Guest Contributor

More and more young people are falling deep into debt and it is about time we got worried about it. Many teenagers and young people below 25 are finding themselves struggling to make debt payments and cover costs of living because of the huge loans they got themselves enveloped in. According to a report by Citizens Advice, in every 10 young people, 62% (or 6) are servicing high interest loans such as the payday loan. The charity went on to say about 15% of individuals with damaging debt cases are aged between 17 and 24 years. This figure would not have been so scary if the report did not go on to state that only 8% of that group was … Read more

Unusual Money Habits of the Uber-Rich and Powerful

by Hank Coleman

How would you spend money differently if you had millions of dollars in the bank or stock market? Would you drive a nicer car? Would you eat out at five-star restaurants all the time? You may be surprised by the money habits of the rich and successful that you can emulate.

Or would you continue living as frugally as you did before you acquired millions of dollars?

Being a millionaire or billionaire doesn’t always entail owning the largest mansions, going on luxurious cruises all the time, and owning multiple yachts. Recklessly splurging is something a lot of lottery winners do, but those who worked their way to the top have some quirky financial habits that make them seem eerily normal.

Unusual Money Habits of the Rich and Successful

To give you an idea, here are some unusual money habits of rich and powerful people:

Lady Gaga’s Coupon Obsession

Lady Gaga is worth $275 million, but even with money to burn, she is well-known for her obsession with coupons. The multimillionaire singer and active Twitter user once tweeted to her 64 million fans: “Why do people look at me like I’m crazy when I use coupons at grocery [stores] or try bargaining at retail?”

No matter how much money you have, clipping coupons and scouring the sales racks for great bargains are fun and frugal-minded moves to incorporate into your shopping routine.

Michelle Obama’s Fashionably Frugal Wardrobe

Politics aside, one thing we can all admire about Michelle Obama is her ability to rock chic and affordable styles and brands like Gap and H&M while she was the First Lady. Known for being the most stylish FLOTUS in recent years, Michelle Obama always surprises people with her frugal fashion choices.

She wore a $34.95 H&M dress for her 2011 interview on the Today show or wearing a $39.99 dress from Target for a press event in 2012. No matter how much money you have, affordable wardrobes never go out of style.

How to Save on College Student Expenses on Campus and Earn More Money

by Guest Contributor

The following is a guest post on Money Q&A by Andrew Rombach, who manages the scholarship website, scholarshipfly.com. Would you like to write the next one? If you would like to write an article for Money Q&A, please visit our Guest Posting Guidelines page. You are spending too much money on your college education. Unless you’re the world’s thriftiest student already – and chances are you’re not – it’s a fact that you’re not saving as much money as you could be. You’re spending too much money on college student expenses. Save on College Student Expenses on Campus Below are a few of the biggest categories where students fail entirely in picking cost-effective options, aside from opting for in-state tuition. These failures keep students … Read more