The 1 Money- Related New Year’s Resolution You Should be Making
It’s the end of the year and the decade and now is a good a time as any to make some changes in your life. It is always a good time to change yourself and affect change in your life there are certain times of the year that seem to lend itself to self-improvement.
After the holiday season filled with spending and excess, it is a great time to sit down and make some changes to your financial life.
This post contains affiliate links. Please read my disclosure for more info.
Hacking a Non-Paid Maternity Leave
How I am Planning on Mitigating the “Damage”
As I am getting closer to giving birth I am doing my best to prepare for when the baby comes and for when I will eventually have to go back to work postpartum.
I do not get paid maternity leave so money is and will be tight for the next few weeks as I save as much as I can and then survive without my paycheck. I am not totally sure how long of a leave I will take (I am lucky enough to have a lot of flexibility for my work and since I do work from home I can technically go back to work a lot earlier than many moms. So a lot to be grateful for!)
(No, that is not what my “nursery” looks like. My “nursery” is a bassinet that takes up all the space between my bed and the wall. Nothing like 3 kids in a 2 bedroom apartment to really make you pare down on all the baby gear that is advertised!)
However, since I pay for my flexibility in the lack of benefits afforded to me I have to do my best to make this maternity leave as budget friendly as I can! I originally wanted to “cash-flow” this maternity leave by saving up a separate “maternity fund”. But I may have to not only deep into our emergency fund but also possibly go into credit card debt as well. This is the reality for many, many families, especially in the U.S where non-paid maternity leave is all too common. I am one of many mothers trying to balance my own needs with my financial circumstances when it comes to maternity and motherhood.
We were hoping to have a lot more money saved for this baby but unfortunately that didn’t happen.
We had a lot of unexpected expenses come up (read here about my oven saga) and unfortunately this pregnancy really knocked me off my feet! So all that overtime I planned on working and stocking away was really a very little amount of overtime that I managed to work. Note to self: Do not plan on overtime hours to pay for something. You never know if it will pan out!
Since this is my third kid, I did not need to buy any major baby purchases. I already have a stroller, crib and car seat. So hurray for that! I also have a plethora of baby toys, cloth diapers, blankets, clothes etc so my baby expenses will be very low.
There are still a lot of expenses that come with a baby and expenses that come with me being out of commission while on leave. My husband more than pulls his weight but.., he is one person so there is a limit to what he can do.
Logan Allec is a CPA, personal finance expert, and founder of the finance blog Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money.
3 Retirement Mistakes to Avoid
We all want to retire comfortably, but many of us don’t know exactly how to reach that goal. Different people offer completely different pieces of advice, and it’s difficult to determine the best ways to approach retirement savings.
This article will cover some of the most common errors people make when saving for retirement. We’ll also explain how you can improve your retirement plan to overcome these mistakes and get back on track. It’s never too late to start thinking about retirement—every dollar you contribute will make a real difference.
Starting Too Late
While you can always turn your retirement plan around, the truth is that starting early is one of the best things you can do for your financial future. The longer you wait, the more you’ll need to save each year to make up for that lost time.
The money you invest in a retirement account grows over time, so you’ll end up earning more returns by investing now rather than waiting until next year. When it comes to saving for retirement, time in the market is always better than timing the market. No matter how you choose to invest, the most important thing is to start contributing early.