Tamila McDonald

My Parents Want to Move In-How to Make it Work

April 9, 2021 By Tamila McDonald Leave a Comment

There are a number of reasons why a parent may want to move in with their child. In some cases, health or financial concerns could be the driving force. In others, simply having company may be the main reason, particularly for those who recently lost a spouse or are otherwise suddenly living alone. However, regardless of why, figuring out how to make it work when parents want to move in can be challenging. If you aren’t sure how to navigate the situation, here are some tips that can help.

Look at the Situation Before Saying “Yes”

Even if you know for certain that you are going to let one or both parents move in, it’s best to pause for a moment and examine the situation. Adding household members will have a distinct impact on your life, some positive, some less so. If you don’t spend time exploring how things will change in your household, you won’t be able to prepare for the challenges that may arise.

First, spend time reflecting on your and your other household member’s relationship with your parents. Are all of the relationships healthy? Is anyone – including spouses, children, or other housemates – comfortable with the idea? If not, what are their reservations?

Additionally, you need to consider how things will functionally change. Will a child need to give up their bedroom to your parents? Does everyone keep the same sleep/wake schedule? How will extra household members impact your budget? Will your parents be able to financially contribute to the costs of maintaining the home and caring for themselves?

Finally, you need to consider any responsibilities you may be taking on. Are you managing your parents’ doctor appointments or healthcare needs? Do they need someone present all day to take care of them, or may that be the case in the future? Can they drive themselves for errands?

Envision what life looks like with your parents living in your home. Consider both the positives and negatives, including physical, mental, emotional, and financial ones. That way, you can prepare for how things may unfold before they make the transition.

Set Ground Rules Right Away

One of the trickiest parts of letting your parents move in is the shift in the paradigm. When you were growing up, your parents were largely – if not entirely – in control of the household, and you had to follow their rules. When they move in with you, the situation often ends up reversed, and that can be hard to adjust to for everyone involved.

Ideally, you want to set up some ground rules with your parents before they move into your home. This can include boundaries when it comes to disciplining children, the use of household resources, cleaning schedules, or any expectations you may have about how your household runs. Spelling out financial requirements, like how much they’ll contribute to household costs, is also wise.

Discuss a Long-Term Plan Together

Depending on the motivation behind your parents moving in, the situation could be short- or long-term. However, in either case, it’s wise to sit down together and create a long-term plan, and possibly even more than one.

Have a conversation about how everyone envisions the next few months, years, and decades going. Discuss best- and worst-case scenarios, as well as how certain events could alter the plan.

While you can’t predict the future, you can use this time to see if everyone is generally on the same page. By understanding everyone’s goals, you learn a lot about each other’s mindsets, hopes, dreams, and fears. Often, this can make navigating the unexpected easier, should it arise, as there aren’t questions about anyone’s perspective or preferences.

Be Ready to Ask for Help

If you have aging parents with increasingly complex and challenging medical or care needs, don’t assume that them living with you means you have to shoulder the burden alone. It is perfectly acceptable to reach out to other family members to get support if you need it. Additionally, seeking out in-home care options should stay on the table.

Maintaining the idea that, since they live with you, you have to handle it all isn’t wise. Over time, it can lead to resentment, frustration, anger, and burnout, all of which will harm you, them, and your relationship with your parents.

It’s always best to be comfortable with the idea of asking for help and even begin paving those paths now. Speak with family members about what you may need, research care options in your area, and otherwise have plans in place that you can follow. That way, when you need help, you’ll have an approach at the ready and won’t shy away from reaching out.

Do you have any extra tips that can help someone make it work if when parents want to move in with them? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

Financial Challenges Facing Women After The Pandemic

April 8, 2021 By Tamila McDonald Leave a Comment

While the coronavirus pandemic had an impact on nearly everyone, women will face some unique challenges in the coming months. At times, women were disproportionately affected by certain aspects of the pandemic, putting them potentially in a tougher position moving forward. As a result, many women will have a tougher hill to climb if they want to recover. If you are wondering about financial challenges facing women after the pandemic, here’s what you need to know.

The Negative Impact of the Pandemic

Job Losses

In many areas, job losses among women were significantly higher than men. Pre-pandemic, 46 percent of women were in low-wage jobs, while only 37 percent of men were in those positions. When the pandemic struck, those positions weren’t as likely to be able to transition into remote roles. As a result, unemployment among women rose fast and outpaced the unemployment rate for men.

Some of those lower-wage jobs have also been slow to return. For example, restaurant dining rooms were closed during the height of the pandemic and are reopening slowly. While both genders may work as waitstaff, approximately 67 percent of servers are women.

A job loss always creates a financial hardship. While unemployment coverage was boosted during the pandemic, many households continued to struggle. Even if a creditor attempted to offer some leeway, ongoing late or missed payments are usually damaging, harming credit scores and potentially causing accounts to go to collections.

Caring for Children

When schools and childcare facilities closed, the burden of caring for children fell harder on women than men. Approximately one-in-four women who were unemployed during COVID-19 cited a lack of childcare as being a driving force, a rate that was twice what was found with men.

Leaving the workforce, even temporarily, comes with financial ramifications. It can mean tapping into emergency funds, falling behind on bills, and putting retirement savings on hold. As a result, the hardships can be short- and long-term, as those financial decisions or situations can have lasting consequences.

Rising Debt

In some cases, handling household expenses meant turning to debt. While many households saw their costs fall during the pandemic, that wasn’t universally the case. For example, grocery bills rose for many households, as well as utilities.

While it is by no means universally true, about 17 percent of women ended up with more debt as the pandemic unfolded. This creates a potential long-term financial hardship, particularly for traditionally higher interest debts like credit cards.

Overcoming the Financial Challenges After the Pandemic

Ultimately, on average, women may have a slightly steeper uphill climb than men after the pandemic. Job losses often take time to resolve, and certain sectors have been slow to recover. Additionally, many women had little choice but to put their careers on pause, causing them to lose ground that can be hard to regain.

However, that doesn’t mean the situation is impossible. Diligence and time can make a recovery possible, especially since the economy is continuing to march toward recovery.

As long as women are aware of the challenges and financial shifts they experienced, creating a plan to move forward is possible. While it may mean more saving to recoup losses or aggressive debt repayment strategies, any harm can potentially be repaired.

Small Steps Matter

Even small steps matter. For example, just a few dollars a week set aside can get someone started with reestablishing an emergency fund, and an extra $10 a month sent to a debt can reduce the amount of interest paid, potentially in a meaningful way.

Ultimately, recovery will take time. Luckily, by having a strategy and taking any step forward – no matter how little – progress is possible, and, in the end, that’s what matters.

Can you think of any other financial challenges facing women after the pandemic? Do you have any tips that can help them overcome those difficulties? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

How to Retire Well in North Carolina

April 7, 2021 By Tamila McDonald Leave a Comment

Getting close to retirement is an exciting time. But you also need to handle some planning if you want to make sure your golden years are comfortable. Often, what it takes to achieve your perfect lifestyle can vary, particularly depending on where you live. If you think that North Carolina is the ideal destination for you, here’s what you need to know to make sure you can retire well in North Carolina.

Cost of Living

When you are exploring states for retirement, taking a moment to check out the state’s cost of living scores is a great place to start. It lets you estimate how affordable an area is, both in comparison to the national average and to other states.

Assessing the cost of living scores is pretty simple. The national average is always 100. Scores above 100 mean that a state or area costs more than average, while scores under 100 show that a region is cheaper. When comparing two states, the one with higher scores is more expensive.

North Carolina has an overall cost of living score of 96.1. Since that is close to the national average, it’s considered a moderate score.

When it comes to individual categories, the Tar Heel State is mainly near average. Groceries, utilities, and transportation are at 98.0, 99.4, and 94.9, respectively.

One spot where North Carolina is more expensive is healthcare. In that category, the Tar Heel State has a score of 111.8, a sign that health-related costs are markedly above average in the area.

However, a category where North Carolina shine is housing. The housing score is just 87.1, a sign of overall affordability. This is supported by the state’s average home value of $231,166, which is a full $41,280 below the national average of $272,446.

Tax Considerations

Another important aspect of living in a particular state that you want to look at is taxes. How much you’ll owe in taxes impacts your budget, as well as how long your retirement savings will ultimately last. As a result, you want to understand a state’s rates well before you move.

When it comes to income taxes, North Carolina doesn’t use a bracketed system like the federal government. Instead, it has a flat rate of 5.25 percent.

While the Tar Heel State does exempt Social Security from taxes, all other retirement income is potentially taxable. That includes money from 401(k)s, IRAs, and most other federally taxable retirement accounts.

For sales tax, the base rate is 4.75 percent. However, cities, counties, and local municipalities can add to that, bringing the rate up to 6 to 7 percent in most areas, though potentially higher in a few locations.

Property taxes in North Carolina tend to be on the lower side. Additionally, there are a few programs that can reduce the burden for certain households. For example, there is a homestead exemption for elderly, disabled homeowners that may benefit some retirees.

Part-Time Job Opportunities

Many retirees don’t plan to altogether leave the workforce. Instead, they simply transition, snagging a part-time job to help support their golden years, boost their retirement savings, or keep them active.

Often, a state’s unemployment rates can give you some insights into the availability of part-time jobs. When rates are low, opportunities tend to be accessible. When rates are higher, finding a position can be challenging.

Pre-pandemic, North Carolina’s unemployment rate was close to the national average. For example, in February 2020, it was 3.6 percent, which was just a hair above the national average of 3.5 percent.

During the rise of the pandemic, the Tar Heel State hit 13.5 percent (April 2020), which was slightly below the national average of 14.8 percent. North Carolina also recovered faster than some other areas, getting back down to 5.7 percent by February 2021, a moment when the national average was 6.2 percent.

While COVID-19 does make the situation a bit more complex, North Carolina is making positive progress quickly. As a result, part-time jobs are generally available, which is a boon for retirees.

Best Cities for Retirees in North Carolina

The city you pick plays a big role in your retirement, as it impacts your access to amenities, recreation, and more. If you aren’t sure what cities may be right for you, certain options are worth considering.

Asheville could be an excellent choice for anyone who wants an outdoorsy lifestyle. It’s near the Great Smoky Mountains National Park and is near the base of the Blue Ridge Mountains. Plus, it’s got a great foodie culture and a rising art scene, making it ideal for anyone who wants an enriching experience.

If you prefer a larger city, Charlotte might be your ideal destination. The area is growing quickly but is still reasonably affordable. You can access plenty of amenities and entertainment options without having to break the bank. Plus, there are several professional sports teams, which could make it an even better choice for fans.

For retirees looking for a small town, try Brevard. It’s got a quaint, quiet feel, is highly walkable, and it close to Pisgah National Forest. The city actually mentions promoting “a high quality of life” in their mission, and that driving force shows in everything the area does to support its residence.

How Much Money You Need to Retire Well in North Carolina

Since the Tar Heel State has a moderate cost of living, you can retire well in North Carolina with a middle-of-the-road budget. Generally, if you have access to around $60,537 a year, you should be in pretty good shape. With that, covering your needs shouldn’t be an issue, and you should be able to shoulder some wants, too. That way, you can have a rewarding retirement, ensuring your golden years are just what you envisioned.

Can you think of any other tips or insights that can help someone retire well in North Carolina? Share your thoughts in the comments below.

What Retail Stores Are Open/Closed on Easter 2021?

April 2, 2021 By Tamila McDonald Leave a Comment

Sunday, April 4, 2021, is Easter. While Easter isn’t an official federal holiday, that doesn’t mean certain retail stores may not close to recognize the event. Knowing which stores will or won’t open is helpful, particularly if you have to do some last-minute or emergency-related buying. If you want to be fully aware of your options, including where you can’t turn if you need to make a purchase, here’s a look at what retail stores are open and closed on Easter 2021.

Retail Stores That Open on Easter

The majority of chain retail stores are actually open on Easter. Here is a list of retailers that usually welcome customers on Easter Sunday:

Bed, Bath & Beyond
BJs Wholesale Club
Dollar General
Dollar Tree
DSW Designer Shoe Warehouse
Fred Meyer
Half Price Books
Home Depot
Kmart
Lowe’s
Old Navy
Petco
PetSmart
Sears
Walmart

It is important to note that some individual locations may close. This could be more likely in small markets where traffic tends to be lower. Additionally, certain stores may have reduced hours on Easter, causing them to be open for less time.

Another thing that’s important to keep in mind is that COVID-19 is still part of the equation. Some stores are altering their schedules in response to the pandemic, and this could impact service on Easter. If you aren’t sure whether your nearest location is affected either by the holiday or the pandemic, it’s best to contact it directly to confirm its operating hours.

Retail Stores That Closed on Easter

Certain retailers tend to close for Easter. In some cases, it is purely in recognition of the holiday. However, at times, it’s because the retailer is never open on Sundays. Since Easter is always on a Sunday, they end up closed on the holiday by default.

Here is a list of stores that likely won’t be open this Easter:

Apple
Best Buy
Big Lots
Bloomingdale’s
Burlington
Costco
Cost Plus World Market
Goodwill
Hobby Lobby
HomeGoods
Home Depot
Kohl’s
JCPenney
Macy’s
Marshalls
Michaels
Neiman Marcus
Nordstrom
Pier 1 Imports
Sam’s Club
Target
TJ Maxx

Grocery Stores That Open on Easter

Like most major retailers, grocery stores tend to open on Easter. If you need some last-minute ingredients, here are some grocers that will likely be open:

Albertsons
Food Lion
Fred Meyer
Harris Teeter
Kroger
Meijer
Safeway
Shoprite
Stop & Shop
The Fresh Market
Trader Joe’s
Walmart
Wegmans
Whole Foods

As with retail stores, there can be some locations that close even when most of the chain opens. Additionally, some grocers may operate on a reduced holiday schedule, so you may want to call ahead to confirm when your store is open before heading out of the door.

Grocery Stores That Close on Easter

There are actually quite a few grocery stores that close on Easter. Here is a list of grocers that won’t be welcoming customers on April 4, 2021:

Aldi
BigY
Costco
Giant
HEB
Publix
Sam’s Club
Target

Drug Stores and Pharmacies That Open on Easter

Many drug stores operate all-year-round or only close on one or two days a year. As a result, most are open on Easter, including:

CVS
Duane Reade
Rite-Aid
Walgreens

It is possible that you’ll find reduced hours are your neighborhood drug store or pharmacy. If you need to shop there, you might want to check in advance to confirm your location’s schedule.

Drug Stores and Pharmacies That Close on Easter

While some independent drug stores and pharmacies may close, chain stores will largely be open. However, as mentioned above, they may have reduced hours.

Do you know about other retail stores that are open/closed on Easter 2021?? Or will you focus your day on family and friends, either staying at home or visiting them? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

Is Target Closed on Easter 2021?

April 1, 2021 By Tamila McDonald Leave a Comment

Even with COVID-19 still being on the radar, about 80 percent of consumers plan on celebrating Easter, spending an average of $179.70 on holiday-related goods and services. While most of that spending will happen ahead of the holiday, sometimes quick trips are necessary to get a missing ingredient for Easter dinner, snag some extra candy, or handle other emergencies. But not every store is open on Easter, which can lead to some confusion or frustration if you’re in a rush. If you’re wondering is Target closed on Easter Sunday – which is on April 4, 2021 – here’s what you need to know.

Is Target Closed on Easter Sunday?

Yes, Target is closed on Easter Sunday. While many major retailers do choose to open their doors on the holiday, Target traditionally closes, giving their employees a day off to spend with family and friends.

Target Easter Weekend Schedule

While Target isn’t open on Easter, it does welcome customers on other days during the Easter weekend. Here is a look at a typical Target schedule for this holiday:

Good Friday, April 2, 2021 – Target is open during its usual operating hours
Saturday before Easter, April 3, 2021 – Target is open according to its normal schedule
Easter Sunday, April 4, 2021 – Target is closed
Easter Monday, April 5, 2021 – Target is open according to its regular schedule

If you want to head to Target to handle some Easter shopping, you’ll need to wrap it up before closing time on Saturday, April 3. Otherwise, you won’t have a chance to head to Target until your store reopens on Monday, April 5.

Does Target Have an Easter Sale?

Technically, there is always a sale at Target. The retailer lists discounts in its weekly flyer, giving you access to great deals all-year-round.

Since it’s close to Easter, the weekly sales do have discounts on items that relate to the holiday. This can include ingredients for traditional Easter dinners, as well as some seasonal items, like candy, baskets, and certain décor.

Target Holiday Schedule

As with most major retailers, Target rarely closes for holidays. However, there are a couple of holidays where the retailer does close its doors.

Here is a look at the Target holiday schedule for 2021:

Easter – Sunday, April 4, 2021
Christmas – Saturday, December 25, 2021

In 2020, Target also closed on Thanksgiving. This was actually a break from the norm, so it isn’t entirely clear if the retailer will choose to shut down on Thanksgiving 2021 as well. However, it is a possibility, so keep that in mind.

Stores That Are Open on Easter Sunday

If you need to tackle some last-minute shopping this Easter, you do have options available. Here is a list of stores – including retailers, grocers, and drugs stores – that are likely welcoming customers this year:

Albertsons
Bed, Bath & Beyond
BJs Wholesale Club
CVS
Dollar General
Dollar Tree
DSW Designer Shoe Warehouse
Duane Reade
Food Lion
Fred Meyer
Half Price Books
Harris Teeter
Home Depot
Kmart
Kroger
Lowe’s
Meijer
Old Navy
Petco
PetSmart
Rite-Aid
Safeway
Sears
Shoprite
Stop & Shop
The Fresh Market
Trader Joe’s
Walgreens
Walmart
Wegmans
Whole Foods

Now, it is important to note that some individual locations may close, particularly those in smaller markets. Additionally, some stores may be operating on a reduced schedule due to the holiday. If you need to head to any of these options on Easter, it’s wise to call ahead. That way, you can confirm when they are open, ensuring you don’t waste a trip.

Do you wish that Target was open on Easter? Why or why not? Share your thoughts in the comments below.

Are Banks Closed on Easter 2021?

March 31, 2021 By Tamila McDonald Leave a Comment

Sunday, April 4, 2021, is Easter. For many people, it is a time to get together with family and friends, enjoying some time together while recognizing the holiday. However, for many others, it can be a day when they need to run errands. If that is the case, some households may be wondering if they can head to their local bank to handle transactions. If you were hoping to get some in-person banking done and are wondering if banks are closed on Easter, here’s what you need to know.

Are Banks Closed on Easter?

Yes, banks are usually closed on Easter. However, this isn’t necessarily due to the holiday. Instead, most banks don’t open on any Sunday. As a result, they happen to be closed on Easter.

At best, there are usually only a few exceptions. Typically, banks that may open are limited to specific banks or those in very high traffic areas, like inside of a Safeway or Walmart. However, being in a high-traffic area alone doesn’t guarantee any particular branch will be open on Sundays or Easter.

If you’re looking for a bank that offers Sunday hours and might be open on Easter, these may be your best bets:

Academy Bank Midwest
American Savings Bank
American National Bank
Bank of America
First Community Bank
Citizens Bank
TD Bank
Wells Fargo
United Bank
Woodforest National Bank

Now, Sunday hours at any bank – if available – tend to be highly limited. Additionally, with Easter being a widely recognized holiday, branches that commonly have Sunday hours may end up closing. If you want to bank on Easter, it is wise to call your preferred branch in advance to confirm employees will be available.

Are Credit Unions Closed on Easter?

Yes, credit unions are usually closed on Easter. Like banks, there may be a few exceptions, particularly branches in major retail or grocery stores. However, even credit unions that usually have Sunday hours may shut down for the holiday, so you’ll want to check in advance if you’re going to handle any banking on Easter to confirm they are open.

Are Banks Open on Good Friday?

Yes, banks are open on Good Friday. Good Friday isn’t a federal holiday, so both banks and credit unions are usually available in accordance with their regular operating schedule.

Are Banks Open on Easter Saturday?

If your bank or credit union usually offers Saturday hours, then, yes, they are likely open on Easter Saturday. However, if your favorite branch is typically not open on Saturday, it will probably be open on Easter Saturday, as well.

Will Banks Close for Easter Monday?

No, banks or credit unions won’t close for Easter Monday. Again, it isn’t a federal holiday, so most will follow their normal schedule when it comes to opening and closing.

Typical Bank Holiday Schedule

In most cases, banks and credit unions follow the federal holiday schedule when determining when they will close. Here is a look at a typical bank and credit union holiday closure schedule for 2021:

New Year’s Day – Friday, January 1
Martin Luther King, Jr. Day – Monday, January 18
Washington’s Birthday (Presidents Day) – Monday, February 15
Memorial Day – Monday, May 31
Independence Day (Observed) – Monday, July 5
Labor Day – Monday, September 6
Columbus Day – Monday, October 11
Veterans Day – Thursday, November 11
Thanksgiving Day – Thursday, November 25
Christmas Day (Observed) – Friday, December 24
New Year’s Day (Observed) – Friday, December 31

It is important to note that banks and credit unions may not follow this schedule. As a result, there can be branches that open on the days listed above.

Do you mind that most banks aren’t open on Easter and on Sundays? Have you ever wished your bank would open on holidays or Sundays? Why or why not? Share your thoughts in the comments below.