Kids' Credit Card Usage Way Up: New Survey Shows Increased Use Among Younger Children

America's credit card debt is nearly $1 trillion, according to Federal Reserve data. How much of that debt belongs to your kids?

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Powell’s Message to Congress: Rate Cut is Likely Coming Soon

Pointing to a weaker global economy, rising trade tensions and chronically low inflation, Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade.

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Don’t Toss Your Receipts. These 8 Apps Will Pay You for Them

Want to Work From Home but Don’t Know Where to Start? Try These Companies

The lowdown on variable rate mortgages

The lowdown on variable rate mortgages Stephen Little Wed, 07/10/2019 - 12:51

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When That $10 Coffee Also Gives You Space to Work

As I write this article, I’m sitting in the passenger seat of our family’s minivan. We’re driving back home from more than a week of camping in various sites in Colorado and my wife is taking a turn driving while I write the first draft of this article and edit another one.

In a lot of ways, I’m a “digital nomad.” I can essentially do my work anywhere that I can take my laptop and something that provides an internet connection. I can usually work at home, but I don’t have to; I can work pretty much anywhere I go, and we could easily move to a new location if we need to.

Sometimes, though, working at home isn’t the perfect solution. For a variety of reasons, I have to work out and about.

One of the easiest options for work is a coffee shop. Most coffee shops have wi-fi and, unless they’re incredibly busy, they don’t care in the least if you camp out at a table, plug in your laptop, and get some work done. They obviously want you to buy something if you take advantage of this, but a $5 coffee every few hours usually does the trick.

Coffee shops are cheaper work environments than a shared office space, plus you get a coffee to sip while you’re working. It’s actually a pretty reasonable solution for most digital nomads.

The thing is, I’m often out and about and I extremely rarely work in a coffee shop. I do enjoy drinking coffee while I write, however, but the idea of paying $5 or $10 just to have a table every time I want to or need to work outside of the home feels a bit excessive to me.

So, what exactly do I do?

Preparing to Work

Like most people who might regularly work in a coffee shop, I have a “go bag” that I refer to as my portable office. It’s just a backpack that contains everything I might need to work – my laptop, a variety of charging cables, a notebook, a bunch of pens, a few toiletry items, an empty water bottle, a few snacks, and so on. The goal is to have an item in my bag for the vast majority of needs I might have if I’m working outside the house so that I’m not distracted or interrupted.

One of the big reasons people often work in a coffee shop is, well, the easy availability of coffee. Of course, the problem is that coffee can be expensive. I solve this by preparing a large bottle of coffee before I go out and about to work. I usually prepare cold brew coffee.

At home, the procedure is simple. I prepare 32 ounces of cold brew coffee the day before by putting about a third of a cup of ground coffee into a filter and putting that filter into a quart of cold water. I sit it in the fridge overnight, then remove the filter and grounds and put that coffee into a water bottle with perhaps a splash of milk in it.

If I’m at a hotel, I do more or less the same thing. I take a coffee filter, put a third of a cup of coffee in it, then tie it closed with a rubber band or a piece of string, making a little tea bag. I then put it in a wide-mouth quart water bottle and sit it in the fridge or in an ice bath. Then, in the morning, I just remove the filter and coffee grounds.

I usually try to start a new batch in the morning so that it’s ready for the next morning – a 24 hour brew – but if I have to do it in the evening, it’s usually still just fine. If I’m at a hotel, I usually have two water bottles so I can have one going in the fridge at the hotel while I’m out and about with the other bottle.

This solves my coffee dilemma quite well. Obviously, if you prefer hot coffee or various other methods, there are good ways of doing it. My wife enjoyed hot French press coffee in a national park with no electricity available, so you can have good coffee under almost any conditions with surprisingly little effort. Don’t let a cup of coffee be your excuse to spend $10 just to have a table to work at, especially if you’re doing it regularly.

A quick note on distraction: I find coffee shops fairly distracting and other places (like a library or a church basement) to be much better places to work. Still, distraction can be a major issue in any public place or business where you work.

I tend to solve this by putting on noise cancelling headphones and listening to some form of ambient music or white noise, something without human voices (which consistently distract me).

Where to Work

I have a wide variety of places where I work when I’m out and about. None of these places have any direct cost associated with them.

A park shelter house Many city parks these days have wi-fi available and they virtually always have a strong cell phone signal. A shelter house is usually fairly quiet, keeps the weather at bay, and allows the sounds of nature to provide a perfect complement to your work. I have a shelter house that I often work at near my home simply for a change in environment. The only drawback here is that there is rarely a place to plug in your devices.

A church Many churches will happily allow digital nomads to use their common areas for work if you simply ask. Again, they’re often pretty quiet environments; you’ll usually hear the sounds of a church secretary or a pastor in another room and someone might wander through occasionally. My favorite part? I’ll often hear really pleasant live music when I’m there, as pianists and organists, both church and secular, often practice there, as do occasional vocalists and choirs.

A library This is probably my favorite choice. I’ve worked at libraries in many towns across the country during various travels and I’ve almost always been happy with the experience. Libraries offer free wi-fi, tons and tons of research materials at your disposal, a quiet environment in which to work, and you can often check out study rooms if you need to spread out a lot of materials. Surprisingly often, I’ll find that the library has some program of interest going on and I’ll stop in to listen; it’s because of this feature that I’ve met several US Representatives and Senators and a bunch of different authors and artists, just by pure serendipity.

A university or college campus Using a university campus as a digital nomad offers many of the same strengths as the library, but the exact situation tends to vary a lot more. For starters, many of the areas where it is most convenient to work tend to be loaded with students and often quite noisy, which can be good for some but I like a quieter environment. Many universities offer open wi-fi for guests, though some do not.

A city gym More than once, I’ve found that the lobby area of a city gymnasium is a good place to get work done for a few hours. There are often a few tables and chairs and solid wi-fi available in such settings, and the only distraction is people walking through the room on occasion. Plus, there’s almost always a place to plug in.

Final Thoughts

If you’re a digital nomad – someone whose work responsibilities enable you to work wherever you want and submit your work electronically – then there are a lot of options available to you in terms of where exactly you might work. Obviously, staying at home is pretty much the cheapest choice, but sometimes people need a change of environment in order to be productive or sometimes people need to work when they’re away from home. Co-work and shared office space locations can be extremely expensive.

In those situations, a coffee shop can be a tempting choice, but that’s also subtly expensive. If you camp out at a table, there’s an expectation of buying a coffee and often buying refills in order to keep your table, and that cost can add up surprisingly fast.

With a bit of forethought, a smart digital nomad can find a lot of free alternatives to the coffee shop with inexpensive coffee on hand to boot.

Good luck.

The post When That $10 Coffee Also Gives You Space to Work appeared first on The Simple Dollar.

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Can I Eat That? How Understanding Food Expiration Labels Can Save You Money

“You’ve dropped my fund from the first 50 funds list. What should I do?”

“You’ve dropped my fund from the first 50 funds list. What should I do?” Sam Barrett Wed, 07/10/2019 - 13:15

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This 27-Year-Old’s Bank Paid Him $1,038 This Year. Here’s How

Is there more than one way to invest in a company?

Best Cash Isa rates this week

Best Cash Isa rates this week Stephen Little Wed, 07/10/2019 - 09:01

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First published on 12 May 2008

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Best savings rates this week

Best savings rates this week Stephen Little Wed, 07/10/2019 - 08:00

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First published on 15 October 2010

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Best mortgage deals for buy-to-let investors

Best mortgage deals for buy-to-let investors Stephen Little Wed, 07/10/2019 - 08:00

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First published on 3 August 2015

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Scam watch: bogus traffic wardens stealing motorists' bank cards

Rise of multi-generational-retiree families will cut inheritances by £50,000

7 Tips to Achieve Financial Security

Northwestern Mutual recently reported what by many accounts appears to be good news on the financial front for average Americans.

The company’s 2019 Planning & Progress Study, which focuses on Americans’ attitudes about money and financial decision-making, as well as their opinions about the “attainability of the American dream,” found that 71% of Americans feel financially secure today versus 47% when the study was first conducted a decade ago.

Those figures represent a deep change in the attitudes and outlook of Americans since 2009 when the Great Recession ended, according to the study’s authors.

But what if you’re one of the people who still doesn’t feel financially secure and isn’t experiencing the current wave of optimism and prosperity?

What can be done to change that reality and help establish financial security — or at least set you on the path toward achieving that goal? We asked financial experts to share some of their top tips and suggestions.

Tip 1: Put a Practical Budget in Place

Your first step toward achieving financial security is to establish a monthly budget that you’ll be able to live with, said Brian Walsh, manager of financial planning at SoFi.

“By creating a plan that you can stick to, you’ll feel more confident and be better able to save for the future,” explained Walsh. “We recommend the 50/30/20 rule for budgeting. You should be spending 50% on essential expenses, 30% on discretionary expenses, and allocating 20% towards your (savings) goals.”

Tip 2: Create an Emergency Fund

Once you’ve developed a manageable budget, your next step should be establishing a savings account that can be used for emergencies, SoFi’s Walsh said.

“Having enough cash on hand to cover unexpected expenses is one of the quickest ways to reduce financial stress and feel more secure,” he explained. “Conventional financial wisdom suggests having about three to six months of your living expenses saved for an emergency. Sometimes that number scares people, so start with at least one-month worth of expenses. This money should be readily accessible should anything happen.”

Personal finance experts recommend putting about 10% of your monthly income into such an account, adds Katie Ross, education and development manager for American Consumer Credit Counseling (ACCC).

“If money is tight and you aren’t in a position to put the recommended 10% of your net income into savings, then start small. Even $10 or $20 a month will add up after a while,” Ross said.

It’s also a good idea to look for a high-interest account for your emergency fund, which can help you accumulate money more quickly.

Online savings accounts often offer higher interest than brick-and-mortar banks, with rates ranging from 2.15% to as much as 2.52%. Some of the top high-yield choices, according to Bankrate, include Marcus by Goldman Sachs, State Farm Bank and TIAA Bank.

Tip 3: Consolidate Debt

If you’re working toward eliminating debt but have those debts spread out amongst a variety of high-interest loans or credit cards, consider debt consolidation.

Consolidating high-interest rate accounts via a single personal loan, which often allows you to lock in a lower fixed interest rate, can save you money over the course of the loan, said Walsh.

Want to further speed up debt reduction (or savings accumulation for that matter)? Take a look at your belongings and identify items you’re willing to get rid of and begin selling them to earn some extra cash, suggests Deacon Hayes, founder of WellKeptWallet.com.

“Several years ago, my wife and I came to the realization that our finances were a wreck and we definitely did not feel financially secure, said Hayes. “There are several steps we took to turn our finances around. We sold tons of our personal belongings and assets. From our brand-new car to lots of other household items, you name it, we sold it and used the money to pay off debt. You can do the same thing to reduce your debt and become more financially free.”

Tip 4: Eliminate Emotional Spending

Emotional spending is the money you fritter away on your wants and desires rather than your needs. In other words, it’s the type of spending that’s not typically budgeted and can get you into financial trouble.

“Whenever you spend money, ask yourself whether you want it or you need it and you will get a clear answer,” explained Rishit Shah, who runs the online financial education platform Tally School.

The main goal, said Shah, is to reduce spending on wants because they’re almost always liabilities that increase your bills over the long term.

To help with this effort, Chris Smith, founder of the personal finance site I Am Net Worthy, suggests allocating a specific amount of money each month for limited discretionary spending, and don’t go beyond that amount.

“After separating your bills, savings and other additional costs, make sure to have a specific amount of spending money that you allow yourself to use on things you’d like for your personal preference,” Smith said.

Tip 5: Find Ways to Increase Your Income

To speed up the financial overhaul in their household Hayes of WellKeptWallet.com, took a second job to bring in extra money and pay off debt.

“While delivering pizzas wasn’t the most glamorous job, it gave us the extra money we needed to reach our goal of becoming financially secure,” Hayes said.

Are you a good writer, photographer or graphic designer? Perhaps pick up some freelance gigs on the side to boost income. These are just a few examples. Identify your skills and use them to bring in extra cash through a side hustle.

“Focus on how you can increase your earnings and you’ll become financially secure faster,” said Shah.

Tip 6: Start Your Retirement Planning

If your employer offers a 401(k) match and you aren’t contributing to your retirement account, that’s free money you’re missing out on, ACCC’s Ross said.

“Many Americans do not feel prepared for retirement, but contributing to a 401(k) is an easy way to get started,” she explained. “If your employer doesn’t have a 401(k) plan, consider opening a Roth IRA and putting away a little money each month.”

Even if retirement is still decades away, now is the time to start contributing to a retirement savings account so that your money has time to grow. Creating such a fund will help establish long-term financial security, added Ross.

Tip 7: Stay on Track by Setting Goals

Finally, to keep yourself on the right path, identify annual financial goals, including savings targets, that will help you stay motivated. But make sure the goals you set are reasonable based on calculations you’ve made, said Walsh.

“Use your successes to fuel further successes,” Walsh added, but also recognize that, at times, unexpected expenses may pop up that are out of your control.

“When that happens, don’t beat yourself up,” he said. “Accept them as a normal part of life and be glad they’ve come up after you’ve created an emergency savings account to address them.

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