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Budgeting Tips for the Sandwich Generation: How to Care for Kids and Parents
Everyone knows that raising kids can put a serious squeeze on your budget. Beyond covering day-to-day living expenses, there are all of those extras to considerâsports, after-school activities, braces, a first car. Oh, and don’t forget about college.
Add caring for elderly parents to the mix, and balancing your financial and family obligations could become even more difficult.
“It can be an emotional and financial roller coaster, being pushed and pulled in multiple directions at the same time,” says financial life planner and author Michael F. Kay.
The “sandwich generation”âwhich describes people that are raising children and taking care of aging parentsâis growing as Baby Boomers continue to age.
According to the Center for Retirement Research at Boston College, 17 percent of adult children serve as caregivers for their parents at some point in their lives. Aside from a time commitment, you may also be committing part of your budget to caregiving expenses like food, medications and doctor’s appointments.
When you’re caught in the caregiving crunch, you might be wondering: How do I take care of my parents and kids without going broke?
The answer lies in how you approach budgeting and saving. These money strategies for the sandwich generation and budgeting tips for the sandwich generation can help you balance your financial and family priorities:
Communicate with parents
Quentara Costa, a certified financial planner and founder of investment advisory service POWWOW, LLC, served as caregiver for her father, who was diagnosed with Alzheimer’s disease, while also managing a career and starting a family. That experience taught her two very important budgeting tips for the sandwich generation.
First, communication is key, and a money strategy for the sandwich generation is to talk with your parents about what they need in terms of care. “It should all start with a frank discussion and plan, preferably prior to any significant health crisis,” Costa says.
Second, run the numbers so you have a realistic understanding of caregiving costs, including how much parents will cover financially and what you can afford to contribute.
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17 percent of adult children serve as caregivers for their parents at some point in their lives.
Involve kids in financial discussions
While you’re talking over expectations with your parents, take time to do the same with your kids. Caregiving for your parents may be part of the discussion, but these talks can also be an opportunity for you and your children to talk about your family’s bigger financial picture.
With younger kids, for example, that might involve talking about how an allowance can be earned and used. You could teach kids about money using a savings account and discuss the difference between needs and wants. These lessons can help lay a solid money foundation as they as move into their tween and teen years when discussions might become more complex.
If your teen is on the verge of getting their driver’s license, for example, their expectation might be that you’ll help them buy a car or help with insurance and registration costs. Communicating about who will be contributing to these types of large expenses is a good money strategy for the sandwich generation.
The same goes for college, which can easily be one of the biggest expenses for parents and important when learning how to budget for the sandwich generation. If your budget as a caregiver can’t also accommodate full college tuition, your kids need to know that early on to help with their educational choices.
Talking over expectationsâyours and theirsâcan help you determine which schools are within reach financially, what scholarship or grant options may be available and whether your student is able to contribute to their education costs through work-study or a part-time job.
Consider the impact of caregiving on your income
When thinking about how to budget for the sandwich generation, consider that caring for aging parents can directly affect your earning potential if you have to cut back on the number of hours you work. The impact to your income will be more significant if you are the primary caregiver and not leveraging other care options, such as an in-home nurse, senior care facility or help from another adult child.
Costa says taking time away from work can be difficult if you’re the primary breadwinner or if your family is dual-income dependent. Losing some or all of your income, even temporarily, could make it challenging to meet your everyday expenses.
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“Very rarely do I recommend putting caregiving ahead of the client’s own cash reserve and retirement.”
When you’re facing a reduced income, how to budget for the sandwich generation is really about getting clear on needs versus wants. Start with a thorough spending review.
Are there expenses you might be able to reduce or eliminate while you’re providing care? How much do you need to earn each month to maintain your family’s standard of living? Keeping your family’s needs in focus and shaping your budget around them is a money strategy for the sandwich generation that can keep you from overextending yourself financially.
“Protect your capital from poor decisions made from emotions,” financial life planner Kay says. “It’s too easy when you’re stretched beyond reason to make in-the-heat-of-the-moment decisions that ultimately are not in anyone’s best interest.”
Keep saving in sight
One of the most important money strategies for the sandwich generation is continuing to save for short- and long-term financial goals.
“Very rarely do I recommend putting caregiving ahead of the client’s own cash reserve and retirement,” financial planner Costa says. “While the intention to put others before ourselves is noble, you may actually be pulling the next generation backwards due to your lack of self-planning.”
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Making regular contributions to your 401(k), an individual retirement account or an IRA CD should still be a priority. Adding to your emergency savings each monthâeven if you have to reduce the amount you normally save to fit new caregiving expenses into your budgetâcan help prepare you for unexpected expenses or the occasional cash flow shortfall. Contributing to a 529 college savings plan or a Coverdell ESA is a budgeting tip for the sandwich generation that can help you build a cushion for your children once they’re ready for college life.
When you are learning how to budget for the sandwich generation, don’t forget about your children’s savings goals. If there’s something specific they want to save for, help them figure out how much they need to save and a timeline for reaching their goal.
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Ask for help if you need it
A big part of learning how to budget for the sandwich generation is finding resources you can leverage to help balance your family commitments. In the case of aging parents, there may be state or federal programs that can help with the cost of care.
Remember to also loop in your siblings or other family members when researching budgeting tips for the sandwich generation. If you have siblings or relatives, engage them in an open discussion about what they can contribute, financially or in terms of caregiving assistance, to your parents. Getting them involved and asking them to share some of the load can help you balance caregiving for parents while still making sure that you and your family’s financial outlook remains bright.
The post Budgeting Tips for the Sandwich Generation: How to Care for Kids and Parents appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
9 Things I Love and Have Learned After 9 Years Of Blogging
I still remember the month I started my blog. I don’t really remember the exact first day, but I remember the first month and how excited I was.
In August of 2011, I started Making Sense of Cents.
That was exactly 9 years ago!
Back then, I had no idea what I was doing, and I also had no goals for my blog.
I didn’t even really know what a blog was, or that they could make money.
I also didn’t even like to write at that time!
In the past 9 years, so much has changed for me.
It’s crazy to think that I started my blog nine years ago, especially when I consider all of the amazing things it has done for my life.
It was something I started and worked on in addition to my full-time day job as a financial analyst, and around two years after I started this blog, I quit my day job to blog full-time.
Some numbers on Making Sense of Cents:
- My first blog post was published on August 10, 2011. You can read it here.
- I have published 1,878 articles here on Making Sense of Cents. That number was higher about a month ago, but I recently deleted several hundred articles that I thought weren’t good enough.
- I have 70,816 comments on my blog posts.
- I’ve personally replied to 21,080 comments.
- It took me 6 months to earn my first $100 from Making Sense of Cents.
First, a little backstory on how I began.
You may have heard this from me before, but the funny thing is that I created my blog on a whim after reading about a personal finance website in a magazine. It started as a hobby to track my own personal finance progress, and I honestly didn’t even know that people could make money blogging!
I knew NOTHING about running a website.
At that time, I was working as an analyst at an investment banking and valuation firm. I chugged along working the 8-5, Monday through Friday grind and didn’t see myself having an enjoyable future there. I had a stressful job filled with lots of deadlines and responsibilities that just didn’t interest me. Yes, I know this is the norm for some people, but I just couldn’t imagine myself living like that for 40+ years.
Blogging was an outlet for my stressful day job, and my interest quickly grew, even though it was just a hobby. It gave me space to write about my personal finance situation, have a support group, to keep track of how I was doing, and more. I did not create Making Sense of Cents with the intention of earning an income, but after only six months, I began to make money blogging.
A friend I met through the blogging community connected me with an advertiser, and I earned $100 from that advertisement deal.
That one deal sparked my interest in taking my blog more seriously and learning how to make even more money blogging.
I now earn a great living from my blog, and it all started on a whim, not even knowing that blogs could make money.
Blogging completely changed my life for the better, and I urge anyone who is interested to learn how to start a blog as well.
Blogging has allowed me to take control of my finances and earn more money. It means I can work from home, travel whenever I want, have a flexible schedule, and more!
Related content:
- How I Successfully Built A $1,000,000+ Blog
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- How To Start a Blog Free Course
- Should I Start A Blog? Here Are The Top Reasons You Will Love Blogging
- What is a blog post?
And, all of this happened because I started some random blog nine years ago.
I made so many mistakes, and I still make mistakes today. But, I continue to learn and improve, which has shaped this blog into what it is today.
I was so afraid to quit my job when I did, especially for a blog.
So many people thought I was absolutely crazy and making the worst decision of my life. Especially since my husband quit his job at the same time!
Today, I want to talk about the the 9 things that I love and have learned about blogging over the years. I feel like what I enjoy about blogging as well as what I’ve learned go hand in hand.
Oh yeah, if you haven’t yet – please follow me on Instagram.
Here’s what I love and have learned about blogging.
1. I love being my own boss.
When I first started my blog and realized I could make an income from it, I quickly learned how much I love being my own boss.
I love being in complete control of what I do, and becoming self-employed may allow you to feel that way as well. I enjoy deciding what I will do each day, creating my own schedule, determining my business goals, handling everything behind the scenes, and more.
I actually have a rule in my life/business where I don’t do anything unless I want to. While I still say yes to many amazing opportunities, I’m not doing anything that feels like a total drag or is against my beliefs. This has really helped improve my work-life balance, which is great because being able to choose how you earn a living amounts to making sure you love everything you do.
I honestly love each and every service I provide – writing online, promoting, networking, interacting with readers, and more.
Running an online business (and being your own boss) may not be for everyone, but it’s something I enjoy.
2. A flexible schedule is one of my most favorite things.
One of the best things about working for yourself and being a blogger is that you can have a flexible schedule.
I can work as far ahead as I want to, I can create my own work schedule, and more.
I love being able to work for a few hours in the morning, do something fun during the day (such as a hike), and then work later at night when I have nothing planned. I can also schedule appointments during the day and it’s really no big deal.
I can work at night, in the morning, on the weekends – I can work whenever.
But, this can also be something to be careful with as well, as it can be difficult to have a good work-life balance.
3. Location independence is AMAZING.
Being location independent for so many years has been great.
I love being able to work from wherever I am, and it’s allowed me some of the best experiences I’ve had, like living in an RV and now on a sailboat. All I need is an internet connection and my laptop.
The only problem with being location independent is that it can be hard to separate work from the rest of your life. You may find yourself working all the time, no matter where you are, and while that may seem great, being able to take a true vacation can be a hard task.
However, I’m not going to complain because the work-life balance I’m rocking right now is great.
4. Remember, success takes time!
Many bloggers quit just a few months in.
In fact, the statistic that I’ve always heard is that the average blogger quits just 6 months in.
I completely understand – starting a blog can be super overwhelming!
But, good things don’t come easy. If blogging was easy, then everyone would be doing it.
It took me 6 months for me to earn my first $100 from Making Sense of Cents. If I would have quit at that time, I would have missed out on so many great things!
Remember, success takes time!
5. Don’t write when you feel forced.
One thing I have definitely learned about myself over the years is that I write best when I’m not forced – i.e. when I’m on a deadline.
Instead, I always try to write content ahead of time.
I used to write content for Monday on the night before (Sunday!), and I found that to be super stressful. Even a week in advance was too stressful for me.
I like to be at least a month ahead, as then I can truly write when I feel inspired and happy to write.
6. Get ready to learn.
Pretty much everything about having a blog is a learning process.
Blogging is not a get rich quick scheme, and anyone who tells you that it is (or acts like it is) is lying.
Blogging is not easy.
And, you won’t make $100,000 your first month blogging.
Blogging can be a lot of work, and there is always something to learn. Something is always changing in the blogging world, which means you will need to continue to learn and adapt to the technology around you. This includes learning about social media platforms, running a website, growing your platform, writing high-quality content, and more.
This is something that I love about blogging – it’s never stale and there’s always a new challenge.
7. Stop seeing other bloggers as competition.
Okay, so this isn’t exactly something that I’ve learned, but I want everyone else to learn!
I have always had this mindset – that there is plenty of room for everyone in the blogging world. However, not everyone feels the same.
So many bloggers see other bloggers as enemies or competition, and this is a huge mistake.
I mostly see this in newer bloggers, and this can really hold them back.
Networking is very important if you want to create a successful blog. Bloggers should be open to making blogging friends, attending blog conferences, sharing other blogs’ content with their readers, and more.
Networking can help you enjoy blogging more, learn new things about blogging, learn how to make money blogging, make great connections, and more. If you want to make money blogging, then you will want to network with others! After all, networking is the reason why I learned how to make money blogging in the first place!
The key is to be genuine and to give more than you take, which are the two main things I always tell people when it comes to networking. I receive so many emails every day from people who clearly aren’t genuine, and it’s very easy to see.
I’ve made great friends who are bloggers and influencers, and it’s truly a great community to be in.
8. You don’t need previous experience to be successful.
To become a blogger, you don’t need any previous experience. You don’t need to be a computer wizard, understand social media, or anything else.
These are all things that you can learn as you go.
Nearly every single blogger was brand new at some point, and they had no idea what they were doing.
I’m proof of that because I didn’t even know that blogs existed when I started Making Sense of Cents, and I definitely didn’t know that bloggers could make money. I learned how to create a blog from the bottom up and have worked my way to where I am today. It’s not always easy, but it’s been rewarding!
With blogging, you’ll have a lot to learn, but that doesn’t mean it’s impossible. It’s challenging, but in a good way.
9. You can make a living blogging.
This is probably one of the best things that I’ve learned since I first started my blog.
You can actually make a living blogging!
No, not every single person will become a successful blogger (it’s NOT a get-rich-quick scheme), but I know many successful bloggers who started in a similar way as I did – blogging as a hobby and it just grew from there.
For me, I have earned a high income with my blog, and I have enough saved to retire whenever I would like. I am still working on my blog, though, as I enjoy what I do.
What’s next?
I’ve never really been much of a planner, so I don’t want to commit to anything HUGE haha.
But, for Making Sense of Cents, I do have some plans. I am working towards improving traffic and readership, and coming up with more and more high-quality content.
I am so grateful to all of you readers, and I want to continue to help you all out by writing high-quality content.
That is really my only goal for now!
If there’s anything you’d like me to write about on Making Sense of Cents, please send me an email at michelle@makingsenseofcents.com or leave a comment below.
Thank you for being a reader!
There’s a ton of valuable free resources.
I know I’ll be asked this, so I am going to include this here.
One of the great things about starting a blog is that there are a ton of FREE blogging resources out there that can help you get started.
In fact, I didn’t spend any money in the beginning in order to learn how to blog – instead, I signed up for a ton of free webinars, free email courses, and more.
- First, if you don’t have a blog, then I recommend starting off with my free blogging course How To Start A Blog FREE Course.
- Affiliate Marketing Cheat Sheet – With this time-saving cheat sheet, you’ll learn how to make affiliate income from your blog. These tips will help you to rapidly improve your results and increase your blogging income in no time.
- The SEO Starter Pack (FREE Video Training)– Improve your SEO knowledge in just 60 minutes with this FREE 6-day video training.
- The Free Blogging Planner – The Blogging Planner is a free workbook that I created just for you! In this free workbook, you’ll receive printables for starting your blog, creating a blog post, a daily/weekly blog planner, goals, and more.
Do you have any questions for me? Are you interested in starting your own business?
The post 9 Things I Love and Have Learned After 9 Years Of Blogging appeared first on Making Sense Of Cents.
Source: makingsenseofcents.com
How to Change the Executor of a Will
Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children or choose an executor for your estate. Itâs possible to make changes to your will after itâs written, including removing or adding an executor if necessary. If youâre wondering how to change the executor of a will after the fact, the process is easier than you might think. As you go about the process, it may behoove you to find a trusted financial advisor in your area for hands-on guidance.
Executor of a Will, Explained
The executor of a will is the person responsible for carrying out the terms of a will. When you name someone as executor, youâre giving him or her authority to handle certain tasks related to the distribution of your estate.
Generally, an executor can be any person you name. For example, that might include siblings, your spouse, adult children or your estate planning attorney. Minor children canât serve as executors and some states prohibit convicted felons from doing so as well.
Thereâs no rule preventing a beneficiary of a will from also serving as executor. While beneficiaries canât witness a will in which they have a direct interest, they can be charged with executing the terms of the will once you pass away.
What Does the Executor of a Will Do?
Being executor to a will means there are certain duties youâre obligated to carry out. Those include:
- Obtaining death certificates after the will-maker passes away
- Initiating the probate process
- Creating an inventory of the will-makerâs assets
- Notifying the will-makerâs creditors of the death
- Paying off any outstanding debts owed by the will-maker
- Closing bank accounts if necessary
- Reading the will to the deceased personâs heirs
- Distributing assets to the persons named in the will
Executors canât change the terms of the will; they can only see that its terms are carried out. An executor can collect a fee for their services, which is typically a percentage of the value of the estate theyâre finalizing.
Reasons to Change the Executor of a Will
While you may draft a will assuming that your choice of executor wonât change, there are different reasons why making a switch may be necessary. For example, you may need to choose a new executor if:
- Your original executor passes away or becomes seriously ill and canât fulfill his or her duties
- You named your spouse as executor but youâve since gotten a divorce
- The person you originally named decides he or she no longer wants the responsibility
- Youâve had a personal falling out with your executor
- You believe that a different person is better equipped to execute your will
You donât need to provide a specific reason to change the executor of a will. Once youâre ready to do so there are two options to choose from: add a codicil to an existing will or draft a brand-new will.
Using a Codicil
to Change the Executor of a Will
A codicil is a written amendment that you can use to change the terms of your will without having to write a new one. Codicils can be used to change the executor of a will or revise any other terms as needed. If you want to change your willâs executor using a codicil, the first step is choosing a new executor. Remember, this can be almost anyone whoâs an adult of sound mind, excluding felons.
Next, youâd write the codicil. In it, youâd specify the changes youâre making to your will (i.e. naming a new executor), the name of the person who should serve as executor going forward and the date the change should take effect. Youâd also need to validate the codicil the same way you did your original will.
This means signing and dating the codicil in the presence of at least two witnesses. Witnesses must be legal adults of sound mind and they canât have an interest in the will. So, a beneficiary to the will couldnât witness your codicil but a neighbor or coworker could if they donât stand to benefit from the will directly or indirectly.
Once the codicil is completed and signed by yourself and the witnesses, you can attach it to your existing will. Itâs helpful to keep a copy of your will and the codicil in a safe place, such as a safe deposit box. You may also want to give a copy to your estate planning attorney if you have one.
Writing a New Will to
Change the Executor of a Will
If you need to change more than just the executor of your will, you might consider drafting a new will document. The process for drafting a new will is similar to the one you followed for making your original one.
Youâd need to specify who your beneficiaries will be, how you want your assets to be distributed and who should serve as executor. The new will would also need to be signed and properly witnessed.
But youâd have to take the added step of destroying all copies of the original will. This is necessary to avoid confusion and potential challenges to the terms of the will after you pass away. If youâre not sure how to draft a new will to replace an existing one, you may want to talk to an estate planning attorney to make sure youâre doing so legally.
What Happens If You Donât Name an Executor?
If, for any reason, you choose not to name an executor in your will the probate court can assign one. After you pass away, eligible persons can apply to become the executor of your estate. The person the court chooses would then be able to carry out the terms of your will. If you donât have a will at all, then your assets would be distributed according to your stateâs inheritance laws.
Thatâs why itâs important to take the time to at least write a simple will. This way, thereâs no question of your estate being divided among your heirs the way that you want it to be.
The Bottom Line
Making a will can be a good starting point for shaping your estate plan. Naming an executor means you donât have to rely on the probate court to do it. But if you need to change the executor of your will later, itâs possible to do so with minimal headaches.
Tips for Estate Planning
- Consider talking to a financial advisor about creating an estate plan and what you might need. If you donât have a financial advisor yet, finding one doesnât have to be complicated. SmartAssetâs financial advisor matching tool can help you connect with an advisor in your local area. It takes just a few minutes to get your personalized recommendations online. If youâre ready, get started now.
- A will is just one document you may need as part of your estate plan. You may also consider setting up a trust, for example, if you have extensive assets or own a business. Life insurance is something you may also need to have, along with an advance health care directive and/or power of attorney.
Photo credit: ©iStock.com/eric1513, ©iStock.com/kate_sept2004, ©iStock.com/courtneyk
The post How to Change the Executor of a Will appeared first on SmartAsset Blog.
Source: smartasset.com
17 Tips to Transform Your Outdoor Space
Whether it's improving your garden or making your patio BBQ-friendly, these clever tips will have you taking your space to the next level, all for practically nothing.
Beautiful Natural Spaces
1. Bring in the Birds
Don’t throw out those net bags that onions and citrus fruits come in! In early spring, fill them with anything that might appeal to nest-building birds: pet hair, human hair, lint, plant clippings. Then tie off the bag and hang so birds can help themselves and nest nearby. You can use the same bags to serve suet to your feathered friends in the winter.
2. DIY Birdbath
Want to try a birdbath but don’t want the expense and commitment of those heavy commercial types? Simply use a sturdy tomato cage as your base, topped with a round drainage tray for potted plants. It’s easy to move and very affordable! Place some colorful marbles or pebbles in the tray before adding water—the brighter the color, the better to attract birds.
3. Get Reddy for Hummingbirds
These fast fliers are attracted to red. But if your garden color scheme is less fire engine and more pastel, you can fake it. Just wire some red silk flowers around the garden until they discover nectar-filled flowers you’ve offered in other colors.
4. Make Your Own Nectar
Don’t spend money on hummingbird nectar when it’s so simple to make! Just dissolve 1 part sugar in 3 parts water, then add a few drops of orange extract or orange juice. Use it immediately, or keep it in the fridge for up to 2 weeks.
5. The Butterfly Water Cooler
Butterflies like puddles to gather around and drink. Make a butterfly water station out of an old cookie sheet or big saucer lined with gravel. You can also “plant” an old mug up to its rim in the soil, and fill it with water when rainwater doesn’t keep it supplied.
6. Baby Your Garden
Got some old baby gear in the basement or attic? Make your family wonder by getting it out! Then take it outside. Baby gates, spindle cribs, and even the metal springs from cribs make easy trellises you can train flowers or vegetable vines to climb.
7. Stones From a Tree
Having a tree taken down? Put it to good use! Cut some “slices” (about 2 inches thick) to use as stepping-stones.
8. Mulch with Souvenirs
Every beach vacation, we bring home more shells and stones than we can use for decoration around the house. So we now bring many into our outdoor spaces. They make perfect mulch and accents around plants, just like purchased pebbles from home centers (without the steep price)!
Outdoor Problems Solved!
9. A Sweet Concrete Cleaner
Powdered lemonade mix can come to the rescue to help scrub away stains on your concrete! Simply add a few drops of water to the drink mix, just enough to form a paste. Apply the paste to a concrete stain and use a stiff scrub brush to scrub the area clean.
Entertaining Ideas
10. Lanterns for Much Less
Trendy outdoor décor stores sell lanterns for a pretty penny. But you can make your own with all kinds and sizes of jars—from baby food and minced garlic to pasta sauce and even large pickle jars. Once they’re clean with the labels removed, simply place a votive candle in the jar. You can add pebbles or sand to the jar to raise the height of the candle or steady a taller candle. Want a hanging lantern? Fine-gauge wire can be bent to form a handle, with the rest wrapped around the mouth of the jar to secure.
11. Create Your Own Luminarias
Have empty tin cans you can repurpose? Fill them with water and freeze overnight. Once frozen solid, you can use a large nail and hammer to punch holes in a decorative design on the cans. Need a guide? Draw the design you want with a dry-erase marker that you can wipe off later. After the design is complete, simply let the water thaw, empty, and dry the can. Light a tea light inside for your own custom luminaria!
12. Color Swatch Your Lights
White string lights can go from simple to sensational with a trip to the paint counter—or maybe even your junk drawer! Collect some paint swatch strips in fabulous, bright colors. Curl them into cylinders (with the color sides facing out) and secure with clear tape. Slip one sleeve over each bulb on your light string, and attach it to the wire with tape or a small binder clip. Magical mini lampshades for free!
13. Ladder Up
Need more serving space while entertaining? Place plywood planks across the rungs of a stepladder. Runners can cover the plywood for a fancier look. Now you have a tiered serving station for food or drinks that tucks away again until the next time you need it!
14. Protect Those Drinks
Keep bugs out of drinks by supplying cupcake liners. They easily slip over the tops of cans and glasses. And you can pop a straw through them if desired. Put a stack in a mason jar for a pretty display that you can label with the intended use.
15. Forget the Ice
Replace the ice for your drink cooler, tub, or kiddie pool with frozen water balloons. To make them, fill the balloons two-thirds full and stick in the freezer. When the drinks are gone and the ice has melted at the end of the day, have fun!
16. Condiment Cleanup
Repurpose inexpensive, clear soap dispenser pumps as condiment servers. You’ll upgrade your picnic table from plastic bottles, and make topping that burger or hotdog easier, with less mess.
17. S’more Solutions
Is it feeling crowded around the fire, or are flames rising too high for kids to toast s’mores? Line terra-cotta pots with aluminum foil. Then add charcoal and light. These handy little cookers allow each person to have their own fire to toast marshmallows with ease. Sticking with one big fire but need to toast a lot of marshmallows for the hungry masses? Use a clean metal rake to fit them all over the fire at once.
Source: quickanddirtytips.com
Set Financial Goals for Yourself

Everyone wants to have more money, less debt, and greater financial freedom, but very few will attain it. Simply telling yourself that youâll earn more cash and clear more debts isnât enough to realize those goals, but writing those tasks down, setting realistic targets, and steadily working towards them can significantly increase your chances.Â
Nothing is guaranteed, but someone with clearly defined financial goals has more chances of attaining financial freedom than someone without.
Types of Personal Financial Goals
Financial goals come in many forms, but they all revolve around money and acquiring as much of it as possible. Some of the most common short and long-term goals include:
Establish a Budget
The first step to fixing your finances is to create a budget. Itâs a short-term goal and itâs also one of the simplest, but that doesnât make it any less important. Many Americans underestimate how much they spend and overestimate how much they earn, making a budget essential for adding a little clarity.
Clear Credit Card Debt
Americans have an average of $38,000 worth of debt excluding mortgages. A small percentage of this is allocated to credit card debt, but it often carries the highest interest rate and has the worst terms. Clearing this debt is an honorable and sensible goal for anyone with mounting debts.
Save Money for a Big Purchase
The average American family under the age of 35 has between $2,500 and $4,000 in savings. Thatâs barely enough to cover a used car, let alone a mortgage down payment or college education, which is what most families are saving towards.
Save for Retirement
This is the ultimate long-term financial goal. Saving for your retirement will give you something to look forward to and make life easier as you enter your old age. Many retired Americans regret not saving more money, with some experts recommending that you have at least $1 million tucked away to cover you for an average of 18 years.
Thatâs a lot of money, but it comes from a lifetime of saving and means you can enjoy plenty of cruises and vacations when you call time on your career.
Fix your Credit Score
Next to your Social Security Number, your credit score is one of the most important numbers you have and one you need to pay close attention to. Build a good score and a world of opportunities will open for you, making it easier to get low-interest loans and secure high credit limits.
Create an Emergency Fund
You can never underestimate the benefits of an emergency fund. Itâs essentially a savings account without an end goal and itâs used to cover you in the event that youâre hit with an unexpected bill or expense. It will also help if you lose your job or become ill.
Improve your Financial Situation
This incorporates many of the goals discussed above, one can be both a short-term financial goal and a long-term one. The most common goal is simply to have more money for an easier life or an early retirement, but there are also those who save so they can move abroad, start a dream business or simply become a millionaire.
These goals are a little harder to achieve than simply clearing debt or have some extra money in your pocket, but theyâre not unreasonable. If you have a detailed plan and work hard to realize it, thereâs no reason why those lofty long-term financial goals canât be realized.
Why Should You Set Personal Financial Goals?
Goals give you direction and purpose. They provide a detailed outline of what you need to do, what you have achieved thus far, and what remains. This adds a sense of accountability that simply wouldnât exist without those goals.
If you simply tell yourself that youâre going to do something, youâre more prone to procrastinating and moving the goalposts whenever it suits you. If you write all your goals down and separate them into clear and manageable chunks, thereâs no room for denial or deviation.
Think of it as a visit to the grocery store. If you have a list, you buy what you need, donât forget anything, and are more inclined to focus on the purchases that are within budget and will actually be eaten and enjoyed. If you visit without a list, youâll end up with a bunch of unnecessary foods you bought just because they were on offer and will forget all the things you went there to buy.
Our minds need direction, purpose. When the road is long, itâs easier to traverse if there are milestones, checkpoints, and clearly defined borders; without all that, itâs just a chaotic mess and youâll never make it to the end.
Short vs Long-Term Goals
A short-term goal spans days, weeks or months; a long-term goal stretches things out over several years and even a decade. Itâs important to have both, but short-term goals should have priority as long-term ones can get lost and forgotten about.
As an example, letâs suppose that your goal is to save a lot of money for your retirement. A long-term goal would be as simple as:
- Save $500,000 before retirement
This doesnât really help. However, if you break it down into multiple short-term goals you can focus on each of these in turn, ticking them off as you go and motivating you to keep going. As an example:
Increase Debt-to-Income Ratio
- Cancel unused subscriptions
- Sell unwanted items
- Ask for a pay rise
- Get a part-time job
Repay Debts
- Clear credit card 1
- Clear credit card 2
- Repay student loans
- Repay personal loan
Save Money
- Open a savings account
- Save $500 a month
- Make a sound investment
You can break these debts down even further and focus on making extra cash every single day. If thatâs what gets you up in the morning and pushes you towards your long-term goal, thatâs what you need to do.
How to Track Your Progress
As the saying goes, there is an app for everything and where financial goals are concerned there are actually multiple tools and apps to help you out:
- Mint: Track activity in real-time after connecting bank accounts and credit cards. Monitor spending, create budgets, and learn how to manage your money. Mint is one of the highest-rated budgeting and financial management apps on the market and is well-deserving of the praise it has received over the years.
- Wally: A great little budgeting tool that can keep track of your savings goals and tell you when certain bills are due. Itâs free and if your goal is to save and cover your debts, it does everything you need.
- Every Dollar: A simple but useful app designed to help you escape debt and manage your finances more effectively. It literally lets you see where âevery dollarâ is being spent.
- Clarity Money: A useful app to help you manage your subscriptions. The average consumer has dozens of subscriptions and itâs easy to lose track, but Clarity Money keeps everything in one place.
- Spendee: Manage family finances with this shared budgeting app. Itâs ideal if youâre saving along with a partner or want to keep track of what everyone in your household is spending.
How to Meet Your Financial Goals
Whateverâs on your to-do list, just set a goal and start working towards it. Take a look at these tips to help you:
Debt EliminationÂ
Debt is crippling and the less you repay, the more damaging it becomes. Credit card debt, student loans, medical debt; it creeps into your life, it grows, and it never seems to go away. Before you focus on your savings and build towards a brighter future, you need to focus on clearing those debts.
Debt relief methods can help you with this, including consolidation, debt management, and debt settlement. In the first instance, however, you should try debt payoff strategies like Debt Snowball and Debt Avalanche, both of which rely on you generating extra money to meet more than your minimum.
Every time you meet the minimum payment on your debt, youâre paying a lot of interest and a little principal. The interest compounds, the debt grows, and if you keep sticking with just the minimum payments it will take forever to repay. When you repay more than the minimum, however, youâll clear more of the principal, reducing the compounding interest, amount, and term.
Emergency FundÂ
It doesnât matter how substantial your net worth is, how much money you have in the bank and what sort of long-term financial goals you have, it always helps to have an emergency fund.
An emergency fund is a sum of money put aside for a rainy day. Unlike a savings account, which might be used for retirement, a vacation or college tuition, an emergency fund has no predetermined purpose and is designed just to sit, grow, and wait for a rainy day.
An emergency fund can help you if you lose your job or have a medical crisis. We live in times of uncertainty and exist under one of the costliest healthcare systems in the world. A short stay in a hospital can bankrupt you if youâre not insured and even if you are, there are still costs to consider.
Budget to save and invest but keep some money aside to build an emergency fund and make sure youâre prepared.
Savings Goals
Successful savings goals are built on careful planning and sacrifices. If you want a new home, you need to say no to luxury purchases, eating out, vacations, and other expenditures.Â
The average American family wastes about $1,500 a year on uneaten groceries, $3,000 on restaurants and takeout, up to $500 on gambling, and thousands more on vacations, smoking, unused subscriptions, and more.
You donât need to eliminate these expenditures entirely, just look for cheaper and more sustainable alternatives. Save on wasted groceries and dining out by going for a picnic; swap an expensive vacation abroad for a family fun staycation.Â
Once you eliminate these expenses, you can start saving towards whatever goal you have, be it a retirement fund, a car or the down payment on a house.
Achieving a Huge Net Worth
Itâs okay to scoff at this one as it does seem a little far-fetched. However, itâs a dream that countless Americans have and one that is very attainable. Of course, itâs easier if you have a talent or youâre young enough to develop one, but providing you have a good work ethic, donât spend your days procrastinating, and have the right mindset, you can build a sizeable net worth.Â
Itâs about making smart financial decisions, acquiring lots of knowledge, adopting careful investment strategies, and working endlessly. Here are some tips to help you accomplish this lofty goal:
Donât Spend Frivolously
The world of the rich and famous is awash with stories of people who adopt unbelievably frugal lifestyles despite having millions or billions in the bank. There are stories of Warren Buffet going to great lengths to use coupons to buy fast food, even though heâs one of the richest men in the world.
This kind of frugality is a little extreme, but it comes from the right place. Rappers, rock stars and sports stars like to throw money around when they have it, but theyâre the ones declaring bankruptcy and being arrested for tax debts when their careers enter a slump. Thatâs not a sustainable lifestyle for anyone, even the super-rich.
Learn how to manage money properly and accumulate as much as you can. Donât scoff at the end of saving a few dollars just because you have a few hundred; donât throw away a few hundred just because you have a few thousand.Â
Adopting this frugality will hasten your journey to becoming a millionaire. It will also allow you to manage your money effectively when you eventually make it, preventing you from being one of many sob stories of people who came into lots of money and then blew it.
Treat Life Like a Business
To become rich and successful in a way that doesnât rely on good fortune, you need to treat your life like a business. A business, for instance, is very wary of accumulating expenses and will instead try to invest additional cash into assets. These assets increase the value of the business, whereas expenses reduce it.
As an example, letâs assume that youâre 18 and have a talent for writing. A good investment would be an education in literature or creative writing, a laptop, a writing course, even a home office. An expense, however, would be a holiday, a flashy watch or lots of designer clothes. None of these things will grow your wealth and most will hinder it.
Take a look at our guide on good debt vs bad debt to learn more.
Read, Learn, Fail
Read as many books as you can on your chosen subject and on similar subjects. Youâll learn about the world, the English language, and more. All these will help to improve your reasoning, logic, and knowledge, which will help with your goals.
Learn New Skills
Knowledge doesnât just come from books and it shouldnât be limited to specific subjects. If you want to be rich and successful, you need to devote every minute of your spare time to working, learning, and acquiring new skills.Â
Learn a language, adopt a craft, research into a niche subjectâall these things can broaden your horizons and increase your earning potential.
Find a Specialty and Stick with It
While itâs good to read many different subjects and learn many different things, when it comes to actually making money, you need to stick with a single subject. The world is filled with wannabee millionaires who spend their days writing music, books, and screenplays, and their nights trying to juggle freelance careers and businesses.
Specialize in one thing, be the best you can be, and once you have the money and the success you can start venturing into other areas.
Stop Making Excuses
Generally, people who dream of becoming rich and successful will fall into one of two categories. In the first, there are those who spend their days dreaming, partying, and procrastinating. They assume that being rich is simply a case of having a great idea and then waiting for the riches to descend. In the other group, youâll find people who work every minute of the day and are always willing to take risks and make sacrifices.
If you want to accomplish great things, you need to work for it. Donât assume that all the rich and successful people you see on social media have it easy. If theyâre not working every minute of every day, thereâs a good chance they worked that much to get where they are.
Set Financial Goals for Yourself is a post from Pocket Your Dollars.
Source: pocketyourdollars.com