Live Better

Preparing for a financial emergency

Published

4 years ago

01/27/2021

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

Live Better

Tackle college and career prep with top tech

Published

2 days ago

09/25/2024

bowienews

(Family Features) Whether this semester’s class load calls for a computing upgrade or a career’s worth of tech demands is on the horizon, equipping yourself with the latest innovations can help you take on the challenge.

Surveying the latest laptops to hit the market might be daunting, but whittling your list to a few recommendations from the experts at Qualcomm can start you down the right path for your own needs. Consider which features are most important to your education or work, whether it’s a 2-in-1 laptop and tablet, a powerful PC with groundbreaking AI capabilities or a lightning-fast connection to help tackle heavy workloads.

These high-performance solutions are powered by the Snapdragon X Elite platform. Built for AI, it’s a powerful, intelligent and efficient laptop processor that boasts cutting-edge responsiveness, allowing you to navigate demanding multitasking workloads across productivity, creativity, immersive entertainment and beyond – while getting up to multiple days of battery life on a single charge.

Visit qualcomm.com/snapdragon to discover more solutions for education and careers.

Harness the Capabilities of AI

Level up your productivity and get creative with the Lenovo Yoga Slim 7x, powered by Snapdragon X Elite. With powerful on-device AI performance and speedy Wi-Fi 7 connectivity, the possibilities are endless so you can create on the fly, anywhere you go. It’s not just smart – it’s your creative sidekick that knows what you need before you do. Built for AI, it streamlines your creative tasks with leading on-device intelligence capabilities.

Power Your Productivity

Built to work on the go thanks to its powerful performance and groundbreaking on-device AI travel assistant, the HP OmniBook X AI PC can help you unlock unparalleled productivity. Powered by Snapdragon X Elite and its intelligent, efficient processing capabilities, it features up to 26 hours of battery life to tackle demanding workloads. Fuel your creative potential with super-charged performance that’s equipped with Wi-Fi 7 for seamlessly quick connectivity and a collection of AI tools and solutions to keep you running at your best.

Discover an All-New PC Experience

In the classroom and beyond, you can unleash power-packed performance and advanced AI with the Samsung Galaxy Book4 Edge. Powered by the Snapdragon X Elite processor and built for Galaxy AI, the thin and lightweight laptop, which is available with a 14- or 16-inch screen, offers 16 gigabytes of RAM to transform how you create, communicate and play by providing powerful computing, AI performance and power efficiency.

Navigate Complex Workloads with Ease

With cutting-edge responsiveness and unmatched speed for navigating the multitasking required in today’s digital-first age, the Dell XPS 13 – featuring powerful, on-device Copilot+ AI – lets you effortlessly tackle complex workloads. Powered by Snapdragon X Elite and featuring premium audio and Wi-Fi 7 connectivity, the strong, lightweight laptop is crafted with machined aluminum for an elegant, minimalistic design.

Combine Outstanding Performance with Ultimate Flexibility

Effortlessly shift from tablet to sketchbook to multiple monitors – whatever the school or work day requires – with the Microsoft Surface Pro 11 and its unique detachable kickstand design. A laptop reimagined, this flexible, powerful 2-in-1 provides AI-accelerated power, multi-day battery life and lightning-fast speed via the Snapdragon X Elite processor to keep up all day long, no matter where your studies or career take you.

SOURCE:
Qualcomm

Live Better

Choose the right tires for your ride

Published

1 week ago

09/18/2024

bowienews

(Family Features) Many drivers have difficulty selecting the best tire for their vehicle and driving needs. For many, tire selection starts at the size then jumps to what’s in stock or what’s on sale. However, there are many factors to consider when you need new tires for your car, truck or SUV. Buying tires is an investment, so it’s important to make the right decision.

You may be surprised to learn determining the best tire is as much about the driver as it is the vehicle. Choosing the right tire requires considering where you drive, how you drive and what you drive. You can explore these and other factors in the Treadwell tire-buying recommendation tool, which is based on a decade of data and real-world test results.

This tire recommendation tool combines millions of data points from tire safety checks and Discount Tire’s own test track where intensive tests are performed on tires from all major manufacturers, along with the driver’s location, vehicle and driving habits, to generate a selection of personalized tire recommendations from a variety of brands.

With more than 20,000 different models of tires available for the everyday driver, it’s no wonder tire-buying can be a mystifying process. However, tools like this can help drivers make the most informed choice while having access to the same information tire technicians use in-stores alongside their expertise. The result: empowering drivers with information and options tailored to their needs.

If you think it may be time to replace your tires, start with the Treadwell tool and consider these five expert tips to simplify the process from the technicians at your local Discount Tire.

Driving Style
The type of driver you are, the kind of ride you want and how long you expect your tires to last are all factors in choosing the right tires. For example, thrill drivers might prefer tires with high levels of grip and responsiveness while those who stick to long road trips are better suited for long-lasting, smooth riding tires.

Weather Conditions
Your location and the weather you regularly encounter when you drive influence the type of tires you need. For example, drivers in the upper Midwest require tires that perform well in extreme cold and winter weather while those in humid climates like the Southeast need tires that perform well in wet conditions.

Budget
Purchasing tires is an investment. Drivers should look at the cost of their tires over time, rather than the cost up front. In the long run, it may be more cost-effective to purchase a higher quality tire based on multiple factors like increased safety, improved handling and ride quality, as well as cost per mile.

Vehicle Specifications
Tire specifications can vary depending on the type of car you own. For electric vehicles and vehicles carrying heavy loads, it’s critical to know how much weight your tires can safely support. Only install tires that meet or exceed the load requirements for your ride.

Wear and Age
Two of the most important considerations when replacing tires are tread depth and tire age.

Your tires’ tread depth directly impacts your vehicle’s ability to stop. Tires are reaching the end of their life at 4/32 inches of tread. However, your tires may be underperforming even if more tread remains, particularly in rain or extreme weather conditions.

When it comes to replacing your tires, you should also consider their age. Because the materials used break down over time, experts recommend replacing tires that are six years or more past the date of manufacture.

To access the tool and complete the online survey to determine the right tires for you, visit DiscountTire.com/Treadwell.

SOURCE:
Discount Tire

Live Better

5 tips for a budget-friendly Fall vacation

Published

2 weeks ago

09/11/2024

bowienews

(Family Features) If you’re looking to get away, fall is a perfect time to plan an escape. With smaller crowds at many popular destinations and more comfortable weather, scenic autumn landscapes and cozy hideaways await.

To get your planning started, consider these tips to enjoy a spectacular fall vacation without breaking the bank.

Choose a Destination with Beautiful Scenery
When planning a fall vacation, research the cost of living for potential destinations. Some places may have lower costs for accommodations, dining and attractions, allowing you to stretch your budget further. Considering destinations known for their stunning fall foliage, such as New England, can allow you to take advantage of budget-friendly activities, like nature walks or sightseeing, that capitalize on the beauty and charm of the season.

Time Your Trip to Take Advantage of Deals
Timing is key when it comes to finding the best deals. Consider traveling during the shoulder season, which is the period just before or after peak tourist seasons. During this time, prices for accommodations and attractions are often lower and there are fewer crowds. If you have the freedom to choose when to go on vacation, look for off-peak days or midweek travel. Prices tend to be lower during these times compared to weekends or popular travel holidays.

Pack Essentials to Save on Unnecessary Purchases
Packing strategically can help you save money and avoid unnecessary purchases. Consider packing these essentials:

Layered clothing: Instead of bulky sweaters or coats, opt for lightweight layers that can be easily combined to keep you warm.
Reusable water bottles: Bringing a reusable water bottle helps you avoid buying bottled water and reduces waste.
Snacks: Packing snacks like granola bars or dried fruit can help you reduce food costs while you’re out and about.
Travel-size toiletries: Transfer your favorite products into smaller containers or purchase travel-size bottles instead of buying pre-packaged versions.

Pick Budget-Friendly Activities and Attractions
Popular destinations often offer a wide range of budget-friendly activities and attractions. Consider these ideas that won’t break the bank:

Hiking and nature walks: Take advantage of the beautiful fall foliage by exploring hiking trails and nature reserves. Many of these outdoor activities are free or have minimal entrance fees.
Local festivals and events: Research local festivals and events happening during your trip to immerse yourself in the unique culture and traditions of the area.
Local markets: Explore farmers markets or craft markets to discover unique products and support local businesses. Often free to enter, these markets offer opportunities to sample local food and purchase souvenirs.
Museums and galleries: Look for museums and galleries that offer free or discounted admission during certain days or times to explore local art and history without spending a fortune.

Save on Accommodations
Finding affordable accommodations during the peak of fall can be challenging, but with these tips, you can save money while still enjoying a comfortable stay:

Book in advance: Plan your vacation early and take advantage of early bird discounts or promotional offers.
Consider alternative accommodations: Instead of traditional hotels, explore options like vacation rentals, hostels or bed and breakfasts, which can be more budget-friendly and provide a unique and personalized experience.
Stay outside the city center: Accommodations located outside main tourist areas are generally more affordable. Consider staying in nearby suburbs or towns and utilize public transportation to explore the city.
Use price comparison tools: Take advantage of price comparison websites to compare rates across different accommodations to find the best deals and save money on your stay.

Find more tips and tricks to save on fall travel at eLivingtoday.com.

Photo courtesy of Unsplash

SOURCE:
eLivingtoday.com