NEWTOWN (AP) — A commission that oversees drinking water quality for 15 million people took an initial step Wednesday to permanently ban drilling and hydraulic fracturing near the Delaware River and its tributaries, drawing criticism from the natural gas industry as well as from environmental groups worried that regulators would still allow the disposal of toxic drilling wastewater inside the area.The Delaware River Basin Commission voted 3-1, with one abstention, to begin the [...]
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الأربعاء، 13 سبتمبر 2017
Olive Garden Revives Never Ending Pasta Pass, Adds Chance to Win Italy Trip
Starting Sept. 25, you can eat your fill of Olive Garden’s Never Ending Pasta Bowl menu every day for eight weeks — assuming you can get your hands on a $100 Never Ending Pasta Pass.
Olive Garden will offer fanatics 22,000 of these Pasta Passes on a special website starting Thursday, Sept. 14, at 2 p.m. EST.
If that sounds like a ton of passes, you probably weren’t paying attention when 21,000 of them sold out in one second last year.
This time around, Olive Garden said the sale will last 30 minutes, but if you want a pass, you’d better be ready at 2 p.m. — there’s an added option this year that may bring out even more eager pasta eaters than in 2016. This added twist is Olive Garden’s Pasta Passport, which costs $200 and comes with a trip to Italy.
Really? A Trip to Italy and Unlimited Pasta for $200?
The short answer: Yes, really.
But there is a catch, of course. Olive Garden will offer only 50 Pasta Passports, so they will be the toughest to get. That means only the luckiest among us will get one.
And there’s added pressure in going after the Pasta Passport: If you aim for this $200 deal and miss out, you could also squander your chance to get the standard $100 Pasta Pass because those will go fast, too.
If you’re trying to strategize, the details of the trip might make missing out on the $100 passes worth it. This trip sounds epic.
According to a press release from Olive Garden, you and a friend will get to see most of Italy in eight days and seven nights.
Your trip, which will run April 7-14, will start in Siena then move on to Florence and Assisi before heading into Rome, Vatican City and Pisa. You’ll walk the cobblestone streets, see the ancient architecture of the Colosseum, the beauty of the Sistine Chapel and the wonder of the Tower of Pisa all while eating delicious Italian food.
Olive Garden has your airfare, hotel, food, transportation and activities all covered. The chances of getting that trip might be worth missing out on the $100 passes.
Without the passes, the Never Ending Pasta Bowl menu starts at $9.99.
What You Get With the $100 Pasta Pass
The $100 Pasta Pass may not come with a trip to Italy, but there are still perks.
Between Sept. 25 and Nov. 19, every passholder will get eight weeks of unlimited access to Olive Garden’s Never Ending Pasta Bowl menu. Passholders can choose from seven pasta styles, six sauces and five meat or seafood toppings, plus they get unlimited soup, salad and breadsticks.
If you use the Never Ending Pasta Pass at least 10 times in those eight weeks, you’ll break even — everything after your 10th trip is on the house.
According to Olive Garden, the Never Ending Pasta Menu offers more than 100 different combinations, so you’ll never get bored.
Desiree Stennett (@desi_stennett) is a staff writer at The Penny Hoarder. She’s going to try for the $200 pass because she believes in going big or going home. That’s good because home is where she’s headed if she doesn’t get the pass.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Blue Mountain and St. Luke’s merge
Blue Mountain Health System, a health network consisting of two community-based hospitals that serve parts of Monroe County, announced plans to merge with St. Luke’s University Health Network.Blue Mountain Health System, which has been around for more than 100 years, has hospitals in Lehighton and Palmerton in Carbon County. St. Luke’s University Health Network is a regional health network with seven hospitals and more than 270 outpatient sites serving 10 counties in New [...]
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Those Who Can’t Afford to Evacuate for Disasters Need Support, Not Shame
From hurricanes and forest fires to earthquakes and tornadoes, most U.S. residents are at risk for natural disasters of one form or another.
While it’s nearly impossible to anticipate some emergencies, advance warning about tropical weather, wildfires, jittery volcanoes and extreme cold emergencies do give people the chance to evacuate to safety.
Well, in theory anyway.
Why Some People Don’t Evacuate in Emergencies
People don’t heed evacuation warnings for a number of reasons, instead choosing to shelter in place:
- They don’t want to leave pets behind and can’t find a hotel or emergency shelter that allow animals
- They’re afraid looters will rob their unattended homes
- They want to deal with roof leaks, downed branches or other small problems before they become huge
- They lack confidence in the severity of weather forecasts or warnings from local government officials
- They simply can’t afford it
These are all valid reasons, but I want to talk about that last point in particular.
Evacuating your home is expensive. Even if you aren’t living paycheck to paycheck, the costs involved in packing up and leaving at a moment’s notice can be downright prohibitive.
What It Costs to Evacuate in an Emergency
The amount you’ll spend to dash to safety in an emergency depends on a number of variables, including the size of your family, how many pets you have, whether you can stay with friends or family instead of a hotel, and so on.
No matter what, though, it won’t be cheap.
My husband and I recently fled our home with four pets ahead of Hurricane Irma. We were fortunate to be able to stay with friends instead of booking a hotel, but it still cost us a small fortune.
Here’s a breakdown of our expenses:
- Gas for two cars (round trip): $100
- Non-perishable food and incidentals: $200
- Extra pet food and supplies: $25
- Extra medication refills: $80
The total: $405
We had reliable cars plus a large stock of bottled water, batteries and flashlights in the emergency prep kit that we took with us. If we hadn’t, our expenses would have been even higher.
For additional peace of mind, our employers allowed us to evacuate without worrying we would lose our jobs. Others weren’t so lucky.
The bottom line: Some people risk their jobs and extreme financial hardship if they choose to evacuate ahead of an emergency.
It’s a terrible position to be in and certainly not an easy decision to make.
The Stigma of Being Poor During an Emergency
People who lack the financial resources to get out of harm’s way during an emergency face a multitude of conflicting issues.
The shame of being poor often keeps people from asking for the help they need to evacuate, yet people who don’t evacuate are often vilified for staying.
It’s a senseless situation that makes an already stressful experience worse.
“You should probably not try to guilt people into leaving unless you are willing to buy plane tickets for the whole family including the dogs and also fly down and help with the storm prep,” suggests Miami resident Connie Ogle.
What to Do When You Can’t Afford to Evacuate
If you need or want to evacuate your home ahead of an emergency but can’t afford it, keep these five things in mind:
1. There is no shame in your game. A lot of people are struggling to get by under the best of circumstances — including people around you that you’d never suspect — so evacuation expenses can be a significant additional burden for many people. You aren’t alone so don’t be afraid to ask for help.
2. Consider seeking temporary shelter for your pets. It can be unthinkable to be away from our pets when they need us — and we need them — most, but it might be necessary if it’s the best way to keep all of you safe.
A number of people I know offered to take in their friends’ pets while evacuating during Hurricane Irma, freeing their owners to seek shelter in places animals weren’t allowed.
3. Offer to house-sit in a non-evacuation zone. Some people don’t need to evacuate but are already out of town when an emergency looms or simply choose to wait it out far from home. Let friends know you’re willing to keep an eye on their home and help with prep and clean-up in exchange for a safe place to stay during the crisis.
4. Monitor your local information channels. Local governments pull out all the stops to reach residents during an emergency. Check local news channels and citizen information centers for what to do if you need help evacuating. Ahead of Irma, Florida Gov. Rick Scott pleaded with residents, “We cannot save you when the storm starts. So if you are in an evacuation zone and you need help, you need to tell us now.”
5. Be willing to rely on the kindness of strangers. There will always be opportunists who try to take advantage of people during an emergency. Fortunately, there are far more people willing to help others out of a jam whether they know them or not. Check with local churches and aid organizations to see what private shelter opportunities are available near you.
Evacuating your home ahead of an emergency is an anxiety-filled situation that cuts across economic and social lines, so don’t let your financial situation keep you from asking for assistance if you need it. You’d be surprised how many people want to do what they can to help.
Lisa McGreevy is a staff writer at The Penny Hoarder. She’s evacuated ahead of two major hurricanes and is always gratified by how quickly people come together in a crisis.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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American Express is Hiring People to Work From Home for $15+ per Hour
Looking for full-time work?
That you can do remotely?
With a well-known, reputable company?
Check, check and check: American Express is hiring full-time Virtual Platinum Customer Care Professionals.
Here’s how to apply.
(And if you’re looking for a work-from-home job but this one’s not quite right for you, be sure to like our Jobs page on Facebook — we post awesome work-from-home opportunities there all the time!)
Get a Work-From-Home Job With American Express
In this position, you’ll work from home on a “flexible, nontraditional schedule” and “deliver extraordinary care by promptly and accurately responding to customer inquiries.”
Your duties will include evaluating account information and offering tailored solutions to customers.
To be eligible, you must live in any state except Alaska, California or Hawaii, and have a distraction-free home office and experience “successfully interacting with customers.”
If you live within 35 miles of one of its centers (Phoenix, Arizona; Salt Lake City, Utah; or Sunrise, Florida) then you’ll want to review its on-site positions.
You’ll start out earning “competitive” pay, with the opportunity to earn “monthly performance-based incentives.”
Not only is training paid (and from home), the company will also cover the connection cost of up to $100 for “dedicated telephone and Internet service from an American Express approved provider in your area.”
Woohoo!
Plus, you’ll be eligible for benefits like health insurance, retirement plans and tuition assistance from day one!
Sounds like a pretty good gig, right? Click here to learn more and apply.
Susan Shain, freelance writer, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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How to Plan (& Provide) for a Child with Special Needs
Nobody likes to attach a dollar amount to the joys of raising a child, but the fact remains that it can be quite expensive. This is especially true when it comes to raising a child with special needs. In fact, one study funded by Autism Speaks estimated the average lifetime cost to be $1.4 million for a person affected by autism. And that’s to say nothing of the other forms of special needs, which can include blindness, Down syndrome and ADHD.
With planning and preparation, you can help to ensure your child has the help they need, now and for the future. There are lots of organizations and services out there that can make the cost more manageable. In this guide, we’ll walk through some of the steps you can take to help you provide for your child. With this information — and the help of qualified professionals — you’ll have the tools necessary to make informed decisions for your child’s future.
Table of contents
Planning for a lifetime
Hit the ground running (Child’s Birth – Age 3)
On to public school (Age 3 – Age 18)
Spreading their wings (Age 18 – 22)
Life after school (Age 22+)
Passing the torch
Planning for a lifetime
A report released by the US Census Bureau found that 2.8 million American families had reported raising two or more children with a disability. According to the CDC, autism affects 1 in 88 children. And, based on the findings of the National Down Syndrome Society, 1 in 700 babies born in the US is diagnosed with Down Syndrome. These figures can seem daunting, but there are things you can do to ensure your child’s needs are met.
We’ve put together an in-depth look at ways parents can plan for their child’s lifetime. These tips are divided up into important milestones in your child’s life for easy reference. Remember, this information is not a substitute for consulting a financial professional; it’s a resource to further your understanding so you can make informed decisions.
Hit the ground running
Child’s Birth – Age 3
You can never quite be ready for every eventuality when it comes to a child’s special needs. Every child is unique. However, there are things you can do after the birth of your child, and even before, that can make a huge difference down the road.
Ask about Early Intervention
The sooner you can ask your pediatrician about Early Intervention, the better. For those who don’t know, Early Intervention is a system of services for babies and toddlers with disabilities or developmental delays. Early Intervention services can entail teaching physical and cognitive skills such as crawling and problem-solving, along with communication and social skills like listening and playing.
These areas of focus and what they entail may vary based on your child’s level of need. Your local pediatrician might be able to point you in the direction of services available in your area. You can also explore online resources for more information. By getting a leg up on this research, you’ll be able to estimate the level of investment and budget this into your financial planning.
Estate planning and special needs trusts
Planning for your child’s welfare after you’re gone is important, but there are differing schools of thought on whether to draft a will with a special needs trust or not. The tricky thing about wills is that they can interfere with your child’s eligibility for Supplementary Security Income (SSI) and Medicaid coverage. If the will bequeaths a substantial sum of money to your child, it could disqualify your child from receiving any additional government aid.
In order to avoid this, many parents opt for special needs trusts, which appoint a trustee (a designated friend, family member, or lawyer) control over the estate left to the beneficiary (your child). Because the trustee has total control over the funds, your child can continue to be eligible for government aid if he or she needs it, without losing access to the trust. Whichever path you decide to take, make sure you consult with a financial professional for advice specific to your situation.
Look into life insurance
Taking out a life insurance policy can be a little tricky, but it’s worth it. After all, you want to make sure your child is provided for in the event of your passing. Take some of the stress out of choosing a policy by finding a reputable financial advisor — and asking about terms of payment upfront. You may not want to work with an advisor that receives commission on policies they sell, as they might be more motivated by the money than your concerns for your child’s future.
As to how much of a policy to take out, this will depend on what you need covered. For example, you might require a larger policy if you want your child’s caregiver wages covered along with your funeral expenses. Again, a financial advisor can help walk you through this.
Additional takeaways
- Don’t forget to include any other children you might have in your budgetary agenda.
- Start thinking about designating a legal guardian. You may not know the full extent of your child’s diagnosis or whether they will need a guardian at this state, but it never hurts to have a few candidates in mind.
- Refrain from opening any savings or investment accounts in your child’s name, as this could affect their eligibility for Medicaid and SSI later on.
On to public school
Age 3 – Age 18
By this time, you might be starting to understand your child’s diagnosis a little better. This understanding is invaluable, as it can help you advocate on your child’s behalf as they graduate from home-based Early Intervention into individualized education. As your child continues to grow, you will gain more insight into their special needs and be able to adjust your financial plans accordingly.
Build bridges with your community
Take the time to meet with your community leaders and establish a rapport with the local school faculty. You should definitely make it a point to speak with your local law enforcement and emergency services about your child’s special needs. Accidents happen, and if your child is unable to speak for themselves or articulate their feelings, a simple misunderstanding could turn disastrous. There are resources available online that go over what your child needs to know about the police and ways you can introduce yourself to them. Community organizers might also have insight into further financial aid you can look into for your child’s needs.
Get involved in your school community
There’s no reason you should have to go through this alone. In fact, you might find there are plenty of families in your area going through something similar. Speak with your school’s principal or reach out to community organizers in your neighborhood for information on parent support groups or educational workshops. This is a great way to develop bonds with other like-minded individuals as well as gain some important insight from parents of older children. In turn, this will assist you in determining the proper amount of financial aid your child will need.
Review finances regularly
About every 2 or 3 years, you should review your finances to determine if you are on track to achieve your goals. As your child grows, you’ll be able to develop an idea of what resources he or she may need. You may find that you no longer require such a large life insurance policy, or you may discover that more is required. Keep track of your spending, including any out-of-pocket expenses for your child’s care. Plan and project for the worst case scenario, since you never know what unexpected expenses may arise. Also, remember to budget for the rest of your family — and your retirement.
Determine eligibility for SSI and/or Medicaid
At about 14 or 15 years of age, it’s time to determine your child’s eligibility for SSI and/or Medicaid. As of 2005, your child’s available assets need to be less than $2,000 to qualify. If your child’s assets exceed this threshold, speak with a Certified Financial Planner (CFP). They will be able to assess your situation and guide you through the process of shrinking or allocating any excess assets that prohibit your child’s eligibility.
For more information on applying for SSI and Medicaid, consult the following:
Choose a legal guardian
In case something happens to you, it’s important to designate a legal guardian for children under the age of 18. However, depending on your child’s needs, he or she may need ongoing help and guidance as an adult. In the event that you feel your child cannot make important life and financial decisions on their own, a guardian will need to be appointed. Most states have their own preferences and legal requirements for what constitutes a legal guardian. In most cases, the preference will be for an adult parent to take on the role or, if this is not possible, an adult sibling or a close family friend. Guardians are supervised by the court to prevent any potential abuse of trust.
Additional takeaways
- Medicaid and SSI aren’t the only government programs that your child could be eligible for. Spend some time online looking into additional special needs support programs.
- Don’t forget that it’s okay to plan for your own retirement while you’re figuring out your child’s financial future.
- Think long and hard about who you would designate as a legal guardian. There are plenty of guides online that can help you make this decision as well as suggest alternatives to guardianship.
Spreading their wings
Age 18 – 22
Your child is no longer, legally, a child. Depending on their diagnosis, they may even be ready to enter the world of college. There’s a lot to consider, including whether your child will stay in school and if they will require additional support. This is also a great time to review items we have previously touched upon.
Appoint a guardian or an alternative
If your child needs help making important decisions, financial or otherwise, and you have not yet appointed a guardian, then now is the time. However, just as there is no one-size-fits-all solution to special needs funding, there are degrees of need when it comes to guardianship. In fact, you might not even need a guardian when a durable power of attorney may suffice. This is perfect for situations where your child can make decisions on certain matters but may benefit from occasional guidance.
Consider workshops and adult education
In some cases, college may not be an option, but that doesn’t mean your child has nothing to contribute or can’t make their own way. Speak with your local school administration to determine if there are any opportunities to attend employment or educational workshops. Organizations like The Douglas Center offer these and more, and there are many others like it that can give your child the opportunities to lead full and productive lives. The cost of tuition for enrollment in organizations such as these will vary. A lot of it will come down to your child’s level of need. Will they be staying overnight? If so, there’s room and board to consider. Financial aid opportunities are available to help defer these costs.
Doublecheck research on government aid
The previous section spoke to how you can determine your child’s eligibility for government aid (SSI and Medicaid). At this point, it’s a good idea to reevaluate that research to ensure your child is still eligible. Once your child turns 22, they will be out of the public school system, and that’s the time that these aid programs and services kick in.
Additional takeaways
- Make sure your child’s assets are not in excess of $2,000, as this will render them ineligible for SSI or Medicaid. In the event that this occurs, look into ways of shrinking those assets or transferring them to a trust.
- Get acquainted with any local organizations that work with the government to provide aid. Learn how these organizations work so you can strengthen your voice of advocacy for your child.
- In some cases, a child with special needs can live in their own space. Now is as good a time as any to start equity on a second home. If your child needs room to grow, then consult the real estate market and work closely with a real estate agent to find a living situation that addresses your child’s needs.
- In addition to any residential needs, you should also evaluate whether or not your child has any transportation requirements. If your child is eligible to drive, make sure you budget for that as well.
Life after school
Age 22+
By this point, your child is out of the public school environment and really coming into their own. There’s still time to look into additional support groups and services but, for now, your focus should be on reviewing your estate plans and balancing your child’s financial needs with your own.
Reevaluate your life insurance policy if necessary
By now, you know the extent of your child’s needs and should have a pretty good idea about the size of the policy. Still, it never hurts to dot every “I” and cross every “t,” so take some time to make sure your policy is just the right amount for your child and their needs. Do not be afraid to consult with a financial expert on these matters, as well.
Review estate plan and/or special needs trust
Make sure everything is in order as far as your will or special needs trust. It never hurts to double-check these things. Also, remember not to open any accounts in your child’s name or bequeath an inheritance in any manner that will put your child over the $2,000 asset cap, or you could affect their eligibility for support later on. Instead, consider a special needs trust. If you’ve already established one, re-evaluate the terms to ensure you’re happy with the arrangement of the appointed trustee and the manner in which funds are dispensed.
Take account of expenses and liabilities
Itemize all of the expenses you can think of that your child will have to handle or manage in your absence. By organizing this information, you can gain a better perspective on what your child will deal with financially and make any necessary adjustments to your financial trajectory.
Additional takeaways
- Continue to include any other siblings (even those without special needs) into your financial planning.
- Maintain a healthy balance between providing for your special needs child and your own eventual retirement. Don’t assume the government will handle all of your child’s expenses.
- Don’t forget about inflation when you are factoring in your child’s life costs and projecting the amount of money you’ll need to save up for retirement.
Passing the torch
It’s a sad fact of life that children often outlive their parents, but it can be scary for parents leaving behind a child with special needs. If you have been reviewing your estate plans and your finances, your child should have the tools necessary to carry on after you have passed away.
Continue reviewing of estate plans and finances
If you’ve been following this guide, you’ve been reviewing your financial assets, savings, and estate plans. Now is the time, if you haven’t already, to sit down with your attorney and review all of these necessary documents and policies to ensure your child has what they need after you’re gone. These documents should include policies on healthcare proxies, your child’s appointed guardian, the will, any trusts, etc.
Review ownership of assets and beneficiaries
Take stock of your assets and determine what you’ll leave in your child’s care that will most benefit their lifestyle. You’ll also want to review your life insurance policies, as well as any other services you’ve found that will help support your child long after you’ve passed away.
Additional takeaways
- Consider utilizing a special needs trust as a means of dispensing a sizable inheritance. By doing this, you ensure your child receives all that they are owed without the government withdrawing their aid.
- While ensuring your child has what they need, you may have to push your retirement date back a few years. Be flexible, and don’t be afraid to seek the help of a financial planner if you have questions.
Providing a healthy life
It can be difficult to determine what your child will need when they are first born. Instead, it’s recommended that you spend the first couple of years living in the moment and understanding your child’s special needs before making any huge decisions. Once your child starts getting into public school and graduates from Early Intervention, you’ll have a clearer understanding of their diagnosis and what you’ll need to do to ensure their financial future. Beyond that point, you’ll need to reevaluate your financial goals and plans accordingly.
Keep a careful record of your spending and your income and consult with financial professionals on matters regarding your estate and life insurance policies. And remember that this guide is not a substitute for a professional consultation. Use this guide to familiarize yourself with the financial hurdles of raising a child with special needs so you can discuss your child’s future with reasonable expectations.
Additional checklist
We have also put together an additional checklist that condenses this guide into a series of the more pressing items and matters to consider. You can download the checklist by clicking below.
The post How to Plan (& Provide) for a Child with Special Needs appeared first on The Simple Dollar.
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Target Is Filling 100,000 Seasonal Jobs. Here’s How to Get One of Them
It’s not even Halloween yet, but people already have Santa on the brain.
Before you groan and roll your eyes, consider the upside.
Those mythical elves aren’t building all those toys, games and goodies to deliver from a magical sleigh. (If only it were that easy.)
The reality is that millions of people will flock to stores over the next couple of months to fulfill their loved ones’ Christmas wish lists, meaning retailers all over will need more workers to deal with the additional business.
One giant retailer is on a hiring spree, but if these jobs aren’t for you, be sure to check out our jobs page on Facebook, where we post interesting jobs all the time.
Target Is Hiring Even More Seasonal Workers This Year
Target — a store I could spend all day in — is hiring about 100,000 temporary workers for the holiday season, USA Today reports. That evens out to an average of about 55 new workers at each of the retail chain’s 1,816 stores.
Last year, the company hired about 70,000 temporary employees for holiday help, according to the USA Today article.
USA Today reports the company will hire an additional 4,500 temporary workers at its distribution and fulfillment centers.
How to Score One of These Gigs
To get a job with Target this holiday season, check TargetSeasonalJobs.com for openings at a location near you.
From Oct. 13 to 15, all Target stores will hold hiring events, at which interested job candidates can come in between 10 a.m. to 6 p.m., learn about open positions and potentially land a same-day interview that ends in a job offer.
If you’re looking for a seasonal job, make sure to mark those days on your calendar!
The company is currently accepting applications online for cashiers, sales floor members, backroom members, food service employees and workers for its logistics teams.
They promise “market competitive pay” and flexible schedules. Salary reports from thousands of Target employees on Glassdoor show the average hourly pay for cashiers ranging from $9.20 to $9.45.
According to Glassdoor reports, backroom team members bring in an average $10.07 to $10.10 an hour, and team leaders earn an average hourly wage of $15.21 to $15.67.
Benefits for seasonal workers also include store discounts from 10% to 20% — a bonus for when you do your own holiday shopping at Target!
Nicole Dow is a staff writer at The Penny Hoarder. She’s still not sure whether it’s a good or bad thing that she lives so close to a Target store.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Hey Parents, Here’s When You Can Save by Trading in Old Car Seats at Target
One of the eye-opening things you quickly learn as a parent is how expensive child car seats are.
Spoiler alert for the childless: Car seats are super-expensive. Also, your growing child will cycle through various car seat stages. Take it from me, a father of two.
These days, the average convertible car seat price is roughly $175 — although it ranges from $75 to $400 or more, depending on your needs, taste and budget.
One way to save money here is to take advantage of car seat trade-ins. Babies R Us, Toys R Us and Target have these in-store events every once in awhile.
Just in time for National Baby Safety Month, it’s Target’s turn. Target is holding a nationwide car seat trade-in event through Sept. 23.
That means you still have a 10-day window to bring in your old car seat and get a coupon for 20% off a new car seat, booster, base or travel system. You can use the coupon in stores or online until Oct. 7.
What happens to the car seats that Target collects? It has teamed up with recycling company TerraCycle to have them recycled. Target and TerraCycle expect to keep 700,000 pounds of car seat materials out of landfills.
Once or twice a year, Toys R Us and Babies R Us do the same thing, and they usually offer a 25% discount.
If you’re a Penny Hoarder like I am, you’re always looking for ways to save money. Saving on car seats is no exception as long as my child’s safety is not compromised.
The Car Seat Cycle of Life
These car seat trade-ins are especially useful because there will come a time when your child outgrows their current car seat or it expires.
The federal government offers car seat guidelines based on age and weight. Here are some useful guidelines:
- Infant seats: Newborn to 2 years, or 30-plus pounds.
- All-in-one seats: Newborn to 12 years, or 120 pounds.
- Convertible seats: Newborn to 6 years, or 65 pounds.
- Booster seats: 6 to 12 years, or 120 pounds.
Consumer Reports has a few good tips on when to trade in your car seat:
- When your baby is a year old.
- When your baby gets too big for their infant seat.
- It’s simply time for the next step.
- When your car seat expires. Yes, car seats have expiration dates. Check your car seat’s manufacturing label. They’re typically good for six years. After that, you can’t resell them on Craigslist or at a consignment store.
- The car seat has been involved in a crash.
- The car seat is damaged.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He has two little kids, and just writing this story is making his wallet bleed.
Tyler Omoth, a senior writer at The Penny Hoarder, also contributed to this post.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Free HBO Offer From AT&T Means We’ll Be Doing a Lot of Binge-Watching
In your search for an unlimited data cell phone plan, you may have compared prices, activation fees, cancellation fees and more. It’s usually enough to make your head spin.
To draw in more customers, wireless companies are offering serious perks with their unlimited data plans.
This week, AT&T announced it will expand its free HBO incentive to both of its unlimited data plans, getting you this great perk at a lower cost.
Both AT&T Unlimited Data Plans Now Come With HBO
On Sept. 12, AT&T announced it will offer Unlimited Choice customers free streaming HBO on their AT&T devices. The deal starts Sept. 15, and is good for all new and existing AT&T customers.
Previously, AT&T offered this perk only with its Unlimited Plus plan, which runs as little as $90 per month for one line and increases with each line you add.
The Unlimited Choice plan, however, costs as little as $60 per month for one line. Like the Unlimited Plus plan, the price increases when you add more lines.
What are the key differences between the plans? The Unlimited Plus plan includes AT&T’s fastest data speeds and high-definition video streaming, and it allows up to 10 GB of mobile hotspot use per line. As for the Unlimited Choice plan, AT&T limits data speeds to 3 MB per second, does not permit mobile hotspot use and caps video-streaming quality at around 480p.
Considering HBO NOW costs $14.99 a month, bundling this new perk with the cheaper plan could be a smart money move. As always, though, read the fine print before signing up so you know exactly how much it’ll cost each month.
Now, if only AT&T could have offered this while “Game of Thrones” was still on.
Kelly Smith is a junior writer and engagement specialist at The Penny Hoarder. Catch her on Twitter at @keywordkelly.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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How Does Your Company Help New Moms? This One Offers a Concierge Service
New moms who are working moms face many challenges.
Keeping up with the typical workload while handling all the needs of a new infant who really can’t do anything on its own presents a major juggling act.
And sometimes a ball — or two — gets dropped.
For many, dealing with that juggling act often means making sacrifices on the career end, like opting out of the workforce for a period of time, losing wages and opportunities for advancement.
So when a company offers new moms special assistance through its employee benefits package, it’s something to be celebrated. It shows they care about retaining good workers.
Help Is One Call Away at Fifth Third Bank
Fifth Third Bank, headquartered in Cincinnati, Ohio, and with locations in 10 states, offers a maternity concierge program for employees who are pregnant, on maternity leave or simply have a child under age 1.
The service helps with a wide array of tasks, including picking up dry cleaning or groceries, ordering breast pumps, organizing a baby’s nursery and planning gender-reveal or first birthday parties, according to a recent Fast Company article.
Teresa Tanner, Fifth Third’s chief administrative officer, told Fast Company there isn’t much the concierges won’t do, outside of transporting children or pets. She told the publication two full-time concierges work at the company’s headquarters and part-time concierges serve the bank’s other locations.
The benefit is free for employees.
Charnella Grossman, a vice president and senior portfolio manager for Fifth Third Bank, uses the maternity concierge service and told Fast Company, “It serves as a show of commitment to women in the workplace… and signals that management is committed to investing in employees.”
Hopefully other companies will take note and make similar additions to their benefits package. Because a little help goes a long way in juggling all the demands new moms face.
Nicole Dow is a staff writer at The Penny Hoarder. She’s a working mom all too familiar with the juggling act.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Here’s How Companies Are Helping Hurricane Irma Victims Stay Above Water
As the remnants of Hurricane Irma pass through, the last thing you want to think about is how the money you spent on gas, food, water and hotel stays during the emergency will impact your ability to pay for your regular living expenses.
While you’re assessing damage to your home or car, you definitely shouldn’t have to think about how you’re going to cover your student loan payment this month or how much your next cell phone bill will be because of the extra data charges you racked up while your Wi-Fi was out.
We know exactly what that’s like.
Our staff at The Penny Hoarder, headquartered in (usually) sunny St. Petersburg, Florida, was hit by Hurricane Irma this week, and we have some of those same worries.
Thankfully, we’ve got some good news that will hopefully ease a bit of your post disaster stress as you wait to resume normal life.
Automatic Forbearance for Federal Student Loan Borrowers
If you’re working on repaying federal student loans and you live in an area impacted by Hurricane Irma, you will be happy to hear that there will be no penalty if you can’t make your student loan payment this month.
According to an email from student loan servicer Great Lakes Educational Loan Services, payments for September have been suspended automatically, and your next payment due date is October 2017.
Additionally, if you were past due on your student loan payment before Irma, you slate has been wiped clean — your account is now up-to-date. Unfortunately, however, any late payments that appear on your credit report will remain.
Of course, some parts of Florida were impacted far more severely than others. If the one-month automatic forbearance is not enough, a 90-day forbearance is also available on a case-by-case basis if you contact Great Lakes.
Do you have another servicer for your federal student loan or are you worried about your private student loan? It’s likely that your servicer has a similar program in place, too. Your best bet is to contact your servicer to find out the details.
AT&T, Verizon Customers: Don’t Worry About Overages
Whether you were using your phone to look up information for your home insurance policy or marking yourself safe on Facebook while your electricity and Wi-Fi were out, there’s no doubt that the impending overage charges have you a little worried.
But if you’ve got AT&T or Verizon, you should have received a text message similar to the ones my co-workers did telling you that you won’t be changed for overages on data, calls or text messages.
That text should also tell you when your charges will resume.
If you didn’t get that text or you have another cell phone provider and you don’t have an unlimited plan, call your provider. Once you explain your situation you may be able to convince them to waive the additional charges you rack up over the next few days.
Your Banks, Credit Card Companies May Be Flexible, Too
Chase Bank customers should already have gotten an email saying that the company plans to waive late fees, overdraft fees and ATM service fees for all its customers who were in the path of Hurricane Irma.
The late fee waivers apply to mortgages, auto loans and leases, credit cards and business bank accounts.
The fees will be waived until Sept. 24, and for those who have already been charged, your fees will be refunded. Of course, if you don’t bank with Chase, contact your bank or credit union to see if it will offer a similar program.
Struggling After Irma but No Fee Waivers Offered? Ask Anyway
As you’re checking in with family and contacting insurance companies, don’t just ignore the new bills that are adding up if you don’t get fee waiver offers from companies you owe.
It’s possible that they simply don’t have an automatic policy in place for when a disaster strikes where their customers live.
When you call, just be ready to explain the kind of damage you suffered or how many days you expect to be away from work. Then, explain when you can resume normal payments.
While we can’t guarantee every company will be sympathetic, at least a few might be.
Desiree Stennett (@desi_stennett) is a staff writer at The Penny Hoarder. She’s among the lucky few on The Penny Hoarder staff with access to electricity and internet right now.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Will the New iPhone 8 and iPhone X Be Worth the Investment? (Nope.)
A few days ago, I was reading the news when I stumbled on an article I found both interesting… and appalling. CNBC explained that the new iPhone models would likely be more expensive than ever because of their pricier components.
But, how expensive?
The new iPhone 8, available for pre-order beginning this Friday, Sept. 15th, will start at $699 for the base model with 64 GB of memory. The 256 GB version costs $849. The larger iPhone 8 Plus, meanwhile, will cost $799 (64 GB) and $949 (256 GB).
But wait, it gets better: Apple just announced a special-edition, 10th anniversary iPhone X to be released in November. That one starts at a thousand bucks (well, $999), and extra memory can ratchet the price up to $1,149.
For a phone.
While that in itself is absolutely outrageous, it was CNBC’s commentary on the price that made me angry. Apparently, consumers needn’t worry about the cost of their new device.
Why? Because they can just finance it! “The price shouldn’t worry most consumers, though,” the author said. “Wireless carriers are adept at hiding sky-high prices in monthly device installment plans that are easier to swallow. Apple also finances its phones, allowing customers to pay off the full cost of a device over a year or more.”
This explains so much about the American psyche and why we constantly struggle with money. This finance-anything mindset is the reason the average indebted family had more than $16,000 in credit card debt this year, and the average new car loan is up over $30,000.
Heaven forbid any of us get in the habit of saving for what we want. Just roll it into a monthly payment plan and drain your bank account slowly instead. We do it with cars, clothes, electronics, and furniture… so why not our phones, too?
Why a $1,000 Phone Isn’t Worth the Investment
Obviously, I’m being facetious. I am sick and tired of companies hawking overpriced wares accompanied with clever payment plans that obfuscate the real cost. But I am even more tired of Americans falling for it over and over again, hook, line, and sinker.
And no, I’m not talking about your mortgage or your student loans, either. Most of us have to borrow money to purchase a home, and for many of us, student loans were essential to get through college.
I’m talking about the “extra” stuff in life. The $1,000 phones, the leather sectional sofas financed for 24 months, the flat-screen televisions on a payment plan, and of course the new vehicles with monthly payments of $500 or more spread out over 60 or even 72 months (or even longer).
The common denominator with all of these items is that they all depreciate quickly. Furniture, clothing, electronics, and cars are worth increasingly less each year after you buy them until – poof – they’re finally worth nothing. And that’s usually right about the time you pay them off.
And, don’t fool yourself into thinking a new iPhone will be any different. Sure, you can sell a two-year-old phone on Flipsy or eBay for a couple hundred bucks once you’re ready to upgrade, but the money you pay will mostly disappear into thin air.
An iPhone is not an investment, nor is it meant to be. Even worse, buying a new iPhone could actually keep you from building real wealth.
How Much Could Your New iPhone Really Cost You?
If you’re on the fence between upgrading your phone or riding it out with the old one a little longer, you should think long and hard about financing your decision (or paying the $699 to $1,149 outright).
Not only will your phone be worth considerably less than you paid for it in a few short years, but you could miss out on the opportunity to build wealth – especially if you’re in habit of financing new phones over and over again for years.
Let’s take a look at how that math might work out. While the iPhone 8 and iPhone X aren’t available for purchase just yet, pricing and financing options are available on Apple’s website.
When it’s available in November, an iPhone X will start at $999, or $41.62 per month for 24 months. (While I’ll reiterate that it’s patently outrageous to pay this much for a phone, at least the 0% financing means you’re not paying interest on it to boot.)
Now let’s assume you keep that phone for two years, then resell it and upgrade to to the latest version, and repeat the upgrade cycle four more times. We’ll also assume — generously, given past experience — that new top iPhone models hold that $999 price for the next 10 years.
You’ve scored a new iPhone every two years for 10 years at this point, all while making a steady monthly payment on your phones of around $41.62. Also remember, that is on top of the amount you’re paying for actual cell service. This is just for the device itself.
An iPhone can fetch an average of about 30% of its original value on the resale market after two years, so if you’re methodical about selling your old phones (instead of passing them on to family members or leaving them to rot in an old drawer), each phone will cost you about $700 net after all is said and done, or $29 a month. Over 10 years, that means you’d pay a whopping $3,500 for five different cell phones.
Think that’s not a big deal?
Well, now let’s imagine you chose a different path. Instead of upgrading your cell phone every two years, you stuck with older, cheaper models instead. Each time your phone died or broke, you bought a cheap, unlocked model from any carrier for around $100. Your phones never had the best or newest technology, but you survived. Better yet, you invested your excess phone budget instead.
Here’s the long-term financial impact that choice could make:
- If you invested that $29 a month for 10 years instead of shelling it out for new phones, and it earned a 7% return, you’d have $4,808 — and an old cell phone. That’s a combo I’d be happy to have in my purse.
- Even if you stopped investing after 10 years, and simply left that money sitting in your account for another 20 years, your decade of using old phones would be worth $18,605 to you in retirement.
- And what if you kept investing that $29 a month for all 30 years, getting by on cheap, used phones the whole time (you know: the ones with the standard-definition holograms instead of the new HD models)? You’d be looking at an extra $32,872 three decades from now.
This is what can happen when you let your money work for you instead of purposely letting it work against you. By investing your money, you can put the power of compound interest on your side. But if you spend it on depreciating assets like new iPhones instead, it will disappear.
The Bottom Line
The new iPhones are coming, and they’re more expensive than ever. But the message we’re trying to get across here isn’t really about this year’s iPhone models or how much they cost – it’s about what you give up when you choose to finance luxuries instead of saving for the future that’s coming whether you like it or not.
These particular phones might be all the rage right now, but there will surely be an iPhone XX if we wait long enough. Only you can decide whether to mortgage your future to get your hands on the latest technology – or whether to save for the future instead.
Holly Johnson is an award-winning personal finance writer and the author of Zero Down Your Debt. Johnson shares her obsession with frugality, budgeting, and travel at ClubThrifty.com.
Related Articles:
- How to Avoid Getting Cut by the Cutting Edge
- Ready to Upgrade? Here’s How to Sell Your Old Cell Phone
- Your Budget is No Place for Wishful Thinking
Are you going to get the new iPhone 8? Why or why not?
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Talking pensions at the dinner party: how the tables have turned
There was a time when I would go to a dinner party, mention pensions, and be ostracised for the rest of the evening by my friends.
“Boring,” they would exclaim in unison while casually sipping from their glasses awash with life-enhancing Viognier. “How can you make a living from writing about such tedious things?” they would add before signing off with: “Get a proper job.”
I would disappear off into the night with my financial tail firmly between my legs. Maybe, I would think, I should have stuck with accountancy after all (my chosen career after university) or gone back to being a dustman with little responsibility (one of the most fun jobs I ever did).
But today, whenever I bring up the subject of pensions, my friends are animated and inquisitive. They are keen to hear my opinion and desperate for advice (I always point them in the direction of an independent financial adviser). Of course, they are now all a little closer to the day when they will retire and use a pension.
To them, pensions are no longer esoteric financial products, which suppressed their take-home pay. They are all-important – as is my pension knowledge that they previously scoffed at. How the tables have turned.
But their new-found interest in pensions is also fuelled by other factors. For a start, pensions are more political than ever, as evidenced by recent comments from the Chancellor, Philip Hammond, drawing attention to the value of pensions in the public sector. A pension, he says, ensures average public sector workers remain some 10% better off than private sector employees. This political debate has re-ignited people’s interest in pensions again.
Pension freedom rules, introduced just over two years ago, have also raised the nation’s awareness of pensions. Previously, many people walked into retirement with either the income provided by a pension annuity – or a ‘defined benefit’ pension determined by a combination of how many years they had worked for an employer and their final salary. That was it, pension set and match.
But the freedom rules have been a game changer. Most people now have greater flexibility over what they can do with their pension funds. They are no longer forced to buy an annuity or withdraw funds within set annual limits, which was invariably the case before for those with ‘defined contribution’ pension plans (where the value is determined primarily by the performance of the stock market). Now they can take income when it suits them.
More controversially, if they are a member of a defined benefit pension scheme provided by a private sector employer they no longer need to wait until they reach the scheme’s retirement age (typically 65) before obtaining an income. Instead, they can cash in their work pension and put the proceeds in a personal pension, giving them control over how and when (from age 55) they take income from it and how the money is invested.
In recent months, there has been a sharp increase in the number of people making such pension transfers. They have been tempted by some extremely attractive offers with transfer values equivalent to 30 times the annual income they would have got under their employer’s work pension. So a £30,000 retirement income promised under the defined benefit scheme could trigger a £900,000 transfer value. Tempting.
These big transfer values have been mainly driven by the desire of many employers to stifle the rising cost of running these schemes. Having closed them to new members or to further contributions, the next way to cut costs is to ‘bribe’ members to leave by offering a mind-blowing transfer value.
Good news? Of course. Should you be tempted? Maybe… although in transferring there are important guarantees you will end up losing; most crucially, a retirement income that will increase annually to take into account of inflation, and a reduced pension for a dependant if you die before them.
On the other hand, by transferring you will be firmly in control of your pension destiny. You will also remove any concern you might have that your employer may not be able to honour the pension it has promised you because of its own poor financial health – forcing you to rely on a reduced pension from the Pension Protection Fund (set up to protect people from failing pension schemes). It is a tough call, which is why the City regulator insists that anyone going down this road obtains robust financial advice.
All I will say is what I say to my friends: “Tread carefully, very carefully.”
Jeff Prestridge is the personal finance editor of the Mail on Sunday. He won the Contribution to Personal Finance Education category at the Santander Media Awards 2016. Email him at columnists@moneywise.co.uk. Read his previous columns.
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With a crisis in social care funding looming, here’s how you can plan to pay for yours
The combination of improving longevity and an ageing population means growing numbers will need some form of care in old age. Already, around 140,000 elderly people enter care homes each year in the UK, according to the government, and that number is set to rise as the baby boomer cohort ages.
However, while many elderly people rely for years on informal support from family or neighbours, formalised social care is expensive. Average annual care home costs run at between £30,000 and £50,000, depending primarily on whether nursing care as well as residential care is needed. Given that the average stay in a care home runs to around four years, total costs could easily top the six-figure mark.
Care in the home is harder to price because it depends what is needed, but bills ‘can easily run to several hundred pounds a week if an older person needs several care visits a day,’ according to Age UK.
Most families fail to prepare
At present, the state funding system requires people to fund their own care entirely if they have more than £23,250 in savings. Around half of those going into care each year do not qualify for state support and are required to fund at least part of their care costs; but as Stephen Lowe, communications director at Just Group, observes: ‘The level of awareness regarding funding care is almost nil’, and so most families do not have a financial plan in place.
So how can people meet these costs when they arise? One starting point is to seek out a financial adviser specialising in the complexities of later life and the care system. Jane Finnerty, director of the Society of Later Life Advisers, which on its website lists financial advisers who have gained the ‘later life adviser’ accreditation, adds: ‘specialist advice can demystify the situation.’
In terms of funding, there are of course more choices open to wealthier people. Those with sufficient assets could ringfence part of their pension, which has the advantage that any funds not needed for care can be passed on to the family free of inheritance tax. However, the trouble with this solution is that it is impossible to predict what the final bill may amount to. For example, you might ringfence £100,000 within your pension, but that would only see you through three years of care.
Payment options
A care or immediate need annuity offers a solution. This works in the same way as other annuities, with the cost basically dependent on life expectancy; it can be arranged for a fixed term or for life. With annuity rates at continuing historic lows, it’s an expensive option, typically requiring £100,000 plus; but as Neil Adams, head of pension planning at Drewberry Wealth, explains: ‘If the income from the annuity goes directly to the care home it’s tax-free, so this might be a worthwhile consideration for those with larger estates.’
The benefit is basically peace of mind: first, there’s no need to worry about the risk of the money running out, which could force a move to a cheaper care home; and secondly, the rest of the estate can be safely allocated to the children and grandchildren. It avoids ‘catastrophic loss of assets’, comments Lowe.
What about insurance? There are no specific care products that can be bought to protect yourself in future years, Lowe says. ‘The government would love the insurance industry to design one but it’s too hard to price, and also would require a large market – and that would mean much greater public awareness.’
Adams suggests a whole of life critical illness policy including total permanent disability cover might work. ‘In principle, this would pay out if serious health conditions arose and the payout could be used to fund care costs,’ he says. AIG is one of the few providers offering such a policy; for someone born in 1944, a £100,000 policy would cost around £420 per month.
Those without the wherewithal to pre-fund a care plan will probably have to fall back on the equity in their home. Equity release is an option, but Lowe warns it will only work for care at home; if you need residential care (and don’t have a partner still living at home), your property will be sold and the loan repaid.
‘Most people will need to accept that they either make plans to reallocate their property wealth when they are still in good health, or they effectively roll the dice and hope that their family home doesn’t end up under the hammer when any opportunity to protect its value will have passed,’ says Adams.
How to reduce a potential IHT bill
- Put a lasting power of attorney in place, to enable someone you trust to make decisions on your behalf if you are no longer able to do so.
- If you gift your home to a family member but continue to live in it, you will need to pay a market rent or the property may be liable to inheritance tax on your death.
- There is also a risk that the local authority will view the gift as ‘deliberate deprivation of assets’ to avoid care costs, and will tax the estate as though you had not given the property away. Specialist advice is crucial.
This article was originally published on our sister website Money Observer.
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What Should You Do When Your Hours Are Cut at Work?
Morgan writes in:
For the past four months I have worked at a small store here in town. I had plenty of hours over the summer and I worked about thirty a week. But in the last few weeks my hours have dropped to about ten a week. I need more hours than this. Should I quit?
First of all, it is extremely difficult to find financial success when your hours are drastically cut. A cut in hours can take a stable life and put it straight into crisis mode, and it can often necessitate some kind of professional change, whether it means finding a new job or making demands at work.
So, to answer Morgan’s question, it’s clear that Morgan should do something, but quitting shouldn’t be the immediate first response. Let’s walk through some of the issues.
The First Question Is “Why?”
Why are your hours getting cut? An employer doesn’t just cut hours for no reason – there is some reason behind the change.
One big reason is that the job may be a seasonal one. The business you work for may be attractive to tourists, and as tourist season winds down, the business owner simply can’t justify the hours that he/she was previously giving to employees. The customers can’t support it.
Another reason may be that the business is struggling. This doesn’t reflect negatively on you as an employee, but may simply be the economic reality of the business. If a business isn’t doing so well, particularly a retail business, one solution is to cut hours to keep the business afloat.
There are many other reasons, too. Perhaps there are performance issues. Are you not doing everything that you should be doing? There may simply be short term scheduling problems that aren’t being well communicated. There are countless personal issues that could be interfering here as well, from relationships between the employer and other employees to things like the relationship between the employer and you.
The reason behind your cut in hours has a great deal of impact on what you should be doing. However, the first thing you should do is be proactive on your own behalf by standing up for yourself.
Strategy #1: Ask for More Hours
Whenever your hours are cut unexpectedly or cut below what you need to make ends meet, your first step should be to simply ask for more hours. Sometimes, that’s all that needs to be done.
I’ll give you a specific example. I have a friend that worked at a local hourly job that needed her hours adjusted a little so she could be home when her child got home from school. Due to a lack of clarity in the conversation, the employer thought that the employee wanted fewer hours total rather than a shift change, so she simply cut her hours by two hours a day and gave those hours to another employee.
After a more nuanced conversation, they came up with a solution that made everyone happy. She started training on how to open the store and the other morning and early afternoon employee shifted away from opening and agreed to work two hours later, as that employee wasn’t much of a morning person to begin with.
Simple conversation can sometimes fix difficult situations, and you can launch that conversation by simply being direct and asking for more hours. If there’s nothing else going on, your supervisor will likely work with you to get things right.
Strategy #2: Find Out Why Your Hours Have Been Cut
What if your supervisor isn’t forthcoming with your request for more hours? What if you’re met with a “no” or a “not right now”?
The next step should be to figure out why. There has to be a reason why your hours are getting cut, so you need to dig into the reasons for that.
Again, candor is in your favor, as long as it’s calm and collected and rational. Simply ask why. Why were your hours cut?
Generally, answers to that question will fall into one of two categories. Either they have to do directly with your performance or they have little or nothing to do with you. Your response to each should be very different.
Strategy #3: If the Answer Is About Your Performance, Address That Problem
If you find out that there is a performance-related issue of some kind, you must take action to fix that performance issue. There’s no way around it. If you are not doing your job up to reasonable expectations, then it’s not reasonable to expect to get paid for that job.
If the reason for your hours getting cut is related to performance, figure out what the performance issue is and address it. Use the remaining hours that you have to fix that performance issue.
If it’s related to how you interact with others, learn how to control your emotions and bite your tongue. If it’s related to how you perform some tasks, ask for instruction on how to perform those tasks well and assemble checklists if needed to help you remember all of the steps. If you have no idea how to address it, ask for help and accept that help when it is given.
The thing is, if a performance issue is causing you to lose hours at this job, then that same performance issue is going to crop up again and again at similar jobs. If you struggle with professional relationships, changing jobs isn’t going to fix that. If you struggle with doing some tasks, changing jobs isn’t going to fix that. The best thing you can do is figure out how to break through those problems now.
What’s the benefit of trying to deal with those problems in your current job? The biggest reason is that you can demonstrate to your boss that you can take feedback and improve your performance. Honestly, that’s the most valuable trait that many employers look for in entry level people – they can handle negative feedback and respond by improving their performance.
The next biggest reason is that you can work out kinks in your performance at this job and then later move to another job and be prepared to be a top performer there from the start.
If you get feedback related to yourself, take that feedback to heart and use it to improve. If you don’t know how, ask for help with sincerity and without negative responses – when you ask someone for help, they’re taking their time and energy to help you, so even if you don’t like it, recognize that for the gift that it is.
Fix the problem, make sure your boss is satisfied, and then seek out more hours. You’re much more likely to get them if you’ve fixed your performance issues.
Strategy #4: If the Answer Has Nothing to Do With You, Seek a New Job
If the answer you get is unclear or it has nothing whatsoever to do with you, it’s time to seek a new job. Those types of things are outside of your control – there’s no action you can take to restore your hours.
The solution in those situations is to seek out more hours elsewhere. Find a different job that gives you the hours you need to make ends meet.
Depending on your situation, this may or may not involve quitting the first job. You may want to stick around with the previous job if it’s easy and enjoyable or if the shift is seasonal or the issues outside of your control are predictable. If they’re not predictable – such as if there are questions about the long term health of the business or if there are severe personality issues involved – you may be better off simply finding entirely different employment.
If you do choose this route, find new work before you leave your old job. Don’t leave ten hours or twenty hours a week on the table because they won’t give you thirty. Keep working your limited hours, then use your other hours to find new work. If that new work takes precedence over your old job or if you’re going above the number of hours you can work, then quit your old job. Don’t throw it away until it has outlived its usefulness.
Also, never, ever “burn bridges” as you leave a job. It provides no benefit whatsoever to you other than a short term “this feels good” that quickly fades and usually turns into regret. It also ensures that you’ll likely never be able to be employed there again, even if things change, and many of the people there will have a very negative opinion of you going forward. It is not worth it.
If you do have legitimate issues that the business needs to be aware of, request an exit interview with your manager or someone else in the management structure and lay out your grievances calmly and clearly in a closed meeting. A public emotional outburst will not help you in any way, nor will it resolve any of the concerns you may want to be bringing to the table.
Strategy #5: Find Out About Local Unemployment Laws
Another thing to consider is whether or not your reduction in hours can trigger local unemployment laws. The laws regarding unemployment are different in different states, so it can be worthwhile to check with your local unemployment office if your hours are radically cut to see how they can help. A quick Google search for unemployment offices in your town can point you in the right direction.
Final Thoughts
When your hours are cut at work, it might be difficult, but it is not the end of the world. If you keep your head on straight and approach the situation with calmness and with a real plan, you can bring yourself back to the employment level you need quickly – and you may just find that you’ve put yourself in a better position.
Good luck!
The post What Should You Do When Your Hours Are Cut at Work? appeared first on The Simple Dollar.
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Seven steps to building a bigger pension
This Friday is Pensions Awareness Day. The aim of the day is to promote the importance of saving for the future and to alert the nation that it is not saving enough for retirement. So, in support, here are my seven steps to building a bigger pension.
1. Start investing early
Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it.... he who doesn't pays it.” Starting earlier gives you a huge advantage; no matter how little you have to invest, it is still worth doing.
For example, if an investor invests £1 a day for 70 years and achieves an annual rate of return of 7%, with all income being reinvested and interest being compounded monthly, the resulting pot of money is worth £685,245. If the same investor wanted to make the same £685,245 over a 50-year period, under the same conditions, he would have had to invest more than £4 a day.
2. Don't opt out – make it a regular habit
Remember to actually save into your pension on a regular basis, especially if it means your employer will contribute more too. And remember to increase your contributions as your wages increase. It is all well and good picking funds that perform well, but the best way to make a pot grow is to add money to it. The amount you save depends entirely on what you can afford, but the more you save now, the more you will have in retirement.
3. Make regular checks
Monitoring your pension is hugely important, particularly when investing in funds. By monitoring where you are invested you can ensure that you are on track to meet your retirement goal. Overtime you may also want to change the look of your portfolio. Someone who has a long time until they retire may be willing to take more risk, as their funds will have longer to hopefully outperform, despite any short-term dips. Someone who is due to retire in the next five -10 years may want to be in less volatile funds, so that their savings have less chance of being damaged by any short-term dips in markets.
4. Consolidate – don't lose your pensions when you switch jobs
It is unlikely that you will have only one employer throughout your lifetime, however, so it could be tricky to keep track of the different policies you hold. Consolidating all your pensions in one place can make it a lot easier to keep an eye on charges, but also where your money is invested. Remember to check that you won't lose any guarantees or benefits by transferring, and always check if there are transfer out charges. The government offers a free pension tracing service.
5. Reclaim missed tax relief on contributions
All UK residents under 75 receive a minimum of 20% tax relief when they contribute to a pension. This is usually automatically reclaimed and added to your investment. For example, if you were to invest £800 into your pension, £200 would be added by the government, making your total contribution £1,000 for that tax year. However, if you are a higher rate or additional rate tax payer, you can claim the extra back through your tax return. Say you pay 40% tax, the extra 20% can be reclaimed, meaning that your £1,000 contribution is now costing you only £600.
Many people are missing out on these savings. If you are one of those people, don't worry! You can write to your local tax office up to four years after the year you contributed to reclaim the missed tax relief. You will usually receive a cheque, or have your next tax bill reduced.
6. You can keep paying into your pension after you retire
Just because you have retired does not mean you have to stop contributing to your pension completely. Up to the age of 75 you can continue to receive tax relief on contributions, depending on your circumstances.
7. Save for a family member
The annual allowance for an individual is based on how much they have earned in that tax year, but did you know that someone who is a non-earner can also save into a pension. The amount a person will receive as a state pension is entirely based on their national insurance contributions through their working life. But what about those individuals that have taken time out to raise a family?
If your spouse has done so, why not save into a personal pension for them, so they are not disadvantaged in retirement?
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