Vicky Monroe

6 Budget Friendly Things To Do This August

August 3, 2021 By Vicky Monroe Leave a Comment

Summer is starting to wind down, which means the beginning of the school year and cold weather are just around the corner. That’s why it’s important to make the most of these last few warm days. Luckily you don’t have to spend a lot of money to enjoy the final month of summer to the fullest. Here are some of the best budget friendly things to do this August to make memories with your family before summer ends.

Best Budget Friendly Things To Do This August

Visit the Farmer’s Market

Farmer’s markets usually have fresher, cheaper fruits and vegetables than what’s available at the grocery store. In August, you’ll be able to get delicious in-season produce like peaches, eggplants, tomatoes, corn, and more from local farms.

Farmer’s markets also have lots of specialty goods like jams, honey, jewelry, and crafts, which makes them a fun place to window shop on the weekends.

Go Hiking or Biking

August is the perfect time to get outside and hike or mountain bike. The weather is warm and the sun doesn’t set till 8 p.m., which gives you plenty of daylight hours to explore local nature preserves and trails. You can use websites like AllTrails.com to find new places to walk or bike every weekend so you never get bored.

Watch a Movie in the Great Outdoors

Many towns have outdoor movie nights during the summertime that residents can enjoy for free or a nominal fee. But if your city doesn’t show movies, you can easily (and cheaply) get a similar experience in your backyard. All you need to do is hang a white sheet up on your fence and buy or borrow a projector. Then choose your favorite film, set out some blankets and snacks, and wait until it gets dark to start your movie night.

Visit a Museum

If you need a break from the heat, try taking your family to a local museum. Many museums and zoos have free admission days throughout the summer and offer discounted tickets through Groupon, which can help lower the cost of visiting. You’ll learn lots of new things and get to make some memories with your kids before they go back to school.

Start a Garden

Contrary to popular belief, it isn’t too late to start a garden. There are lots of seeds you can sow now that will produce an abundant harvest in the fall. Lettuce, spinach, kale, beans, cucumbers, radishes, and peas all grow well during the month of August.

Because it’s so late in the growing season, you may even be able to find discounted seeds, making this an even more affordable family-friendly activity.

Have a Picnic

Instead of going out to eat, why not head to your local park and have a picnic instead? You’ll get to enjoy the sunshine and save money by packing your own sandwiches and snacks rather than buying takeout.

You can also pack things like frisbees, chalk, jumprope, kites, and badminton rackets so you can play some fun games once you’re done with your meal.

What are your favorite end of summer activities? Let us know in the comments section below.

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4 Reasons Why Is August the Best Time for Vacation

August 2, 2021 By Vicky Monroe Leave a Comment

August is one of the most popular months to go on vacation, and for good reason. The weather is warm, the kids are out of school, and all the tourist attractions and restaurants you want to visit are open. If you’re wondering why is August the best time for vacation, here are four great reasons to take your trip during the last month of summer.

Why Is August the Best Time for Vacation?

The Kids Are Out Of School

One of the reasons August is the best time for vacation is because the kids are still out of school. You won’t have to pull them out of class to take a trip, so they won’t miss valuable instructional time.

Traveling now will also help you make the most of the last days of summer. The beginning of the school year is always hectic, which doesn’t leave much time for family bonding. Taking a vacation in August will allow you to create wonderful memories with your kids before they get too busy to hang out.

The Days Are Long and the Weather Is Warm

In August the sun sets at around 8 p.m. in most parts of the US. This gives you plenty of daylight hours to explore the place you’re visiting and soak up the sun.

As an added bonus, August is the warmest month of the year, which means the weather will be especially pleasant. It’s the perfect time to get outside and enjoy fun activities like kayaking, hiking, biking, paddle boarding, and more.

Tourist Attractions and Restaurants Are Open

It’s true that it’s cheaper to travel to popular tourist destinations in the off-season. But you probably don’t want to visit a beach town during the winter because there isn’t much to do.

Most attractions, shops, and restaurants close at the end of the summer, except for the few that cater to locals. So if you want to make the most of your vacation time, it’s best to travel in August when you’ll have more dining and entertainment options.

Work May Be Slower

It’s always hard to leave your work behind and take a trip. About half of employees don’t use their paid time off because they’re worried about falling behind while they’re gone. But career experts say that August is a great time to make use of your vacation days because work is usually slower.

Lots of people will be out of the office trying to enjoy the end of summer with their family and friends. This means you may be able to slip away too without returning to hundreds of unopened emails.

However, if you work in retail or hospitality, summer may actually be your industry’s busy season. So it’s a good idea to check in with your boss and ask when you can take off without leaving your coworkers swamped.

Summer is the best time to go on vacation, and it’s far from over. You still have the whole month of August to take that getaway you’ve been daydreaming about.

Are you planning on traveling this month? If so, where are you headed? Let us know in the comments section below!

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4 Benefits of Job Hopping

July 26, 2021 By Vicky Monroe Leave a Comment

Job hopping used to be viewed negatively until recently. Employers thought workers who switched jobs often were disloyal and unreliable. But as job hopping has entered the mainstream, many businesses have become more open to hiring employees with varied work experience.

Now that changing jobs frequently isn’t a career ender, workers have been enjoying the benefits of job hopping. According to a recent survey, 64% of workers prefer job hopping to staying in one place. And 75% of employees under 34 believe that moving around every few years will help them advance their careers.

If you’re considering trying out this new career trend, here are some of the advantages of changing jobs instead of staying put.

Benefits of Job Hopping

Grow Your Income

Switching jobs every two or three years is one of the quickest, easiest ways to grow your income. If you stay at the same company, you may only get a 3% annual raise. But by switching jobs, you can increase your salary by 10% to 20% each time.

After a few years of jumping around, you could double your salary, enabling you to save more and enjoy a better lifestyle. This is one of the main benefits of job hopping, but there are more.

Expand Your Network

If you stay at one company for years and work with the same people every day, it can be hard to expand your network. You might have to attend industry conferences or networking events in order to meet new people. But when you change jobs frequently, you can easily gain contacts at every new company you work at without going out of your way.

Having a strong professional network is key to career success and can open up new job and mentorship opportunities you may not get otherwise. So it’s important to prioritize networking, and job hopping can help you do it.

Experience Different Company Cultures

Every business has a different operating style and unique company culture. Even if you stay in the same industry, working for a another employer will give you a new, exciting work experience. If you’re bored at work and feel stuck in a rut, changing jobs may be the reset you need to reignite your passion for what you do.

Job hopping also enables you to figure out what type of company is right for you. Do you like small, tight-knit companies or large organizations? Do you prefer to work from home or in an office? You’ll be able to get the answers to those questions by trying out roles in different companies and seeing what feels right.

Gain Skills

Working the same job with the same set of responsibilities for years can make it harder to gain new professional skills. Although it’s possible to further your education outside of work, you may not have the time or energy to upskill on your days off.

Moving on to a more challenging role can help you learn hard and soft skills on the job and get valuable work experience. Growing your knowledge base will make you an asset to any company you work for and help you get those raises and promotions you’ve been wanting.

When done correctly, job hopping can help you advance your career, earn more, and feel happier at work. So even if you haven’t been at your current company for long, it may not be a bad idea to remain open to new opportunities.

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4 Tell-Tale Signs of a Financial Manipulator

July 20, 2021 By Vicky Monroe Leave a Comment

According to ABC News, nearly 70% of millennial women and almost 50% of men have experienced some form of financial abuse in a relationship. Financial manipulation is one of the most common control tactics out there, so it’s important to keep an eye out for it. Not only does it occur in romantic relationships, but also in friendships and families. If you feel like your partner, friend, or relative may be taking advantage of you monetarily, here are some tell-tale signs of a financial manipulator.

Signs of a Financial Manipulator

They Always Need to Be Bailed Out

It’s one thing for a friend or family member to ask you for a loan once. After all, we’ve all been in a financial bind at some point in our lives. But if they always have a financial crisis and constantly need to be bailed out, they’re probably taking advantage of your generosity—especially if those “loans” never get paid back.

Experts say it’s best not to enable this kind of behavior. Even if your friend is out of money, giving them cash prevents them from getting better at managing their finances. It also drains your bank account and keeps you from achieving your goals. You should also avoid cosigning for them because it will make you legally responsible for their bills if they can’t pay.

Instead, suggest community resources your friend or family member can use when they need help. Churches and food banks may be able to provide assistance with rent, food, and other necessities. You can also offer to help them make a budget in lieu of giving them money all the time or cosigning their loans.

They Make You Feel Guilty for Spending Your Money

One of the most common signs of a financial manipulator is that they make you feel guilty for spending your hard-earned money. They put you down for buying non-essentials and make you feel like you need to justify all of your purchases. They may even limit your access to cash by giving you an “allowance” and cutting you off from the rest of your income.

Although it’s normal for couples and even roommates to budget together, if you feel like this person is making all the financial decisions without your input and using money to control you or take advantage of you, that’s a bad sign.

They’re Not Paying Their Fair Share

Sometimes partners have to pick up some slack for each other. If your boyfriend or girlfriend loses their job, for instance, they may have trouble paying their portion of the bills. But if they’re not hunting for a new gig or refusing to pay their share despite being gainfully employed, they may be manipulating you.

Friends can also exploit your generosity. When you go out, they might ask you to pick up the tab all the time but never return the favor. They may expect expensive gifts or make you pay the lion’s share of expenses when you take trips together.

Although generosity is a wonderful trait, financial manipulators will try to exploit it and take advantage of your goodwill. If you feel like a friendship or relationship isn’t financially balanced, it’s time to have a serious conversation about it.

They Steal From You

Financial abuse can escalate until your friend, partner, or family member is out-and-out stealing from you. They may lift cash from your wallet or take your belongings. Sometimes financial abusers will even use your credit card without your permission or steal your identity so they can take out loans in your name.

When confronted, a financial abuser will get angry, defensive, and may even gaslight you. These are all signs that the person is toxic and you should cut them out of your life.

Wrapping Up

Although it’s easier said than done, you shouldn’t let financial manipulators take advantage of you. Set boundaries and make it clear that you can’t afford to give them money. If the friendship sours because you won’t bail them out or they try to violate your boundaries by stealing from you, that’s a not a relationship you want in the first place.

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Can You Claim Money From a Dormant Account?

July 19, 2021 By Vicky Monroe Leave a Comment

Although no one wants to lose track of their money, it happens to most of us at some point or another. We forget about an old checking or savings account and don’t realize until years later. If you have an inactive account that’s been closed, you may be wondering if there’s a way to claim the remaining balance.

Luckily that money isn’t gone forever and can be retrieved by following a few simple steps. Here’s everything you need to know about how to claim money from a dormant account.

What Is a Dormant Account?

A dormant account is one that hasn’t been active for a long period of time, usually three to five years. To keep an account open, you need to use it every now and then by withdrawing or depositing money. If you haven’t touched one of your bank or brokerage accounts in a while, another way to make sure it stays active is to contact the financial institution and let them know you still want to keep the account open.

But sometimes we forget to stay on top of our accounts, which may cause them to become dormant. Your bank is required to try to contact you to discuss your account status. However, if you’ve moved around a lot or haven’t updated your contact information, they may not be able to get ahold of you.

In that case, any money that’s left in the account will be sent to the state treasury department for safekeeping. But luckily you can still get it back at any time as there’s typically no statute of limitations on claiming money from a dormant account. Here’s how to retrieve your funds.

How to Claim Money From a Dormant Account

To get money from a dormant account, you’ll have to contact your state’s treasury department, not the bank. You can find their contact information on a website called MissingMoney.com. It’s a database that helps you find unclaimed money from dormant accounts, insurance policies, CDs that have matured, uncashed checks, and more.

You can use MissingMoney.com to search and find out if you have any unclaimed funds from inactive accounts. However, the database isn’t 100% complete, so you’ll get the most accurate results by contacting your state’s treasury department.

To claim your funds, you may need to prove the money is yours by providing identification. Once you show you’re the rightful owner of the account, your money will usually be sent to you in the form of a check in the mail.

Tips On Avoiding Dormant Accounts

If you let your bank account become dormant, some financial institutions will charge you a monthly inactivity fee until your cash is turned over to the state. The fee is usually $5 or $10 per month. Although that seems small, it can really add up and drain your funds over time.

Your bank may even charge you a fee for sending the money to the treasury department after a few years have elapsed. This is called an escheatment fee and typically ranges from $20 to $50.

These two charges can cause you to lose a lot of the money in your account. So it’s important to keep track of your bank accounts and never let them lapse. One app that may be helpful is Mint. It allows you to manage all of your accounts on a single platform so you don’t forget about them.

You can also set up automatic payments so your account always has some activity. That way you don’t need to remember to use it to keep it from going dormant.

It’s also important to keep the contact information on all of your accounts updated. That way if the account does lapse, the bank will be able to get in touch with you before the money gets sent to the state.

Wrapping Up

If you have multiple bank and brokerage accounts, it can be hard to keep track of them all. But it’s definitely worth it to stay on top of your finances so you don’t have to go through the hassle of retrieving your money from the state.

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You May Qualify for a Child Tax Credit Monthly Payment

July 13, 2021 By Vicky Monroe Leave a Comment

In just a few days on July 15th, millions of families will receive their first monthly payment as part of the enhanced child tax credit program. Although the payments are coming soon, nearly half of Americans surveyed by Ally Bank still don’t know if they qualify, and a quarter don’t know how to claim their payment.

If you’re wondering if you qualify for a child tax credit, read on to learn everything you need to know about the program and how to claim the money you’re entitled to.

Do You Qualify for a Child Tax Credit?

As part of the American Rescue Plan, President Biden increased the max child tax credit to help families during the pandemic.

The credit used to be $2,000 per child. But now eligible families can receive up to $3,600 for each child under 6 and $3,000 for each child under the age of 17.

There are no limits on the number of children who can receive the credit, so large families will get a bigger payout. You can also choose how to receive the payment.

You can get half of the credit in monthly installments from July to December and get the rest in your next tax refund. Or you can opt out of the monthly payments and receive the whole credit as a lump sum in your tax return.

But does your family qualify for the child tax credit? Married couples who earn an adjusted gross income of less than $150,000 are eligible for the full credit. Individuals who have an adjusted income less than $75,000 can also receive the maximum benefit.

In June, the IRS sent 36 million letters to families who qualify for a child tax credit to let them know how much money they’ll receive. But even if you didn’t get that notice, you may still be eligible. You can check to see if you qualify using this tool on the IRS website.

What If I Don’t Qualify?

Even if you don’t qualify for the enhanced child tax credit, you may still be able to receive the regular credit of $2,000 per child under the age of 17. Individuals who earn less than $200,000 and married couples who make less than $400,000 are eligible for this smaller benefit.

You’ll also be able to choose how you get this payment. You can get half of the credit in installments of $167 per month for six months and get the other half in your tax return. Or you can choose to get the full amount at tax refund time.

How To Get Your Payment

Most families don’t have to do anything to get their payment. The IRS will use your 2020 tax return to determine your eligibility and send your monthly payments via direct deposit, just like the stimulus checks.

If you want to change the bank account the money will go to, you can do so by going to the IRS Child Credit Update Portal. You can also sign up for direct deposit in the portal if you’re not registered already.

Families who don’t register for direct deposit will receive their credit as a paper check. Debit cards may also be available in the future.

What If I Don’t Want Monthly Payments?

The IRS is giving every family half of their child tax credit in monthly installments from July to December. So if the credit you’re entitled to is $3,600, you’ll receive $300 per month for the next six months.

If you don’t want to receive half of your credit in monthly installments, you’ll have to let the IRS know. It’s too late to opt out of the first monthly payment that’s coming on July 15th.

However, you can still stop the next five installments from being sent to you and get them at tax time instead. To opt out of the next round of monthly payments coming on August 13th, you’ll have to notify the IRS by August 2nd.

Receiving Your Payment as a Tax Non-Filer

The child tax credit used to be limited to families earning at least $2,500. However, President Biden removed that requirement. So if you don’t earn enough income to have a tax filing obligation, you may still be able to get the full credit.

If you used the non-filer tool to register for the stimulus payments, then you should be all set up to receive the tax credit. But if you’re not currently registered, you’ll need to use to IRS non-filers tool to sign up so you can get the money you’re entitled to.

The child tax credit has lots of ins and outs, so it can be confusing to navigate. But rest assured that most families don’t have to do anything to receive their credit and will start seeing the money roll in on July 15th.

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f 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.
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