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Preparing for a financial emergency

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5 tips for building (or rebuilding) your emergency savings

(Family Features) The new year provides an opportunity to re-evaluate different aspects of your life, and that includes your budget and savings habits. Planning for emergencies by building – or rebuilding if the COVID-19 pandemic required making a withdrawal – a savings account to withstand the unforeseen can increase confidence in your overall financial health and reduce worry that a significant life event will negatively impact your finances.

“Our research shows having emergency savings is the foundation for long-term financial health,” said Chandni Ohri, program lead in savings and financial health with BlackRock’s Emergency Savings Initiative. “The start of a new year is a good time to make a savings plan, which can consist of putting a little bit of money away regularly.”

Even before the pandemic began, 4 out of 10 Americans had a hard time finding even $400 to cover an emergency, according to a report from the United States Federal Reserve. However, if you don’t think you have money to save, consider the majority of people who were able to save for an emergency for the first time in 2020 earned less than $60,000, according to research from BlackRock’s Emergency Savings Initiative, a group of nonprofit experts, corporate partners, and providers. Changes in spending due to the pandemic plus government stimulus packages helped many individuals create much-needed cash buffers.

Consider these tips to build your emergency savings account and create a buffer of cash for when emergency strikes.

Start a Savings Habit

While it’s less important to have a specific dollar amount in mind, getting into the habit of putting some money in savings with each paycheck can help protect you should an emergency arise. While one good rule of thumb is to set aside enough to cover roughly six weeks of living expenses – housing, food, transportation – take a look at what it would cost to cover unexpected issues with your car, a trip to the hospital, a leak in your home or the replacement of a major appliance and start there.

Even a small amount, such as $50 in your savings account when it’s the day before payday and you’re running on fumes, can save you from an overdraft fee, having to resort to using a credit card, borrowing from a loved one or taking out a loan. However, research from the AARP Public Policy Institute found having a cash buffer of approximately $2,500 can help prevent financial hardship over the longer term. If you lose your job, for example, your emergency account could help pay for necessities while you find a new position, or the funds could supplement any unemployment benefits you may receive.

Automate Your Savings

Because an emergency can strike at any time, it’s important to have easy access to your funds. However, the account should also be separate from your checking account so you’re not tempted to dip into your reserves. Pick a free savings account with no minimum balance requirements and link it to your everyday account to quickly move money over if you need it.

Look for ways you can automatically save such as enabling roundups from your checking account to be transferred to your savings with each purchase or having your employer split your paycheck and automatically deposit a portion into savings each payday.

If you’re planning to stash funds away for months or years that can serve as both an emergency fund and long-term savings, consider a high-yield savings account.

Look for Ways to Cut Back

While you may have already made changes to your spending habits amid the pandemic, periodically shopping for competitive rates of recurring bills, such as cable and internet, cell phones insurance policies and other utilities, can be a simple way to save some money each month. Start by asking your current providers about any special rates and promotions that may be available to loyal customers then check with alternative providers to see if they can provide the same or better offerings at a reduced cost. Sometimes returning to your current provider with a more competitive rate from elsewhere can be extra incentive to work out a deal to keep a longtime customer.

Also look at any subscription services you use, or potentially don’t but still pay for, and see if they offer a cheaper plan that still meets your needs or if you’re able to cancel subscriptions you no longer use frequently. Other expenses such as dining out or buying new clothing and accessories could also be scaled back if you find you’re splurging too much. Avoid completely cutting spending for leisure activities from your budget but look for reasonable tweaks that can allow you to set more money aside for unforeseen expenses.

Take Advantage of One-Time Opportunities to Save

Assuming you expect to receive a tax refund, this provides an easy way to boost your emergency fund if circumstances allow you to save all or a portion of the return. If you’re able, consider having your refund directly deposited in your emergency account. The same strategies can be applied to any government aid checks you may receive, such as a second round of stimulus money that could be distributed to eligible citizens in 2021 to help reinvigorate the economy amid the COVID-19 pandemic.

There may also be other times throughout the year when you receive one or more cash gifts, like your birthday or holidays, that can help provide a nice cushion to your emergency fund if you can avoid the temptation to spend it.

Replenish What You Use

Remember to review and adjust your savings plan as needed, whether you’re able to contribute over a longer period of time without dipping into the account or if an expensive life event pops up that requires using all or a portion of the funds.

Should you need to dip into the savings, do your best to make replenishing the account to a level you’re comfortable with a primary goal in case any additional unexpected expenses arise. Alternatively, if your saving is going well, consider increasing the amount you’re saving each paycheck so you’re better protected against any major life changes or able to finance a large-scale purchase down the road.

Find more information and tips for building your savings at savingsproject.org.

Photos courtesy of Getty Images

SOURCE:
Financial Health Network

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Laying the foundation for writing

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(Family Features) Learning to write is one of the defining milestones of early childhood, but it doesn’t happen all at once. Children build writing skills over time, from indecipherable scribbles to writing letters and words. While children progress at their own pace, families can help foster early writing development.

Dr. Lauren Loquasto, senior vice president and chief academic officer at The Goddard School, and Dr. Sonia Cabell, professor of reading education at Florida State University and member of The Goddard School’s Educational Advisory Board, provide this insight and guidance for families.

Early Writing Milestones
Writing begins in early toddlerhood, around 18-24 months. The earliest developmental milestone is when children scribble on paper with a crayon.

By 2-3 years old, children often draw shapes and narrate their writing. Parents should show genuine interest to help build confidence and interest. Ask your children to read what they write, as this helps make the connection that marks on paper represent thoughts and ideas. It’s not expected for children younger than 3 to write identifiable letters. Instead, encourage them to make marks on paper without constraint, allowing them to freely express themselves.

Around ages 3-5, children begin to move from writing (making marks) to handwriting, which is the formalized motion of making numerals and letters in recognizable forms. It’s vital for parents to value their children’s writing no matter what appears on the paper and provide opportunities for them to regularly engage in writing. Children at this age tend to write letters in different ways. It’s common, for example, for letters to appear backwards or from right to left. These are not causes for concern; this is a natural part of the development process.

Writing Supports Reading (and Vice Versa)

Reading and writing skills develop in tandem, reinforcing each other. Through writing, children experiment with how written language works, learning English moves from left to right and top to bottom. By estimating spelling – using their knowledge of letter shapes and sounds to attempt to write words – they are beginning to break the code of reading. Moreover, when children are composing stories, they are supporting comprehension and oral language growth, which are critical for reading development.

Encourage Writing at Home
Make writing part of everyday life. While ensuring paper and writing utensils are accessible is a start, materials alone won’t spontaneously create writing experiences. Children naturally want to engage with things they see, so parents and older siblings should serve as writing models. For example, when writing a grocery list, ask your children to write their own lists. When you’re writing a thank-you note, have them write their own.

The development of fine motor skills is also essential. One way to do this is provide tools like chopsticks or tongs that require them to use their forefinger and thumb in a pinching motion; this strengthens the hand muscles that are used to write. Also encourage play with small toys like blocks or beads that engage the hands in different ways. As fine motor skills improve, it becomes easier to grip writing utensils and write for extended periods.

Writing Tools
From apps to workbooks, countless tools and resources tout their ability to help children learn to write. Be wary. Typing on a tablet or computer is no substitute for learning to write by hand. Multiple studies have shown that writing – not typing – better promotes cognitive and literacy development.

Avoid activities like workbooks that require repetitive writing of letters over and over, as this inhibits creativity and experimentation. These activities can cause children to fear making mistakes, which can lead to anxiety, frustration and a loss of interest. The best tools are often the simplest: a small writing utensil (not big or bulky; children have small hands and need appropriately sized utensils) and a blank piece of paper.

Remember, children develop at their own pace. Provide encouragement and focus on effort, not perfection.

To watch a writing webinar featuring Loquasto and Cabell and access additional parenting resources, visit the Parent Resource Center at GoddardSchool.com.

Photos courtesy of Shutterstock


SOURCE:

The Goddard School

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Keep your summer entertaining simple, fun

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5 expert ways to make the most of seasonal gatherings

(Family Features) From summer holidays and pool parties to spontaneous backyard barbecues with friends and neighbors, the hottest season of the year brings people together. When it’s your turn to host, make the most of the occasion by setting up your space to maximize the fun while showing off your festive side.

“Summer is hands down my favorite time to host,” said Kristina Zias, lifestyle, beauty and fashion expert and mom. “I love any excuse to bring people together and – let’s be real – I’m always looking for a reason to throw a party. The key is keeping things low stress for the host and making sure guests feel comfortable the second they walk in.”

This season, Zias and Glade are teaming up to share some of her favorite summer entertaining tips, which are simple, low-effort ways to make every gathering feel special. Whether you’re planning a full-blown backyard bash or hosting a few friends for drinks, Zias’ go-to ideas are all about setting the mood and enjoying the moment.

1. Set the Scene Without the Stress

To achieve a beautiful scene and make cleanup a breeze, try using disposable plates, utensils, napkins and cups in red, white and blue. A self-serve drink station with strawberry-infused water and a table of colorful fruit skewers adds charm without requiring much prep.

2. Tap Into Nostalgia Through Scent

Scent can instantly transport guests back to cherished summer memories, making it a powerful way to set the tone and spark conversation. Zias suggests using home fragrances to do just that. The new Glade Americana collection, available exclusively in stores and online at Walmart, features three limited-edition scents inspired by nostalgic summer traditions like beach trips, ice pops and garden-fresh fruit. Masterfully crafted to help bring summer to every room of your home, they’re designed to evoke warm-weather traditions.

  • Berries & Cream: Scents of a classic American summer treat spring to life in a picnic-perfect blend of apple, red berries, apricot, vanilla and sweet cream.
  • Summer Pops: Reminisce on childhood memories of a cool ice pop on a warm summer day with bright notes of Brazilian orange, pineapple, strawberry, white peach and sandalwood.
  • Beach Life: Transport yourself to a favorite summer vacation spot by the ocean with a breezy mix of sea salt, driftwood, white moss and white peony.

“These seasonal scents can help you evoke nostalgic memories and bring that summer energy into any room of your home,” Zias said. “They make everything feel a little more special and, honestly, they just make me happy.”

3. Keep It Simple and Guest-Friendly

Part of summer’s appeal is its easygoing vibe, so there’s no need to overdo it with complicated snacks or overwhelming decor. Lean into the simplicity of the season with ready-to-serve bites that can please guests of all ages, like berries, sliced or cubed watermelon, meat and cheese trays, sliders or chips and light dips. A separate kids station with games and snacks can keep little ones entertained.

4. Create Comfortable Hangout Spots

The hot summer sun and cool indoor air means guests will likely filter in and out of the house, so help them feel welcome and comfortable wherever they may be. Consider flexible seating guests can move around on the patio or in the yard, like bag chairs or foldable lawn chairs. Complement your festive indoor drink station with beverage-filled coolers to keep guests refreshed and designate an area for essentials like sunscreen and bug spray.

5. Have a Backup Plan

The best-laid plans can go awry when summer storms pop up. Before inviting the entire town for a barbecue, make sure you have enough indoor space and seating in case of rain or extreme heat. For grilling plans, Zias recommends prepping an alternate cooking method to avoid last-minute stress. A little backup planning can help keep the good vibes going, rain or shine.

For more summer entertaining ideas, visit Glade.com.

Photo courtesy of Shutterstock (group of friends eating)
Photo courtesy of Glade (candles)


SOURCE:

Glade

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Physical movement can help fight chronic diseases

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Physical activity is a valuable tool in the fight against chronic disease and other conditions. In fact, the Cleveland Clinic highlights physical activity among its nine ways to prevent disease in an effort to live a long and rewarding life.

Children, adolescents, young adults, and even men and women in middle age may not face too many physical hurdles when they try to exercise, but seniors are not always so lucky. Aging men and women with mobility issues may wonder if they can reap the rewards of physical activity, and thankfully there are many ways to exercise even if getting up and going isn’t as easy as it might have been in years past. Sometimes referred to as “aerobic exercise” or simply “cardio,” cardiovascular exercise is an umbrella term that encompasses a wide range of physical activities that raise the heart rate and improve endurance. Seniors with mobility issues can look to various forms of cardio for inspiration as they seek to be more physically active without compromising their overall health.

· Walk your way to a healthier you. Walking is a form of cardiovascular exercise that is ideal for older adults with mobility issues because it need not be physically demanding and it’s safe to walk just about anywhere. Walking in a place such as a local park can be particularly good for older adults because they can take periodic breaks on benches if aches, pains or stiffness is affecting their ability to keep moving.

· Take up swimming. Swimming might be tailor-made for seniors with mobility issues because it’s a great workout and exercising in water tends to be less taxing on muscles and joints. The Cleveland Clinic notes that swimming promotes heart health, strengthens the lungs, helps to burn calories, and builds muscle, among other benefits. And many seniors find swimming is just as fun in their golden years as it was in their youth, which means aging adults might not face problems with motivation when the time comes to get in the pool.

· Use an exercise bike or portable pedal exerciser. Cycling is a wonderful exercise but one that seniors with mobility issues may feel is no longer possible. If doctors advise against riding a traditional bike, an exercise bike or portable pedal exerciser can provide many of the benefits of cycling without as great a risk for accident or injury. A portable pedal exerciser can be carried to a park, where seniors can still spend time in the great outdoors, which is one of the most appealing reasons to get on a bike and go.

· Take beginner yoga or tai chi. HelpGuide.org notes that gentle yoga or tai chi can help to improve flexibility and reduce stress and anxiety. Though yoga and tai chi can provide as much demanding physical activity as individuals allow, beginner classes in each discipline don’t require much movement but do provide enough for seniors hoping to be less sedentary.

Even seniors with mobility issues can find safe and effective ways to be more physically active. Prior to beginning a new exercise regimen, seniors with mobility issues are urged to discuss activities with their physicians.

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