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Create smart saving strategies
(Family Features) Money management and building long-term financial health is a careful balancing act between long- and short-term financial needs, and now is a perfect opportunity to re-examine your goals. People sometimes focus on short-term needs, making sure they can cover routine bills and living essentials. However, many Americans do not have the resources to cover an unexpected expense, much less save for the future.
Data from the U.S. Financial Health Pulse shows that Americans are savings-constrained, over-indebted and underinsured. In fact, despite it being the longest period of economic expansion in modern times, 79% of Americans are not financially healthy, and many live paycheck to paycheck just to cover bills, rent and basic living expenses.
As a result, 60% of households are unprepared for a financial shock, with 41% unable to cover an unexpected $400 expense without borrowing money or selling a personal item. This makes saving incredibly challenging, especially for many low-income households.
“The data makes it quite clear that a significant segment of America is struggling to create a meaningful savings account, whether it’s intended as an emergency fund or a means of attaining a goal without incurring debt,” said Deborah Winshel, global head of social impact at BlackRock.
Last year, the firm launched its Emergency Savings Initiative, a program designed to help people living on low incomes gain access to, and increase usage of, savings strategies and tools to help establish important safety nets.
As with any financial matter, there’s no one “right” way to save. Individual circumstances require a customized approach to determine the best method to fit needs. In addition to traditional saving methods, Common Cents Lab, Commonwealth and the Financial Health Network are working with financial institutions and other enterprises on an initiative to create new and experimental programs that address the challenges many consumers face when it comes to saving money.
If you’re not sure where to start, consider these options and consult with your credit union, employer or financial institution to learn more about the options available to fit your unique lifestyle and savings goals.
Automated Savings
Often offered as an option through employer payroll, this approach allows you to designate a portion of your paycheck to be deposited in a savings account. Whether you choose to make it a flat amount or percentage of your income, it’s an easy method that allows you to consistently funnel money into savings with a one-time setup process.
Round Up
Some financial institutions offer programs in which every transaction you make on your account, or perhaps just those made using your debit card, are rounded up to the nearest whole dollar. The difference between that whole dollar amount and your actual purchase amount is then directed into your savings account.
Prize-Linked Savings
Marrying the fun of winning prizes and a savings account, this type of program incentivizes personal saving by offering an on-going, risk-free chance to win a prize, such as additional cash, by making savings account deposits. Promising both security and opportunity (and perhaps some fun), the amount deposited by the account holder is never at risk, unlike lotteries and games of chance.
Windfall Moments
When you receive a substantial amount of money from a source like a tax refund or a work bonus, it can be tempting to splurge on immediate needs or something fun, like a vacation. Allowing yourself to enjoy a portion of the money isn’t a bad idea, but you can also take advantage of the unplanned income as an opportunity to launch, or grow, your savings account.
Collective Savings
Accountability is a common barrier to better saving habits, but when others are counting on you to contribute your share, there’s a greater level of responsibility at play. A collective savings account may be a good solution for a shared goal like a trip, special project or funding a special event for a loved one.
To learn more about the savings problem and some of the work being done to help employees, customers, gig workers and students take essential steps toward long-term financial well-being, visit savingsproject.org.
Photo courtesy of Getty Images
SOURCE:
Financial Health Network
(Family Features) Warmer temperatures and sun-filled days mean it’s time to take entertaining and socializing outdoors, and a key component of many outdoor gatherings is fresh-grilled food.
Because firing up the grill can make prepping meals quick and easy, it allows you to spend more time with friends and family rather than missing out on the sunshine while stuck in the kitchen. Whether you’re a first-time griller or consider yourself a master of the grates, there’s a grill available to meet your skill level and needs, such as these options that provide flexibility for small-to-midsize backyard spaces – as well as a large built-in model for custom outdoor kitchens – and a variety of features and function to make the most of your warm weather gatherings.
Portable, Small-Space Cooking
Ideal for first-time grillers, couples, small families or those with limited backyard spaces, the Megamaster 3-Burner Gas Grillwas designed to fuse performance and value. Despite its size, it can cater to almost any grilling or entertaining need with three stainless steel burners and 447 square inches of cooking space, a combination of versatility and capacity to prepare large quantities of food as well as various types of food simultaneously. Plus, it’s easy to maneuver on two heavy-duty wheels, making it simple to free up patio space after use. Learn more at megamaster.com.
Family-Sized Functionality
With ample cooking space to feed small and medium-sized groups, the Nexgrill 4-Burner Gas Grill with Side Burner is a perfect all-around grill for both beginners and seasoned grilling enthusiasts. Always ready to fire up some flavor, the durable grill also features a stainless steel side burner to saute, simmer and warm dishes simultaneously as well as 628 square inches of cooking space, meaning family favorites like burgers, dogs, chicken and more can be put on the table quickly. Find more information at nexgrill.com.
Elevate Your Outdoor Kitchen
If your outdoor living area includes enough space, you can elevate the outdoor cooking experience with an outdoor kitchen. Put a premium, built-in grill like the Spire 6-Burner Built-In Grill at the center of your custom, luxurious entertaining space. This dual-fuel, stainless steel gas grill features 904 square inches of cooking space and 73,000 British thermal units of cooking power across six main burners and an intense-heat ceramic rear burner, producing restaurant-quality sear marks and exceptional heat retention. Visit spireoutdoor.com to learn more about the durable, high-performance grilling solution.
SOURCE:
Megamaster
Nexgrill
Spire
(Family Features) Updating your HVAC (heating, ventilation and air conditioning) system to cool your home in a smart and sustainable way involves several steps that not only improve energy efficiency but also reduce environmental impact.
Consider these tips from the heating and cooling experts at Carrier to help make your cooling system more eco-friendly:
- Upgrade to an Energy-Efficient HVAC System. If your HVAC system is outdated, consider replacing it with a more energy-efficient model. Look for systems with an Energy Star or high SEER2 (seasonal energy efficiency ratio) rating, which indicates better energy efficiency. The higher the SEER2 rating, the more efficient the unit. Financial incentives for installing a higher-efficiency system are available through the Inflation Reduction Act of 2022. You can also shop for rebates from manufacturers and utility companies.
- Look for a Carbon-Free HVAC System. Heat pumps, ductless and VRF (variable refrigerant flow) systems that run on electricity and use low global-warming potential refrigerant, like Carrier’s Puron Advance, can help reduce your home’s negative impact on the environment.
- Install a Smart Thermostat. A smart thermostat can be programmed based on your preferences and adjust temperatures automatically. These devices can be controlled remotely through smartphones and help reduce energy consumption by cooling your home only when necessary.
- Conduct Regular Maintenance. Keep your HVAC system running efficiently with regular maintenance. This includes cleaning or replacing air filters every 1-3 months, checking refrigerant levels, cleaning outside condenser coils and ensuring the system’s components are in good, working condition and the airflow is not blocked.
- Seal and Insulate. Improve your home’s insulation to maintain a consistent temperature. Seal windows, doors and any gaps or cracks to prevent cool air from escaping. This can significantly reduce the workload on your HVAC system.
- Use Ceiling Fans. Ceiling fans can help circulate cool air throughout your home, allowing you to set the thermostat at a higher temperature without sacrificing comfort, thus saving energy.
- Add Window Treatments. Use blinds, shades or curtains to block out sunlight and reduce heat gain during the hottest parts of the day. This simple step can make a big difference in how much your air conditioner needs to work.
- Upgrade to a Variable-Speed Compressor. Traditional compressors operate at full power or not at all. However, a variable-speed compressor can adjust its output to match your cooling needs precisely, resulting in better efficiency, energy savings and improved indoor comfort.
- Ventilate Properly. Ensure proper ventilation in your home, especially in areas like the kitchen and bathroom, to remove excess heat and humidity, which can reduce the need for air conditioning.
- Update Roofing. If you’re replacing your roof, consider cool roofing materials that reflect more sunlight and absorb less heat than standard roofing materials, reducing the heat that enters your home.
By implementing these strategies, you can improve or update your HVAC system to cool your home more sustainably. Not only do these steps help the environment, they can also lead to lower energy bills and improved indoor comfort. Always consult with an HVAC professional to determine the best and most efficient options for your home and needs.
Find more information and tips to sustainably cool your home at Carrier.com.
SOURCE:
Carrier
(Family Features) As the weather begins to warm and days get longer, it’s important to begin preparing your yard for a healthy growing season. While factors like climate, soil type and grass type can all impact how your yard grows, there are a few steps you can take during the spring months to help your lawn thrive.
From dethatching and aerating to fertilizing and mowing, tackling these simple chores can help ensure your yard looks its best and is prepared to fight off seasonal weeds, disease and drought.
Tune Your Mower
Before it’s time for the first mowing of the season, inspect your mower and perform any routine maintenance necessary. That goes beyond sharpening, or replacing, the blade, and includes changing the oil, spark plugs and filter as well as filling with a fresh tank of gas.
Loosen the Thatch Layer
While it’s important to avoid working on your lawn until after the final freeze to avoid damaging the grass, raking your yard with a spring tine rake to loosen thatch – the layer of leaves, roots and dead grass that builds up between live grass and soil – before the first mow is equally important. Be sure to rake when the soil is dry; if it’s too soft or muddy, you may pull up healthy grass crowns.
Combat Compacted Soil
If your soil has become compacted – likely the effect of heavy foot traffic – and is too dense for water, air and other nutrients to reach the roots of your grass, aerating can help break it up and reduce thatch. A core, or plug, aerator can introduce tiny holes into your soil by removing plugs of grass and soil, which lets nutrients more easily reach the roots. An added bonus, the plugs can decompose on top of your grass, supplying more nutrients.
Fill in Bare Spots
If your lawn is looking sparse, overseeding, which involves spreading grass seed over your existing lawn, can help fill in bare spots. Be sure to choose the right type of seed for your climate and soil type to ensure proper growth. Applying a slow-release nitrogen fertilizer at the same time can provide additional nutrients that are important for promoting healthy growth.
Start Seasonal Mowing
When the ground is dry enough and your grass is long enough to require cutting, begin seasonal mowing. Be sure to use proper techniques, including varying your mowing direction each time to avoid creating patterns or ruts, and avoid cutting grass too low, which can make the lawn more susceptible to weeds and drought stress. In general, never remove more than one-third of the grass blade at a time.
Find more tips to help get your yard ready for warm weather at eLivingtoday.com.
Photo courtesy of Unsplash
SOURCE:
eLivingtoday.com
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