Big Words start conversations and open doors to new places.
Author: anwaryusef
Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath.
Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics.
Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Marketing is a key component for every business. Marketing strategies are particularly critical for startups. The following contributed post is entitled, 3 Affordable Marketing Strategies For Startups To Scale Up.
Startups often find themselves in a tricky position. They’ll need to bring in customers and develop a market share, all while competing against larger firms with larger budgets. These startups don’t have nearly the same resources, but that doesn’t mean they can’t compete.
Some marketing strategies for startups don’t need many resources, but they can still be quite effective.
By putting some time and effort into them, you shouldn’t have a problem starting to get a market share. You can compete with even your largest competitors through these marketing strategies. It’s worth looking at three of the most notable.
Marketing Strategies For Startups: 3 Affordable Options
1. Social Media Marketing
Social media is one of the more tried-and-tested marketing strategies for startups you can use. It’s an affordable way to increase your brand visibility across your key demographics. It also lets you turn them into repeat customers, giving you more than a few reasons to engage in social media marketing.
Spend time researching which platforms your potential customers are on. Focus on these from the get-go, and you should see a decent return on investment because of it. While it can take time to develop a following with this, it’ll be more than worth it once you do.
2. SEO
Search engine optimization (SEO) is one of the more well-used strategies you should try. It’s cost-effective and is essential to making sure you can gain visibility online. It’s the process of getting your web assets to rank well on search engines. It’s always worth putting some time and effort in after all.
Look here for more information about how SEO can help your business. Keep in mind this is a long-term approach to marketing your business. You’ll need to be patient when putting together your SEO strategy and seeing results. With time and work, however, this will pay off dividends.
3. Email Marketing
Once someone’s bought from you, it’s worth doing whatever you can to turn them into repeat customers. Email marketing is one of the more effective ways you can do this. While you’ll need to persuade customers to sign up for this, it can be one of the more effective marketing strategies for startups you can use.
The costs of sending out weekly or monthly emails isn’t too high, and you’ll get quite a few sales out of it. The return on investment will be much higher than you’d think. It’s cost-effective, so there’s no reason why you shouldn’t use it.
Marketing Strategies For Startups: Wrapping Up
With the right marketing strategies for startups, they shouldn’t have a problem outperforming even their largest competitors. They’ll get seen by their target audience, and they shouldn’t have a problem bringing in customers.
Even retaining these customers shouldn’t be a problem. By putting some time and effort into them, you shouldn’t have a problem being more competitive, no matter what market you’re in. Any resources you can put toward them will be well-spent, and you’ll see a decent return on investment.
A key focus of my blog is Health/Wellness. Many children are not active today like they were in years past. Physical activity is critical for a child’s growth and development. The following contributed post is entitled, Inspiring Your Child To Be More Active.
With the draw of video games consoles, movies and television shows, social media, the internet, and many other distractions, it’s easy for a young developing mind to spend much of their time sat in front of screens. That’s not always a terrible thing if enjoyed in moderation and under the watchful eye of their parent deeming what is appropriate, but it’s true that healthier practices exist, and should be cared for.
Inspiring your child to be more active isn’t just about helping them learn about sports, but about being more independent, less afraid of the outside world, and in a word, healthier.
Forcing them to do a sporting class might not be the way forward though, as inspiring a child is just as important as convincing them to do something for their own good. Never fear, because with a little care and attention, you too will inspire your loved one to express the best of themselves.
But what does that look like in practice? In this post, we’ll discuss that and more, and potentially inspire your child to be the best of themselves:
Get Involved & Explore A Hobby Together
When a child knows they’re interested alongside you, and that you’ll be with them as they explore, they may feel so much more motivated to try new activities. Perhaps twice a week you decide to head into the jiu-jitsu gym and watch them take part in learning martial arts, or maybe you’ll head to their violin concerts, or support their team games. Moral support is sometimes all a child needs to grow, and feel confident in trying a new activity. As a parent, you’re in a unique position to give them this in droves, or to help their older siblings pay their moral support, too.
Find A Suitable Activity, Together
Not all activities will be appreciated by your loved one, but one might be their passion for the rest of their life. It might be that you learn the rules and hockey periods of such a fantastic team game together, so you can gauge their taste and see how they like it. The same can go for other activities, like booking in a few musical lessons for guitar, and if that doesn’t take, drums. It’s okay if it takes a little while for your child to feel entirely comfortable with a specific hobby, not everyone is wired for every task.
Share Your Own Passions
It’s true that sharing your own passion can help a child feel inspired, because children tend to latch onto the interests of authority figures or loved ones through osmosis. Perhaps you love putting together realistic models in your basement, or you adore reading in your free time. Sharing that with your child, showing them why you love it so much, or even introducing them to habits you loved at their age can be great. Even if it’s showing them your collection of Batman comics, anything to help them spend less time online and glued to a screen is a good idea.
With this advice, you’re certain to inspire your child to be more active and interested about the world, despite the constant distractions that exist in the modern world.
A key focus of my blog is Financial Literacy/Money. Financial Literacy is critical. Understanding your money, where it goes and how to maximize can impact your overall quality of life. The following guest post is entitled, Financial Literacy: The Importance of Knowing Your Money.
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Money is an important aspect of our daily lives. While it’s not the most important part of our lives, it affects everything we do. For example, we go to work every day because we need money to pay for housing, water, food, and entertainment. This is perhaps the most significant reason financial literacy is so important — money touches every area of our lives.
Why is Financial Literacy Important?
Financial literacy gives us the knowledge to manage our money; it can tell us when we’re overspending and how to save. Without it, we would be more likely to make poor financial decisions affecting our overall quality of life and health. But unfortunately, many people don’t have enough money in their retirement accounts and can’t afford basic healthcare costs.
Many people don’t have financial literacy; they don’t know how to save money or track spending, and they often find themselves in debt because they don’t realize the potential consequences. Here are a few reasons why financial literacy is important:
Education
Attending university is an expense most students aren’t ready for. They get loans without realizing how much it will cost them later in life. Unfortunately, many students drop out of college not because of their grades but because of financial pressures. Student success is defined by financials rather than actual academic achievement, and a student’s future relies on the opportunities available to them based on how much money they have.
After graduating from college, students are strapped for cash. Loan providers have a grace period to allow graduates to get a job before having to pay back their loans. However, even graduates with the highest grades still can’t find jobs, leaving many to wonder if the cost of college is even worth it anymore. While this largely depends on someone’s area of study, regardless of where they end up working, students still have massive debt they’ll have to work years to pay off.
This educational cost can put off other financial goals like saving for a house or even moving out of their parent’s homes, preventing them from achieving financial freedom until much later in life.
Help You Accomplish Goals
If you have goals, you need money to accomplish them. For example, you’ll need money to purchase healthy food if you want to lose weight. If you want to get a home loan, you need a down payment. If you want to renovate your rental property, you’ll probably need to hire a contractor to help you. Whatever your goal, you need money. Financial literacy means learning about various aspects of personal finance to help you learn how to manage your money to accomplish your goals faster.
Affects Families
Money affects a person’s life from birth until death, affecting everything in between. Families, marriages, children, and relationships are all impacted by finances. We live in a system where everything revolves around money, so while it can’t buy happiness, it’s necessary. Being wise about money can ensure stability for the future and reduce some of the stress in people’s lives.
Reduces Debt
Financial literacy educates everyone to reduce debt. Young people without proper financial education turn into irresponsible adults. These individuals don’t know anything about investing and can’t have enough money to purchase a home. Some live paycheck to paycheck even though they earn enough not to. Additionally, these individuals often take out loans for short-term goals, leaving themselves in debt they can’t pay off.
Individuals who learn about money early in life are less likely to take out unnecessary loans and more effectively manage their money to save for financial-related goals like retirement.
Prepare for Financial Crisis
Many people aren’t prepared for financial crises like job loss, emergency medical expenses, and recession. For example, many businesses went under recently because they weren’t prepared financially. Financial literacy helps individuals prepare for financial crises by helping them save money. Individuals with financial literacy have the knowledge to save more money. These individuals are more likely to have emergency savings accounts and separate bank accounts for various goals to help them prepare for a crisis.
Reduces Mistakes
Financial literacy can prevent money management mistakes. Innocent financial decisions can have long-term consequences. For example, getting a personal loan with a floating interest rate means rates can rise over time while investing in a particular type of retirement account means you can’t withdraw money even if you really need it. Financial literacy can help someone avoid making these mistakes to ensure they have a healthy financial future.
Ensure Retirement
At some point, we will all reach a point when we can no longer work, regardless of our jobs. We all look forward to retirement, but if you can’t save money now, you can’t retire. Most people need to save at least $1 million for retirement, depending on where they live. Without knowing how to invest in retirement accounts and other types of investments like gold or stocks and bonds, you simply can’t save enough for retirement. In addition, bank savings account rates don’t keep up with inflation, so if your money is sitting in a savings account at your local bank, you’ll never earn enough to retire.
Instead, you need retirement accounts that ensure your money grows over time. However, people without financial literacy don’t realize the importance of these accounts and how many different types there are.
Improving Financial Literacy
Unfortunately, our current education system doesn’t teach financial literacy, leaving more students confused than ever about managing their money. Most people learn through trial and error, but that leaves some open to the possibility of making a massive mistake. If you don’t have anyone to learn from, you can start improving your financial literacy by creating a budget and following it every month to start understanding your financial situation. First, compare your expenses to your income and determine how much you have left over for savings. Next, get your credit report and find ways to increase your score, such as paying down debt or opening a credit card.
Learning financial literacy may be something you have to do on your own, but it’s well worth the effort to prevent you from making a severe mistake that prevents you from reaching your goals.
Ashley Nielsen
Ashley Nielsen earned a B.S. degree in Business Administration Marketing at Point Loma Nazarene University. She is a freelance writer who loves to share knowledge about general business, marketing, lifestyle, wellness, and financial tips. During her free time, she enjoys being outside, staying active, reading a book, or diving deep into her favorite music.
Many countries around the world are facing the gruesome prospect of population collapse and decline. This will lead to the collapse of whole economies and societies. Look up the documentary entitled, Birthgap by Stephen J Shaw. Also look up interviews of him on YouTube. They are sobering to watch but a lot of people don’t know what’s going on. Two countries leading the charge are Japan and South Korea. Elon Musk has attempted to sound the bell on this though our elected officials have not said much openly about it. They are probably mum to not stoke fear, but also to not anger any in their voting bases who ironically have the power to solve this issue.
There is a contingency of people in our world who see human depopulation as a good thing for the planet. I first heard about the potential of there being too many people on our planet as an undergraduate at Johnson C. Smith University in the 1990s. Dr. Joseph Fail, Jr. instructed some of us in our Ecology class and discussed the concerns of Dr. Paul Ehrlich and others that there would one day be too many human beings on the planet Earth. In the video embedded below, I talk about Paul Ehrlich and his famous book entitled, The Population Bomb. I give a history of Ehrlich and his book in the discussion. I also speculate about whether the decreasing population numbers occurring globally is being orchestrated in some way but those in high but obscure places. If you watch the video, please give it a like and leave a comment.
The Big Words LLC
For the next phase of my writing journey, I have started a monthly newsletter for my writing and video content creation company, the Big Words LLC. In it, I plan to share inspirational words, pieces from this blog and my first blog, and select videos from my four YouTube channels. Finally, I will share updates for my book project The Engineers: A Western New York Basketball Story. Your personal information and privacy will be protected. Click this link and register using the sign-up button at the bottom of the announcement. If there is some issue signing up using the link provided, you can also email me at bwllcnl@gmail.com . Best Regards.
Two focuses of blog are Financial Literacy/Money and Business/Entrepreneurship. When you’re running a business not matter the size, navigating taxes is a huge consideration. Understanding taxes can thus make a huge difference. The following contributed post is entitled, Genius Tax Hacks for Individuals and Small Business.
You know what’s essential for success? Understanding your tax situation. In this guide we’re diving into five strategies that can help you keep more of your hard-earned cash in your pocket whether you’re an individual or a small business owner.
Know Your Tax Bracket Inside Out
When you’re navigating the tax world it’s not just about what you earn. it’s about what you get to keep. Tax brackets determine how much of your income goes to taxes so having a handle on your specific bracket is key to managing your tax responsibilities effectively.
The Art of Deduction Discovery
Tax deductions are like hidden gems in the tax code and they work by reducing your income which in turn reduces your tax bill. While you might know about common deductions like mortgage and charitable contributions there are plenty more tailored to your unique circumstances. Consider seeking advice from tax experts like Marlow Accounting to make the most of them.
Dance with Tax Credits
Believe it or not, tax credits are your secret weapon for improving your financial situation. They do more than just trim your taxable income – they work like magic, directly slashing your tax bill dollar for dollar, leaving you with more green in your wallet. Check out the Child Tax Credit and the Earned Income Tax Credit (EITC) – they’re like MVPs in this field, offering benefits for parents and hardworking individuals. So, dive into these options, claim what you’re eligible for, and watch your tax bills shrink as your savings grow. It’s like having the power to hold onto more of your hard-earned money.
Tax-Savvy Investments
Investing isn’t just about growing your wealth; it’s about protecting it from the taxman. Take capital gains tax, for example – it kicks in when you sell assets like stocks or real estate for a profit. Opting for long-term investments can lead to lower capital gains tax rates over time. Plus, saving for retirement through tax accounts like IRAs and 401(k)s comes with tax advantages. By making informed investment choices and effectively managing your assets, you can set yourself up for a brighter financial future while lightening the tax load along the way.
Tax Law Mastery
Staying up to date is key because tax laws, famous for their complexity and constant changes, can impact your financial interests. These laws evolve over time due to various factors, like economic conditions, political decisions and public policies. Recent updates might have shaken things up, affecting elements like tax brackets, deductions and credits. Staying well-informed could mean consulting tax experts, subscribing to tax-focused newsletters or regularly checking government websites. The better you grasp the ins and outs of tax laws, the better equipped you’ll be to navigate them and make the most of the benefits they offer.
Mastering the Art of Tax Savings
These pillars of tax-saving know-how can truly work wonders for your financial health. By understanding your tax bracket, making the most of deductions, using tax credits wisely, engaging in smart investment practices and staying updated on changes in tax laws, you’re taking charge of your financial well-being. You’re holding onto a bigger piece of your earnings and you’re paving the way for a secure and prosperous future.
A key focus of my blog is Health/Wellness. Relaxation is a key component to our qualities of life. Understanding relaxation can in fact add years to your life. The following contributed post is entitled, Practical (and Peculiar): A Few Different Approaches to Relaxation.
We’re all in the pursuit of relaxation. However, so many people go down the traditional, well-worn paths. Meditation, yoga, or a good book are by no means ineffective, but it sometimes benefits an individual to venture into unconventional territories. So let’s show you some alternative approaches to relaxation.
CBD/THC
CBD/THCWhile CBD is touted for its calming effects, there are many people who feel they can’t unwind without the THC component, which is commonly found in marijuana. However, if you’re opting for the latter, you need to approach it with caution, considering the individual tolerance, potential side effects, and, of course, the legal implications that may warrant a cannabis lawyer.
Buteyko Breathing
A breath of fresh air when it comes to relaxation. Developed by Russian doctor Konstantin Buteyko, this is a breathing method that involves training your breathing patterns beyond the typical deep inhales and exhales. In fact, the emphasis lies on gentle nasal breathing and reducing the frequency of breaths, which will optimize oxygen intake and carbon dioxide levels in the body. In fact, carbon dioxide in a lower amount is actually essential to equalize the gasses in the bloodstream. This technique aims to improve respiratory efficiency, which can decrease stress responses and foster that sense of calm because it’s stimulating your vagus nerve. Incorporating this into a daily routine is a mindful approach to relaxation, and only a few minutes of consciously breathing as quietly as a mouse might make all the difference.
Forest Bathing
Forest bathing, or to use its original Japanese term “Shinrin-yoku,” is a practice that involves immersing ourselves in a natural environment such as a forest. As opposed to traditional hiking or walking, forest bathing encourages slow, mindful connections with nature. Engaging in sensory experiences like inhaling the natural aromas and observing and listening to the forest can reduce stress and improve overall mood.
Laughter Yoga
We all know the importance of having a good laugh, and the practice of laughter yoga involves deep breathing techniques combined with the right measure of mirth. Unconventional, but there is a lot to be said for the benefits of laughing, such as triggering a greater sense of well-being. We all know how better we feel after laughing, and as a result, having tools that allow us to feel far more relaxed in ourselves like this will invariably have an impact not just on our well-being but our approach to life.
Cold Showers
The cold has long been a tool to help people with physical injuries, but cold showers can be an amazing way to inoculate ourselves from feelings of stress. What was once an unconventional approach is now widely touted as a cure-all for a number of different ailments from depression to fibromyalgia. Cold showers or cold exposure are believed to enhance resilience to stresses by activating the natural stress response mechanisms. The benefits of cold water include increased circulation, releasing endorphins, and reinvigorating the nervous system. Over time, regular exposure to stress like cold showers could contribute to increased tolerance and a greater sense of well-being as a result.
A key focus of my blog is Health/Wellness. Accidents of any kind can be life-threatening or life-altering. In addition to the medical treatment you receive, how you bounce back from them overall is critical. The following contributed post is entitled, The Best Ways To Treat Yourself After An Accident.
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Being involved in an accident is hard on both the body and brain. It’s why you need to treat yourself better than ever before during your period of recovery. From a bump on the head and a few bruises to internal damage and potentially lifelong trauma, going through recovery will always be a challenge. However, the more you’re kind to yourself, and do your best to work with the way you’re feeling, the easier this time is going to be. As such, here are some of the best ways to treat yourself after an accident and why they matter so much.
Being compassionate to yourself is so important right now. An accident is going to make you think the worst for the foreseeable future, and could even allow you to slip into mental health troubles, like depression and insomnia.
But the more you’re kind to yourself, and the more you forgive yourself for the little things, the brighter this time is going to be. Reach out for help with being self compassionate if need be, but always remember the kindest words can come from within. You deserve a few of those right now!
Find Support
It’s hard to go through recovery on your own. No matter the level of injury you’re dealing with, make sure you reach out to someone who can help. No problem is too small. Say you’ve been in a car accident, you’ve gotten whiplash, and it certainly wasn’t your fault!
Talk to someone like an car accident lawyer, who can walk you through seeking out compensation and determining where you have a case. A good lawyer knows the emotional turmoil, alongside the need for legal support. If you don’t feel this when working together, look for someone who can really provide it.
By Following Doctor’s Orders
Doctors often know best! As such, make sure you follow their instructions for looking after yourself and your injuries over the next few months. If you ever stop to think ‘maybe I could skip those muscle building exercises this morning’, it’s the start of a slippery slope! Similarly, avoid the foods and drinks they advise against, make sure you spend a good amount of time on your feet, and if they tell you it’s best to spend as much time resting as you can, don’t push yourself back to work too soon!
Taking Your Time
Speaking of pushing yourself, taking your time is important when you’ve had an accident. You need to have a bit of ‘me time’ here, and that means focusing on you and what you can do. It’s not about getting back to making breakfast for the kids, or doing part time shifts at your job as soon as possible – this time is for you. Keep this in mind as you start to feel better.
Treating yourself right can be hard after an accident. You’ve been through something terrible, and that can rebound on your health. Use these tips to refocus.
Two key focuses of my blog are Career Discussions and General Education. As a professional, your education never stops but instead continues evolving. Depending upon what you’re looking to achieve, planning is critical. The following contributed post is entitled, 6 Reasons To Consider Career Planning.
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Career planning is about preparing yourself for the future job market. This is as vital as having a career itself. You should know who you want to be in the not-too-distant future, say five to ten years. Going to work every day without having a sense of direction could mean you lack a career plan, which can result in regrettable mistakes in the future. A clear career plan is a roadmap for making crucial decisions to excel and achieve financial stability. Here are some benefits of trying considering this process.
A career plan fosters self-development. It helps you stay disciplined, focused, and motivated to choose a good career path and stick to it. Developing these traits will pay off in the long run. Track your progress as you grow, and evaluate your career plan every six months to ensure it positions you to achieve your long-term professional goals.
2. Job contentment
These days, finding workers who are satisfied with their career path is hard. Unfortunately, career contentment can impact your physical and mental health and the quality of your work output. Developing a career plan that boosts your morale will help you discover your purpose and stay happy.
3. Retirement plans
Having a career plan doesn’t always mean you have to only look for your dream job. It’s more about facing the realities of the future. Many professionals understand that they can’t work for the rest of their lives. A career plan may help make investments or savings allocations toward a happy retirement. Admittedly, your journey may not start on a smooth journey; there may be setbacks here and there. However, the good news is that you can never go wrong by creating a career plan that ensures your retirement life will be easy.
4. Finding educational and learning opportunities
Your career plan can also help you discover further education and learning opportunities. Once you evaluate your career trajectory and identify things that are not working, you can take proactive steps, such as upgrading your resume. You can also determine where you need more education, which would mean getting more certifications, taking online courses, and seeking funding for higher education. Healthcare scholarship opportunities, for instance, can help remove financial barriers for those interested in the emergency medical services (EMS) field.
5. It gives you full control over your career
Several things in your career may be beyond your control, but career planning isn’t one of them. It gives you complete control over your professional life because only you can tell what’s good or bad for your career. Careers eat so much of your time. According to the HuffPost, people spend up to 13 years working and only 328 days socializing with friends. One big mistake you may not want to make is choosing a career path that gives you zero work-life balance.
You will increase your knowledge of various career prospects as you plan your career. Although everyday life has become fast-paced and competitive, a solid career plan can give clarity to help prioritize professional objectives.
“With a budget, you can predict your monthly spending habits and plan accordingly to cover your bills while having enough left over for existing debt payments or savings.”
A key focus of my blog is Financial Literacy/Money. Budgeting is a critical component when managing money. While it can sound arduous and restraining to some people, it can actually be a lot of fun and a very powerful tool. The following guest post is entitled, Budgeting 101: Tips for Creating a Realistic Budget.
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Building a budget is the most effective way to manage your finances and prevent overspending. With a budget, you can predict your monthly spending habits and plan accordingly to cover your bills while having enough left over for existing debt payments or savings. Unfortunately, many people don’t budget and spend more than they earn without realizing it. If you’ve ever looked at your bank account and been shocked to see how much you spent in a month, you need a budget that provides you with a clear action plan for spending your money every month. Here are a few tips for creating a realistic budget:
Know Your Monthly Income
Most people know their salaries or how much they earn per hour. However, they don’t look at their pay stubs to determine how much money they bring home after taxes. Your net income is crucial when building a budget because it tells you exactly how much money is deposited into your bank account each month, and knowing exactly what you bring home can help you determine how much money you have on hand.
If you have a W-2 job, finding this information should be easy. You should receive digital or paper pay stubs from your employer for each pay period that tells you your take-home pay. However, taxes aren’t taken from your income if you’re a freelancer or small business owner. Therefore, you may have to do additional math to determine how much you take home after taxes. You can talk to your accountant to determine your tax bracket and self-employment tax based on how much you make during the month.
Add Up Your Expenses
There are two types of expenses: fixed and variable. Your fixed expenses are what you spend money on every month, and the amount you spend doesn’t change. For example, your rent payments will stay the same for 12 months if you’ve signed a one-year lease. In contrast, your variable expenses are the costs that change from month to month, such as credit card payments, utility bills, and groceries.
Determining your fixed expenses is easy because you know exactly how much you spend every month. However, calculating your variable costs is much more challenging, especially if you use multiple credit and debit cards to pay for them. First, review your bank statements to find your variable costs and add them up for 12 months. This value is how much you spend on variable expenses per year. Then, to get your monthly costs, divide that number by 12 to give you an average monthly value.
Allocate
Once you know your monthly expenses, subtract them from your net income to see how much you have left over after paying all your bills. Then, allocate the remaining amount into wants and savings. You can have multiple different goals and accounts to help you separate your funds and send money back and forth between them when necessary. For example, you might have a savings account dedicated to emergencies or funding a large purchase and a retirement account.
Set Goals
When allocating your budget, setting realistic goals for yourself is crucial. First, consider the reason why you want to save money. Maybe you want to purchase a house within the next ten years or go back to school. Or perhaps you want to diversify your portfolio with a precious metals IRA. Whatever the case, you have money goals, and it’s essential to build your budget around them.
Track and Monitor Progress
After creating your budget, you should continue monitoring your progress monthly and determine whether you’re holding yourself accountable. It’s easy to start a reasonable budget and fall behind again, so you should dedicate time every so often to tracking your progress, including your income and expenses, to help you plan.
Tracking your progress can also enable you to re-evaluate your goals. As you get older, your money goals might change. For example, if you decide to start a family, your goals might change from saving money for a new car to saving for a house. As your goals change, you must make changes to your budget and review your spending to ensure your habits won’t get in the way of achieving those goals.
Review Expenses Regularly
When creating a budget, you should understand your expenses and where all your money goes. However, things change over time, so you may get new bills or pay off old debts, which will impact how much money you spend throughout the month. Therefore, plan to review your monthly expenses to determine improvement areas. For example, if you’ve noticed you’ve been spending a lot of money on eating out in the last few months, make a conscious effort to cook at home more often and check back to see how much money you’ve saved over time.
Try to lower any fixed expenses, such as car or payday loans. You can also find more affordable plans for internet and cable or various streaming services to help you save a few bucks every month and instead put that money towards your savings account.
Unfortunately, you can’t eliminate all of your expenses. However, you can make lifestyle changes, such as canceling unused subscriptions and memberships, to help you save more every month.
Increase Your Income
If you can’t reduce your expenses, you can increase your income. The easiest way to earn more money is to ask your boss for a raise. While this can be intimidating, it may also be necessary depending on the cost of living and your skillset. That said, you should only ask for a raise if you know you truly deserve it. Unfortunately, not everyone’s boss will give them a raise, so those individuals may have to search for other employment opportunities or work second jobs to increase their income.
Hold Yourself Accountable
A budget is just a list of numbers; it’s up to you to hold yourself accountable and stick to it. Managing your wants can help you save money over time, so review your bank statements to see if there are any categories where you’re overspending, such as entertainment or nights out on the town. Holding yourself accountable by ensuring you continue to review your budget, bills, and expenses every month will prevent unnecessary overspending while ensuring you can still put some of your paycheck toward saving for the future.
Megan Isola
Megan Isola holds a Bachelor of Science in Hospitality and a minor in Business Marketing from Cal State University Chico. She enjoys going to concerts, trying new restaurants, and hanging out with friends.
A key focus of my blog is Health/Wellness. Progressing age is much different conceptually than it used to be. Many seniors are contemplating greater personal independence than in the past. The following contributed post is entitled, Maintaining Your Independence As You Get Older: A Guide For Seniors.
Retirement is meant to deliver your truly golden years. However, getting older does change the body in several ways and subsequently brings several new challenges to our daily lives. Therefore, it’s imperative that you learn to adapt your lifestyle, particularly if you wish to maintain your independence.
Here are some of the key steps that should be taken to ensure a better quality of life can be maintained throughout later life.
Stay Healthy
Nothing in this life is more important than your health. While the aging process will naturally change your body, it’s imperative that you stay healthy. Keeping active will help maintain flexibility, as well as bone and muscle density. Meanwhile, staying hydrated and staying in control of your nutrition are both key factors. A healthier you is a happier you. Crucially, it’ll mean you are in a better position to take care of yourself in retirement.
You should also seek help if you have issues with your mobility, hearing, eyesight, or dexterity.
Find A Suitable Home
Most seniors who are in a position to live independently would rather do this than live in a nursing home. However, you may need to look for an affordable home that features some modified elements to make life more convenient. The Millennia Companies places a heavy focus on development for people like you. Supporting those developments and learning about units that may become available is advised.
You will spend more time at home than ever before during retirement. So, you must not overlook this step.
Accept Help
Maintaining an independent lifestyle needn’t mean ignoring support. We all need a helping hand from time to time. Frankly, gaining a little assistance in certain aspects of life courtesy of in-home care services can open the door to greater freedom. Whether you need daily or weekly visits doesn’t matter. This support will save you from a lot of stress, as well as potentially risky situations.
Better still, you will notice that this allows you to spend more time enjoying your independence and the tasks you love.
Get Your Finances Under Control
The harsh reality is that getting used to reduced revenue is hard. For many, it is the most challenging and stressful part of retirement. If you have savings, making them work harder through investments can work wonders. Crucially, though, you should find ways to reduce your expenses by cutting out unnecessary waste. Experts like Senior Services of America can help you discover entitlements too. Embrace it.
When your finances are under control, it will lift a weight of stress off of your shoulders. This will encourage a better quality of life.
Be Ready To Learn
Finally, if you wish to stay independent in retirement, you must be willing to adapt. You are already tech literate. So, if you’re not already using online banking or telehealth services, now is the time to learn about them. Meanwhile, developing skills that can help you out around the home can have a big impact. Being open to new hobbies and social activities should be on the agenda too.
When combined with the other steps mentioned above, the rewards will be immediately seen. Truly golden years await.
